City Council Agenda
Regular Meeting - 6:00 p.m.
Wednesday, February 4, 2026
Council Chambers
825 Imperial Beach Boulevard
Imperial Beach, CA 91932
THE CITY COUNCIL ALSO SITS AS THE IMPERIAL BEACH PLANNING COMMISSION, PUBLIC
FINANCING AUTHORITY, HOUSING AUTHORITY, AND IMPERIAL BEACH REDEVELOPMENT AGENCY SUCCESSOR AGENCY.
Public Comments: Members of the public can participate in-person at the City Council meeting to provide public comments. Members of the public can also submit written comments prior to the City Council meeting via e-mail at: [email protected]. Written comments received by noon on the day of the City Council meeting, that are within the subject matter jurisdiction of the City of Imperial Beach, will be provided to the City Council and be made available to the public at the City Council meeting. They will be part of the official record of the meeting, but they will not be read aloud at the meeting. Members of the public who wish to watch City Council meetings, are encouraged to stream from the City website's at:
https://www.imperialbeachca.gov/129/Agendas-Minutes.
In compliance with the Americans with Disabilities Act, the City of Imperial Beach requests that individuals who require reasonable accommodation to fully participate in this meeting contact the City Clerk’s office at (619) 628-2347 or TTY 711 as soon as possible during regular business hours and not later than at least twelve (12) hours in advance of the meeting to discuss your accessibility needs.
Foreign language and American Sign Language interpretation services are now available for City Council meetings. Contact the City Clerk’s office at (619) 628-2347 or TTY 711 by noon on Monday prior to the meeting.
Any disclosable public records provided to a majority of the City Council/Planning Commission/Public Financing Authority/Housing Authority/I.B. RDA Successor Agency regarding any open session item on this agenda will be available for public inspection at the following designated locations: Office of the City Clerk, located at 825 Imperial Beach Blvd., Imperial Beach, CA 91932 and on the City's website at:
https://www.imperialbeachca.gov/129/Agendas-Minutes.
Pages
1. CALL TO ORDER
2. ROLL CALL
3. PLEDGE OF ALLEGIANCE
4. REIMBURSEMENT DISCLOSURES/REPORTS ON ASSIGNMENTS AND
COMMITTEES
All City Council assignments are available for review in the City Clerk’s Office.
5. COMMUNICATIONS FROM CITY STAFF
6. PUBLIC COMMENT
Each person wishing to address the City Council regarding items not on the posted agenda may do so at this time. In accordance with State law, Council may not take action on an item not scheduled on the agenda. If appropriate, the item will be referred to the City Manager or placed on a future agenda.
7. PRESENTATIONS
7.a PROCLAMATION RECOGNIZING BLACK HISTORY MONTH. (0410-30) 4 Recommendation:
That the City Council approve the Proclamation.
8. CONSENT CALENDAR
All matters listed under Consent Calendar are considered to be routine by the City Council and will be enacted by one motion. There will be no separate discussion of these items, unless the item is removed from the Consent Calendar by action of the City Council. A Councilmember or member of the public may make a comment on any item on the Consent Calendar.
Recommendation:
To approve Consent Calendar Item Nos. 8.a through 8.e.
8.a RATIFICATION OF WARRANT REGISTER FOR THE PERIOD FROM JANUARY 9, 2026 TO JANUARY 22, 2026. (0300-25)
6 Recommendation:
Staff is seeking that the City Council ratify and file the Warrant Register Report.
8.b RESOLUTION NO. 2026-015 AND SA-26-101 APPROVING AND ADOPTING
THE AMENDMENTS TO CITY OF IMPERIAL BEACH INVESTMENT POLICY
AND DELEGATE THE CITY TREASURER THE AUTHORITY TO INVEST AND REINVEST. (0350-95)
25 Recommendation:
Approve and adopt Resolution No. 2026-015 by the City Council and SA-26- 101 by the Successor Agency authorizing the amendments to the City of Imperial Beach Investment Policy and delegating to the City Treasurer the authority to invest and reinvest the City’s financial assets.
8.c RESOLUTION NO. 2026-014 AWARDING A PUBLIC WORKS CONTRACT TO ACE EXCAVATING AND ENVIRONMENTAL SERVICES, INC. TO PERFORM PHASE 2 – SPORTS PARK RECREATION CENTER COURTYARD
REHABILITATION. (0920-40)
81 Recommendation:
Adopt Resolution No. 2026-014 to award a construction contract to Ace Excavating and Environmental Services, Inc. for an amount not-to-exceed $200,000 for the Phase 2 – Sports Park Recreation Center Courtyard Rehabilitation.
8.d APPROVAL OF RESOLUTION NO. 2026-012 PURSUANT TO PUBLIC CONTRACTS CODE SECTION 22050 FINDING THE CONTINUED
EXISTENCE OF AN EMERGENCY DUE TO THE FAILURE OF SEWER
PUMPS AT PUMP STATION NO. 8. (0830-35)
84 Recommendation:
Adopt Resolution No. 2026-012 to continue the existence of the emergency and ratify actions taken in furtherance of the emergency.
8.e RESOLUTION NO. 2026-013 AUTHORIZING THE PURCHASE OF FIRE
STATION WELLNESS ITEMS AND AWARDING A PUBLIC WORKS
CONTRACT TO ALL PHASE DRYWALL & DEVELOPMENT TO PERFORM
FIRE STATION WELLNESS IMPROVEMENTS. (0910-40)
89 Recommendation:
Adopt Resolution No. 2026-013 to (1) authorize the purchase of a sauna and cold plunge from LIT Method for a total of $17,500 and (2) award a construction contract to All Phase Drywall & Development for an amount not-to-exceed $35,000 for the Fire Station Wellness Improvements.
9. ORDINANCES/INTRODUCTION & FIRST READING
None.
10. PUBLIC HEARINGS
None.
11. REPORTS
11.a INVESTMENT UPDATE PRESENTED CHANDLER ASSET MANAGEMENT. (0350-90)
92 Recommendation:
Staff recommends the City Council receive and file the investment update report from Chandler Asset Management.
11.b CIRCULATE SAN DIEGO PRESENTATION ON CALIFORNIA OFFICE OF TRAFFIC SAFETY GRANT PROGRAMMING FOR 2026. (0390-86)
93 Recommendation:
The Imperial Beach City Council accept and file the presentation from Circulate San Diego and provide direction to staff as appropriate.
12. I.B. REDEVELOPMENT AGENCY SUCCESSOR AGENCY REPORTS
See Consent Calendar Item No. 8.b.
13. ITEMS PULLED FROM THE CONSENT CALENDAR (IF ANY)
14. CITY COUNCIL FUTURE AGENDA REQUESTS
15. ADJOURN REGULAR MEETING
P a g e | 1
February 4, 2026
ITEM TITLE: PROCLAMATION RECOGNIZING BLACK HISTORY MONTH. (0410-30) ORIGINATING DEPARTMENT:
Mayor
RECOMMENDATION:
That the City Council approve the Proclamation.
ATTACHMENTS:
ATT 1 – 2026 Black History Month Proclamation
Recognition of Black History Month
February 2026
WHEREAS, the City of Imperial Beach remains dedicated to work toward becoming an inclusive community in which all residents are respected and recognized for their contributions to our world; and
WHEREAS, on February 12, 1926 a week was chosen to celebrate Black History as it acknowledged the birthdays of Abraham Lincoln on February 12 and of Frederick Douglass on February 20, both of whom were recognized as champions of freedom and equality; and WHEREAS, during the late 1960s America experienced the Civil Rights Movement and prominent civil rights activists supported the evolution of the week into an entire month; and WHEREAS, African Americans have been fundamental in the creation of a massive number of groundbreaking inventions and are recognized for achievements in education, social services, public safety, health, business, fine arts, entertainment, science, government, politics, law, engineering, and technology; and
WHEREAS, every February, Black History Month is celebrated to pay tribute to the achievements of African Americans who have shaped American history; and WHEREAS, throughout Black History Month, we celebrate the many achievements, contributions and sacrifices made by African Americans to our economic, cultural, spiritual and political development.
NOW, THEREFORE, BE IT PROCLAIMED that I, Mitchell D. McKay, Mayor of the City of Imperial Beach, together with the City Council, hereby proclaim February 2026 as Black History Month in the City of Imperial Beach.
Dated: February 4, 2026
Mitchell D. McKay, Mayor
ATTACHMENT 1
February 4, 2026
ITEM TITLE: RATIFICATION OF WARRANT REGISTER FOR THE PERIOD FROM JANUARY 9, 2026 TO JANUARY 22, 2026. (0300-25)
ORIGINATING DEPARTMENT:
Finance
EXECUTIVE SUMMARY:
Staff is recommending that the City Council ratify the accompanying Warrant Register for the period from January 9, 2026, to January 22, 2026, in the amount of $1,640,852.60.
RECOMMENDATION:
Staff is seeking that the City Council ratify and file the Warrant Register Report.
OPTIONS:
Receive and file the report from the City Manager.
Provide direction to the City Manager to take a specific action. Request additional information and an additional report.
BACKGROUND/ANALYSIS:
The City of Imperial Beach issues accounts payable and payroll disbursements on a regular basis and presents it to the City Council for ratification at its next regularly scheduled meeting. The attached Warrant Register containing checks and electronic funds transfers for the period from January 9, 2026, to January 22, 2026, in the amount of $1,640,852.60, is being presented for ratification by the City Council. Payments have been reviewed and approved by the appropriate department staff. The Finance Director or designee certifies the accuracy of the attached register and the availability of funds for payment.
Warrants above $100,000 have been highlighted and explained in the table below:
VENDOR CHECK DESCRIPTION AMOUNT
WSP USA ENVIRONMENT &
INFRASTRUCTURE INC
CK106643 AUG-OCT 2025 SD BAY/TJ
RIVER
$ 205,939.83
SAN DIEGO COUNTY
SHERIFF
CK106674 NOV 2025 SHERIFF
SERVICES
711,266.11
The following registers are submitted for Council ratification:
Accounts Payable:
DATE CHECK NUMBER AMOUNT(S)
1/15/2026 CK106604-CK106643 $ 339,397.80
1/16/2026 CK106644-CK106648 4,319.70
1/22/2026 CK106649-CK106685 879,122.48
Sub-Total $ 1,222,839.98
Total reflected in the attached Expense Approval Report: $ 1,403,262.29 Check Reversals/Voids:
DATE CHECK/EFT NUMBER AMOUNT(S)
1/14/2026 CK106519 $ (108.65)
1/22/2026 CK104627; CK105385; CK106202 (5,115.56)
Sub-Total $ (5,224.21)
Payroll Checks/Direct Deposits
DATE CHECK/EFT NUMBER AMOUNT(S)
1/15/2026 CK49340-43; EFT0000255; R-25457 242,814.52
Sub-Total $ 242,814.52
TOTAL: $ 1,640,852.60
ENVIRONMENTAL DETERMINATION:
Not a project as defined by CEQA.
FISCAL ANALYSIS:
Warrants are issued from budgeted funds and there is no additional impact on reserves.
ATTACHMENTS:
ATT 1 - Expense Approval Report – 01.09.2026 – 01.22.2026
DATE EFT/DRAFT NUMBER AMOUNT(S)
1/9/2026 DFT0010458 $ 182.59
1/16/2026 DFT0010457 172.69
1/21/2026
DFT0010416-17; DFT0010419; DFT0010426-45; DFT0010452-
53; DFT10010455 163,825.52
1/22/2026 DFT0010418; DFT0010450-51 16,241.51
Sub-Total $ 180,422.31
1/26/2026 4:25:37 PM Page 1 of 17
ATTACHMENT 1
Expense Approval Report
Imperial Beach, CA By (None)
Payment Dates 1/9/2026 - 1/22/2026
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/15/2026 106604 ACE UNIFORMS & ACCESSOR… NEW UNIFORM FOR NEW SD0252076 101-3030-423.2503 449.32
FULLTIME EMPLOYEE
01/15/2026 106605 AGRICULTURAL PEST CONTR… DEC 2025 RODENT CONTROL
SERVICES
839164 101-6020-452.2801 210.00
01/15/2026 106606 AMAZON CAPITAL SERVICES, …MOWER DECK LEVELING GAUGE
1179-RLDR-CGFK 101-6020-452.2801 31.64
01/15/2026
01/15/2026
106606
106606
AMAZON CAPITAL SERVICES, …DESK CALENDAR (5)
LAMINATING SHEETS, PENS (2
DZ)
AMAZON CAPITAL SERVICES, …WIPES (2) ENVELOPES (1)
14CF-P76K-QPKN
1KLH-TWMQ-1JTJ
101-5020-432.3001
101-5020-432.3001
183.09
105.91
OFFICE SUPPLIES - PW
01/15/2026 106606 AMAZON CAPITAL SERVICES, …IPHONE CASE (1) CUBICLE CLIPS
1LM6-YTWL-GFJ3 101-5020-432.3001 36.87
01/15/2026 106606 AMAZON CAPITAL SERVICES, …GAS DUSTER (2) 1MM3-GQ1Y-LCHL 101-1210-413.3001 13.35 01/15/2026 106606 AMAZON CAPITAL SERVICES, …2026 1099 SUPPLIES (3) 1MM3-GQ1Y-LCHL 101-1210-413.3002 99.67 01/15/2026 106606 AMAZON CAPITAL SERVICES, …PAPER TOWELS (1 CS) AAA 1RQ3-CMM4-HMTF 101-3020-422.3002 181.67
BATTERIES, HOLE PUNCH
01/15/2026 106607 ARDURRA GROUP, INC. WASTEWATER RATE
ANALYSIS/UPDATE
178032 601-5060-436.2006 260096 2,882.50
01/15/2026
01/15/2026
106608
106609
AZTEC LANDSCAPING INC
BEST BEST & KRIEGER, LLP
OCT 2025 -
LANDSCAPE/STORM DRAIN
MAINTENANCE
PROFESSIONAL STORM
L6691
1050596
101-5050-435.2801
101-5050-435.2001
260030 2,860.80
1,704.76
01/15/2026 106610 BRIZO, INC
WATER SRVCS THROUGH
12/31/25
FY26 Q3 - BEACH CAMERA 26-0549 101-3030-423.2104 4,745.00
SYSTEM MAINTENANCE - LG
01/15/2026
01/15/2026
106610
106611
BRIZO, INC
CANDELARIA RAMIREZ
REPLACE END-OF-LIFE PIER
TOWER NW AND NE
CAMERAS
OCT-DEC 2025 RESTORATIVE
26-0550
1122026CR26
101-3030-423.5007
101-6010-451.2107
25,583.75
248.40
YOGA (4)
01/15/2026 106612 CINTAS CORPORATION 12/19/25 FACILITY MATS 4253690849 101-1910-419.3002 260013 31.63 01/15/2026 106612 CINTAS CORPORATION 12/19/25 COMM RESPONSE
TEAM UNIFORMS
4253690900 101-6016-451.2503 260026 34.01
01/15/2026 106612 CINTAS CORPORATION 12/19/25 TIDELANDS
UNIFORMS
4253691010 101-6040-454.2503 260007 51.59
01/15/2026 106612 CINTAS CORPORATION 12/19/25 PW UNIFORMS 4253691047 101-5020-432.2503 260009 155.61 01/15/2026 106612 CINTAS CORPORATION 12/19/25 SEWER UNIFORMS 4253691082 601-5060-436.3002 260008 111.28 01/15/2026 106612 CINTAS CORPORATION 12/26/25 FACILITIES MATS 4254415590 101-1910-419.3002 260013 31.63
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 2 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/15/2026 106612 CINTAS CORPORATION 12/26/25 COMM RESPONSE
TEAM UNIFORMS
4254415709 101-6016-451.2503 260026 34.01
01/15/2026 106612 CINTAS CORPORATION 12/26/25 SEWER UNIFORMS 4254415710 601-5060-436.3002 260008 111.28 01/15/2026 106612 CINTAS CORPORATION 12/26/25 PW UNIFORMS 4254415824 101-5020-432.2503 260009 155.61 01/15/2026 106612 CINTAS CORPORATION 12/26/25 TIDELANDS
UNIFORMS
4254415865 101-6040-454.2503 260007 51.29
01/15/2026 106612 CINTAS CORPORATION 01/02/26 SEWER UNIFORMS 4255162515 601-5060-436.3002 260008 111.28 01/15/2026 106612 CINTAS CORPORATION 01/02/26 TIDELANDS
UNIFORMS
4255162516 101-6040-454.2503 260007 51.29
01/15/2026 106612 CINTAS CORPORATION 01/02/26 COMM RESPONSE
TEAM UNIFORMS
4255162533 101-6016-451.2503 260026 34.01
01/15/2026 106612 CINTAS CORPORATION 01/02/26 PW UNIFORMS 4255162536 101-5020-432.2503 260009 155.61 01/15/2026 106612 CINTAS CORPORATION 01/09/26 SEWER UNIFORMS 4255915751 601-5060-436.3002 260008 111.28 01/15/2026 106612 CINTAS CORPORATION 01/09/26 FACILITIES MATS 4255915833 101-1910-419.3002 260013 31.63 01/15/2026 106612 CINTAS CORPORATION 01/09/26 COMM RESPONSE
TEAM UNIFORMS
4255915842 101-6016-451.2503 260026 34.01
01/15/2026 106612 CINTAS CORPORATION 01/09/26 PW UNIFORMS 4255915843 101-5020-432.2503 260009 155.61 01/15/2026 106612 CINTAS CORPORATION 01/09/26 TIDELANDS
UNIFORMS
4255915854 101-6040-454.2503 260007 51.29
01/15/2026 106613 CITY OF SAN DIEGO FY25 PRETREATMENT
PERMIT ADMIN SERVICES
1000433071 601-5060-436.2104 1,952.00
01/15/2026 106614 CLEAN HARBORS 12/31/25 HOUSEHOLD
HAZARDOUS WASTE SERVICES
1005786797 101-5040-434.2104 260024 1,751.28
01/15/2026 106615 COLE OFFICE PRODUCTS INC COPY PAPER - 20LB (1… 373673-00 101-1920-419.3001 489.72 01/15/2026 106616 COUNTY OF SAN DIEGO EXEMPT FEE USE-23-0025 - 880 9TH ST
USE-23-0025 101-0000-221.0102 50.00
01/15/2026 106617 CRH CALIFORNIA WATER, INC JAN 2026 WATER DELIVERY -
SENIOR CENTER
1504610 101-6030-453.3002 166.40
01/15/2026 106617 CRH CALIFORNIA WATER, INC JAN 2026 WATER DELIVERY - SEWER
1504834 601-5060-436.3002 260006 160.00
01/15/2026 106618 DIVISION OF THE STATE ARC… OCT-DEC 2025 - SB1186
CONTRIBUTIONS TO DSA
01/12/26 101-0000-371.8309 256.40
01/15/2026 106619
SP1406
DOWNSTREAM SERVICES, IN… 12/03/25 QUARTERLY 185245 101-5050-435.2104 260037 939.45 STORMWATER MAINT. 2 OF 4
SRVCS
01/15/2026 106620 ECKENROTH PUBLICATIONS 12/04/25 AD - SMALL TOWN HOLIDAY EVENT (SP24109)
154850 101-6014-451.2808 308.00
01/15/2026
01/15/2026
106620
106621
ECKENROTH PUBLICATIONS
FLYERS ENERGY LLC
12/18/25 AD- FINANCE
UNCLAIMED FUNDS -
FINANCE
12/31/25 - 897 GAS
155011
25-550151
101-1020-411.2807
501-1921-419.2815
160.66
3,277.36
01/15/2026 106622 GRAINGER WIPES (5) EYE WASH (23)
WHEEL CHOCK (3)
9748687986 601-5060-436.3002 287.49
01/15/2026 106622 GRAINGER STRIPPER (5 GAL) WAX FLOOR
FINISH
9750211527 101-1910-419.3002 143.71
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 3 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/15/2026 106623 HINDERLITER, DE LLAMAS & … Q2/2025 (OCT-DEC) - SIN057419 101-1210-413.2006 600.00 01/15/2026 106624 INSIGHT PUBLIC SECTOR, INC.
