Finance and Audit Committee
May 28, 2025

AGENDA

FINANCE AND AUDIT STANDING COMMITTEE MEETING
City Hall
130 Cremona Drive, Suite B
Goleta, California
Wednesday, May 28, 2025
9:00 A.M. – 10:30 A.M.

Conference Room # 1
Stuart Kasdin, Mayor Pro-Tempore
Jennifer Smith, Councilmember
Robert Nisbet, City Manager
Jaime A. Valdez, Assistant City Manager
Luke Rioux, Finance Director
Tony Gonzalez, Accounting Manager
Cecilia Rubio, Finance Management Assistant
__________________________________________________________________________

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__________________________________________________________________________ PUBLIC COMMENT: PUBLIC COMMENT MAY BE PROVIDED IN PERSON, ELECTRONICALLY,

OR BY MAIL
To submit written comments for the Committee’s consideration and inclusion in the public record, email Luke Rioux, Finance Director, at [email protected] up to 9:00 A.M. prior to the Wednesday Standing Committee meeting date. Please include the Agenda Item Number in the subject. This meeting will be conducted in accordance with the Brown Act, Government Code Section 54953. Any member of the public may attend this meeting in person or online. Questions regarding this matter may be addressed to Cecilia Rubio, Management Assistant at: [email protected]. __________________________________________________________________________ AGENDA
I. Public Comment
II. FY 2024/25 - Third Quarter Financial Review (Draft) (Rioux) (50 minutes) (Pages 1 - 74)
III. Monthly Investment Transaction Report (March) – Quarterly Review (Draft) (Rioux) (15 minutes) (Pages 75 - 101)
IV. Annual Investment Policy (Draft)
(Rioux) (15 minutes) (Pages 102 - 140)
V. Next Meeting – To Be Determined
Americans with Disabilities Act: In compliance with the ADA, if special assistance is needed to participate in a Finance and Audit Standing Committee meeting (including assisted listening devices), please contact the City Clerk's office at (805) 961-7505 or email [email protected].

Notification at least 72 hours prior to the meeting helps to ensure that reasonable arrangements can be made to provide accessibility to the meeting.

ITEM II:

Third Quarter Financial Review – FY
2024/25 (Draft)
1 Agenda Item X.x

CPMS CONSENT CALENDAR
Meeting Date: June 3, 2025
TO: Mayor and Councilmembers
SUBMITTED BY: Luke Rioux, Finance Director
PREPARED BY: Tony Gonzalez, Accounting Manager
Shawna Stokes, Budget Analyst
SUBJECT: Fiscal Year 2024/25 Third Quarter Financial Review RECOMMENDATION:

Adopt Resolution No. 25-__ entitled, “A Resolution of the City Council of the City of Goleta, California, Amending the City of Goleta Operating and CIP Budget for Fiscal Year 2024/25, and Amending the City of Goleta Schedule of Authorized Positions for Fiscal Year 2024/25.”
BACKGROUND:

This report provides a financial update on the City’s preliminary actual revenue and expenditure activity through the third quarter of the Fiscal Year (FY) 2024/25 Operating and Capital Improvement Program (CIP) Budget, which was adopted on June 20, 2023, as part of the two-year FY 2023/24 and FY 2024/25 budget plan. The information in this report is preliminary and provides a review of the revenue and expenditure activity from July 1, 2024, through March 31, 2025, and other relevant financial information.

Additionally, this report recommends various adjustments to the adopted budget.

In analyzing the attached report, the following information should be taken into consideration:

1. Revenues and expenditures are recorded during the period received or paid. It is only at the end of the fiscal year that accrual entries are made to associate the revenues and expenditures with the corresponding period.

2. The timing of revenue received varies by source. As such, revenue totals through March may not represent a proportional three-quarters of annual revenue in many categories. For example, “Traditional” Property Tax payments are normally received as follows: 55% in December, 41% in April, and 4% in June.

3. Expenditures for salaries and some operating costs may be disbursed evenly on a month-to-month basis; however, there are some expenditure line items whereby DRAFT 2
Meeting Date: June 3, 2025

funds are released or encumbered at the start of the new fiscal year. In addition, certain types of expenditures, such as Liability Insurance, Workers' Compensation, and Debt Service, are made quarterly, semi-annually, or annually.

DISCUSSION:

General Fund Budget Summary:

Table 1 summarizes the General Fund’s prior year activity, adopted budget, current budget, and recommended amendments. The amounts shown are on a total fiscal year basis.

Table 1 - General Fund Budget Summary

FY 2024/25 Adopted Budget Recap
The FY 2024/25 Adopted Budget was approved on June 18, 2024, with total expenditures at $51.4 million. The adopted budget included adjusting revenues to capture increases in property tax, transaction and use tax, building and planning permit fees, and investment earnings. The budget also included increasing expenditures related to salaries and benefits, new personnel requests, increasing funding for pavement maintenance, adjusting for the police services contract, the IT services contract, and a one-time General Fund appropriation to support critical projects.

FY 2024/25 Current Budget Recap and Recommended Amendments The FY 2024/25 Current Budget total expenditures are now at $74.9 million, which includes several one-time appropriations:
 Carryover budget of $19.6 million (supported by the General Fund’s one-time fund balance), which was detailed in the Q1 Financial Report taken to City Council on December 3, 2024.
 New appropriations of $4 million authorized by the City Council since July 1, 2024.

The City Council has approved various new expenditure budget appropriations totaling approximately $4 million. This included one-time funding for the Goleta Train Depot Project, Pavement Maintenance, and IT Services.

Category
2023/24
Actuals
2024/25
Adopted Budget
2024/25
Current Budget
Recommended
Amendments
2024/25
Amended Budget
Revenues and Other Sources 45,613,120 $ $ 49,924,350 $ 51,098,433 $ 149,525 $ 51,247,958 Operating Expenditures $ 38,289,351 $ 49,439,240 $ 57,439,034 $ 96,768 $ 57,535,802 Capital Expenditures $ 2,077,239 $ 2,001,900 $ 17,504,120 $ 156,708 $ 17,660,828 Total Expenditures $ 40,366,590 $ 51,441,140 $ 74,943,154 $ 253,476 $ 75,196,630 Net Change to Fund Balance 5,246,530 $ $ (1,516,790) $ (23,844,721) $ (103,951) $ (23,948,672) Beginning Fund Balance $ 39,483,690 $ 44,615,788 $ 44,615,788 $ - $ 44,615,788 Ending Fund Balance $ 44,730,221 $ 43,098,998 $ 20,771,067 $ (103,951) $ 20,667,116 DRAFT 3
Meeting Date: June 3, 2025

FY 2024/25 Q3 – General Fund Recommended Amendments Summary:

Staff are recommending various budget adjustments this quarter, which include a net increase of $149,525 in revenues and a net increase of $253,476 in expenditures. These adjustments are summarized below and further described in the “General Fund – Revenue Analysis” and “General Fund – Expenditure Analysis” sections below. In addition, line-item details of recommended adjustments can be found in Attachment 5 – Exhibit A (Revenues) and Exhibit B (Expenditures).
 Revenues: Staff recommends a net increase of $149,525 in revenues, which includes the following adjustments listed below:
o $(202,800) decrease to Sales Taxes (1% Bradley-Burns), to reflect current mid-year sales and use tax projections based on actual activity. o $(55,347.68) decrease to Franchise Fee – Electric, to match the actual amount received.
o $(59,136.67) decrease to Franchise Fee – Gas, to match the actual amount received.
o $116,900 increase to License & Service Charges, related to an increase in Permits - Encroachment & Transportation fees. o $49,500 increase in Fines & Penalties, related to an increase in receipts received, primarily related to administrative citation activity and Penalties and Costs on Delinquent Taxes.
o $14,200 increase to Interest & Rent Income, related to an increase in park reservations.
o $50,000 increase in Reimbursements related to an increase in staff time charges related to admin fees.
o $236,209 increase to Other Revenues, to recognize two Library Donations received from Yardi and Vondracek Estate, and an increase in Motor Vehicle License Fees.
 Expenditures: Staff recommends a net increase of $323,970 in expenditures, which includes the following adjustments listed below:
o $48,000 increase to General Government, related to the July 4th Community Drone Show costs, (supported by various donations). o $20,000 increase to Library, related to the Yardi Donation for computers and workstations.

DRAFT 4
Meeting Date: June 3, 2025

o $(114,993) transfer of one-time recognized salary savings in Public Works to cover the initial FY 2024/25 Lease Revenue Bond interest payment reflected under Non-Departmental. Non-Departmental will increase by the transfer amount.
o $28,768 net increase to Non-Departmental, related to an increase in Magnet Merchant fees, and a reduction based on the SBCO SB 2557 Property Tax Administrative Recoverable Costs report.
o $156,709 increase to CIP Project No. 9130 – Goleta Valley Library ADA, Safety, and Building Improvement Project, that will be supported from a donation received from the Vondracek Estate.
o
o $(1.13) decrease, a cleanup adjustment, to reflect the closeout CIP Project No. 9066 - Miscellaneous Park Improvements.

Attachment 1 provides the General Fund Statement of Revenues & Expenditures, which summarizes the major revenue and expenditure categories by department.

Recommended Personnel Updates:

Staff recommend one cost-neutral reclassification of existing positions, and several program reallocations as described below. These changes do not require additional appropriations but do require formal approval to update the adopted Schedule of Authorized Positions. The revised schedule is included as Exhibit B to Attachment 5.

Reclassification – General Services

Staff recommend reallocating the Management Assistant position to be fully assigned as a 1.00 Full-Time Equivalent (FTE) to the General Services Department. The position is currently split 0.25 FTE to the City Manager’s Office and 0.75 FTE to General Services.

As the City Manager’s Office is adequately supported by existing staff, fully allocating this position to General Services will better serve operational needs.

The Management Assistant will continue to perform the same duties and support functions for the General Services Department. This change is cost-neutral and does not require additional appropriation, as funding was included in the adopted budget.

Reclassification – Public Works

Staff recommends reclassifying the Assistant Engineer position to an Associate Engineer, effective April 21, 2025, and adjusting the program allocations. This position is part of the City’s flexible staffing policy, as outlined in the City’s Personnel Rules and the Memorandum of Understanding (MOU) with SEIU Local 620, which allows for appointments at either level based on candidate qualifications. The candidate selected from the most recent recruitment meets the qualifications for the Associate Engineer. This DRAFT 5
Meeting Date: June 3, 2025

reclassification is cost-neutral, with an annualized salary difference of approximately $19,500 on an ongoing basis.

Currently, the Assistant Engineer position is split 0.75 FTE in the Capital Improvement Program (Program 5500) and 0.25 FTE in the Street Lighting Program (Program 5600).

Staff recommend reallocating this position to be fully assigned to the Capital Improvement Program and adjusting the Project Manager position be split 0.75 FTE in the Capital Improvement Program and 0.25 FTE in the Street Lighting Program, effective May 24, 2025.

General Fund Revenue Analysis:

The tables presented in this section include budget-to-actual comparisons between the current fiscal year and the previous fiscal year's quarter-to-date actuals. The City’s major tax revenues, property tax, sales tax, transaction and use tax, and transient occupancy tax, account for over 85% of total General Fund revenues. Table 2 summarizes revenue activity through the third quarter of FY 2024/25, which is followed by a brief discussion of the key revenue variances and where the City is trending.

Table 2 – General Fund FY 2024/25 Revenues through Q3 (as of March 31, 2025)

Property Tax
Property tax is the third largest revenue source for the City as it accounts for 19.2% of total General Fund revenues, and is one of the most stable sources. This category is composed of three payment types – (1) the “Traditional” Property Tax, which is received in large part during the months of December and April; (2) the Property Tax in Lieu of Motor Vehicle License Fees (MVLF), which is received in two payments during January and May, and (3) the monthly Documentary Transfer Tax revenue, which is derived from changes in ownership of real property and assessed value changes.

Total property tax revenues anticipated for the fiscal year are estimated at $9.8 million.

Compared to the same period last year, this category is experiencing an increase of Prior Year
Revenues Year End Actuals
Qtr YTD
Actuals
Current
Budget Qtr YTD Actuals
%
Realized
Qtr YTD
% Chg
Property Taxes 9,698,885 $ 5,113,955 $ 9,793,500 $ $ 5,314,128 54.3% 3.9% Sales Taxes 8,652,089 5,531,484 9,026,800 5,599,508 62.0% 1.2% Transaction and Use Tax 5,069,832 701,462 11,000,000 7,080,363 64.4% 909.4% Transient Occupancy Tax 14,234,251 8,492,267 13,800,000 9,068,125 65.7% 6.8% Cannabis Tax 762,455 389,778 630,000 63.5% 2.7% 400,341 Franchise Fee 1,678,956 608,917 1,681,050 33.3% -8.1% 559,775 License & Service Charges 2,433,996 1,712,954 3,233,100 1,991,083 61.6% 16.2% Fines & Penalties 223,910 136,492 166,500 101.4% 23.7% 168,828 Interest & Rent Income 2,070,886 1,470,751 1,030,000 1,278,308 124.1% -13.1% Reimbursements 480,586 334,919 342,900 95.7% -2.1% 328,038 Other Revenues 147,119 50,601 370,500 175.0% 1181.6% 648,532 Other Sources 160,156 18,287 24,083 29.4% -61.3% 7,075
Total Revenues $ 45,613,120 $ 24,561,868 $ 51,098,433 $ 32,444,103 63.5% 32.1% FY 2023/24 FY 2024/25
DRAFT 6
Meeting Date: June 3, 2025

approximately $200,172 or 3.9%, due to higher secured and unsecured property tax revenues received through the quarter, primarily driven by changes in assessed valuation.

Sales Tax (1% Bradley-Burns)
Sales tax collections are projected to be the fourth largest revenue source for the City at $9 million and account for 17.7% of total General Fund revenues. Sales tax is considered one of the most volatile revenue sources, given the dependency on consumer behavior and business activity. The City does not receive its full 1% sales tax (also known as Bradley-Burns) allocation of the 7.75% sales tax rate that is normally allocated to cities.

The City shares 30% of the 1% sales tax revenues with the County of Santa Barbara, per the RNA. The amount projected to be shared this fiscal year is approximately $3.8 million.

The City’s sales tax base is generated from various main industry categories, including General Consumer Goods, with a dominant share at an average of 22%. The General Consumer Goods category is represented by many retail stores providing various consumer goods. The businesses in this category include large discount department stores, electronics stores, home furnishing stores, and other retail stores. The next largest industry categories are the State and County Pools (primarily online sales), now at 17% (historically 14%). When combined, these two industry groups account for 39% of the City’s sales tax base. It is then supplemented by Business and Industry (manufacturers and industrial), Restaurants and Hotels (dining establishments, fast food, and bars), Building and Construction, ranging between 12% and 13%, and Autos and Transportation at 10%. For comparison purposes, the percentage share by the eight major industry groups for the City is seen in Figure 1 below:

Figure 1 - Sales Tax by Major Industry Groups
DRAFT 7
Meeting Date: June 3, 2025

Sales tax revenues was initially projected to total $9 million for FY 2024/25. As of the end of the third quarter, receipts were tracking higher in comparison to the prior year's third quarter by 1.2% or $68,024 at approximately $5.6 million. This is largely due to the California Department of Tax and Fee Administration (CDTFA) methodology on advancing payments and the timing of payments received.

As of the latest data available (sales tax receipts through May), actual revenues have reached $6.7 million, reflecting an increase of 2.0%, when compared to the same period in the prior year. Based on actual data and updated projections for this fiscal year, total sales tax receipts are now expected to reach $8.8 million by fiscal year-end.

Accordingly, staff is recommending a budget reduction of $(202,800) to align the revised sales tax revenue project with current expectations. The original $9 million estimate was based on an assumed 4% growth rate, which has not materialized. Current trends suggest sales tax performance is relatively flat, with modest 2% growth, rather than the anticipated 4%. While overall sales tax was up, key industries were down, such as those associated with business and industry, autos and transportation and fuel and service stations. Staff will have their next key sales tax meeting in August 2025, in which we will know more on how actual sales tax perform for the end of the fiscal year.

Transaction and Use Tax (TUT)
The City’s Transaction and Use Tax (TUT) is projected to be the second largest revenue source for the City at $11 million, representing approximately 21.5% of total General Fund revenues for FY 2024/25. Through the end of the third quarter, on an accrual basis, TUT revenues totaled $7 million, or 64.4% of the annual budget, and continues to trend in line with original projections.

As a reminder, the TUT became effective on January 1, 2024, meaning there is no prioryear data available for comparison for the first two quarters of the fiscal year: Q1 (July - September) and Q2 (October - December). The City now has comparative data for Q3 (January-March), the first full quarter with year-over-year comparison. As of the latest data available (TUT receipts through May), actual TUT revenues have reached $8.9 million. For Q3 (January – March) specifically, TUT revenues increased by 20.2% compared to the same quarter in the prior year. This significant increase is most likely driven by greater compliance and improved reporting as businesses adjust to the new tax Staff will know more information on specific TUT performance by industry groups when it has its next key sales tax meeting with its consultants. There are no recommended adjustments as tax revenues are trending towards budget estimates.

Transient Occupancy Tax (TOT)
The City’s Transient Occupancy Tax (TOT) is projected to be the largest General Fund revenue source at 27% this fiscal year, with a current budget estimate of $13.8 million.

Since FY 20212/13, TOT has historically been the largest revenue source TOT is also DRAFT 8
Meeting Date: June 3, 2025

the most volatile, having experienced the largest revenue impacts during the pandemic due to a decline in overnight stays. However, TOT has since fully recovered.

Based on actual receipts (cash basis) received by March 31, 2025, TOT revenues totaled $9 million and were up 6.8% when compared to the same quarter in the prior year of $8.5 million. These amounts represent the timing of receipts received and processed by March

31. The TOT is due within thirty days after the end of the prior month. For example, TOT collected for February is due by March 31. The $9 million reflected in the report represents July through January TOT receipts as well as a few February receipts.

To more accurately assess year-over-year performance, TOT should be reviewed on an accrual basis from July to March. Staff have prepared the following table for informational purposes to show how our TOT is performing through the end of March on an accrual basis of actual receipts received in May. Table 3 summarizes TOT revenues by month compared to the same months in prior years.

Table 3 – TOT Revenues - First Nine Months of FY 2024/25 (Accrual Basis) Month
2022/23
Actuals
2023/24
Est Actuals
2024/25
Actuals
$ Chg from
Prior Year
% Chg
from
Prior Year
July $ 1,621,763 $ 1,586,300 $ 1,595,083 $ 8,783 0.5%
August 1,531,798 1,425,552 1,624,575 199,023 13.0%
September 1,459,340 1,361,360 1,362,966 1,606 0.1%
October 1,148,403 1,214,281 1,331,460 117,179 10.2%
November 1,057,978 1,044,904 1,106,685 61,781 5.8%
December 856,218 884,944 902,455 17,511 2.0%
January 705,491 831,779 840,751 8,972 1.3%
February 822,368 852,391 769,087 (83,304) -10.1%
March 987,757 1,116,749 924,804 (191,945) -19.4%
Total $ 10,191,117 $ 10,318,261 $ 10,457,867 $ 139,606 1.4% 18/19 Baseline
$ Change $ 1,767,124 $ 1,894,268 $ 2,033,873
18/19 Baseline
% Change 21.0% 22.5% 24.1%
On an accrual basis, TOT revenues were up 1.4% or $139,606 for the third quarter, at $10.5 million. When comparing the total budget of $13.8 million, TOT is at approximately

65.7% of the total budget.

However, it should be noted that the monthly TOT revenues have been on a temporary downward trend since February 2025, due to renovations at one of the City’s hotels.

Renovation work is expected to be completed in June 2025. Given the temporary nature of the decline, TOT revenues are trending towards falling slightly below the original budget estimates of $13.8 million, in a revised range of $13.5 to $13.8 million. Staff will continue to monitor TOT performance closely, but is not recommending any adjustments at this time. Should actual revenues fall short, the overall General Fund revenue DRAFT 9
Meeting Date: June 3, 2025

performance will most likely be able to absorb the temporary shortfall. Actual TOT performance through fiscal year end will be reported back in the 4th Quarter Financial Review.

Short-Term Vacation Rentals (STVR)
On July 18, 2023, the City Council adopted updates to its STVR ordinance, which took effect on August 18, 2023. Since implementation, staff have worked with hosting platforms, onboarding operators to the updated license and process, and tailoring city TOT/Tourism Business Improvement District (TBID) remittance forms for STVR operators to utilize for ongoing reporting. Finance staff will be working with consultants to assist with ongoing education, compliance, back tax collection, and reporting efforts.

The table below provides a point-in-time summary of STVR license activity from May 2024 through March 2025.

Table 4 – STVR License Data
STVR License Data (Status)
Total
(5/21/2024)
Total
(9/10/2024)
Total
(11/06/2024)
Total
(12/31/2024)
Total
(3/31/2025)
Active 50 52 56 24 33
Inactive/Expired 47 98 98 84 84
Pending 7 7 54 34 9
Revoked/Terminated/Suspended 16 13 17 3 3
Total 120 170 225 145 129
From July 1, 2024 – March 31, 2025, total STVR-generated TOT revenues were approximately $210,929, representing a 40.7% increase when compared to the same period in the prior fiscal year.

Table 5 – STVR TOT Revenues - First Nine Months of FY 2024/25 (Accrual Basis) Month
2022/23
Actuals
2023/24
Actuals
2024/25
Actuals
$ Chg from
Prior Year
% Chg
from
Prior Year
Misc $ 1,159 $ 3,490 $ 3,377 $ (113) -3.2%
July 10,645 17,779 25,118 7,339 41.3%
August 17,305 16,931 23,388 6,457 38.1%
September 11,559 19,003 17,082 (1,921) -10.1%
October 8,757 13,920 18,253 4,334 31.1%
November 7,990 11,465 17,597 6,132 53.5%
December 9,513 11,144 15,257 4,113 36.9%
January 8,671 8,964 34,783 25,819 288.0%
February 8,546 10,576 24,427 13,851 131.0%
March 13,149 36,655 31,647 (5,008) -13.7%
Total $ 97,294 $ 149,926 $ 210,929 $ 61,003 40.7%
DRAFT 10
Meeting Date: June 3, 2025

Cannabis Business Tax
On November 6, 2018, the voters passed Measure Z2018, establishing a tax on cannabis business operations within the City of Goleta. The passing of this ballot measure subjects cannabis businesses to taxation on gross receipts of cannabis based on classifications up to a maximum of 10 percent. Initial rates were established when passing and codified as Chapter 3.08 into the Goleta Municipal Code. On December 5, 2023, the City Council approved Ordinance No. 23-12, which changed the medical cannabis retail rate from 0% to 5% and made it effective January 2024. The cannabis tax rates are seen in Table 6 on the ensuing page:

Table 6 – Current Cannabis Tax Rates
Cannabis Business Classification Activities Taxed Tax Rate Non-Medical Cannabis Retail Gross Receipts 5%
Medical Cannabis Retail*
*Effective January 2024, tax rate set at 5% Gross Receipts 5% Processing/Manufacturing Gross Receipts 2%
Cultivation Gross Receipts 4%
Distribution/Transport Gross Receipts 1%
Testing Gross Receipts 0%
Nurseries Gross Receipts 1%
Maximum Tax Limit Gross Receipts 10%
Maximum Cap for Multiple Operations Gross Receipts 10%
At the time of writing this report, the City of Goleta currently has nine (9) active licenses, with nine (9) operators reporting cannabis business tax revenues.

Cannabis business tax payments are due quarterly by the end of the following month (e.g., January through March are due by April 30). Given the timing of when cannabis tax revenues are due, the current $400,341 reported in Attachment 1 reflects only cannabis tax revenues received through March on a cash basis. At the time of preparing this report, preliminary data shows that the City has now collected approximately $483,177 of cannabis tax revenue related to activity through the end of March on an accrual basis.

Based on current known data, it is projected cannabis business tax revenues will reach estimates of $630,000 by the end of the fiscal year.

Staff will continue to evaluate the cannabis tax activity and potential fiscal impacts as new operators begin to collect and remit taxes. Should revenues continue to fall short of estimates, the unassigned fund balance is available to serve as a revenue stabilizer and absorb the impact, followed by the contingency reserve.

Table 7 on the following page summarizes the approved Cannabis Business License Operators as of the date preparing this report.

DRAFT 11
Meeting Date: June 3, 2025

Table 7 – Cannabis Business License Application Summary # Status
Business Application
Name Location
Primary
License Type Other Uses or Notes
Paying
Tax?
1 No longer
operating
CalGreen
(Legal Non-Conforming)
164 Aero
Camino
Storefront
Retail
No
2 Renewal in
Process
Santa Barbara Care
Center
(Legal Non-Conforming)
5814 Gaviota
Street
Microbusiness Storefront Retail
Cultivation
Distribution
Yes
3 Renewal in
Process
Green Rush Alliances
LLC
6332 Lindmar
Ave
Manufacturing Distribution Yes
4 Renewal in
Process
Twisted Roots, Inc
(previously Sublime
Processing, LLC)
123 Aero
Camino Unit A
Microbusiness Manufactuer
Distribution
Non-Storefront Retail
(Delivery)
Yes
5 Approved Thornwood Distribution
LLC
5756
Thornwood
Drive
Cultivation
(Processor)
Nursery Yes
6 Approved One Plant 290 Storke
Road
Storefront
Retail
Yes
7 No longer
operating
AGQ Green Nature 859 Ward
Drive. Suite
103
Testing Testing facility only No
8 Renewal in
Process
Hollister Distribution,
Inc.
5631 Calle
Real
Storefront
Retail
License issued, not
operating yet
No
9 Approved Megan's Organic Market 5999 Hollister Storefront Retail
License issued Yes
10 Renewal in
Process
Organic Greens
Collective
(Legal Non-Conforming)
5902 Daley
Street
Storefront
Retail
Yes
11 Renewal in
Process
Firefly Delivery, LLC 5775 Dawson
Ave
Non-Store
Front Retail
(Delivery)
Delivery only Yes
12 No longer
operating
Greenbridge Patient
Collective
5940 Matthews
St
Microbusiness Distribution
Manufacturing
Non-Storefront Retail
(Delivery)
No
13 No longer
operating
Ocean Grown Farms 176 Aero
Camino
Microbusiness Distribution
Manufacuring
Non-Storefront Retail
(Delivery)
No
14 No longer
operating
HERBL 759 Ward
Drive
Distribution Went under
receivership. No
longer operating
No
15 No longer
operating
HERBL 839 Ward
Drive
Distribution Went under
receivership. No
longer operating
No
16 No longer
operating
HERBL 749 Ward
Drive
Distribution Went under
receivership. No
longer operating
No
Currently, there are no pending applicants that the staff is aware of. Staff has been working with cannabis operators through the annual renewal process since early January.

In addition, staff has been working with cannabis operators on the updated ordinance DRAFT 12
Meeting Date: June 3, 2025

changes the City Council adopted on December 5, 2023, that went into effect in January 2024. As a recap, this ordinance changed the medical cannabis retail rate from zero percent of gross receipts to five percent of gross receipts. The ordinance further clarifies definitions, license types, and application processes and includes updated sections for a change in ownership and a change in premises. The ordinance further streamlines the application process, removing the social security card requirement and updating the criminal background check requirements. The proposed ordinance also modified the general liability insurance requirement to require $1 million per occurrence and $2 million per aggregate and changed the business hours of operations for both storefront retailers and non-storefront retailers (delivery) to now from 6:00 a.m. to 10:00 p.m. These updates will give the current operators more flexibility in terms of the operations of their business and streamline some of the processes.

Franchise Fees
The City collects franchise fees from four main service provider sources (Cable, Electric, Gas, and Solid Waste). Each provider of these services has a different payment schedule.

Electric and Gas providers make annual payments in April. The Cable provider is on a quarterly payment plan, while Solid Waste fees are collected monthly. Total franchise fees collected by the end of the third quarter were $559,775 or 33.3% of the budget. Staff recommends two adjustments to align revenue projections with actual collections, which include a decrease of $(55,347.68) to electric revenues and a decrease of $(59,136.67) to gas revenues.

Franchise fee revenues received from our electricity provider, Southern California Edison (SCE) for the 2024 calendar year payment totaled $594,652.32, a slight decline from $601,725.66 in 2023. Several factors contributed to this decrease, including increased adoption of energy-efficient appliances and technologies and continued expansion of rooftop solar systems. Franchise fees are based on gross receipts from electricity sales and delivery within the City. Although electricity rates have increased, franchise revenues may not rise proportionally due to declining per-customer energy usage and a shift in the structure of utility charges. Staff will continue to monitor the franchise revenues received through its electricity provider.

Franchise fee revenue from our gas provider, Southern California Gas Company (SoCalGas) has declined significantly year-over-year. The 2024 calendar year payment totaled $96,363, down from $151,079 in the prior year, a reduction of over 36%. The decline is likely attributable to a combination of factors, including volatility in natural gas prices, which directly impacts gross receipts and therefore franchise fee revenue; a growing number of new homes and developments opting for all-electric systems; and an overall decline in household gas consumption, as more residents adopt energy-efficient appliances and electrification.

It should be noted, while no adjustment is recommended at this time, cable franchise fee revenues continue to show a gradual decline, consistent with broader industry trends.

This revenue source is based solely on traditional cable television services and does not DRAFT 13
Meeting Date: June 3, 2025

include cable internet subscriptions, which have become the dominant product offered by providers.

Cable franchise fees are projected to total approximately $231,800 by the end of the fiscal year, down from pre-pandemic levels of around $350,000 annually. The long-term decline reflects a continued shift in consumer preferences away from traditional cable TV toward streaming and internet-based content delivery.

Licenses and Service Charges
This revenue category reflects the user fees and charges related to business license processing, planning, and building permit fees, staff time charges related to development activity, and library management service charges. All revenue accounts were revised and updated to reflect anticipated activity for FY 2024/25. Table 8 summarizes the primary revenue accounts within the Licenses and Service Charges category.

Table 8 – Licenses and Service Charges Summary
Through the end of the third quarter, revenues were $2 million and are tracking as expected against the current budget of $3.2 million at 61.6%. Compared to the same period in the previous year, overall revenues are up by 16.2%, primarily due to an increase in encroachment and transportation permits, building permit activity, and plan check fees. Staff is recommending an appropriation of $116,900 to increase revenues related to an increase in encroachment and monthly transportation inspections and other fees (i.e., consultant permit processing, traffic control plan, misc. minor construction, etc.).

Fines and Penalties
The City collects fines and penalties related to traffic, parking, towing, and lost item fees related to the library, as well as administrative citations and tax-related penalties. Overall receipts of $168,828 were 101.4% of the budget estimates of $166,500. Compared to the same period last year, overall revenues are up by 23.7%, resulting from an increase in administrative fines. Staff is recommending an appropriation of $49,500 to increase revenues related to an increase in administrative citation activity, criminal code violations, late fees, and delinquent tax penalties for TOT/TBID and cannabis. It should be noted Prior Year
Year End Actuals
Qtr YTD
Actuals
Current
Budget

QTR YTD
Actuals
%
Realized
Qtr YTD
% Chg
Legal Deposits Earned - $ - $ 1,000 $ $ 0.0% - -
Planning Fees 130,277 98,638 124,200 90.0% 13.3% 111,760 Planning Deposits Earned 243,707 173,498 217,800 92.0% 15.5% 200,447 Building Permits 708,483 469,335 1,268,200 29.2% -21.2% 369,777 Public Works Deposits Earned 11,236 12,332 17,900 88.4% 40.8% 15,817 PW/Engineering Fees 91,896 55,642 70,800 202.1% 157.2% 143,104 Solid Waste Roll Off Fees 23,816 15,678 30,000 55.3% 5.8% 16,588 Business License 511,681 413,488 346,500 76.8% -35.7% 266,060 Plan Check Fees 580,969 357,534 1,015,800 72.0% 104.7% 731,847 Other Licenses & Charges 130,837 117,905 140,900 96.3% 15.1% 135,684 TOTAL $ 2,433,996 $ 1,712,954 $ 3,233,100 $ 1,991,083 61.6% 16.2% Licenses and Service
Charges
FY 2023/24 FY 2024/25
DRAFT 14
Meeting Date: June 3, 2025

that the majority of this activity was led by late fee penalties related to TOT and cannabis, which are generally considered one-time. Additionally, since implementing data ticket, administrative citation collections has increased related to code violations.

Interest and Rent Income
Interest and rent income accounts for rental income from property owned by the City and investment earnings generated through the City’s investment program. Through the end of the third quarter, interest and rent income of $1.28 million were at 124.1% of the total budget. This was primarily driven by investment earnings. When compared to the prior year for the same quarter, revenues were down 13.1%, primarily due to the lease termination with Gallagher and Waters/Cardenas Properties, which reduced property rental income.

At this time, staff recommends an appropriation of $14,200 to increase revenues related to an increase in park reservations. While investment earnings have been the primary driver in exceeding budgeted totals, staff is not recommending a budget adjustment. Final investment income figures are subject to fair market value (FMV) adjustments at fiscal year-end to account for unrealized gains or losses, which may impact on the final revenue total. Actual investment earnings will be reported in the 4th Quarter Financial Review.

