Garfield Clean Energy Board Meeting

Friday, May 12 2017 1:00 to 3:00 p.m.

Garfield County Admin Building 108 8th Street

Glenwood Springs

AGENDA Action requested Time

1. Call meeting to order, Roll call 1:00 pm

2. Review and approval of agenda • Motion to approve 1:05 pm

3. Board member and public comment Regarding items not on agenda

1:07 pm

4. Consent Agenda • Approval of March 10, 2017 minutes • Approval of April 14, 2017 minutes

• Motion to approve

1:10 pm

5. Financials • April Financials • April accounts payable • Preliminary Draft Financial Review Report (Dan Cudahy will be available via phone)

• Motion to approve

1:12 pm

6. Action items • Partners In Energy implementation plan • Clean Energy Corridor proposed workshop • GCE Partner Presentation - June/July schedule proposal

• Discussion and approval

1:30 pm

7. Program Updates • CARE program presentation • Transportation Programs Update: • Ride Garfield County • Electric Vehicle Bulk-Buy • Electric bus workshop • Rifle CNG Station • 1st Quarter Report

• Information and discussion

2:10 pm

8. Adjourn • Motion to adjourn 3:00 pm

Next Meeting: July 14, 1pm to 3pm, CMC Rifle Campus

TownofParachute|CityofRifle|TownofSiltTownofNewCastle|CityofGlenwoodSprings

TownofCarbondale|GarfieldCountyRoaringForkTransportationAuthority

ColoradoMountainCollegeBoardMeetingMinutes:Friday,March10,2017,1:01p.m.ColoradoMountainCollege,WestGarfieldCampus,Rifle,CO

BoardmembersattendingTownofParachute:GCEChairStuartMcArthurTownofSilt:GCESecretary,RickAluiseTownofNewCastle:BruceLelandCityofRifle:TheresaHamiltonGarfieldCounty:FrankCoberlyandJoshWilliamsRFTA:JasonWhiteCMC:DarylYarrowandPeteWallerTownofCarbonale:KatrinaByars

OthersattendingCLEER:AliceLaird,EricaSparhawk,BrandonJonesBoardmembersnotpresentGarfieldCounty:TomJankovskyCityofGlenwood:LeoMcKinneyNextmeeting:Friday,May12,2017,1:00p.m.attheGarfieldCountyAdministrationBuilding

Callmeetingtoorder:Stuartcalledthemeetingtoorderat1:01p.m.Rollcallandapprovalofagenda:Rickcompletedtherollcall.JasonWhitemovedtoapprovethemeetingagenda;TheresaHamiltonseconded,andmotionpassedunanimously.BoardmemberandpubliccommentsAlicesharedthatEagleCountyofficialshaverequestedapresentationwiththeCountyCommissionerworksessionaboutGCEstructure.SheaskedwhethertheGCEBoardwouldbeopentoEagleCountyjoiningGCE.ThegroupdiscussedtheabilitiesoftheIGAtoexpandtoothercounties,CLEER’sabilitytooperateinEagleCounty,andhowmanydifferentgovernmentsmightjoin.MostoftheBoardmembersemphasizedthatsharingandgrowingasuccessfulmodelisimportantandshouldbeencouraged.KatrinaraisedconcernsabouthowfundswouldflowifGCEexpandedintoothercounties,butstillagreedthatsharingthemodelcouldbeagoodthing.

ConsentAgenda:MinutesforJanuary13,2016regularboardmeetingTheresaHamiltonmovedtoapprovetheminutesfortheboardmeetingonJanuary13,2017;KatrinaByarsseconded,andmotionpassedunanimously.FinancialsJanuaryandFebruaryFinancialsandaccountspayable.Boardmemberssaidthattheyreviewedthefinancialsandaccountspayable.Stuartinvitedamotiontoapprovethefinancialsandaccountspayable.KatrinaByarsmovedtoapprovethefinancialsandaccountspayable;FrankCoberlysecondedthemotion,andmotionpassedunanimously.ResolutionNo.2:AuditExemptionRequest

Ericaexplainedannualfinancialreviewandtheresolutionwiththeexemptionrequestformthatisrequired.DarylaskedwhetherGCEisexempteveryotheryearoreveryyear.Ericaclarifiedthatwecanrequesttobeexempteveryyearwhenourbudgetisunder$500,000.RickAluisemovedtoapproveResolutionNo.2,theAuditExemptionApproval;KatrinaByarssecondedthemotion,andthemotionpassedunanimously.

ActionItems

PartnersinEnergyActionplan

EricapresentedasummaryoftheEnergyActionPlanthatwasdevelopedduringthePartnersinEnergyprocess.Shedescribedthedownwardtrendingenergyuse2013-2015,despitegrowthinpopulationof.7%.ShesharedthatGarfieldCountyspends$68millionannuallyonbuildingenergyuse.Ericasharedtheprojectionsforlevelofengagementneededtomeetthegoalofreducingenergyuseby20%by2030andadding35%to50%renewablesby2030.Alicehandedoutadraftofthefirstyearimplementationplan.SheexplainedthatthisiswhattheteamwillbereviewingwithXceltoestablishthememorandumofagreementbetweenGCEandXcelEnergy.BoardmembersprovidedfeedbackontheEnergyActionPlan.KatrinamovedtoadopttheEnergyActionPlan;Ricksecondedthemotion,andthemotionpassedunanimously.

ItwasagreedthattheywillhaveanAprilconferencecalltoapprovetheMOU,alongwiththefinancialsonFriday,April14at1:00p.m.

LocalPowerWorkshop–nextstepsandfollowup

Alicereportedonthegoodturnout,diversestatewiderepresentation,andpositivefeedbackreceivedattheLocalPowerWorkshop.Shesharedthatstaffarecreatingfollow-upplansbasedonfeedbackandprojectsthatdifferentgroupsareinterestedin.PresentationDiscussion

GovernmentBuildingPresentation

PetedescribedCMC’sutilizationoftheBuildingEnergyNavigatordataandbackgroundonCMC’ssustainabilityeffortsandgoalofbeingnet-zeroby2050.HestatedthatthebuildingenergyusedataontheNavigatorhasbeenverybeneficialindemonstratingtheenergysavingsofupgradestothebuildingsalongwithsavingsbyhavingengagedfacilitymanagers.HesharedtheenergymanagementtrackingmatrixthatheusedtheNavigatortoprovidethedatafortrackingacrossallthecampusesandbuildings.

2016YearEndreport

EricaencouragedeachGCEBoardmembertosendthereporttohisorherrespectiveboards.EricaemphasizedsharingtheeconomicactivityboxhighlightingdollarsgeneratedbyGCEwithcomparedtoour$300,000budget.

EventandProgramUpdates

EVBulkBuyUpdate

Alicehandedouttheconfidentialdealershipoffers,notingthatBoulderNissanrespondedandGrandJunctiondidn’t.Ericaclarifiedthatthisopportunityisidealforprivatebuyerswhocantakeadvantageofthetaxcreditsavailable.IfgovernmentfleetswanttopurchaseEV’s,thereareotheropportunitiesforfundingthatcanbepursued.

ContractorExpo,April27

Ericaannouncedthedate,location,andthat$10,000insponsorshipshadbeenraised.Shehandedouttheeventflyer.Aliceencouragedboardmemberstoattend.AdjournmentTheresaHamiltonmovedtoadjournthemeeting;FrankCoberlysecondedthemotion,andmotionpassedunanimously.Themeetingadjournedat3:02p.m.

GARFIELDCLEANENERGYCOLLABORATIVE By: ________________________________________________

StuartMcArthur,Chairperson

ATTEST:______________________________ RickAluise,Secretary

TheseminuteswerereviewedandapprovedbyavoteoftheGarfieldCleanEnergy

BoardofDirectorsatitsmeetingheldonMay12,2017.