CONTRACT SRVCSTRANSACTION TAX
MONITOR AT DEMPSEY TO 1101340522 101-3030-423.3002 1,231.70
DISPLAY WATER QUALITY
01/15/2026
01/15/2026
106624
106625
INSIGHT PUBLIC SECTOR, INC.
JEFFREY SCOTT ARVESON
DESKTOPS/LAPTOPS
WINDOWS 11 REPLACEMENT
(3)
DEC 2025 DEAD ANIMAL
1101347105
01012026
503-1923-419.3022
101-3050-425.2006
260092 3,066.75
450.00
REMOVAL SRVCS
01/15/2026 106626 KARESTON MARKLEY REFUND - DANCE COMBO
BABY AND ME CLASS CANCEL
99723746 101-0000-344.7715 56.00
01/15/2026
01/15/2026
106627
106628
KELLY BRENNAN
MICHAEL BAKER INTERNATI…
REFUND - DANCE COMBO
MUSIC & MOVEMENT CLASS
CANCEL
THROUGH 12/12/25 - PS #8
99622070
1271493
101-0000-344.7715
601-5060-536.2006 260077
67.00 16,840.00
REHABILITATION
01/15/2026
01/15/2026
106629
106630
MICHAELA BOOCK
NADIA SMITH
REFUND- DANCE COMBO
BABY AND ME CLASS
CANCELLATION
REIMB - REFRESHMENTS
99723592
682413
101-0000-344.7715
101-1020-411.2804
56.00 35.85
01/15/2026 106630 NADIA SMITH
CLERK'S ADMIN POSITION
RATERS
REIMB - REFRESHMENTS FOR 691885 & 730967 101-5020-432.2801 72.80
PW MAINT POSITION RATERS
01/15/2026 106631 OCCUPATIONAL HEALTH CEN…12/18/25-12/22/25 PRE- 89317403 101-1130-412.2104 1,125.00 01/15/2026 106632 SDGE
EMPLOYMENT PHYSICAL (3
EMPLO
12/02/25-12/31/25 - 170 0002 6464 5267 4 01/07/26 101-1910-419.2701 79.97
PALM AVE-ELEC
01/15/2026 106632 SDGE 12/02/25-12/31/25 - 186
PALM AVE
0008 2432 9204 1 01/07/26 101-5010-431.2701 546.64
01/15/2026 106632 SDGE 11/29/25-12/30/25 - 755
DELAWARE ST
0020 2498 4701 7 01/06/26 601-5060-436.2701 156.76
01/15/2026 106632 SDGE 12/02/25-12/31/25 - 266
PALM AVE
0020 8384 7903 2 01/07/26 101-6020-452.2701 1.19
01/15/2026 106632 SDGE 12/01/25-12/31/25 - PALM
BET 1ST/5TH D
0027 4196 9935 9 01/07/26 101-5010-431.2701 378.99
01/15/2026 106632 SDGE 12/01/25-12/31/25 -
PALM/HWY 75 MAIN DIST D
0028 1987 1631 5 01/07/26 101-5010-431.2701 2,927.79
01/15/2026 106632 SDGE 12/02/25-12/31/25 - 111
PALM AVE
0035 1619 2790 2 01/07/26 101-5010-431.2701 171.02
01/15/2026 106632 SDGE 12/02/25-12/31/25 - 120
ELKWOOD AVE
0054 5795 0654 7 01/07/26 101-5010-431.2701 200.87
01/15/2026 106632 SDGE 11/29/25-12/30/25 - 1025
9TH STREET
0087 7382 3642 4 01/06/26 601-5060-436.2701 2,058.51
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 4 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/15/2026 106632 SDGE 12/02/25-12/31/25 - 100 1/2
PALM AVE
0094 7600 1698 9 01/07/26 101-5010-431.2701 745.43
01/15/2026 106632 SDGE 12/02/25-12/31/25 - 425 IB
BLVD B
2100 0098 0282 0 01/07/26 101-6010-451.2701 222.69
01/15/2026 106632 SDGE 12/02/25-12/31/25 - 427 IB
BLVD - ST/PARK LIGHT
2100 0098 0734 0 01/07/26 101-6020-452.2701 204.59
01/15/2026 106632 SDGE 12/02/25-12/31/25 - 425 IB
BLVD 1- REC CENTER
2100 0098 1218 3 01/07/26 101-6010-451.2701 849.57
01/15/2026 106632 SDGE 12/02/25-12/31/25 - 425 IB
BLVD A
2100 0098 1222 5 01/07/26 101-6010-451.2701 73.08
01/15/2026 106632 SDGE 11/29/25-12/30/25 - 849
ENCINA AVE
2100 0121 6790 6 01/06/26 101-6020-452.2701 52.76
01/15/2026 106632 SDGE 12/02/25-12/31/25 - 425 IB
BLVD 4
2100 0165 7072 5 01/07/26 101-6020-452.2701 349.71
01/15/2026 106632 SDGE 12/02/25-12/31/25 -425 IB
BLVD
2100 0165 7747 2 01/07/26 101-6020-452.2701 708.38
01/15/2026 106632 SDGE 12/02/25-12/31/25 -425 IB
BLVD 2
2100 0165 8314 0 01/07/26 101-6020-452.2701 749.98
01/15/2026 106632 SDGE 12/02/25-12/31/25 -425 IB
BLVD 3
2100 0165 9001 2 01/07/26 101-6020-452.2701 455.74
01/15/2026 106633 SHARP REES-STEALY MEDICAL…SEP-NOV 2025 PREEMPLOYMENT PHYSICALS 104892 101-1130-412.2104 2,628.00 01/15/2026 106634 SITEONE LANDSCAPE SUPPLY,…I-20 SPRINKLER HEADS 161260771-001 101-6020-452.3002 260061 345.36 01/15/2026 106635 SOUTHWESTERN COLLEGE OCT 2025 FINANCE INTERN - M RODRIGUEZ - 93.5 HRS
27-MR 101-1210-413.2101 568.92
01/15/2026 106635 SOUTHWESTERN COLLEGE NOV 2025 FINANCE INTERN - M RODRIGUEZ - 77 HRS
28-MR 101-1210-413.2101 468.52
01/15/2026 106636 STANLEY STEEMER HVAC DUCT CLEANING- FIRE
STATION
1575259 101-1910-419.2104 260090 3,612.50
01/15/2026 106637 SUNBELT RENTALS, INC. LIFT RENTAL FOR TREE
TRIMMING PIER PLAZA
173295915-0001 101-6040-454.5004 928.11
01/15/2026 106637 SUNBELT RENTALS, INC. LIFT RENTAL FOR PLAZA TREE
DECORATION
176995503-0001 101-6040-454.5004 3,402.64
01/15/2026 106637 SUNBELT RENTALS, INC. FUEL FOR LIFT RENTAL 176995503-0002 101-6040-454.5004 249.65 01/15/2026 106638 SWRCB 07/01/25-06/30/26 WATER
DISCHARGE PERMIT FEE
WD-0311120 601-5060-436.2813 3,945.00
01/15/2026 106639 TRANE U.S. INC. PERIOD BEGINS 01/01/26 -
SCHEDULED HVAC MAINT
315863089 101-1910-419.2104 260069 7,362.00
01/15/2026 106640 U.S. BANK CORPORATE PAY… NOV-DEC 2025 P-CARD
CHARGES
12-22-2025 101-1210-413.2102 23,349.85
01/15/2026 106641 WAXIE SANITARY SUPPLY LEMONDISINFECTANT (8CS), BOL-O-KLEEN (2CS)
83721374 101-6040-454.3002 260031 1,040.00
01/15/2026 106642 WIDLUND BRYAN EMT RENEWAL
REIMBURSEMENT
01/10/26 101-1130-412.2901 239.50
01/15/2026 106643 WSP USA ENVIRONMENT & I… AUG 2025 TJ RIVER WQIP 40286132 101-0000-221.0110 260073 20,651.78 (SP2601)
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 5 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/15/2026 106643 WSP USA ENVIRONMENT & I… AUG 2025 TJ RIVER WQIP 40286132 101-5050-540.2006 260073 3,121.53 (SP2601)
01/15/2026 106643 WSP USA ENVIRONMENT & I… AUG 2025 SD BAY WQIP (SP2600)
40286133 101-0000-221.0110 260072 38,105.74
01/15/2026 106643 WSP USA ENVIRONMENT & I… AUG 2025 SD BAY WQIP (SP2600)
40286133 101-5050-540.2006 260072 696.27
01/15/2026 106643 WSP USA ENVIRONMENT & I… SEP 2025 SD BAY WQIP (SP2600)
40290821 101-0000-221.0110 260072 50,199.51
01/15/2026 106643 WSP USA ENVIRONMENT & I… SEP 2025 SD BAY WQIP (SP2600)
40290821 101-5050-540.2006 260072 917.24
01/15/2026 106643 WSP USA ENVIRONMENT & I… SEP 2025 TJ RIVER WQIP (SP2601)
40290822 101-0000-221.0110 260073 21,744.50
01/15/2026 106643 WSP USA ENVIRONMENT & I… SEP 2025 TJ RIVER WQIP (SP2601)
40290822 101-5050-540.2006 260073 3,286.69
01/15/2026 106643 WSP USA ENVIRONMENT & I… OCT 2025 TJ RIVER WQIP (SP2601)
40292816 101-0000-221.0110 260073 16,104.63
01/15/2026 106643 WSP USA ENVIRONMENT & I… OCT 2025 TJ RIVER WQIP (SP2601)
40292816 101-5050-540.2006 260073 2,434.22
01/15/2026 106643 WSP USA ENVIRONMENT & I… OCT 2025 SD BAY WQIP (SP2600)
40293678 101-0000-221.0110 260072 47,804.24
01/15/2026 106643 WSP USA ENVIRONMENT & I… OCT 2025 SD BAY WQIP (SP2600)
40293678 101-5050-540.2006 260072 873.48
01/16/2026 106644 ADVANCED IMAGING SOLUT… 12/21/25-01/20/26 COPIER LEASE
40887568 101-1920-419.2017 3,750.78
01/16/2026 106644 ADVANCED IMAGING SOLUT… INTERIM RENT CREDIT 40887568 101-1920-419.2017 -2,500.52 01/16/2026 106645 AT&T DW HOLDINGS INC DEC 2025 FIRSTNET MOBILE
SPEC UNL AIRCARDS/MIFI
287346095064X01082026 101-3020-422.2705 145.44
01/16/2026 106646 COX COMMUNICATIONS 01/09/26-02/08/26 1075 8TH ST 001 3110 093630302
01-09-2026 0302 503-1923-419.2104 100.00
01/16/2026 106647 KNOX ASSOCIATES INC MED VAULT - NEW FIRE ENGINE
INV-KA-470569 101-3020-422.3002 584.00
01/16/2026 106648 LOURDES N. SILVA DEC 2025 - HR CONSULTING SERVICES - 28 HRS
12-23-2025 101-1130-412.2006 2,240.00
01/22/2026 106649 4LEAF INC DEC 2025 SENIOR PLANNER
CONSULTING SERVICES
J4252U 214-1230-413.2006 18,620.00
01/22/2026 106650 ACE UNIFORMS & ACCESSOR… SHIRTS (2) - NEW LG SD0252965 101-3030-423.2503 132.53
EMPLOYEE
01/22/2026 106651 ALEXANDRA UZARRAGA GO… MAYOR'S PHOTOS RESTORATION (2)
1005 101-1010-411.3002 100.00
01/22/2026 106652 AMAZON CAPITAL SERVICES, …NITRILE SAFETY GLOVES (2BX) 11JQ-H4L3-FY6H 501-1921-419.3002 271.84 - FLEET DIV
01/22/2026 106652 AMAZON CAPITAL SERVICES, …PC DISPLAY CABLES - IT 11VN-LYPQ-Q9G4 503-1923-419.3002 85.58 01/22/2026 106652 AMAZON CAPITAL SERVICES, …PENS, SANITIZING WIPES - PW 16LN-3GGY-CV1N 101-5020-432.3001 39.81 01/22/2026 106652 AMAZON CAPITAL SERVICES, …RETURN - PICTURE FRAMES (7) - CITY COUNCIL
19L3-116D-36CG 101-1110-412.3002 -264.25
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 6 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/22/2026 106652 AMAZON CAPITAL SERVICES, …CAUTION TAPE ROLLS (5) -
REINDEER DASH EVENT
19L3-116D-NWLT 101-6014-451.2808 84.00
01/22/2026 106652 AMAZON CAPITAL SERVICES, …SUPPLIES - WALKING CLUB 1CR6-G9PL-QDFT 101-6030-453.2310 238.73 01/22/2026 106652 AMAZON CAPITAL SERVICES, …10PK FILE FOLDERS - CITY
MANAGER'S OFFICE
1DXG-7HJW-QQQD 101-1010-411.3001 8.46
01/22/2026 106652 AMAZON CAPITAL SERVICES, …SPONGES, TIRE REPAIR KIT - LG
1G17-XV6J-C6FR 101-3030-423.3002 21.15
01/22/2026 106652 AMAZON CAPITAL SERVICES, …WALL CALENDAR - PW 1JJP-JFLV-P6JF 101-5020-432.3001 9.15 01/22/2026 106652 AMAZON CAPITAL SERVICES, …WATER HOSE - LG 1K9D-P9DX-9MPF 101-3030-423.3002 43.38 01/22/2026 106652 AMAZON CAPITAL SERVICES, …SUPPLIES - LG 1MGX-YLJ6-MLRX 101-3030-423.3002 127.72 01/22/2026 106652 AMAZON CAPITAL SERVICES, …ANT TRAPS, OUTLET TESTER, WD40 - FD
1N9M-KTY6-CHFW 101-3020-422.3002 34.88
01/22/2026 106652 AMAZON CAPITAL SERVICES, …RETURN - WALKING CLUB
SUPPLIES - PRCS
1NDF-7GHH-4GW7 101-6030-453.2310 -28.96
01/22/2026 106652 AMAZON CAPITAL SERVICES, …PERSONNEL FOLDERS - HR 1NVC-1DC6-DJ93 101-1130-412.3001 54.81 01/22/2026 106652 AMAZON CAPITAL SERVICES, …OFFICE CHAIR, HOSE RACK - 1T9Y-H474-9DW1 101-3030-423.3002 157.02 01/22/2026
01/22/2026
106652
106652
LG
AMAZON CAPITAL SERVICES, …RETURN - OIL COOLER
HOUSING - FLEET
AMAZON CAPITAL SERVICES, …RETURN - CITY COUNCIL
PICTURE FRAMES (10)
1TD3-LCDW-4LPP 501-1921-419.2816
1WYW-QTWP-LM9J 101-1110-412.3002
-230.33
-187.10
01/22/2026 106652 AMAZON CAPITAL SERVICES, …RETURN - CARD PROTECTORS 1YNC-GMQ1-4DJF 101-6030-453.2310 - WALKING CLUB
-127.28
01/22/2026 106652 AMAZON CAPITAL SERVICES, …USB CHARGER BLOCK, USB
ADAPTER, USB C CABLE - IT
1YTQ-LLNW-QK6P 503-1923-419.3002 34.33
01/22/2026
01/22/2026
106653
106654
AZTEC LANDSCAPING INC
BIO-D PRODUCTS
NOV 2025 -
LANDSCAPE/STORM DRAIN
MAINTENANCE
BIO GRAFFITI (55G DRUM)
L6814
0001199-B
101-5050-435.2801
101-6020-452.2801
260030 2,860.80
4,866.56
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/05/25-01/05/26 - 505 HWY 75 IRRG
1015-210018811916 01/16/… 101-1910-419.2702 157.16
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/09/25-01/07/26 - 814
CYPRESS AVE
1015-210018820255 01/16/… 101-6020-452.2702 34.29
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/04/25-01/02/26 - 400 1/2
PALM AVE IRRIG
1015-210019027905 01/16/… 101-1910-419.2702 593.32
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/09/25-01/07/26 - 495 10TH ST
1015-210019058534 01/16/… 101-1910-419.2702 250.22
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/09/25-01/07/26 - 630
FLORIDA STREET
1015-210019176067 01/16/… 101-1910-419.2702 730.45
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/09/25-01/07/26 - 624
FLORIDA STREET
1015-210019176128 01/16/… 101-1910-419.2702 35.54
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/16/25-01/14/26 - 1001
IRIS AVENUE IRRG
1015-210019176333 01/16/… 101-1910-419.2702 70.57
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/09/25-01/07/26 - 1250
PALM AVE IRRIG
1015-210019179080 01/16/… 101-6010-451.2702 421.42
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 7 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/04/25-01/02/26 - 950
OCEAN LN
1015-210019276868 01/16/… 101-1910-419.2702 236.95
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/04/25-01/02/26 - 90 1015-210019278093 01/16/… 101-6020-452.2702 79.43
IMPERIAL BEACH BLVD IRRIG
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/04/25-01/02/26 - 1150 1015-210019278895 01/16/… 101-6020-452.2702 88.79
SEACOAST DR IRRIG
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/04/25-01/02/26 - 1234 1015-210019279782 01/16/… 101-6020-452.2702 79.43
SEACOAST DR IRRIG
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/13/25-01/13/26 - 840 1015-210019335248 01/16/… 101-6020-452.2702 2,017.12
IMPERIAL BEACH BLVD
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/13/25-01/13/26 - 820 1015-210019335347 01/16/… 101-1910-419.2702 714.69
IMPERIAL BEACH BLVD
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/13/25-01/13/26 - 825
IMPERIAL BEACH, CITY OF
1015-210019335484 01/16/… 101-1910-419.2702 335.89
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/13/25-01/13/26 - 855 1015-210019335682 01/16/… 101-6020-452.2702 83.59
IMPERIAL BEACH BLVD
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/13/25-01/13/26 - 865 1015-210019335774 01/16/… 101-1910-419.2702 382.62
IMPERIAL BEACH BLVD
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/13/25-01/13/26 - 915 IB 1015-210019335835 01/16/… 101-6020-452.2702 43.73
BLVD IRRIG
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/04/25-01/02/26 - 1322 1015-210019357057 01/16/… 601-5060-436.2702 79.43
SEACOAST DR IRRIG
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/04/25-01/02/26 - 90 1015-210019359015 01/16/… 101-6020-452.2702 79.43
DESCANSO IRRIG
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/04/25-01/02/26 - 90 1015-210019360534 01/16/… 101-6020-452.2702 79.43
ENCANTO AVE IRRIG
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/13/25-01/13/26 - 1025 1015-210019401916 01/16/… 101-6020-452.2702 36.14 9TH ST
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/04/25-01/02/26 - 105 1015-210019482014 01/16/… 101-1910-419.2702 247.13
IMPERIAL BEACH BLVD
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/06/25-01/06/26 - HY MT 1015-210019512885 01/16/… 101-6020-452.2702 427.80 01/22/2026 106655
007015344
CALIFORNIA AMERICAN WAT… 12/04/25-01/02/26 - 981 2ND 1015-210019600799 01/16/… 101-6020-452.2702 ST
656.09
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/16/25-01/14/26 - 942 1015-210019746893 01/16/… 101-6020-452.2702 25.24
DONAX AVE IRRIG
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/06/25-01/06/26 - IB 1015-210020125977 01/16/… 101-6020-452.2702 551.33
CLEAN UP TRUCK
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 01/07/26-02/04/26 - 950 1015-210020153385 01/16/… 101-6020-452.2702 64.11 OCEAN LN 4IN FIRE
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/06/25-01/06/26 - 825 1015-210020154739 01/16/… 101-1910-419.2702 80.45
IMPERIAL BEACH AVE
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/13/225-01/13/26 - 711 1015-210020277854 01/16/… 101-6020-452.2702 82.33
ENCINA AVE
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/11/25-01/09/26 - 710 1015-210020440898 01/16/… 101-1910-419.2702 446.09
PALM AVE
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 8 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/12/25-01/12/26 - 701 5TH 1015-210020731235 01/16/… 101-6020-452.2702 34.78
ST IRRIG
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/12/25-01/12/26 - 425
IMPERIAL BEACH BLVD
1015-210021068268 01/16/… 101-1910-419.2702 271.88
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/12/25-01/12/26 - 401
IMPERIAL BEACH BLVD
1015-210021068367 01/16/… 601-5060-436.2702 2,487.24
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/12/25-01/12/26 - 423 IB
BLVD IRRIG
1015-210021068541 01/16/… 601-5060-436.2702 255.49
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/13/25-01/13/26 - 845
ENCINA AVE IRRIG
1015-210021082448 01/16/… 101-6020-452.2702 704.37
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/12/25-01/12/26 - 710 5TH STREET
1015-220018914676 01/16/… 101-1910-419.2702 82.07
01/22/2026 106655 CALIFORNIA AMERICAN WAT… 12/06/25-01/06/26 - HYDRANT METER #6
1015-220029776225 01/16/… 101-6010-451.2702 511.56
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/12/25-01/12/26 - 582 IB
BLVD IRRG
1015-220030150199 01/16/… 101-6020-452.2702 82.07
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/04/25-01/02/26 - 170 PALM AVE 64154527
1015-220036553772 01/16/… 101-6020-452.2702 33.72
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/04/25-01/02/26 - 170 PALM AVE 60765844
1015-220036553789 01/16/… 101-6020-452.2702 155.64
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/04/25-01/02/26 - 751 10TH ST IRRIG
1015-220040766805 01/16/… 101-6020-452.2702 83.96