Reimbursements
This revenue category primarily accounts for all staff time reimbursements (cost recovery) related to the CIP projects and administrative and direct costs associated with the Redevelopment Successor Agency. It also accounts for claim reimbursements or other one-time miscellaneous reimbursements.

Staff who work directly on projects or programs supported by special revenue funds can charge staff time against the CIP project budgets supported by special revenue funds (if eligible) and reimburse the General Fund. The overall amount reimbursed can vary year to year, depending on the use of contract engineering services and activity levels.

Contract engineering services are paid for directly from the CIP project budgets supported by the special revenue funds and, therefore, do not require payments from the General Fund.

The revenues received through the end of the quarter totaled $328,038 and were 95.7% of the total budgeted amount of $342,900. In comparison to the prior year for the same quarter, revenues decreased by 2.1%, due to a decline in shared costs and admin fees recognized in the third quarter. Staff recommends an appropriation of $50,000 to reflect an increase in administrative fee collections.

DRAFT 15
Meeting Date: June 3, 2025

Other Revenues
This category includes miscellaneous General Fund revenue amounts, such as Motor Vehicle License Late Fees (MVLF), one-time donations, and other one-time miscellaneous revenues. Revenues were at $648,352 by the end of the quarter or approximately 175% of the total budgeted amount of $370,500. In comparison to the prior year for the same quarter, revenues increased by 1181.6%. This increase is primarily due to the timing and receipt of several one-time revenue sources. This includes:
 A $150,000 donation from the Friends of the Goleta Valley Library;  An additional $156,509 library donation from the Vondracek estate;  $48,000 in sponsorship support for the July 4th drone show; and  An $11,500 increase in MVLF revenues, reflecting higher-than-anticipated receipts.

Staff recommends a one-time revenue adjustment of $236,209 to recognize these revenues.

Other Sources
This category accounts for other financing sources, such as funds transferred in from other funds or other fund resources received from transactions such as the sale of securities or cash received from loans or when bonds are issued. City staff primarily utilize this category to account for funds transferred in for staff time spent administering the Community Development Block Grants (CDBG) program. Other sources received throughout the quarter were at 29.4% or $7,075 of the total budget amount of $24,083.

General Fund Expenditure Analysis:

The current General Fund expenditures budget totals $74.9 million. Based on the timing of expenditures, one would expect approximately 75% of the budget to be expended by the end of the third quarter, assuming the timing of expenditures is consistent throughout the year. By the end of the third quarter, total expenditures were at $31 million or 41.5% of the total budget.

Compared to the prior year for the same quarter, expenditures were up 14.4%. However, when excluding large one-time capital expenditures and considering only the operating expenditures, spending through the third quarter would be at approximately 52% of the budget. This is primarily due to the timing of payments made for public safety, additional one-time payments made related to the projects, and other expenditures related to staffing levels.

Table 9 summarizes the General Fund expenditure budget activity by department, which is followed by a brief discussion of the key expenditure variances and recommended adjustments.

DRAFT 16
Meeting Date: June 3, 2025

Table 9 - General Fund FY 2024/25 Expenditures through Q3 (March 31) All departments were within budget range (at or below 75%) of their overall allocated budgets as of March 31, 2025. A detailed “Budget to Actuals” report by department and programs is provided in Attachment 2.

At this time, staff are recommending the following budget adjustments, which can be seen in line-item detail in Attachment 5.

Recommended Expenditure Budget Adjustments:

General Government
Staff are recommending budget appropriations of $48,000 in Community Relations Professional Services to cover the costs of the July 4th Community Drone Show.

Sponsorships received to help offset these costs are summarized below (as of the date of preparing this report and subject to future updates):

Figure 2 – July 4th Community Drone Show Sponsorships
Sponsorship Source Amount
Yardi $25,000
Deckers/Goleta
Valley Historical
Society
$5,000
Marborg Industries $5,000
Teledyne FLIR $5,000
Community West
Bank
$2,500
Santa Barbara Air
Bus
$1,000
Fuel Depot & Point
Market
$2,500
Prior Year
Year End Actuals
Qtr YTD
Actuals
Current
Budget

QTR YTD
Actuals
%
Realized
Qtr YTD
% Chg
General Government $ 4,078,896 5,748,695 $ 7,248,795 $ $ 5,042,453 69.6% 23.6% General Services 3,206,031 2,398,170 4,704,998 2,503,271 53.2% 4.4% Library 193,851 0 1,270,708 410,184 32.3% 0.0%
Finance 1,715,939 1,123,897 2,069,000 1,397,491 67.5% 24.3% Planning & Env. Review 4,620,554 2,964,255 6,454,230 3,440,959 53.3% 16.1% Public Works 8,826,564 5,958,766 19,879,545 7,505,993 37.8% 26.0% Neighborhood Services 2,351,976 1,498,304 3,368,758 1,709,736 50.8% 14.1% Public Safety 10,733,668 7,915,002 11,548,800 7,798,736 67.5% -1.5% Non-Departmental 892,073 48,964 894,200 62,371 7.0% 27.4% Capital Improvement Projects 2,077,239 1,225,613 17,504,120 1,257,781 7.2% 2.6% Total Expenditures $ 40,366,590 $ 27,211,866 $ 74,943,154 $ 31,128,976 41.5% 14.4% Expenditures
FY 2023/24 FY 2024/25
DRAFT 17
Meeting Date: June 3, 2025

Cottage Health $1,000
Quality Roofing $1,000
Total $48,000
Goleta Library
Staff recommend a $20,000 appropriation to reflect the Yardi Donation for the purchase of computers and workstations.

Public Works and Non-Departmental
A budget transfer of $(114,993.47) is recommended from the Salaries account to NonDepartmental. Salary savings from the vacant Principal Civil Engineer / Engineering Manager position in the Public Works Capital Improvement program have enough salary savings to cover the initial FY 2024/25 interest payment on the Lease Revenue Bonds.

Future interest and principal payments will be programmed directly in subsequent budget years.

In addition, staff recommends a $28,768 appropriation increase to Bank Fees to address higher-than-anticipated Magnet merchant processing fees.

Capital Improvement Projects (CIP) – Neighborhood Services A new appropriation of $156,708 is recommended for the following:
 $156,709 increase in Construction for the CIP Project No. 9130 - Goleta Valley Library ADA, Safety, and Building Improvement Project, funded by a donation received from the Vondracek estate.
 $(1.13) decrease in Design to close out CIP Project No. 9066 - Miscellaneous Park Improvements.

General Fund - Fund Balance and Reserves:

Table 10 provides a summary of the General Fund’s estimated Fund Balance and Reserves as of June 30, 2024, and the revised estimates for June 30, 2025. The FY 2024/25 ending fund balance has been updated to reflect actual FY 2023/24 revenues and expenditures, including final carryover amounts. These carryover amounts are shown under “CIP Project Funding” and “Encumbrances” in the table below.

Additionally, reserve categories have been updated to align with Council-adopted policy levels and reflect the current adopted budget.

DRAFT 18
Meeting Date: June 3, 2025

Table 10 – General Fund FY 2024/25 – Estimated Fund Balance and Reserves As shown above, the revised total General Fund Balance is projected at $20.7 million as of June 30, 2025. This figure includes all fund balance components. After incorporating the recommended Q3 budget adjustments, the budgetary unassigned fund balance, which is not earmarked for any specific purpose, is projected at approximately $596,207 on June 30, 2025. The unassigned fund balance consists of one-time funds that are essential for:
 Ensuring economic stability in case of revenue shortfalls  Managing liquidity and cash flow needs
 Addressing various unanticipated one-time expenditures  Responding to emerging or priority needs as they arise Maintaining an adequate unassigned fund balance is vital to the City’s fiscal health. It supports financial flexibility, strengthens creditworthiness, and provides a financial cushion against unforeseen one-time expenses or immediate revenue shortfalls.

Historically, the City has relied on the unassigned fund balance to support this balance when unanticipated additional appropriations, such as capital projects or major special projects, are required, and it is important to maintain this reserve going forward.

Revenue Neutrality Agreement (RNA):

The receipts and payments as a result of the RNA are not included in the budget. Under the RNA Agreement, the County is allocated 30% of the 1% Bradley-Burns Sales Tax revenues generated within the City of Goleta and shares equally in the Property Tax (AB 8 Allocation) revenues of the City. The estimated cost for FY 2024/25 of the total RNA Classification
FY 2023/24
Ending Fund
Balance Increase Decrease
FY 2024/25
Est. Ending Fund
Balance
Recommended
Budget/Reserve
Adjustments
FY 2024/25
Revised Est.

Ending Fund
Balance
Prepaids and Deposit $ 92,635 $ (92,635) $ - $ - $ -
City Hall Solar Removal 94,500 94,500 94,500
Public Facilities/Building
Maintenance 756,993 243,674 1,000,667 1,000,667
Capital Equipment 832,388 832,388 - 832,388
Compensated Leave 515,169 515,169 - 515,169
Risk Management 200,000 200,000 200,000
Litigation Defense Fund 600,000 600,000 600,000
Contingency 14,473,766 (492,376) 13,981,390 13,981,390
Street Maintenance - - -
Sustainability - - -

OPEB UAL - - -
CalPERS Pension UAL - - -
Sherrif's Contract 150,000 - 150,000 150,000
CIP Project Funding (Next Year) 2,423,700 - 2,423,700 2,423,700 IT Reserve 160,000 157,582 (151,008) 166,574 166,574
CIP Project Funding (Prior Year) 14,295,683 (14,295,683) - - Encumbrances 5,319,486 (5,319,486) - -
FMV Adjustment 412,596 (306,075) 106,521 106,521
Unassigned Fund Balance -
Adjustment for FY 24/25 5,281,900 (4,881,900) 400,000 400,000 Unassigned Fund Balance 1,580,672 - (1,280,514) 300,158 (103,951) 196,207 Total Fund Balance 44,615,788 $ $ 2,482,580 $ (26,327,300) $ 20,771,067 $ (103,951) $ 20,667,116 DRAFT 19
Meeting Date: June 3, 2025

payments is $8.0 million. The estimated total contribution since City incorporation in 2002 is approximately $159.9 million through the end of FY 2024/25.

Capital Improvement Program and Other Funds:

Staff has provided Attachment 3 to summarize all other Special Revenue Fund revenues and expenditures with budget-to-actual comparison. On a budget basis, the various granttype funds are balanced with revenues matching expenditures. However, on an actual basis, funds are reimbursed after they are expended. The reimbursement requests for grant expenditures are submitted either on a monthly or quarterly basis by the department staff responsible for the project reimbursements. Any negative balances are due to the timing of revenues being received by the City. Revenue projections are reviewed on a quarterly basis, and recommended adjustments are made when necessary. The Other Funds section below briefly describes the financial activity through the quarter for some of the City’s major operating funds. Attachment 4 provides a CIP Expenditure Summary on a budget-to-actual basis to ensure that projects do not exceed the appropriations allocated to the project.

Other Funds:

Gas Tax Fund (Fund 201)
The state imposes sales taxes and per-gallon excise taxes on gasoline and diesel fuel.

The local portion of these allocations flows through the Highway Users Tax Account (HUTA). State law requires that these funds be used exclusively for the maintenance of the street and highway system. Gas tax revenues through the end of the quarter are at $651,716 or 67.4% of the $966,237 revenue budget amount. Budgeted expenditures are programmed at $2.26 million for the fiscal year. Actual expenditures were at $2.1 million or 93.9% of the budget.

SB1 Road Maintenance & Repair Act (RMRA) (Fund 203)
Senate Bill 1 (SB 1) – Road Repair and Accountability Act of 2017 has been in effect since November 1, 2017. Revenues are generated from fuel and vehicle registration taxes. State law requires these funds to be used exclusively for the transportation system.

SB 1 revenues through the end of the quarter are at $551,852 or 64.6% of the $854,666 revenue budget amount. Budgeted expenditures are programmed at $1.8 million.

Through the end of the quarter, $1.6 million or 90.9% of the budget has been expended or encumbered. All the budget is programmed towards the City’s pavement rehabilitation program.

Measure A Fund (Fund 205)
The Santa Barbara County Association of Governments (SBCAG) administers a half-cent sales tax, known as Measure A, to fund transportation improvements throughout Santa Barbara County. The City of Goleta receives a portion of those funds to use exclusively for transportation-related purposes. Measure A revenues through the end of the quarter DRAFT 20
Meeting Date: June 3, 2025

are at $1.9 million or 76.3% of the $2.5 million revenue budget amount. Budgeted expenditures are programmed at $7.3 million. By the end of the quarter, $5.3 million, or 80% of the budget, has been expended or encumbered.

At this time, staff is recommending two budget appropriations. The first is $99,735.42 for the initial interest payment related to the Sales Tax Revenue Bond that were recently issued. The second is a $550,000 increase to the Construction budget for CIP Project No. 9033 - Hollister Ave Bridge Replacement. This adjustment is needed to true up the project budget.

Lease Revenue Bonds and Sales Tax Revenue Bonds – Update:

On March 12, 2025, the City of Goleta successfully closed on two bond financings through the Goleta Facilities Financing Authority to advance key capital improvement projects:
 $18.735 million in Lease Revenue Bonds, Series 2025A, and  $14.655 million in Local Measure A Transportation Sales Tax Revenue Bonds, Series 2025.

Together, these bond financings provide approximately $37 million in total proceeds, net of issuance costs, to support shovel-ready infrastructure and transportation priorities.

These were the City’s first rated bond issuances, receiving strong market interest and high credit ratings from S&P Global Ratings:
 ‘AA’ rating for the Lease Revenue Bonds (implying a general credit rating of ‘AA+’), and
 ‘A+’ rating for the Sales Tax Revenue Bonds.

These ratings reflect the City’s strong financial management, healthy reserves, and conservative debt profile.

Bond Transaction Summary and Use of Funds
The following summarizes the bond proceeds received and cost of issuance for each series:

Lease Revenue Bonds, Series 2025A
 Par Amount: $18,735,000
 Net Premium: $1,029,766
 Total Proceeds: $19,764,766
 Project Fund Deposit: $19,429,797.24
 Cost of Issuance: $248,764.01
 Underwriter’s Discount: $86,205
 All-In True Interest Cost (TIC): 4.08%
 Funding Source: General Fund
 Use of Proceeds: General Capital Improvement Projects DRAFT 21
Meeting Date: June 3, 2025

Sales Tax Revenue Bonds, Series 2025
 Par Amount: $14,655,000
 Net Premium: $1,958,419
 Total Proceeds: $16,613,419
 Project Fund Deposit: $16,270,202.76
 Cost of Issuance and Credit Enhancement: $343,216.04, including:
o Issuance Costs: $218,000
o Underwriter’s Discount: $72,465
o Bond Insurance: $30,837.91
o Surety Policy: $21,913.13
 All-In TIC: 3.52%
 Funding Source: Measure A Sales Tax Revenue
 Use of Proceeds: Transportation-related projects eligible under Measure A All issuance costs were covered by bond proceeds, with no impact to the General Fund or other City reserves.

Annual Debt Service Obligations
Both bond series carry annual debt service requirements. The initial interest-only payments are due in the current FY 2024/25, with annual principal and interest payments programmed into future operating budgets in accordance with each bond’s amortization schedule.

Lease Revenue Bonds, Series 2025A
 Total Principal: $18,735,000
 Final Maturity: May 1, 2055
 Annual Debt Service: Approximately $1.13–$1.14 million  Initial Interest Payment (FY 2024/25): $114,993 due May 1, 2025  Funding Source: General Fund lease payments
Sales Tax Revenue Bonds, Series 2025
 Total Principal: $14,655,000
 Final Maturity: May 1, 2040
 Annual Debt Service: Approximately $1.41 million
 Initial Interest Payment (FY 2024/25): $99,735 due May 1, 2025  Funding Source: Local Measure A transportation sales tax revenue Recommended Budget Appropriations
To formally recognize the bond proceeds and project expenditures, staff recommend the following appropriations:
 $19,429,797.24 in Lease Revenue Bond proceeds to Fund 609 DRAFT 22
Meeting Date: June 3, 2025

 $16,270,202.76 in Sales Tax Revenue Bond proceeds to Fund 610.

These amounts represent the actual project fund deposits transferred to the City on March 12, 2025.

In addition, the initial FY 2024/25 interest payments for both bond series are included in the recommended Q3 budget adjustments outlined in this report and are summarized below:
 $114,993,47 from the General Fund for the Lease Revenue Bond  $99,735.42 from Measure A for the Sales Tax Revenue Bond Annual debt service obligations, including principal and interest, will be incorporated into future fiscal year budgets in accordance with each bond’s amortization schedule.

Staff will continue to monitor project expenditures and debt service activity and will provide ongoing updates as part of the City’s quarterly financial review and annual budget process.

Recommended Budget Amendments – Special Revenue Funds:

Staff is recommending various expenditure budget adjustments for other various Special Revenue Funds. Additional details and corresponding revenue adjustment (if applicable) are found in Attachment 5 – Exhibit A.

FINANCE COMMITTEE REVIEW:

The Finance Committee met to review the Fiscal Year 2024/25 Third Quarter Financial Review Report on May 28, 2025.

FISCAL IMPACTS:

General Fund
Revenues are recommended for an increase of $149,525, and expenditures for an increase of $253,476. The recommended budget adjustment results in a net decrease of $(103,951) to the total fund balance of the General Fund. After adjustments, the total ending fund balance is projected at $20.7 million, which includes an unassigned fund balance of $596,207. Additional details of the accounts affected by the recommended General Fund budget adjustments can be found in Exhibit A of Attachment 5.

Other Funds
The recommended amendments to Other Special Revenue Funds described above are detailed in Attachment 5—Exhibit A.

DRAFT 23
Meeting Date: June 3, 2025

Council is asked to adopt the attached resolutions (Attachment 5) approving the recommended budget adjustments.

City’s Cash Flow and Position:

The City’s Finance Department monitors its cash flow and position daily. The cash funds are pooled and considered very liquid, as most of its funds are invested in overnight pooled investment accounts such as LAIF or its money market account. The City’s special revenue accounts have a committed fund balance that is pooled with the General Fund.

When pooled all together, the City’s cash position was approximately $60 million on March 31st.

ALTERNATIVES:

Council may elect not to adopt the attached resolution, thereby leaving the budget as previously approved; however, certain budget recommendations are necessary to meet obligations and financial reporting requirements.

LEGAL REVIEW BY: Isaac Rosen, Acting City Attorney
APPROVED BY: Robert Nisbet, City Manager
ATTACHMENTS:

1. General Fund Statement of Revenues and Expenditures Budget to Actual Comparison

2. General Fund Interim Statement of Revenues and Expenditures by Department and Program Budget to Actual Comparison

3. Interim Statement of Revenues and Expenditures - Summary by Fund

4. Capital Improvement Program (CIP) Expenditure Summary

5. Resolution No. 25-__ entitled, “A Resolution of the City Council of the City of Goleta, California, Amending the City of Goleta Operating and CIP Budget for Fiscal Year 2024/25, and Amending the City of Goleta Schedule of Authorized Positions for Fiscal Year 2024/25.”

6. Fiscal Year 2024/25 Third Quarter Financial Review Presentation DRAFT 24
ATTACHMENT 1:

General Fund Statement of Revenue and Expenditures
Budget to Actual Comparison
DRAFT 25
Attachment 1
Property Taxes $ 9,793,500 $ 9,793,500 - $ $ 5,314,128 54% $ - $ 9,793,500 Sales Taxes 9,026,800 9,026,800 - 5,599,508 62% (202,800) 8,824,000 Transaction and Use Tax 11,000,000 11,000,000 - 7,080,363 64% 11,000,000 - Transient Occupancy Tax (1) 13,800,000 13,800,000 - 9,068,125 66% 13,800,000 - Cannabis Tax 630,000 - 630,000 400,341 64% - 630,000
Franchise Fee 1,681,050 1,681,050 - 559,775 33% (114,484) 1,566,566 License & Service Charges 2,279,000 954,100 3,233,100 1,991,083 62% 116,900 3,350,000 Fines & Penalties 166,500 - 166,500 168,828 101% 49,500 216,000 Interest & Rent Income 1,030,000 1,030,000 - 1,278,308 124% 14,200 1,044,200 Reimbursements 342,900 - 342,900 328,038 96% 50,000 392,900Other Revenues 120,500 250,000 370,500 648,532 175% 236,209 606,709Other Sources 54,100 (30,017) 24,083 7,075 29% - 24,083 Total Revenues $ 49,924,350 $ 1,174,083 $ 51,098,433 $ 32,444,103 63% $ 149,525 $ 51,247,958 General Government $ 7,124,940 $ 123,855 $ 7,248,795 $ 5,042,453 70% $ 48,000 $ 7,296,795 General Services 3,925,900 779,098 4,704,998 2,503,271 53% - 4,704,998 Library 679,400 591,308 1,270,708 410,184 32% 20,000 1,290,708Finance 2,069,000 2,069,000 - 1,397,491 68% - 2,069,000Planning & Env. Review 5,570,500 883,730 6,454,230 3,440,959 53% - 6,454,230 Public Works 14,281,100 5,598,445 19,879,545 7,505,993 38% (114,993) 19,764,552 Neighborhood Services 3,345,400 23,358 3,368,758 1,709,736 51% - 3,368,758 Public Safety 11,548,800 11,548,800 7,798,736 - 68% 11,548,800 -Non-Departmental 894,200 - 894,200 62,371 7% 143,761 1,037,961Capital Improvement Projects 2,001,900 15,502,220 17,504,120 1,257,781 7% 156,708 17,660,828 Total Expenditures $ 51,441,140 $ 23,502,014 $ 74,943,154 $ 31,128,976 42% $ 253,476 $ 75,196,630 Net Change in Fund Balance (1,516,790) $ $ (22,327,931) $ (23,844,721) $ 1,315,127 $ (103,951) $ (23,948,672) Beginning Fund Balance 44,615,788 $ $ 44,615,788 $ 44,615,788 $ 44,615,788 Ending Fund Balance $ 43,098,998 $ 20,771,067 $ 45,930,915 $ 20,667,116 Expenditures Original Budget Prior Revisions Current Budget % of Budget Amended Budget 3/31/2025 Actuals Recommended Revisions General Fund Statement of Revenue and Expenditures
City of Goleta
Amended Budget Recommended Revisions Original Budget Prior Revisions Current Budget 3/31/2025 Actuals % of Budget Budget to Actual Comparison
For the Quarter Ended March 31, 2025
Revenues

DRAFT
26 ATTACHMENT 2:

General Fund Interim Statements of Revenue and Expenditures by Department and Program Budget to Actual Comparison
DRAFT 27
City of Goleta
General Fund Interim Statement of Revenues and Expenditures by Department and Program Budget to Actual Comparison
For the Quarter Ended March 31, 2025
Attachment 2
Annual
"Current"
Budget

QTR YTD
Actuals
Remaining
Balance
Percent
Received
Prior Year

QTR YTD
Actuals
Taxes
Property Taxes 9,793,500 $ 5,314,128 $ 4,479,372 $ 54.3% 5,113,955 $ Sales Taxes 9,026,800 5,599,508 3,427,292 62.0% 5,531,484 Transaction and Use Tax 11,000,000 7,080,363 3,919,637 64.4% 701,462 Transient Occupancy Tax 9,068,125 13,800,000 4,731,875 65.7% 8,492,267 Cannabis Tax 400,341 630,000 229,659 63.5% 389,778
Franchise Fee 1,681,050 559,775 1,121,275 33.3% 608,917 Total $ 28,022,239 45,931,350 $ 17,909,111 $ 61.0% 20,837,863 $ Licenses & Service Charges
Legal Deposits Earned 1,000 $ - $ 1,000 $ 0.0% - $
Planning Fees 124,200 111,760 12,441 90.0% 98,638
Planning Deposits Earned 217,800 200,447 17,353 92.0% 173,498 Building Permits 1,268,200 369,777 898,423 29.2% 469,335 Public Works Deposits Earned 17,900 15,817 2,083 88.4% 11,236 PW/Engineering Fees 70,800 143,104 (72,304) 202.1% 55,642 Solid Waste Roll Off Fees 30,000 16,588 13,412 55.3% 15,678 Business License 346,500 266,060 80,440 76.8% 413,488
Plan Check Fees 1,015,800 731,847 283,953 72.0% 357,534 Other Licenses & Charges 140,900 135,684 5,216 96.3% 117,905 Total $ 1,991,083 3,233,100 $ 1,242,017 $ 61.6% 1,712,954 $ Fines and Forfeitures
Fines & Penalties 166,500 $ 168,828 $ (2,328) $ 101.4% 136,492 $ Total $ 168,828 166,500 $ (2,328) $ 101.4% 136,492 $
Investment Income
Interest & Rent Income 1,030,000 $ 1,278,308 $ (248,308) $ 124.1% 1,470,751 $ Total $ 1,278,308 1,030,000 $ (248,308) $ 124.1% 1,470,751 $ Reimbursements
Reimbursements 342,900 $ 328,038 $ 14,862 $ 95.7% $ 334,919 Total $ 342,900 $ 328,038 $ 14,862 95.7% $ 334,919
Other Revenues
Other Revenues $ 370,500 $ 648,532 $ (278,032) 175.0% $ 50,601 Total $ 370,500 $ 648,532 $ (278,032) 175.0% $ 50,601
Other Financing Sources
Transfers In $ 24,083 $ 7,075 $ 17,008 29.4% $ 18,287
Total $ 24,083 $ 7,075 $ 17,008 29.4% $ 18,287
TOTAL REVENUES $ 51,098,433 $ 32,444,103 $ 18,654,330 63.5% 24,561,868 $

DRAFT 28
City of Goleta
General Fund Interim Statement of Revenues by Department and Program Budget to Actual Detail Comparison
For the Quarter Ended March 31, 2025
Attachment 2
G/L Account G/L Account Name Original Budget Budget Adjustments Current Budget as of Qtr End Current Actuals 3/31/2025 $ Variance % RECEIVED 101-80-8500-40000 Property Tax Secured (3,901,200.00) - (3,901,200.00) (2,179,773.24) 1,721,427 56%101-80-8500-40001 Property Tax Unsecured (155,000.00) - (155,000.00) (171,105.89) (16,106) 110%101-80-8500-40002 Property Tax-Unitary (33,800.00) - (33,800.00) (0.28) 33,800 0%101-80-8500-40003 Property Tax In-Lieu of VLF (4,837,500.00) - (4,837,500.00) (2,453,604.00) 2,383,896 51%101-80-8500-40004 Property Tax Supplemental (50,000.00) - (50,000.00) (11,643.53) 38,356 23%101-80-8500-40005 Property Tax HOX (16,000.00) - (16,000.00) (7,718.38) 8,282 48%101-80-8500-40400 Real Property Transfer Tax (150,000.00) - (150,000.00) (118,556.98) 31,443 79%101-80-8500-40006 RDA TI Pass-thru (650,000.00) - (650,000.00) (371,725.34) 278,275 57% Property Taxes - (9,793,500.00) (9,793,500.00) (5,314,127.64) 4,479,372.36 54% 101-80-8500-40100 Sales Tax (9,026,800.00) - (9,026,800.00) (5,599,507.87) 3,427,292 62.0%101-80-8500-40101 Sales Tax In-Lieu - - - - - 0% Sales Taxes - (9,026,800.00) (9,026,800.00) (5,599,507.87) 3,427,292.13 62% 101-80-8500-40150 Transaction and Use Tax (11,000,000.00) - (11,000,000.00) (7,080,362.69) 3,919,637 64% Transaction and Use Tax - (11,000,000.00) (11,000,000.00) (7,080,362.69) 3,919,637.31 64% 101-80-8500-40200 Transient Occupancy Tax (13,800,000.00) - (13,800,000.00) (8,991,223.92) 4,808,776 65%101-80-8500-40201 Transient Occupancy Tax - STVR - - - (76,900.69) (76,901) 0% Transient Occupancy Tax (1) - (13,800,000.00) (13,800,000.00) (9,068,124.61) 4,731,875.39 66% 101-80-8500-40300 Cannabis Tax (630,000.00) - (630,000.00) (400,341.28) 229,659 64% Cannabis Tax (630,000.00) - (630,000.00) (400,341.28) 229,658.72 64% 101-80-8500-41200 Franchise Fee - Cable (231,800.00) - (231,800.00) (122,086.11) 109,714 53%101-80-8500-41201 Franchise Fee - Electric (650,000.00) - (650,000.00) - 650,000 0%101-80-8500-41202 Franchise Fee - Gas (155,500.00) - (155,500.00) - 155,500 0%101-80-8500-41203 Franchise Fee - Solid Waste (643,750.00) - (643,750.00) (437,688.60) 206,061 68% Franchise Fee - (1,681,050.00) (1,681,050.00) (559,774.71) 1,121,275.29 33% 101-10-1400-45300 Developer Deposits Earned (1,000.00) - (1,000.00) - 1,000 0%101-40-4100-41101 Permits - Planning (124,200.00) - (124,200.00) (111,759.50) 12,441 90%101-40-4100-45300 Developer Deposits Earned (217,800.00) - (217,800.00) (200,446.76) 17,353 92%101-40-4200-41100 Permits - Building (787,200.00) (481,000.00) (1,268,200.00) (369,776.69) 898,423 29% 101-50-5200-45300 Developer Deposits Earned (17,900.00) - (17,900.00) (15,817.20) 2,083 88%101-50-5100-41209 Other Licenses and Permits - - - - 0% -101-50-5200-41208 Permits - Encroachment & Transportation DRAFT
(70,800.00) - (70,800.00) (143,104.00) (72,304) 202%
29 City of Goleta
General Fund Interim Statement of Revenues by Department and Program Budget to Actual Detail Comparison
For the Quarter Ended March 31, 2025
Attachment 2
G/L Account G/L Account Name Original Budget Budget Adjustments Current Budget as of Qtr End Current Actuals 3/31/2025 $ Variance % RECEIVED 101-50-5900-41206 Roll Off Fees (30,000.00) - (30,000.00) (16,588.00) 13,412 55%101-60-6100-41209 Other Licenses and Permits - - - (2,584.00) (2,584) 0%101-80-8500-41000 License - General & Misc (180,000.00) - (180,000.00) (134,316.00) 45,684 75%101-80-8500-41001 License - Cannabis (160,000.00) - (160,000.00) (126,420.00) 33,580 79%101-80-8500-41003 License - Maruijuana Delivery - - - - - 0%101-80-8500-41002 License - Tobacco (6,500.00) - (6,500.00) (5,324.00) 1,176 82%101-80-8500-45200 Plan Checking Services (554,400.00) (461,400.00) (1,015,800.00) (731,847.08) 283,953 72% 101-80-8500-41209 Other Licenses and Permits (1,300.00) (11,700.00) (13,000.00) (13,627.00) 105% (627) 101-80-8500-45100 Management Fee (91,200.00) - (91,200.00) (91,200.00) 100% -101-20-2100-45901 Copies (1,500.00) - (1,500.00) (2,572.17) (1,072) 171%101-80-8500-45901 Copies (200.00) - (200.00) - 0% 200101-80-8500-45902 Merchant Card Service Fee (35,000.00) - (35,000.00) (25,700.87) 9,299 73% License & Service Charges (954,100.00) (2,279,000.00) (3,233,100.00) (1,991,083.27) 1,242,016.73 61.58% 101-70-7100-42000 Towing Fines (20,000.00) - (20,000.00) (12,900.00) 7,100 65%101-70-7100-42001 Civil Code Violations (45,000.00) - (45,000.00) (18,031.69) 26,968 40%101-70-7100-42002 Parking Fines (55,000.00) - (55,000.00) (39,229.38) 15,771 71%101-80-8500-42100 Criminal Code Violations (10,000.00) - (10,000.00) (17,163.10) (7,163) 172%101-20-2100-42101 Penalties and Costs on Delinquent Taxes (7,500.00) - (7,500.00) (6,823.49) 677 91%101-80-8500-42101 Penalties and Costs on Delinquent Taxes (20,000.00) - (20,000.00) (45,437.86) (25,438) 227%101-40-4100-42110 Administrative Citations (9,000.00) - (9,000.00) (29,242.24) (20,242) 325% Fines & Penalties (166,500.00) - (166,500.00) (168,827.76) (2,327.76) 101.4% 101-80-8500-43000 Interest Revenue (950,000.00) - (950,000.00) (1,110,956.85) (160,957) 117%101-80-8500-43001 Interest - Fair Market Value Adjustment - - - (106,520.95) (106,521) 0%101-20-2100-43100 Property Rental (6,000.00) - (6,000.00) (2,850.38) 3,150 48%101-80-8500-43100 Property Rental (30,000.00) - (30,000.00) (24,801.18) 5,199 83%101-80-8500-43101 Park Reservation (26,000.00) - (26,000.00) (33,178.95) (7,179) 128%101-80-8500-43102 Leases (18,000.00) - (18,000.00) - 18,000 0% Interest & Rent Income - (1,030,000.00) (1,030,000.00) (1,278,308.31) (248,308.31) 124.1% 101-10-1400-45400 Interfund Reimbursements - - - - - 0%101-10-1500-45400 Interfund Reimbursements - - - - - 0%101-30-3100-45400 Interfund Reimbursements (25,000.00) - (25,000.00) (17,103.07) 7,897 68%101-40-4100-45400 Interfund Reimbursements - - - - - 0%101-40-4500-45400 Interfund Reimbursement - - - - - 0%101-50-5100-45400 Interfund Reimbursements - - - (452.76) (453) 0%101-50-5200-45400 Interfund Reimbursements - - - (626.06) (626) 0%101-50-5400-45400 Interfund Reimbursements - - - (37,256.08) (37,256) 0%101-50-5500-45400 Interfund Reimbursements (300,000.00) - (300,000.00) (191,595.18) 108,405 64%101-50-5600-45400 Interfund Reimbursements - DRAFT
- - (5,348.39) (5,348) 0%
30 City of Goleta
General Fund Interim Statement of Revenues by Department and Program Budget to Actual Detail Comparison
For the Quarter Ended March 31, 2025
Attachment 2
G/L Account G/L Account Name Original Budget Budget Adjustments Current Budget as of Qtr End Current Actuals 3/31/2025 $ Variance % RECEIVED 101-50-5800-45400 Interfund Reimbursements - - - (1,652.63) (1,653) 0%101-60-6100-45400 Interfund Reimbursements - - - - - 0%101-80-8500-45400 Interfund Reimbursements (17,900.00) - (17,900.00) (3,384.78) 14,515 19%101-40-4300-45400 Interfund Reimbursements - - - - - 0%101-80-8500-46004 Claims Reimbursement - - - (6,451.79) (6,452) 0%101-80-8500-44601 Claims Reimbursement - FEMA - - - (64,167.15) (64,167) 0% Reimbursements (342,900.00) - (342,900.00) (328,037.89) 14,862.11 95.7% 101-80-8500-44100 Motor Vehicle License Fees (40,000.00) - (40,000.00) (51,496.88) (11,497) 129%101-80-8500-44401 SB90 Reimbursements - - - - - 0%101-80-8500-46000 Miscellaneous Revenue - - - (123,834.44) (123,834) 0%101-20-2100-46008 Sale of Property & Goods (500.00) - (500.00) (180.58) 319 36%101-80-8500-46002 Rebates - - - (15,466.81) (15,467) 0%101-20-2100-46007 Cash Over (Short) - - - (3.88) (4) 0%101-80-8500-46007 Cash Over (Short) - - - (60.64) (61) 0%101-20-2100-46003 Donations (80,000.00) - (80,000.00) (252,577.03) (172,577) 316%101-80-8500-46003 Donations - - - (1,000.00) (1,000) 0%101-18-1830-46008 Sale of Property & Goods - - - (3,911.50) (3,912) 0%101-90-9130-46003 Donations - (250,000.00) (250,000.00) (200,000.00) 50,000 80% 101-90-9042-46000 Miscellaneous Revenue - - - - 0% -101-90-9101-49102 Proceeds of Loans - - - - 0% - Other Revenues (120,500.00) (250,000.00) (370,500.00) (648,531.76) (278,031.76) 175% 101-60-6510-49005 Transfers In from GCC Fund - - - - - 0%101-80-8500-49000 Transfers In from General Fund - - - - - 0%101-80-8500-49001 Transfers In from CDBG (54,100.00) 30,017.00 (24,083.00) (7,075.44) 17,008 29.4% 101-80-8500-49002 Transfers In from Public Admin DIF - - - - 0.0% -101-90-9056-49010 Transfers In from OBF-SCE Fund - - - - 0% - Other Sources 30,017.00 (54,100.00) (24,083.00) (7,075.44) 17,007.56 29% Total Revenues (1,174,083.00) (49,924,350.00) (51,098,433.00) (32,444,103.23) 18,654,329.77 63% DRAFT
31 City of Goleta
General Fund Interim Statement of Revenues and Expenditures by Department and Program Budget to Actual Comparison
For the Quarter Ended March 31, 2025
Attachment 2
Annual
"Current"
Budget