TownofParachute|CityofRifle|TownofSiltTownofNewCastle|CityofGlenwoodSprings

TownofCarbondale|GarfieldCountyRoaringForkTransportationAuthority

ColoradoMountainCollege

BoardMeetingMinutes:Friday,April14,2017,1:04p.m.ConferenceCall

BoardmembersattendingTownofParachute:GCEChairStuartMcArthur

TownofNewCastle:GregRussi

GarfieldCounty:FrankCoberlyRFTA:JasonWhite

CMC:DarylYarrowTownofCarbonale:KatrinaByars

OthersattendingCLEER:AliceLaird,EricaSparhawk

BoardmembersnotpresentGarfieldCounty:TomJankovsky

CityofGlenwood:LeoMcKinneyCityofRifle:TheresaHamilton

TownofSilt:GCESecretary,RickAluise

Nextmeeting:Friday,May12,2017,1:00p.m.attheGarfieldCountyAdministrationBuilding

Callmeetingtoorder:Stuartcalledthemeetingtoorderat1:04p.m.

Rollcallandapprovalofagenda:Stuartcompletedtherollcall.FrankCoberlymovedtoapprovethemeetingagenda;GregRussiseconded,andmotionpassedunanimously.

FinancialsMarchFinancialsandaccountspayable.FrankCoberlysaidthathehadreviewedthefinancialsanddidn’thaveanyquestionsorconcernsandrecommendedapproval.

GregRussimovedtoapprovethefinancialsandaccountspayable;FrankCoberlysecondedthemotion,andmotionpassedunanimously.ActionItemsPartnersinEnergyMOUApproval

ThegroupdiscussedtheMOU.EricaandAliceansweredquestionsabouttheprocessand

amountsthatXceliswillingtocommittoassistwiththeimplementation.GregRussisharedhisconcernswiththeMOUwiththegroup.

JasonWhitemovedtoadopttheMOU;DarylYarrowsecondedthemotion,andthemotionpassedwith5yesvotesandonenovotefromGregRussi.AdjournmentGregRussimovedtoadjournthemeeting;Katrinasecondedthemotion,andmotionpassedunanimously.Themeetingadjournedat1:35p.m.

GARFIELDCLEANENERGYCOLLABORATIVE

By: ________________________________________________ StuartMcArthur,Chairperson

ATTEST:______________________________

RickAluise,Secretary

TheseminuteswerereviewedandapprovedbyavoteoftheGarfieldCleanEnergyBoardofDirectorsatitsmeetingheldonMay12,2017.

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Accrual Basis Garfield Clean Energy P&L Budget vs. Actual

January through April 2017

Jan - Apr 17 Budget $ Over Budget % of BudgetIncome

3000 · Partnership Funding3100 · Garfield County 150,000.00 150,000.00 0.00 100.0%3200 · Parachute 1,500.00 1,500.00 0.00 100.0%3300 · Rifle 3,000.00 3,000.00 0.00 100.0%3400 · Silt 3,000.00 3,000.00 0.00 100.0%3500 · New Castle 17,500.00 17,500.00 0.00 100.0%3600 · Glenwood Springs 45,000.00 45,000.00 0.00 100.0%3700 · Carbondale 25,000.00 25,000.00 0.00 100.0%3800 · Colorado Mountain College 35,000.00 35,000.00 0.00 100.0%4100 · Library District 0.00 0.00 0.00 0.0%4200 · RFTA 25,000.00 25,000.00 0.00 100.0%5000 · Contributions From Others

5100 · Community Partners 0.00 0.00 0.00 0.0%5200 · Sponsorships 0.00 0.00 0.00 0.0%5300 · Grants 0.00 0.00 0.00 0.0%

Total 5000 · Contributions From Others 0.00 0.00 0.00 0.0%Total 3000 · Partnership Funding 305,000.00 305,000.00 0.00 100.0%

Total Income 305,000.00 305,000.00 0.00 100.0%Gross Profit 305,000.00 305,000.00 0.00 100.0%Expense

Countywide Energy Dev Program10000 · Commercial Sector

11000 · Energy Coaching 12,387.60 35,000.00 -22,612.40 35.39%12000 · Outreach/Educ/Training/Website 10,624.69 12,000.00 -1,375.31 88.54%

Total 10000 · Commercial Sector 23,012.29 47,000.00 -23,987.71 48.96%20000 · Residential Sector

21000 · Energy Coaching 12,094.40 40,000.00 -27,905.60 30.24%21100 · Energy Coach-Home Energy Prog 12,322.99 20,000.00 -7,677.01 61.62%22000 · Outreach/Educ/Training/Website 6,451.60 12,000.00 -5,548.40 53.76%22100 · CEO Green MLS 0.00 0.00 0.00 0.0%

Total 20000 · Residential Sector 30,868.99 72,000.00 -41,131.01 42.87%Total Countywide Energy Dev Program 53,881.28 119,000.00 -65,118.72 45.28%Credit Reserve Expenses

1001 · Credit Reserve Fund Expenses 0.00 1,000.00 -1,000.00 0.0%Total Credit Reserve Expenses 0.00 1,000.00 -1,000.00 0.0%30000 · Petroleum Independence Project

31000 · Active Transportation & Transit 1,489.60 15,000.00 -13,510.40 9.93%32000 · Efficient Vehicles/Fleets

32200 · Efficient Vehicles/Alt Fuels 3,224.20 5,000.00 -1,775.80 64.48%Total 32000 · Efficient Vehicles/Fleets 3,224.20 5,000.00 -1,775.80 64.48%33000 · Alternative Fuels

33100 · WS CNG Network 2,220.80 5,000.00 -2,779.20 44.42%Total 33000 · Alternative Fuels 2,220.80 5,000.00 -2,779.20 44.42%

Total 30000 · Petroleum Independence Project 6,934.60 25,000.00 -18,065.40 27.74%40000 · Renewable Energy

41000 · Technical assistance & Educatn 3,336.00 10,000.00 -6,664.00 33.36%Total 40000 · Renewable Energy 3,336.00 10,000.00 -6,664.00 33.36%50000 · Government Facilities

51000 · Energy Data Mgt/Bldg engy navig 9,337.95 25,000.00 -15,662.05 37.35%52000 · Active Energy Mgt Coaching 5,111.20 30,000.00 -24,888.80 17.04%

Total 50000 · Government Facilities 14,449.15 55,000.00 -40,550.85 26.27%60000 · Special Projects

61000 · Energy Inventry 0.00 0.00 0.00 0.0%61100 · Goal 4 Implementation 2,293.60 10,000.00 -7,706.40 22.94%61200 · Develop Local Energy Resources 7,849.60 8,000.00 -150.40 98.12%

Total 60000 · Special Projects 10,143.20 18,000.00 -7,856.80 56.35%90000 · Countywide GCE Partnership Svc

91000 · Proj mgmt/plan/report/mtgs/budg91000.1 · Audit/Financial review 4,550.00 4,550.00 0.00 100.0%91000.2 · CIRSA liability Insurance 1,868.00 2,100.00 -232.00 88.95%91000 · Proj mgmt/plan/report/mtgs/budg - Other 24,097.73 63,000.00 -38,902.27 38.25%

Total 91000 · Proj mgmt/plan/report/mtgs/budg 30,515.73 69,650.00 -39,134.27 43.81%92000 · Legal Services 317.00 3,000.00 -2,683.00 10.57%93000 · Accounting/Bookkeeping 2,403.05 7,000.00 -4,596.95 34.33%95000 · Educate/training/special events 0.00 3,000.00 -3,000.00 0.0%

Total 90000 · Countywide GCE Partnership Svc 33,235.78 82,650.00 -49,414.22 40.21%Total Expense 121,980.01 310,650.00 -188,669.99 39.27%

183,019.99 -5,650.00 188,669.99 -3,239.29%

Page 1 of 1

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LENDER STATEMENT OF ACCOUNT

COMPANY

LENDER

EnergySmart Partners as agent for Garfield Clean Energy330 S. College AvenueSuite 400Fort Collins CO 80524

Funding Partners330 South College AvenueSuite 400Fort Collins CO 80524(970) 494-2021

STATEMENT DATEACCOUNT NO

4/10/2017

3239

Please advise us immediately of any discrepancies in the transactions or investment activity on your statement of account or if you contemplate changing your address. Whenmaking inquiries by telephone or in writing please give your account number. We urge you to keep this statement with your investment records.