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/13/25-01/13/26 - 1309 9TH ST IRRG
1015-220041395206 01/16/… 101-6020-452.2702 74.18
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/04/25-01/02/26 - 105
PALM AVE
1015-220041415223 01/16/… 101-6020-452.2702 80.51
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/13/25-01/13/26 - 979 9TH
ST IRRIG
1015-220041455795 01/16/… 101-6020-452.2702 64.86
01/22/2026 106655 CALIFORNIA AMERICAN WAT…12/11/25-01/09/26 - 892
PALM AVE IRRG
1015-220041826304 01/16/… 101-6020-452.2702 74.87
01/22/2026 106657 California Department of Tax…2025 SALES TAX RETURN
PAYMENT
31-DEC-2025 101-0000-211.0102 107.00
01/22/2026 106658 CINTAS CORPORATION 05/13/26 - PW UNIFORMS 4230383977 101-5020-432.2503 151.70 01/22/2026 106658 CINTAS CORPORATION 08/12/25 TIDELANDS
UNIFORMS
4239907626 101-6040-454.2503 260007 50.74
01/22/2026 106658 CINTAS CORPORATION 01/16/26 FACILITIES MATS 4256649918 101-1910-419.3002 260013 31.63 01/22/2026 106658 CINTAS CORPORATION 01/16/26 COMM RESPONSE
TEAM UNIFORMS
4256649999 101-6016-451.2503 260026 34.01
01/22/2026 106658 CINTAS CORPORATION 01/16/26 SEWER UNIFORMS 4256650048 601-5060-436.3002 260008 111.28 01/22/2026 106658 CINTAS CORPORATION 01/16/26 PW UNIFORMS 4256650124 101-5020-432.2503 260009 155.61 01/22/2026 106658 CINTAS CORPORATION 01/16/26 TIDELANDS
UNIFORMS
4256650132 101-6040-454.2503 260007 51.29
01/22/2026 106659 CIVICPLUS, LLC. 12/14/25-12/13/26 WEBSITE
HOSTING SUBSCRIPTION
352211 503-1923-419.2025 10,079.67
01/22/2026 106660 CRH CALIFORNIA WATER, INC OCT 2025 WATER DELIVERY -
TIDELANDS
1482247 101-6040-454.3002 160.00
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 9 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/22/2026 106660 CRH CALIFORNIA WATER, INC SEP 2025 WATER DELIVERY -
TIDELANDS
1482491 101-6040-454.3001 160.00
01/22/2026 106660 CRH CALIFORNIA WATER, INC RENTAL INSTALLATIONTIDELANDS 1482523 101-6040-454.3002 150.00 01/22/2026 106660 CRH CALIFORNIA WATER, INC NOV 2025 WATER DELIVERY -
TIDELANDS
1492818 101-6040-454.3002 160.00
01/22/2026 106660 CRH CALIFORNIA WATER, INC DEC 2025 WATER DELIVERY -
TIDELANDS
1497913 101-6040-454.3002 160.00
01/22/2026 106660 CRH CALIFORNIA WATER, INC JAN 2026 WATER DELIVERY -
TIDELANDS
1503322 101-6040-454.3002 160.00
01/22/2026
01/22/2026
106661
106662
DEPARTMENT OF JUSTICE
DG INVESTMENT INTERMEDI…
DEC 2025 EMPLOYEE
FINGERPRINTS - APPS (4), FBI
(4)
SPORTS PARK BLDG SECURITY
016011
IN00431491
101-1130-412.2104
420-5000-532.2006 250054-R1
196.00
7,022.08
SYSTEMS
01/22/2026 106662 DG INVESTMENT INTERMEDI…SPORTS PARK BLDG SECURITY
SYSTEMS
IN00431507 420-5000-532.2006 250054-R1 2,094.53
01/22/2026 106663 EL TAPATIO INC 01/21/26 CITY COUNCIL
DINNER - COUNCIL MTNG
9640 101-1010-411.2804 175.90
01/22/2026 106664 HERC RENTALS INC TRACTOR RENTAL FOR BEACH RAKING
35877352-001 101-6040-454.5007 4,603.66
01/22/2026 106664 HERC RENTALS INC TRACTOR RENTAL FOR BEACH
RAKING, KEY/CLEANING SRVC
35877352-002 101-6040-454.5007 3,896.55
01/22/2026 106665 JASON LINDQUIST REIBM - FALL 2025
BACHELORS DEGREE TUITION
01-14-2026 101-1130-412.2901 1,685.41
01/22/2026 106666 JEREMY CHAMBERS REFUND - RENTAL TAXES INV-25052 101-0000-321.7210 40.00 01/22/2026 106666 JEREMY CHAMBERS REFUND- FIRE INSPECTION FEES
INV-25052 101-0000-323.7103 79.00
01/22/2026 106667 JOHN OLSEN REIMB - PARAMEDIC LICENSE
RENEWAL
01-17-2026 101-3020-422.2813 250.00
01/22/2026 106668 LLOYD PEST CONTROL 01/10/26 425 IB BLVD #1650176
9114577 101-1910-419.2022 260044 71.00
01/22/2026 106669 MICHAEL BAKER INTERNATI… THROUGH12/31/25 PS #5& #7 PUMP REPLACEMENT
1273656 601-5060-536.2006 250159-R1 6,100.00
01/22/2026 106670 NANCY K BOHL, INC CRISIS COUNSELING
INTERVENTION TRAINING
INV107889 101-1130-412.2006 675.00
01/22/2026 106671 PARS NOV 2025 - ARS/PARS FEES
(CA)
59543 101-1130-412.2006 475.52
01/22/2026 106672 PRS LIVESCAN AND NOTARY … ROLLING FEE 000277 101-1130-412.2006 30.00 01/22/2026 106673 REGIONAL TASK FORCE ON T… OCT-DEC 2025 HMIS ACCESS FEES
CIB122025 214-1230-413.2808 184.50
01/22/2026 106674 SAN DIEGO COUNTY SHERIFF NOV 2025 SHERIFF SRVCS (TOW FEE)
11-01-2025 101-0000-338.6003 -843.36
01/22/2026 106674 SAN DIEGO COUNTY SHERIFF NOV 2025 SHERIFF SRVCS (RRP)
11-01-2025 101-3010-421.2006 1,427.38
01/22/2026 106674 SAN DIEGO COUNTY SHERIFF NOV 2025 SHERIFF SRVCS 11-01-2025 101-3010-421.2006 701,931.42
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 10 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/22/2026 106674 SAN DIEGO COUNTY SHERIFF NOV 2025 SHERIFF SRVCS (CSO)
11-01-2025 212-3036-421.2006 17,264.83
01/22/2026 106674 SAN DIEGO COUNTY SHERIFF NOV 25 SHERIFF (CSO - VACANCY 11/1/25-11/30/25)
11-01-2025 212-3036-421.2006 -8,514.16
01/22/2026 106675 SAN DIEGO GAS & ELECTRIC DEC 2025 - 0056 4977 1474 9 - ACCOUNT CORRECTIONS
01-02-2026 101-1910-419.2701 -6,510.92
01/22/2026 106675 SAN DIEGO GAS & ELECTRIC DEC 2025 - 0056 4977 1474 9 - PW
01-02-2026 101-1910-419.2701 2,346.53
01/22/2026 106675 SAN DIEGO GAS & ELECTRIC DEC 2025 - 0056 4977 1474 9 - CITY HALL
01-02-2026 101-1910-419.2701 5,862.64
01/22/2026 106675 SAN DIEGO GAS & ELECTRIC DEC 2025 - 0056 4977 1474 9 - STREET LIGHTS
01-02-2026 101-5010-431.2701 20,293.09
01/22/2026 106675 SAN DIEGO GAS & ELECTRIC DEC 2025 - 0056 4977 1474 9 - PARKS & REC
01-02-2026 101-6020-452.2701 1,328.40
01/22/2026 106675 SAN DIEGO GAS & ELECTRIC DEC 2025 - 0056 4977 1474 9 - SEWER
01-02-2026 601-5060-436.2701 3,542.09
01/22/2026 106676 SAN DIEGO HUMANE SOCIET… JAN 2026 - ANIMAL CONTROL
SERVICES
JAN-26 101-3050-425.2006 33,184.00
01/22/2026 106677 STANDARD ELECTRONICS TROUBLESHOOT FIRE ALARM - PW
2923 101-1910-419.2801 380.00
01/22/2026
01/22/2026
106678
106679
TRANE U.S. INC.
TRUE NORTH COMPLIANCE S…
MINI SPLIT MOTHERBOARD
REPLACEMENT - DEMPSEY
CTR
NOV 2025 - BLDG
990362888
25-11-01-028
101-1910-419.2104
101-3040-424.2006
260088 1,424.00
9,360.00
01/22/2026 106679
OFFICIAL/SENIOR INSPECTOR
SE
TRUE NORTH COMPLIANCE S… NOV 2025 - PLAN REVIEW 25-11-028 101-3040-424.2016 5,572.18
SERVICES
01/22/2026 106680 UNDERGROUND SERVICE AL… DEC 2025 NEW TICKET CHARGES QTY 18, DATABASE
MAINT
1220250355 601-5060-436.2023 260021 46.00
01/22/2026 106680 UNDERGROUND SERVICE AL… OCT 2025 CA STATE FEE - QTY 25-261357 749
601-5060-436.2023 260021 43.64
01/22/2026 106680 UNDERGROUND SERVICE AL… DEC 2025 CA STATE FEE - QTY 25-262105 749
601-5060-436.2023 260022 43.64
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 CITY
COUNCIL
6133012031 101-1010-411.2705 250.18
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 NOCOST
CTR-CITY COUNCIL
6133012031 101-1010-411.2705 52.02
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 CITY CLERK
6133012031 101-1020-411.2705 103.42
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 NOCOST
CTR-CITY MGR
6133012031 101-1110-412.2705 23.65
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26HUMAN
RESOURCES
6133012031 101-1130-412.2705 51.58
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 NO COST
CTR-FINANCE
6133012031 101-1210-413.2705 23.65
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 11 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 FINANCE 6133012031 101-1210-413.2705 62.02 01/22/2026
01/22/2026
106681
106681
VERIZON WIRELESS
VERIZON WIRELESS
12/09/25-01/08/26 COMM
DEV/COMMUNITY
DEVELOPMENT
12/09/25-01/08/26 NO COST
6133012031
6133012031
101-1230-413.2705
101-1230-413.2705
270.14
48.40 CTR-COMM DEV
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 FACILITIES 6133012031 101-1910-419.2705 146.43 01/22/2026
01/22/2026
106681
106681
VERIZON WIRELESS
VERIZON WIRELESS
12/09/25-01/08/26 NON
DEPT-HOT SPOT
LOANER/KIOSKS
12/09/25-01/08/26 NO COST
6133012031
6133012031
101-1920-419.2705
101-3020-422.2705
228.06
23.65 CTR-FIRE
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 FIRE 6133012031 101-3020-422.2705 164.18 01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 NOCOST CTR-LG
6133012031 101-3030-423.2705 23.65
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26
LIFEGUARDS
6133012031 101-3030-423.2705 171.03
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26MARINE SAFETY
6133012031 101-3030-423.2705 152.04
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 JUNIOR
LIFEGUARDS
6133012031 101-3035-423.2704 24.53
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 HOUSING 6133012031 101-3040-424.2705 41.40 01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 BUILDING 6133012031 101-3040-424.2705 103.02 01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 CODE 6133012031 101-3070-427.2705 95.58 01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 STREETS 6133012031 101-5010-431.2705 231.95 01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 NOCOST CTR-PW
6133012031 101-5020-432.2705 61.62
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 PUBLIC WORKS
6133012031 101-5020-432.2705 251.41
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 ENV
SERVICES
6133012031 101-5050-435.2705 22.28
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 NOCOST
CTR-PARKS & REC
6133012031 101-6010-451.2705 41.40
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 PARKS
AND REC
6133012031 101-6010-451.2705 46.40
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26
RECREATION
6133012031 101-6010-451.2705 316.97
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 PARKS MAINT
6133012031 101-6020-452.2705 189.15
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26
TIDELANDS
6133012031 101-6040-454.2705 186.22
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 FLEET 6133012031 501-1921-419.2705 26.32 01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 NOCOST CTR-IT
6133012031 503-1923-419.2705 209.08
01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 INFO TECH
6133012031 503-1923-419.2705 78.14
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 12 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/22/2026 106681 VERIZON WIRELESS 12/09/25-01/08/26 SEWER 6133012031 601-5060-436.2705 260.43 01/22/2026 106683 VINYARD DOORS, INC. SERVICE TOFIRE STATION
ROLLUP DOORS
211810 101-1910-419.2104 867.88
01/22/2026 106684 WALKSANDIEGO THROUGH 12/31/25 - 375 IB OTS FY25
392.01 214-1230-413.2006 3,000.00
01/22/2026 106685 ZOLL MEDICAL CORPORATION ELECTRODES, DEFIBRILLATION 4396922
AED, BATTERY
101-3020-422.2904 2,408.16
01/22/2026 106685 ZOLL MEDICAL CORPORATION AED SUPPLIES (2) - FD 4406459 101-3020-422.2904 222.72 01/21/2026 DFT0010416 AFLAC AFLAC POST-TAX JAN 2026 701111 101-0000-209.0113 186.81 01/21/2026 DFT0010417 AFLAC AFLAC PRE-TAX JAN 2026 701111 (2) 101-0000-209.0113 579.32 01/22/2026 DFT0010418 CALIFORNIA STATE DISBURS… SDU CHILD SUPPORT PPE 01/08/26
55263592 101-0000-209.0107 711.86
01/21/2026 DFT0010419 COLONIAL LIFE & ACCIDENT COLONIAL PRE-TAX JANUARY 2026
9498114-0102636 101-0000-209.0113 25.00
01/21/2026 DFT0010426 CALPERS LG L2 23011 EE PPE 01/08/26 100000018143644-EE 101-0000-209.0106 609.95 01/21/2026 DFT0010427 CALPERS LG L2 23011 ER PPE 01/08/26 100000018143644-ER 101-0000-209.0106 768.35 01/21/2026 DFT0010428 CALPERS MISC L2 23012 EE PPE
01/08/26
100000018143680-EE 101-0000-209.0106 563.82
01/21/2026 DFT0010429 CALPERS MISC L2 23012 ER PPE
01/08/26
100000018143680-ER 101-0000-209.0106 711.45
01/21/2026 DFT0010430 CALPERS FIRE PEPRA 25375 EE PPE
01/08/26
100000018143721-EE 101-0000-209.0106 4,008.30
01/21/2026 DFT0010431 CALPERS FIRE PEPRA 25375 ER PPE
01/08/26
100000018143721-ER 101-0000-209.0106 4,078.25
01/21/2026 DFT0010432 CALPERS LGPEPRA 25376 EE PPE
01/08/26
100000018143764-EE 101-0000-209.0106 2,891.59
01/21/2026 DFT0010433 CALPERS LGPEPRA 25376 ER PPE
01/08/26
100000018143764-ER 101-0000-209.0106 2,942.08
01/21/2026 DFT0010434 CALPERS MISC PEPRA 26352 EE PPE
01/08/26
100000018143804-EE 101-0000-209.0106 13,218.22
01/21/2026 DFT0010435 CALPERS MISC PEPRA 26352 ER PPE
01/08/26
100000018143804-ER 101-0000-209.0106 13,576.36
01/21/2026 DFT0010436 CALPERS FIRE L1 4625 EE PPE 01/08/26 100000018143563-EE 101-0000-209.0106 3,241.19 01/21/2026 DFT0010437 CALPERS FIRE L1 4625 ER PPE 01/08/26 100000018143563-ER 101-0000-209.0106 4,231.22 01/21/2026 DFT0010438 CALPERS LG L1 4626 EE PPE 01/08/26 100000018143603-EE 101-0000-209.0106 1,427.70 01/21/2026 DFT0010439 CALPERS LG L1 4626 ER PPE 01/08/26 100000018143603-ER 101-0000-209.0106 1,807.00 01/21/2026 DFT0010440 CALPERS MISC L1 470 EE PPE 01/08/26 100000018143522-EE 101-0000-209.0106 6,999.05 01/21/2026 DFT0010441 CALPERS MISC L1 470 ER PPE 01/08/26 100000018143522-ER 101-0000-209.0106 8,612.75 01/21/2026 DFT0010442 CALPERS SCP MEMBER PAID ARREARS
TAXED PPE 01/08/26
PPE 01-08-2026 MAT 101-0000-209.0106 7.02
01/21/2026 DFT0010443 CALPERS SCP ARSC POST-TAX PPE
01/08/26
PPE 01-08-2026 ARSCT 101-0000-209.0106 180.63
01/21/2026 DFT0010444 CALPERS SCP SPM PRE-TAX PPE
01/08/26
PPE 01-08-2026 SPMTD 101-0000-209.0106 87.85
01/21/2026 DFT0010445 CALPERS PERS SCP SPM TAXED PPE
01/08/26
PPE 01-08-2026 SPMT 101-0000-209.0106 294.74
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 13 of 17
Payment Date Payment Number Vendor Name Description (Item) Payable Number Account Number Purchase Order Number Amount 01/22/2026 DFT0010450 STATE OF CALIFORNIA STATE TAX W/H PPE 01/08/26 8797610 101-0000-209.0105 15,154.67 01/22/2026 DFT0010451 STATE OF CALIFORNIA SDI W/H PPE 01/08/26 8797617 101-0000-209.0115 374.98 01/21/2026 DFT0010452 INTERNAL REVENUE SERVICE FED TAX W/H PPE 01/08/26 32368180 FED 101-0000-209.0102 37,004.03 01/21/2026 DFT0010453 INTERNAL REVENUE SERVICE MEDICARE W/H PPE 01/08/26 32368180 MED 101-0000-209.0104 10,913.44 01/21/2026 DFT0010455 INTERNAL REVENUE SERVICE SOCIAL SECURITY PPE 01/08/26
32368180 SS 101-0000-209.0104 44,859.40
01/16/2026 DFT0010457 MIDAMERICA ADMINISTRATI… DEC DC 12/16/25-12/22/25 01-16-2026 101-0000-209.0125 150.00 01/16/2026 DFT0010457 MIDAMERICA ADMINISTRATI… DEC HC 12/16/25-12/22/25 01-16-2026 101-0000-209.0125 22.69 01/09/2026 DFT0010458 MIDAMERICA ADMINISTRATI… DEC/JANHC 12/30/25- 01/05/26
01-09-2026 101-0000-209.0125 182.59
Grand Total: 1,403,262.29
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 14 of 17
Report Summary
Fund Summary
Fund Payment Amount
101 - GENERAL FUND 1,304,895.15
212 - SLESF (COPS) FUND 8,750.67
214 - MISCELLANEOUS GRANTS 21,804.50
420 - PARKS MAJOR MAINTENAN CIP 9,116.61
501 - VEHICLE REPLACEMENT/MAINT 3,345.19
503 - TECHNOLOGY/COMMUNICATIONS 13,653.55
601 - SEWER ENTERPRISE FUND 41,696.62
Grand Total: 1,403,262.29
Account Summary
Account Number Account Name Payment Amount
101-0000-209.0102 P/R FIT PAYABLE 37,004.03
101-0000-209.0104 P/R FICA PAYABLE 55,772.84
101-0000-209.0105 P/R STATE TAX LIABILITI… 15,154.67
101-0000-209.0106 P/R PERS RETIREMENT P… 70,257.52
101-0000-209.0107 P/R GARNISHMENT PAY… 711.86
101-0000-209.0113 P/R VOLUNTARY LIFE IN… 791.13
101-0000-209.0115 P/R STD-PART-TIME 374.98
101-0000-209.0125 P/R FSA 355.28
101-0000-211.0102 SALES TAX PAYABLE 107.00
101-0000-221.0102 DEVELOPER DEPOSITS 50.00
101-0000-221.0110 WQIP-COST SHARE DEP… 194,610.40
101-0000-321.7210 BUSINESS LICENSE 40.00
101-0000-323.7103 RES/FIRE INSPECTION FE… 79.00
101-0000-338.6003 VEHICLE IMPOUND FEE -843.36
101-0000-344.7715 RECREATION CLASSES - … 179.00
101-0000-371.8309 SB 1186 DISABILITY ACC… 256.40
101-1010-411.2705 UTILITIES-CELL PHONES 302.20
101-1010-411.2804 TRAVEL, TRAINING, MEE… 175.90
101-1010-411.3001 OFFICE SUPPLIES 8.46
101-1010-411.3002 OPERATING SUPPLIES 100.00
101-1020-411.2705 UTILITIES-CELL PHONES 103.42
101-1020-411.2804 TRAVEL, TRAINING, MEE… 35.85
101-1020-411.2807 ADVERTISING 160.66
101-1110-412.2705 UTILITIES-CELL PHONES 23.65
101-1110-412.3002 OPERATING SUPPLIES -451.35
101-1130-412.2006 PROFESSIONAL SERVICES 3,420.52
101-1130-412.2104 TECHNICAL SERVICES 3,949.00
101-1130-412.2705 UTILITIES-CELL PHONES 51.58
101-1130-412.2901 TRAINING & EDUCATION… 1,924.91
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 15 of 17
Account Summary
Account Number Account Name Payment Amount
101-1130-412.3001 OFFICE SUPPLIES 54.81