QTR YTD
Actuals Encumbrances Totals
Remaining
Balance
%YTD Expended
w/ Encumbr
General Government
City Council 440,900 $ 329,738 $ - $ 329,738 $ 111,162 $ 74.8% City Manager 2,266,645 1,473,976 87,233 1,561,209 705,437 68.9% City Clerk 859,000 599,394 38,924 638,319 220,681 74.3% Support Services 219,000 130,273 - 130,273 88,727 59.5% City Attorney 1,192,100 802,990 237,514 1,040,504 151,596 87.3% Community Relations 724,000 483,785 33,680 517,464 206,536 71.5% Support Services 1,547,150 1,222,297 11,995 1,234,292 312,858 79.8% General Government $ 5,042,453 7,248,795 $ 409,346 $ 5,451,799 $ 1,796,997 $ 75.2% General Services
General Services Admin 1,098,100 $ 653,974 $ 12,572 $ 666,546 $ 431,554 $ 60.7% Facilities 1, 1,031,114 807,988 125,906 1,157,021 650,967 64.0% Information Technology 1,331,681 740,117 264,059 1,004,176 327,505 75.4% Fleet Management 467,229 78,065 22,542 100,608 366,622 21.5% General Services $ 2,503,271 4,704,998 $ 425,079 $ 2,928,350 $ 1,776,649 $ 62.2% Library
Library Services 1,220,708 $ 410,184 $ 257,886 $ 668,070 $ 552,638 $ 54.7% Book Van 50,000 - - - 50,000 0.0%
Library $ 1,270,708 $ 410,184 $ 257,886 $ 668,070 $ 602,638 52.6% Finance
Administration $ 2,069,000 $ 1,397,491 $ 59,017 $ 1,456,508 $ 612,492 70.4% Finance $ 2,069,000 $ 1,397,491 $ 59,017 $ 1,456,508 $ 612,492 70.4% Planning & Environmental Review
Administration $ 517,300 $ 372,815 $ - $ 372,815 $ 144,485 72.1% Current Planning 2,081,431 1,243,407 103,879 1,347,287 734,144 64.7% Building & Safety 1,553,900 679,969 871,706 1,551,675 2,225 99.9% Advanced Planning 1,124,727 635,643 193,419 829,062 295,665 73.7% Planning Commission 171,000 48,747 1,360 50,107 120,893 29.3% Sustainability Program 518,272 310,056 31,000 341,056 177,216 65.8% Housing Program 487,600 150,321 15,750 166,071 321,529 34.1% Planning & Env. Review $ 6,454,230 $ 3,440,959 $ 1,217,114 $ 4,658,074 $ 1,796,156 72.2% Public Works
Administration 1,178,984 $ $ 765,773 $ 12 $ 765,785 $ 413,199 65.0% Engineering Services 5,299,649 2,686,886 964,176 3,651,062 1,648,587 68.9% Facility Maintenance - - - - -
Parks & Open Spaces 3,388,582 1,602,578 651,103 2,253,681 1,134,901 66.5% Capital Improvement Program 1,641,764 662,325 120,854 783,179 858,584 47.7% Street Lighting 39,500 12,992 - 12,992 26,508 32.9%
Traffic Ops & Maintenance - - - - -
Street Maintenance 8,331,067 1,775,302 2,056,212 3,831,514 4,499,552 46.0% Solid Waste and Environmenta 137 - - 137 (137)
Public Works $ 7,505,993 19,879,545 $ 3,792,357 $ 11,298,214 $ 8,581,331 $ 56.8% Neighborhood Services
Neighborhood Services Admin 1,110,658 $ 745,700 $ 38,575 $ 784,275 $ 326,383 $ 70.6% Homelessness 866,400 400,227 294,992 695,219 171,181 80.2% Economic Development - - - - -
Parks & Recreation 883,500 563,809 1,248 565,057 318,443 64.0% Parks & Recreation 508,200 - - - 508,200 0.0%
Neighborhood Services $ 3,368,758 $ 1,709,736 $ 334,815 $ 2,044,551 $ 1,324,207 60.7% Public Safety
Public Safety $ 11,548,800 $ 7,798,736 $ 322 $ 7,799,058 $ 3,749,742 67.5% Public Safety $ 11,548,800 $ 7,798,736 $ 322 $ 7,799,058 $ 3,749,742 67.5% Non-Departmental
Debit Service $ 859,200 $ 17,187 $ 0 $ 17,187 $ 842,013 2.0% Non-Departmental 35,000 45,184 - 45,184 (10,184) 129.1% Non-Departmental $ 894,200 $ 62,371 $ 0 $ 62,371 $ 831,829 7.0% Capital Improvement Projects
mprovemeCapital Improvement Projects 17,504,120 $ 1,257,781 $ 4,109,758 $ 5,367,540 $ 12,136,580 $ 30.7% Capital Improvement Projects $ 1,257,781 17,504,120 $ 4,109,758 $ 5,367,540 $ 12,136,580 $ 30.7% TOTAL EXPENDITURES $ 31,128,976 74,943,154 $ 10,605,694 $ 41,734,670 $ 33,208,484 $ 55.7%

NET REVENUES OVER
EXPENDITURES 1,315,127 (23,844,721)
BEGINNING FUND BALANCE 44,615,788 44,615,788
ENDING FUND BALANCE $ 45,930,915 20,771,067 $

DRAFT 32
ATTACHMENT 3:

Interim Statement of Revenues and Expenditures - Summary by Fund DRAFT 33
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
101 General Fund
Revenue 49,870,250 51,074,350 149,525 51,223,875 32,437,028 - 32,437,028 63.5% Transfers In From Other Funds 54,100 24,083 - 24,083 7,075 - 7,075 29.4% Total Revenue 49,924,350 51,098,433 149,525 51,247,958 32,444,103 32,444,103 - 63.5% Expenditures 50,632,940 74,094,954 253,476 74,348,430 31,088,976 10,605,694 41,694,670 56.3% Transfers Out to Other Funds 808,200 848,200 - 848,200 40,000 - 40,000 4.7% Total Expenditures 51,441,140 74,943,154 253,476 75,196,630 31,128,976 10,605,694 41,734,670 55.7% Addition to/(use of) reserves (1,516,790) (23,844,721) (103,951) (23,948,672) 1,315,127 (10,605,694) (9,290,567) Beginning Fund Balance 44,615,788 44,615,788 44,615,788 44,615,788 Ending Fund Balance 43,098,998 20,771,067 20,667,116 45,930,915 201 Gas Tax
Revenue 972,346 966,237 - 966,237 651,716 - 651,716 67.4% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 972,346 966,237 - 966,237 651,716 - 651,716 67.4% Expenditures 916,000 2,259,467 - 2,259,467 2,109,348 13,104 2,122,452 93.9% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 916,000 2,259,467 - 2,259,467 2,109,348 13,104 2,122,452 93.9% Addition to/(use of) reserves 56,346 (1,293,230) - (1,293,230) (1,457,632) (13,104) (1,470,736) Beginning Fund Balance 1,410,642 1,410,642 1,410,642 1,410,642 Ending Fund Balance 1,466,988 117,413 117,413 (46,990)
202 Local Transportation
Revenue 44,400 44,400 - 44,400 32,879 - 32,879 74.1%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 44,400 44,400 - 44,400 32,879 - 32,879 74.1% Expenditures - 262,159 56 262,215 109,040 143,886 252,926 96.5% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 262,159 56 262,215 109,040 143,886 252,926 96.5% Addition to/(use of) reserves 44,400 (217,759) (56) (217,815) (76,161) (143,886) (220,047) Beginning Fund Balance 272,815 272,815 272,815 272,815
Ending Fund Balance 317,215 55,055 55,000 196,653
203 RMRA
Revenue 876,786 854,666 - 854,666 551,852 - 551,852 64.6% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 876,786 854,666 - 854,666 551,852 - 551,852 64.6% Expenditures 808,000 1,801,327 - 1,801,327 1,405,205 232,912 1,638,116 90.9% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 808,000 1,801,327 - 1,801,327 1,405,205 232,912 1,638,116 90.9% Addition to/(use of) reserves 68,786 (946,661) - (946,661) (853,353) (232,912) (1,086,265) Beginning Fund Balance 1,318,959 1,318,959 1,318,959 1,318,959 Ending Fund Balance 1,387,745 372,298 372,298 465,606
205 Measure A
Revenue 2,511,700 2,511,700 - 2,511,700 1,916,956 1,916,956 - 76.3% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 2,511,700 2,511,700 - 2,511,700 1,916,956 1,916,956 - 76.3% Expenditures 2,032,000 6,654,242 649,735 7,303,977 2,102,782 3,223,880 5,326,662 80.0% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 2,032,000 6,654,242 649,735 7,303,977 2,102,782 3,223,880 5,326,662 80.0% Addition to/(use of) reserves 479,700 (4,142,542) (649,735) (4,792,277) (185,827) (3,223,880) (3,409,707) Beginning Fund Balance 5,147,946 5,147,946 5,147,946 5,147,946 Ending Fund Balance 5,627,646 1,005,404 355,668 4,962,119 206 Measure A-Other
Revenue - 2,428,757 - 2,428,757 551,614 - 551,614 22.7% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 2,428,757 - 2,428,757 551,614 - 551,614 22.7% Expenditures - 1,187,682 - 1,187,682 (1,713) 54,220 52,507 4.4% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 1,187,682 - 1,187,682 (1,713) 54,220 52,507 4.4% Addition to/(use of) reserves - 1,241,075 - 1,241,075 553,327 (54,220) 499,107 Beginning Fund Balance (1,241,075) (1,241,075) (1,241,075) (1,241,075) Ending Fund Balance (1,241,075) - - (687,748)
Page "1
DRAFT 34
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
207 Measure A-Project Connect
Revenue - 4,207,159 - 4,207,159 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 4,207,159 - 4,207,159 - - - 0.0%
Expenditures - 4,207,159 - 4,207,159 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 4,207,159 - 4,207,159 - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
208 County Per Capita - Goleta Library
Revenue 798,000 798,000 41,361 839,361 4,710 - 4,710 0.6% Transfers In From Other Funds 100,000 100,000 - 100,000 - - - 0.0% Total Revenue 898,000 898,000 41,361 939,361 4,710 - 4,710 0.5% Expenditures 938,920 1,143,920 - 1,143,920 408,744 12,156 420,900 36.8% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 938,920 1,143,920 - 1,143,920 408,744 12,156 420,900 36.8% Addition to/(use of) reserves (40,920) (245,920) 41,361 (204,559) (404,034) (12,156) (416,190) Beginning Fund Balance 345,437 345,437 345,437 345,437
Ending Fund Balance 304,517 99,517 140,878 (58,597)
209 County Per Capita - Buellton Library
Revenue 162,659 162,659 2,553 165,212 5,778 - 5,778 3.6% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 162,659 162,659 2,553 165,212 5,778 - 5,778 3.6% Expenditures 176,400 232,879 - 232,879 94,704 49,214 143,918 61.8% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 176,400 232,879 - 232,879 94,704 49,214 143,918 61.8% Addition to/(use of) reserves (13,741) (70,220) 2,553 (67,667) (88,926) (49,214) (138,140) Beginning Fund Balance 250,656 250,656 250,656 250,656
Ending Fund Balance 236,915 180,436 182,989 161,729
210 County Per Capita - Solvang Library
Revenue 185,872 185,872 3,714 189,586 2,440 - 2,440 1.3% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 185,872 185,872 3,714 189,586 2,440 - 2,440 1.3% Expenditures 212,100 244,467 - 244,467 129,611 50,070 179,681 73.5% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 212,100 244,467 - 244,467 129,611 50,070 179,681 73.5% Addition to/(use of) reserves (26,228) (58,595) 3,714 (54,881) (127,171) (50,070) (177,241) Beginning Fund Balance 157,273 157,273 157,273 157,273
Ending Fund Balance 131,045 98,679 102,393 30,103
211 Solid Waste
Revenue 1,507,500 1,507,500 - 1,507,500 889,912 - 889,912 59.0% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 1,507,500 1,507,500 - 1,507,500 889,912 - 889,912 59.0% Expenditures 2,623,600 2,623,600 (672,800) 1,950,800 859,374 416,741 1,276,115 48.6% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 2,623,600 2,623,600 (672,800) 1,950,800 859,374 416,741 1,276,115 48.6% Addition to/(use of) reserves (1,116,100) (1,116,100) 672,800 (443,300) 30,538 (416,741) (386,203) Beginning Fund Balance 1,588,430 1,588,430 1,588,430 1,588,430 Ending Fund Balance 472,330 472,330 1,145,130 1,618,967 Page "2
DRAFT 35
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
212 Public Safety Donations
Revenue - - - - - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - - - - - - 0.0%
Expenditures - - 11,748 11,748 11,748 - 11,748 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - 11,748 11,748 11,748 - 11,748 0.0% Addition to/(use of) reserves - - (11,748) (11,748) (11,748) - (11,748) Beginning Fund Balance 11,748 11,748 11,748 11,748
Ending Fund Balance 11,748 11,748 - -
213 Buellton Library
Revenue 195,479 195,479 - 195,479 197,681 - 197,681 101.1% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 195,479 195,479 - 195,479 197,681 - 197,681 101.1% Expenditures 279,500 223,021 - 223,021 180,147 - 180,147 80.8% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 279,500 223,021 - 223,021 180,147 - 180,147 80.8% Addition to/(use of) reserves (84,021) (27,542) - (27,542) 17,534 - 17,534 Beginning Fund Balance 27,542 27,542 27,542 27,542
Ending Fund Balance (56,479) - - 45,076
214 Solvang Library
Revenue 197,555 222,555 - 222,555 221,615 - 221,615 99.6% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 197,555 222,555 - 222,555 221,615 - 221,615 99.6% Expenditures 268,700 242,833 - 242,833 195,184 - 195,184 80.4% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 268,700 242,833 - 242,833 195,184 - 195,184 80.4% Addition to/(use of) reserves (71,145) (20,278) - (20,278) 26,431 - 26,431 Beginning Fund Balance 20,278 20,278 20,278 20,278
Ending Fund Balance (50,867) - - 46,709
217 Community Center
Revenue 363,000 363,000 - 363,000 275,065 - 275,065 75.8% Transfers In From Other Funds 508,200 508,200 - 508,200 - - - 0.0% Total Revenue 871,200 871,200 - 871,200 275,065 - 275,065 31.6% Expenditures 918,600 968,600 - 968,600 434,334 44,111 478,445 49.4% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 918,600 968,600 - 968,600 434,334 44,111 478,445 49.4% Addition to/(use of) reserves (47,400) (97,400) - (97,400) (159,269) (44,111) (203,379) Beginning Fund Balance - - - -
Ending Fund Balance (47,400) (97,400) (97,400) (159,269) 220 GTIP
Revenue 3,141,400 1,584,400 - 1,584,400 188,129 - 188,129 11.9% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 3,141,400 1,584,400 - 1,584,400 188,129 - 188,129 11.9% Expenditures 3,310,000 14,255,632 - 14,255,632 6,627,208 4,408,783 11,035,992 77.4% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 3,310,000 14,255,632 - 14,255,632 6,627,208 4,408,783 11,035,992 77.4% Addition to/(use of) reserves (168,600) (12,671,232) (12,671,232) - (6,439,079) (4,408,783) (10,847,862) Beginning Fund Balance 8,914,576 8,914,576 8,914,576 8,914,576 Ending Fund Balance 8,745,976 (3,756,656) (3,756,656) 2,475,497 221 Parks DIF
Revenue 2,117,000 188,143 - 188,143 170,544 - 170,544 90.6% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 2,117,000 188,143 - 188,143 170,544 - 170,544 90.6% Expenditures - 4,341,796 - 4,341,796 211,097 1,497,862 1,708,959 39.4% Transfers Out to Other Funds - 3,148,251 - 3,148,251 - - - 0.0% Total Expenditures - 7,490,047 - 7,490,047 211,097 1,497,862 1,708,959 22.8% Addition to/(use of) reserves 2,117,000 (7,301,904) - (7,301,904) (40,552) (1,497,862) (1,538,414) Beginning Fund Balance 5,539,314 5,539,314 5,539,314 5,539,314 Ending Fund Balance 7,656,314 (1,762,590) (1,762,590) 5,498,761 Page "3
DRAFT 36
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
222 Public Facilities DIF
Revenue 395,900 32,000 - 32,000 1,354 - 1,354 4.2%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 395,900 32,000 - 32,000 1,354 - 1,354 4.2% Expenditures 722,000 835,309 - 835,309 16,689 776,322 793,012 94.9% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 722,000 835,309 - 835,309 16,689 776,322 793,012 94.9% Addition to/(use of) reserves (326,100) (803,309) - (803,309) (15,335) (776,322) (791,657) Beginning Fund Balance 46,669 46,669 46,669 46,669
Ending Fund Balance (279,431) (756,640) (756,640) 31,334 223 Library DIF
Revenue 148,000 10,000 - 10,000 5,334 - 5,334 53.3%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 148,000 10,000 - 10,000 5,334 - 5,334 53.3% Expenditures 148,000 202,000 - 202,000 54,461 147,539 202,000 100.0% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 148,000 202,000 - 202,000 54,461 147,539 202,000 100.0% Addition to/(use of) reserves - (192,000) - (192,000) (49,127) (147,539) (196,666) Beginning Fund Balance 187,957 187,957 187,957 187,957
Ending Fund Balance 187,957 (4,043) (4,043) 138,830
224 Sheriff Facilities DIF
Revenue 28,200 - - - 4,474 - #DIV/0! 4,474
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 28,200 - - - 4,474 - #DIV/0! 4,474
Expenditures - 168,002 - 168,002 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 168,002 - 168,002 - - - 0.0%
Addition to/(use of) reserves 28,200 (168,002) - (168,002) 4,474 - 4,474 Beginning Fund Balance 149,139 149,139 149,139 149,139
Ending Fund Balance 177,339 (18,863) (18,863) 153,614
225 Housing in Lieu
Revenue 9,700 9,700 - 9,700 44,099 - 44,099 454.6%
Transfers In From Other Funds 250,000 250,000 - 250,000 - - - 0.0% Total Revenue 259,700 259,700 - 259,700 44,099 - 44,099 17.0% Expenditures 25,000 25,000 - 25,000 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 25,000 25,000 - 25,000 - - - 0.0%
Addition to/(use of) reserves 234,700 234,700 - 234,700 44,099 - 44,099 Beginning Fund Balance 1,485,378 1,485,378 1,485,378 1,485,378 Ending Fund Balance 1,720,078 1,720,078 1,720,078 1,529,477 226 Environmental Programs
Revenue 1,300 1,300 - 1,300 6,067 - 466.7% 6,067
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 1,300 1,300 - 1,300 6,067 - 466.7% 6,067
Expenditures 9,400 9,400 - 9,400 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 9,400 9,400 - 9,400 - - - 0.0%
Addition to/(use of) reserves (8,100) (8,100) - (8,100) 6,067 - 6,067 Beginning Fund Balance 183,029 183,029 183,029 183,029
Ending Fund Balance 174,929 174,929 174,929 189,096
Page "4
DRAFT 37
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
229 Fire DIF
Revenue 344,900 77,900 - 77,900 112,574 - 112,574 144.5% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 344,900 77,900 - 77,900 112,574 - 112,574 144.5% Expenditures - 4,255,368 - 4,255,368 8,331 651,405 659,736 15.5% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 4,255,368 - 4,255,368 8,331 651,405 659,736 15.5% Addition to/(use of) reserves 344,900 (4,177,468) - (4,177,468) 104,243 (651,405) (547,162) Beginning Fund Balance 3,753,890 3,753,890 3,753,890 3,753,890 Ending Fund Balance 4,098,790 (423,578) (423,578) 3,858,133 230 Long Range Development Plan (LRDP)
Revenue - 3,889,883 - 3,889,883 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 3,889,883 - 3,889,883 - - - 0.0%
Expenditures 2,300,000 8,398,315 - 8,398,315 2,136,155 5,292,243 7,428,398 88.5% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 2,300,000 8,398,315 - 8,398,315 2,136,155 5,292,243 7,428,398 88.5% Addition to/(use of) reserves (2,300,000) (4,508,432) - (4,508,432) (2,136,155) (5,292,243) (7,428,398) Beginning Fund Balance 2,208,432 2,208,432 2,208,432 2,208,432 Ending Fund Balance (91,568) (2,300,000) (2,300,000) 72,277 231 Developer Agreements
Revenue - 1,600,199 (45,439) 1,554,760 1,554,760 1,554,760 - 97.2% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 1,600,199 (45,439) 1,554,760 1,554,760 1,554,760 - 97.2% Expenditures - 1,870,199 (45,439) 1,824,760 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 1,870,199 (45,439) 1,824,760 - - - 0.0% Addition to/(use of) reserves - (270,000) - (270,000) 1,554,760 1,554,760 - Beginning Fund Balance 615,163 615,163 615,163 615,163
Ending Fund Balance 615,163 345,163 345,163 2,169,923
232 County Fire DIF
Revenue - 849,514 - 849,514 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 849,514 - 849,514 - - - 0.0%
Expenditures - 550,097 - 550,097 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 550,097 - 550,097 - - - 0.0%
Addition to/(use of) reserves - 299,417 - 299,417 - - - Beginning Fund Balance (299,417) (299,417) (299,417) (299,417) Ending Fund Balance (299,417) - - (299,417)
234 Storm Drain Facilities
Revenue 184,000 134,100 - 134,100 18,284 - 18,284 13.6% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 184,000 134,100 - 134,100 18,284 - 18,284 13.6% Expenditures - 797,920 - 797,920 21,376 141,180 162,556 20.4% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 797,920 - 797,920 21,376 141,180 162,556 20.4% Addition to/(use of) reserves 184,000 (663,820) - (663,820) (3,091) (141,180) (144,271) Beginning Fund Balance 609,443 609,443 609,443 609,443
Ending Fund Balance 793,443 (54,377) (54,377) 606,352
Page "5
DRAFT 38
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
235 Bicycle & Pedestrian Facilities
Revenue 72,700 32,000 - 32,000 8,410 - 8,410 26.3%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 72,700 32,000 - 32,000 8,410 - 8,410 26.3% Expenditures 85,000 411,204 - 411,204 - 411,204 411,204 100.0% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 85,000 411,204 - 411,204 - 411,204 411,204 100.0% Addition to/(use of) reserves (12,300) (379,204) - (379,204) 8,410 (411,204) (402,794) Beginning Fund Balance 277,205 277,205 277,205 277,205
Ending Fund Balance 264,905 (101,999) (101,999) 285,615 236 Misc Grants Library
Revenue - 15,327 - 15,327 15,327 - 15,327 100.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 15,327 - 15,327 15,327 - 15,327 100.0%
Expenditures - 43,785 - 43,785 9 15,318 15,327 35.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 43,785 - 43,785 9 15,318 15,327 35.0% Addition to/(use of) reserves - (28,458) - (28,458) 15,318 (15,318) - Beginning Fund Balance 28,458 28,458 28,458 28,458
Ending Fund Balance 28,458 - - 43,776
237 Local Grants
Revenue - 68,833 22,000 90,833 22,000 - 22,000 32.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 68,833 22,000 90,833 22,000 - 22,000 32.0% Expenditures - 8,055 22,000 30,055 - 2,413 2,413 30.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 8,055 22,000 30,055 - 2,413 2,413 30.0% Addition to/(use of) reserves - 60,778 - 60,778 22,000 (2,413) 19,588 Beginning Fund Balance (60,778) (60,778) (60,778) (60,778) Ending Fund Balance (60,778) - - (38,778)
238 Non-Residential Affordable Housing DIF
Revenue 332,900 357,000 - 357,000 200 - 0.1% 200
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 332,900 357,000 - 357,000 200 - 0.1% 200
Expenditures - 54,000 - 54,000 - 54,000 54,000 100.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 54,000 - 54,000 - 54,000 54,000 100.0% Addition to/(use of) reserves 332,900 303,000 - 303,000 200 (54,000) (53,800) Beginning Fund Balance 6,659 6,659 6,659 6,659
Ending Fund Balance 339,559 309,659 309,659 6,859
239 QUIMBY
Revenue - 1,751,000 - 1,751,000 93,973 - 93,973 5.4%
Transfers In From Other Funds - 3,148,251 - 3,148,251 - - - 0.0% Total Revenue - 4,899,251 - 4,899,251 93,973 - 93,973 1.9% Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - 4,899,251 - 4,899,251 93,973 - 93,973 Beginning Fund Balance 3,131,795 3,131,795 3,131,795 3,131,795 Ending Fund Balance 3,131,795 8,031,046 8,031,046 3,225,768 301 State Dept of Parks and Recreation
Revenue - 927,952 - 927,952 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 927,952 - 927,952 - - - 0.0%
Expenditures - 927,952 - 927,952 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 927,952 - 927,952 - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
Page "6
DRAFT 39
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
302 Public Safety Fund COPS
Revenue 150,000 194,663 - 194,663 181,577 - 181,577 93.3% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 150,000 194,663 - 194,663 181,577 - 181,577 93.3% Expenditures 150,000 194,663 - 194,663 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 150,000 194,663 - 194,663 - - - 0.0% Addition to/(use of) reserves - - - - 181,577 - 181,577 Beginning Fund Balance - - - -
Ending Fund Balance - - - 181,577
304 Solid Waste Fund Recycle
Revenue - - - - - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - - - - - - 0.0%
Expenditures - 96,358 - 96,358 6,112 2,396 8,509 8.8%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 96,358 - 96,358 6,112 2,396 8,509 8.8% Addition to/(use of) reserves - (96,358) - (96,358) (6,112) (2,396) (8,509) Beginning Fund Balance 135,692 135,692 135,692 135,692
Ending Fund Balance 135,692 39,334 39,334 129,580
305 RSTP State Grant
Revenue - 565,315 - 565,315 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 565,315 - 565,315 - - - 0.0%
Expenditures - 10,150 - 10,150 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 10,150 - 10,150 - - - 0.0%
Addition to/(use of) reserves - 555,164 - 555,164 - - - Beginning Fund Balance (420,350) (420,350) (420,350) (420,350) Ending Fund Balance (420,350) 134,814 134,814 (420,350) 306 LSTP
Revenue - 733,109 - 733,109 734,544 - 734,544 100.2%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 733,109 - 733,109 734,544 - 734,544 100.2% Expenditures - 491,496 - 491,496 337,625 - 337,625 68.7% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 491,496 - 491,496 337,625 - 337,625 68.7% Addition to/(use of) reserves - 241,613 - 241,613 396,919 - 396,919 Beginning Fund Balance (241,169) (241,169) (241,169) (241,169) Ending Fund Balance (241,169) 444 444 155,750
308 STIP
Revenue - 11,386,694 - 11,386,694 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 11,386,694 - 11,386,694 - - - 0.0%
Expenditures - 11,372,000 - 11,372,000 822,388 10,549,612 11,372,000 100.0% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 11,372,000 - 11,372,000 822,388 10,549,612 11,372,000 100.0% Addition to/(use of) reserves - 14,694 - 14,694 (822,388) (10,549,612) (11,372,000) Beginning Fund Balance (4,309) (4,309) (4,309) (4,309)
Ending Fund Balance (4,309) 10,385 10,385 (826,697)
Page "7
DRAFT 40
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
310 CAL FIRE GRANT
Revenue - 1,421,887 - 1,421,887 37,111 - 37,111 2.6%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 1,421,887 - 1,421,887 37,111 - 37,111 2.6% Expenditures - 1,479,733 - 1,479,733 164,127 1,283,084 1,447,211 97.8% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 1,479,733 - 1,479,733 164,127 1,283,084 1,447,211 97.8% Addition to/(use of) reserves - (57,846) - (57,846) (127,016) (1,283,084) (1,410,100) Beginning Fund Balance 57,846 57,846 57,846 57,846
Ending Fund Balance 57,846 (0) (0) (69,170)
311 Misc. Grants
Revenue 30,000 265,508 (30,000) 235,508 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 30,000 265,508 (30,000) 235,508 - - - 0.0% Expenditures 30,000 263,763 (30,000) 233,763 90,438 110,710 201,148 76.3% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 30,000 263,763 (30,000) 233,763 90,438 110,710 201,148 76.3% Addition to/(use of) reserves - 1,745 - 1,745 (90,438) (110,710) (201,148) Beginning Fund Balance (1,715) (1,715) (1,715) (1,715)
Ending Fund Balance (1,715) 30 30 (92,153)
317 SSARP Grant
Revenue - 1,760 - 1,760 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 1,760 - 1,760 - - - 0.0%
Expenditures - 1,760 - 1,760 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 1,760 - 1,760 - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
318 Active Transportation Program - State
Revenue - 3,319,000 - 3,319,000 664,493 - 664,493 20.0% Transfers In From Other Funds - 40,000 - 40,000 40,000 - 40,000 100.0% Total Revenue - 3,359,000 - 3,359,000 704,493 - 704,493 21.0% Expenditures - 934,277 - 934,277 209,769 511,262 721,031 77.2% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 934,277 - 934,277 209,769 511,262 721,031 77.2% Addition to/(use of) reserves - 2,424,723 - 2,424,723 494,724 (511,262) (16,538) Beginning Fund Balance (2,424,723) (2,424,723) (2,424,723) (2,424,723) Ending Fund Balance (2,424,723) - - (1,929,999)
319 Housing & Community Development State Fund
Revenue - 729,866 - 729,866 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 729,866 - 729,866 - - - 0.0%
Expenditures - 729,866 - 729,866 - 729,866 729,866 100.0% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 729,866 - 729,866 - 729,866 729,866 100.0% Addition to/(use of) reserves - - - - - (729,866) (729,866) Beginning Fund Balance - - - -
Ending Fund Balance - - - -
320 Cal OES
Revenue - - - - - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance 14,231 14,231 14,231 14,231
Ending Fund Balance 14,231 14,231 14,231 14,231
Page "8
DRAFT 41
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
321 TIRCP
Revenue - 14,858,500 - 14,858,500 1,232,149 1,232,149 - 8.3% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 14,858,500 - 14,858,500 1,232,149 1,232,149 - 8.3% Expenditures - 14,858,944 - 14,858,944 2,566,684 12,291,816 14,858,500 100.0% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 14,858,944 - 14,858,944 2,566,684 12,291,816 14,858,500 100.0% Addition to/(use of) reserves - (444) - (444) (1,334,535) (12,291,816) (13,626,351) Beginning Fund Balance 444 444 444 444
Ending Fund Balance 444 (0) (0) (1,334,091)
322 MBHMP
Revenue - 2,328,618 - 2,328,618 124,472 - 124,472 5.3%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 2,328,618 - 2,328,618 124,472 - 124,472 5.3% Expenditures - 2,117,772 - 2,117,772 1,978,538 149,058 2,127,596 100.5% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 2,117,772 - 2,117,772 1,978,538 149,058 2,127,596 100.5% Addition to/(use of) reserves - 210,846 - 210,846 (1,854,066) (149,058) (2,003,124) Beginning Fund Balance (210,846) (210,846) (210,846) (210,846) Ending Fund Balance (210,846) (0) (0) (2,064,912)
323 Cal OES PSPS Grant
Revenue - - - - - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
324 California Planning Program Grant
Revenue - - - - - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
325 California State Library Grant
Revenue - 4,264,460 - 4,264,460 75,401 - 75,401 1.8%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 4,264,460 - 4,264,460 75,401 - 75,401 1.8% Expenditures - 4,264,460 - 4,264,460 186,855 293,898 480,753 11.3% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 4,264,460 - 4,264,460 186,855 293,898 480,753 11.3% Addition to/(use of) reserves - - - - (111,453) (293,898) (405,351) Beginning Fund Balance - - - -
Ending Fund Balance - - - (111,453)
Page "9
DRAFT 42
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
401 HBP
Revenue - 24,554,983 - 24,554,983 7,213,516 7,213,516 - 29.4% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 24,554,983 - 24,554,983 7,213,516 7,213,516 - 29.4% Expenditures - 23,752,924 - 23,752,924 7,547,582 7,168,098 14,715,680 62.0% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 23,752,924 - 23,752,924 7,547,582 7,168,098 14,715,680 62.0% Addition to/(use of) reserves - 802,060 - 802,060 (334,066) (7,168,098) (7,502,164) Beginning Fund Balance (802,059) (802,059) (802,059) (802,059) Ending Fund Balance (802,059) 0 (1,136,126) 0
402 CDBG
Revenue 292,918 561,971 - 561,971 66,170 - 66,170 11.8% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 292,918 561,971 - 561,971 66,170 - 66,170 11.8% Expenditures 238,818 537,888 - 537,888 60,800 77,807 138,607 25.8% Transfers Out to Other Funds 54,100 24,083 - 24,083 7,075 - 7,075 29.4% Total Expenditures 292,918 561,971 - 561,971 67,875 77,807 145,682 25.9% Addition to/(use of) reserves - - - - (1,705) (77,807) (79,512) Beginning Fund Balance - - - -
Ending Fund Balance - - - (1,705)
409 OTS
Revenue - 88,187 - 88,187 81,846 - 81,846 92.8%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 88,187 - 88,187 81,846 - 81,846 92.8%
Expenditures - 74,633 - 74,633 68,915 - 68,915 92.3%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 74,633 - 74,633 68,915 - 68,915 92.3% Addition to/(use of) reserves - 13,554 - 13,554 12,932 - 12,932 Beginning Fund Balance (13,554) (13,554) (13,554) (13,554) Ending Fund Balance (13,554) - - (622)
417 HSIP Hwy Safety Imp.