STATEMENT PERIOD 3/1/2017 - 3/31/2017

PORTFOLIO BALANCE $192,689.60

PORTFOLIO YIELD 2.3569%

INTEREST PAID IN 2017 $1,102.70

Pct Count Year

$7,500.00

$23,348.52

$10,148.51

$30,824.02

$73,763.80

$47,104.75

3.89%

12.12%

16.00%

5.27%

38.28%

24.45%

$192,689.60 100.00%

1

1

7

35

6

13

7

2018

2019

2020

2021

2022

2026

Totals

Amount

LOAN DISTRIBUTION BY MATURITY

Pct

$0.00

$0.00

$192,689.60

$0.00

$0.00

$0.00

0.00%

0.00%

0.00%

100.00%

0.00%

0.00%

100.00%

0

0

0

35

0

0

$0.00 0.00%0

1-30

31-60

61-90

91-120

121-150

151+

Totals

Amount CountDays

Current

LOAN AGING

LoanBalance

InterestRate

TermLeftBorrower Name

PctOwned

MaturityDate

LoanAccount

RegularPayment

NextPayment

INVESTMENT PORTFOLIO AS OF 3/31/2017

6/5/2021 $101.42Felicia TrevorESC140103 100.000% $4,590.483.750% 4/5/2017513/5/2019 $304.87Lisa Moretti DohertyESC140106 100.000% $6,930.091.750% 4/5/2017241/5/2018 $130.42Michael MinesESP121121 100.000% $1,399.961.750% 4/5/2017102/5/2020 $72.58Ricardo Aguilera HernandezESP121201 100.000% $2,325.363.750% 4/5/2017353/5/2018 $136.73Lisa DameronESP121204 100.000% $1,620.241.750% 4/5/2017124/5/2018 $187.54Heidi SchultzESP130103 100.000% $2,395.731.750% 4/5/2017133/5/2018 $257.08Bradley Bealka and Diana MundingerESP130105 100.000% $3,042.831.750% 4/5/2017126/5/2018 $86.12Timothy and Haleigh EmmettESP130404 100.000% $1,209.304.750% 4/5/201715

10/5/2018 $99.57Bradley and Amy PlantzESP130820 100.000% $480.451.750% 4/5/2017196/5/2021 $81.05Aaron TaylorESP140403 100.000% $3,826.961.750% 4/5/2017516/5/2019 $100.12Connie BazleyESP140404 100.000% $2,497.581.750% 5/5/2017277/5/2019 $81.71Thomas Floyd WhitmoreESP140428 100.000% $2,188.631.750% 4/5/2017289/5/2021 $121.40Matthew ShmigelskyESP140514 100.000% $5,919.012.750% 4/5/201754

Powered by The Mortgage Office™ Account: 3239Page of1 3

LoanBalance

InterestRate

TermLeftBorrower Name

PctOwned

MaturityDate

LoanAccount

RegularPayment

NextPayment

INVESTMENT PORTFOLIO AS OF 3/31/2017

9/5/2019 $212.98Jake McGavockESP140623 100.000% $6,085.771.750% 4/5/2017309/5/2019 $218.82Jeanne BeckleyESP140701 100.000% $6,260.641.750% 4/5/201730

10/5/2019 $274.54Jane HendricksESP140802 100.000% $4,062.921.750% 4/5/20173112/5/2019 $88.94Jamie ScheurichESP140902 100.000% $2,798.391.750% 4/5/2017331/5/2020 $126.79Sandra R. PickardESP141101 100.000% $4,093.441.750% 4/5/2017341/5/2020 $48.96Justin SilcoxESP141112 100.000% $1,580.831.750% 4/5/2017342/5/2020 $138.80Justin SilcoxESP1411120 100.000% $4,534.122.750% 4/5/201735

8/11/2020 $207.25Cassie CeriseESP150301 100.000% $7,985.231.750% 5/5/2017416/5/2020 $148.72Michael MinesESP150307 100.000% $5,471.711.750% 4/5/2017395/5/2020 $92.30Paul David HolsingerESP150319 100.000% $3,309.591.750% 4/5/2017389/5/2020 $457.60Madeleine Conway McDowellESP150629 100.000% $17,989.451.750% 4/5/2017428/5/2020 $167.26Ryan GearhartESP150714 100.000% $6,589.441.750% 4/5/201741

10/5/2020 $274.54Richard Allen PierceESP150723 100.000% $11,037.771.750% 4/5/20174311/5/2020 $24.34Judy Ann HamptonESP150811 100.000% $985.932.750% 4/5/20174410/5/2020 $168.30Karen Ann BrogdonESP150903 100.000% $6,766.631.750% 4/5/2017434/5/2021 $457.60Cynthia Jean PalmerESP151108 100.000% $20,740.301.750% 4/5/201749

12/1/2020 $27.62Daniel AmentaESP151115 100.000% $1,094.304.750% 4/5/2017454/5/2026 $280.70Amy DavisESP151209 100.000% $23,348.524.250% 4/5/20171097/5/2021 $113.85Erin CareyESP160305 100.000% $5,466.551.750% 4/5/2017526/5/2021 $56.65Deborah T. BannonESP160310 100.000% $2,666.091.750% 4/5/2017519/5/2021 $81.49Phillip Ren Van Valkenburg Jr.ESP160613 100.000% $3,895.362.750% 4/5/2017544/5/2022 $147.63Eric S. PettersonESP170108 100.000% $7,500.004.750% 5/5/201761

Current Portfolio Yield: 2.357% $5,576.29 $192,689.60

TransactionDate Reference Borrower Name

AmountFunded

LoanAccount

FUNDING ACTIVITY

3/22/2017 ACH ESP170108 Eric S. Petterson $6,420.003/22/2017 ACH ESP170108 Eric S. Petterson $1,080.00

$7,500.00

TransactionDate

Check# orReference Interest Charges

TransactionAmount TrustServ. Fees Principal

DistributionLoanAccount Other

ACCOUNT ACTIVITY

3/31/2017 $0.00 $5.68 $0.00 $0.002843 ESP140403 $68.88$74.56 $0.003/31/2017 $0.00 $83.25 $0.00 $0.002843 ESP151209 $158.27$241.52 $0.003/31/2017 $0.00 $0.91 $0.00 $0.002843 ESP130820 $148.04$148.95 $0.003/31/2017 $0.00 $4.80 $0.00 $0.002843 ESP130105 $246.80$251.60 $0.003/31/2017 $0.00 $11.91 $0.00 $0.002843 ESP150301 $181.73$193.64 $0.003/31/2017 $0.00 $3.78 $0.00 $0.002843 ESP140404 $92.03$95.81 $0.003/31/2017 $0.00 $30.82 $0.00 $0.002843 ESP151108 $391.56$422.38 $0.003/31/2017 $0.00 $4.42 $0.00 $0.002843 ESP151115 $21.34$25.76 $0.003/31/2017 $0.00 $3.96 $0.00 $0.002843 ESP160310 $48.17$52.13 $0.003/31/2017 $0.00 $8.11 $0.00 $0.002843 ESP160305 $96.47$104.58 $0.003/31/2017 $0.00 $14.59 $0.00 $0.002843 ESC140103 $79.05$93.64 $0.003/31/2017 $0.00 $3.76 $0.00 $0.002843 ESP130103 $179.49$183.25 $0.003/31/2017 $0.00 $9.16 $0.00 $0.002843 ESP140623 $193.36$202.52 $0.003/31/2017 $0.00 $6.30 $0.00 $0.002843 ESP140802 $261.03$267.33 $0.003/31/2017 $0.00 $9.42 $0.00 $0.002843 ESP140701 $198.63$208.05 $0.003/31/2017 $0.00 $10.66 $0.00 $0.002843 ESP1411120 $120.38$131.04 $0.003/31/2017 $0.00 $2.37 $0.00 $0.002843 ESP141112 $43.88$46.25 $0.003/31/2017 $0.00 $10.08 $0.00 $0.002843 ESP150903 $146.70$156.78 $0.003/31/2017 $0.00 $3.30 $0.00 $0.002843 ESP140428 $74.64$77.94 $0.003/31/2017 $0.00 $2.55 $0.00 $0.002843 ESP121204 $131.26$133.81 $0.003/31/2017 $0.00 $10.52 $0.00 $0.002843 ESC140106 $282.33$292.85 $0.003/31/2017 $0.00 $26.80 $0.00 $0.002843 ESP150629 $385.18$411.98 $0.003/31/2017 $0.00 $4.20 $0.00 $0.002843 ESP140902 $79.95$84.15 $0.003/31/2017 $0.00 $13.79 $0.00 $0.002843 ESP140514 $97.58$111.37 $0.003/31/2017 $0.00 $8.17 $0.00 $0.002843 ESP150307 $131.21$139.38 $0.003/31/2017 $0.00 $2.23 $0.00 $0.002843 ESP121121 $125.65$127.88 $0.003/31/2017 $0.00 $4.95 $0.00 $0.002843 ESP150319 $81.70$86.65 $0.003/31/2017 $0.00 $9.08 $0.00 $0.002843 ESP160613 $65.81$74.89 $0.003/31/2017 $0.00 $7.46 $0.00 $0.002843 ESP121201 $61.14$68.60 $0.00