101-1210-413.2006 PROFESSIONAL SERVICES 600.00
101-1210-413.2101 TEMPORARY STAFFING 1,037.44
101-1210-413.2102 ADMINISTRATION CHAR… 23,349.85
101-1210-413.2705 UTILITIES-CELL PHONES 85.67
101-1210-413.3001 OFFICE SUPPLIES 13.35
101-1210-413.3002 OPERATING SUPPLIES 99.67
101-1230-413.2705 UTILITIES-CELL PHONES 318.54
101-1910-419.2022 PEST CONTROL SERVICE 71.00
101-1910-419.2104 TECHNICAL SERVICES 13,266.38
101-1910-419.2701 GAS & ELECTRIC (SDG&E) 1,778.22
101-1910-419.2702 UTILITIES-WATER 4,635.03
101-1910-419.2705 UTILITIES-CELL PHONES 146.43
101-1910-419.2801 MAINTENANCE & REPAIR 380.00
101-1910-419.3002 OPERATING SUPPLIES 270.23
101-1920-419.2017 COPIER LEASES 1,250.26
101-1920-419.2705 UTILITIES-CELL PHONES 228.06
101-1920-419.3001 OFFICE SUPPLIES 489.72
101-3010-421.2006 PROFESSIONAL SERVICES 703,358.80
101-3020-422.2705 UTILITIES-CELL PHONES 333.27
101-3020-422.2813 FEES & LICENSES 250.00
101-3020-422.2904 OTHER SERVICES & CHA… 2,630.88
101-3020-422.3002 OPERATING SUPPLIES 800.55
101-3030-423.2104 TECHNICAL SERVICES 4,745.00
101-3030-423.2503 RENT-UNIFORMS 581.85
101-3030-423.2705 UTILITIES-CELL PHONES 346.72
101-3030-423.3002 OPERATING SUPPLIES 1,580.97
101-3030-423.5007 PORT EQUIPMENT - REI… 25,583.75
101-3035-423.2704 UTILITIES-TELEPHONE 24.53
101-3040-424.2006 PROFESSIONAL SERVICES 9,360.00
101-3040-424.2016 PLAN CHECK SERVICES 5,572.18
101-3040-424.2705 UTILITIES-CELL PHONES 144.42
101-3050-425.2006 PROFESSIONAL SERVICES 33,634.00
101-3070-427.2705 UTILITIES-CELL PHONES 95.58
101-5010-431.2701 GAS & ELECTRIC (SDG&E) 25,263.83
101-5010-431.2705 UTILITIES-CELL PHONES 231.95
101-5020-432.2503 RENT-UNIFORMS 929.75
101-5020-432.2705 UTILITIES-CELL PHONES 313.03
101-5020-432.2801 MAINTENANCE & REPAIR 72.80
101-5020-432.3001 OFFICE SUPPLIES 374.83
101-5040-434.2104 TECHNICAL SERVICES 1,751.28
101-5050-435.2001 ATTORNEY SERVICES 1,704.76
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 16 of 17
Account Summary
Account Number Account Name Payment Amount
101-5050-435.2104 TECHNICAL SERVICES 939.45
101-5050-435.2705 UTILITIES-CELL PHONES 22.28
101-5050-435.2801 MAINTENANCE & REPAIR 5,721.60
101-5050-540.2006 PROFESSIONAL SERVICES 11,329.43
101-6010-451.2107 CONTRACTS - RECREATI… 248.40
101-6010-451.2701 GAS & ELECTRIC (SDG&E) 1,145.34
101-6010-451.2702 UTILITIES-WATER 932.98
101-6010-451.2705 UTILITIES-CELL PHONES 404.77
101-6014-451.2808 COMMUNITY PROGRAMS 392.00
101-6016-451.2503 UNIFORMS 170.05
101-6020-452.2701 GAS & ELECTRIC (SDG&E) 3,850.75
101-6020-452.2702 UTILITIES-WATER 5,817.24
101-6020-452.2705 UTILITIES-CELL PHONES 189.15
101-6020-452.2801 MAINTENANCE & REPAIR 5,108.20
101-6020-452.3002 OPERATING SUPPLIES 345.36
101-6030-453.2310 SENIOR PROGRAMS 82.49
101-6030-453.3002 OPERATING SUPPLIES 166.40
101-6040-454.2503 RENT-UNIFORMS 307.49
101-6040-454.2705 UTILITIES-CELL PHONES 186.22
101-6040-454.3001 OFFICE SUPPLIES 160.00
101-6040-454.3002 OPERATING SUPPLIES 1,830.00
101-6040-454.5004 EQUIPMENT 4,580.40
101-6040-454.5007 PORT EQUIPMENT (REI… 8,500.21
212-3036-421.2006 PROFESSIONAL SERVICES 8,750.67
214-1230-413.2006 PROFESSIONAL SERVICES 21,620.00
214-1230-413.2808 COMMUNITY PROGRAMS 184.50
420-5000-532.2006 PROFESSIONAL SERVICES 9,116.61
501-1921-419.2705 UTILITIES-CELL PHONES 26.32
501-1921-419.2815 VEHICLE OPERATE-FUEL… 3,277.36
501-1921-419.2816 VEHICLE OPERATE-PARTS… -230.33
501-1921-419.3002 OPERATING SUPPLIES 271.84
503-1923-419.2025 SOFTWARE MAINTENAN… 10,079.67
503-1923-419.2104 TECHNICAL SERVICES - I… 100.00
503-1923-419.2705 UTILITIES-CELL PHONES 287.22
503-1923-419.3002 OPERATING SUPPLIES 119.91
503-1923-419.3022 SMALL TOOLS/NON-CAP… 3,066.75
601-5060-436.2006 PROFESSIONAL SERVICES 2,882.50
601-5060-436.2023 SECURITY & ALARM 133.28
601-5060-436.2104 TECHNICAL SERVICES 1,952.00
601-5060-436.2701 GAS & ELECTRIC (SDG&E) 5,757.36
601-5060-436.2702 UTILITIES-WATER 2,822.16
601-5060-436.2705 UTILITIES-CELL PHONES 260.43
Expense Approval Report Payment Dates: 1/9/2026 - 1/22/2026 1/26/2026 4:25:37 PM Page 17 of 17
Account Summary
Account Number Account Name Payment Amount
601-5060-436.2813 FEES & LICENSES 3,945.00
601-5060-436.3002 OPERATING SUPPLIES 1,003.89
601-5060-536.2006 PROFESSIONAL SERVICES 22,940.00
Grand Total: 1,403,262.29
Project Account Summary
Project Account Key Payment Amount
**None** 1,108,420.60
23-0025-DEP 50.00
GRT068-EXP 82.49
GRT079-EXP 184.50
GRT091-EXP 18,620.00
GRT094-EXP 3,000.00
P24101-EXP 9,116.61
SP1406-REV 256.40
SP2021-EXP 175.90
SP24109-EXP 392.00
SP24116-EXP 8,500.21
SP2600-P 138,596.48
SP2601-P 67,343.35
SP26101-EXP 25,583.75
W21107-P 6,100.00
W26101-P 16,840.00
Grand Total: 1,403,262.29
P a g e | 1
February 4, 2026
ITEM TITLE: RESOLUTION NO. 2026-015 AND SA-26-101 APPROVING AND ADOPTING
THE AMENDMENTS TO CITY OF IMPERIAL BEACH INVESTMENT POLICY AND DELEGATE THE CITY TREASURER THE AUTHORITY TO INVEST AND REINVEST. (0350-95) ORIGINATING DEPARTMENT:
Finance
EXECUTIVE SUMMARY:
The California State Treasurer recommends that Local Agency Investment Guidelines be reviewed and amended annually for compliance will all governing laws and regulations. Staff is seeking approval and adoption of Resolution No. 2026-015 by the City Council and SA-26-101 by the Successor Agency authorizing the amendments to the City of Imperial Beach Investment Policy. Additionally, pursuant to California Government Code Section 53607, Staff is seeking approval to delegate to the City Treasurer the authority to invest and reinvest the City’s financial assets.
RECOMMENDATION:
Approve and adopt Resolution No. 2026-015 by the City Council and SA-26-101 by the Successor Agency authorizing the amendments to the City of Imperial Beach Investment Policy and delegating to the City Treasurer the authority to invest and reinvest the City’s financial assets.
OPTIONS:
Adopt Resolution No. 2026-015 and SA-26-101 as recommended Provide staff with direction for alternative action
BACKGROUND/ANALYSIS:
The Investment Policy (Policy) and Government Code section 53646(a)(2) require that the Policy be reviewed annually by the City Council/Board. Any recommended modifications or amendments are to be presented by staff to the City Council/Board at a public meeting for consideration and adoption.
The Policy was last reviewed by the City Council in June 2024. At that time, several modifications were made to bring the Policy into alignment with best industry practices. In addition, modifications were made in accordance with feedback received through the California Municipal Treasurers Association’s (CMTA) certification program. These modifications served to strengthen and clarify the City’s Investment Policy. Following adoption of the proposed Policy, staff would resubmit the Investment Policy to CMTA for certification.
The current revision was intentionally delayed until after January 1, 2026, when several changes to the California Government Code became effective, to allow for incorporation of those changes.
P a g e | 2
Working with Chandler Asset Management, the City’s portfolio manager, and incorporating bestpractice recommendations from CMTA, staff is proposing the following changes to the Investment Policy to ensure compliance with Government Code section 53600 et seq., which governs the investments of local agencies:
Section VII – Authorized and Suitable Investments
o Updated “CDARS” language to “Placement Service Deposits” to reflect changes in the marketplace.
o Reflected a change stemming from SB 595 which was signed into law 10/3/25 and became effective 1/1/26. Which extends the maximum maturity date for prime commercial paper from 270 days to 397 days.
Section X – Portfolio Risk Management
o Reflected a change stemming from SB 595 Local agencies can invest in securities issued by the US Government that may result in a zero- or negative-interest accrual in a period of negative market interest rates. This provision would be extended from 1/1/26 to 1/1/31.
Glossary
o Added definitions for “Fiduciary”, “Joint Powers Authority” (JPA), and Placement Service Deposits
Senate Bill 595 also enacted a provision allowing California local agencies with assets under management (AUM) of at least $100 million to invest up to 40 percent of their portfolio in eligible commercial paper. This provision has been extended from January 1, 2026, to January 1, 2031.
Staff did not include this provision in the City’s Investment Policy, as the City does not currently meet the required AUM threshold. If the City’s AUM reaches or is anticipated to reach $100 million in the future, staff may incorporate this provision at that time.
The City Council may elect to delegate its authority to invest and reinvest City funds to the City Treasurer for up to one year pursuant to California Government Code Section 53607. Staff recommends that the City Council delegate its authority to invest and reinvest public funds, and to sell or exchange securities so purchased, to the City Treasurer for one year or until revoked by the City Council.
ENVIRONMENTAL DETERMINATION:
Not a project as defined by CEQA.
FISCAL IMPACT:
N/A
ATTACHMENTS:
ATT 1 – Resolution 2026-015 Amending and Adopting the Investment Policy ATT 2 – Resolution SA-26-101 Amending and Adopting the Investment Policy ATT 3 – Investment Policy Effective February 4, 2026 – Redline ATT 4 – Investment Policy Effective February 4, 2026
ATTACHMENT 1
RESOLUTION NO. 2026-015
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF IMPERIAL BEACH, CALIFORNIA,
APPROVING AND ADOPTING THE CITY OF IMPERIAL BEACH INVESTMENT POLICY AND
DELEGATING TO THE CITY TREASURER THE AUTHORITY TO INVEST AND REINVEST THE CITY’S FINANCIAL ASSETS
WHEREAS, a comprehensive investment policy provides a level of accountability for investment officials and promotes greater public trust in the investment process; and WHEREAS, the policy for the investment of all City financial assets seeks to satisfy the primary objective of safety of principal, with the subsequent goals of liquidity and yield; and WHEREAS, an investment policy provides a municipality with direction for how investments shall be placed within the specific securities as outlined by type and maturity sector in the policy; and
WHEREAS, the authority governing investments for municipal governments is set forth in the California Government Code, Sections 53600 et seq.; and WHEREAS, annual investment policy review is a recommended best practice by the Government Finance Officers Association and the Association of Public Treasurers; and WHEREAS, California Government Code Sections 53646(a)(2) states that the Treasurer of any local agency may annually render to the legislative body an investment policy or any changes to the investment policy at a public meeting; and WHEREAS, the California State Treasurer publishes Local Agency Investment Guidelines intended to aid local agencies in implementing laws pertaining to the investment of public funds; and
WHEREAS, at the City Council of the City of Imperial Beach meeting of February 4, 2026, the City Council adopted Resolution 2026-015 approving and adopting amendments to the City of Imperial Beach Investment Policy.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Imperial Beach, California, as follows:
1. That the attached “Exhibit A” Investment Policy for Calendar Year 2026 is hereby reviewed, considered, approved, and adopted.
2. Delegate its authority to invest and reinvest City funds to the Finance Director and Chief Administrative Officer acting in the capacity of the City Treasurer for up to one year pursuant to California Government Code section 53607.
Resolution No. 2026-015
PASSED, APPROVED, AND ADOPTED by the City Council of the City of Imperial Beach, California, at its regular meeting held on the 4
th day of February 2026, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
MITCHELL D. MCKAY, MAYOR
ATTEST:
JACQUELINE M. KELLY, MMC
CITY CLERK
ATTACHMENT 2
RESOLUTION NO. SA-26-101
A RESOLUTION OF THE IMPERIAL BEACH REDEVELOPMENT AGENCY SUCCESSOR
AGENCY APPROVING AND ADOPTING THE CITY OF IMPERIAL BEACH INVESTMENT
POLICY AND DELEGATING TO THE TREASURER OF THE IMPERIAL BEACH
REDEVELOPMENT AGENCY SUCCESSOR AGENCY THE AUTHORITY TO INVEST AND REINVEST THE AGENCY’S FINANCIAL ASSETS
WHEREAS, a comprehensive investment policy provides a level of accountability for investment officials and promotes greater public trust in the investment process; and WHEREAS, the policy for the investment of all Imperial Beach Redevelopment Agency Successor Agency (Successor Agency) financial assets seeks to satisfy the primary objective of safety of principal, with the subsequent goals of liquidity and yield; and WHEREAS, an investment policy provides the Successor Agency with direction for how investments shall be placed within the specific securities as outlined by type and maturity sector in the policy; and
WHEREAS, the authority governing investments for government agencies is set forth in the California Government Code, Sections 53600 et seq.; and WHEREAS, annual investment policy review is a recommended best practice by the Government Finance Officers Association and the Association of Public Treasurers; and WHEREAS, California Government Code Sections 53646(a)(2) states that the Treasurer of any local agency may annually render to the legislative body an investment policy or any changes to the investment policy at a public meeting; and WHEREAS, the California State Treasurer publishes Local Agency Investment Guidelines intended to aid local agencies in implementing laws pertaining to the investment of public funds; and
WHEREAS, at the Successor Agency meeting of February 4, 2026, the Board of Directors adopted Resolution SA-25-100 approving and adopting amendments to the Successor Agency’s Investment Policy.
NOW, THEREFORE, BE IT RESOLVED by the Imperial Beach Redevelopment Agency Successor Agency as follows:
1. That the attached “Exhibit A” Investment Policy for Calendar Year 2026 is hereby reviewed, considered, approved, and adopted.
2. Delegation of authority to invest and reinvest Agency funds to the Finance Director and Chief Administrative Officer acting in the capacity of the Agency for up to one year pursuant to California Government Code section 53607.
Resolution No. SA-26-101
PASSED, APPROVED, AND ADOPTED by the Imperial Beach Redevelopment Agency Successor Agency at its regular meeting held on the 4
th day of February 2026, by the following
vote:
AYES: BOARDMEMBERS:
NOES: BOARDMEMBERS:
ABSENT: BOARDMEMBERS:
MITCHELL D. MCKAY, CHAIR
ATTEST:
JACQUELINE M. KELLY, MMC
SECRETARY
ATTACHMENT 34
RES 20264-015 46 EXHIBIT A
RES SA-264-89 101 EXHIBIT A
City of Imperial Beach
Investment Policy
CalendarFiscal Year 2024/20265
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
CITY OF IMPERIAL BEACH, CALIFORNIA
INVESTMENT POLICY
CalendarFiscal Year 2024/20265
I. INTRODUCTION
This Investment Policy is intended to identify various policies and procedures that will foster a prudent and systematic investment program designed to seek the City of Imperial Beach’s objectives of safety, liquidity and yield through a diversified investment portfolio. This policy also serves to organize and formalize the City’s investment-related activities, while complying with all applicable statutes governing the investment of public funds.
This Investment Policy was endorsed and adopted by the City’s governing body and is effective as of June 18, 2024February 4, 2026. This Investment Policy replaces any previous Investment Policy or Investment Procedures of the City.
II. SCOPE
This Investment Policy applies to all the City’s financial assets and investment activities with the following exceptions:
Proceeds of debt issuance shall be invested in accordance with the City’s general investment philosophy as set forth in this policy; however, such proceeds are invested in accordance with permitted investment provisions of their specific bond indentures.