Revenue - 3,120,100 - 3,120,100 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 3,120,100 - 3,120,100 - - - 0.0%
Expenditures - 2,759,485 - 2,759,485 13,157 - 13,157 0.5% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 2,759,485 - 2,759,485 13,157 - 13,157 0.5% Addition to/(use of) reserves - 360,615 - 360,615 (13,157) - (13,157) Beginning Fund Balance (354,979) (354,979) (354,979) (354,979) Ending Fund Balance (354,979) 5,636 5,636 (368,136)
418 Active Trans Prog-Federal
Revenue - - 14,640,000 14,640,000 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - 14,640,000 14,640,000 - - - 0.0%
Expenditures - - 14,640,000 14,640,000 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - 14,640,000 14,640,000 - - - 0.0% Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
419 TIGER
Revenue - - - - - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
Page "10
DRAFT 43
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
420 FHWA - FEMA Reimb
Revenue - 87,746 - 87,746 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 87,746 - 87,746 - - - 0.0%
Expenditures - 87,746 - 87,746 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 87,746 - 87,746 - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance 58,107 58,107 58,107 58,107
Ending Fund Balance 58,107 58,107 58,107 58,107
421 Hazard Mitigation Grant Program
Revenue - 621,698 - 621,698 59,608 - 59,608 9.6%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 621,698 - 621,698 59,608 - 59,608 9.6%
Expenditures - 550,016 - 550,016 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 550,016 - 550,016 - - - 0.0%
Addition to/(use of) reserves - 71,682 - 71,682 59,608 - 59,608 Beginning Fund Balance (71,682) (71,682) (71,682) (71,682) Ending Fund Balance (71,682) - - (12,074)
423 Coronavirus State & Local Fiscal Recovery Funds
Revenue - 1,051,360 - 1,051,360 1,051,360 1,051,360 - 100.0% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 1,051,360 - 1,051,360 1,051,360 1,051,360 - 100.0% Expenditures - 1,051,360 - 1,051,360 1,051,360 1,051,360 - 100.0% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 1,051,360 - 1,051,360 1,051,360 1,051,360 - 100.0% Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
424 Community Project Funding HMGP
Revenue - 3,000,000 - 3,000,000 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 3,000,000 - 3,000,000 - - - 0.0%
Expenditures - 3,000,000 - 3,000,000 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 3,000,000 - 3,000,000 - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
425 United State Dept of Agriculture
Revenue - 1,000,000 - 1,000,000 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - 1,000,000 - 1,000,000 - - - 0.0%
Expenditures - 1,000,000 - 1,000,000 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - 1,000,000 - 1,000,000 - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
Page "11
DRAFT 44
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
501 Library Services
Revenue 628,400 628,400 - 628,400 240,746 - 240,746 38.3% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 628,400 628,400 - 628,400 240,746 - 240,746 38.3% Expenditures 686,180 866,180 - 866,180 639,097 - 639,097 73.8% Transfers Out to Other Funds 50,000 50,000 - 50,000 - - - 0.0% Total Expenditures 736,180 916,180 - 916,180 639,097 - 639,097 69.8% Addition to/(use of) reserves (107,780) (287,780) - (287,780) (398,352) - (398,352) Beginning Fund Balance 591,308 591,308 591,308 591,308
Ending Fund Balance 483,528 303,528 303,528 192,956
502 Street Lighting
Revenue 308,000 308,000 - 308,000 196,243 - 196,243 63.7% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 308,000 308,000 - 308,000 196,243 - 196,243 63.7% Expenditures 500,500 518,500 - 518,500 198,224 34,570 232,794 44.9% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 500,500 518,500 - 518,500 198,224 34,570 232,794 44.9% Addition to/(use of) reserves (192,500) (210,500) - (210,500) (1,982) (34,570) (36,551) Beginning Fund Balance 323,662 323,662 323,662 323,662
Ending Fund Balance 131,162 113,162 113,162 321,680
503 PEG
Revenue 68,500 68,500 - 68,500 33,181 - 33,181 48.4%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 68,500 68,500 - 68,500 33,181 - 33,181 48.4% Expenditures 60,000 60,000 - 60,000 20,653 - 20,653 34.4% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 60,000 60,000 - 60,000 20,653 - 20,653 34.4% Addition to/(use of) reserves 8,500 8,500 - 8,500 12,528 - 12,528 Beginning Fund Balance 267,375 267,375 267,375 267,375
Ending Fund Balance 275,875 275,875 275,875 279,904
504 CASp Cert and Training
Revenue - - 55,000 55,000 53,969 - 53,969 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - 55,000 55,000 53,969 - 53,969 0.0%
Expenditures - - 1,000 1,000 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - 1,000 1,000 - - - 0.0%
Addition to/(use of) reserves - - 54,000 54,000 53,969 - 53,969 Beginning Fund Balance 2,949 2,949 2,949 2,949
Ending Fund Balance 2,949 2,949 56,949 56,918
605 RDA Successor-NonHousing
Revenue 1,157,134 1,157,134 - 1,157,134 1,166,978 1,166,978 - 100.9% Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 1,157,134 1,157,134 - 1,157,134 1,166,978 1,166,978 - 100.9% Expenditures 1,138,054 1,138,054 - 1,138,054 722,889 176,289 899,178 79.0% Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 1,138,054 1,138,054 - 1,138,054 722,889 176,289 899,178 79.0% Addition to/(use of) reserves 19,080 19,080 - 19,080 444,089 (176,289) 267,800 Beginning Fund Balance (9,898,528) (9,898,528) (9,898,528) (9,898,528) Ending Fund Balance (9,879,448) (9,879,448) (9,879,448) (9,454,438) 608 iBank
Revenue - - - - - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
Page "12
DRAFT 45
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
609 -Lease Revenue Bond Proceeds
Revenue - - 19,429,797 19,429,797 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - 19,429,797 19,429,797 - - - 0.0%
Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - 19,429,797 19,429,797 - - - Beginning Fund Balance - - - -
Ending Fund Balance - - 19,429,797 -
610 -Sales Tax Revenue Bond Proceeds
Revenue - - 16,270,203 16,270,203 - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - 16,270,203 16,270,203 - - - 0.0%
Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - 16,270,203 16,270,203 - - - Beginning Fund Balance - - - -
Ending Fund Balance - - 16,270,203 -
701 Comstock Plover Endmnt
Revenue 4,000 7,000 - 7,000 4,381 - 4,381 62.6%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue 4,000 7,000 - 7,000 4,381 - 4,381 62.6%
Expenditures 2,000 14,758 - 14,758 - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures 2,000 14,758 - 14,758 - - - 0.0%
Addition to/(use of) reserves 2,000 (7,758) - (7,758) 4,381 - 4,381 Beginning Fund Balance 7,758 7,758 7,758 7,758
Ending Fund Balance 9,758 (0) (0) 12,139
702 Section 115 Trust - Pension
Revenue - - - - - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance 178,405 178,405 178,405 178,405
Ending Fund Balance 178,405 178,405 178,405 178,405
703 Section 115 Trust - OPEB
Revenue - - - - - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance 349,988 349,988 349,988 349,988
Ending Fund Balance 349,988 349,988 349,988 349,988
Page "13
DRAFT 46
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended March 31, 2025
Attachment 3
bb
Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals
Percent
of
Current
Budget
801 Developer Deposit
Revenue - - - - - - - 0.0%
Transfers In From Other Funds - - - - - - - 0.0%
Total Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Transfers Out to Other Funds - - - - - - - 0.0%
Total Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -

TOTAL FOR ALL FUNDS
Revenue 67,100,499 153,376,045 50,538,714 203,914,759 53,202,521 53,202,521 34.7% Transfers In From Other Funds 912,300 4,070,534 - 4,070,534 47,075 47,075 1.2% Total Revenue 68,012,799 157,446,579 50,538,714 207,985,293 53,249,596 53,249,596 33.8% Expenditures 69,211,712 205,527,131 14,829,776 220,356,907 64,888,024 61,622,721 61.6% 126,510,745 Transfers Out to Other Funds 912,300 4,070,534 - 4,070,534 47,075 - 47,075 1.2% Total Expenditures 70,124,012 209,597,665 14,829,776 224,427,441 64,935,100 61,622,721 60.4% 126,557,821 Addition to/(use of) reserves (2,111,213) (52,151,087) 35,708,938 (16,442,149) (11,685,503) 61,622,721 (73,308,224) Beginning Fund Balance 68,247,201 68,247,201 68,247,201 68,247,201 Ending Fund Balance 66,135,988 16,096,114 51,805,052 56,561,697 Page "14
DRAFT 47
ATTACHMENT 4:

Capital Improvement Program (CIP) Expenditure Summary
DRAFT 48
City of Goleta
Capital Improvement Program (CIP) Expenditure Summary
For the Quarter Ended March 31, 2025
Attachment 4
Project No. & Description Current Budget Activity Encumbrances Remaining 9002 Ekwill Street & Fowler Extension $ 41,148,513 $ 9,707,927 $ 16,241,562 $ 15,199,024 9006 Capital Improvement Projects - Neighborhood Srvs $ 6,956,613 $ 1,074,362 $ 4,728,976 $ 1,153,274 9007 San Jose Creek Bike Path - Middle Segment $ 245,618 $ 10,358 $ 89,467 $ 145,794 9024 Ellwood Mesa $ 1,547 $ - $ - $ 1,547
9025 Fire Station No. 10 $ 5,021,465 $ 8,331 $ 597,405 $ 4,415,729 9027 101 Overpass $ 47,803 $ - $ 6,904 $ 40,899
9031 Old Town Sidewalk Improvement $ 25,245 $ - $ - $ 25,245 9033 Hollister Avenue Bridge Replacement (SJC Phase II) $ 27,633,522 $ 8,627,032 $ 7,808,223 $ 11,198,267 9039 Hollister Class I Bikeway $ 40,000 $ 40,000 $ - $ - 9042 Storke Road Widening Phelps Road to City Limits $ 383,716 $ - $ - $ 383,716 9053 Cathedral Oaks Cribwall Interim Repair $ 1,379,853 $ 313,476 $ 232,022 $ 834,355 9056 LED Street Lighting Project $ 18,000 $ - $ - $ 18,000 9062 Storke Road Medians $ 686,016 $ 26,825 $ 13,261 $ 645,930 9063 Evergreen Park Restroom $ 258,506 $ - $ - $ 258,506 9065 Reclaimed Water Service to Bella Vista Park $ 204,141 $ - $ - $ 204,141 9066 Miscellaneous Park Improvements $ 22,289 $ - $ - $ 22,289 9067 Goleta Community Center Seismic Upgrades $ 550,016 $ - $ - $ 550,016 9071 Improvements to Athletic Field @ GCC $ 27,918 $ - $ - $ 27,918 9074 Stow Grove Park Master Plan & Renovation $ 1,973,511 $ 108,921 $ 408,373 $ 1,456,217 9078 Rancho La Patera Improvements $ 648,304 $ - $ - $ 648,304 9079 Goleta Train Depot & S. La Patera Improvements $ 21,753,677 $ 2,617,363 $ 19,117,427 $ 18,886 9083 Signal Upgrades $ 3,236,618 $ 34,945 $ 62,828 $ 3,138,845 9084 Community Garden $ 461,851 $ 27,331 $ 434,082 $ 438 9085 Old Town Goleta Drainage Study $ 200,000 $ - $ - $ 200,000 9086 Vision Zero Plan $ 104,398 $ - $ - $ 104,398
9087 Mid-Block Crossing on Calle Real/Encina (HAWK) $ 1,247 $ - $ - $ 1,247 9088 RRFB Improvements at School Crosswalks $ 1,939 $ - $ - $ 1,939 9089 Goleta Traffic Safety Study (GTSS) $ 5,085 $ 3,325 $ - $ 1,760 9093 San Miguel Park Improvements $ 275,000 $ - $ - $ 275,000 9094 Santa Barbara Shores Park Improvements $ 305,000 $ - $ - $ 305,000 9099 Crosswalk at Calle Real @ Fairview $ 6,346 $ - $ 464 $ 5,882 9101 City Hall Purchase & Improvements $ 684,488 $ 51,050 $ 218,950 $ 414,488 9106 Phelps Ditch Flood Control Channel Trash Control $ 50,000 $ - $ - $ 50,000 9107 Old Town S Fairview Av High Flow Trash Capture D $ 579,482 $ 7,040 $ 87,077 $ 485,365 9108 Winchester II Park $ 59,641 $ - $ - $ 59,641
9110 Hollister Ave Class 1 Bike Path Lighting $ 386,043 $ - $ - $ 386,043 9111 Jonny D. Wallis Park Phase 2 - Splash Pad $ 701,555 $ 74,845 $ 601,407 $ 25,304 9112 Ellwood Mesa/Sperling Preserve Open Space Plan $ 2,399,546 $ 2,032,506 $ 149,058 $ 217,982 9113 Mathilda Park Improvements $ 462,496 $ 9,395 $ 12,179 $ 440,921 9114 Hollister Ave Old Town Interim Striping Project $ 54,246 $ 23,026 $ 5,686 $ 25,534 9115 Public Works Corp Yard Repairs $ 70,321 $ - $ - $ 70,321 9116 Pickleball Courts $ 100,000 $ - $ - $ 100,000
9117 San Jose Creek Channel Fish Passage Modification $ 422,349 $ 22,645 $ 384,434 $ 15,270 9118 Ellwood Coastal Trails & Habitat Restoration $ 206,318 $ 89,922 $ 110,710 $ 5,686 9119 Ellwood Beach Drive Drainage $ 161,665 $ 9,368 $ 135,411 $ 16,887 9120 Evergreen Park Drainage Repair $ 107,324 $ 107,324 $ - $ - 9121 Goleta Community Center ADA Improvements $ 4,434,497 $ 66,547 $ 113,776 $ 4,254,174 9126 Pickleball Entry/Waiting Area at GCC $ 178,760 $ - $ 21,646 $ 157,114 9127 Goleta Comunity Center Campus Renovation $ 263,453 $ 15,312 $ 25,013 $ 223,128 9130 Goleta Library ADA and Building Refresh $ 5,510,575 $ 233,569 $ 367,373 $ 4,909,634 9131 Historic Train Station Preservation $ 49,200 $ - $ - $ 49,200 9901 MIS/ERP System Implementation $ 235,370 $ - $ 41,309 $ 194,061 Grand Total $ 130,741,085 $25,342,742 $ 52,015,022 $ 53,383,321 DRAFT 49
ATTACHMENT 5:

A Resolution of The City Council of The City Of Goleta, California, Amending The City of Goleta Operating and
CIP Budget for Fiscal Year 2024/25, Amending The City
of Goleta Schedule of Authorized Positions for Fiscal Year 2024/25, and Amending the City of Goleta Salary
Schedule for Fiscal Year 2024/25.

DRAFT 50
Attachment 5

RESOLUTION NO. 25-___

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

GOLETA, CALIFORNIA, AMENDING THE CITY OF GOLETA
OPERATING AND CIP BUDGET FOR FISCAL YEAR 2024/25, AND

AMENDING THE CITY OF GOLETA SCHEDULE OF AUTHORIZED
POSITIONS FOR FISCAL YEAR 2024/25.

WHEREAS, the City Council of the City of Goleta adopted the Operating Budget and Capital Improvement Program (CIP) for Fiscal Year 2024/25 on June 18, 2024; and
WHEREAS, the City Manager has proposed a budget adjustment as described in the Council report dated June 3, 2025 for Fiscal Year 2024/25 based on the determination by the City Manager that this adjustment is essential to the City’s operations; and
WHEREAS, the City Council has reviewed the proposed budget adjustments for the Third Quarter Ended March 31, 2025 and does hereby find the recommendation to be necessary and in the City’s best interest; and WHEREAS, Section 2.1 of the City of Goleta Personnel Rules specifies that the Personnel Officer shall recommend and maintain a
classification/compensation plan for all positions in the City service; and WHEREAS, on March 4, 2025 the City Council adopted most recent said recommended authorized positions, salary schedule and appropriations for the City of Goleta Operating and CIP Budget for Fiscal Year 2024/25; and WHEREAS, the City Council has reviewed the proposed amended authorized positions, salary schedule, and budget adjustments for Fiscal Year 2024/25, and does hereby find the recommendation to be necessary for the City’s best interest.

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF GOLETA AS FOLLOWS:

SECTION 1.

The City of Goleta Operating and CIP Budget for Fiscal Year 2024/25 is hereby amended as follows as per Exhibit A to this resolution.

SECTION 2.

The City of Goleta Schedule of Authorized Positions for Fiscal Year 2024/25 included herein as Exhibit B is amended to reclassify a 0.25 FullTime Equivalent (FTE) Management Assistant in the City Manager’s Office and a 0.75 FTE in the General Services department to 1.00 FTE in the General Services department, and a program reclassification for the DRAFT 51
Attachment 5

Assistant Engineer position to an Associate Engineer position, and the FTE split between Capital Improvement and Street Lighting will transfer from the Associate Engineer position to the Project Manager position, and is hereby approved and adopted to supersede any prior schedule of authorized positions.

SECTION 3.

The City Clerk shall certify to the passage and adoption of this resolution and enter it into the book of original resolutions.

DRAFT 52
Attachment 5

PASSED, APPROVED, AND ADOPTED this 3rd day of June, 2025.

__________________________

PAULA PEROTTE
MAYOR
ATTEST: APPROVED AS TO FORM:
_____________________________ ___________________________ DEBORAH S. LOPEZ ISAAC ROSEN

CITY CLERK ACTING CITY ATTORNEY
DRAFT 53
Attachment 5

STATE OF CALIFORNIA )
COUNTY OF SANTA BARBARA ) ss.

CITY OF GOLETA )
I, DEBORAH S. LOPEZ, City Clerk of the City of Goleta, California, DO HEREBY CERTIFY that the foregoing Resolution No. 25-___ was duly adopted by the City Council of the City of Goleta at a regular meeting held on the 3rd day of June, 2025, by the following vote of the Council:

AYES:

NOES:

ABSENT:
(SEAL)

_________________________
DEBORAH S. LOPEZ

CITY CLERK
DRAFT 54
Schedule of FY 2024/25
3rd QTR Adjustments - Revenues
Attachment 5 - Exhibit A
Program/Project
Name Fund Proj Account Code Requests Account Name
FY 2024/25
Current
Budget
FY 2024/25
Actuals
FY 2024/25
Budget
Balance
Type of
Request
FY 2024/25
Amended Budget
FY 2024/25
Adjusted
Budget Balance
Goleta Library 101 2100 101-20-2100-46003 20,000.00 Donations 80,000.00 252,577.03 (172,577.03) New 100,000.00 (152,577.03) Current Planning 101 4100 101-40-4100-42110 23,500.00 Administrative Citations 9,000.00 29,242.24 (20,242.24) Cleanup 32,500.00 3,257.76 Engineering Services 101 5200 101-50-5200-41208 116,900.00 Permits - Encroachment & Transportation 70,800.00 143,104.00 (72,304.00) Cleanup 187,700.00 44,596.00 Parks & Open Space Maintenance
101 5400 101-50-5400-45400 50,000.00 Interfund Reimbursements - 37,256.08 (37,256.08) Cleanup 50,000.00 12,743.92 Non-Departmental 101 8500 101-80-8500-40100 (202,800.00) Sales Tax 9,026,800.00 5,599,507.87 3,427,292.13 Cleanup 8,824,000.00 3,224,492.13 Non-Departmental 101 8500 101-80-8500-41201 (55,347.68) Franchise Fee - Electric 650,000.00 650,000.00 - Cleanup 594,652.32 594,652.32 Non-Departmental 101 8500 101-80-8500-41202 (59,136.67) Franchise Fee - Gas 155,500.00 155,500.00 - Cleanup 96,363.33 96,363.33 Non-Departmental 101 8500 101-80-8500-42100 11,500.00 Criminal Code Violations 10,000.00 17,163.10 (7,163.10) Cleanup 21,500.00 4,336.90 Non-Departmental 101 8500 101-80-8500-42101 14,500.00 Penalties and Costs on Delinquent Taxes 20,000.00 45,437.86 (25,437.86) Cleanup 34,500.00 (10,937.86) Non-Departmental 101 8500 101-80-8500-43101 14,200.00 Park Reservation 26,000.00 33,178.95 (7,178.95) Cleanup 40,200.00 7,021.05 Non-Departmental 101 8500 101-80-8500-44100 11,500.00 Motor Vehicle License Fees 40,000.00 51,496.88 (11,496.88) Cleanup 51,500.00 3.12 Non-Departmental 101 8500 101-80-8500-46003 48,000.00 Donations - 1,000.00 (1,000.00) New 48,000.00 47,000.00 Goleta Library ADA and Building Refresh
101 9130 101-90-9130-46003 156,709.19 Donations 250,000.00 200,000.00 50,000.00 New 406,709.19 206,709.19 Goleta Library 208 2100 208-20-2100-44702 28,861.00 County Per Capita 788,500.00 788,500.00 - Cleanup 817,361.00 817,361.00 Isla Vista Book Van 208 2110 208-20-2110-44706 12,500.00 County Additional - - Cleanup - 12,500.00 12,500.00 Buellton Library 209 2200 209-20-2200-44702 (865.00) County Per Capita 94,300.00 - 94,300.00 Cleanup 93,435.00 93,435.00 Buellton Library 209 2200 209-20-2200-44706 3,418.00 County Additional 68,359.00 - 68,359.00 Cleanup 71,777.00 71,777.00 Solvang Library 210 2300 210-20-2300-44702 (865.00) County Per Capita 94,300.00 - 94,300.00 Cleanup 93,435.00 93,435.00 Solvang Library 210 2300 210-20-2300-44706 4,579.00 County Additional 91,572.00 - 91,572.00 Cleanup 96,151.00 96,151.00 Ekwill Street & Fowler Extension 231 9002 231-90-9002-40602 (45,439.00) Developer Agreement Revenue 1,600,199.00 1,554,760.00 45,439.00 Cleanup 1,554,760.00 -Sustainability 237 4500 237-40-4500-44701 22,000.00 Grant Proceeds - Other Agencies 61,333.00 22,000.00 39,333.00 New 83,333.00 61,333.00 Solid Waste &
Environmental 311 5900 311-50-5900-44701 (30,000.00) Grant Proceeds - Other Agencies 57,007.79 - 57,007.79 Cleanup 27,007.79 27,007.79 Capital Improvement Projects - Neighborhood
418 9006 418-90-9006-44600 14,640,000.00 Grant Proceeds - Federal - - New 14,640,000.00 - 14,640,000.00 Non-Departmental 504 8500 504-80-8500-45001 55,000.00 Assessment - Senate Bill - 52,404.43 (52,404.43) Transfer 55,000.00 2,595.57Non-Departmental 609 8500 609-80-8500-46000 19,429,797.24 0-0000-000 - - New 19,429,797.24 - 19,429,797.24 Non-Departmental 610 8500 610-80-8500-46000 16,270,202.76 0-0000-000 - - New 16,270,202.76 - 16,270,202.76 Total 50,538,713.84 $
DRAFT
55 Schedule of FY 2024/25
3rd QTR Adjustments - Expenditures
Attachment 5 - Exhibit A
Program/Project
Name Fund Department Program Account Code
Appropriation/
Transfer
Requests
Account Name FY 2024/25 Current Budget FY 2024/25 Actuals FY 2024/25 Encumbrance FY 2024/25 Budget Balance Type of Request FY 2024/25 Amended Budget FY 2024/25 Adjusted Budget Balance Frequency Goleta Library 101 20 Library Services 2100 Goleta Library 101-20-2100-57040 20,000.00 Furniture & Fixtures - - - - New 20,000.00 20,000.00 One-Time Community Outreach 101 10 General Government 1500 Community Outreach 101-10-1500-51200 48,000.00 Professional Services 186,000.00 110,330.21 30,175.87 45,493.92 New 234,000.00 93,493.92 One-Time Capital Improvement Projects 101 50 Public Works 5500 Capital Improvement Projects 101-50-5500-50001 (114,993.47) Salaries & Wages - Regular & Part Time 968,400.00 475,305.49 - 493,094.51 Transfer 853,406.53 378,101.04 One-Time Debt Service 101 80 Non-Departmental 8100 Debt Service 101-80-8100-58001 114,993.47 Interest - - - - Transfer 114,993.47 114,993.47 One-Time Non-Departmental 101 80 Non-Departmental 8500 Non-Departmental 101-80-8500-54000 28,768.00 Bank Fees 35,000.00 45,183.50 - (10,183.50) Cleanup 63,768.00 18,584.50 One-Time Miscellaneous Park Improvements 101 90 Capital Improvement 9066 Miscellaneous Park Improvements 101-90-9066-57070 (1.13) Design 1.13 - - 1.13 Cleanup - - One-Time Goleta Library ADA and Building Refresh 101 90 Capital Improvement 9130 Goleta Library ADA and Building Refresh 101-90-9130-57071 156,709.19 Construction 480,000.00 - - 480,000.00 New 636,709.19 636,709.19 One-Time Capital Improvement Projects - Neighborhood Srvs 202 90 Capital Improvement 9006 Capital Improvement Projects - Neighborhood Srvs 202-90-9006-57070 55.69 Design 262,062.00 109,040.48 143,885.52 9,136.00 Cleanup 262,117.69 9,191.69 One-Time Debt Service 205 80 Non-Departmental 8100 Debt Service 205-80-8100-58001 99,735.42 Interest - - - - New 99,735.42 99,735.42 One-Time Hollister Avenue Bridge Replacement (SJC Phase II) 205 90 Capital Improvement 9033 Hollister Avenue Bridge Replacement (SJC Phase II) 205-90-9033-57071 550,000.00 Construction 220,000.00 177,876.10 758.20 41,365.70 New 770,000.00 591,365.70 One-Time Ekwill Street & Fowler Extension 207 90 Capital Improvement 9002 Ekwill Street & Fowler Extension 207-90-9002-57071 (1,000,000.00) Construction 4,207,159.00 - - 4,207,159.00 Transfer 3,207,159.00 3,207,159.00 One-Time Hollister Avenue Bridge Replacement (SJC Phase II) 207 90 Capital Improvement 9033 Hollister Avenue Bridge Replacement (SJC Phase II) 207-90-9033-57071 1,000,000.00 Construction - - - - Transfer 1,000,000.00 1,000,000.00 One-Time Solid Waste & Environmental 211 50 Public Works 5900 Environmental Services 211-50-5900-51200 (600,000.00) Professional Services 1,299,918.00 361,453.11 338,464.36 600,000.53 Cleanup 699,918.00 0.53 One-Time Solid Waste & Environmental 211 50 Public Works 5900 Environmental Services 211-50-5900-51309 (30,000.00) Contract Services - Recycling 339,700.00 - 50,690.99 289,009.01 Cleanup 309,700.00 259,009.01 One-Time Solid Waste & Environmental 311 50 Public Works 5900 Environmental Services 311-50-5900-51200 (20,000.00) Professional Services 41,997.50 - - 41,997.50 Cleanup 21,997.50 21,997.50 One-Time Solid Waste & Environmental 311 50 Public Works 5900 Environmental Services 311-50-5900-54010 (10,000.00) Administrative Charges 15,447.79 516.15 - 14,931.64 Cleanup 5,447.79 4,931.64 One-Time Solid Waste & Environmental 211 50 Public Works 5900 Environmental Services 211-50-5900-51304 (5,000.00) Contract Services - Stormwater 25,000.00 11,542.50 3,240.00 10,217.50 Cleanup 20,000.00 5,217.50 One-Time Solid Waste & Environmental 211 50 Public Works 5900 Environmental Services 211-50-5900-54010 (2,600.00) Administrative Charges 200.00 - - 200.00 Cleanup (2,400.00) (2,400.00) One-Time Solid Waste & Environmental 211 50 Public Works 5900 Environmental Services 211-50-5900-51012 (10,000.00) Advertising 12,500.00 - - 12,500.00 Cleanup 2,500.00 2,500.00 One-Time Solid Waste & Environmental 211 50 Public Works 5900 Environmental Services 211-50-5900-51068 (5,000.00) Maintenance-Software License & Subscriptions 8,300.00 - - 8,300.00 Cleanup 3,300.00 3,300.00 One-Time Solid Waste & Environmental 211 50 Public Works 5900 Environmental Services 211-50-5900-54014 (200.00) Other Charges 2,600.00 - - 2,600.00 Cleanup 2,400.00 2,400.00 One-Time Solid Waste & Environmental 211 50 Public Works 5900 Environmental Services 211-50-5900-51011 (20,000.00) Postage 27,200.00 - - 27,200.00 Cleanup 7,200.00 7,200.00 One-Time Police Services 212 70 Police Services 7100 Police Services 212-70-7100-51305 11,747.71 Contract Services - Law Enforcement - 11,747.71 - (11,747.71) Cleanup 11,747.71 - One-Time Miscellaneous Park Improvements 221 90 Capital Improvement 9066 Miscellaneous Park Improvements 221-90-9066-57071 (22,287.53) Construction 22,287.53 - - 22,287.53 Transfer - - One-Time Winchester II Park 221 90 Capital Improvement 9108 Winchester II Park 221-90-9108-57071 22,287.53 Construction 59,641.35 - - 59,641.35 Transfer 81,928.88 81,928.88 One-Time Ekwill Street & Fowler Extension 231 90 Capital Improvement 9002 Ekwill Street & Fowler Extension 231-90-9002-57071 (45,439.00) Construction 1,600,199.00 - - 1,600,199.00 Cleanup 1,554,760.00 1,554,760.00 One-Time Sustainability 237
40 Planning,
Environmental &
Review
4500 Sustainability 237-40-4500-57010 22,000.00 Machinery & Equipment 554.95 - - 554.95 New 22,554.95 22,554.95 One-Time Capital Improvement Projects - Neighborhood Srvs 418 90 Capital Improvement 9006 Capital Improvement Projects - Neighborhood Srvs 418-90-9006-57071 14,640,000.00 Construction - - - - New 14,640,000.00 14,640,000.00 One-Time Non-Departmental 504 80 Non-Departmental 8500 Non-Departmental 504-80-8500-54010 1,000.00 Administrative Charges - - - - Transfer 1,000.00 1,000.00 One-Time Total $ 14,829,775.88
DRAFT
56 Attachment 5 - Exhibit B
FY 2024/25
Adopted
March 4, 2025
Program
Reallocation Reclass
Additions/
Deletions
FY 2024/25
Proposed
June 3, 2025
General Government 18.000 18.000
City Manager 5.000 5.000
Assistant City Manager 1.000 1.000
Assistant to the City Manager 1.000 1.000
City Manager 1.000 1.000
Executive Assistant 1.000 1.000
Management Analyst 1.000 1.000
City Clerk 5.000 5.000
City Clerk 1.000 1.000
Deputy City Clerk 2.000 2.000
Office Specialist 1.000 1.000
Public Records Specialist 1.000 1.000
City Attorney 1.000 1.000
Assistant City Attorney 1.000 1.000
Community Relations 3.000 3.000
Community Relations Manager 1.000 1.000
Management Assistant 2.000 2.000
Human Resources/Risk Management 4.000 4.000
Human Resources Analyst 1.000 1.000
Human Resources Analyst/DEI Officer 1.000 1.000
Human Resources Technician 1.000 1.000
Human Resources/Risk Manager 1.000 1.000
General Services 7.000 7.000
General Services Administration 4.000 4.000
General Services Director 1.000 1.000
Management Assistant 1.000 1.000
Project Manager 1.000 1.000
Senior Management Analyst 1.000 1.000
City Facilities and Fleet Management 2.000 2.000
Facilities and Fleet Coordinator 1.000 1.000
Facilities Maintenance Technician 1.000 1.000
Information and Communications 1.000 1.000
Management Analyst 1.000 1.000
Finance 12.000 12.000
Finance Administration 12.000 12.000
Accountant 2.000 2.000
Accounting Manager 1.000 1.000
Accounting Specialist 4.000 4.000
Accounting Supervisor 1.000 1.000
Budget Analyst 1.000 1.000
Finance Director 1.000 1.000
Management Assistant 1.000 1.000
Senior Office Specialist 1.000 1.000
Department/Program/Positions
Note: FTE counts summarized by majority time spent.

