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Budget Item Actual / Budget %Comment Electric Sales Revenue 105.2% Year-to-date energy sales are slightly more than forecast by approx. $6.6M or 5.2%. Sales revenue includes revenues actually billed to customers as well as estimated customer usage during the reporting period that is not yet billed. Cost of Energy 101.7% The variance is primarily due to the timing difference between projected and actual delivery of Renewable Energy Certificates (RECs) and fluctuating market prices. Data Manager 107.4% These are Calpine fees charged on a per active account basis. The discrepancy related to Calpine's service fees was higher than expected due to the bi-monthly enrollment of Net Energy Metering (NEM) accounts, which were not accounted for in the original budget. By October 2023, all NEM accounts had been enrolled into the OCPA service, contributing to the increased fees. Staff plans to update the service fee projections in the mid-year FY23/24 budget review in March 2024. Service Fees - SCE 164.6% These are SCE fees charged on a per customer basis. The discrepancy arose because the actual service fees charged by SCE for were higher than initially projected by SCE. This resulted in a budget shortfall. Staff plans to update the SCE service fee projections during the mid-year FY23/24 budget review in March 2024 to align with the actual costs. Personnel 31.2% Staffing expenses are under budget due to the timing delay of new hires. Professional Services 78.4% This category includes accounting and audit, rates and financial & planning analysis, portfolio management, scheduling coordinator, HR including recruitment services and compensation study, IT, and other consultants. Legal Costs 87.6% This category includes outside legal costs for general counsel, energy procurement transactional support, labor, clerk support, regulatory, member agency withdrawal, and RA appeal services. Marketing and customer enrollment 94.6% This category includes advertising, strategic marketing & communications, digital marketing and website development and hosting, collateral marketing, translation, sponsorships & memberships, promotional items, required customer notifications printing and mailing. Other General & Administrative 77.7% This category includes ordinary G&A including rent, CalCCA membership, general business insurance, small equipment and software, travel, business meals, professional development, and office supplies. Interest and financing expenses 77.6% This category includes interest and fees related to Letters of Credit posted for collateral on energy supply. ORANGE COUNTY POWER AUTHORITY BUDGETARY COMPARISON REPORT Three Months Ended September 30, 2023