Pooling of Funds: Except for cash in certain restricted and special funds, the City will consolidate cash and reserve balances from all funds to maximize investment earnings and to increase efficiencies with regard to investment pricing, safekeeping and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.
Specific Investment Accounts: From time to time, the City Council may authorize an investment in other specific investments, or the management of bond proceeds issued by the City of Imperial Beach. This may include deposits that are set aside for future needs of a long-term nature and may be invested in longer-term securities as allowed by the Government Code.
Inter-fund transfers are not covered by this policy.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
III. PRUDENCE
Pursuant to California Government Code, Section 53600.3, all persons authorized to make investment decisions on behalf of the City are trustees and therefore fiduciaries subject to the Prudent Investor Standard:
“…all governing bodies of local agencies or persons authorized 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. 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 needs of the Agency, that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the Agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.” The Finance Director, Chief Administrative Officer and other authorized persons responsible for managing City funds acting in accordance with written procedures and this investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes provided that the Finance Director, Chief Administrative Officer or other authorized persons acted in good faith. Deviations from expectations of a security’s credit or market risk should be reported to the governing body in a timely fashion and appropriate action should be taken to control adverse developments.
IV. OBJECTIVES
The authority governing investments for municipal governments is set forth in Government Code sections 53600 et seq. The overriding objectives of the investment program in order of importance are to preserve principal, provide sufficient liquidity, and manage investment risks.
1. Safety: Safety of principal is the foremost objective of the investment program. Investments will be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. The objective will be to mitigate credit risk and interest rate risk.
2. Liquidity: The investment portfolio will remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
3. Yield: The investment portfolio will be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints for safety and liquidity needs.
V. ETHICS AND CONFLICTS OF INTEREST
All participants in the investment process shall act as fiduciaries of the public trust. As the employees assigned to implement the investment strategy, the Finance Director and Chief Administrative Officer, as identified by Resolution of the City Council, 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 decisions.
The Finance Director and Chief Administrative Officer shall disclose any material financial interests in financial institutions that conduct business with the City, and they shall further disclose any personal financial/investment positions that could be affected by the performance of the City’s operations and functions or by the management of the City’s investment program.
Ethics and Conflicts of Interest: Officers and employees involved in the investment process shall refrain from personal business activity that conflicts with proper execution of the investment program or impair their ability to make impartial investment decisions. Additionally, the Finance Director, Chief Administrative Officer and other members of the management Investment Advisory Committee, as identified herein, are required to annually file applicable financial disclosures as required by the Fair Political Practices Commission (FPPC).
DELEGATION OF AUTHORITY
A. Authority to manage the City’s investment program is derived from California Government Code Sections 53600 et seq. The governing body is responsible for the City’s cash management, including the administration of this Investment Policy. Management responsibility for the cash management of City funds is hereby delegated to the Finance Director and Chief Administrative Officer.
The Finance Director and Chief Administrative Officer will be responsible for all transactions undertaken and will establish a system of procedures and controls to regulate the activities of subordinate employees.
B. The City may engage the services of one or more external investment managers to assist in the management of the City’s investment portfolio in a manner consistent with the City’s objectives. Such external managers may be granted discretion to purchase and sell investment securities in
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
accordance with this Investment Policy. Such managers must be registered under the Investment Advisers Act of 1940.
An Investment Committee consisting of the City Manager/Executive Director, Finance Director and Chief Administrative Officer shall be established to provide general oversight and direction concerning the policy related to management of the City's investment portfolio. Assigned Finance Department staff members may serve in a staff and advisory capacity, although are not members of the Committee.
VI. AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND BROKER/DEALERS A list will be maintained of financial institutions and depositories authorized to provide investment services. In addition, a list will be maintained of approved security broker/dealers selected by conducting a process of due diligence described in the investment procedures manual. These may include "primary" dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15C3-1 (uniform net capital rule).
A. The Finance Director or Chief Administrative Officer will determine which financial institutions are authorized to provide investment services to the City. Institutions eligible to transact investment business with the City include:
1. Institutions licensed by the state as a broker-dealer.
2. Institutions that are members of a federally regulated securities exchange.
3. Primary government dealers as designated by the Federal Reserve Bank and non-primary government dealers;
4. Nationally or state-chartered banks;
5. The Federal Reserve Bank; and,
6. Direct issuers of securities eligible for purchase.
B. Selection of financial institutions and broker/dealers authorized to engage in transactions with the City will be at the sole discretion of the City.
C. All financial institutions which desire to become qualified bidders for investment transactions (and which are not dealing only with the investment adviser) must supply the Finance Director or Chief Administrative Officer with a statement certifying that the institution has reviewed the California Government Code Section 53600 et seq. and the City’s Investment Policy.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
The Finance Director or Chief Administrative Officer will conduct an annual review of the financial condition and registrations of such qualified bidders.
D. Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the investment adviser.
E. Public deposits will be made only in qualified public depositories as established by State law. Deposits will be insured by the Federal Deposit Insurance Corporation, or, to the extent the amount exceeds the insured maximum, will be collateralized in accordance with State law.
F. Collateralization:
1. Certificates of Deposit: The City shall require any commercial bank or savings and loan association to deposit eligible securities with an agency of a depository approved by the State Banking Department to secure any uninsured portion of a non-negotiable Certificate of Deposit.
The value of eligible securities as defined pursuant to Government Code Section 53651, pledged against a Certificate of Deposit shall be equal to 150% of the face value of the CD if the securities are classified as mortgages and 110% of the face value of the CD for all other classes of security.
2. Repurchase Agreements: The City requires that repurchase agreements be collateralized only by securities authorized by Government Code:
The securities which collateralize the repurchase agreement shall be priced at Market Value, including any Accrued Interest plus a margin.
The Market Value of the securities that underlie a repurchase agreement shall be valued at 102% or greater of the funds borrowed against those securities.
Financial Institutions shall mark the value of the collateral to market at least monthly and increase or decrease the collateral to satisfy the ratio requirement described above.
The City shall receive monthly statements of collateral.
VII. DELIVERY, SAFEKEEPING AND CUSTODY, AND COMPETITIVE TRANSACTIONS A. Delivery-versus-payment: Settlement of all investment transactions will be completed using standard delivery-vs.-payment procedures.
B. Third-party safekeeping: To protect against potential losses by collapse of individual securities dealers, and to enhance access to securities, interest payments and maturity proceeds, all securities owned by the City will be held in safekeeping by a third-party bank custodian, acting
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
as agent for the City under the terms of a custody agreement executed by the bank and the City. All investment transactions will require a safekeeping receipt or acknowledgement generated from the trade. A monthly report will be received by the City from the custodian listing all securities held in safekeeping with current market data and other relevant information.
The only exceptions to the foregoing shall be depository accounts and securities purchases made with: (i) local government investment pools; (ii) time certificates of deposit, and (iii) mutual funds and money market mutual funds, since these securities are not deliverable.
C. Competitive transactions: All investment transactions will be conducted on a competitive basis which can be executed through a bidding process involving at least three separate brokers/financial institutions or through use of a nationally recognized trading platform where possible.
The only exceptions to the foregoing shall be depository accounts and securities purchases made with LAIF, LGIPs, time deposits, mutual funds, and money market mutual funds, since these securities are not deliverable.
VIII. AUTHORIZED AND SUITABLE INVESTMENTS
The City’s investments are governed by Government Code, Sections 53600 et seq. Within the investments permitted by the Government Code, the City seeks to further restrict eligible investments to the guidelines listed below.
In the event an apparent discrepancy is found between this Policy and the Government Code, the more restrictive parameters will take precedence.
Percentage holding limits and credit rating minimums listed in this section apply at the time the security is purchased.
Any investment currently held at the time the Policy is adopted which does not meet the new Policy guidelines can be held until maturity and shall be exempt from the current Policy. At the time of the investment’s maturity or liquidation such funds shall be reinvested only as provided in the most current Policy.
1. U.S. Treasury and other government obligations for which the full faith and credit of the United States are pledged for the payment of principal and interest. There are no limits on the dollar amount or percentage that the City may invest in U.S. Treasuries.
The maximum maturity is five years.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
2. Federal Agency or United States government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. There are no limits on the dollar amount or percentage that the City may invest in governmentsponsored enterprises. The maximum maturity is five years;
No more than 20% of the total portfolio may be invested in callable federal agency securities.
3. Municipal Securities. These include obligations of the City, the State of California, any local agency within the state of California, and registered notes or bonds of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenueproducing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states, and, provided that:
Long-term obligations are rated in the “A” category or higher by at least one nationally recognized statistical rating organization (NRSRO);
The maximum maturity is five years;
No more than 5% of the total portfolio may be invested in any single municipal securities issuer;
No more than 30% of the portfolio may be invested in Municipal Securities.
4. Corporate Medium-Term Notes (MTNs) provided that:
Such notes have a maximum maturity of five years;
Are issued by corporations 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;
Are rated in the “A” category or better by at least one NRSRO; No more than 30% of the total portfolio may be invested in corporate medium-term notes; and,
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
No more than 5% of the total portfolio may be invested in any single issuer of corporate medium-term notes.
5. Mortgage Pass-Through Securities, Collateralized Mortgage Obligations, and Asset-Backed Securities from issuers not defined in sections 1 and 2 of the Authorized and Suitable Investments Section of this policy, provided that:
Such securities have a maximum stated final maturity of five years; Are rated in the category of “AA” or its equivalent or better by a NRSRO;
Purchase of securities authorized by this subdivision may not exceed 20% of the portfolio; and,
No more than 5% of the total portfolio is invested in any single issuer of Asset-Backed or Commercial Mortgage Securities.
6. Federally Insured Time Deposits (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions, provided that:
The amount per institution is limited to the maximum covered under federal insurance;
No more than 20% of the portfolio will be invested in a combination of federally insured and collateralized time deposits;
The maturity of such deposits does not exceed 5 years; and, No more than 5% of the total portfolio may be invested in any single issuer of federally insured time deposits.
7. Time Deposits (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions in excess of insured amounts which are fully collateralized with securities in accordance with California law, provided that:
No more than 20% of the portfolio will be invested in a combination of federally insured and collateralized time deposits;
The maturity of such deposits does not exceed 5 years; and, No more than 5% of the total portfolio may be invested in any single issuer of time deposits.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
8. Certificate of Deposit Placement Service Deposits(CDARS) provided that:
No more than 30% of the total portfolio may be invested in a combination of qualifying placement service depositscertificates of deposit including CDARS; and,
The full amount of each deposit along with accrued interest must at all times be insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). Under a provision sunsetting on January 1, 2031, no more than 50% of the portfolio may be invested in deposits through a placement service, including Certificates of Deposit, if the City does not pool money with other local agencies.C
The maturity of CDARS deposits does not exceed five years.
9. Negotiable Certificates of Deposit (NCDs) provided that:
They are issued by institutions which have long-term obligations which are rated in the “A” category or higher by at least one nationally recognized statistical rating organization; or have short term debt obligations rated “A-1” or higher, or the equivalent, by at least one NRSRO;
The maturity does not exceed five years;
No more than 30% of the total portfolio may be invested in NCDs; and,
No more than 5% of the total portfolio may be invested in any single issuer of NCDs.
10. Banker’s Acceptances provided that:
They are issued by institutions with short term debt obligations rated “A-1” or higher, or the equivalent, by at least one NRSRO; and have long-term debt obligations which are rated in the “A” category or higher by at least one NRSRO;
The maturity does not exceed 180 days;
No more than 40% of the total portfolio may be invested in banker’s acceptances; and,
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
No more than 5% of the total portfolio may be invested in any single issuer of banker’s acceptances.
11. Commercial Paper provided that the securities are issued by an entity that meets all of the following conditions in either paragraph a or b and other requirements specified below:
a. SECURITIES issued by corporations:
(i) A corporation organized and operating in the United States with assets more than $500 million.
(ii) The securities are rated “A-1” or its equivalent or better by at least one NRSRO.
(iii) If the issuer has other debt obligations, they must be rated in a rating category of “A” or its equivalent or better by at least one NRSRO.
b. SECURITIES issued by other entities:
(i) The issuer is organized within the United States as a special purpose corporation, trust, or limited liability company. (ii) The securities must have program-wide credit enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond.
(iii) The securities are rated “A-1” or its equivalent or better by at least one NRSRO.
No more than 10% of the outstanding commercial paper of any single issuer.
No more than 25% of the total portfolio is invested in commercial paper.
No more than 5% of the total portfolio is invested in any single commercial paper issuer.
The maturity does not exceed 397270 days from the date of settlement purchase.
12. Repurchase Agreements collateralized with securities authorized pursuant to Government Code that are maintained at a level of at least 102% of the market value of the repurchase agreements, provided that:
The maximum maturity of repurchase agreements will be 1 year; Commented [GL1]: This is no longer required per California Government Code. SB 998 replaced this language with a 10% maximum exposure to the commercial paper and corporate
bonds from a single issuer which is consistent with the investment policy requirements.
Commented [GL2]: SB 595, which was signed 10/3/25 and
will become effective 1/1/26, extends the maximum maturity of commercial paper purchases from 270 to 397 days from the date of settlement.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
There is no limit to the amount to be invested in repurchase agreements;
Securities used as collateral for repurchase agreements will be delivered to the City’s custodian bank; and,
The repurchase agreements are the subject of a master repurchase agreement between the City and the provider of the repurchase agreement. The master repurchase agreement will be substantially in the form developed by the Securities Industry and Financial Markets Association (SIFMA).
13. State of California Local City Investment Fund (LAIF), provided that:
The City may invest up to the maximum permitted amount in LAIF; and,
LAIF’s investments in instruments prohibited by or not specified in the City’s policy do not exclude it from the City’s list of allowable investments, provided that the fund’s reports allow the Finance Director or Chief Administrative Officer to adequately judge the risk inherent in LAIF’s portfolio.
14. Local Government Investment Pools
No more than 10% per issuer limitation for Local Government Investment Pools other than LAIF.
15. Mutual Funds and Money Market Mutual Funds that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940, provided that:
Mutual Funds that invest in the securities and obligations as authorized under California Government Code Section 53601 (a) to (k) and (m) to (q) inclusive and that meet either of the following criteria:
1. Attained the highest ranking or the highest letter and numerical rating provided by not less than two NRSROs; or,
2. Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience investing in the securities and obligations authorized by California Government Code Section
53601 and with assets under management in excess of $500 million;
No more than 10% of the total portfolio may be invested in shares of any one mutual fund.
Money Market Mutual Funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and issued by diversified management companies and meet either of the following criteria:
1. Have attained the highest ranking or the highest letter and numerical rating provided by not less than two NRSROs.
2. Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience managing money market mutual funds with assets under management in excess of $500 million.
No more than 20% per fund of the total portfolio may be invested in the shares of any one money market mutual fund.
No more than 20% of the total portfolio may be invested in these securities.
16. Supranational Securities, provided that:
a. Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank.
b. The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO.
c. No more than 30% of the total portfolio may be invested in these securities.
d. No more than 10% of the portfolio may be invested in a single Supranational issuer.
e. The maximum maturity does not exceed five years.
Any State of California legislative action that further restricts allowable maturities, investment type or percentage allocations, shall be incorporated into this Investment Policy and supersede any and all previous applicable provisions inconsistent with such legislative action.
IX. MAXIMUM MATURITIES
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
To the extent possible, investments shall be matched with anticipated cash flow requirements and known future liabilities. No investment will be made in any security with a remaining maturity in excess of five years from the date of trade settlement, unless the City Council has by resolution granted express authority to make such an investment.
X. PORTFOLIO RISK MANAGEMENT
A. Prohibited Investment Vehicles and Practices
1. State law notwithstanding, any investments not specifically described herein are prohibited, including, but not limited to futures and options.
2. In accordance with Government Code Section 53601.6, investment in inverse floaters, range notes, or mortgage derived interest-only strips is prohibited.
3. Investment in any security that could result in a zero-interest accrual if held to maturity is prohibited. However, under a provision sunsetting on January 1, 203126, securities backed by the U.S. Government that could result in a zero- or negative interest accrual if held to maturity are permitted.
4. Trading securities for the sole purpose of speculating on the future direction of interest rates is prohibited.
5. Purchasing or selling securities on margin is prohibited.
6. The use of reverse repurchases agreements, securities lending or any other form of borrowing or leverage is prohibited.
7. The purchase of foreign currency denominated securities is prohibited.
8. The purchase of a security with a forward settlement exceeding 45 days from the time of the investment is prohibited.
B. Diversification and Mitigating Credit Risk in the Portfolio Credit risk is the risk that a security or a portfolio will lose some or all of its value due to a real or perceived change in the ability of the issuer to repay its debt. The City will mitigate credit risk by adopting the following strategies:
1. The diversification requirements included in Section VIII are designed to mitigate credit risk in the portfolio;
Commented [GL3]: SB 595 extends the provision allowing
California local agencies to purchase securities issued by the US Government that could result in a zero- or negativeinterest accrual in a period of negative market rates has been extended from 1/1/26 to 1/1/31.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
2. No more than 5% of the total portfolio may be invested in securities of any single issuer, other than the US Government, its agencies and enterprises, supranationals, money market funds, local government investment pools or unless otherwise specified in this investment policy;
3. 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 or City’s risk preferences; and,
4. If securities owned by the City are downgraded to a level below the quality required by this Investment Policy, making the security ineligible for additional purchases, the following steps will be taken:
a. Any actions taken related to the downgrade by the investment manager will be communicated to the Finance Director or Chief Administrative Officer in a timely manner.
b. If a decision is made to retain a downgraded security in the portfolio, the credit situation will be monitored and reported monthly to the governing board.
C. Mitigating Market Risk in the Portfolio
Market risk is the risk that the portfolio value will fluctuate due to changes in the general level of interest rates. The City recognizes that, over time, longer-term portfolios have the potential to achieve higher returns. On the other hand, longer-term portfolios have higher volatility of return. The City will mitigate market risk by providing adequate liquidity for short-term cash needs, and by making longer-term investments only with funds that are not needed for current cashflow purposes.
The City further recognizes that certain types of securities, including variable rate securities, securities with principal paydowns prior to maturity, and securities with embedded options, will affect the market risk profile of the portfolio differently in different interest rate environments. The City, therefore, adopts the following strategies to control and mitigate its exposure to market risk:
1. The City will maintain a minimum of six months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements;
2. The stated final maturity of individual securities in the portfolio will be five years, except as otherwise stated in this policy;
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
3. The maximum weighted average stated final maturity of the total portfolio shall not exceed three years; and,
4. The duration of the portfolio will at all times be approximately equal to the duration (typically plus or minus 20%) of a Market Benchmark Index selected by the City based on the City’s investment objectives, constraints and risk tolerances. The City’s current Benchmark will be documented by the City.
XI. FOSSIL FUELS RESTRICTION
The purchase of securities issued by fossil fuel companies that directly source the majority of their revenue from oil, gas and/or coal production is prohibited.
XII. INVESTMENT POOLS/MUTUAL FUNDS
The City shall conduct a thorough investigation of any pool or mutual fund prior to making an investment, and on a continual basis thereafter. The Finance Director or Chief Administrative Officer shall develop a questionnaire 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. Are reserves, retained earnings, etc. utilized by the pool/fund? A fee schedule, and when and how is it assessed.
Is the pool/fund eligible for bond proceeds and/or will it accept such proceeds?
XIII. INVESTMENT OBJECTIVES (PERFORMANCE STANDARDS AND EVALUATION) A. Overall Objective: The investment portfolio will be designed with the overall objective of obtaining a total rate of return throughout economic cycles, commensurate with investment risk constraints and cash flow needs.
B. Specific Objective: The investment performance objective for the portfolio will be to earn a total rate of return over a market cycle which is
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
approximately equal to the return on the Market Benchmark Index selected by the City.
XIV. PROCEDURES AND INTERNAL CONTROLS
A. Procedures
The Finance Director or Chief Administrative Officer will establish investment policy procedures to assist investment staff with day-to-day operations of the investment program consistent with this policy. Such procedures will 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 established by the City Treasurer.