See below for detailed allocation

SCHEDULE OF AUTHORIZED POSITIONS
FISCAL YEAR 2024/25
DRAFT 57
Attachment 5 - Exhibit B
FY 2024/25
Adopted
March 4, 2025
Program
Reallocation Reclass
Additions/
Deletions
FY 2024/25
Proposed
June 3, 2025
Department/Program/Positions
Note: FTE counts summarized by majority time spent.

See below for detailed allocation

SCHEDULE OF AUTHORIZED POSITIONS
FISCAL YEAR 2024/25
Planning Environmental Review 20.500 20.500
Current Planning 10.500 10.500
Associate Planner 3.000 3.000
Code Compliance Officer 2.000 2.000
Office Specialist 0.500 0.500
Planning Manager 1.000 1.000
Senior Planner 1.000 1.000
Supervising Senior Planner 2.000 2.000
Planning Technician 1.000 1.000
Advance Planning 4.000 4.000
Assistant Planner 1.000 1.000
Planning Manager 1.000 1.000
Senior Planner 1.000 1.000
Supervising Senior Planner 1.000 1.000
PER Commissions 1.000 1.000
Planning Commission Clerk 1.000 1.000
Sustainability Program 2.000 2.000
Management Analyst 1.000 1.000
Sustainability Manager 1.000 1.000
Housing Program 1.000 1.000
Senior Housing Analyst 1.000 1.000
Planning Administration 2.000 2.000
Management Assistant 1.000 1.000
Planning and Environmental Review Director 1.000 1.000
DRAFT 58
Attachment 5 - Exhibit B
FY 2024/25
Adopted
March 4, 2025
Program
Reallocation Reclass
Additions/
Deletions
FY 2024/25
Proposed
June 3, 2025
Department/Program/Positions
Note: FTE counts summarized by majority time spent.

See below for detailed allocation

SCHEDULE OF AUTHORIZED POSITIONS
FISCAL YEAR 2024/25
Public Works 39.000 0.000 39.000
Public Works Administration 5.000 5.000
Assistant Public Works Director 1.000 1.000
Management Analyst 1.000 1.000
Management Assistant 1.000 1.000
Public Works Business and Administration Manager 1.000 1.000 Public Works Director 1.000 1.000
Parks and Open Spaces 9.000 9.000
Administrative Assistant 1.000 1.000
Maintenance Worker I 2.000 2.000
Maintenance Worker II 2.000 2.000
Management Analyst 1.000 1.000
Parks and Open Spaces Manager 1.000 1.000
Public Works Supervisor 1.000 1.000
Lead Maintenance Worker 1.000 1.000
Capital Improvement 7.000 0.000 7.000
Assistant Engineer 1.000 -1.000 0.000
Principal Civil Engineer / Engineering Manager 2.000 2.000 Project Manager 2.000 2.000
Senior Office Specialist 1.000 1.000
Senior Project Engineer 1.000 1.000
Associate Engineer - 1.000 1.000
Street Maintenance 8.000 8.000
Administrative Assistant 1.000 1.000
Maintenance Worker I 1.000 1.000
Maintenance Worker II 3.000 3.000
Public Works Supervisor 1.000 1.000
Street Maintenance Manager 1.000 1.000
Lead Maintenance Worker 1.000 1.000
Environmental Services 4.000 4.000
Administrative Assistant 1.000 1.000
Environmental Services Manager 1.000 1.000
Environmental Services Specialist 1.000 1.000
Project Manager 1.000 1.000
Transportation and Development Engineering 6.000 6.000
Principal Civil Engineer / Engineering Manager 1.000 1.000 Project Manager 1.000 1.000
Public Works Inspector 1.000 1.000
Senior Engineer 1.000 1.000
Senior Engineering Technician 1.000 1.000
Associate Engineer
DRAFT

1.000 1.000
59 Attachment 5 - Exhibit B
FY 2024/25
Adopted
March 4, 2025
Program
Reallocation Reclass
Additions/
Deletions
FY 2024/25
Proposed
June 3, 2025
Department/Program/Positions
Note: FTE counts summarized by majority time spent.

See below for detailed allocation

SCHEDULE OF AUTHORIZED POSITIONS
FISCAL YEAR 2024/25
Neighborhood Services 28.125 28.125
Neighborhood Services Administration 4.500 4.500
Emergency Services Coordinator 1.000 1.000
Management Assistant 1.000 1.000
Neighborhood Services Director 1.000 1.000
Senior Management Analyst 1.000 1.000
Program Technician 0.500 0.500
Homelessness 1.000 1.000
Homelessness Services Coordinator 1.000 1.000
Parks and Recreation 2.000 2.000
Parks and Recreation Manager 1.000 1.000
Recreation Supervisor 1.000 1.000
Community Center 3.500 3.500
Administrative Assistant 1.000 1.000
Maintenance Worker I 1.000 1.000
Recreation Supervisor 1.000 1.000
Program Technician 0.500 0.500
Library - Goleta 12.125 12.125
City Librarian (Library Director) 1.000 1.000
Librarian II/Children's Librarian 1.000 1.000
Library Assistant 5.250 5.250
Library Technician 2.875 2.875
Management Assistant 1.000 1.000
Supervising Librarian 1.000 1.000
Library - Buellton 2.500 2.500
Library Assistant 0.750 0.750
Library Technician 0.750 0.750
Supervising Library Technician 1.000 1.000
Library - Solvang 2.500 2.500
Library Technician 1.500 1.500
Supervising Library Technician 1.000 1.000
Grand Total 124.625 0.000 124.625
DRAFT 60
Attachment 5 - Exhibit B
FY 2024/25
Adopted
March 4, 2025
Program
Reallocation Reclass
Additions/
Deletions
FY 2024/25
Proposed
June 3, 2025
General Government 18.250 -0.250 18.000
City Manager 5.250 -0.250 5.000
Assistant City Manager 1.000 1.000
Assistant to the City Manager 1.000 1.000
City Manager 1.000 1.000
Executive Assistant 1.000 1.000
Management Analyst 1.000 1.000
Management Assistant 0.250 -0.250 0.000
City Attorney 1.000 1.000
Assistant City Attorney 1.000 1.000
Human Resources Technician 0.000 0.000
City Clerk 5.000 5.000
City Clerk 1.000 1.000
Deputy City Clerk 2.000 2.000
Office Specialist 1.000 1.000
Public Records Specialist 1.000 1.000
Community Relations 3.000 3.000
Community Relations Manager 1.000 1.000
Management Assistant 2.000 2.000
Human Resources/Risk Management 4.000 4.000
Human Resources Analyst 1.000 1.000
Human Resources Analyst/DEI Officer 1.000 1.000
Human Resources Technician 1.000 1.000
Human Resources/Risk Manager 1.000 1.000
General Services 6.750 0.250 7.000
General Services Administration 3.750 0.250 4.000
General Services Director 1.000 1.000
Management Analyst 0.500 0.500
Management Assistant 0.750 0.250 1.000
Project Manager 0.500 0.500
Senior Management Analyst 1.000 1.000
City Facilities 2.250 2.250
Facilities and Fleet Coordinator 0.750 0.750
Facilities Maintenance Technician 1.000 1.000
Project Manager 0.500 0.500
Information and Communications 0.500 0.500
Management Analyst 0.500 0.500
Fleet Management 0.250 0.250
Facilities and Fleet Coordinator 0.250 0.250
Finance 12.000 12.000
Finance Administration 12.000 12.000
Accountant 2.000 2.000
Accounting Manager 1.000 1.000
Accounting Specialist 4.000 4.000
Accounting Supervisor 1.000 1.000
Budget Analyst 1.000 1.000
Finance Director 1.000 1.000
Management Assistant 1.000 1.000
Senior Office Specialist 1.000 1.000

SCHEDULE OF AUTHORIZED POSITIONS
FISCAL YEAR 2024/25
Department/Program/Positions
(Note: FTE counts summarized by budgeted time spent.

DRAFT 61
Attachment 5 - Exhibit B
FY 2024/25
Adopted
March 4, 2025
Program
Reallocation Reclass
Additions/
Deletions
FY 2024/25
Proposed
June 3, 2025

SCHEDULE OF AUTHORIZED POSITIONS
FISCAL YEAR 2024/25
Department/Program/Positions
(Note: FTE counts summarized by budgeted time spent.

Planning Environmental Review 20.500 20.500
Current Planning 10.500 10.500
Associate Planner 3.000 3.000
Code Compliance Officer 2.000 2.000
Office Specialist 0.500 0.500
Planning Manager 1.000 1.000
Senior Planner 1.000 1.000
Supervising Planner 2.000 2.000
Planning Technician 1.000 1.000
Advance Planning 4.000 4.000
Assistant Planner 1.000 1.000
Planning Manager 1.000 1.000
Senior Planner 1.000 1.000
Supervising Senior Planner 1.000 1.000
PER Commissions 1.000 1.000
Planning Commission Clerk 1.000 1.000
Sustainability Program 2.000 2.000
Management Analyst 1.000 1.000
Sustainability Manager 1.000 1.000
Housing Program 1.000 1.000
Senior Housing Analyst 1.000 1.000
Planning Administration 2.000 2.000
Management Assistant 1.000 1.000
Planning and Environmental Review Director 1.000 1.000
DRAFT 62
Attachment 5 - Exhibit B
FY 2024/25
Adopted
March 4, 2025
Program
Reallocation Reclass
Additions/
Deletions
FY 2024/25
Proposed
June 3, 2025

SCHEDULE OF AUTHORIZED POSITIONS
FISCAL YEAR 2024/25
Department/Program/Positions
(Note: FTE counts summarized by budgeted time spent.

Public Works 39.000 0.000 39.000
Public Works Administration 5.000 5.000
Assistant Public Works Director 1.000 1.000
Management Analyst 1.000 1.000
Management Assistant 1.000 1.000
Public Works Business and Administration Manager 1.000 1.000 Public Works Director 1.000 1.000
Parks and Open Spaces 9.000 9.000
Administrative Assistant 1.000 1.000
Maintenance Worker I 2.000 2.000
Maintenance Worker II 2.000 2.000
Management Analyst 1.000 1.000
Parks and Open Spaces Manager 1.000 1.000
Public Works Supervisor 1.000 1.000
Lead Maintenance Worker 1.000 1.000
Capital Improvement 6.750 0.000 6.750
Assistant Engineer 0.750 -0.750 0.000
Principal Civil Engineer / Engineering Manager 2.000 2.000 Project Manager 2.000 -0.250 1.750
Senior Office Specialist 1.000 1.000
Senior Project Engineer 1.000 1.000
Associate Engineer 0.000 1.000 1.000
Street Lighting 0.250 0.000 0.250
Assistant Engineer 0.250 -0.250 0.000
Project Manager 0.000 0.250 0.250
Street Maintenance 8.000 8.000
Administrative Assistant 1.000 1.000
Maintenance Worker I 1.000 1.000
Maintenance Worker II 3.000 3.000
Public Works Supervisor 1.000 1.000
Street Maintenance Manager 1.000 1.000
Lead Maintenance Worker 1.000 1.000
Environmental Services 4.000 4.000
Administrative Assistant 1.000 1.000
Environmental Services Manager 1.000 1.000
Environmental Services Specialist 1.000 1.000
Project Manager 1.000 1.000
Transportation and Development Engineering 6.000 6.000
Assistant Engineer 1.000 1.000
Principal Civil Engineer / Engineering Manager 1.000 1.000 Project Manager 1.000 1.000
Public Works Inspector 1.000 1.000
Senior Engineer 1.000 1.000
Senior Engineering Technician 1.000 1.000
DRAFT 63
Attachment 5 - Exhibit B
FY 2024/25
Adopted
March 4, 2025
Program
Reallocation Reclass
Additions/
Deletions
FY 2024/25
Proposed
June 3, 2025

SCHEDULE OF AUTHORIZED POSITIONS
FISCAL YEAR 2024/25
Department/Program/Positions
(Note: FTE counts summarized by budgeted time spent.

Neighborhood Services 28.125 28.125
Neighborhood Services Administration 4.100 4.100
Management Assistant 0.800 0.800
Neighborhood Services Director 0.900 0.900
Senior Management Analyst 0.900 0.900
Emergency Services Coordinator 1.000 1.000
Program Technician 0.500 0.500
Homelessness 1.000 1.000
Homelessness Services Coordinator 1.000 1.000
Parks and Recreation 2.400 2.400
Management Assistant 0.200 0.200
Neighborhood Services Director 0.100 0.100
Parks and Recreation Manager 1.000 1.000
Recreation Supervisor 1.000 1.000
Senior Management Analyst 0.100 0.100
Community Center 3.500 3.500
Administrative Assistant 1.000 1.000
Maintenance Worker I 1.000 1.000
Recreation Supervisor 1.000 1.000
Program Technician 0.500 0.500
Library - Goleta 12.125 12.125
City Librarian (Library Director) 1.000 1.000
Librarian II/Children's Librarian 1.000 1.000
Library Assistant 5.250 5.250
Library Technician 2.875 2.875
Management Assistant 1.000 1.000
Supervising Librarian 1.000 1.000
Library - Buellton 2.500 2.500
Library Assistant 0.750 0.750
Library Technician 0.750 0.750
Supervising Library Technician 1.000 1.000
Library - Solvang 2.500 2.500
Library Technician 1.500 1.500
Supervising Library Technician 1.000 1.000
Grand Total 124.625 0.000 0.000 124.625
DRAFT 64
ATTACHMENT 6:

Fiscal Year 2024/25 Third Quarter
Financial Review Presentation
DRAFT 65
Fiscal Year 2024/25
Third Quarter
Financial Review
Finance and Audit Standing
Committee Meeting
May 28, 2025
Presentation by:

Luke Rioux, Finance Director
66 General Fund Budget Summary
May 28, 2025 City of Goleta – FY 2024/25 Third Quarter Financial Review 2  FY 2024/25 Adopted Budget at $51.4 Million
 FY 2024/25 Current Budget at $74.9 Million
 Includes FY 2023/24 final carryover of $19.6 million
 New appropriations since July 1, approximately $4 million  Recommending revenue adjustments of $149,525
 Recommending expenditure adjustments of $253,476
Category
2023/24
Actuals
2024/25
Adopted Budget
2024/25
Current Budget
Recommended
Amendments
2024/25
Amended Budget
Revenues and Other Sources $ 45,613,120 $ 49,924,350 $ 51,098,433 $ 149,525 $ 51,247,958 Operating Expenditures $ 38,289,351 $ 49,439,240 $ 57,439,034 $ 96,768 $ 57,535,802 Capital Expenditures $ 2,077,239 $ 2,001,900 $ 17,504,120 $ 156,708 $ 17,660,828 Total Expenditures $ 40,366,590 $ 51,441,140 $ 74,943,154 $ 253,476 $ 75,196,630 Net Change to Fund Balance $ 5,246,530 $ (1,516,790) $ (23,844,721) $ (103,951) $ (23,948,672) Beginning Fund Balance $ 39,483,690 $ 44,615,788 $ 44,615,788 $ - $ 44,615,788 Ending Fund Balance $ 44,730,221 $ 43,098,998 $ 20,771,067 $ (103,951) $ 20,667,116 67 General Fund Budget Summary
May 28, 2025 City of Goleta – FY 2024/25 Third Quarter Financial Review 3  Recommending revenue adjustments of $149,525
 Recommending expenditure adjustments of $253,476
 General Services department:
 Recommending a program reclassification for the Management Assistant position  0.25 Full-Time Equivalent (FTE) from City Manager’s Office to 1 FTE in General Services Department  Public Works department:
 Recommending a program reclassification for the Assistant Engineer position to an Associate Engineer position effective April 21, 2025.
 Change the 0.25 FTE program 5500 Capital Improvement and 0.75 FTE program 5200 Street Lighting split from the Associate Engineer position to the Project Manager position.  Cleanup to Schedule of Authorized Positions and updated Salary Schedule 68 Summary of Revenue Adjustments
May 28, 2025 City of Goleta – FY 2024/25 Third Quarter Financial Review 4 (1)
Property Taxes $ 9,793,500 $ - $ 9,793,500 $ 5,314,128 54% $ - $ 9,793,500 Sales Taxes 9,026,800 - 9,026,800 5,599,508 62% (202,800) 8,824,000 Transaction and Use Tax 11,000,000 - 11,000,000 7,080,363 64% - 11,000,000 Transient Occupancy Tax (1) 13,800,000 - 13,800,000 9,068,125 66% - 13,800,000 Cannabis Tax 630,000 - 630,000 400,341 64% - 630,000
Franchise Fee 1,681,050 - 1,681,050 559,775 33% (114,484) 1,566,566 License & Service Charges 2,279,000 954,100 3,233,100 1,991,083 62% 116,900 3,350,000 Fines & Penalties 166,500 - 166,500 168,828 101% 49,500 216,000 Interest & Rent Income 1,030,000 - 1,030,000 1,278,308 124% 14,200 1,044,200 Reimbursements 342,900 - 342,900 328,038 96% 50,000 392,900 Other Revenues 120,500 250,000 370,500 648,532 175% 236,209 606,709 Other Sources 54,100 (30,017) 24,083 7,075 29% - 24,083 Total Revenues $ 49,924,350 $ 1,174,083 $ 51,098,433 $ 32,444,103 63% $ 149,525 $ 51,247,958 General Fund Statement of Revenue and Expenditures
City of Goleta
Amended Budget Recommended
Revisions Original Budget Prior Revisions Current Budget 3/31/2025Actuals % of Budget Budget to Actual Comparison
For the Quarter Ended March 31, 2025
Revenues
69 Summary of Expenditure Adjustments
May 28, 2025 City of Goleta – FY 2024/25 Third Quarter Financial Review 5 General Government $ 7,124,940 $ 123,855 $ 7,248,795 $ 5,042,453 70% $ 48,000 $ 7,296,795 General Services 3,925,900 779,098 4,704,998 2,503,271 53% - 4,704,998 Library 679,400 591,308 1,270,708 410,184 32% 20,000 1,290,708 Finance 2,069,000 - 2,069,000 1,397,491 68% - 2,069,000 Planning & Env. Review 5,570,500 883,730 6,454,230 3,440,959 53% - 6,454,230 Public Works 14,281,100 5,598,445 19,879,545 7,505,993 38% (114,993) 19,764,552 Neighborhood Services 3,345,400 23,358 3,368,758 1,709,736 51% - 3,368,758 Public Safety 11,548,800 - 11,548,800 7,798,736 68% - 11,548,800 Non-Departmental 894,200 - 894,200 62,371 7% 143,761 1,037,961 Capital Improvement Projects 2,001,900 15,502,220 17,504,120 1,257,781 7% 156,708 17,660,828 Total Expenditures $ 51,441,140 $ 23,502,014 $ 74,943,154 $ 31,128,976 42% $ 253,476 $ 75,196,630 General Fund Statement of Revenue and Expenditures
City of Goleta
Budget to Actual Comparison
For the Quarter Ended March 31, 2025
Expenditures Original Budget Prior Revisions Current Budget % of Budget Amended Budget 3/31/2025 Actuals
Recommended
Revisions
70 Personnel Updates
May 28, 2025 City of Goleta – FY 2024/25 Third Quarter Financial Review 6 Department Program Title FTE
Change
Net Change
Annualized
Cost
General
Government
City Manager’s Office Program reclassification for the
Management Assistant position
-0.25 $0
General Services Administration Program reclassification for the Management Assistant position

0.25 $0
Public Works Capital Improvement Reclassification of the Assistant Engineer position to an Associate Engineer position

0.0 $19,500
Public Works Capital Improvement Program reclassification for the Project Manager position/Associate Engineer
position
-0.25/0.25 $0
Public Works Street Lighting Program reclassification for the Project Manager position/Associate Engineer
position

0.25/-0.25 $0
Total 0.0 $19,500
71 Fund Balance and Reserves
May 28, 2025 City of Goleta – FY 2024/25 Third Quarter Financial Review 7 72 Capital Improvement Program (CIP) and
Other Special Revenue Funds
May 28, 2025 City of Goleta – FY 2024/25 Third Quarter Financial Review 8  Special revenue funds evaluated and provided in summary (Attachment 3)  CIP Summary by project reviewed for adequate funds (Attachment 4)  CIP budget balances for all funds have been reviewed for carryovers and posted  Various recommended adjustments to special revenue funds, details can be seen in Attachment 5 – Exhibit A.
73 Looking Ahead
May 28, 2025 City of Goleta – FY 2024/25 Third Quarter Financial Review 9 Date Description
June 3, 2025
Council Meeting
FY 2024/25 Third Quarter Financial Review
June 17, 2025
Council Meeting
FY 2025/26 & FY 2026/27 Budget Adoption
September 16, 2025
Council Meeting
FY 2024/25 Fourth Quarter Financial Review
74 ITEM III:

Monthly Investment Transaction
Report (March) Quarterly Review
(Draft)
75 This page is intentionally left blank
76 Agenda Item x.X

CPMS CONSENT CALENDAR
Meeting Date: June 3, 2025
TO: Mayor and Councilmembers
SUBMITTED BY: Luke Rioux, Finance Director
PREPARED BY: Ryan Schwarz, Accountant
SUBJECT: Acceptance of the March 2025 Investment Transaction Report RECOMMENDATION:

Accept the investment transaction report for the month of March 2025.

BACKGROUND:

Transmitted herewith is the investment transaction report for the month of March 2025.

The City Treasurer continues to monitor idle cash balances with the help of the accountants in the Finance Department, transferring cash between the checking and money market accounts daily, or as needed to maximize interest earnings. On a quarterly basis, staff submits a comprehensive report on the City’s portfolio and related activity pursuant to the City’s Investment Policy.

DISCUSSION:

Investment Transaction Report
As of March 31, 2025, the City‘s investment portfolio totaled $71,494,500.56. The City’s weighted average yield in March was 4.365%.

Attachment 1 contains the Investment Transaction Report, which includes the Investment Activity and Interest Report, Summary of Cash and Investments, and Investment Portfolio detail as of March 31, 2025.

Benchmark Comparisons
Figure 1 shows a 2-year interest rate trend chart which compares the City’s portfolio yield by quarter, compared to its benchmarks, the Local Agency Investment Fund (LAIF), and the 1- and 2-Year US Treasury Notes. These benchmarks serve as indicators of the City’s DRAFT 77
Meeting Date: June 3, 2025

performance. Trends over time that substantially deviate from these benchmarks would warrant further analysis and review.

As of March 31, 2025, LAIF’s apportionment rate was at 4.48%, 1 Year US Treasury yield was at 4.03% and the 2 Year US Treasury yield was at 3.89%, compared to the City’s portfolio yield at 4.36%. By the end of the quarter Treasury yields were slightly higher across the maturity terms of the yield curve. Since the prior quarter, the 1 Year US Treasury yield has decreased from 4.16% to 4.03%, decreasing by 13 basis points. The 2 Year US Treasury yield has decreased from 4.25% to 3.89%, decreasing by 36 basis points. The LAIF daily rate is trending above 4.31% at the time of preparing this report.

In the current interest rate environment, the City’s interest earnings are forecasted to gradually decrease. Short-term and liquid investments like local government investment pools and money market funds tend to follow the Federal Funds Rate very closely. On May 7th the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged between 4.25% and 4.50%. The next FOMC meeting will be on June 17th – June 18th, 2025.

The pooled cash report is included as Attachment 2. Balance Sheets for the General Fund and all Special Funds are included as well, as Attachment 3.

DRAFT 78
Meeting Date: June 3, 2025

FINANCE COMMITTEE REVIEW:

The Finance Committee met to review the March 2025 Investment Transaction Report on May 28, 2025.

FISCAL IMPACTS:

As of March 31, 2025, the investment portfolio is in compliance with all State laws and the City’s Investment Policy. There are sufficient funds available to meet the City’s expenditure requirements for the next six months.

APPROVED BY: Robert Nisbet, City Manager
ATTACHMENTS:

1. Investment Transaction Report – March 2025

2. Pooled Cash Report for the Period Ending March 31, 2025

3. Balance Sheets (Unaudited) for the Quarter Ending March 31, 2025 DRAFT 79
ATTACHMENT 1:

Investment Transaction Report – March 2025
DRAFT 80
Attachment 1

INVESTMENT ACTIVITY INVESTMENT INCOME

PURCHASES OR DEPOSITS POOLED INVESTMENTS
3/25/2025 MORGAN STANLEY BANK NA $ 244,000.00 Interest Earned on Investments 55,205.12 $ 3/27/2025 GOLDMAN SACHS BANK 245,000.00 Total
3/31/2025 BNY MELLON NA 245,000.00
3/31/2025 TRUSTON TRUST CO 249,000.00
Total $ 983,000.00

SALES, MATURITIES, CALLS OR WITHDRAWALS
3/25/2025 ENCORE BANK LITTLE ROCK ARK $ 249,000.00
3/27/2025 POPPY BANK SANTA ROSA $ 249,000.00
3/31/2025 AMERICAN EXPRESS NATL BANK $ 248,000.00
3/31/2025 PACIFIC ENTERPRISE BANK $ 249,000.00
Total $ 995,000.00
ACTIVITY TOTAL $ 1,978,000.00
INCOME TOTAL $ 55,205.12
City of Goleta
Investment Activity and Interest Report
Investment Transaction Report - March 2025
DRAFT 81
Attachment 1
ENDING BALANCE AS OF FEBRUARY 28, 2025
Account Description
Book
Value
Market
Value
Percent of
Portfolio
Weighted Yield to
Maturity
Average
Days to
Maturity
Checking Accounts $ 4,563,906.31 $ 4,563,906.31 6.644% 0.000% 1 Money Market Accounts 7,986,413.36 7,986,413.36 11.627% 4.620% 1 Local Agency Investment Funds 45,384,386.65 45,367,230.67 66.070% 4.620% 1 Certificates of Deposit 5,175,000.00 5,131,779.77 7.534% 3.114% 1735 United States Treasury Bill 5,581,575.43 5,573,375.50 8.126% 4.250% 168 POOLED INVESTMENTS SUBTOTAL $ 68,691,281.75 $ 68,622,705.61 100.000% 4.170% 145.204 Held by Fiscal Agent (US Bank - PARS) $ 503,500.00 $ 567,347.93 1 Held by Fiscal Agent (BNY Mellon) 899.57 899.57 1
HELD BY FISCAL AGENT SUBTOTAL $ 504,399.57 $ 568,247.50 Totals $ 69,195,681.32 $ 69,190,953.11
Total Cash and Investments $ 69,195,681.32
NET CASH AND INVESTMENT ACTIVITY FOR MARCH 2025
$ 2,298,819.24
ENDING BALANCE AS OF MARCH 31, 2025
Account Description
Book
Value
Market
Value
Percent of
Portfolio
Weighted Yield to
Maturity
Average
Days to
Maturity
Checking Accounts $ 1,985,998.45 $ 1,985,998.45 2.798% 0.000% 1 Money Market Accounts (1)
12,875,140.46 12,875,140.46 18.137% 4.480% 1
Local Agency Investment Funds (2)
45,384,386.65 45,422,926.66 63.931% 4.620% 1
Certificates of Deposit 5,163,000.00 5,135,894.62 7.273% 3.638% 1738 United States Treasury Bill 5,581,575.43 5,581,950.00 7.862% 4.250% 1315 POOLED INVESTMENTS SUBTOTAL $ 70,990,100.99 $ 71,001,910.19 100.000% 4.365% 230.614 Held by Fiscal Agent (US Bank - PARS) $ 503,500.00 $ 554,493.75 1 Held by Fiscal Agent (BNY Mellon) 899.57 899.57 1
HELD BY FISCAL AGENT SUBTOTAL $ 504,399.57 $ 555,393.32 Totals $ 71,494,500.56 $ 71,557,303.51
Total Cash and Investments $ 71,494,500.56
Notes:
(1)
(2)
City of Goleta
Community West Bank serves as the City's primary banking institution. Interest earnings are guaranteed at a minimum rate 0.7098% per banking agreement for the money market account. The rate may be adjusted to match the higher of the Pooled Money Investment Account (PMIA) or quarterly Local Agency Investment Fund (LAIF) apportionment rate. All deposits held are required to be fully collateralized by State law. The City has a written collateralization agreement with Community West Bank to ensure the safety of public funds and utilizes an irrevocable letter of credit through the Federal Home Loan Bank of San Francisco.

For reporting purposes the LAIF yield displayed is the apportionment rate available at the time of preparing this report. The apportionment rate is the actual interest earned from LAIF and is based on the prior three-month average of the PMIA effective yield, net of administrative costs. As of FY 17/18 the quarterly apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment loan pursuant to Government Code 20825 (c)(1) and in FY 18/19 interest earned on Wildfire Fund loan pursuant to Public Utility Code 3288 (a), which are not reflected in the PMIA monthly effective yield, due to the structure of the loan.