Powered by The Mortgage Office™ Account: 3239Page of2 3

TransactionDate

Check# orReference Interest Charges

TransactionAmount TrustServ. Fees Principal

DistributionLoanAccount Other

ACCOUNT ACTIVITY

3/31/2017 $0.00 $16.45 $0.00 $0.002843 ESP150723 $239.30$255.75 $0.003/31/2017 $0.00 $9.82 $0.00 $0.002843 ESP150714 $146.21$156.03 $0.003/31/2017 $0.00 $6.14 $0.00 $0.002843 ESP141101 $113.64$119.78 $0.003/31/2017 $0.00 $5.10 $0.00 $0.002843 ESP130404 $78.87$83.97 $0.003/31/2017 $0.00 $2.30 $0.00 $0.002843 ESP150811 $19.14$21.44 $0.00

$5,146.26 $0.00 $4,789.42 $0.00$356.84 $0.00 = Electronic Payment $0.00

Powered by The Mortgage Office™ Account: 3239Page of3 3

Financial Report

(Unaudited)

December 31, 2016

PRELIMINARY DRAFT

 

ar ield lean ner ollaborati e Financial Report

December 31, 2016 (Unaudited)

able o ontent

a e INDEPENDENT ACCOUNTANT’S REVIEW REPORT A1 – A2 Management’s Discussion and Analysis B1 – B3 Government-wide Financial Statements:

Statement of Net Position – Governmental Activities C1

Statement of Activities – Governmental Activities C2

Fund Financial Statements:

Balance Sheet – General Fund C3

Statement of Revenues, Expenditures and Changes in Fund Balance – General Fund C4

Notes to the Financial Statements D1 – D7 Required Supplementary Information:

Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual – General Fund E1

PRELIMINARY DRAFT

McMahan and Associates, l.l.c. Certified Public Accountants and Consultants Web Site: www.mcmahancpa.com Chapel Square, Bldg C Main Office: (970) 845-8800 245 Chapel Place, Suite 300 Facsimile: (970) 845-8108 P.O. Box 5850, Avon, CO 81620 E-mail: mcmahan@mcmahancpa.com

Member: American Institute of Certified Public Accountants

Paul J. Backes, CPA, CGMA Avon: (970) 845-8800 Michael N. Jenkins, CA, CPA, CGMA Aspen: (970) 544-3996 Daniel R. Cudahy, CPA, CGMA Frisco: (970) 668-3481

A1

M & A

D D U R R R

o t e oard o Director ar ield lean ner ollaborati e arbondale, olorado

We have reviewed the accompanying financial statements of the governmental activities and the General Fund of Garfield Clean Energy Colla orative GCE , as of and for the year ended Decem er 31, 2 1 , which collectively comprises GCE’s asic financial statements as listed in the ta le of contents, and the related notes to the financial statements A review includes primarily applying analytical procedures to management’s financial data and ma ing inquiries of the GCE’s management A review is su stantially less in scope than an audit, the o ective of which is the expression of an opinion regarding the financial statements as a whole Accordingly, we do not express such an opinion Management's Responsibility for the Financial Statements Management is responsi le for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error Accountant's Responsibility Our responsi ility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated y the Accounting and Review Services Committee of the American Institute of Certified Pu lic Accountants Those standards require us to perform procedures to o tain limited assurance as a asis for reporting whether we are aware of any material modifications that should e made to the financial statements for them to e in accordance with accounting principles generally accepted in the United States of America We elieve that the results of our procedures provide a reasona le asis for our conclusion Accountant's Conclusion Based on our review, we are not aware of any material modifications that should e made to the accompanying financial statements in order for them to e in conformity with accounting principles generally accepted in the United States of America Other Matters Our review was made primarily for the purpose of expressing a conclusion that there are no material modifications that should e made to the financial statements in order for them to e in conformity with accounting principles generally accepted in the United States of America

PRELIMINARY DRAFT

D D U R R R o t e oard o Director ar ield lean ner ollaborati e

A2

Other Matters (continued) Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis in Section B e presented to supplement the asic financial statements Such information, although not a part of the asic financial statements, is required y the Governmental Accounting Standards Board, who considers it to e an essential part of financial reporting for placing the

asic financial statements in an appropriate operational, economical, or historical context Such information has not een su ected to the inquiry and analytical procedures applied in the review of the

asic financial statements, and, accordingly, we do not express an opinion or provide any assurance on it The udgetary comparison information in section E is not a required part of the asic financial statements ut is supplementary information required y accounting principles generally accepted in the United

States of America Such information has een su ected to the inquiry and analytical procedures applied in the review of the asic financial statements, and we did not ecome aware of any material modifications that should e made to it

c a an and ociate , pril 11, 201

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D U D

PRELIMINARY DRAFT

B1

Garfield Clean Energy Colla orative Management’s Discussion and Analysis Decem er 31, 2 1 As management of Garfield Clean Energy Colla orative GCE , we offer readers of GCE’s financial statements this narrative introduction, overview and analysis of the financial activities of GCE for the fiscal year ended Decem er 31, 2 1

er ie o t e Financial tatement This discussion and analysis is intended to serve as an introduction to GCE’s asic financial statements GCE’s asic financial statements consist of three components: 1 government-wide financial statements 2 fund financial statements and 3 notes to the financial statements

o ernment ide inancial tatement The government-wide financial statements are designed to provide readers with a road overview of GCE’s finances, in a manner similar to a private-sector

usiness The Statement of Net Position presents information on all GCE’s assets and lia ilities with the difference etween the amounts reported as net position Over time, increases or decreases in net position may

serve as a useful indicator of whether the financial position of GCE is improving or deteriorating The Statement of Activities presents information showing how the government’s net position changed during the most recent fiscal year All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows Thus, revenues and expenses are reported in this statement for some items that result in cash flows in prior or future fiscal periods The governmental activity of GCE is primarily program coordination, coaching consulting, education, mar eting, and training through various programs, as well as coordination of the intergovernmental authority These efforts are designed to create a more energy independent, energy secure, thriving and sta le economy The government-wide financial statements can e found on pages C1 and C2 of this report Fund inancial tatement A fund is a grouping of related accounts that is used to maintain control over resources that have een segregated for specific activities or o ectives GCE, li e other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements GCE currently has one fund, the General Fund, which is a governmental fund

o ernmental und Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements owever, unli e the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of expenda le resources, as well as on alances of expenda le resources availa le at the end of the fiscal year Such information may e useful in evaluating a government’s near-term financing requirements The fund financial statements are located on pages C3 and C4 of this report Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements Normally, a reconciliation is presented to reconcile the fund alances of the governmental funds to the net position as reported in the government-wide financial statements and an additional reconciliation is presented reconciling the net change in fund alances of the governmental funds to the change in net position of the governmental activities These reconciliations can e useful to facilitate the comparison etween governmental funds and governmental activities as reported in the government-wide financial statements

owever, in GCE’s case in 2 1 , there are no long-term assets or lia ilities therefore, the government-wide and fund statements report the same information, and no reconciliation is necessary

PRELIMINARY DRAFT

B2

er ie o t e Financial tatement (continued)

ote to t e inancial tatement The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements The notes to the financial statements can e found on pages D1 – D of this report

o ernment ide Financial nal i Condensed financial data provides an overview of GCE’s financial statements and provides the context for a etter understanding of the asic financial statements The following ta le shows GCE’s condensed government-wide comparative financial data for the governmental activities for the current and prior fiscal years GCE had no usiness-type activities during 2 1