B. Internal Controls
The Finance Director or Chief Administrative Officer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are protected from loss, theft or misuse.
The internal control structure will be designed to provide reasonable assurance that these objectives are met. Internal controls will be described in the City’s investment procedures manual.
XV. REPORTING, DISCLOSURE AND PROGRAM EVALUATION
A. Monthly Reports
Monthly investment reports will be submitted by the Finance Director or Chief Administrative Officer to the governing board. These reports will disclose, at a minimum, the following information about the risk characteristics of the City’s portfolio:
1. An asset listing showing par value, cost and accurate and complete market value of each security, type of investment, issuer, and interest rate;
2. Monthly transactions for the period;
3. A one-page summary report that shows:
a. Average maturity of the portfolio and modified duration of the portfolio;
b. Maturity distribution of the portfolio;
c. Average portfolio credit quality; and,
d. Time-weighted total rate of return for the portfolio for the prior one month, three months, twelve months, year to date, and since
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
inception compared to the Benchmark Index returns for the same periods.
4. A statement of compliance with investment policy, including a schedule of any transactions or holdings which do not comply with this policy or with the California Government Code, including a justification for their presence in the portfolio and a timetable for resolution; and,
5. A statement that the City has adequate funds to meet its cash flow requirements for the next six months.
B. Annual Reports
1. The investment policy will be reviewed and updated at least annually at the beginning of the calendar year to ensure its consistency with the overall objectives of preservation of principal, liquidity and return, and its relevance to current law and financial and economic trends.
2. A comprehensive annual report will be presented in conjunction with the investment policy review. This report will include comparisons of the City’s return to the Benchmark Index return, suggest policies and improvements that might enhance the investment program, and will include an investment plan for the coming year.
C. Periodic Audit
The City Treasurer may establish a process of periodic independent review by an external expert to assure compliance with internal controls.
XIII. REVIEW OF INVESTMENT POLICY
This policy shall be subject to review by the City Council/Board on an annual basis. Any recommended modifications or amendments shall be presented by Staff to the City Council/Board for their consideration and adoption.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
Prepared by:
Lily Flyte
Finance Director
Approved as to content:
___________________________________
Erika Cortez
Chief Administrative Officer
Date:
Appendix
GLOSSARY OF INVESTMENT TERMS
Agencies. Shorthand market terminology for any obligation issued by a government-sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are:
FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds.
FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB issues discount notes and bonds.
FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called “Freddie Mac” issues discount notes, bonds and mortgage pass-through securities.
FNMA. Like FHLB and Freddie Mac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as “Fannie Mae,” issues discount notes, bonds and mortgage pass-through securities.
GNMA. The Government National Mortgage Association, known as “Ginnie Mae,” issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government.
PEFCO. The Private Export Funding Corporation assists exporters.
Obligations of PEFCO are not guaranteed by the full faith and credit of the US government.
TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds.
Asked. The price at which a seller offers to sell a security.
Asset Backed Securities. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.
Average Life. In mortgage-related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected.
Banker’s Acceptance. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which “accepts” the obligation to pay the investor.
Benchmark. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.
Bid. The price at which a buyer offers to buy a security.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
Broker. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from their own position.
Callable. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues security, it will likely call its current securities and reissue them at a lower rate of interest. Callable securities have reinvestment risk as the investor may receive its principal back when interest rates are lower than when the investment was initially made.
Certificate of Deposit (CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable.
Collateral. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.
Collateralized Mortgage Obligations (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.
Commercial Paper. The short-term unsecured debt of corporations.
Cost Yield. The annual income from an investment divided by the purchase cost.
Because it does not give effect to premiums and discounts which may have been included in the purchase cost, it is an incomplete measure of return.
Coupon. The rate of return at which interest is paid on a bond.
Credit Risk. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer.
Current Yield. The annual income from an investment divided by the current market value. Since the mathematical calculation relies on the current market value rather than the investor’s cost, current yield is unrelated to the actual return the investor will earn if the security is held to maturity.
Dealer. A dealer acts as a principal in security transactions, selling securities from and buying securities for their own position.
Debenture. A bond secured only by the general credit of the issuer.
Delivery vs. Payment (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.
Derivative. Any security that has principal and/or interest payments which are subject to uncertainty (but not for reasons of default or credit risk) as to timing and/or amount, or any security which represents a component of another security which has been separated from other components (“Stripped” coupons and principal). A derivative is also defined as a financial instrument the value of which is totally or partially derived from the value of another instrument, interest rate, or index.
Discount. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as Tbills and banker’s acceptances, are known as discount securities. They Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
sell at a discount from par and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.
Diversification. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.
Duration. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration).
Federal Funds Rate. The rate of interest charged by banks for short-term loans to other banks. The Federal Reserve Bank through open-market operations establishes it.
Federal Open Market Committee: A committee of the Federal Reserve Board that establishes monetary policy and executes it through temporary and permanent changes to the supply of bank reserves.
FIDUCIARY: A person or organization that acts on behalf of another person(s) or organization that puts their clients’ interest ahead of their own as they are bound both legally and ethically to act in the best interests of their clients.
JOINT POWERS AUTHORITY (JPA): An entity created by two or more public agencies that share a common goal to jointly exercise powers common to all members through a joint powers agreement or contract.
Local Agency Investment Fund (LAIF): A voluntary investment fund open to government entities and certain non-profit organizations in California that is managed by the State Treasurer’s Office.
Local Government Investment Pool: Investment pools that range from LAIF to county pools, to Joint Powers Authorities (JPAs). These funds are not subject to the same SEC rules applicable to money market mutual funds.
Leverage. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.
Liquidity: The speed and ease with which an asset can be converted to cash.
Make Whole Call. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid because of the call. With this type of call, an investor is compensated, or "made whole." Margin: The difference between the market value of a security and the loan a broker makes using that security as collateral.
Market Risk. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.
Market Value. The price at which a security can be traded.
Marking to Market. The process of posting current market values for securities in a portfolio.
Maturity. The final date upon which the principal of a security becomes due and payable. An investment’s term or remaining maturity is measured from the settlement date to final maturity.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
Medium Term Notes. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.
Modified Duration. The percent change in price for a 100-basis point change in yields. Modified duration is the best single measure of a portfolio’s or security’s exposure to market risk.
Money Market. The market in which short-term debt instruments (Tbills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.
Mortgage Pass-Through Securities. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.
Municipal Securities. Securities issued by state and local agencies to finance capital and operating expenses.
Mutual Fund. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus.
Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.
Nationally Recognized Statistical Rating Organization (NRSRO): 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 Moody’s, S&P and Fitch.
Negotiable CD: A short-term debt instrument that pays interest and is issued by a bank, savings or federal association, state of federal credit union, or statelicensed branch of a foreign bank.
PLACEMENT SERVICE DEPOSITS: A private service that allows local agencies to invest in FDIC-insured deposits with one or more banks, savings and loans, and credit unions located in the United States. IntraFi (formerly known as CDARS) is an example of an entity that provides this service.
Premium. The difference between the par value of a bond and the cost of the bond, when the cost is above par.
Prepayment Speed. A measure of how quickly principal is repaid to investors in mortgage securities.
Prepayment Window. The time period over which principal repayments will be received on mortgage securities at a specified prepayment speed.
Primary Dealer. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S. Government securities market.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
Prudent Person (Prudent Investor) Rule. A standard of responsibility which applies to fiduciaries. In California, the rule is stated as “Investments shall be managed with the care, skill, prudence and diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims to accomplish similar purposes.”
Realized Yield. The change in value of the portfolio due to interest received and interest earned and realized gains and losses. It does not give effect to changes in market value on securities, which have not been sold from the portfolio.
Repurchase Agreement (RP, Repo). Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.
Safekeeping. A service to bank customers whereby securities are held by the bank in the customer’s name.
Structured Note. A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities or indices. Examples include inverse floating rate notes which have coupons that increase when other interest rates are falling, and which fall when other interest rates are rising, and "dual index floaters," which pay interest based on the relationship between two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements.
Supranational: A multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in member countries.
Total Rate of Return. A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains, and losses in the portfolio.
U.S. Treasury Obligations. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.
Treasury Bills. All securities issued with initial maturities of one year or less are issued as discounted instruments and are called Treasury bills. The Treasury currently issues three- and six-month Tbills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.
Treasury Notes. All securities issued with initial maturities of two to ten years are called Treasury notes and pay interest semi-annually.
Amended and Adopted by Resolution No. 20264-01546 & SA-264-10189
Treasury Bonds. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semi-annually.
Yield to Maturity. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost.
ATTACHMENT 4
RES 2026-015 EXHIBIT A
RES SA-26-101 EXHIBIT A
City of Imperial Beach
Investment Policy
Calendar Year 2026
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 2
CITY OF IMPERIAL BEACH, CALIFORNIA
INVESTMENT POLICY
Calendar Year 2026
I. INTRODUCTION
This Investment Policy is intended to identify various policies and procedures that will foster a prudent and systematic investment program designed to seek the City of Imperial Beach’s objectives of safety, liquidity and yield through a diversified investment portfolio. This policy also serves to organize and formalize the City’s investment-related activities, while complying with all applicable statutes governing the investment of public funds.
This Investment Policy was endorsed and adopted by the City’s governing body and is effective as of February 4, 2026. This Investment Policy replaces any previous Investment Policy or Investment Procedures of the City.
II. SCOPE
This Investment Policy applies to all the City’s financial assets and investment activities with the following exceptions:
• Proceeds of debt issuance shall be invested in accordance with the City’s general investment philosophy as set forth in this policy; however, such proceeds are invested in accordance with permitted investment provisions of their specific bond indentures.
Pooling of Funds: Except for cash in certain restricted and special funds, the City will consolidate cash and reserve balances from all funds to maximize investment earnings and to increase efficiencies with regard to investment pricing, safekeeping and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.
Specific Investment Accounts: From time to time, the City Council may authorize an investment in other specific investments, or the management of bond proceeds issued by the City of Imperial Beach. This may include deposits that are set aside for future needs of a long-term nature and may be invested in longer-term securities as allowed by the Government Code.
Inter-fund transfers are not covered by this policy.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 3 III. PRUDENCE
Pursuant to California Government Code, Section 53600.3, all persons authorized to make investment decisions on behalf of the City are trustees and therefore fiduciaries subject to the Prudent Investor Standard:
“…all governing bodies of local agencies or persons authorized 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. 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 needs of the Agency, that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the Agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.” The Finance Director, Chief Administrative Officer and other authorized persons responsible for managing City funds acting in accordance with written procedures and this investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes provided that the Finance Director, Chief Administrative Officer or other authorized persons acted in good faith. Deviations from expectations of a security’s credit or market risk should be reported to the governing body in a timely fashion and appropriate action should be taken to control adverse developments.
IV. OBJECTIVES
The authority governing investments for municipal governments is set forth in Government Code sections 53600 et seq. The overriding objectives of the investment program in order of importance are to preserve principal, provide sufficient liquidity, and manage investment risks.
1. Safety: Safety of principal is the foremost objective of the investment program. Investments will be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. The objective will be to mitigate credit risk and interest rate risk.
2. Liquidity: The investment portfolio will remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 4
3. Yield: The investment portfolio will be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints for safety and liquidity needs.
V. ETHICS AND CONFLICTS OF INTEREST
All participants in the investment process shall act as fiduciaries of the public trust. As the employees assigned to implement the investment strategy, the Finance Director and Chief Administrative Officer, as identified by Resolution of the City Council, 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 decisions.
The Finance Director and Chief Administrative Officer shall disclose any material financial interests in financial institutions that conduct business with the City, and they shall further disclose any personal financial/investment positions that could be affected by the performance of the City’s operations and functions or by the management of the City’s investment program.
Ethics and Conflicts of Interest: Officers and employees involved in the investment process shall refrain from personal business activity that conflicts with proper execution of the investment program or impair their ability to make impartial investment decisions. Additionally, the Finance Director, Chief Administrative Officer and other members of the management Investment Advisory Committee, as identified herein, are required to annually file applicable financial disclosures as required by the Fair Political Practices Commission (FPPC).
DELEGATION OF AUTHORITY
A. Authority to manage the City’s investment program is derived from California Government Code Sections 53600 et seq. The governing body is responsible for the City’s cash management, including the administration of this Investment Policy. Management responsibility for the cash management of City funds is hereby delegated to the Finance Director and Chief Administrative Officer.
The Finance Director and Chief Administrative Officer will be responsible for all transactions undertaken and will establish a system of procedures and controls to regulate the activities of subordinate employees.
B. The City may engage the services of one or more external investment managers to assist in the management of the City’s investment portfolio in a manner consistent with the City’s objectives. Such external managers may be granted discretion to purchase and sell investment securities in
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 5 accordance with this Investment Policy. Such managers must be registered under the Investment Advisers Act of 1940.
An Investment Committee consisting of the City Manager/Executive Director, Finance Director and Chief Administrative Officer shall be established to provide general oversight and direction concerning the policy related to management of the City's investment portfolio. Assigned Finance Department staff members may serve in a staff and advisory capacity, although are not members of the Committee.
VI. AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND BROKER/DEALERS A list will be maintained of financial institutions and depositories authorized to provide investment services. In addition, a list will be maintained of approved security broker/dealers selected by conducting a process of due diligence described in the investment procedures manual. These may include "primary" dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15C3-1 (uniform net capital rule).
A. The Finance Director or Chief Administrative Officer will determine which financial institutions are authorized to provide investment services to the City. Institutions eligible to transact investment business with the City include:
1. Institutions licensed by the state as a broker-dealer.
2. Institutions that are members of a federally regulated securities exchange.
3. Primary government dealers as designated by the Federal Reserve Bank and non-primary government dealers;
4. Nationally or state-chartered banks;
5. The Federal Reserve Bank; and,
6. Direct issuers of securities eligible for purchase.
B. Selection of financial institutions and broker/dealers authorized to engage in transactions with the City will be at the sole discretion of the City.
C. All financial institutions which desire to become qualified bidders for investment transactions (and which are not dealing only with the investment adviser) must supply the Finance Director or Chief Administrative Officer with a statement certifying that the institution has reviewed the California Government Code Section 53600 et seq. and the City’s Investment Policy.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 6 The Finance Director or Chief Administrative Officer will conduct an annual review of the financial condition and registrations of such qualified bidders.
D. Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the investment adviser.
E. Public deposits will be made only in qualified public depositories as established by State law. Deposits will be insured by the Federal Deposit Insurance Corporation, or, to the extent the amount exceeds the insured maximum, will be collateralized in accordance with State law.
F. Collateralization:
1. Certificates of Deposit: The City shall require any commercial bank or savings and loan association to deposit eligible securities with an agency of a depository approved by the State Banking Department to secure any uninsured portion of a non-negotiable Certificate of Deposit.
The value of eligible securities as defined pursuant to Government Code Section 53651, pledged against a Certificate of Deposit shall be equal to 150% of the face value of the CD if the securities are classified as mortgages and 110% of the face value of the CD for all other classes of security.
2. Repurchase Agreements: The City requires that repurchase agreements be collateralized only by securities authorized by Government Code:
• The securities which collateralize the repurchase agreement shall be priced at Market Value, including any Accrued Interest plus a margin.
The Market Value of the securities that underlie a repurchase agreement shall be valued at 102% or greater of the funds borrowed against those securities.
• Financial Institutions shall mark the value of the collateral to market at least monthly and increase or decrease the collateral to satisfy the ratio requirement described above.
• The City shall receive monthly statements of collateral.
VII. DELIVERY, SAFEKEEPING AND CUSTODY, AND COMPETITIVE TRANSACTIONS A. Delivery-versus-payment: Settlement of all investment transactions will be completed using standard delivery-vs.-payment procedures.
B. Third-party safekeeping: To protect against potential losses by collapse of individual securities dealers, and to enhance access to securities, interest payments and maturity proceeds, all securities owned by the City will be held in safekeeping by a third-party bank custodian, acting
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 7 as agent for the City under the terms of a custody agreement executed by the bank and the City. All investment transactions will require a safekeeping receipt or acknowledgement generated from the trade. A monthly report will be received by the City from the custodian listing all securities held in safekeeping with current market data and other relevant information.
The only exceptions to the foregoing shall be depository accounts and securities purchases made with: (i) local government investment pools; (ii) time certificates of deposit, and (iii) mutual funds and money market mutual funds, since these securities are not deliverable.
C. Competitive transactions: All investment transactions will be conducted on a competitive basis which can be executed through a bidding process involving at least three separate brokers/financial institutions or through use of a nationally recognized trading platform where possible.
The only exceptions to the foregoing shall be depository accounts and securities purchases made with LAIF, LGIPs, time deposits, mutual funds, and money market mutual funds, since these securities are not deliverable.
VIII. AUTHORIZED AND SUITABLE INVESTMENTS
The City’s investments are governed by Government Code, Sections 53600 et seq. Within the investments permitted by the Government Code, the City seeks to further restrict eligible investments to the guidelines listed below.
In the event an apparent discrepancy is found between this Policy and the Government Code, the more restrictive parameters will take precedence.
Percentage holding limits and credit rating minimums listed in this section apply at the time the security is purchased.
Any investment currently held at the time the Policy is adopted which does not meet the new Policy guidelines can be held until maturity and shall be exempt from the current Policy. At the time of the investment’s maturity or liquidation such funds shall be reinvested only as provided in the most current Policy.
1. U.S. Treasury and other government obligations for which the full faith and credit of the United States are pledged for the payment of principal and interest. There are no limits on the dollar amount or percentage that the City may invest in U.S. Treasuries.
• The maximum maturity is five years.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 8
2. Federal Agency or United States government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. There are no limits on the dollar amount or percentage that the City may invest in governmentsponsored enterprises. • The maximum maturity is five years;
• No more than 20% of the total portfolio may be invested in callable federal agency securities.
3. Municipal Securities. These include obligations of the City, the State of California, any local agency within the state of California, and registered notes or bonds of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenueproducing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states, and, provided that:
• Long-term obligations are rated in the “A” category or higher by at least one nationally recognized statistical rating organization (NRSRO);
• The maximum maturity is five years;
• No more than 5% of the total portfolio may be invested in any single municipal securities issuer;
• No more than 30% of the portfolio may be invested in Municipal Securities.
4. Corporate Medium-Term Notes (MTNs) provided that:
• Such notes have a maximum maturity of five years;
• Are issued by corporations 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;
• Are rated in the “A” category or better by at least one NRSRO; • No more than 30% of the total portfolio may be invested in corporate medium-term notes; and,
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 9 • No more than 5% of the total portfolio may be invested in any single issuer of corporate medium-term notes.
5. Mortgage Pass-Through Securities, Collateralized Mortgage Obligations, and Asset-Backed Securities from issuers not defined in sections 1 and 2 of the Authorized and Suitable Investments Section of this policy, provided that:
• Such securities have a maximum stated final maturity of five years; • Are rated in the category of “AA” or its equivalent or better by a NRSRO;
• Purchase of securities authorized by this subdivision may not exceed 20% of the portfolio; and,
• No more than 5% of the total portfolio is invested in any single issuer of Asset-Backed or Commercial Mortgage Securities.
6. Federally Insured Time Deposits (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions, provided that:
• The amount per institution is limited to the maximum covered under federal insurance;
• No more than 20% of the portfolio will be invested in a combination of federally insured and collateralized time deposits;
• The maturity of such deposits does not exceed 5 years; and, • No more than 5% of the total portfolio may be invested in any single issuer of federally insured time deposits.
7. Time Deposits (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions in excess of insured amounts which are fully collateralized with securities in accordance with California law, provided that:
• No more than 20% of the portfolio will be invested in a combination of federally insured and collateralized time deposits;
• The maturity of such deposits does not exceed 5 years; and, • No more than 5% of the total portfolio may be invested in any single issuer of time deposits.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 10
8. Placement Service Deposits provided that:
• No more than 30% of the total portfolio may be invested in a combination of qualifying placement service deposits; and, • C
• The maturity does not exceed five years.