Summary of Cash and Investments
Investment Transaction Report - March 2025
DRAFT 82
Attachment 1
PURCHASE MATURITY DAYS TO STATED YIELD AT FACE BOOK MARKET** DATE DATE MATURITY RATE 365 VALUE VALUE VALUE

CHECKING ACCOUNTS
COMMUNITY WEST BANK GENERAL CHKING ACCT - - 1 0 0.000% 1,293,141.36 1,293,141.36 1,293,141.36 COMMUNITY WEST BANK GENERAL REV ACCT 1 0 0.000% 492,589.27 492,589.27 492,589.27 COMMUNITY WEST BANK PAYROLL CHKING ACCT 1 0 0.000% 89.06 89.06 89.06 PERSHING - SAFE KEEPING ACCT 0 0.000% 200,178.76 200,178.76 200,178.76 Subtotal, Checking Accounts 1 0.000% 0.000% $ 1,985,998.45 $ 1,985,998.45 $ 1,985,998.45

MONEY MARKET ACCOUNTS
COMMUNITY WEST BANK MMA - - 1 4.480% 4.4800% 12,875,140.46 12,875,140.46 12,875,140.46 Subtotal, MMA Account 1 4.480% 4.4800% $ 12,875,140.46 $ 12,875,140.46 $ 12,875,140.46

LOCAL AGENCY INVESTMENT FUND
LOCAL AGENCY INVESTMENT FUND - - 1 4.620% 4.620% 45,384,386.65 45,384,386.65 45,422,926.66 Subtotal, LAIF 1 4.620% 4.620% $ 45,384,386.65 $ 45,384,386.65 $ 45,422,926.66

CERTIFICATES OF DEPOSIT
STATE BK INDIA NEW YORK NY CTF DEP 4/29/2020 4/29/2025 1,826 1.600% 1.600% 248,000.00 248,000.00 247,442.00 856285TF8 ALLY BK SANDY UTAH CRF ACT/365 6/2/2022 6/2/2027 1,826 3.100% 3.100% 249,000.00 249,000.00 246,176.34 02007GSH7 TOYOTA FINANCIAL SAVINGS BANK HEND NV 10/14/2021 10/14/2026 1,826 1.050% 1.050% 247,000.00 247,000.00 235,929.46 89235MLU3 UBS BANK USA SALT LAKE CITY UT 10/27/2021 10/27/2026 1,826 1.050% 1.050% 249,000.00 249,000.00 237,503.67 90348JV56 DISCOVER BK GREENWOOD DEL 6/1/2022 6/1/2027 1,826 3.200% 3.200% 245,000.00 245,000.00 240,474.85 254673F76 FIRST TECHNOLOGY FED CREDIT UNION #19976 8/5/2022 8/5/2027 1,826 3.650% 3.650% 247,000.00 247,000.00 244,525.06 33715LEB2 DORT FINANCIAL CREDIT UNION 6/20/2023 6/20/2028 1,827 4.500% 4.500% 247,000.00 247,000.00 249,842.97 25844MBB3 COVANTAGE CREDIT UNION 8/6/2024 8/7/2028 1,462 4.200% 4.200% 247,000.00 247,000.00 247,691.60 22282XAD2 CUSTOMERS BANK 8/8/2024 8/8/2028 1,461 4.150% 4.150% 244,000.00 244,000.00 244,190.32 23204HPW2 MERRICK BANK SOUTH JORDAN 9/12/2024 8/11/2028 1,429 4.000% 4.000% 247,000.00 247,000.00 246,066.34 59013KG59 SNB BANK NATIONAL ASSOCIATION 8/14/2024 8/14/2028 1,461 4.100% 4.100% 226,000.00 226,000.00 225,832.76 78470MBS6 BAXTER CREDIT UNION VERNON HILLS 8/22/2023 8/22/2028 1,827 5.000% 5.000% 248,000.00 248,000.00 254,083.44 07181JBB9 FIRST NATIONAL BANK 8/30/2024 8/30/2028 1,461 3.800% 3.800% 249,000.00 249,000.00 246,487.59 32110YP74 CARTER FEDERAL CREDIT UNION 8/7/2024 8/7/2029 1,826 4.250% 4.250% 247,000.00 247,000.00 248,247.35 14622LAS1 ALTAONE FEDERAL CREDIT UNION 8/15/2024 8/15/2029 1,826 4.250% 4.250% 247,000.00 247,000.00 248,264.64 02157RAB3 NEIGHBORS FEDERAL CREDIT UNION 1/30/2025 1/30/2030 1,826 4.300% 4.300% 249,000.00 249,000.00 250,984.53 64017ABN3 MORGAN STANLEY PRIVATE BANK NATL ASSOCIATION2/12/2025 2/12/2030 1,826 4.250% 4.250% 244,000.00 244,000.00 245,349.32 61776NLK7 MORGAN STANLEY BANK NA SALT LAKE CITY UT 3/19/2025 3/19/2030 1,826 4.100% 4.100% 244,000.00 244,000.00 243,668.16 61690DX37 GOLDMAN SACHS BANK USA NEW YORK 3/25/2025 3/25/2030 1,826 4.000% 4.000% 245,000.00 245,000.00 243,576.55 38150VS75 BNY MELLON NA 3/27/2025 3/27/2030 1,826 3.950% 3.950% 245,000.00 245,000.00 243,027.75 05584CWC6 TRUXTON TRUST CO 3/31/2025 3/29/2030 1,824 3.900% 3.900% 249,000.00 249,000.00 246,529.92 89846HEC3 Subtotal, Certificates of Deposit 1,738 3.638% 3.638% $ 5,163,000.00 $ 5,163,000.00 $ 5,135,894.62

US TREASURY SECURITIES - DISCOUNT
UNITED STS TREAS BILLS 1/31/2024 1/31/2026 731 4.250% 4.250% 1,150,000.00 1,174,435.16 1,151,150.00 91282CJV4 UNITED STS TREAS BILLS 1/15/2024 1/15/2027 1,096 4.000% 4.000% 1,100,000.00 1,096,572.38 1,100,770.00 91282CJT9 UNITED STS TREAS BILLS 1/15/2025 1/15/2028 1,095 4.250% 4.250% 1,100,000.00 1,100,208.15 1,109,537.00 91282CMF5 UNITED STS TREAS BILLS 1/31/2024 1/31/2029 1,827 4.000% 4.000% 1,100,000.00 1,106,975.51 1,101,848.00 91282CJW2 Investment Transaction Report - March 2025
City of Goleta
DESCRIPTION OF POOLED INVESTMENTS COMMENTS *
Investment Portfolio
DRAFT 83
Attachment 1
PURCHASE MATURITY DAYS TO STATED YIELD AT FACE BOOK MARKET** DATE DATE MATURITY RATE 365 VALUE VALUE VALUE
Investment Transaction Report - March 2025
City of Goleta
DESCRIPTION OF POOLED INVESTMENTS COMMENTS *
Investment Portfolio
UNITED STS TREAS BILLS 12/31/2024 12/31/2029 1,826 4.375% 4.375% 1,100,000.00 1,103,384.23 1,118,645.00 91282CMD0 Subtotal, US Treasuries 1,315 4.175% 4.250% $ 5,550,000.00 $ 5,581,575.43 $ 5,581,950.00 Grand Total $ 70,958,525.56 $ 70,990,100.99 $ 71,001,910.19 Notes:
* Comments for Certificates of Deposit represent the CUSIP Number (Committee on Uniform Securities Identification Procedures). * *Market Value on Certificates of Deposit have been obtained from the City's safekeeping agent, Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation. Market value disclosure is for informational purposes only.

City policy is to hold all investments to maturity; therefore, any unrealized gain or loss reflected between the book value and market value of an investment will not be realized. **Market Value on U.S. Bank, Trustee for PARS: Account balances are inclusive of Trust Administration, Trustee and Investment Management fees.

DRAFT 84
Attachment 1
PURCHASE MATURITY DAYS TO STATED YIELD AT FACE BOOK MARKET** DATE DATE MATURITY RATE 365 VALUE VALUE VALUE
Held By Fiscal Agent (US Bank - PARS)

PUBLIC AGENCY RETIREMENT SERVICES (PARS) -
OPEB - Moderate Index Plus 2/4/2022 1 12.240% 333,500.00 333,500.00 367,276.39

PUBLIC AGENCY RETIREMENT SERVICES (PARS) -
PENSION - Moderate Index Plus 2/4/2022 1 12.240% 170,000.00 170,000.00 187,217.36 Subtotal 1 12.240% $ 503,500.00 $ 503,500.00 $ 554,493.75 Total $ 503,500.00 $ 503,500.00 $ 554,493.75
Held By Fiscal Agent (BNY Mellon)
Holding Account 1 899.57 899.57 899.57
Total $ 899.57 $ 899.57 $ 899.57
Grand Total $ 504,399.57 $ 504,399.57 $ 555,393.32
Notes:
* Comments for Certificates of Deposit represent the CUSIP Number (Committee on Uniform Securities Identification Procedures). * *Market Value on Certificates of Deposit have been obtained from the City's safekeeping agent, Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation. Market value disclosure is for informational purposes only.

City policy is to hold all investments to maturity; therefore, any unrealized gain or loss reflected between the book value and market value of an investment will not be realized. **Market Value on U.S. Bank, Trustee for PARS: Account balances are inclusive of Trust Administration, Trustee and Investment Management fees.

City of Goleta
Investment Transaction Report - March 2025
Investment Portfolio
DESCRIPTION - HOLDINGS BY FISCAL AGENTS COMMENTS *
DRAFT 85
ATTACHMENT 2:

Pooled Cash Report for the Period Ending March 31, 2025 DRAFT 86
TYLERHOST\SYSTEM 5.08.2025 Page 1 of 7
Pooled Cash Report
City of Goleta, CA
For the Period Ending 3/31/2025
ACCOUNT # ACCOUNT NAME

BEGINNING

BALANCE

CURRENT

ACTIVITY

CURRENT

BALANCE

CLAIM ON CASH
101-1010.000 Claim on Cash 46,657,565.90 (79,995.39) 46,577,570.51 102-1010.000 Claim on Cash 0.00 0.00 0.00
201-1010.000 Claim on Cash (3,440.82) 62,321.50 58,880.68 202-1010.000 Claim on Cash 254,871.13 (58,186.37) 196,684.76 203-1010.000 Claim on Cash 448,058.52 64,136.72 512,195.24 205-1010.000 Claim on Cash 4,912,442.77 121,906.05 5,034,348.82 206-1010.000 Claim on Cash (679,282.21) 0.00 (679,282.21) 207-1010.000 Claim on Cash 0.00 0.00 0.00
208-1010.000 Claim on Cash (14,793.08) (43,659.03) (58,452.11) 209-1010.000 Claim on Cash 165,811.01 (4,081.63) 161,729.38 210-1010.000 Claim on Cash 33,586.24 (3,483.65) 30,102.59 211-1010.000 Claim on Cash 1,724,471.96 (104,863.98) 1,619,607.98 212-1010.000 Claim on Cash 0.00 0.00 0.00
213-1010.000 Claim on Cash 62,230.94 (17,268.47) 44,962.47 214-1010.000 Claim on Cash 65,032.28 (18,445.07) 46,587.21 215-1010.000 Claim on Cash 0.00 0.00 0.00
216-1010.000 Claim on Cash 0.00 0.00 0.00
217-1010.000 Claim on Cash (132,010.25) (12,150.02) (144,160.27) 220-1010.000 Claim on Cash 738,105.87 65,877.99 803,983.86 221-1010.000 Claim on Cash 5,696,053.79 4,794.69 5,700,848.48 222-1010.000 Claim on Cash 31,228.02 105.67 31,333.69
223-1010.000 Claim on Cash 157,687.77 (18,857.59) 138,830.18 224-1010.000 Claim on Cash 153,492.22 121.47 153,613.69 225-1010.000 Claim on Cash 1,528,267.50 1,209.40 1,529,476.90 226-1010.000 Claim on Cash 188,946.06 149.52 189,095.58 227-1010.000 Claim on Cash 0.00 0.00 0.00
228-1010.000 Claim on Cash 0.00 0.00 0.00
229-1010.000 Claim on Cash 3,856,012.21 2,121.12 3,858,133.33 230-1010.000 Claim on Cash 185,904.13 (14,112.50) 171,791.63 231-1010.000 Claim on Cash 2,169,923.38 0.00 2,169,923.38 232-1010.000 Claim on Cash (299,416.94) 0.00 (299,416.94) 233-1010.000 Claim on Cash 0.00 0.00 0.00
234-1010.000 Claim on Cash 610,859.83 (3,791.33) 607,068.50 235-1010.000 Claim on Cash 285,308.09 306.94 285,615.03 236-1010.000 Claim on Cash 43,776.14 0.00 43,776.14
237-1010.000 Claim on Cash (60,778.05) 22,000.00 (38,778.05) 238-1010.000 Claim on Cash 6,853.27 5.42 6,858.69
239-1010.000 Claim on Cash 3,223,217.18 2,550.70 3,225,767.88 301-1010.000 Claim on Cash 0.00 0.00 0.00
302-1010.000 Claim on Cash 163,717.60 17,859.65 181,577.25 303-1010.000 Claim on Cash 0.00 0.00 0.00
304-1010.000 Claim on Cash 129,579.64 0.00 129,579.64
305-1010.000 Claim on Cash (420,350.11) 0.00 (420,350.11) 306-1010.000 Claim on Cash (561,913.24) 734,544.00 172,630.76 307-1010.000 Claim on Cash 0.00 0.00 0.00
308-1010.000 Claim on Cash (4,309.08) (781,268.60) (785,577.68) 309-1010.000 Claim on Cash 0.00 0.00 0.00
310-1010.000 Claim on Cash (61,749.41) (7,420.98) (69,170.39) 311-1010.000 Claim on Cash (80,596.12) (11,556.75) (92,152.87) 312-1010.000 Claim on Cash 0.00 0.00 0.00
313-1010.000 Claim on Cash 0.00 0.00 0.00
314-1010.000 Claim on Cash 0.00 0.00 0.00
315-1010.000 Claim on Cash 0.00 0.00 0.00
Attachment 3 DRAFT 87
ACCOUNT # ACCOUNT NAME

BEGINNING

BALANCE

CURRENT

ACTIVITY

CURRENT

BALANCE
TYLERHOST\SYSTEM 5.08.2025 Page 2 of 7
317-1010.000 Claim on Cash 0.00 0.00 0.00
318-1010.000 Claim on Cash (1,808,780.01) (121,219.19) (1,929,999.20) 319-1010.000 Claim on Cash 0.00 0.00 0.00
320-1010.000 Claim on Cash 14,231.00 0.00 14,231.00
321-1010.000 Claim on Cash (682,523.60) (651,567.65) (1,334,091.25) 322-1010.000 Claim on Cash (1,858,115.96) (179,178.37) (2,037,294.33) 323-1010.000 Claim on Cash 0.00 0.00 0.00
324-1010.000 Claim on Cash 0.00 0.00 0.00
325-1010.000 Claim on Cash 1,938,325.00 0.00 1,938,325.00 401-1010.000 Claim on Cash (7,096,919.78) 6,101,013.62 (995,906.16) 402-1010.000 Claim on Cash (1,248.50) (456.75) (1,705.25) 403-1010.000 Claim on Cash 0.00 0.00 0.00
404-1010.000 Claim on Cash 0.00 0.00 0.00
405-1010.000 Claim on Cash 0.00 0.00 0.00
406-1010.000 Claim on Cash 0.00 0.00 0.00
407-1010.000 Claim on Cash 0.00 0.00 0.00
408-1010.000 Claim on Cash 0.00 0.00 0.00
409-1010.000 Claim on Cash (622.21) 0.00 (622.21)
410-1010.000 Claim on Cash 0.00 0.00 0.00
411-1010.000 ClaIm on Cash 0.00 0.00 0.00
412-1010.000 Claim on Cash 0.00 0.00 0.00
413-1010.000 Claim on Cash 0.00 0.00 0.00
414-1010.000 Claim on Cash 0.00 0.00 0.00
415-1010.000 Claim on Cash 0.00 0.00 0.00
416-1010.000 Claim on Cash 0.00 0.00 0.00
417-1010.000 Claim on Cash (367,826.76) (309.04) (368,135.80) 418-1010.000 Claim on Cash 0.00 0.00 0.00
419-1010.000 Claim on Cash 0.00 0.00 0.00
420-1010.000 Claim on Cash 58,107.00 0.00 58,107.00
421-1010.000 Claim on Cash (12,074.39) 0.00 (12,074.39) 422-1010.000 Claim on Cash 0.00 0.00 0.00
423-1010.000 Claim on Cash 2.76 (2.76) 0.00
424-1010.000 Claim on Cash 0.00 0.00 0.00
425-1010.000 Claim on Cash 0.00 0.00 0.00
501-1010.000 Claim on Cash 258,332.07 (65,158.16) 193,173.91 502-1010.000 Claim on Cash 353,805.25 (32,124.90) 321,680.35 503-1010.000 Claim on Cash 279,682.26 221.33 279,903.59 504-1010.000 Claim on Cash 56,386.47 733.17 57,119.64
605-1010.000 Claim on Cash 822,495.77 650.88 823,146.65 606-1010.000 Claim on Cash 0.00 0.00 0.00
607-1010.000 Claim on Cash 0.00 0.00 0.00
608-1010.000 Claim on Cash 0.00 0.00 0.00
609-1010.000 Claim on Cash 0.00 0.00 0.00
610-1010.000 Claim on Cash 0.00 0.00 0.00
701-1010.000 Claim on Cash 162,510.47 128.60 162,639.07 702-1010.000 Claim on Cash 0.00 0.00 0.00
703-1010.000 Claim on Cash 0.00 0.00 0.00
801-1010.000 Claim on Cash 1,659,251.05 (111,089.06) 1,548,161.99 TOTAL CLAIM ON CASH 64,949,382.03 4,862,511.20 69,811,893.23

CASH IN BANK
Cash in Bank
999-1010.000 Cash 0.00 0.00 0.00
999-1011.000 Payroll Cash 0.00 0.00 0.00
999-1012.000 Community West Cash Account 63,589.15 45,045.49 108,634.64 999-1013.000 CWB Revenue Cash Account 579,022.61 (80,426.34) 498,596.27 999-1080.000 LAIF 45,384,386.65 0.00 45,384,386.65
999-1082.000 Money Market-Community West 7,986,413.36 4,888,727.10 12,875,140.46 999-1083.000 Pershing Investments 10,759,575.43 0.00 10,759,575.43 999-1083.001 Pershing Sweep Cash Account 176,394.83 9,164.95 185,559.78 Attachment 3 DRAFT 88
ACCOUNT # ACCOUNT NAME

BEGINNING

BALANCE

CURRENT

ACTIVITY

CURRENT

BALANCE
TYLERHOST\SYSTEM 5.08.2025 Page 3 of 7
999-1083.002 Pershing Investment-Unrealized Gain/Loss 0.00 0.00 0.00 TOTAL: Cash in Bank 64,949,382.03 4,862,511.20 69,811,893.23 TOTAL CASH IN BANK 64,949,382.03 4,862,511.20 69,811,893.23

DUE TO OTHER FUNDS
999-2070.000 Due to Other Funds 64,949,382.03 4,862,511.20 69,811,893.23 TOTAL DUE TO OTHER FUNDS 64,949,382.03 4,862,511.20 69,811,893.23 69,811,893.23
69,811,893.23 69,811,893.23
Claim on Cash
Cash in Bank Due To Other Funds
Difference 0.00
69,811,893.23

0.00 69,811,893.23
69,811,893.23

0.00 Due To Other Funds
Difference Difference
Claim on Cash Cash in Bank
Attachment 3 DRAFT 89
ACCOUNT # ACCOUNT NAME

BEGINNING

BALANCE

CURRENT

ACTIVITY

CURRENT

BALANCE
TYLERHOST\SYSTEM 5.08.2025 Page 4 of 7

ACCOUNTS PAYABLE PENDING
101-2020.000 Accounts Payable 0.00 0.00 0.00
102-2020.000 Accounts Payable 0.00 0.00 0.00
201-2020.000 Accounts Payable 0.00 0.00 0.00
202-2020.000 Accounts Payable 0.00 0.00 0.00
203-2020.000 Accounts Payable 0.00 0.00 0.00
205-2020.000 Accounts Payable 0.00 0.00 0.00
206-2020.000 Accounts Payable 0.00 0.00 0.00
207-2020.000 Accounts Payable 0.00 0.00 0.00
208-2020.000 Accounts Payable 0.00 0.00 0.00
209-2020.000 Accounts Payable 0.00 0.00 0.00
210-2020.000 Accounts Payable 0.00 0.00 0.00
211-2020.000 Accounts Payable 0.00 0.00 0.00
212-2020.000 Accounts Payable 0.00 0.00 0.00
213-2020.000 Accounts Payable 0.00 0.00 0.00
214-2020.000 Accounts Payable 0.00 0.00 0.00
215-2020.000 Accounts Payable 0.00 0.00 0.00
216-2020.000 Accounts Payable 0.00 0.00 0.00
217-2020.000 Accounts Payable 0.00 0.00 0.00
220-2020.000 Accounts Payable 0.00 0.00 0.00
221-2020.000 Accounts Payable 0.00 0.00 0.00
222-2020.000 Accounts Payable 0.00 0.00 0.00
223-2020.000 Accounts Payable 0.00 0.00 0.00
224-2020.000 Accounts Payable 0.00 0.00 0.00
225-2020.000 Accounts Payable 0.00 0.00 0.00
226-2020.000 Accounts Payable 0.00 0.00 0.00
227-2020.000 Accounts Payable 0.00 0.00 0.00
228-2020.000 Accounts Payable 0.00 0.00 0.00
229-2020.000 Accounts Payable 0.00 0.00 0.00
230-2020.000 Accounts Payable 0.00 0.00 0.00
231-2020.000 Accounts Payable 0.00 0.00 0.00
232-2020.000 Accounts Payable 0.00 0.00 0.00
233-2020.000 Accounts Payable 0.00 0.00 0.00
234-2020.000 Accounts Payable 0.00 0.00 0.00
235-2020.000 Accounts Payable 0.00 0.00 0.00
236-2020.000 Accounts Payable 0.00 0.00 0.00
237-2020.000 Accounts Payable 0.00 0.00 0.00
238-2020.000 Accounts Payable 0.00 0.00 0.00
239-2020.000 Accounts Payable 0.00 0.00 0.00
301-2020.000 Accounts Payable 0.00 0.00 0.00
302-2020.000 Accounts Payable 0.00 0.00 0.00
303-2020.000 Accounts Payable 0.00 0.00 0.00
304-2020.000 Accounts Payable 0.00 0.00 0.00
305-2020.000 Accounts Payable 0.00 0.00 0.00
306-2020.000 Accounts Payable 0.00 0.00 0.00
307-2020.000 Accounts Payable 0.00 0.00 0.00
308-2020.000 Accounts Payable 0.00 0.00 0.00
309-2020.000 Accounts Payable 0.00 0.00 0.00
310-2020.000 Accounts Payable 0.00 0.00 0.00
311-2020.000 Accounts Payable 0.00 0.00 0.00
312-2020.000 Accounts Payable 0.00 0.00 0.00
313-2020.000 Accounts Payable 0.00 0.00 0.00
314-2020.000 Accounts Payable 0.00 0.00 0.00
315-2020.000 Accounts Payable 0.00 0.00 0.00
317-2020.000 Accounts Payable 0.00 0.00 0.00
318-2020.000 Accounts Payable 0.00 0.00 0.00
319-2020.000 Accounts Payable 0.00 0.00 0.00
320-2020.000 Accounts Payable 0.00 0.00 0.00
321-2020.000 Accounts Payable 0.00 0.00 0.00
322-2020.000 Accounts Payable 0.00 0.00 0.00
323-2020.000 Accounts Payable 0.00 0.00 0.00
Attachment 3 DRAFT 90
ACCOUNT # ACCOUNT NAME

BEGINNING

BALANCE

CURRENT

ACTIVITY

CURRENT

BALANCE
TYLERHOST\SYSTEM 5.08.2025 Page 5 of 7
324-2020.000 Accounts Payable 0.00 0.00 0.00
325-2020.000 Accounts Payable 0.00 0.00 0.00
401-2020.000 Accounts Payable 0.00 0.00 0.00
402-2020.000 Accounts Payable 0.00 0.00 0.00
403-2020.000 Accounts Payable 0.00 0.00 0.00
404-2020.000 Accounts Payable 0.00 0.00 0.00
405-2020.000 Accounts Payable 0.00 0.00 0.00
406-2020.000 Accounts Payable 0.00 0.00 0.00
407-2020.000 Accounts Payable 0.00 0.00 0.00
408-2020.000 Accounts Payable 0.00 0.00 0.00
409-2020.000 Accounts Payable 0.00 0.00 0.00
410-2020.000 Accounts Payable 0.00 0.00 0.00
411-2020.000 Accounts Payable 0.00 0.00 0.00
412-2020.000 Accounts Payable 0.00 0.00 0.00
413-2020.000 Accounts Payable 0.00 0.00 0.00
414-2020.000 Accounts Payable 0.00 0.00 0.00
415-2020.000 Accounts Payable 0.00 0.00 0.00
416-2020.000 Accounts Payable 0.00 0.00 0.00
417-2020.000 Accounts Payable 0.00 0.00 0.00
418-2020.000 Accounts Payable 0.00 0.00 0.00
419-2020.000 Accounts Payable 0.00 0.00 0.00
420-2020.000 Accounts Payable 0.00 0.00 0.00
421-2020.000 Accounts Payable 0.00 0.00 0.00
422-2020.000 Accounts Payable 0.00 0.00 0.00
423-2020.000 Accounts Payable 0.00 0.00 0.00
424-2020.000 Accounts Payable 0.00 0.00 0.00
425-2020.000 Accounts Payable 0.00 0.00 0.00
501-2020.000 Accounts Payable 0.00 0.00 0.00
502-2020.000 Accounts Payable 0.00 0.00 0.00
503-2020.000 Accounts Payable 0.00 0.00 0.00
504-2020.000 Accounts Payable 0.00 0.00 0.00
605-2020.000 Accounts Payable 0.00 0.00 0.00
606-2020.000 Accounts Payable 0.00 0.00 0.00
607-2020.000 Accounts Payable 0.00 0.00 0.00
608-2020.000 Accounts Payable 0.00 0.00 0.00
609-2020.000 Accounts Payable 0.00 0.00 0.00
610-2020.000 Accounts Payable 0.00 0.00 0.00
701-2020.000 Accounts Payable 0.00 0.00 0.00
702-2020.000 Accounts Payable 0.00 0.00 0.00
703-2020.000 Accounts Payable 0.00 0.00 0.00
801-2020.000 Accounts Payable 0.00 0.00 0.00
TOTAL ACCOUNTS PAYABLE PENDING 0.00 0.00 0.00

DUE FROM OTHER FUNDS
999-1310.101 Due from General Fund 0.00 0.00 0.00
999-1310.102 Due from General Fund Reserves 0.00 0.00 0.00 999-1310.198 Due from Vehicle Replace 0.00 0.00 0.00
999-1310.199 Due from City Debt Service Fnd 0.00 0.00 0.00 999-1310.201 Due from Gas Tax 0.00 0.00 0.00
999-1310.202 Due from Transportation 0.00 0.00 0.00
999-1310.203 Due from Road Maint Rehab Acct 0.00 0.00 0.00 999-1310.205 Due from Measure D 0.00 0.00 0.00
999-1310.206 Due from Measure A - Other 0.00 0.00 0.00
999-1310.207 Due from Meas A SBCAG Light Ra 0.00 0.00 0.00 999-1310.208 Due from County Per Capita 0.00 0.00 0.00
999-1310.209 Due from County Per Capita 0.00 0.00 0.00
999-1310.210 Due from County Per Capita 0.00 0.00 0.00
999-1310.211 Due from Solid Waste Fund 0.00 0.00 0.00
999-1310.212 Due from Pub. Safety Donations 0.00 0.00 0.00 999-1310.213 Due from Buellton Library 0.00 0.00 0.00
999-1310.214 Due from Solvang Library 0.00 0.00 0.00
Attachment 3 DRAFT 91
ACCOUNT # ACCOUNT NAME

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BALANCE

CURRENT

ACTIVITY

CURRENT

BALANCE
TYLERHOST\SYSTEM 5.08.2025 Page 6 of 7
999-1310.215 Due from Library Fund 0.00 0.00 0.00
999-1310.216 Due from Library Book Van 0.00 0.00 0.00
999-1310.217 Due from Goleta Community Center 0.00 0.00 0.00 999-1310.220 Due from GTIP 0.00 0.00 0.00
999-1310.221 Due from Park Development Fees 0.00 0.00 0.00 999-1310.222 Due from Devel. Impact Fees 0.00 0.00 0.00 999-1310.223 Due from Library Facilities DI 0.00 0.00 0.00 999-1310.224 Due from Sherrif Facilities DI 0.00 0.00 0.00 999-1310.225 Due from Housing In-Lieu Fund 0.00 0.00 0.00 999-1310.226 Due from Environmental Program 0.00 0.00 0.00 999-1310.227 Due from Mangement Habitat 0.00 0.00 0.00
999-1310.228 Due from Housing In-Lieu-RDA 0.00 0.00 0.00 999-1310.229 Due from Fire DIF Fund 0.00 0.00 0.00
999-1310.230 Due from LRDP 0.00 0.00 0.00
999-1310.231 Due from Developer Agreement 0.00 0.00 0.00 999-1310.232 Due from County Fire DIF 0.00 0.00 0.00
999-1310.233 Due from OBF - SCE 0.00 0.00 0.00
999-1310.234 Due from Storm Drain DIF 0.00 0.00 0.00
999-1310.235 Due from Bicycle & Ped DIF 0.00 0.00 0.00
999-1310.236 Due from Other Funds Misc. Grt 0.00 0.00 0.00 999-1310.237 Due from Local Grants 0.00 0.00 0.00
999-1310.238 Due from Non-Residential Affordable Housing DIF 0.00 0.00 0.00 999-1310.239 Due from Quimby 0.00 0.00 0.00
999-1310.247 Due From Citywide CIP Fund 0.00 0.00 0.00
999-1310.301 Due from State Park Fund 0.00 0.00 0.00
999-1310.302 Due from Public Safety 0.00 0.00 0.00
999-1310.303 Due from OTS Grant 0.00 0.00 0.00
999-1310.304 Due from Solid Waste Grant 0.00 0.00 0.00
999-1310.305 Due from RSTP - State Grant 0.00 0.00 0.00 999-1310.306 Due from LSTP 0.00 0.00 0.00
999-1310.307 Due from Environmental Justice 0.00 0.00 0.00 999-1310.308 Due from STIP 0.00 0.00 0.00
999-1310.309 Due from LSR - STATE GRANT 0.00 0.00 0.00
999-1310.310 Due From Cal Fire Grant 0.00 0.00 0.00
999-1310.311 Due from Other Funds Misc. Grt 0.00 0.00 0.00 999-1310.312 Due from Other Funds SLPP 0.00 0.00 0.00
999-1310.313 Due From Other Prop84 0.00 0.00 0.00
999-1310.314 Due from Strategic Growh Counc 0.00 0.00 0.00 999-1310.315 Due from State Water Grant 0.00 0.00 0.00
999-1310.317 Due from SSARP Grant 0.00 0.00 0.00
999-1310.318 Due from ATP-State 0.00 0.00 0.00
999-1310.319 Due from Housing&Community Dev 0.00 0.00 0.00 999-1310.320 Due from Cal-OES 0.00 0.00 0.00
999-1310.321 Due from TIRCP 0.00 0.00 0.00
999-1310.322 Due from MBHMP 0.00 0.00 0.00
999-1310.323 Due from CALOES 0.00 0.00 0.00
999-1310.324 Due from Planning Grants Program PGP 0.00 0.00 0.00 999-1310.325 Due from Isla Vista Grant 0.00 0.00 0.00
999-1310.401 Due from ISTEA 0.00 0.00 0.00
999-1310.402 Due from CDBG 0.00 0.00 0.00
999-1310.403 Due from Capital Improvement 0.00 0.00 0.00 999-1310.404 Due from STIP 0.00 0.00 0.00
999-1310.405 Due from LSTP 0.00 0.00 0.00
999-1310.406 Due from RSTP-Fed Grant 0.00 0.00 0.00
999-1310.407 Due from TCSP 0.00 0.00 0.00
999-1310.408 Due from EPA Grant 0.00 0.00 0.00
999-1310.409 Due from Public Safety Fund 0.00 0.00 0.00 999-1310.410 Due from STE 0.00 0.00 0.00
999-1310.411 Due from FEMA 0.00 0.00 0.00
999-1310.412 Due from Winter Storm Prep 0.00 0.00 0.00
999-1310.413 Due from 0.00 0.00 0.00
Attachment 3 DRAFT 92
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BEGINNING

BALANCE

CURRENT

ACTIVITY

CURRENT

BALANCE
TYLERHOST\SYSTEM 5.08.2025 Page 7 of 7
999-1310.414 DUE FROM EECBG 0.00 0.00 0.00
999-1310.415 Due from Fish Restoration 0.00 0.00 0.00
999-1310.416 Due from BPMP 0.00 0.00 0.00
999-1310.417 Due from HSIP 0.00 0.00 0.00
999-1310.418 Due from ATP-Federal 0.00 0.00 0.00
999-1310.419 Due from TIGER 0.00 0.00 0.00
999-1310.420 Due from FHWA - FEBA Reimb 0.00 0.00 0.00
999-1310.421 Due from HMGP Hazard Mit Grant 0.00 0.00 0.00 999-1310.422 Due from CARES 0.00 0.00 0.00
999-1310.423 Due From State & Local Fiscal Recovery Fund 0.00 0.00 0.00 999-1310.424 Due from Community Project Funding 0.00 0.00 0.00 999-1310.425 Due from United States Dept of Agriculture 0.00 0.00 0.00 999-1310.501 Due from Library Fund 0.00 0.00 0.00
999-1310.502 Due from St Light Assessmnt 0.00 0.00 0.00 999-1310.503 Due from PEG 0.00 0.00 0.00
999-1310.504 Due from CASp 0.00 0.00 0.00
999-1310.601 Due from RDA Project 0.00 0.00 0.00
999-1310.602 Due from RDA Housing 0.00 0.00 0.00
999-1310.603 Due from RDA Debt Service 0.00 0.00 0.00
999-1310.604 Due from RDA Bond Proceeds 0.00 0.00 0.00
999-1310.605 Due from RDA Successor Agency 0.00 0.00 0.00 999-1310.606 Due from LMI Successor Agency 0.00 0.00 0.00 999-1310.607 DUE FROM SUCCESSOR DBT SVC 0.00 0.00 0.00
999-1310.608 Due from IBank 0.00 0.00 0.00
999-1310.609 Due from Lease Revenue Bond 0.00 0.00 0.00 999-1310.610 Due From Sales Tax Bonds 0.00 0.00 0.00
999-1310.701 Due from Comstock Plover Endow 0.00 0.00 0.00 999-1310.702 Due from Section 115 Trust - Pension 0.00 0.00 0.00 999-1310.703 Due from Section 115 Trust - OPEB 0.00 0.00 0.00 999-1310.801 Due from Developer Deposit Fund 0.00 0.00 0.00 TOTAL DUE FROM OTHER FUNDS 0.00 0.00 0.00