2016 201et

Current assets 1, 1 , 3 otal et 1, 1 , 3 iabilitie

Current lia ilities 23,422 21,44 otal iabilitie 23,422 21,44 et o itionUnrestricted 2 , 7 3 ,413

otal et o ition 2 , 7 3 ,413

Re enueGrants 12,4 3, Partnership funding 3 , 32 , 1

otal Re enue 317,4 332, pen ePrograms 247,333 22 , Partnership services ,4 1 77, 3

otal pen e 327,7 4 3 7,22 an e in et o ition 1 ,334 2 , 7

et o ition e innin 3 ,413 12,73 et o ition ndin 2 , 7 3 ,413

erall nal i

 GCE’s overall financial position, as measured y total net position, decreased y 1 ,334 during 2 1 This decrease is mainly due to these factors:

x Partnership funding decreased y 24, 1 x Development and coordinating the Partners In Energy program sponsored y cel Energy

Additional staffing wor was required to coordinate the sta eholder sessions and develop the Energy Action Plan with cel Energy staff

x Increased time spent wor ing on Goal 4 implementation which included a very successful tour for the state Office of Economic Development and International Trade and follow-up meetings with agencies in Denver to discuss funding and policy opportunities

Financial nal i o Fund GCE uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements A discussion of GCE’s funds follows

o ernmental Fund The focus of GCE’s governmental funds is to provide information on near-term inflows, outflows, and alances of expenda le resources Such information is useful in assessing GCE’s

PRELIMINARY DRAFT

B3

financing requirements In particular, unreserved fund alance may serve as a useful measure of a government’s net resources availa le for spending at the end of the fiscal year As of the end of the current fiscal year, GCE’s governmental fund reported an ending fund alance of 2 , 7

ud et ariance in eneral Fund

This discussion refers to the Schedule of Revenues, Expenditures and Changes in Fund Balance ta le on page E1 of this document, and will cover the udget variances that are noted in column 4 1 Readers will notice a variance in revenues GCE received a grant from Colorado Energy Office to promote and provide incentives for homes in the selling process to get an energy assessment, along with generating a ES score for home performance GCE received 1 , and 7, of that was the incentives for the designated home energy assessments There was not enough upta e in the program to spend all the incentive funding, therefore CEO was never illed for that amount 2 Readers will see nota le udget variances in four areas of expenditures for 2 1 Commercial energy coaching and outreach: Spending was ,47 elow udget due to less-than-expected demand for energy coaching from commercial property owners, and less spending on outreach to the commercial sector eavy demand in the residential sector prevented GCE from eing a le to focus more effort on commercial outreach Residential energy coaching: Spending for residential energy coaching was ,4 a ove udget and was alanced with the remaining in Commercial Coaching Government Facilities Active Energy Management: Garfield Clean Energy partners utili ed the coaching and consulting expertise more than past years and the Board approved allocating more funds to this line item from Commercial outreach and Credit Reserve loan reporting in order to continue providing services to the local governments Special Pro ects Goal 4 implementation: As part of the Goal 4 implementation of securing and finding additional funding for Garfield Clean Energy, the target in 2 1 was the Office of Economic Development and International Trade OEDIT and included in a county-wide tour eing organi ed for agency officials and State Representative Bo Ran in The Tour was held on Octo er , 2 1 and OEDIT Director Fiona Arnold organi ed a follow-up meeting in Decem er with other agency leads and elected officials which required additional hours used to cover that meeting and other follow-up tas s Partnership Services: During 2 1 Garfield Clean Energy em ar ed on an energy planning process with

cel Energy which required additional time on staff to help coordinate the community sta eholder meetings and develop content for the energy plan document This primarily involved two staff and added

4, 7 to the Partnership Services udget

omparati e n ormation and nal i Garfield Clean Energy’s actual expenditures totaled 327,7 4 in 2 1 compared to 3 7,22 in 2 1 GCE ended 2 1 with a fund alance of 2 , 7 , which is a strong reserve position compared to past years Re ue t or n ormation This financial report is designed to provide a general overview of GCE’s finances for all those with an interest in the government’s finances uestions concerning any of the information provided in this report or requests for additional financial information should e addressed to Garfield Clean Energy Colla orative, P O Box 42 , Car ondale, Colorado 1 23

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R D F

PRELIMINARY DRAFT

etCash 1, 1

otal et 1, 1

iabilitieAccounts paya le 23,422

otal iabilitie 23,422

et o itionUnrestricted 2 , 7

otal et o ition 2 , 7

ar ield lean ner ollaborati etatement o et o ition

December 31, 2016o ernmental cti itie

(Unaudited)

See accompanying notes and Independent Accountant s Review Report

C1

PRELIMINARY DRAFT

ro ramRe enue

et ( pen e) peratin Re enue and rant and an e in

pen e ontribution et o ition o ernmental cti itieCommercial energy coaching and program coordination 4 , - 4 , Residential energy coaching and program coordination 7 ,4 3 - 7 ,4 3 Petroleum Independence Pro ect 24, - 24, Countywide Energy Portfolio Diversity 11, 2 - 11, 2 Government Facilities Program ,2 2 - ,2 2 Partnership services ,4 1 - ,4 1 Special pro ects 24,471 - 24,471 Credit reserve 4 4 - 4 4

otal o ernmental cti itie 327,7 4 - 327,7 4

eneral re enuePartnership funding 3 , Grants and contri utions 12,4 Other income -

otal eneral re enue 317,4 an e in et o ition 1 ,334

et o ition e innin 3 ,413et o ition ndin 2 , 7

ar ield lean ner ollaborati etatement o cti itieo ernmental cti itie

For t e ear nded December 31, 2016(Unaudited)

See accompanying notes and Independent Accountant s Review Report

C2

PRELIMINARY DRAFT

 

FU D F

PRELIMINARY DRAFT

etCash and cash equivalents 1, 1

otal et 1, 1

iabilitieAccounts paya le 23,422

otal iabilitie 23,422

Fund alanceUnassigned 2 , 7

otal Fund alance 2 , 7 otal iabilitie and Fund alance 1, 1

eneral FundDecember 31, 2016

ar ield lean ner ollaborati ealance eet

(Unaudited)

See accompanying notes and Independent Accountant s Review Report

C3

PRELIMINARY DRAFT

Re enueGrants and contri utions 12,4 Partnership funding 3 ,

otal Re enue 317,4

penditureCommercial energy coaching and program coordination 4 , Residential energy coaching and program coordination 7 ,4 3 Petroleum Independence Pro ect 24, Countywide Energy Portfolio Diversity 11, 2 Government Facilities Program ,2 2 Partnership services ,4 1 Special pro ects 24,471 Credit Reserve 4 4

otal penditure 327,7 4

ce o Re enue o er penditure 1 ,334

Fund alance, e innin 3 ,413Fund alance, nd 2 , 7

ar ield lean ner ollaborati etatement o Re enue , penditure and an e in Fund alance

eneral FundFor t e ear nded December 31, 2016

(Unaudited)

See accompanying notes and Independent Accountant s Review Report

C4

PRELIMINARY DRAFT

 

F

PRELIMINARY DRAFT

ar ield lean ner ollaborati e ote to t e Financial tatement

December 31, 2016 (Unaudited)

D1

ummar o i ni icant ccountin olicie

The Garfield Clean Energy Colla orative GCE was formed in anuary 2 12 under an intergovernmental agreement etween various local governments the Partners in Garfield County, Colorado, to colla orate in creating a more energy independent, energy secure, thriving and sta le economy Partners at Decem er 31, 2 1 were as follows:

Garfield County City of Glenwood Springs City of Rifle Town of Car ondale Roaring For Transportation Authority Town of New Castle Town of Parachute Town of Silt Colorado Mountain College

GCE’s financial statements are prepared in accordance with generally accepted accounting principles GAAP The Governmental Accounting Standards Board GASB is responsi le for esta lishing GAAP for state and local governments through its pronouncements Statements and Interpretations The more significant accounting policies esta lished y GAAP used y GCE are discussed elow