9. Negotiable Certificates of Deposit (NCDs) provided that:
• They are issued by institutions which have long-term obligations which are rated in the “A” category or higher by at least one nationally recognized statistical rating organization; or have short term debt obligations rated “A-1” or higher, or the equivalent, by at least one NRSRO;
• The maturity does not exceed five years;
• No more than 30% of the total portfolio may be invested in NCDs; and,
• No more than 5% of the total portfolio may be invested in any single issuer of NCDs.
10.Banker’s Acceptances provided that:
• They are issued by institutions with short term debt obligations rated “A-1” or higher, or the equivalent, by at least one NRSRO; and have long-term debt obligations which are rated in the “A” category or higher by at least one NRSRO;
• The maturity does not exceed 180 days;
• No more than 40% of the total portfolio may be invested in banker’s acceptances; and,
• No more than 5% of the total portfolio may be invested in any single issuer of banker’s acceptances.
11.Commercial Paper provided that the securities are issued by an entity that meets all of the following conditions in either paragraph a or b and other requirements specified below:
a. SECURITIES issued by corporations:
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 11 (i) A corporation organized and operating in the United States with assets more than $500 million.
(ii) The securities are rated “A-1” or its equivalent or better by at least one NRSRO.
(iii) If the issuer has other debt obligations, they must be rated in a rating category of “A” or its equivalent or better by at least one NRSRO.
b. SECURITIES issued by other entities:
(i) The issuer is organized within the United States as a special purpose corporation, trust, or limited liability company. (ii) The securities must have program-wide credit enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond.
(iii) The securities are rated “A-1” or its equivalent or better by at least one NRSRO.
• No more than 25% of the total portfolio is invested in commercial paper.
• No more than 5% of the total portfolio is invested in any single commercial paper issuer.
• The maturity does not exceed 397 days from the date of settlement.
12.Repurchase Agreements collateralized with securities authorized pursuant to Government Code that are maintained at a level of at least 102% of the market value of the repurchase agreements, provided that:
• The maximum maturity of repurchase agreements will be 1 year; • There is no limit to the amount to be invested in repurchase agreements;
• Securities used as collateral for repurchase agreements will be delivered to the City’s custodian bank; and,
• The repurchase agreements are the subject of a master repurchase agreement between the City and the provider of the repurchase agreement. The master repurchase agreement will be substantially in the form developed by the Securities Industry and Financial Markets Association (SIFMA).
13.State of California Local City Investment Fund (LAIF), provided that:
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 12 • The City may invest up to the maximum permitted amount in LAIF; and,
• LAIF’s investments in instruments prohibited by or not specified in the City’s policy do not exclude it from the City’s list of allowable investments, provided that the fund’s reports allow the Finance Director or Chief Administrative Officer to adequately judge the risk inherent in LAIF’s portfolio.
14.Local Government Investment Pools
• No more than 10% per issuer limitation for Local Government Investment Pools other than LAIF.
15.Mutual Funds and Money Market Mutual Funds that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940, provided that:
• Mutual Funds that invest in the securities and obligations as authorized under California Government Code Section 53601 (a) to (k) and (m) to (q) inclusive and that meet either of the following criteria:
1. Attained the highest ranking or the highest letter and numerical rating provided by not less than two NRSROs; or,
2. Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience investing in the securities and obligations authorized by California Government Code Section 53601 and with assets under management in excess of $500 million;
• No more than 10% of the total portfolio may be invested in shares of any one mutual fund.
• Money Market Mutual Funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and issued by diversified management companies and meet either of the following criteria:
1. Have attained the highest ranking or the highest letter and numerical rating provided by not less than two NRSROs.
2. Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 13 not less than five years’ experience managing money market mutual funds with assets under management in excess of $500 million.
• No more than 20% per fund of the total portfolio may be invested in the shares of any one money market mutual fund.
• No more than 20% of the total portfolio may be invested in these securities.
16. Supranational Securities, provided that:
a. Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank.
b. The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO.
c. No more than 30% of the total portfolio may be invested in these securities.
d. No more than 10% of the portfolio may be invested in a single Supranational issuer.
e. The maximum maturity does not exceed five years.
Any State of California legislative action that further restricts allowable maturities, investment type or percentage allocations, shall be incorporated into this Investment Policy and supersede any and all previous applicable provisions inconsistent with such legislative action.
IX. MAXIMUM MATURITIES
To the extent possible, investments shall be matched with anticipated cash flow requirements and known future liabilities. No investment will be made in any security with a remaining maturity in excess of five years from the date of trade settlement, unless the City Council has by resolution granted express authority to make such an investment.
X. PORTFOLIO RISK MANAGEMENT
A. Prohibited Investment Vehicles and Practices
1. State law notwithstanding, any investments not specifically described herein are prohibited, including, but not limited to futures and options.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 14
2. In accordance with Government Code Section 53601.6, investment in inverse floaters, range notes, or mortgage derived interest-only strips is prohibited.
3. Investment in any security that could result in a zero-interest accrual if held to maturity is prohibited. However, under a provision sunsetting on January 1, 2031, securities backed by the U.S. Government that could result in a zero- or negative interest accrual if held to maturity are permitted.
4. Trading securities for the sole purpose of speculating on the future direction of interest rates is prohibited.
5. Purchasing or selling securities on margin is prohibited.
6. The use of reverse repurchases agreements, securities lending or any other form of borrowing or leverage is prohibited.
7. The purchase of foreign currency denominated securities is prohibited.
8. The purchase of a security with a forward settlement exceeding 45 days from the time of the investment is prohibited.
B. Diversification and Mitigating Credit Risk in the Portfolio Credit risk is the risk that a security or a portfolio will lose some or all of its value due to a real or perceived change in the ability of the issuer to repay its debt. The City will mitigate credit risk by adopting the following strategies:
1. The diversification requirements included in Section VIII are designed to mitigate credit risk in the portfolio;
2. No more than 5% of the total portfolio may be invested in securities of any single issuer, other than the US Government, its agencies and enterprises, supranationals, money market funds, local government investment pools or unless otherwise specified in this investment policy;
3. 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 or City’s risk preferences; and,
4. If securities owned by the City are downgraded to a level below the quality required by this Investment Policy, making the security ineligible for additional purchases, the following steps will be taken:
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 15 a. Any actions taken related to the downgrade by the investment manager will be communicated to the Finance Director or Chief Administrative Officer in a timely manner.
b. If a decision is made to retain a downgraded security in the portfolio, the credit situation will be monitored and reported monthly to the governing board.
C. Mitigating Market Risk in the Portfolio
Market risk is the risk that the portfolio value will fluctuate due to changes in the general level of interest rates. The City recognizes that, over time, longer-term portfolios have the potential to achieve higher returns. On the other hand, longer-term portfolios have higher volatility of return. The City will mitigate market risk by providing adequate liquidity for short-term cash needs, and by making longer-term investments only with funds that are not needed for current cashflow purposes.
The City further recognizes that certain types of securities, including variable rate securities, securities with principal paydowns prior to maturity, and securities with embedded options, will affect the market risk profile of the portfolio differently in different interest rate environments. The City, therefore, adopts the following strategies to control and mitigate its exposure to market risk:
1. The City will maintain a minimum of six months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements;
2. The stated final maturity of individual securities in the portfolio will be five years, except as otherwise stated in this policy;
3. The maximum weighted average stated final maturity of the total portfolio shall not exceed three years; and,
4. The duration of the portfolio will at all times be approximately equal to the duration (typically plus or minus 20%) of a Market Benchmark Index selected by the City based on the City’s investment objectives, constraints and risk tolerances. The City’s current Benchmark will be documented by the City.
XI. FOSSIL FUELS RESTRICTION
The purchase of securities issued by fossil fuel companies that directly source the majority of their revenue from oil, gas and/or coal production is prohibited.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 16 XII. INVESTMENT POOLS/MUTUAL FUNDS
The City shall conduct a thorough investigation of any pool or mutual fund prior to making an investment, and on a continual basis thereafter. The Finance Director or Chief Administrative Officer shall develop a questionnaire 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. • Are reserves, retained earnings, etc. utilized by the pool/fund? • A fee schedule, and when and how is it assessed.
• Is the pool/fund eligible for bond proceeds and/or will it accept such proceeds?
XIII. INVESTMENT OBJECTIVES (PERFORMANCE STANDARDS AND EVALUATION) A. Overall Objective: The investment portfolio will be designed with the overall objective of obtaining a total rate of return throughout economic cycles, commensurate with investment risk constraints and cash flow needs.
B. Specific Objective: The investment performance objective for the portfolio will be to earn a total rate of return over a market cycle which is approximately equal to the return on the Market Benchmark Index selected by the City.
XIV. PROCEDURES AND INTERNAL CONTROLS
A. Procedures
The Finance Director or Chief Administrative Officer will establish investment policy procedures to assist investment staff with day-to-day operations of the investment program consistent with this policy. Such procedures will 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 established by the City Treasurer.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 17 B. Internal Controls
The Finance Director or Chief Administrative Officer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are protected from loss, theft or misuse.
The internal control structure will be designed to provide reasonable assurance that these objectives are met. Internal controls will be described in the City’s investment procedures manual.
XV. REPORTING, DISCLOSURE AND PROGRAM EVALUATION
A. Monthly Reports
Monthly investment reports will be submitted by the Finance Director or Chief Administrative Officer to the governing board. These reports will disclose, at a minimum, the following information about the risk characteristics of the City’s portfolio:
1. An asset listing showing par value, cost and accurate and complete market value of each security, type of investment, issuer, and interest rate;
2. Monthly transactions for the period;
3. A one-page summary report that shows:
a. Average maturity of the portfolio and modified duration of the portfolio;
b. Maturity distribution of the portfolio;
c. Average portfolio credit quality; and,
d. Time-weighted total rate of return for the portfolio for the prior one month, three months, twelve months, year to date, and since inception compared to the Benchmark Index returns for the same periods.
4. A statement of compliance with investment policy, including a schedule of any transactions or holdings which do not comply with this policy or with the California Government Code, including a justification for their presence in the portfolio and a timetable for resolution; and,
5. A statement that the City has adequate funds to meet its cash flow requirements for the next six months.
B. Annual Reports
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 18
1. The investment policy will be reviewed and updated at least annually at the beginning of the calendar year to ensure its consistency with the overall objectives of preservation of principal, liquidity and return, and its relevance to current law and financial and economic trends.
2. A comprehensive annual report will be presented in conjunction with the investment policy review. This report will include comparisons of the City’s return to the Benchmark Index return, suggest policies and improvements that might enhance the investment program, and will include an investment plan for the coming year.
C. Periodic Audit
The City Treasurer may establish a process of periodic independent review by an external expert to assure compliance with internal controls.
XIII. REVIEW OF INVESTMENT POLICY
This policy shall be subject to review by the City Council/Board on an annual basis. Any recommended modifications or amendments shall be presented by Staff to the City Council/Board for their consideration and adoption.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 19 Prepared by:
Lily Flyte
Finance Director
Approved as to content:
___________________________________
Erika Cortez
Chief Administrative Officer
Date:
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 20 Appendix
GLOSSARY OF INVESTMENT TERMS
Agencies. Shorthand market terminology for any obligation issued by a government-sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are:
FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds.
FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB issues discount notes and bonds.
FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called “Freddie Mac” issues discount notes, bonds and mortgage pass-through securities.
FNMA. Like FHLB and Freddie Mac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as “Fannie Mae,” issues discount notes, bonds and mortgage pass-through securities.
GNMA. The Government National Mortgage Association, known as “Ginnie Mae,” issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government.
PEFCO. The Private Export Funding Corporation assists exporters.
Obligations of PEFCO are not guaranteed by the full faith and credit of the US government.
TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds.
Asked. The price at which a seller offers to sell a security.
Asset Backed Securities. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.
Average Life. In mortgage-related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected.
Banker’s Acceptance. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which “accepts” the obligation to pay the investor.
Benchmark. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.
Bid. The price at which a buyer offers to buy a security.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 21 Broker. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from their own position.
Callable. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues security, it will likely call its current securities and reissue them at a lower rate of interest. Callable securities have reinvestment risk as the investor may receive its principal back when interest rates are lower than when the investment was initially made.
Certificate of Deposit (CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable.
Collateral. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.
Collateralized Mortgage Obligations (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.
Commercial Paper. The short-term unsecured debt of corporations.
Cost Yield. The annual income from an investment divided by the purchase cost.
Because it does not give effect to premiums and discounts which may have been included in the purchase cost, it is an incomplete measure of return.
Coupon. The rate of return at which interest is paid on a bond.
Credit Risk. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer.
Current Yield. The annual income from an investment divided by the current market value. Since the mathematical calculation relies on the current market value rather than the investor’s cost, current yield is unrelated to the actual return the investor will earn if the security is held to maturity.
Dealer. A dealer acts as a principal in security transactions, selling securities from and buying securities for their own position.
Debenture. A bond secured only by the general credit of the issuer.
Delivery vs. Payment (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.
Derivative. Any security that has principal and/or interest payments which are subject to uncertainty (but not for reasons of default or credit risk) as to timing and/or amount, or any security which represents a component of another security which has been separated from other components (“Stripped” coupons and principal). A derivative is also defined as a financial instrument the value of which is totally or partially derived from the value of another instrument, interest rate, or index.
Discount. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as Tbills and banker’s acceptances, are known as discount securities. They
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 22 sell at a discount from par and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.
Diversification. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.
Duration. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration).
Federal Funds Rate. The rate of interest charged by banks for short-term loans to other banks. The Federal Reserve Bank through open-market operations establishes it.
Federal Open Market Committee: A committee of the Federal Reserve Board that establishes monetary policy and executes it through temporary and permanent changes to the supply of bank reserves.
FIDUCIARY: A person or organization that acts on behalf of another person(s) or organization that puts their clients’ interest ahead of their own as they are bound both legally and ethically to act in the best interests of their clients.
JOINT POWERS AUTHORITY (JPA): An entity created by two or more public agencies that share a common goal to jointly exercise powers common to all members through a joint powers agreement or contract.
Local Agency Investment Fund (LAIF): A voluntary investment fund open to government entities and certain non-profit organizations in California that is managed by the State Treasurer’s Office.
Local Government Investment Pool: Investment pools that range from LAIF to county pools, to Joint Powers Authorities (JPAs). These funds are not subject to the same SEC rules applicable to money market mutual funds.
Leverage. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.
Liquidity: The speed and ease with which an asset can be converted to cash.
Make Whole Call. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid because of the call. With this type of call, an investor is compensated, or "made whole." Margin: The difference between the market value of a security and the loan a broker makes using that security as collateral.
Market Risk. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.
Market Value. The price at which a security can be traded.
Marking to Market. The process of posting current market values for securities in a portfolio.
Maturity. The final date upon which the principal of a security becomes due and payable. An investment’s term or remaining maturity is measured from the settlement date to final maturity.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 23 Medium Term Notes. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.
Modified Duration. The percent change in price for a 100-basis point change in yields. Modified duration is the best single measure of a portfolio’s or security’s exposure to market risk.
Money Market. The market in which short-term debt instruments (Tbills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.
Mortgage Pass-Through Securities. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.
Municipal Securities. Securities issued by state and local agencies to finance capital and operating expenses.
Mutual Fund. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus.
Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.
Nationally Recognized Statistical Rating Organization (NRSRO): 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 Moody’s, S&P and Fitch.
Negotiable CD: A short-term debt instrument that pays interest and is issued by a bank, savings or federal association, state of federal credit union, or statelicensed branch of a foreign bank.
PLACEMENT SERVICE DEPOSITS: A private service that allows local agencies to invest in FDIC-insured deposits with one or more banks, savings and loans, and credit unions located in the United States. IntraFi (formerly known as CDARS) is an example of an entity that provides this service.
Premium. The difference between the par value of a bond and the cost of the bond, when the cost is above par.
Prepayment Speed. A measure of how quickly principal is repaid to investors in mortgage securities.
Prepayment Window. The time period over which principal repayments will be received on mortgage securities at a specified prepayment speed.
Primary Dealer. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S. Government securities market.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 24 Prudent Person (Prudent Investor) Rule. A standard of responsibility which applies to fiduciaries. In California, the rule is stated as “Investments shall be managed with the care, skill, prudence and diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims to accomplish similar purposes.”
Realized Yield. The change in value of the portfolio due to interest received and interest earned and realized gains and losses. It does not give effect to changes in market value on securities, which have not been sold from the portfolio.
Repurchase Agreement (RP, Repo). Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.
Safekeeping. A service to bank customers whereby securities are held by the bank in the customer’s name.
Structured Note. A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities or indices. Examples include inverse floating rate notes which have coupons that increase when other interest rates are falling, and which fall when other interest rates are rising, and "dual index floaters," which pay interest based on the relationship between two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements.
Supranational: A multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in member countries.
Total Rate of Return. A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains, and losses in the portfolio.
U.S. Treasury Obligations. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.
Treasury Bills. All securities issued with initial maturities of one year or less are issued as discounted instruments and are called Treasury bills. The Treasury currently issues three- and six-month Tbills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.
Treasury Notes. All securities issued with initial maturities of two to ten years are called Treasury notes and pay interest semi-annually.
Amended and Adopted by Resolution No. 2026-015 & SA-26-101 Page 25 Treasury Bonds. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semi-annually.
Yield to Maturity. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost.
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February 4, 2026
ITEM TITLE: RESOLUTION NO. 2026-014 AWARDING A PUBLIC WORKS CONTRACT TO ACE EXCAVATING AND ENVIRONMENTAL SERVICES, INC. TO PERFORM PHASE 2 – SPORTS PARK RECREATION CENTER COURTYARD REHABILITATION. (0920-40) ORIGINATING DEPARTMENT:
Public Works
EXECUTIVE SUMMARY:
The Sports Park Recreation Center Courtyard Rehabilitation is part of Phase 2 of the overall Sports Park Improvements project. Improvements would include replacement of the existing degraded courtyard concrete with a new ADA concrete slab, demolition of the existing deteriorated fencing around the courtyard, and installation of new fencing and exterior solar LED courtyard lighting.
Resolution No. 2026-014 would award a construction contract to Ace Excavating and Environmental Services, Inc. to perform Phase 2 – Sports Park Recreation Center Courtyard Rehabilitation for a not-to-exceed amount of $200,000. Ace Excavating and Environmental Services, Inc. was the lowest responsible and qualified bidder.
RECOMMENDATION:
Adopt Resolution No. 2026-014 to award a construction contract to Ace Excavating and Environmental Services, Inc. for an amount not-to-exceed $200,000 for the Phase 2 – Sports Park Recreation Center Courtyard Rehabilitation.
OPTIONS:
Approve resolution and recommendation from staff; or
Reject bids and provide direction to staff on how to proceed on the project, or Request additional information and an additional report.
BACKGROUND/ANALYSIS:
On January 21, 2026, Resolution No. 2026-003 appropriated $455,000 for the overall Sports Park Project budget to complete Phase 1 and 2. The appropriation included $200,000 for the Sports Park Recreation Center Courtyard Rehabilitation.
The City utilized the California Uniform Public Construction Accounting Act which allows for informal or formal bidding procedures for public projects less than $220,000. The City emailed a Request for Proposals, which included a scope of work, to all qualified contractors that are listed on the City’s list of qualified contractors. A non-mandatory pre-bid meeting was held on January 6, 2026, at 425 Imperial Beach Blvd., Imperial Beach, CA.
The City received three proposals. The following are the bid results:
P a g e | 2
Base Bid
1. Ace Excavating and Environmental Services, Inc.
2. RGC General Engineering, Inc.
3. Watkins Environmental
$162,698.00
$178,000.00
$285,175.00
Upon review of the bids, the lowest responsible and qualified bid was submitted by Ace Excavating and Environmental Services, Inc. Staff recommends awarding the contract for a notto-exceed amount of $200,000 to Ace Excavating and Environmental Services, Inc.
ENVIRONMENTAL DETERMINATION:
Not a project as defined by CEQA.