ACCOUNTS PAYABLE
999-2020.000 Accounts Payable-Control 0.00 0.00 0.00
TOTAL ACCOUNTS PAYABLE 0.00 0.00 0.00

0.00 0.00 0.00
AP Pending
Due From Other Funds Accounts Payable
Difference 0.00 0.00

0.00 0.00

0.00 Accounts Payable
Difference Difference
AP Pending 0.00 Due From Other Funds
Attachment 3 DRAFT 93
ATTACHMENT 3:

Balance Sheets (Unaudited) for the Quarter Ending March 31, 2025 DRAFT 94
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending March 31, 2025
Attachment 3
General Fund Gas Tax Measure A County Per
Capita - Goleta
County Per
Capita -
Buellton
101 201 205 208 209
ASSETS
Cash & Investments
Claim on Cash 46,577,571 58,881 5,046,823 (58,452) 161,729 Petty Cash 1,150 - - - -
Bond Discount - - - - -
Cash with Fiscal Agent - - - - -
Investments
Unrealized Gain/Loss on Investment - - - - -
Receivables - - - - -
Accounts 394,111 - - - -
RDA Settlement Receivable - - - - -
Interest - - - - -
Prepaid Expenditures (Other) - - - - -
Security Deposit - - - - -
Deposit - Earnest Money - - - - -
Deposit - State Condemnation - - - - -
Prepaid Items (Expenditures) 10,000 - - - -
Prepaid Bond Insurance Premium - - - - -
Deferred Loss on Refunding - - - - -
TOTAL ASSETS 46,982,831 58,881 5,046,823 (58,452) 161,729

LIABILITIES
Accounts Payable - - - - -
Accrued Salaries & Benefits (12,187) - - 145 -
Retentions Payable 63,743 105,871 72,230 - -
Accrued Expenses - - - - -
Deferred Revenue 100,388 - - - -
Interest Payable - - - - -
Bond Payable - - - - -
Bond Premium 870,907 - - - -
Deferred Loss on Refunding - - - - -
Deposit - Miscellaneous - - - - -
Developer Deposit Payable - - - - -
TOTAL LIABILITIES 1,022,851 105,871 72,230 145 -

FUND BALANCES
Non-spendable 193,584 - - - -
Committed 15,606,011 - - - -
Assigned 679,117 - - - -
Unassigned Fund Balance 29,481,268 - - - -
Fund Balance (Other Funds) - (46,990) 4,974,593 (58,597) 161,729 TOTAL FUND BALANCE 45,959,981 4,974,593 (46,990) (58,597) 161,729

TOTAL LIABILITIES &
FUND BALANCE 46,982,831 58,881 5,046,823 (58,452) 161,729 DRAFT 95
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending March 31, 2025
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Investment
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit - Earnest Money
Deposit - State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding

TOTAL ASSETS

LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit - Miscellaneous
Developer Deposit Payable

TOTAL LIABILITIES

FUND BALANCES
Non-spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)

TOTAL FUND BALANCE

TOTAL LIABILITIES &

FUND BALANCE
County Per
Capita -
Solvang
Solid Waste Library Fund Library Book
Van
GTIP
210 211 215 216 220
30,103 1,619,608 - - 875,702
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - 1,723,000
- - - - 35,156
- - - - -
- - - - -
30,103 1,619,608 - - 2,633,858
- - - - -
- 484 - - -
- - - - 86,558
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- 484 - - 86,558
- - - - -
- - - - -
- - - - -
- - - - -
30,103 1,619,124 - - 2,547,300
30,103 1,619,124 - - 2,547,300
30,103 1,619,608 - - 2,633,858
DRAFT 96
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending March 31, 2025
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Investment
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit - Earnest Money
Deposit - State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding

TOTAL ASSETS

LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit - Miscellaneous
Developer Deposit Payable

TOTAL LIABILITIES

FUND BALANCES
Non-spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)

TOTAL FUND BALANCE

TOTAL LIABILITIES &

FUND BALANCE
Parks DIF Public Facilities
DIF
Library DIF Sheriff
Facilities DIF Housing in Lieu
221 222 223 224 225
5,700,848 31,334 138,830 153,614 1,529,477
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
5,700,848 31,334 138,830 153,614 1,529,477
- - - - -
- - - - -
202,087 - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
202,087 - - - -
- - - - -
- - - - -
- - - - -
- - - - -
5,498,761 31,334 138,830 153,614 1,529,477
5,498,761 31,334 138,830 153,614 1,529,477
5,700,848 31,334 138,830 153,614 1,529,477
DRAFT 97
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending March 31, 2025
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Investment
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit - Earnest Money
Deposit - State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding

TOTAL ASSETS

LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit - Miscellaneous
Developer Deposit Payable

TOTAL LIABILITIES

FUND BALANCES
Non-spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)

TOTAL FUND BALANCE

TOTAL LIABILITIES &

FUND BALANCE
Fire DIF
Long Range
Development
Plan (LRDP)
Developer
Agreements
County Fire DIF RSTP State
Grant
229 230 231 232 305
3,858,133 171,792 2,169,923 (299,417) (420,350)
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
3,858,133 171,792 2,169,923 (299,417) (420,350)
- - - - -
- - - - -
- 99,515 - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- 99,515 - - -
- - - - -
- - - - -
- - - - -
- - - - -
3,858,133 72,277 2,169,923 (299,417) (420,350)
3,858,133 72,277 2,169,923 (299,417) (420,350)
3,858,133 171,792 2,169,923 (299,417) (420,350)
DRAFT 98
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending March 31, 2025
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Investment
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit - Earnest Money
Deposit - State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding

TOTAL ASSETS

LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit - Miscellaneous
Developer Deposit Payable

TOTAL LIABILITIES

FUND BALANCES
Non-spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)

TOTAL FUND BALANCE

TOTAL LIABILITIES &

FUND BALANCE

STIP HBP CDBG
RDA SuccessorNonHousingLease Revenue
Bonds
308 401 402 605 609
(785,578) (1,080,098) (1,705) 823,147 -
- - - - -
- - - - -
- - - 900 -
- - - - -
- - - - -
- - - - -
- - - 775,941 -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - 51,865 -
- - - 540,798 -
(785,578) (1,080,098) (1,705) 2,192,650 -
- - - - -
- - - - -
41,119 140,220 - - -
- - - -
- - - - -
- - - 36,933 -
- - - - -
- - - - -
- - - 10,410,000 -
- - - 1,200,155 -
- - - - -
41,119 140,220 - 11,647,088 -
- - - - -
- - - - -
- - - - -
- - - - -
(826,697) (1,220,318) (1,705) (9,454,438) -
(826,697) (1,220,318) (1,705) (9,454,438) -
(785,578) (1,080,098) (1,705) 2,192,650 -
DRAFT 99
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending March 31, 2025
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Investment
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit - Earnest Money
Deposit - State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding

TOTAL ASSETS

LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit - Miscellaneous
Developer Deposit Payable

TOTAL LIABILITIES

FUND BALANCES
Non-spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)

TOTAL FUND BALANCE

TOTAL LIABILITIES &

FUND BALANCE
Sales Tax
Bonds Other Funds TOTAL FUNDS
610 *
- 3,509,980 69,811,893
- 528 1,678
- - -
- - 900
503,500 503,500
- 24,892 24,892
- - -
- - 394,111
- - 775,941
- - -
- - -
- - -
- - -
- - 1,723,000
- - 45,156
- - 51,865
- - 540,798
- 4,038,900 73,873,734
- - -
- 532 (11,026)
- 100,302 911,645
- - -
- 2,049,778 2,150,166
- - 36,933
- - -
- (87,137) 783,770
- - 10,410,000
- - 1,200,155
- 1,798,681 1,798,681
- 3,862,157 17,280,324
- - 193,584
- - 15,606,011
- - 679,117
- - 29,481,268
- 176,743 10,633,429
- 176,743 56,593,409
- 4,038,900 73,873,734
DRAFT 100
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending March 31, 2025
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Investment
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit - Earnest Money
Deposit - State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding

TOTAL ASSETS

LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit - Miscellaneous
Developer Deposit Payable

TOTAL LIABILITIES

FUND BALANCES
Non-spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)

TOTAL FUND BALANCE

TOTAL LIABILITIES &

FUND BALANCE
*Other Funds Include:
202 Transportation
203 RMRA
206 Measure A- Other
212 Public Safety Donations
217 GCC
226 Environmental Programs
233 OBF - SCE
236 Misc Grans Library
237 Local Grants
238 DIF Non-Residential
301 State Park Grant
302 COPS - Public Safety Grant
304 Solid Waste - Recycling Grant
306 LSTP
311 Misc. Grant
314 SCG
317 SSARP Grant
318 ATP (State)
319 Housing and Community Development
320 Cal OES
321 TIRCP
409 OTS Public afety Fund
417 Highway Safety Improvement Program
419 TIGER
420 FHWA - FEMA Reimb
421 HMGP - Hazard Mit Grant
423 ARPA
501 Library Services
502 Street Lighting
503 PEG
504 CASp Cert & Training
701 Plover Endowment
801 Developer Deposits
DRAFT
806 iBank
101
ITEM IV:

Annual Investment Policy
(Draft)
102
This page is intentionally left blank
103
Agenda Item X.x

CPMS CONSENT CALENDAR
Meeting Date: June 3, 2025
TO: Mayor and Councilmembers
SUBMITTED BY: Luke Rioux, Finance Director
PREPARED BY: Ryan Schwarz, Accountant
SUBJECT: Annual Review and Adoption of City’s Investment Policy RECOMMENDATION:

Adopt Resolution No. 25-_ entitled, “A Resolution of the City Council of the City of Goleta, California Adopting the City of Goleta Investment Policy and Rescinding Resolution No. 24-37.”
BACKGROUND:

The City’s Investment Policy, created in June 2005, serves as a guide for achieving the City’s investment goals and defines strategies, practices, authority, and procedures for managing the City’s investment portfolio in accordance with California Government Code (Government Code) Sections 53600-53610, which establish legally permitted investments for local governments statewide.

Annual review and adoption of a local agency’s investment policy is a recommended best practice and is a requirement in the City’s Investment Policy. It also gives the City Council the opportunity to ensure the policy is consistent with the overall primary objectives, which are in order of priority: safety, liquidity, and yield. The City Council is authorized expressly to invest and manage the City’s public funds pursuant to Government Code Section 53600.3. As provided in the Investment Policy, annually the City Council formally delegates authority to the Finance Director/City Treasurer to invest and reinvest funds and to sell or exchange securities for a one-year period, pursuant to Government Code Section 53607.

The City’s Investment Policy was last reviewed and adopted by the City Council on June 4, 2024, which included continued investment authority delegated to the Finance Director/City Treasurer. No recommended statutory changes or policy updates were made at that time
DRAFT .
104
Meeting Date: June 3, 2025

DISCUSSION:

Investment Policy Updates
Staff reviews the City’s Investment Policy annually and recommends revisions, as needed, to incorporate policy or statutory changes affecting the City’s investment program and daily investing activities. Policy revisions are technical in nature, such as process changes or language clarifications. Statutory changes are updates in state law affecting allowable investments or procedures related to investing activities.

Staff have performed its annual review and are not recommending any policy revisions or statutory changes.

Delegation of Authority
Staff recommends the continued delegation of authority to the Finance Director/City Treasurer. As provided in the Investment Policy, the City Council formally delegates authority to the Finance Director/City Treasurer for one fiscal year period. The management and responsibility for the investment program is delegated to the Finance Director/City Treasurer. Under the authority granted by the City Council, no person may engage in investment transactions covered by the terms of this policy unless directed by the Finance Director/City Treasurer. All investment transactions shall also require the signature of the City Manager or designee and are subject to the authorized investments outlined in the Investment Policy.

The attached Resolution confirms the annual review and delegation of authority to staff to complete investment transactions (Attachment 1). The Investment Policy is provided as Exhibit A to Attachment 1.

FINANCE AND AUDIT STANDING COMMITTEE:

Staff met with the Finance Committee on May 28, 2025, to review the Investment Policy.

FISCAL IMPACTS:

There are no direct fiscal impacts to the City for adopting the City’s Investment Policy.

The policy conforms to the California Government Code and complies with best practices designed to meet the City’s short and long-term cash flow needs by managing safety, liquidity and yield in a prudent manner.

ALTERNATIVES:

Approval of the Investment Policy annually by the legislative body is required by City policy and is a recommended best practice. The Council may request alterations be made to any section if the revisions meet the requirements of the Government Code.

DRAFT 105
Meeting Date: June 3, 2025

LEGAL REVIEW BY: Isaac Rosen, City Attorney
APPROVED BY: Robert Nisbet, City Manager
ATTACHMENTS:

1. Resolution No. 25-__ entitled, “A Resolution of the City Council of the City of Goleta, California, Adopting the City of Goleta Investment Policy and Rescinding Resolution No. 24-37.”
DRAFT 106
ATTACHMENT 1:

Resolution No. 25-__ entitled, “A Resolution of the City Council of the City of Goleta, California, Adopting the City of Goleta Investment Policy and Rescinding Resolution No. 24-37.”
DRAFT 107
RESOLUTION NO. 25-__

A RESOLUTION OF CITY COUNCIL OF THE CITY COUNCIL OF

GOLETA, CALIFORNIA, ADOPTING THE CITY OF GOLETA
INVESTMENT POLICY AND RESCINDING RESOLUTION NO. 24-37
WHEREAS, On June 20, 2005, the City Council adopted and established a policy regarding the investment of City funds; and
WHEREAS, the City’s Investment Policy was last modified on June 4, 2024; and
WHEREAS, staff recommends renewing the delegation of authority to the City Treasurer/Finance Director to manage the City’s investment program and engage in investment tractions covered by the terms of the investment policy.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF GOLETA DOES RESOLVE, DETERMINE, AND ORDER AS FOLLOWS:

SECTION 1:

The attached Exhibit A, City of Goleta Investment Policy – Fiscal Year 2025/26, is hereby adopted and incorporate herein.

SECTION 2.

Resolution 24-37, which adopted a previous version of the City of Goleta Investment Policy, is hereby rescinded.

SECTION 3.

The City Clerk shall certify to the adoption of this resolution and enter it into the book of original resolutions.

PASSED, APPROVED AND ADOPTED this 3rd day of June 2025. ______________________________

PAULA PEROTTE, MAYOR
ATTEST: APPROVED AS TO FORM:
________________________ ______________________________ DEBORAH S. LOPEZ ISAAC ROSEN

CITY CLERK CITY ATTORNEY
DRAFT 108

STATE OF CALIFORNIA )
COUNTY OF SANTA BARBARA ) ss.

CITY OF GOLETA )
I, DEBORAH S. LOPEZ, City Clerk of the City of Goleta, California, DO HEREBY CERTIFY that the foregoing Resolution No. 25-__ was duly adopted by the City Council of the City of Goleta at a regular meeting held on the 3rd day of June, 2025 by the following vote of the Council:

AYES:

NOES:

ABSENT:

ABSTENTIONS:
(SEAL)

_________________________
DEBORAH S. LOPEZ

CITY CLERK
DRAFT 109
Statement of Investment Policy
Fiscal Year 2025/26
Exhibit A
DRAFT 110
City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
Table of Contents

1.0 Purpose ............................................................................................................. 3

2.0 Policy ................................................................................................................. 3

3.0 Scope................................................................................................................. 3

4.0 Prudence ........................................................................................................... 4

5.0 Objectives .......................................................................................................... 5

6.0 Delegation of Authority....................................................................................... 7

7.0 Ethics, Public Trust and Conflicts of Interest...................................................... 8

8.0 Authorized Financial Institutions and Broker/Dealers......................................... 8

9.0 Authorized and Suitable Investments............................................................... 11

10.0 Review of Investment Portfolio ........................................................................ 13

11.0 Investment Pools and Money Market Mutual Funds ........................................ 14

12.0 Collateralization ............................................................................................... 15

13.0 Safekeeping and Custody................................................................................ 16

14.0 Diversification .................................................................................................. 17

15.0 Maximum Maturities......................................................................................... 17

16.0 Internal Controls .............................................................................................. 18

17.0 Performance Standards ................................................................................... 19

18.0 Investment Reporting....................................................................................... 20

19.0 Statement of Investment Policy Compliance and Adoption.............................. 21

20.0 Exceptions ....................................................................................................... 21

21.0 Glossary of Investment Terms ......................................................................... 22 DRAFT 111
City of Goleta
Annual Statement of Investment Policy
Fiscal Year 2025/26
3 1.0 Purpose
It is the purpose of the City’s investment policy to establish strategies, practices and procedures to be used in investing public funds in a prudent manner, which will provide the maximum security while meeting daily cash flow needs and conforming to all statutes governing the investment of public funds.

Secondly, this document will identify policies that enhance opportunities for a prudent and systematic investment of public funds. This policy is intended to guide the investment of City funds toward the goals of safety, liquidity and yield.

2.0 Policy
This Statement of Investment Policy (“Policy” or “Investment Policy”), as set forth by the City of Goleta (“City”) provides guidelines for prudent investment of the City’s cash balances and outlines the policies essential to ensuring the safety and strength of the City’s investment portfolio.
to invest public funds not required for immediate day-to-day operations, also referred to as idle funds, in safe and liquid investments having acceptable rates of return while conforming to all state statutes and this City's Investment Policy.

This Policy is based on principles of prudent money management and conforms to all applicable federal, state and local laws governing the investment of public funds, including the State of California Government Code (“California Government Code”).

California Government Code Section 53646 (a)(2) states that the City Treasurer may annually submit an investment policy to the City Council for consideration at a public meeting. This investment policy conforms to all pertinent existing laws of the State of California, including California Government Code Sections 53600 et seq. Any conflict between this City Investment Policy and California Government Code Section 53600 et. seq., shall be interpreted in favor of the California Government Code.

3.0 Scope
(Reference: Code Sections 5922(d), 53601(m))
This investment policy applies to all financial assets and investment activities of the City. These funds are reflected in the City’s audited Annual Comprehensive Financial Report (ACFR). If the City invests funds on behalf of another agency and, DRAFT 112
City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
4 if that agency does not have its own policy, the City’s investment policy shall govern the agency’s investments. Any additional funds that may be created from time to time shall also be administered within the provisions of this policy and comply with the California State Government Code. This policy covers the investment activities of idle funds under the direct authority of the City.

3.1 Funds Included by this Policy
 General Fund
 Special Revenue Funds
 Debt Service Funds
 Capital Project Funds
 Fiduciary Funds

3.2 Pooling of Funds
Except for cash in certain restricted and special funds, the City shall consolidate cash balances from all funds to maximize investment earnings.

Investment income shall be allocated to various funds as identified in the investment procedures manual in accordance with generally accepted accounting principles.

3.3 Investments Held Separately
In some instances, investments cannot be included in the City's investment pool. These may include investments of bond proceeds. In such cases the funds will be held separately when required by law, contract or other authority. Pursuant to California Government Code Sections 5922(d) and 53601(m), such proceeds are invested in accordance with permitted investment provisions of their specific bond indentures. Funds held in bond proceeds accounts are reported in the City’s Monthly Investment Report.

The City’s Policy does not apply to funds held in trust in the City’s name in pension and other post-retirement benefit programs.

4.0 Prudence
(Reference: Code Sections 53600.3, 53646, 27000.3)
The City Treasurer is authorized to make investment decisions on behalf of the City investing public funds subject to the prudent investment standard. The Prudent Investor Standard of the California Government Code Section 53600.3 states, “when investing, reinvesting, purchasing, acquiring, exchanging, selling or managing public funds, a trustee shall act with care, skill, prudence and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated need of the [City], that a prudent person in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain DRAFT 113
City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
5 the liquidity needs of the [City]”. The standard of prudence to be used by investment officials shall be applied in the context of managing the overall portfolio.

Trustees are those persons authorized to make investment decisions on behalf of a local agency. Trustees or City investment officials, acting in accordance with written procedures, the investment policy and exercising due diligence, shall be relieved of personal responsibility for an individual security's credit risk changes or market price changes, provided deviations from expectations are reported in a timely manner and appropriate action is taken to control adverse developments.

5.0 Objectives
(Reference: Code Section 53600.5)
It is the policy of the City to invest public funds in a manner which will provide for preservation of capital while meeting the daily cash flow requirements of the City and attaining a market average rate of return within an acceptable and defined level of risk.

Section 53600.5 of the California Government Code outlines the primary objectives of a trustee investing public money. The primary objectives, in order of priority, of the City’s investment activities shall be:

5.1 Safety (Preservation of Capital)
Safety of principal is the foremost objective of the investment program.

Investments by the City shall be undertaken in a manner that seeks to ensure preservation of capital in the overall portfolio and reduce both credit and interest rate risk. The type of investment instruments and diversification of investments are critical components to ensuring investment portfolio safety. The objective is to mitigate credit risk and interest rate risk.

5.1.1 Credit Risk
Credit risk is the risk of loss of principal and accrued interest due to the failure of the security issuer. Credit risk can be mitigated by:
 Limiting investments to the safest types of securities. Nationally recognized ratings services will be utilized whenever possible to scrutinize the creditworthiness of investments.
 Pre-qualifying accountants, auditors, financial institutions, broker/dealers, financing advisors, and other outside consultants with which the City does business.

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6  Diversifying the investment portfolio so that potential losses are minimized.

5.1.2 Interest Rate Risk
Interest rate risk is the risk that the market value of securities will fall due to a rise in general market interest rates. It is the policy of the City to hold individual securities to maturity. Interest rate risk can be mitigated by:
 Holding individual securities to maturity – Structuring the investment portfolio so that securities mature to meet cash flow requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity.
 Employing a laddering strategy, as appropriate and as market conditions allow for, whereby staggering maturities of individual securities so the investments come due in increments assuring a stable liquidity pattern.
 Limiting maturities of individual securities and the average maturity of the overall portfolio.

5.2 Liquidity
The City's investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated. Liquidity also refers to the ability to convert an investment to cash without loss of principal and minimal loss of interest. The City is required to include a statement in the Monthly Investment Reports indicating that the projected cash flow is adequate to meet expected obligations over the next six months or provide an explanation as to why sufficient money may or may not be available. Cash, cash equivalents, and highly liquid investments that are immediately available and carry minimal interest rate risk must comprise of at least 50% of the City’s total cash and investment holdings.

5.3 Yield (Return on Investment)
The City’s investment portfolio shall have the objective of attaining a comparative performance measurement or an acceptable rate of return throughout budgetary and economic cycles. These measurements should be commensurate with the City’s investment risk constraints identified in the Investment Policy and the cash flow characteristics of the portfolio. Return on investment becomes a consideration only after the basic requirements of safety and liquidity have been met.

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City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
7 The City Treasurer shall strive to maintain the level of investment of all idle funds as close to 100% as possible. While the objectives of safety and liquidity must first be met, it is recognized that investment assets represent a potential source of significant revenues. It is to the benefit of the City that these assets be managed to produce optimum revenues consistent with State statutes and local policies.

6.0 Delegation of Authority
(Reference: Code Sections 41006, 53607, City of Goleta Municipal Code Section

2.05)
Authority to manage the City’s investment program is derived from the California Government Code Sections 53600 through 53609 and provides the authority for the legislative body of the local agency to invest the funds of the local agency or delegate the authority to the Treasurer of the local agency. Such delegation is to be reviewed annually and may be renewed by the City Council.

The management of idle cash and the investment of funds identified in paragraph 3(A) is the responsibility of the Finance Department. The Finance Department is under the control of the Finance Director and appointed by the City Manager as the City Treasurer in accordance to City of Goleta Municipal Code Section 2.05.

Management responsibility for the investment program is hereby delegated to the Finance Director (City Treasurer) as directed by the City Council, for a one-year period by the City Council. Subject to review, the City Council may renew the delegation of authority under this code section each year. Under the authority granted by the City Council, no person may engage in an investment transaction covered by the terms of this policy unless directed by the City Treasurer.

In the execution of this delegated authority, the City Treasurer may establish accounts with qualified financial institutions and brokers/dealers for the purpose of effecting investment transactions in accordance with this policy. The criteria used to select qualified financial institutions and brokers/dealers are identified in Part 11 of this policy.

All financial transactions, including wiring instructions, must be identified in advance and approved in writing by the City Treasurer or designee. All investment transactions in excess of $100,000 (except for deposits or withdrawals from the LAIF and bank deposits) shall also require the signature of the City Manager or designee.

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City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
8 The City Treasurer shall establish written procedures for the operation and management of the City’s investment portfolio consistent with this Policy. The procedures should include reference to safekeeping, wire transfer processes, banking service contracts, and collateral or depository agreements. Such procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in any investment transactions except as provided under the terms of this Policy and the investment procedures established by the City Treasurer.

This delegation of authority shall be in effect for one fiscal year. The City Council may renew the authority annually and may revoke the authority at any time.

7.0 Ethics, Public Trust and Conflicts of Interest
(Reference: Code Section 1090, Political Reform Act)
All participants in the City's investment process shall act responsibly as custodians of the public trust. Treasury staff shall recognize that the investment portfolio is subject to public review and evaluation. The overall program shall be designed and managed with a degree of professionalism that is worth of public trust.

Elected officials and employees of the City involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program or which could impair their ability to make impartial investment recommendations and decisions under the Political Reform Act and Government Code Section 1090 et seq.

Elected officials and employees shall make all disclosures appropriate under the Fair Political Reform Act and shall seek and follow the advice of the City Attorney and the Fair Political Practices Commission whenever there is a question of personal, financial or investment positions that could represent potential conflicts of interest.

All persons, firms, broker/dealers, financial institutions, and advisors providing investment services or bond issue assistance shall disclose to the City Manager and City Treasurer all fee sharing, fee-splitting and commission arrangements with other entities or persons prior to the City agreeing to buy an investment or issue bonds.

8.0 Authorized Financial Institutions and Broker/Dealers (Reference Code Section 53601.5, SEC Net Capital Rule 15C3-1) DRAFT 117
City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
9 Authorized Financial Institutions and Broker/Dealers defined under California Government Code Section 53601.5 shall be allowed to conduct business with the City and are defined as an institution licensed by the State of California as a broker/dealer, as defined in Section 25004 of the California Corporations Code, or a member of a federally regulated securities exchange, a national or state charted bank, a savings associated or federal association or a brokerage firm designated as a primary government dealer by the Federal Reserve Bank.

Investments shall be purchased only through well-established, financially sound institutions. All financial institutions and broker/dealers who desire to become qualified vendors for investment transactions will be given a copy of the City's investment policy and certification form. The completion and submission of the certification form by a broker-dealer or financial institution shall constitute proof that it has received the City’s Statement of Investment Policy, read it, and intends to comply with it. Qualified financial institutions must provide current audited financial statements and provide either verification of a federal or a state charter or of being an eligible institution per the California Government Code.

Broker/dealers must provide current audited financial statements and verification that the firm is in good standing with one of national securities exchange that is registered with the Securities Exchange Commission.

The financial entities eligible to transact baking services and investment business with the City are:

8.1 Banking Services (Public Depository)
Banking services for the City shall be provided by FDIC insured banks approved to provide depository and other banking services. To be eligible the City shall only deposit public monies in financial institutions that have:
(1) at least $500 million in total assets; (2) a core capital-to-total assets ratio of at least five percent; (3) favorable ratings from a recognized financial institution rating service, as determined by the City Treasurer; (4) a federal or a state charter; or are eligible institutions per the California Government Code and (5) a branch office within Santa Barbara County.

Under no circumstances shall the City’s deposits in a financial institution exceed the total shareholders’ equity of that institution The City Treasurer shall maintain an Approved List of all commercial banks and all savings and loan associations which may serve as public depositories of City monies. That list will be reviewed by the Finance and Audit Standing Committee within three months of modifying the list and subject to a banking services agreement.

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City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
10 8.2 Federal Reserve Bank
Direct purchase of U.S. Treasury Bills, Notes, and Bonds using primary government dealers as designated by the Federal Reserve are exempt from quality requirements and are encouraged due to commission or mark-up discounts.

8.3 Authorized Financial Institutions – Nationally or State Chartered Banks, Savings and Loans and Credit Unions
The City will maintain a list of financial institutions authorized to provide investment services The City may purchase investments offered from Banks, Savings and Loans and Credit Unions provided the institutions are:
 Nationally or State Chartered Institutions
 Registered as investment securities dealers

8.4 Authorized Broker/Dealers
The City will maintain a list will also be maintained of approved security broker/dealers selected by credit worthiness who are authorized to provide investment services in the State of California. These may include primary dealers or regional dealers that qualify under Securities and Exchange Commission Rule 15C3-1 (uniform new capital rule).

All financial institutions and broker-dealers for investment transactions must supply the following to the City as appropriate:
 Qualify for SEC Rule 15c3-1 (uniform net capital rule) as a primary or regional dealer
 Current audited financial statements from most frequent year  Proof of Financial Industry Regulatory Authority (FINRA) certification, trading resolution, proof of State of California registration
 Completed City of Goleta broker-dealer questionnaire, which contains a certification of having read, understood and agreeing to comply with the City’s Investment Policy and California Government Code Section 53600 et seq. and that all securities offered to the City shall comply fully with all provisions of the City’s Investment Policy and the California Government Code.

The City Treasurer or designee, will conduct an annual review of the financial condition and registration of the firms providing investment services to the City.

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City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
11 8.5 Third Party Investment Advisor
If a third party investment advisor is authorized to conduct investment transactions on the City’s behalf, the investment advisor may use their own list of approved broker/dealers and financial institutions. The investment advisor’s approved list must be made available to the City upon request.

9.0 Authorized and Suitable Investments
The City Treasurer may invest City funds in the following instruments as specified in California Government Code, Sections 53600 et seq., and as further limited in this policy. The following table summarizes the investment types authorized by the City’s Investment Policy. In the event a discrepancy is found between this policy and California Government Code, the more restrictive parameters will take precedence.

9.1 Authorized Investment Types
Authorized Investment Max Maturity Max Limits Minimum Quality Govt. Code Other Policy Constraints Local Agency Bonds 5 years None None 53601(a) Bonds issued by the local agency, including bonds payable solely out of
the revenues from a
revenue-producing property owned,
controlled, or operated by the local
agency or by a department, board,
agency, or authority of the local
agency.

U.S. Treasury
Obligations
5 years None None 53601(b) Notes, bonds, bills
State Obligations— CA
And Others
5 years None None 53601(c)
53601(d)
Can include U.S. state obligations
issued outside of California, only as
permitted in 53601(d).

CA Local Agency
Obligations
5 years None None 53601(e) Local obligations include California based issuing agencies only, subject
to 53601(e). The City cannot directly
purchase City or affiliate debt
securities
U.S Agency Obligations
(GSE’s)
5 years 20% of portfolio;
10% single issuer
None 53601(f) Federal Agency or U.S. Government
sponsored enterprise obligations,
participations or other instruments.

Includes: FNMA, GNMA, FHLCMC,
FHLB, FFCB, FAMCA, TVA.

Commercial Paper—
Non-Pooled Funds
(under $100,000,000 of
investments)
270 days or
less
20% of portfolio;
10% single issuer;
Highest letter and
number rating by
an NRSRO
53601(h)(2)(c)
Issuing corporation must be
organized and operating
within the U.S., have assets in excess
of $500 million
Negotiable Certificates
of Deposit
5 years 20% of portfolio Amounts up to 53601(i) Issued by nationally or statechartered banks; savings or federal DRAFT 120
City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
12 $250,000 principal
invested, single
issuer
$250,000 per
institution must be
insured by the
Federal Deposit
Insurance
Corporation
(FDIC) or National
Credit Union
Association
(NCUA).
associations (as defined in Financial
Code Section 5102); state or federal
credit unions; or federally licensed or
state licensed branches of foreign
banks. Includes Brokered CDs under
Master CD that is a negotiable
instrument.

Non-negotiable
Certificates of Deposit
5 years 20% of portfolio
$250,000 principal
invested, single
issuer
Amounts up to
$250,000 per
institution must be
insured by the
Federal Deposit
Insurance
Corporation
(FDIC) or National
Credit Union
Association
(NCUA).
53630 et seq. Issued by nationally or statechartered banks; savings or federal associations (as defined in Financial
Code Section 5102); state or federal
credit unions; or federally licensed or
state licensed branches of foreign
banks.