Reportin ntit

The reporting entity consists of a the primary government i e , GCE, and organi ations for which GCE is financially accounta le GCE is considered financially accounta le for legally separate organi ations if it is a le to appoint a voting ma ority of an organi ation s governing ody and is either a le to impose its will on that organi ation or there is a potential for the organi ation to provide specific financial enefits to, or to impose specific financial urdens on, GCE Consideration is also given to other organi ations, which are fiscally dependent i e , una le to adopt a udget, levy taxes, or issue de t without approval y GCE Organi ations for which the nature and significance of their relationship with GCE are such that exclusion would cause the reporting entity s financial statements to e misleading or incomplete are also included in the reporting entity

Based on the criteria a ove, GCE is not financially accounta le for any other entity nor is GCE a component unit of any other government

o ernment ide and Fund Financial tatement

GCE’s asic financial statements include oth government-wide reporting GCE as a whole and fund financial statements reporting GCE’s ma or fund Both the government-wide and fund financial statements categori e primary activities as either governmental or usiness type Currently, GCE has only governmental activities

1 o ernment ide Financial tatement

In the government-wide Statement of Net Position, the governmental activities column is reported on a full accrual, economic resource asis, which recogni es all long-term assets and receiva les as well as long-term de t and o ligations The government-wide focus is on the sustaina ility of GCE as an entity and the change in GCE’s net position resulting from the current year’s activities

PRELIMINARY DRAFT

ar ield lean ner ollaborati e ote to Financial tatement

December 31, 2016 ontinued)

D2

ummar o i ni icant ccountin olicie (continued)

o ernment ide and Fund Financial tatement (continued)

2 Fund Financial tatement

The financial transactions of GCE are reported in an individual fund in the fund financial statements The fund is accounted for y providing a separate set of self-alancing accounts that comprise its assets, lia ilities, reserves, fund equity,

revenues and expenditures expenses The fund focus is on current availa le resources and udget compliance GCE reports the following governmental fund:

The General Fund is the general operating fund of GCE It is used to account for all financial resources

ea urement Focu and a i o ccountin

Measurement focus refers to whether financial statements measure changes in current resources only current financial focus or changes in oth current and long-term resources long-term economic focus Basis of accounting refers to the point at which revenues, expenditures, or expenses are recogni ed in the accounts and reported in the financial statements

1 on term conomic Focu and ccrual a i

Governmental activities in the government-wide financial statements use the long-term economic focus and are presented on the accrual asis of accounting Revenues are recogni ed when earned and expenses are recogni ed when incurred, regardless of the timing of the related cash flows

2 urrent Financial Focu and odi ied ccrual a i

The governmental fund financial statements use the current financial focus and are presented on the modified accrual asis of accounting Under the modified accrual asis of accounting, revenues are recorded when suscepti le to accrual i e , oth measura le and availa le Availa le means collecti le within the current period or soon enough thereafter to e used to pay lia ilities of the current period Expenditures are generally recogni ed when the related lia ility is incurred The exception to this general rule is that principal and interest on general long-term de t, if any, is recogni ed when due

D Re tricted et

Certain cash alances of the General Fund are classified as restricted ecause their use is restricted y the provisions of the U S Department of Energy Better Buildings grant

PRELIMINARY DRAFT

ar ield lean ner ollaborati e ote to Financial tatement

December 31, 2016 (Unaudited) ( ontinued)

D3

ummar o i ni icant ccountin olicie (continued)

ncumbrance

Encum rance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applica le appropriation, is not employed y GCE ecause it is at present considered not necessary to assure effective udgetary control or to facilitate effective cash planning and control

F Fund alance

GCE classifies governmental fund alances as follows: Non-spendable - includes fund alance amounts that cannot e spent either ecause it is not in spenda le form or ecause of legal or contractual requirements Restricted – includes fund alance amounts that are constrained for specific purposes which are externally imposed y providers, such as creditors or amounts constrained due to constitutional provisions or ena ling legislation Committed – includes fund alance amounts that are constrained for specific purposes that are internally imposed y the government through formal action of the highest level of decision ma ing authority which is the Board of Directors Assigned – includes spenda le fund alance amounts that are intended to e used for specific purposes that are neither considered restricted or committed Fund alance may e assigned y the Board of Directors or its management designee

Unassigned - includes residual positive fund alance within the General Fund which has not een classified within the other a ove mentioned categories Unassigned fund alance may also include negative alances for any governmental fund if expenditures

exceed amounts restricted, committed, or assigned for those specific purposes GCE uses restricted amounts to e spent first when oth restricted and unrestricted fund alance is availa le unless there are legal documents contracts that prohi it doing this,

such as in grant agreements requiring dollar for dollar spending Additionally, GCE first uses committed, then assigned, and lastly unassigned amounts of unrestricted fund alance when expenditures are made

GCE does not have a formal minimum fund alance policy owever, GCE’s udget includes a calculation of a targeted reserve position and management calculates targets and reports them annually to the Board of Directors

U e o timate

The preparation of financial statements in conformity with generally accepted accounting principles requires management to ma e estimates and assumptions that affect the reported amounts of assets and lia ilities and disclosure of contingent assets and lia ilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period Actual results could differ from those estimates

PRELIMINARY DRAFT

ar ield lean ner ollaborati e ote to Financial tatement

December 31, 2016 (Unaudited) ( ontinued)

D4

te ard ip, ompliance, and ccountabilit

ud etar n ormation

In the fall of each year, GCE s Board of Directors formally adopts a udget with appropriations y fund for the ensuing year pursuant to the Colorado ocal Budget aw Budgets for governmental funds are adopted on a asis consistent with GAAP

As required y Colorado statutes GCE follows these procedures in esta lishing the udgetary data reflected in the financial statements

1 On or efore Octo er 1 , GCE s management su mitted to GCE s Board of

Directors a recommended udget which detailed the necessary revenues to meet GCE s operating requirements

2 After a required pu lication of Notice of Proposed Budget GCE adopted the

proposed udget and an appropriating resolution which legally appropriated expenditures for the upcoming year

3 After adoption of the udget resolution, GCE may ma e the following changes: a

supplemental appropriations to the extent of revenues in excess of those estimated in the udget emergency appropriations and c reduction of appropriations for which originally estimated revenues are insufficient

The level of control in the udget at which expenditures exceed appropriations is at the fund level All appropriations lapse at year end

R mendment Re enue and pendin imitation mendment In Novem er 1 2, Colorado voters amended Article of the Colorado Constitution y adding Section 2 , commonly nown as the Taxpayer s Bill of Rights TABOR TABOR contains revenue, spending, tax and de t limitations which apply to the State of Colorado and local governments TABOR requires, with certain exceptions, advance voter approval for any new tax, tax rate increase, mill levy a ove that for the prior year, extension of any expiring tax, or tax policy change directly causing a net tax revenue gain to any local government Except for refinancing onded de t at a lower interest rate or adding new employees to existing pension plans, TABOR requires advance voter approval for the creation of any multiple-fiscal year de t or other financial o ligation unless adequate present cash reserves are pledged irrevoca ly and held for payments in all future fiscal years

TABOR also requires local governments to esta lish emergency reserves to e used for declared emergencies only Emergencies, as defined y TABOR, exclude economic conditions, revenue shortfalls, salary or fringe enefit increases These reserves are required to e 3 or more of fiscal year spending excluding onded de t service for fiscal years ending after Decem er 31, 1 4 Since TABOR excludes grant and contri utions from the definition of fiscal year spending, and all GCE’s revenues were from grants and contri utions, there was no required reserve at Decem er 31, 2 1 GCE elieves it has ta en such steps as are appropriate in light of current interpretations of TABOR to comply with its terms owever, TABOR is complex and su ect to interpretation Many of the provisions, including ut not limited to, the interpretation of how to calculate fiscal year spending and other limits, will require udicial interpretation

PRELIMINARY DRAFT

ar ield lean ner ollaborati e ote to Financial tatement

December 31, 2016 (Unaudited) ( ontinued)

D

Detailed ote on ll Fund

Depo it

The Colorado Pu lic Deposit Protection Act PDPA requires that all units of local government deposit cash in eligi le pu lic depositories eligi ility is determined y State regulators Amounts on deposit in excess of Federal insurance levels must e collaterali ed The eligi le collateral is determined y the PDPA The PDPA allows the institution to create a single collateral pool for all pu lic funds The pool for all the uninsured pu lic deposits as a group is to e maintained y another institution or held in trust The mar et value of the collateral must e at least equal to the aggregate uninsured deposits

The State Regulatory Commissions for an s and financial services are required y statute to monitor the naming of eligi le depositories and reporting of the uninsured deposits and assets maintained in the collateral pools

At Decem er 31, 2 1 , GCE’s cash deposits had a carrying alance of 1, 1 and a an alance of 2,112 at Decem er 31, 2 1

t er n ormation

ro e ional er ice reement it R

GCE entered into a professional services agreement with Clean Energy Economy for the Region C EER , a Colorado non-profit corporation, to achieve measura le progress on GCE’s goals as a means to a stronger, more resilient and energy-secure economy as follows:

x Increase energy efficiency as measured y reducing energy consumption 2 y 2 2 over a 2 aseline

x Reduce petroleum consumption 2 y 2 2 over a 2 aseline x O tain 3 of electricity from renewa le sources y 2 2

The following program areas serve as the ongoing framewor for delivering GCE services:

1 Energy saving programs for governments and schools 2 Residential energy services 3 Commercial energy services 4 Active transportation

Efficient vehicles and alternative transportation fuels Renewa le energy

7 General partnership services

Each program area will use education and training, and clean energy financing as tools to achieve the goals as set forth in detail in Exhi it A of the agreement

PRELIMINARY DRAFT

ar ield lean ner ollaborati e ote to Financial tatement

December 31, 2016 (Unaudited) ( ontinued)

D

t er n ormation (continued)

ro e ional er ice reement it R (continued)

According to the agreement, C EER shall e compensated for these professional services in accordance with Exhi it B of the agreement at the rate of per hour for all wor , which was the actual rate paid during 2 1

ar ield ount uba ard ( etter uildin Financin ro ram)

On May 11, 2 1 , the United States Department of Energy the DOE awarded Boulder County an Energy Efficiency Community Bloc Grant-Competitive grant EECBG-C of 2 million On Octo er 21, 2 1 , Boulder County entered into a Su recipient Agreement

with Garfield County through the Board of County Commissioners BOCC for a portion of the EECBG-C funds On une 2 , 2 11, the BOCC and Boulder County amended the Su recipient Agreement to increase the grant award to Garfield County and to amend the BOCC’s scope of wor nown as Amendment No 1 The additional grant funds awarded y Amendment No 1 total approximately , and were used to support energy

efficiency programs in Garfield County, nown as the Better Buildings Financing Program On August 2 , 2 12, with the consent of Boulder County, the Garfield BOCC entered into a Su award Agreement with GCE where y GCE received ,333 , less 11, 7 fees to Colorado ousing and Financing Authority to fund a Residential

Revolving oan Fund program for 2 , , fund GCE re ates for 7 , , use approximately 1 , for mar eting and administration, and fund the Credit Reserve Fund with the remaining amount The DOE required a full spend-down of these funds y Oct 1, 2 13 GCE allocated an additional 1 , to the Residential Revolving oan Fund, spent 1 , 11 on re ates, coaching, reporting and long-term sustaina ility efforts, and reserved 13, 7 for reporting wor and a loan fund mar eting campaign in future years GCE also agreed to comply and cooperate with all reporting and compliance requirements of the DOE, Boulder County, and the BOCC In 2 1 , GCE spent 4 4 on reporting to the DOE

reement it ner mart artner ,

On Septem er 24, 2 12, GCE entered into a -year agreement for administering the Better Buildings Financing Program’s Revolving oan Fund R F see IV B a ove with EnergySmart Partners, C ESP , a wholly owned su sidiary of Funding Partners for

ousing Solutions, Inc , a non-profit organi ation certified y the U S Department of the Treasury CDFI, as a community development financial institution CDFI ESP will provide administration of the R F as set forth in Exhi it 1 of the agreement and in compliance with other terms of the agreement ESP will receive compensation of a onetime, non-refunda le fee of 2 from each orrower upon su mittal of the loans, plus a loan origination fee of 12 at the time of loan settlement ESP shall receive 2 of all interest paid on each of the loans outstanding ESP received a onetime payment of 4, upon execution of the agreement for implementation of the program

PRELIMINARY DRAFT

ar ield lean ner ollaborati e ote to Financial tatement

December 31, 2016 (Unaudited) ( ontinued)

D7

t er n ormation (continued)

reement it ner mart artner , (continued) Either party may terminate the agreement for cause or convenience If GCE terminates the agreement for cause a contract default , GCE shall give written notice of intent to terminate with cause ESP has 1 days from the receipt of the letter to cure the default If ESP does not cure the default within 1 days, GCE may ma e written demand for the delivery of: a transfer to a GCE designated third party all sums received y ESP from GCE under the agreement as of the date of said demand, net of loan dis ursements pursuant to the agreement, plus interest thereon at the legal rate all loan documents and all other documentation relating to the administration of the R F program c all expenses incurred y GCE, including reasona le attorney’s fees incurred in recovering said sums and records If ESP gives written notice of intent to terminate for cause, and GCE does not cure the default with 1 days, ESP may terminate the agreement y giving written notice to GCE In addition to other remedies availa le to it upon default of GCE, ESP is entitled to recover all expenses incurred as a result of the violation, including reasona le attorney’s fees incurred in enforcing its rights under the agreement If GCE terminates the agreement for convenience, GCE shall give written notice thereof to ESP and pay to ESP documented direct and incidental termination expenses as are mutually agreed upon in an amount not to exceed 2, ESP agrees to assist GCE in facilitating the transfer of the administration of the program If ESP terminates for convenience, it shall o tain the consent of GCE and give written notice at least 1 days in advance of the effective date thereof, along with the reason s for and date of the termination ESP shall neither e paid nor considered eligi le for payment of termination expenses or any damages or loss of profits due to the termination GCE funded the R F with 2 , on Octo er 17, 2 12, and an additional 1 , on Octo er 1 , 2 13 As of Decem er 31, 2 1 , there were 43 loans outstanding with the R F, with a total loan alance due of 1 , 7 Of the total alance, 1 ,4 is current, and 1, up to days past due The maturities range from 2 1 through 2 2 The R F had 1 ,47 availa le for lending as of Decem er 31, 2 1

D on ultin er ice or olorado ner ice

On Decem er 22, 2 1 , GCE accepted a purchase order from the Colorado Energy Office to deliver the Green M S pro ect in Garfield County through une 3 , 2 1 Colorado Energy Office will pay GCE 1 , for this service During 2 1 , GCE spent 11, on the Green M S pro ect

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R U R D U R F R

PRELIMINARY DRAFT

201( udited)

ud etariance

ri inal Final o iti eud et ud et ctual ( e ati e) ctual

Re enueContri utions:

Alpine Ban - - - 2, Other 1 , 1 , 12,4 , 1,

Partnership Funding:Garfield County 1 , 1 , 1 , - 1 , City of Glenwood Springs 4 , 4 , 4 , - 4 , City of Rifle 3, 3, 3, - 3, Town of Car ondale 2 , 2 , 2 , - 2 , Roaring For Transportation Authority 2 , 2 , 2 , - 2 , Colorado Mountain College 3 , 3 , 3 , - 3 , Town of New Castle 17, 17, 17, - 1 , Garfield County Pu lic i rary District - - - - 1 Town of Parachute 1, 1, 1, - 2, Town of Silt 3, 3, 3, - 3,

otal Re enue 324, 324, 317,4 , 332,

penditureCommercial Sector:

Energy coaching and program coordination 43, 43, 34, 24 ,47 34, Mar eting, outreach, education, training 1 , 1 , 12,33 2, ,3 4

Residential Sector:Energy coaching and program coordination 47, 47, ,4 ,4 4 , 43 Mar eting, outreach, education, training 31, 31, 23, 7, 2 , 1

Petroleum Independence Pro ect:Safe Routes and transportation alternatives 1 , 1 , 14, 17, Efficient vehicles:

Technical assistance , , 4, 71 2 7, 34 Alternative fuels:

CNG support , , , - 22, 7 Countywide Energy Portfolio Diversification:

Technical assistance and implementation 12, 12, 11, 2 72 11, 24 Government Facilities Program:

Energy data management 2 , 2 , 2 ,733 733 24, 13 Active energy management 3 , 3 , 33, 1 3, 1 33, 31

Partnership Services:Administration and grant writing 3, 3, 7, 7 4, 7 2, egal 3, 3, 342 2, 1, 33

Accounting 7, 7, ,137 3 ,7 4 Financial review 4, 4, 4,4 4,3 CIRSA lia ility insurance 2,1 2,1 1, 23 2,

Special Pro ects:Energy inventory 4, 4, 4,1 341 ,47 Goal 4 implementation 1 , 1 , 13, 4 3, 4 - Develop local energy resources 1 , 1 , , 3,342 -

Credit Reserve:oan fund, re ates, coaching, outreach - - 4 4 4 4 1,

otal penditure 332,1 332,1 327,7 4 4,31 3 7,22

ce (De icienc ) o Re enue er penditure ,1 ,1 1 ,334 2,234 2 , 7 Fund alance e innin 1 ,13 1 ,13 3 ,413 23,2 3 12,73 Fund alance ndin 7, 3 7, 3 2 , 7 21, 4 3 ,413

(Unaudited)2016

For t e ear nded December 31, 2016( it omparati e ctual mount or 201 )

ar ield lean ner ollaborati ec edule o Re enue , penditure and an e in Fund alance

eneral Fund ud et ( a i ) and ctual

See accompanying notes and Independent Accountant s Review ReportE1

PRELIMINARY DRAFT

To: GCE Board of Directors From: CLEER staff Re: Update on GCE Transportation work plan Date: May 8 2017 ___________________________________________________________________________________________________________ Background GCE’s transportation program uses a 3-pronged approach to make progress on GCE’s petroleum independence goal:

- Encourage use of alternative fuels: Compressed Natural Gas, Electric - Encourage use of more efficient or alternative-fuel vehicles - Encourage use of multi-modal transportation (biking, walking, carpooling, and transit)

The May GCE Board meeting will include an update on transportation program progress. Funding for GCE Transportation program has been significantly enhanced and complemented by funding from Refuel Colorado, a statewide program, which provides some funding support for the alternative fuels/alternative-powered vehicles portion. Ride Garfield County Ride Garfield County launched on May 1 and will run an extended amount of time this year (through Nov. 30) to cover the bridge closure period. There will be community events and prizes awarded throughout the challenge to encourage biking, walking, and transit. Ride Garfield and the City of Glenwood Springs will co-host free downtown breakfast booths for National Bike to Work Day on Friday, May 19, and for Colorado Bike to Work Day on Wednesday, June 28. Other partners include: RFTA, CDOT, and Glenwood Springs Bicycle Advocates. Here is an article that ran in the Post Independent about this effort: http://www.postindependent.com/news/local/facing-bridge-work-ride-garfield-county-kicked-off-this-week/

EV Bulk-Buy Program Launched on April 1, participating automotive dealers from Glenwood Springs and Denver will provide discounted pricing through June 30th. The program is leveraging twelve partner agencies from Eagle, Pitkin and Garfield Counties to ensure program success. The target number of vehicles the program is aiming for is selling 50 electric vehicles. 14 vehicles were sold in the first month of this program. Here’s an article that ran in the Post Independent about this: http://www.postindependent.com/news/local/auto-dealers-discounting-electric-cars-april-to-june/

Rifle CNG Station Development As reported at a previous GCE Board meeting, the Gilco station location fell through late last year due to the existing owners putting the site up for sale. Staff have been working with the station developer, Sparq Natural Gas, to find a new location. A parcel at the West Rifle I70 exit #87 was identified as suitable and discussions have begun with the owner, Battlement Mesa Partners.. Staff participated in meetings with the gas utility, Xcel Energy, partner agencies and fleets to secure additional fuel demand and address technical details of the site. Negotiations are ongoing with the

site owner and continued development of fleet interest is occurring. Development is anticipated to occur during the next two quarters. Electric Bus Workshop RFTA in collaboration with the City of Aspen held a day-long electric bus workshop on May 3rd. The purpose of the workshop was to identify a technical and financial path toward implementation of a region-wide electric bus program. The workshop resulted in the decision for RFTA to seek funding for the purchase of initial eight electric buses for both local and other routes. With rapidly developing technology electric buses are increasingly more affordable, and can lead to significant reductions in operational costs, noise and emissions.

9 local government partners joining together in a shared mission

to make Garfield County the most energy efficient county in the U.S.

GarfieldCleanEnergy1stQuarter2017ReportMay8,2017•PreparedbyCLEER:CleanEnergyEconomyfortheRegion

(970)704-9200•www.GarfieldCleanEnergy.orgResidential Loan Fund Q1 Cumulative total loans 44 New loans 1 Loaned to date $421,602 Principal repaid to date $228,912 Loan balance to date $192,690 Available loan pool $106,356 Portfolio yield 2.3% 2017 CARE Program (for income-qualified families)

Home visits

Upgrades complete

Parachute / Battlement 4 3 Rifle 2 2 Silt 3 5 New Castle 1 2 Glenwood Springs 1 1 Carbondale 1 3 Countywide total 12 16 Commercial activity summary Q1 Commercial retrofits completed, by site 2 Total retrofit project costs $20,280 Estimated annual energy savings $6,550 Coaching clients 6 Emails/calls 52 Energy Coach building walk-throughs 3 Building walk-throughs resulting in projects 0% to date Garfield Clean Energy events and trainings 2015 Event name Date Location Participants Media hits RFHS solar array ribbon-cutting Jan. 28 Carbondale 200 + 3 Mobility Fuels & Funding Forum Feb. 5 Glenwood Springs 135 5 Energy Smart Contractor Expo March 17 Glenwood Springs 170 3

Residential activity summary Q1 Residential retrofits completed, by household

11

Total retrofit project costs $41,306 Estimated annual energy savings $3,292 Coaching clients 23 E-mails/calls 69 CARE Total retrofit projects costs $28,950

Contractor companies working on projects

Q1

Residential projects 18 Commercial projects 2

CARE upgrades: High efficiency furnaces, boilers, hot water heaters and evaporative coolers, windows, insulation, air sealing, LEDs, programmable thermostats, Energy Star fridges.

GarfieldCleanEnergy1stQuarter2017Report|May1,2017 2

Commercial walk-throughs Zip code / town Date Project status Q1 walk-throughs In and Out Automotive Glenwood Springs 2/24/17 Moving Forward Valley Vision Clinic Glenwood Springs 3/8/17 Moving Forward SGM Springs Properties LLC Glenwood Springs 3/8/17 Moving Forward Active Energy Management Q1 2016 activities Countywide projects

• Cleaned up Navigator Data and continued to get Black Hills data updated in system. • Continued work on Partners In Energy plan development and final stakeholder group meeting.

Garfield County

• Walk through and follow-up with staff on lighting and HVAC scope of work at Riding Arena. • Work with staff on lighting upgrades at Health and Human Services and Airport.

Town of Parachute

• Follow-up on data outage on the Navigator

City of Rifle • No direct services this quarter. City is participating in Xcel LED Street Lighting program. Town of Silt • Check in with staff on water plant lighting project Town of New Castle

• Calls with staff on senior housing project and how to get project into Xcel program to maximize rebates and assist with design of project.

City of Glenwood Springs

• Work with Community Center staff and City Manager on planning for boiler and pool upgrades, talks with potential contractor, planning for funding.

Town of Carbondale

• Provided Navigator training to new Public Works and Rec. Department staff • Work with Rec. Center staff on lighting upgrade proposal and language for FMLD grant

RFTA • No direct services this quarter. CMC • Worked with staff to address missing utility bills from 2016 and Black Hills Energy data

changes Media hits Q1 Q2 Q3 Q4 CARE program 1 Clean Innovation Energy Sources Workshop 3 Electric Vehicle Bulk Buy 5 Garfield Clean Energy events and trainings 2017 Event name Date Location Participants Media hits Partners In Energy Stakeholder session Feb. 16 New Castle 30

Clean Innovation Energy Sources Workshop

March 3 Glenwood Springs 150 3