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ATTACHMENT C <br />FINANCIAL INFORMATION <br />ABAG POWER settled its DA credit claim with PG&E in late 2002 for $17.0 million plus <br />interest at an annual rate of 4.19% to accrue beginning December 1, 2000. Accordingly, <br />staff reflected this settlement in the financial reports for fiscal year ending June 30, 2003, <br />with all other necessary adjustments incorporated therein to prepare for winding up the <br />Electricity Pool and distributing cash on hand to members by June 30, 2004, The Executive <br />Committee approved all these book adjustments prior to the year-end close, and our <br />independent auditors have completed their audit of the June 30, 2003 financial reports. <br />They expressed an unqualified opinion on these reports with no audit adjustments. Since <br />ABAG POWER has- received payment in full plus accrued interest from PG&E for settlement <br />of the DA credit claim in April 2004, the payment dates as listed on the next page are <br />realistic. <br />Based on the audited financial reports of ABAG POWER for the year ending June 30, 2003 <br />that were duly approved by the Executive Committee at its meeting held on February 18, <br />2004, the Electricity Pool has $23.8 million in total assets available for distribution to its <br />members (see Exhibit A). Total assets will continue to: (a) Increase by accrued interest <br />from the PG&E settlement and from the pool's investment in the Local Agency Investment <br />Fund, and (b) Decrease by operating expenses necessary to wind up the pool. <br />On October 27, 2003, the ABAG POWER Board of Directors approved the methodology for <br />winding up the electric program and distributing funds. In accordance with this process, <br />funds in the Electricity Pool will be distributed in three categories. <br />Payable to Members Description Basis of Distribution <br /> <br /> <br />PG&E Distribution DA Credit settlement less <br />approximately $740,000 (see table <br />on next a e Total CTC reversal <br />collected <br />from each member <br /> <br />Other <br />Working capital Total working capital <br />collected from each <br />member <br />Members' Balancing <br />Account Accumulated operating <br />Surplus/deficit Total KWH usage <br /> <br />