Placement Service
Deposits
5 years 20% of portfolio
(inclusive of
placement service
CDs)
None 53601.8
and 53635.8
Includes Federally Insured Cash
Account (FICA)
Placement Service
Certificates of Deposit
5 years 20% of portfolio
(combined with
negotiable CDs)
None 53601.8
and 53635.8
Includes Certificate of Deposit
Accounting Registry System
(CDARS)
Medium-Term
Corporate Notes
5 years 20% of portfolio
Single issuer: 5%
for issuers rated
“AA”
3% for issuers
rated “A”
“AA” or “A” rating
category or its
equivalent or
better by two
NRSRO
53601(k) Must be issued by a corporation that
is organized and operating within the
United States or by depository
institutions licensed by the United
States or any state and operating
within the United States.

Mutual Funds and
Money Market Mutual
Funds
N/A 20% of portfolio Fund must have
the highest
ranking by not less
than 2 NRSRO
53601(l)
and 53601.6(b)
See section 11.1 for more
information.

Collateralized Bank
Deposits
5 years None None 53630 et seq.
and 53601(n)
Investments in notes, bonds, or other
obligations under Section 53601(n)
require that collateral be placed into
the custody of a trust company or the
trust department of a bank that is not
affiliated with the issuer of the
secured obligation, among other
specific collateral requirements.

County Pooled
Investment Funds
N/A None None 27133 Includes the County of Santa Barbara Treasurer’s Investment Pool
Joint Powers Authority
Pool
N/A None “AA” 53601(p) A joint powers authority pool must retain an investment advisor
registered with the SEC, have assets
under management in excess of $500
million, and have at least five years’
experience investing in instruments
authorized by Section 53601,
subdivisions (a) to (o). Includes
Investment Trust of California, a Joint
Powers Authority, doing business as
CalTRUST.

Local Agency
Investment Fund (LAIF)
N/A None None 16429.1 Subject to LAIF imposed maximum.
$75 million as of 1/1/20.

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Fiscal Year 2025/26
13 Bank Deposits
(Operating Cash)
Collateralized or FDIC
Insured
N/A No limit Satisfactory rating
from national bank
rating service and
Community
Reinvestment Act
review per Code
Section 53635.2.

Must be an
institution
participating in the
California Local
Agency Security
Program,
providing for 110%
collateralization of
public funds.
53635.2
53649,53638
Amounts up to $250,000 per
institution are insured by the FDIC.

Amounts over the insurance limit are
subject to collateralization
requirements outlined in Section 12
and appropriate Code sections.

9.2 Unauthorized Investments
Investments not specifically authorized herein are disallowed. Additionally, Section 53601.6 of the California Government Code disallows the following:
inverse floaters, range notes, or interest-only strips that are derived from a pool of mortgages. Futures, options, all leveraged purchases, reverse repurchases, and speculations on interest rates are specifically not allowed by this policy.

10.0 Review of Investment Portfolio
The securities held by the City must follow Section 9.0 Authorized and Suitable Investments at the time of purchase. Because some securities may not comply with Section 9.0 after the date of purchase, the City Treasurer or designee, shall at least quarterly review the portfolio to identify those securities that do not comply.

The City Treasurer shall establish procedures to report to the City Council and Finance and Audit Standing Committee, major and critical incidences of noncompliance identified through the review of the portfolio.

If securities owned by the City are downgraded to a level below the quality required by this Policy, the City Treasurer or designee shall review the credit situation and make a determination as to whether sell or retain such securities in the portfolio.

In addition, the percentage ownership limitations as shown in Section 9.0 are evaluated at the time of investment purchase. Should the investment percentages exceed those limitations over time due to unforeseen fluctuations resulting in changes in portfolio values or holdings, the City Treasurer or designee will evaluate monthly to determine if corrective action is necessary.

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City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
14 Should any other condition arise or exist after the purchase of a security that renders the security out of compliance with the Policy, the City Treasurer will evaluate monthly to determine if corrective action is necessary.

The City may elect to sell a security prior to its maturity and record a capital gain or loss in order to improve the quality, liquidity or yield of the portfolio in response to market conditions, the City’s risk preferences, and to address securities that no longer meet the parameters required in Section 9.0. However, the City may not engage in active trading or speculation at any time.

11.0 Investment Pools and Money Market Mutual Funds
(Reference: Code Sections 16429.1 et sec., 27133, 53601(p), 53601, 53635) Investment pools and money market mutual funds include the Local Agency Investment Fund (LAIF), the County of Santa Barbara’s Pooled Treasury Investment Funds, the Investment Trust of California (dba, CalTRUST), and shares of beneficial interest issued by authorized diversified management companies (money market mutual funds). A thorough investigation of the pool or fund is required prior to investing, and on a periodic basis while funds are invested.

11.1 Investment Pools
Government sponsored investment pools (Pools) are permitted under California Government Code Section 53601 and are an excellent short-term investment option for cash management. There shall be a questionnaire developed which will answer the following general questions:
 A description of eligible investment securities, and a written statement of investment policy and objectives.
 A description of interest calculations and how it is distributed, and how gains and losses are treated.
 A description of how the securities are safeguarded (including the settlement processes), and how often the securities are priced, and the program audited.
 A description of who may invest in the program, how often, what size deposit and withdrawal are allowed.
 A schedule for receiving statements and portfolio listings.  A description of how the pool/fund maintain reserves, retained earnings etc., or is all income after expenses distributed to participants.
 A fee schedule, and when and how it is assessed.

DRAFT 123
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Statement of Investment Policy
Fiscal Year 2025/26
15  The eligibility of the pool/fund to invest in bond proceeds and a description of its practices.

The Pool must also publish timely monthly information which will include performance results, portfolio maturity statistics and credit rating, as applicable. The information shall also include a detailed list of investment holdings, including market value, maturity, and credit rating for each security.

11.2 Money Market Mutual Funds
Money market mutual funds provide a safe, liquid, and diversified investment option for the City’s surplus funds; however, certain conditions need to be met both initially and on an ongoing basis. The City is not permitted to invest in mutual funds other than money market mutual funds.

Money market mutual funds held by the City may only invest in US Government securities permitted under this Policy and under Code Section 53601 et seq. with final stated maturities of one year or less.

To be an eligible money market investment under this section, the primary objective of the money market, as stated in the fund’s prospectus, is to maintain a constant $1.00 Net Asset Value (NAV). The following additional guidelines include but are not limited to those provided for in Rule 2A-7 of the Investment Company Act and Code Section 56001(l)2:
 Only invests in US Government securities, and the weighted average maturity of the portfolio is less than 60 days
 The fund shall be registered with the SEC
 The fund shall have a minimum of $500 million in total asset size at time of investment and should not drop below this threshold  The fund must have retained an investment advisor registered or exempt from registration with the SEC with 5 years’ experience managing money market funds more than $500 million
 The money market shall have attained the highest ranking, or the highest letter and numerical rating provided by not less than two nationally recognized statistical rating organizations (NRSRO) and shall maintain these ratings for the duration of the investment

12.0 Collateralization
(Reference: Code Sections 53601, 53630, 53649, 53652, 53653, 53656, 53657)

12.1 Investments
DRAFT 124
City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
16 Investments in certificates of deposit, sweep accounts and passport accounts shall be fully insured up to the limit set by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). Investments in certificates of deposit, sweep accounts and passport accounts in excess of the FDIC or NCUA limit shall be properly collateralized as required by law.

The City will only place in a certificate of deposit that amount of principal which is covered by FDIC or NCUA insurance (per Government Code Section 53653).

12.2 Cash in Bank Depository Accounts
Cash in depository accounts must be placed with financial institutions participating in the California Local Agency Security Program, providing for collateralization of public funds invested in government securities, and pursuant to a contract with the depository meeting the requirements of Government Code Section 53649. The financial institution must have also received a satisfactory rating from national bank rating service and from Community Reinvestment Act review per Government Code Section 53635.2.

All active and inactive deposits must always be secured with eligible government securities in securities pools pursuant to Code Sections 53656 and 53657, at 110% of market value per Section 53652. Per Code Section 53638 deposits may not exceed bank shareholder equity; total net worth of depository savings or federal association; unimpaired capital and surplus of a credit union; unimpaired capital and surplus of industrial loan companies. The Treasurer may waive collateral for the portion of any deposits insured pursuant to federal law.

Collateral will always be held by an independent third party with whom the entity has a current custodial agreement. A clearly marked evidence of ownership (safekeeping receipt) must be supplied to the City and retained. The right of collateral substitution is granted, within the parameters and constraints of this Policy.

13.0 Safekeeping and Custody
(Reference: Code Section 53608)
To protect against fraud, embezzlement, or losses caused by a collapse of an individual securities dealer, all securities owned by the City shall be held in safekeeping by a third-party bank trust department, acting as an agent of the City under the terms of a custody agreement. All security transactions entered by the City shall be conducted on a delivery-vs.-payment (DVP) basis. Securities owned by the City, (except the collateral for certificates of deposit in banks and/or savings DRAFT 125
City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
17 and loans) shall be held by a third-party custodian/safekeeping account designated by the City Treasurer and evidenced by safekeeping receipts. Said securities shall be held in a manner that establishes the City’s right of ownership. The only exception to the foregoing shall be depository accounts and security purchases made with: LAIF, other investment pools, time certificates of deposit and money market mutual funds held directly with issuing institution, since the purchased securities are not deliverable.

The third-party custodian/safekeeping account shall annually provide a copy of their most recent report of internal controls and provide periodic statements of the securities owned by the City listing the specific instrument, rate, maturity and other pertinent information.

14.0 Diversification
The City recognizes that investment risks can result from the issuer defaults, market price changes, or various technical complications leading to temporary liquidity. To minimize the City’s exposure to these types of risk, the portfolio should be diversified among several types of institutions, instruments, and maturities. The City Treasurer shall minimize default risk by prudently selecting only instruments and institutions, which at the time of placement have been evaluated for their financial viability and compliance with this policy. No individual transaction shall be undertaken that jeopardizes the total capital position of the overall portfolio.

The portfolio instrument composition shall be diversified to the extent feasible to avoid incurring unreasonable and avoidable risks regarding specific security types indicated in Section 9 of this investment policy. No more than ten percent (10%) of the value of the City's portfolio will be placed with any single issuer, except for the U.S. Treasury/Federal agency securities, authorized pools, and collateralized investments, and cash held in bank depository account. No more than 20% of the City’s investment portfolio will be invested in a single security type, except for U.S.

Treasury securities, authorized agency investment pools, and collateralized bank deposits.

15.0 Maximum Maturities
(Reference: Code Section 53601)
To the extent possible, the City will attempt to match its investments with anticipated cash flow requirements. Maturities will be selected based on cash flow projections that facilitate selecting investment maturity dates to match the projected expenditures.

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City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
18 A policy of laddered portfolio shall be followed for pooled investments. At least thirty-five percent (35%) of the portfolio value shall be invested in instruments maturing within one year from the investment date. No more than twenty-five percent (25%) of the entire portfolio value shall have a maturity date between three (3) and five (5) years from the investment date, unless the City Treasurer can demonstrate via a comprehensive cash-flow analysis that higher percentages allow the City to meet its cash-flow requirements. Investments having a maturity greater than five (5) years shall not be made unless matched to a specific cash flow and approved by City Council.

The weighted average maturity of the investment portfolio must be less than two and half (2.5) years. This calculation will be provided in the Monthly Investment Transaction Report.

In addition, the City Treasurer or designee shall strive to maintain operating cash of an amount no greater than 10% of total City cash and investments, in order to maximize interest earnings while managing liquidity needs.

16.0 Internal Controls
The City Treasurer shall establish and maintain a system of appropriate internal controls to ensure compliance with policies and procedures. The controls should be designed to prevent losses of public funds arising from fraud, error, or imprudent actions by employees and officers of the City. The following procedures shall generally be followed:

16.1 Annual Review and Audit
An annual review and audit of the City’s Investment Policy, practices, procedures and portfolio status will be conducted by an independent auditor. This review will provide internal control by assuring compliance with policies and procedures. The auditor will provide the City with written observations and recommendations regarding the adequacy of investment controls. The Treasurer will oversee the implementation of any corrective actions indicated by the auditor in a timely fashion and will provide a written report of those actions to the City Manager.

16.2 Segregated Investment Execution, Recordkeeping and Reporting An independent member of City staff will record the Treasurer’s investment records or confirmations to the City’s general ledger. In addition, independent staff will perform the monthly reconciliation of bank, DRAFT 127
City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
19 broker/dealer, and safekeeping confirmations and will include the following:
 Proper documentation obtained from confirmation and cash disbursement wire transfers is required for each investment transaction.  Timely bank reconciliation is conducted to ensure proper handling of all transactions
 The investment portfolio and all related transactions are reviewed and balanced to appropriate general ledger accounts by the Finance Department on a monthly and quarterly basis.

16.3 Wire Transfer Controls
All City wire transfers will be executed in accordance with written operating procedures specifying controls required for wire transfers of funds, including the establishment of repetitive (“templated”) wires to settle securities transactions. All wire transfers require three Finance staff or employees to initiate, approve, and release each transaction. Two factor authentication is required for each individual to engage in the wire release process, which includes unique passwords, and the use of bank security phone call verification. Final release of all wires from the City, investment or otherwise, require the approval of either the City Treasury or City Manager. The City Treasurer is responsible for ensuring that investment trade settlement occurs in a timely manner and that execution confirmations reflect accurate trade data.

17.0 Performance Standards

17.1 Investment Strategy
The City’s overall investment strategy is passive. The City intends to hold its investments to call or maturity. The buy and hold strategy shall generally be followed. A buy and hold strategy require that the portfolio be kept sufficiently liquid to preclude the undesirable sale of investments prior to call or maturity. Occasionally, the City Treasurer may find it advantageous to sell an investment prior to call or maturity, such as when the return for an alternative investment would significantly exceed the loss on the current investment. The sale of investments prior to call or maturity should be only on an exception basis and only when it is clearly favorable to do so. To further provide for liquidity, investments will be made only in readily marketable securities actively traded in the secondary market.

17.2 Benchmark
DRAFT 128
City of Goleta
Statement of Investment Policy
Fiscal Year 2025/26
20 The City shall use the LAIF apportionment rate, the 1-year U.S. Treasury Note, the 2-year U.S. Treasury Note or compare other average Constant Maturity Treasury (CMT) whose maturity most closely matches the weighted average maturity of the portfolio. These rates will serve as useful benchmarks to measure whether or not the City’s portfolio net yields are matching or surpassing the market yields. The benchmarks and investment performance will be reviewed by the Finance and Audit Standing Committee as market conditions warrant or when the benchmarks are not met for a consecutive one-year period.

Calculation of the City’s return on the investment portfolio for purposes of performance standard comparisons shall not include operating cash or equivalents.

18.0 Investment Reporting
(Reference: Code Sections 53607 and 53646 (b))
In accordance with California Government Code Section 53607, the investment report shall be submitted to the City Council on a monthly basis by the City Treasurer. The City Treasurer shall review and render monthly and quarterly investment reports and include the following:
 The monthly report shall include an accounting of all receipts, disbursements and fund balances.
 The quarterly report shall include an itemized listing of portfolio investments by type, date of maturity, yield to maturity, issuer, par value, dollar amount invested, book value and current market value if applicable. The source of the market values will be cited.
 The quarterly report will include a statement of compliance of the portfolio with the City's investment policy or an explanation as to why the portfolio is not in compliance per California Government Code Section 53646(b)(2).  The quarterly report shall include a statement of compliance that the investment portfolio has the ability to meet the City's expenditure requirements for the next six months, or provide an explanation as to why sufficient money shall, or may, not be available, per California Government Code Section 53646 (b)(3).

So long as the City Council’s annual delegation of investment authority to the City Treasurer pursuant to Government Code Section 53607 is effective, the Treasurer shall make the above-described reporting of all investment transactions to the City Council.

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21 19.0 Statement of Investment Policy Compliance and Adoption (Reference: Code Section 53646)
The City's investment policy shall be adopted by resolution annually by the City Council. The policy shall be reviewed annually first by the Finance and Audit Standing Committee and by the City Council. Any modifications to the investment policy must be approved by the City Council. The City Council has charged the City Treasurer and designated staff with the responsibility to review and to recommend updates to the Policy.

The City Treasurer shall establish written Investment Policy internal procedures for the operations of the investment program consistent with this Policy. The procedures should include reference to safekeeping, wire transfer agreements and procedures, banking service contracts and collateral/depository agreements. Such procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this Policy and the procedures.

20.0 Exceptions
Occasionally, exceptions to some of the requirements specified in this investment policy may occur for pooled investments because of events subsequent to the purchase of investment instruments. State law is silent as to how exceptions should be corrected. Exceptions may be temporary or more lasting; they may be self-correcting or require specific action. If specific action is required, the City Treasurer should determine the course of action that would correct exceptions to move the portfolio into compliance with State law and City policy. Disclosure of exceptions lasting more than 183 days shall be done in the quarterly investment report immediately following the 183 days. Decisions to correct exceptions should not expose the assets of the portfolio to undue risk and should not impair the meeting of financial obligations as they fall due. Any subsequent investments should not extend existing exceptions.

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22 21.0 Glossary of Investment Terms
Active Management Strategy: Investment strategy based on a manager or a team of managers actively managing a fund’s portfolio with the goal of outperforming benchmarks through analytical research, forecasts, and their own judgment and expertise.

Accrued Interest: Coupon interest accumulated on a bond or note since the last interest payment or, for a new issue, from the dated date to the date of delivery.

Agencies: Federal agency securities and/or Government-Sponsored Enterprises, which include: Federal Home Loan Bank (FHLB), Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal Farm Credit Bank (FFCB), Federal Agricultural Mortgage Association (Farmer Mac), Government National Mortgage Association (GNMA), and the Tennessee Valley Authority (TVA).

Annual Comprehensive Financial Report (ACFR): The official annual financial report for the City. It includes government wide and fund financial statements prepared in conformity with Generally Accepted Accounting Principles (GAAP). It also includes supporting schedules necessary to demonstrate compliance with finance-related legal and contractual provisions, extensive introductory material, and a detailed Statistical Section
Asset-Backed Securities (ABS): Securities that are supported by pool of assets, such as installment loans or leases, or by pools of revolving lines of credits. Assetbacked securities are structured as trusts in order to perfect a security interest in the underlying assets.

Bank Deposits: Deposits in banks or other depository institutions that may be in the form of demand accounts (checking) or investments in accounts that have a fixed term and negotiated rate of interest.

Bankers Acceptance (BA): A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill, as well as the issuer.

Basis Points: Refers to the yield on the bonds. Each percentage point of yield in bonds equals 100 basis points (1/100% or 0.01%). If a bond yield changes from

7.25% to 7.39%, that is a rate of 14 basis points.

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23 Benchmark: A comparative base for measuring the performance or risk tolerance of the investment portfolio. A benchmark should represent a close correlation to the level of risk and the average duration of the portfolio’s investments.

Bond Indenture (or Trust Indenture): Written agreement specifying the terms and conditions for issuing bonds, stating the form of the bond being offered for sale, interest to be paid, the maturity date, call provisions and protective covenants, if any, collateral pledged, the repayment schedule, and other terms. It describes the legal obligations of a bond issuer and the powers of the bond trustee, who has the responsibility for ensuring that interest payments are made to registered bondholders.

Broker: A broker brings buyers and sellers together for a commission.

Brokered Certificate of Deposit (CD): Brokered CD is a certificate of deposit that is purchased through a brokerage firm or from a sales representative other than a bank. Brokered CDs purchased through a broker dealer are part of a Master CD that is a negotiable instrument. Political subdivisions are entitled to its own insurance coverage and FDIC limits apply of up to $250,000. They are issued in book entry form to track ownership and use the CUSIP system for identification and trading in the primary and secondary market. Some may have callable options, similar to bonds.

Buy and Hold Strategy: Investments in which management has the positive intent and ability to hold each issue until call or maturity.

Call Option: The terms of the bond contract giving the issuer the right to redeem or call an outstanding issue of bonds prior to its stated date of maturity.

Call Risk: The risk to a bondholder that the bond issuer will exercise a callable bond feature and redeem the issue prior to maturity.

Callable Securities: An investment security that contains an option allowing the issuer to retire the security prior to its final maturity date.

Cash Flow: A comparison of cash receipts (revenues) to required payments (operating expenditures, debt service, etc.)
Certificates of Deposit (CD): Large denomination ($100,000 or more) interest bearing time deposits, paying the holder a fixed amount of interest at specific maturity. Larger-denomination CD’s are typically negotiable. Funds usually cannot be withdrawn before maturity without giving advance notice and normally without a penalty.

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24 Certificate of Deposit Account Registry Service (CDARS): A private CD placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS).

City Treasurer: The Finance Director serves as the City Treasurer, as appointed by the City Manager.

Collateralization: To secure a debt in part or in full by pledge of collateral, asset pledged as security to ensure payment or performance of an obligation. Also refers to securities pledged by a bank to secure deposits of public monies.

Constant Maturity Treasury (CMT): An average yield of a specific Treasury maturity sector for a specific time frame. This is a market index for reference of past direction of interest rates for the given Treasury maturity range Coupon: (a) The annual rate of interest that a bond's issuer promises to pay the bondholder on the bond's face value. (b) A certificate attached to a bond evidencing interest due on a payment date.

Current Yield: The interest paid on an investment expressed as a percentage of the current price of the security.

CUSIP Number: A nine-digit number established by the Committee on Uniform Securities Identification Procedures that is used to identify publicly traded securities. Each publicly traded security receives a unique CUSIP number when the security is issued.

Custody: A banking service that provides safekeeping for the individual securities in a customer's investment portfolio under a written agreement which also calls for the bank to collect and pay out income, to buy, sell, receive and deliver securities when ordered to do so by the principal.

Dealer: A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own account.

Debenture: A bond secured only by the general credit of the issuer.

Delivery versus Payment (DVP): There are two methods of delivery of securities:
delivery versus payment and delivery versus receipt. Delivery versus payment is the delivery of securities with an exchange of money for the securities. Delivery DRAFT 133
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25 versus receipt is delivery of securities with an exchange of a signed receipt for the securities.

Disallowed Investments: Prohibited investments include any investments not specifically authorized within this policy, inverse floaters, range notes, interest-only strips that are derived from a pool of mortgages; futures, option, all leveraged purchases, reverse repurchases, and speculations on interest rates.

Discount: The difference between the cost price of a security and its value at maturity when quoted at lower than face value. A security selling below original offering price shortly after sale is also considered to be at a discount.

Diversification: Dividing investment funds among a variety of securities offering independent returns.

Duration: A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates means falling bond prices, while declining interest rates mean rising bond prices.

Federal Deposit Insurance Corporation (FDIC): The federal agency that insures bank deposits up to $250,000 per deposit at participating banking institutions. To increase consumer confidence in the banking system, the previous $100,000 insurance limit was temporarily increased to $250,000 in 2008, extended to 2013, and then permanently increased on July 21, 2010 with the passage of the Wall Street Reform and Consumer Protection Act.

Federal Funds Rate: The rate of interest at which Federal funds are traded. The Federal Reserve through open-market operations currently set this rate. It is also known as the federal funds target rate or the fed funds rate to guide overnight lending amount U.S. banks. It’s set as a range between an upper and lower limit and influences borrowing and interest rates.

Federally Insured Cash Account (FICA): A proprietary cash management vehicle by StoneCastle Partners. It is an FDIC insured Liquid Structured Bank Deposit Vehicle. A deposit placement security.

Federal Open Market Committee (FOMC): Consists of seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank Presidents.

The President of the New York Federal Reserve Bank is a permanent member, while the other Presidents serve on a rotating basis. The Committee periodically meets to set Federal Reserve guidelines regarding purchases and sales of DRAFT 134
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26 Government Securities in the open market as a means of influencing the volume of bank credit and money.

Federal Reserve System: The central bank of the United States which consists of a seven-member Board of Governors, 12 regional banks, and 5,700 commercial banks that are members.

Fiduciary Funds: Funds held in a trustee or agency capacity for outside parties.

Government Accounting Standards Board: A standard-setting body, associated with the Financial Accounting Foundation, which prescribes standard accounting practices for governmental units.

Interest Rate: The annual yield earned on an investment, expressed as a percentage.

Investment Trust of California: In 2005, the CSAC Finance Corporation and the League of California Cities established the Investment Trust of California (CalTRUST) as a Joint Powers Authority in conjunction with public agencies in California for the purpose of pooling and investing local agency funds.

Liquidity: Refers to the ability to rapidly convert an investment into cash.

Laddered Portfolio: Bond investment portfolio with securities in each maturity range (e.g. monthly) over a specified period (e.g. five years).

Leverage: Investing with borrowed money with the exception that the interest earned on the investment will exceed the interest paid on the borrowed money.

Local Agency Investment Fund (LAIF): A voluntary investment program offering participating agencies the opportunity to participate in a major portfolio which daily invests hundreds of millions of dollars, using the investment expertise of the State Treasurer's Office investment staff at no additional cost to the taxpayer. Investment in LAIF, considered a short-term investment, is readily available for cash withdrawal daily.

Market Average Rate of Return: For purposes of this Policy, the market average rate of return is defined as the average CMT (Constant Maturity Treasury) whose maturity most closely matches the weighted average maturity of the portfolio, or the current period average annual LAIF yield. Such measurements will be undertaken based upon the most recent month’s reported data as shown in the Monthly Investment Report.

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27 Mark-to-Market: The process whereby the book value or collateral value of a security is adjusted to reflect its current fair market value. The City applies fair value adjustments at fiscal year-end in the City’s financial statements in accordance with Government Accounting Standards Board Statement No. 72, “Fair Value Measurements and Application”, which provides the framework for measuring fair value.

Market Risk: Defined as market value fluctuations due to overall changes in the general level of interest rates. Adverse fluctuation possibilities shall be mitigated by limiting the maximum maturity of any one security to five years, structuring the portfolio based on historic and current cash flow analysis, and eliminating the need to sell securities prior to maturity. Also, avoiding the purchase of long-term securities for the sole purpose of short-term speculation mitigates market risk.

Market Value: The price at which a security is trading and could presumably be purchased or sold.

Master Repurchase Agreement: A written contract covering all future transactions between the parties to repurchase - reverse repurchase agreements that establish each party's rights in the transactions. A master agreement will often specify, among other things, the right of the buyer-lender to liquidate the underlying securities in the event of default by the seller-borrower.

Maturity: The date the principal or stated value of an investment becomes due and payable.

Medium Term Note: For purposes of this Policy, a medium-term note (MTN) refers to a note payable issued by a Corporation that comes with a maturity date that is within five years.

Money Market Deposit Accounts: These accounts are also referred to as Money Market savings accounts and can offer both savings and checking account. Funds can earn interest while still being able to withdraw or transfer funds. These deposit accounts are FDIC or NCUA insured or fully collateralized if holding government deposits.

Money Market Mutual Fund: The market in which short-term debt instruments (bills, commercial paper, bankers' acceptances, etc.) are issued and traded.

National Credit Union Administration (NCUA): An independent federal agency that insures deposits at federally insured credit unions, currently up to $250,000.

Nationally Recognized Statistical Rating Organization (NRSRO): A credit DRAFT 136
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28 rating agency that the Securities and Exchange Commission in the United States uses for regulatory purposes. Credit rating agencies provide assessments of an investment's risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. The three most prominent NRSROs are Fitch, S&P, and Moody's.

Nominee: Registered owner of a stock or bond if difference from the beneficial owner, who acts as holder of record for securities and other assets. Typically, this arrangement is done to facilitate the transfer of securities when it is inconvenient to obtain the signature of the real owner, or the actual owner may not wish to be identified. Nominee ownership simplifies the registration and transfer of securities.

Open Market Operations: Purchases and sales of government and certain other securities in the open market by the New York Federal Reserve Bank as directed by the FOMC to influence the volume of money and credit in the economy.

Purchases inject reserves into the bank system and stimulate growth of money and credit; sales have the opposite effect. Open market operations are the Federal Reserve’s most important and most flexible monetary policy tool.

Passive Investment Strategy: A buy and hold investment strategy. Investments are purchased with the intent and capacity to hold them until maturity. At times, market forces or operations may dictate exchanging one security for another or selling a security before maturity. This passive investment strategy is different from one in which securities are purchased with the intent to sell them before maturity at a profit or the use of leverage to enhance yield.

Pooled Investments: Grouping of resources for the advantage of the participants.

Portfolio: Collection of securities held by an investor.

Primary Dealer: A group of government securities dealers who submit daily reports of market activity and positions and monthly financial statements to the Federal Reserve Bank of New York and subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC) registered securities broker-dealers, banks and a few unregulated firms.

Prime Commercial Paper: Short-term IOU, or unsecured money market obligation, issued by prime rated commercial firms and financial companies, with maturities from 2 days up to 270 days. A promissory note of the issuer used to finance current obligations and is a negotiable instrument.

Principal: (1) The face amount of par value of a debt instrument. (2) One who acts as a dealer buying or selling for his own account.

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29 Prudent Person Rule: An investment standard. In some states the law requires that a fiduciary, such as a trustee, may invest money only in a list of securities selected by the custody state—the so-called legal list. In other states the trustee may invest in a security if it is one which would be bought by a prudent person of discretion and intelligence who is seeking a reasonable income and preservation of capital. As to the City, the prudent investor standard is established by, and specifically described in, California Government Code Section 53600.3. See Section 4.0 of this investment policy.

Public Bank: A corporation, organized as either a nonprofit mutual benefit corporation or a nonprofit public benefit corporation for the purpose of engaging in the commercial banking business or industrial banking business that is wholly owned by a local agency, as specified, local agencies, or a joint powers authority.

Rate of Return: The yield obtainable on a security based on its purchase price or its current market price. This may be the amortized yield to maturity on a bond or the current income return.

Repurchase Agreement (RP or Repo): A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date. The security “buyer” in effect lends the “seller” money for the period of the agreement and the terms of the agreement are structured to compensate him for this. Dealers use RP extensively to finance their positions. Exception:

When the Fed is said to be doing RP, it is lending money that is increasing bank reserves.

Rule 2A-7 of the Investment Company Act: Applies to all money market mutual funds and mandates such funds to maintain certain standards, including a 13- month maturity limit and a 90-day average maturity on investments, to help maintain a constant net asset value of $1.00.

Safekeeping: A service to customers rendered by banks for a fee whereby securities and valuables of all types and descriptions are held in the bank’s vault for protection.

Secondary Market: A market is made for the purchase and sale of outstanding issues following the initial distribution.

Securities & Exchange Commission (SEC): Agency created by Congress to protect investors in securities transactions by administering securities legislation.

SEC Rule 15C3-1: See uniform net capital rule.

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30 Supranationals: A supranational organization is formed by a group of countries through an international treaty with specific objectives such as promoting economic development. Supranational organizations also issue debt in the United States.

The most recognized supranational debt is the International Bank for Reconstruction and Development (IBRD or World Bank), International Finance Corporation (IFC) and Inter-American Development Bank (IADB). The City currently does not allow investments in Supranationals, but it’s an allowable investment option under State law, as outlined in Section 9.0.

Sweep Account: Short-term income fund into which all un-invested cash balances from the non-interest-bearing checking account are automatically transferred daily.

Third-Party Custodian: Corporate agent, usually a commercial bank, who, acting as trustee, holds securities under a written agreement for a corporate client and buys and sells securities when instructed. Custody service includes securities safekeeping, and collection of dividends and interest. The bank acts only as a transfer agent and makes no buy-sell recommendations.

Treasury Bills: A non-interest bearing discount security issued by the U.S.

Treasury to finance the national debt. Most bills are issued to mature in three months, six months, or one year.

Treasury Bonds: Long-term coupon-bearing U.S. Treasury securities issued as direct obligations of the U.S. Government and having initial maturities of more than 10 years.

Treasury Notes: Medium-term coupon-bearing U.S. Treasury securities issued as direct obligations of the U.S. Government and having initial maturities of from two to 10 years.

Trustee: (1) All governing bodies of local agencies or persons authorized (city investment officials) to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. (2) A financial institution with trust powers that acts in a fiduciary capacity for the benefit of the bondholders in enforcing the terms of the bond contract.

Uniform Net Capital Rule: Securities and Exchange Commission requirement that member firms as well as non-member broker-dealers in securities maintain a maximum ratio of indebtedness to liquid capital of 15 to 1; also called net capital rule and net capital ratio. Indebtedness covers all money owed to a firm, including DRAFT 139
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31 margin loans and commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash.

U.S. Government Securities: Securities issued by the U.S. Government and its agencies which are either directly or indirectly backed by the full faith and credit of the United States. U.S. Government securities include Treasury Bills, Notes and Bonds. Agency securities include those issued by the Federal National Mortgage Association, Federal Home Loan Bank, and similar agencies.

Volatility: A degree of fluctuation in the price and valuation of securities.

Yield: The rate of annual income return on an investment, expressed as a percentage. (a) INCOME YIELD is obtained by dividing the current dollar income by the current market price for the security. (b) NET YIELD or YIELD TO MATURITY is the current income yield minus any premium above par or plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond.

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