FISCAL IMPACT:
Resolution No. 2026-003 appropriated $455,000 for the overall Sports Park Project budget to complete Phase 1 and 2. The appropriation included $200,000 for the Sports Park Recreation Center Courtyard Rehabilitation. Resolution No. 2026-014 awards a construction contract to Ace Excavating and Environmental Services, Inc. to perform Phase 2 – Sports Park Recreation Center Courtyard Rehabilitation for a not-to-exceed amount of $200,000.
ATTACHMENTS:
ATT 1- Resolution No. 2026-014
ATTACHMENT 1
RESOLUTION NO. 2026-014
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF IMPERIAL BEACH, CALIFORNIA,
AWARDING A PUBLIC WORKS CONTRACT TO ACE EXCAVATING AND ENVIRONMENTAL SERVICES, INC. TO PERFORM PHASE 2 – SPORTS PARK RECREATION CENTER COURTYARD REHABILITATION.
WHEREAS, Phase 2 – Sports Park Recreation Center Courtyard Rehabilitation will include replacement of the existing degraded courtyard concrete with a new ADA concrete slab, demolition of the existing deteriorated fencing around the courtyard, and installation of new fencing and exterior solar LED courtyard lighting; and
WHEREAS, the City utilized the California Uniform Public Construction Accounting Act which allows for informal or formal bidding procedures for public projects less than $220,000; and
WHEREAS, the lowest responsive and qualified bidder was Ace Excavating and Environmental Services, Inc. at a bid price of $162,698.00.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Imperial Beach, California, as follows:
1. The above recitals are true and correct.
2. The City Manager or designee is authorized to sign the Public Works Contract with Ace Excavating and Environmental Services, Inc. for Phase 2 – Sports Park Recreation Center Courtyard Rehabilitation for a not-to-exceed amount of $200,000, which includes contingency.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of Imperial Beach, California, at its meeting held on the 4
th day of February 2026, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
MITHCELL D. MCKAY, MAYOR
ATTEST:
JACQUELINE M. KELLY, MMC
CITY CLERK
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February 4, 2026
ITEM TITLE: APPROVAL OF RESOLUTION NO. 2026-012 PURSUANT TO PUBLIC CONTRACTS CODE SECTION 22050 FINDING THE CONTINUED EXISTENCE OF AN EMERGENCY DUE TO THE FAILURE OF SEWER PUMPS AT PUMP STATION NO. 8. (0830- 35)
ORIGINATING DEPARTMENT:
Public Works
EXECUTIVE SUMMARY:
Pump Station 8 (PS8) is a wet/dry well facility over 60 years old that has experienced ongoing pump issues in recent years. Staff has been working with Michael Baker International (MBI), the City’s engineering consultant, to develop plans and specifications for a comprehensive rehabilitation project that includes new pumps, plumbing, and electrical upgrades. The design is nearly complete and scheduled to go out to bid in the coming weeks.
PS8 contains three identical pumps, with two typically alternating workloads and the third serving as a standby for emergencies. In early October two pumps failed, and on Saturday, October 11, 2025, the last remaining working pump failed. These pumps are obsolete, and no replacement parts or compatible pumps are available. As a result, the station was gravity bypassing to Pump Station 9 (PS9) which was putting excessive strain on that pump station. A few weeks later, staff was able to procure and install one (1) new pump at PS8 as an interim condition to avoid flows being redirected to PS9. Accelerating the PS8 project is critical to ensure the City has a reliable sewer system.
Public Contract Code Section 20168 provides that the City Council may pass by four-fifths (4/5) vote, a resolution declaring that the public interest and necessity demand the immediate expenditure of public money to safeguard life, health, or property. Upon adoption of such resolution, the City Manager may expend any sum required in the emergency and report the same to the City Council in accordance with Public Contract Code Section 22050. The Council approved the initial emergency resolution on October 15, 2025. This report is to follow-up on actions taken and to request the extension of the emergency pursuant to State law.
RECOMMENDATION:
Adopt Resolution No. 2026-012 to continue the existence of the emergency and ratify actions taken in furtherance of the emergency.
OPTIONS:
Adopt Resolution No. 2026-012;
Provide other direction to the City Manager to take a specific action; or Request additional information and an additional report
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BACKGROUND/ANALYSIS:
The City of Imperial Beach operates and maintains eleven sanitary pump stations that collect and relay sanitary flows to varying locations in the City’s collection system for ultimate conveyance to the City of San Diego METRO system. The sanitary pump stations are of varying styles and include various types of pumps. Pump Station 8 (PS8), located at 895 Imperial Beach Blvd., adjacent to the Imperial Beach Fire Station, is one of two major pump stations (Pump Station 9 being the other) used by the City of Imperial Beach to convey collected sanitary flows directly to the METRO system (eventually entering the Point Loma Wastewater Treatment Plant for treatment) operated by the City of San Diego.
PS8 is a wet/dry well facility that is over 60 years old. It has had ongoing pump issues over the past few years. Staff has been working with Michael Baker International (MBI), the City’s engineering consultant, to put together plans and specifications for an overall rehabilitation project that includes new pumps, plumbing and electrical upgrades. The design is near completion and would be put out to bid in the coming weeks.
PS8 has three identical pumps. Workload is typically alternated between two of the three pumps.
The third pump is for emergency purposes only. In early October two pumps failed, and on October 11, 2025, the last remaining working pump failed. The three pumps at PS8 are obsolete and no parts or replacement pumps are available. The station was gravity bypassing to PS9 which was putting excessive strain on that pump station. A few weeks later, staff was able to procure and install one (1) new pump at PS8 as an interim condition to avoid flows being redirected to PS9. Accelerating the PS8 project is critical to ensure the City has a reliable sewer system. In the event of a power loss or failure of the pumps, staff has an emergency generator and/or portable pumps that could be installed to keep the pump stations operational.
Pump Station 8 Construction Project has an approved budget of $1,500,000 for FY26 in the current Biennial FY26 & FY27 City of Imperial Beach budget. Funds were appropriated from the Sewer Enterprise Fund.
IBMC section 3.04.120A allows for competitive bidding to be dispensed with when the City Manager determines that an emergency requires an order to be placed with the nearest available source of supply in order to mitigate the threat to public health and safety.
The City Manager, acting pursuant IBMC section 3.04.120A, may determine the existence of a local emergency based on conditions of extreme peril to the safety of persons and property caused by the pump station failure.
Public Contract Code Section 20168 provides that the City Council may pass by four-fifths (4/5) vote, a resolution declaring that the public interest and necessity demand the immediate expenditure of public money to safeguard life, health, or property. Upon adoption of such resolution, the City Manager may expend any sum required in the emergency and report the same to the City Council in accordance with Public Contract Code Section 22050. Such resolution was approved at the October 15, 2025 special Council meeting. On November 5, November 19, and December 3, 2025, the City Council approved resolutions to continue the ongoing emergency.
If such expenditure is ordered, the City Council shall review the emergency action at each regular meeting, to determine if there is a need to continue the action.
Pump Station 8’s failure constitutes an emergency within the terms of Public Contract Code Sections 20168 and 22050, which requires that the City Manager be able to act quickly and without complying with the notice and bidding procedures of the Public Contract Code to repair and protect such public facilities.
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Since the last Council meeting on January 21, 2026, there has not been any new work performed at PS8.
Staff recommends Council approve Resolution 2026-012 to continue the emergency and ratify the expenditures and contracts made thus far in furtherance of the emergency.
ENVIRONMENTAL DETERMINATION:
Not a project as defined by CEQA.
FISCAL IMPACT:
Fiscal Year: 26
Budgeted: Yes
Budget Amendment No
Account No(s).: 601-5060-536.2006
Project No(s).: W26101
Fiscal Analysis: $335,000
Current Budget: $335,000
Anticipated Expenditure: $335,000
ATTACHMENTS:
1. Resolution No. 2026-012
ATTACHMENT 1
RESOLUTION NO. 2026-012
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF IMPERIAL BEACH, CALIFORNIA, PURSUANT TO PUBLIC CONTRACTS CODE SECTION 22050 FINDING THE CONTINUED
EXISTENCE OF AN EMERGENCY DUE TO THE FAILURE OF SEWER PUMPS AT PUMP STATION NO. 8
WHEREAS, as of October 11, 2025, three sanitary pumps located at Pump Station No. 8, one of two major sanitary pump stations located in the City of Imperial Beach, have failed, resulting in the potential for a sanitary system failure in the City, creating a threat to public health and safety; and
WHEREAS, pursuant to Imperial Beach Municipal Code (“IBMC”) section 3.04.120A, competitive bidding can be dispensed with when the City Manager determines that an emergency requires that an order be placed with the nearest available source of supply in order to mitigate the threat to public health and safety; and
WHEREAS, Public Contract Code (PCC) Section 20168 provides that the City Council may pass by four-fifths (4/5) vote, a resolution declaring that the public interest and necessity demand the immediate expenditure of public money to safeguard life, health, or property; and WHEREAS, upon adoption of such resolution, the City Manager may expend any sum required in the emergency and report the same to the City Council in accordance with Public Contract Code Section 22050; and
WHEREAS, if such expenditure is ordered, the City Council shall review the emergency action at each regular meeting, to determine if there is a need to continue the action; and WHEREAS, Pump Station No. 8’s failure and likelihood of a sanitary system failure constitutes an emergency within the terms of PCC Sections 20168 and 22050 which requires that the City Manager be able to act quickly and without complying with the notice and bidding procedures of the Public Contract Code to repair and protect such public facilities; and WHEREAS, in accordance with PCC Sections 20168 and 22050, the City Council may repair or replace a public facility, take any related and immediate action required by that emergency, and procure the necessary equipment, services and supplies for those purposes, without giving notice for bids to let contracts; and
WHEREAS, pursuant to these codes, at the October 15, 2025 City Council meeting, the City Council approved a resolution declaring that the public interest and necessity demanded the immediate expenditure of public money to safeguard life, health or property for the emergency pump station repairs and equipment and has continued the emergency at every regular Council meeting since then; and
WHEREAS, based on that City Council authorization, since the January 21,2026 City Council meeting, City staff had not made any new expenditures; and WHEREAS, the City Council of the City of Imperial Beach has reviewed the need to continue the previously approved emergency action and related repairs; and WHEREAS, sufficient funds exist in the City’s wastewater treatment operating fund to pay
Resolution No. 2026-012
for the emergency repairs and equipment.
NOW, THEREFORE, BE IT RESOLVED THAT the City Council of the City of Imperial Beach, Calfornia, hereby finds and declares:
1. The above-listed recitals are true and correct and incorporated herein.
2. Any expenditures made pursuant to such emergency are hereby approved and ratified.
3. The City Council does hereby declare the extension of the period of the emergency through the next regular City Council meeting of February 18, 2026, unless sooner terminated.
4. This Resolution shall become effective immediately upon its adoption.
PASSED, ADOPTED, AND APPROVED by the City Council of the City of Imperial Beach, California, at a regular meeting thereof, this 4
th day of February 2026.
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
_________________________
MITCHELL D. MCKAY, MAYOR
ATTEST:
__________________________
JACQUELINE M. KELLY, MMC
CITY CLERK
P a g e | 1
February 4, 2026
ITEM TITLE: RESOLUTION NO. 2026-013 AUTHORIZING THE PURCHASE OF FIRE
STATION WELLNESS ITEMS AND AWARDING A PUBLIC WORKS CONTRACT TO ALL
PHASE DRYWALL & DEVELOPENT TO PERFORM FIRE STATION WELLNESS IMPROVEMENTS. (0910-40)
ORIGINATING DEPARTMENT:
Public Works
EXECUTIVE SUMMARY:
Resolution 2026-013 would (1) authorize the purchase of a sauna and cold plunge from LIT Method for the Fire Station for an amount of $17,500 and (2) also awards a construction contract to All Phase Drywall & Development to perform drywall, framing and electrical work for the Fire Station Wellness Improvements for a not-to-exceed amount of $35,000. All Phase Drywall & Development was the lowest responsible and qualified bidder.
RECOMMENDATION:
Adopt Resolution No. 2026-013 to (1) authorize the purchase of a sauna and cold plunge from LIT Method for a total of $17,500 and (2) award a construction contract to All Phase Drywall & Development for an amount not-to-exceed $35,000 for the Fire Station Wellness Improvements.
OPTIONS:
Approve resolution and recommendation from staff; or
Reject bids and provide direction to staff on how to proceed on the project, or Request additional information and an additional report.
BACKGROUND/ANALYSIS:
Firefighters experience ongoing physical and mental strain due to the nature of their work.
Providing wellness tools, such as a sauna and cold plunge, supports employee recovery, helps manage stress, and promotes overall health. These resources encourage regular self-care practices that allow employees to better cope with the physical demands and emotional challenges of emergency response work.
Adding these tools to the wellness program is important because it provides employees with practical, on-site resources to support recovery and stress management in a physically and mentally demanding profession.
Staff recommends the purchase a cold plunge and sauna from LIT Method in the amount of $17,500.
The cold plunge and sauna would require drywall, framing and electrical work. The City utilized the California Uniform Public Construction Cost Accounting Act which allows for informal or formal
P a g e | 2
bidding procedures for public projects less than $220,000. The Act allows for public project work in the amount of $75,000 or less to be performed by a public agency’s force account using the public agency’s own resources, or by negotiated contract, or by purchase order. City staff contacted three contractors requesting a job site visit and a quote. The three contractors contacted were All Phase Drywall & Development, All Source Coatings Inc., and GQ Builders, Inc. All Phase Drywall & Development was the only responsive contractor. Staff recommends awarding the contract to All Phase Drywall & Development for a not-to-exceed amount of $35,000.
ENVIRONMENTAL DETERMINATION:
Not a project as defined by CEQA.
FISCAL IMPACT:
Fiscal Year: FY2026
Budgeted: No
Budget Amendment Yes
Account No(s).:
Increase expenditures in 401-1920-
419.5003 (Improvements not
Buildings) and 101-1920-419.9003
(Transfer-Out) and increase revenue
in 401-0000-391.9001 (Transfer In -
General Fund).
Project No(s).: F26104
Fiscal Analysis: Project is to be funded by General
Fund unassigned fund balance.
Current Budget: $0
Anticipated Expenditure: $52,500
ATTACHMENTS:
ATT 1 – Resolution No. 2026-013
ATTACHMENT 1
RESOLUTION NO. 2026-013
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF IMPERIAL BEACH, CALIFORNIA,
AUTHORIZING THE PURCHASE OF WELLNESS ITEMS FOR THE FIRE STATION AND
AWARDING A PUBLIC WORKS CONTRACT TO ALL PHASE DRYWALL & DEVELOPMENT TO PERFORM FIRE STATION WELLNESS IMPROVEMENTS.
WHEREAS, Fire Station Wellness Improvements will include a sauna and cold plunge to provide employees with practical, on-site resources to support recovery and stress management in a physically and mentally demanding profession; and
WHEREAS, the City will procure a sauna and cold plunge from LIT Method in the amount of $17,500; and
WHEREAS, the City utilized the California Uniform Public Construction Cost Accounting Act which allows for informal or formal bidding procedures for public projects less than $220,000; and
WHEREAS, the lowest responsive and qualified bidder for drywall, framing and electrical work for Fire Station Wellness Improvements was All Phase Drywall & Development with a bid price of $29,500.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Imperial Beach as follows:
1. The above recitals are true and correct.
2. The City is authorized to purchase a sauna and cold plunge from LIT Method for an amount of $17,500.
3. The City Manager or designee is authorized to sign the Public Works Contract with All Phase Drywall & Development for a not-to-exceed amount of $35,000, which includes contingency.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of Imperial Beach at its meeting held on the 4
th day of February 2026, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
MITHCELL D. MCKAY, MAYOR
ATTEST:
JACQUELINE M. KELLY, MMC
CITY CLERK
P a g e | 1
February 4, 2026
ITEM TITLE: INVESTMENT UPDATE PRESENTED CHANDLER ASSET MANAGEMENT. (0350-90)
ORIGINATING DEPARTMENT:
Finance
EXECUTIVE SUMMARY:
Chandler Asset Management provides investment management services for the City of Imperial Beach. As part of their services, they provide investment updates to the City Council. Chandler Asset Management will present information pertaining to the City’s financial holdings. The presentation will include an economic and financial update through December 31, 2025.
RECOMMENDATION:
Staff recommends the City Council receive and file the investment update report from Chandler Asset Management.
OPTIONS:
Receive and file the report
Provide direction to the City Manager to take a specific action Request additional information and an additional report BACKGROUND/ANALYSIS:
Chandler Asset Management provides investment management services for the City of Imperial Beach. As part of their services, they provide investment update reports to the City Council.
Chandler Asset Management will present information pertaining to the City’s financial holdings.
The presentation will include an update of general economic indicators as well as investment activities through December 31, 2025.
ENVIRONMENTAL DETERMINATION:
Not a project as defined by CEQA.
FISCAL IMPACT:
None.
P a g e | 1
February 4, 2026
ITEM TITLE: CIRCULATE SAN DIEGO PRESENTATION ON CALIFORNIA OFFICE OF TRAFFIC SAFETY GRANT PROGRAMMING FOR 2026. (0390-86)
ORIGINATING DEPARTMENT:
Community Development
EXECUTIVE SUMMARY:
The City was awarded a $90,000 grant from the California Office of Traffic Safety (OTS) to fund a Pedestrian and Bicycle Safety Program, which targets all age groups and raises awareness about traffic rules, rights and responsibilities. The program is designed to teach safe alternate transportation behaviors and will specifically target high-risk populations, including youth and older community members. Circulate San Diego was selected as the community partner to administer the program and will present the proposed elements of the program to the City Council.
RECOMMENDATION:
The Imperial Beach City Council accept and file the presentation from Circulate San Diego and provide direction to staff as appropriate.
OPTIONS:
Accept and file the presentation; or
Request additional information and an additional report from staff further detailing the OTS grant program
BACKGROUND/ANALYSIS:
On October 1, 2025, the City Council adopted Resolution No. 2025-050 to approve a grant agreement between the City of Imperial Beach and OTS whereby the City agrees to accept and appropriate the $90,000 in grant funding for a Pedestrian and Bicycle Safety Program. Following an advertised Request for Qualifications/Proposals process, the City of Imperial Beach selected Circulate San Diego to administer the program. During the grant period, Circulate San Diego would coordinate all elements of the program which include:
Participation in three community events designed to reach and educate individuals in high-risk populations targeted by the grant.
Participation in the following campaigns: National Walk to School Day, National Bicycle Safety Month, California's Pedestrian Safety Month and National Pedestrian Safety Month.
The distribution of pedestrian/bicycle safety items to increase safety and visibility at no cost to youth or community members in need.
Three pedestrian walking field trips designed to reach Imperial Beach’s adult populations.
Pre- and post grant bicycle helmet usage surveys.
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Distribution of properly fit OTS funded bicycle helmets at no cost to community members who participate in a bicycle helmet safety education course. Quarterly meetings with countywide pedestrian and bicycle safety stakeholders to collaborate on events, share best practices, and leverage resources. Completion of a citywide safety and wayfinding messaging campaign. Conduct two pop-ups to promote SANDAG’S Bike Anywhere Day event and organize one of the pit-stops along the bike path.
Conduct two quick-build intersection daylighting installation demonstrations, supporting the design/installation of short-term infrastructure (e.g. red curbs, signage, etc.) used to improve visibility at marked and unmarked crosswalks.
Creation of a Safe Bike Infrastructure video detailing Imperial Beach’s bike facilities and how multiple road users can demonstrate safe user behavior while sharing the road.
ENVIRONMENTAL DETERMINATION:
Not a project as defined by CEQA.
FISCAL IMPACT:
The budget amendment for this project was completed following the October 1, 2025 City Council meeting. The following information is attached only for informational purposes.
FISCAL YEAR: 2025/2026
ACCOUNT NO(S).: 214-0000-334-5003 (Federal Grants Revenue) 214-1230-413.2006 (Professional Services)
PROJECT NO(S).: GRT094
ANTICIPATED
EXPENDITURE:
$90,000
ATTACHMENTS: