City of Indian Wells, California
Budgetary Comparison Schedule - Traffic Safety
Year Ended June 30, 2024
Revenues
Investment income (loss)
Fines and forfeitures
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 10 $ 531 $ 521
17,500
Total revenues 17,510
Expenditures
Current
Public works
Total expenditures
Net change in fund balance
Fund balance, beginning
Fund balance, ending
17,500
17,500
21,809 4,309
22,340 4,830
17,500
17,500
10 4,840 4,830
10,138
$
10,138
10,148 $
14,978 $ 4,830
105
City of Indian Wells, California
Budgetary Comparison Schedule - Public Safety 1/2% Tax
Year Ended June 30, 2024
Revenues
Intergovernmental
Investment income (loss)
Budgeted
Amounts
Actual
$ 35,000 $
490
Total revenues 35,490
Expenditures
Current
Public safety
Total expenditures
Net change in fund balance
Fund balance, beginning
Fund balance, ending
35,750
35,750
Variance with
Budget
Positive
(Negative)
37,007 $ 2,007
282 (208)
37,289 1,799
35,750
35,750
(260) 1,539 1,799
8,325
$
8,325
8,065 $
9,864 $ 1,799
106
City of Indian Wells, California
Budgetary Comparison Schedule - Measure "A" Transportation Year Ended June 30, 2024
Revenues
Intergovernmental
Investment income
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 290,000 $ 328,216 $ 38,216
550 378 (172)
Total revenues 290,550
Expenditures
Current
Public works
Total expenditures
Net change in fund balance
Fund balance, beginning
Fund balance, ending
295,000
295,000
(4,450)
67,043
$
328,594 38,044
336,737 (41,737)
336,737 (41,737)
(8,143) (3,693)
67,043
62,593 $
58,900 $ (3,693)
107
City of Indian Wells, California
Budgetary Comparison Schedule - Fire Access Maintenance District No. 1 Year Ended June 30, 2024
Revenues
Taxes
Licenses and permits
Intergovernmental
Investment income (loss)
Assessments
Other income
Total revenues
Expenditures
Current
Public safety
Capital outlay
Total expenditures
Net change in fund balance
Fund balance, beginning
Fund balance, ending
Budgeted
Amounts
Actual
$ 337,070 $
1,080
1,830
48,000
1,194,000
3,450
1,585,430
1,612,971
839,565
2,452,536
(867,106)
427,657
17,315
64,429
1,213,819
2,820
Variance with
Budget
Positive
(Negative)
$
9Q587
(1,080)
15,485
16,429
19,819
(630)
1,726,040 140,610
1,522,376
770,248
90,595
69,317
2,292,624 159,912
(566,584) 300,522
1,691,982 1,691,982
$ 824,876 $ 1,125,398 $ 300,522
108
City of Indian Wells, California
Budgetary Comparison Schedule - South Coast AQMD Vehicle Registration Year Ended June 30, 2024
Revenues
Intergovernmental
Investment income (loss)
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 6,800 $ 6,422 $ (378)
170 651 481
Total revenues 6,970
Expenditures
Current
Public works
Total expenditures
Net change in fund balance
Fund balance, beginning
Fund balance, ending
7,073 103
7,250 2,335 4,915
7,250 2,335 4,915
(280) 4,738 5,018
13,582
$
13,582
13,302 $
18,320 $ 5,018
109
City of Indian Wells, California
Budgetary Comparison Schedule - Citizens Option for Public Safety Program Year Ended June 30, 2024
Revenues
Intergovernmental
Investment income (loss)
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 180,000 $ 186,159 $ 6,159
2,000 454 (1,546)
Total revenues 182,000
Expenditures
Current
Public safety
182,000
Total expenditures 182,000
Net change in fund balance
Fund balance, beginning
Fund balance, ending
11,450
186,613 4,613
198,063 (16,063)
198,063 (16,063)
(11,450)
11,450
$ 11,450 $
(11,450)
$
(11,450)
110
City of Indian \A/ells, California
Budgetary Comparison Schedule - Gas Tax
Year Ended June 30, 2024
Revenues
Intergovernmental
Investment income
Total revenues
Expenditures
Current
General government
Public works
Total expenditures
Net change in fund balance
Fund balance, beginning
Fund balance, ending
Budgeted
Amounts
$
Actual
253,500 $
1,675
255,175
113,550
141,625
Variance with
Budget
Positive
(Negative)
256,469 $
(3,493)
2,969
(5,168)
252,976 (2,199)
223,403 (109,853)
134,986 6,639
255,175 358,389 (103,214)
(105,413) (105,413)
128,545 128,545 -
$ 128,545 $ 23,132 $ (105,413)
I l l
City of Indian Wells, California
Budgetary Comparison Schedule - AB 939 Recycling
Year Ended June 30, 2024
Revenues
Assessments
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 120,000 $ 138,366 $ 18,366
Total revenues 120,000
Expenditures
Current
Public works
249,037
Total expenditures 249,037
Net change in fund balance
Fund balance, beginning
Fund balance, ending
138,366 18,366
199,358 49,679
199,358 49,679
(129,037) (60,992) 68,045
317,376 317,376
$ 188,339 $ 256,384 $ 68,045
112
City of Indian Wells, California
Budgetary Comparison Schedule - Solid Waste
Year Ended June 30, 2024
Revenues
Investment income (loss)
Assessments
Other income
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 20,000 $ 17,286 $ (2,714)
1,160,000 1,495,893 335,893
2,500 - (2,500)
Total revenues 1,182,500 1,513,179 33Q679
Expenditures
Current
Public works
Total expenditures
Net change in fund balance
Fund balance, beginning
Fund balance, ending
1,227,633
1,227,633
(45,133)
1,560,602 (332,969)
1,560,602 (332,969)
(47,423) (2,290)
140,669 140,669
$ 95,536 $ 93,246 $ (2,290)
113
City of Indian Wells, California
Budgetary Comparison Schedule - Consolidating LLMD
Year Ended June 30, 2024
Revenues
Investment income (loss)
Assessments
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 31,195 $ 99,846 $ 68,651
1,533,134 1,542,190 9,056
Total revenues 1,564,329 1,642,036 77,707
Expenditures
Current
Public works
1,781,818
Total expenditures 1,781,818
Other financing sources (uses)
Transfers in 106,028
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
106,028
(111,461)
1,389,541 392,277
1,389,541 392,277
105,024 (1,004)
105,024 (1,004)
357,519 468,980
1,613,797 1,613,797
$ 1,502,336 $ 1,971,316 $ 468,980
114
City of Indian Wells, California
Budgetary Comparison Schedule - Street Lighting District 2001-1 Year Ended June 30, 2024
Revenues
Investment income (loss)
Assessments
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 350 $ 767 $ 417
1,370 2,234 864
Total revenues 1,720
Expenditures
Current
Public works
Total expenditures
Net change in fund balance
Fund balance, beginning
Fund balance, ending
3,001 1,281
1,480 186
1,480 186
240 2,815
16,794 16,794
1,294
1,294
2,575
$ 17,034 $ 19,609 $
2,575
115
City of Indian Wells, California
Budgetary Comparison Schedule - Affordable Housing Operations Year Ended June 30, 2024
Revenues
Investment income (loss)
Rental income
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 123,000 $ 58,149 $ (64,851)
2,535,000 2,609,379 74,379
Total revenues 2,658,000 2,667,528 9,528
Expenditures
Current
General government
Community development
2,850,000
3,144,912 (294,912)
Total expenditures 2,850,000 3,144,912 (294,912)
Other financing sources (uses):
Transfers in
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
(192,000)
718,299 718,299
718,299 718,299
240,915 432,915
704,884 704,884
$ 512,884 $ 945,799 $ 432,915
116
City of Indian Wells, California
Budgetary Comparison Schedule - Capital Improvements
Year Ended June 30, 2024
Revenues
Intergovernmental
Investment income (loss)
Other income
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 500,000 $ 3,911,420 $ 3,411,420
185,000 566,598 381,598
1,000 1,096 96
Total revenues 686,000 4,479,114 3,793,114
Expenditures
Current
General government
Capital outlay
212,979
17,961,886
Total expenditures 18,174,865
Other financing sources (uses)
Transfers in 8,625,782
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
8,625,782
(8,863,083)
91,847
6,411,443
121,132
11,550,443
6,503,290 11,671,575
6,093,037 (2,532,745)
6,093,037 (2,532,745)
4,068,861 12,931,944
7,854,742 7,854,742
$ (1,008,341) $ 11,923,603 $ 12,931,944
117
City of Indian Wells, California
Budgetary Comparison Schedule - City Streets Capital Reserve Year Ended June 30, 2024
Revenues
Investment income (loss)
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 565,000 $ 662,416 $ 97,416
Total revenues 565,000
Other financing sources (uses)
Transfers in
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
662,416 97,416
162,500 162,500
162,500 162,500
727,500
824,916 97,416
17,237,924 17,237,924
$ 17,965,424 $ 18,062,840 $ 97,416
118
City of Indian Wells, California
Budgetary Comparison Schedule - Highway 111 Circulation Improvements Year Ended June 30, 2024
Revenues
Investment income (loss)
Developer fees
Total revenues
Net change in fund balance
Fund balance, beginning
Fund balance, ending
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 2,000 $ 1,418 $ (582)
50,000 - (50,000)
52,000 1,418 (50,582)
52,000 1,418 (50,582)
37,299 37,299
$
89,299 $ 38,717 $ (50,582)
119
City of Indian Wells, California
Budgetary Comparison Schedule - Park Facilities Fees
Year Ended June 30, 2024
Revenues
Investment income (loss)
Developer fees
Total revenues
Other financing sources (uses):
Transfers out
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
Budgeted
Amounts
Actual
$ $
20,903
Variance with
Budget
Positive
(Negative)
(84) $
10,264
(84)
1Q264
10,180 10,180
(31,083)
(31,083)
(20,903)
20,903
$ 20,903 $
(31,083)
(31,083)
(20,903)
(20,903)
120
City of Indian Wells, California
Budgetary Comparison Schedule - Transportation Facilities Fees Year Ended June 30, 2024
Revenues
Investment income (loss)
Developer fees
Total revenues
Budgeted
Amounts
$
Actual
1,575 $
150,000
151,575
Variance with
Budget
Positive
(Negative)
$ (1,575)
63,862 (86,138)
63,862 (87,713)
Other financing sources (uses)
Transfers out (150,000) (151,926) (1,926)
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
(150,000)
(151,926) (1,926)
1,575 (88,064) (89,639)
(63,628) (63,628)
$ (62,053) $ (151,692) $ (89,639)
121
City of Indian Wells, California
Budgetary Comparison Schedule - Recreation Facilities Fees Year Ended June 30, 2024
Revenues
Investment income (loss)
Developer fees
Total revenues
Budgeted
Amounts
$
Actual
3,000 $
435,000
438,000
107,966
Variance with
Budget
Positive
(Negative)
$ (3,000)
(327,034)
107,966 (330,034)
Other financing sources (uses)
Transfers out (433,438) (439,002) 5,564
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
(433,438)
(439,002) 5,564
4,562 (331,036) (324,470)
(261,816) (261,816)
$ (257,254) $ (592,852) $ (324,470)
122
City of Indian Wells, California
Budgetary Comparison Schedule - City Wide Public Improvements Year Ended June 30, 2024
Revenues
Investment income (loss)
Developer fees
Total revenues
Other financing sources (uses)
Transfers out
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
Budgeted
Amounts
$
Actual
100 $
150,000
150,100
24,363
Variance with
Budget
Positive
(Negative)
$ (100)
(125,637)
24,363 (125,737)
(150,000) (151,925) (1,925)
(150,000) (151,925) (1,925)
100 (127,562) (127,662)
(57,765) (57,765)
$ (57,665) $ (185,327) $ (127,662)
123
City of Indian Wells, California
Budgetary Comparison Schedule - Art in Public Places
Year Ended June 30, 2024
Revenues
Investment income (loss)
Developer fees
Budgeted
Amounts
Actual
$ 10,000 $
15,000
Total revenues 25,000
Net change in fund balance
Fund balance, beginning
Fund balance, ending
30,294
Variance with
Budget
Positive
(Negative)
$ 20,294
277,153 262,153
307,447 282,447
25,000 307,447 282,447
494,155 494,155
$ 519,155 $ 801,602 $ 282,447
124
City of Indian Wells, California
Budgetary Comparison Schedule - Bridges Capital Reserve Year Ended June 30, 2024
Revenues
Investment income (loss)
Budgeted
Amounts
Actual
$ 36,000 $
Total revenues 36,000
Other financing sources (uses)
Transfers in 162,500
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
162,500
198,500
Variance with
Budget
Positive
(Negative)
75,185 $
75,185
162,500
162,500
39,185
39,185
237,685 39,185
1,797,045 1,797,045
$ 1,995,545 $ 2,034,730 $ 39,185
125
City of Indian Wells, California
Budgetary Comparison Schedule - Buildings Capital Reserve Year Ended June 30, 2024
Revenues
Investment income (loss)
Budgeted
Amounts
Actual
$ 46,000 $
Total revenues 46,000
Other financing sources (uses)
Transfers in 162,500
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
162,500
208,500
Variance with
Budget
Positive
(Negative)
82,842 $
82,842
162,500
162,500
36,842
36,842
245,342 36,842
1,998,434 1,998,434
$ 2,206,934 $ 2,243,776 $ 36,842
126
City of Indian \A/ells, California
Budgetary Comparison Schedule - Medians & Parkways Capital Reserve Year Ended June 30, 2024
Revenues
Investment income (loss)
Budgeted
Amounts
Actual
$ 36,000 $
Total revenues 36,000
Other financing sources (uses)
Transfers in 162,500
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
162,500
198,500
Variance with
Budget
Positive
(Negative)
61,247 $
61,247
162,500
162,500
25,247
25,247
223,747 25,247
1,430,490 1,430,490
$ 1,628,990 $ 1,654,237 $ 25,247
127
City of Indian Wells, California
Budgetary Comparison Schedule - Storm Drains Capital Reserve Year Ended June 30, 2024
Revenues
Investment income (loss)
Budgeted
Amounts
Actual
$ 24,750 $
Total revenues 24,750
Other financing sources (uses)
Transfers in
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
Variance with
Budget
Positive
(Negative)
34,321 $ 9,571
34,321 9,571
162,500 162,500
162,500 162,500
187,250 196,821
722,572 722,572
9,571
$ 909,822 $ 919,393 $
9,571
128
City of Indian Wells, California
Budgetary Comparison Schedule - Traffic Signals Capital Reserve Year Ended June 30, 2024
Revenues
Investment income (loss)
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 20,500 $ 28,918 $ 8,418
Total revenues 20,500
Other financing sources (uses)
Transfers in
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
28,918 8,418
162,500 162,500
162,500 162,500
183,000
191,418 8,418
593,240 593,240
$ 776,240 $ 784,658 $ 8,418
129
City of Indian Wells, California
Budgetary Comparison Schedule - Technology Capital Reserve Year Ended June 30, 2024
Budgeted
Amounts
Revenues
Investment income (loss) $
Actual
15,450 $
Total revenues 15,450
Other financing sources (uses)
Transfers in 162,500
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
162,500
Variance with
Budget
Positive
(Negative)
27,445 $
27,445
162,500
162,500
11,995
11,995
177,950 189,945 11,995
541,752 541,752
$ 719,702 $ 731,697 $ 11,995
130
City of Indian Wells, California
Budgetary Comparison Schedule - City Vehicles Capital Reserve Year Ended June 30, 2024
Revenues
Investment income (loss)
Total revenues
Other financing sources (uses)
Transfers in
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 3,600 $ 12,052 $
3,600 12,052
162,500 162,500
162,500 162,500
8,452
8,452
166,100 174,552 8,452
124,141 124,141
$ 290,241 $ 298,693 $ 8,452
131
City of Indian Wells, California
Budgetary Comparison Schedule - Disaster Recovery Reserve Year Ended June 30, 2024
Revenues
Investment income (loss)
Total revenues
Other financing sources (uses)
Transfers in
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
Budgeted
Amounts
Actual
Variance with
Budget
Positive
(Negative)
$ 3,000 $ 17,457 $
3,000 17,457
150,000 150,000
150,000 150,000
153,000
14,457
14,457
167,457 14,457
292,996 292,996
$ 445,996 $ 460,453 $ 14,457
132
City of Indian Wells, California
Budgetary Comparison Schedule - Park Facilities in Lieu Capital Projects Fund Year Ended June 30, 2024
Revenues
Intergovernmental
Developer fees
Budgeted
Amounts
Actual
$ 463,137 $
170,000
Total revenues 633,137
Expenditures
Current
General government
Capital outlay
461,726
Total expenditures 461,726
Other financing sources (uses):
Transfers in
Total other financing sources (uses)
Net change in fund balance
Fund balance, beginning
Fund balance, ending
171,411
Variance with
Budget
Positive
(Negative)
3,328 $ (459,809)
40,341 129,659
43,669 (330,150)
7,605 (7,605)
78,571 383,155
86,176 375,550
31,083 31,083
31,083 31,083
(11,424) 76,483
(1,375,313) (1,375,313)
$ (1,203,902) $ (1,386,737) $ 76,483
133
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134
City of Indian Wells, California
Combining Statement of Net Position - Internal Service Funds .June 30, 2024
Governmental Activities -
Internal Service Funds
Assets
Current Assets
Cash and investments
Restricted Section 115 Trust cash and investments
Receivables
Accrued interest
Total current assets
Total assets
Deferred Outflows of Resources
Deferred amounts related to OPEB
Liabilities
Current Liabilities
Net OPEB liability
Total liabilities
Deferred Inflows of Resources
Deferred amounts related to OPEB
Net Position
Restricted for OPEB
Restricted for Pension
Unrestricted
Employee Compensated
Benefits Absences
Totals
$ 1,373,282 $ 755,969 $ 2,129,251
11,053,285 - 11,053,285
5,321 2,929 8,250
12,431,888
12,431,888
758,898 13,190,786
758,898 13,190,786
2,332,129 - 2,332,129
7,235,393 - 7,235,393
7,235,393 - 7,235,393
685,312 - 685,312
2,833,540 - 2,833,540
984,352 - 984,352
3,025,420 758,898 3,784,318
Total net position $ 6,843,312 $ 758,898 $ 7,602,210
135
City of Indian Wells, California
Combining Statement of Revenues, Expenses, and Changes in Net Position - Internal Service Funds Year Ended June 30, 2024
Governmental Activities -
Internal Service Funds
Employee Compensated
Benefits Absences
Totals
Operating Revenues
Interdepartmental charges $ 1,224,686 $ - $ 1,224,686
Total operating revenues
Operating Income (Loss)
Nonoperating Revenue (Expenses)
Investment income
1,224,686 - 1,224,686
1,224,686 - 1,224,686
694,035
29,246 723,281
Total nonoperating revenues (expenses) 694,035 29,246 723,281 Transfers In
Changes in Net Position
Net Position, Beginning of Year
Net Position, End of Year
1,918,721
4,924,591
102,584 102,584
131,830 2,050,551
627,068 5,551,659
$ 6,843,312 $ 758,898 $ 7,602,210
136
City of Indian Wells, California
Combining Statement of Cash Flows - Internal Service Funds Year Ended June 30, 2024
Governmental Activities -
Internal Service Funds
Operating Activities
Cash received from interfund services provided
Cash received from OPEB CERBT Trust
Cash paid to suppliers for goods and services
Net Cash from (used for) Operating Activities
Employee Compensated
Benefits Absences
$ 1,224,686 $
8,000,000
(829,486)
Totals
$ 1,224,686
8,000,000
(829,486)
8,395,200 8,395,200
Non -Capital Financing Activities
Cash received from other funds - 102,584 102,584
Net Cash from (used for) Non -Capital Financing Activities - 102,584 102,584 Investing Activities
Investment income 691,536 28,598 720,134
Net Cash from (used for) Investing Activities
Net Change in Cash and Cash Equivalents
Cash, Restricted Cash, and Cash Equivalents, Beginning of Year Cash, Restricted Cash, and Cash Equivalents, End of Year Reconciliation of Operating Income to Net Cash
from (used for) Operating Activities
Operating income (loss)
Changes in:
Net OPEB asset/liability
Deferred outflows related to OPEB
Accounts payable
Deferred inflows related to OPEB
691,536
9,086,736
3,339,831
28,598 720,134
131,182 9,217,918
624,787 3,964,618
$ 12,426,567 $ 755,969 $ 13,182,536
$ 1,224,686
7,980,454
(525,148)
(1,492)
(283,300)
$ $ 1,224,686
7,980,454
(525,148)
(1,492)
(283,300)
Net Cash from (used for) Operating Activities $ 8,395,200 $ $ 8,395,200 137
City of Indian Wells, California
Statistical Section (Unaudited)
June 30, 2024
This part of the City of Indian Wells' annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health.
Contents Page
Financial Trends — These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.
1. Net Position by Component
2. Changes in Net Position
3. Fund Balances of Governmental Funds
4. Changes in Fund Balances of Governmental Funds
140
141
142
143
Revenue Capacity — These schedules contain information to help the reader assess the City's most significant local revenue sources, general and Redevelopment property taxes.
1. Tax Revenues by Source - Governmental Funds
2. Assessed Value and Estimated Actual Value of Taxable Property
3. Assessed Value of Property by Use Code, Citywide
4. Direct and Overlapping Property Tax Rates
5. Principal Property Taxpayers
6. Principal Sales Tax Producers
7. Property Tax Levies and Collections
8. Transient Occupancy Tax Collections
144
145
146
147
148
149
150
151
Debt Capacity — These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future.
1. Ratios of Outstanding Debt by Type
2. Ratios of General Bonded Debt Outstanding and Legal Debt Margin
3. Direct and Overlapping Debt
4. Pledged -Revenue Coverage
152
153
154
155
Demographic and Economic Information — These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place.
1. Demographic and Economic Statistics
2. Principal Employers
156
157
138
City of Indian Wells, California
Statistical Section (Unaudited)
June 30, 2024
Contents Page
Operating Information —These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs.
1. Full-time Equivalent City Employees by Function
2. Operating Indicators by Function
3. Capital Assets Statistics by Function
158
159
160
Sources: Unless otherwise noted, the information in these schedules was derived from the City's annual comprehensive financial reports for the relevant year.
139
City of Indian Wells
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year
Governmental activities:
Net investment in
capital assets
Restricted for:
Community development
Housing
Public safety
Public works
Debt service
Section 115 Trust
Pension obligations
OPEB obligations
Unrestricted
Total governmental activities
net position
Business -type activites:
Net investment in
capital assets**
Restricted for:
Pension Obligations
Unrestricted
Total business -type activities
net position
Primary government:
Net investment in
capital assets
Restricted
Unrestricted
Total primary government
net position
2024
2023
2022
2021**
2020
2019
2018
2017
2016
2015
$ 142,190,278 $ 147,924,061 $ 145,969,138 $ 148,375,228 945,799 725,787
12,034,055 15,429,469
5,863,937 6,183,630
2,494,602 2,345,243
2,041,991 5,567,799
2,833,540 1,798,141
86,935,013 70,023,935
255,339,215 249,998,065
4,718,908
13,016,874
7,054,610
2,317,493
4,439,261
15,486,485
6,548,304
2,793,046
937,402
$ 163,856,985 $ 167,002,186 $ 172,007,625
3,801,007
12,961,532
6,728,419
2,657,863
3,108,085
13,870,180
5,737,133
2,412,413
2,661,415
14,632,707
5,308,643
2,223,810
$ 172,494,796 $ 175,639,386 $ 241,607,740
2,401,909
12,842,189
6,034,523
2,135,793
2,294,829 2,175,822
13,352,710 13,639,334
9,535,112 5,680,112
2,201,769 2,138,313
11,369,223 - - - - -
2,301,464 - - - - -
69,606,313 65,899,752 69,738,721 71,786,558 61,884,894 65,150,651 50,054,925 52,294,420 256,354,023 244,479,478 259,744,527 263,916,555 258,719,094 261,059,861 253,078,731 317,535,741 42,518,369 44,597,589 46,751,387 47,197,377 49,122,479 49,821,298 51,198,409 52,758,255 57,498,601 31,475 139,371 338,347 - - - -
(490,067) (2,915,969) (4,547,545) (5,609,097) (5,258,314) (1,809,374) 1,024,501 1,657,668 1,798,085 42,059,777 41,820,991 42,542,189 41,588,280 43,864,165 48,011,924 52,222,910 54,415,923 59,296,686 184,708,647 192,521,650 192,720,525 195,572,605 212,979,464 216,823,484 223,206,034 225,253,051 233,137,987 21,369,868 24,823,500 27,446,232 29,267,096 26,148,821 25,127,811 24,826,575 23,414,414 27,384,420 86,444,946 67,107,966 65,058,768 60,290,655 64,480,407 69,977,184 62,909,395 66,808,319 51,853,010 241,607,740
23,633,581
52,294,420
$ 297,398,992 $ 291,819,056 $ 298,896,212 $ 286,067,758 $ 303,608,692 $ 311,928,479 $ 310,942,004 $ 315,475,784 $ 312,375,417 $ 317,535,741 *As of 7/1/15, two business -type activities were created, Indian Wells Golf Resort and Club Drive Property **As of 7/1/21, GASB 87 was implemented
140
City of Indian Wells
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Expenses:
Governmental activities:
General government
Public safety
Commoeily development
Public works
Golf resort
Interest on long-term debt
Total governmental activities expenses
Business -type activities:
Golf resort
Club drive
Total business -type expenses
Total primary government expenses
Program revenues:
Governmental activities:
Charges for services:
General government 64,546 107,012 47,687 41,412 58,587 43,100 39,584 35,873 48,263 35,971 Public safety 737,398 604,356 603,773 485,403 525,383 600,091 199,095 134 4,522 8,599 Community development 3,958,920 1,483,981 1,568,875 817,102 969,257 990,040 1,038,569 1,121,873 968,377 1,003,232 Public works 21,8(19 23,469 17,203 14,463 9,288 12,124 21,064 22,884 27,412 22,723 Golf resort - - - - - - - - - 13,179,508
Operating grants and contributions:
General government 4,512.952 745,918 759,541 523,214 485,587 478,269 444,372 430,718 456,491 524,526 Public safety 7,345,702 6,770,475 7,516,568 5,642,553 5,308,307 5,143,462 4,864,606 4,768,453 4,637,918 4,514,697 Community development 123,436 21,032 - - 52,738 - 60,559 Public works 4,243,176 3,719,376 3,158,915 2,890,710 2,760,299 2,705,844 2,505,914 2,643,506 2,364,247 2,319,406 Capital grants mud contributions:
General government - 1,050,000
Community development - - - - - -
Public works 68,032 202,766 954,966 119,842 487,500. 236,175. 215,870. 143,993 104,869 775,943 Total governmental activities program
0 14,392,102 0 15,297,837 $ 2,804,408 1 16,765,605 1 8.368,804 1 5,701,156 S 8,102,188 5 7,501,991 1 7,151,865 $ 9,338,294 13,334,797 13,309,494 9,003,835 9,448,083 9,192,146 9,115,680 9.918,617 7,830,608 7,853,892 7,988,613 5,638,377 6,782,254 5,479,125 4,918,929 4,586,068 6,117,322 2,867,417 4,331,134 4,502,450 4,058,871 12,071,338 11,245,752 4,719,058 7,956,690 7,786,633 9,598,922 6,685,611 6,624,416 6,521,569 11,102,625 - . - - - 13,564,356
329,643 457,880 463,970 - - -
45,766,257 47,093,217 22,470,396 39,089,307 29,933,651 30,533,080 27,573,833 26,288,149 26,029,776 46,052,759 22,307,753 21,970,857 18,815,101 13,451,868 15,504,561 17,315,778 16,386,499 20,011,357 21,006,393 7,000 31,781 60,715 65,142 -
22,307,753 21,970,857 18,815,101 13,451,868 15,504,561 17,322,778 16,418,280 20,072,072 21,071,535 - 68,074,010 69,064,074 41,285,497 52,541,175 45,438,212 47,855,858 43,992,113 46,360,221 47,101,311 46,052,759 revenue
Business -type activities:
Charges for services:
Golf resort
Club drive
Total business -type activities program
revenue
Total primary government program
21,075,971 13,678,385 14,627,528 10,534,699 10,604,208 10,209,105 9,329,074 9,220,172 8,612,099 23,495,164 22,331,661 21,188,761 16,202,430 11,178,205 11,340,304 15,108,397 13,738,178 12,838,393 12,918,130 82,142 111,241 108,476
22,331,661 21,188,761 16,202,430 11,178,205 11,340,304. 15,108,397. 13,820,320. 12,949,634 13,026,606 revenue 43,407,632 34,867,146 30,829,958 21,712,904 21,944,512 25,317,502 23,149,394 22,169,806 21,638,705 23,495,164 Net revenues (expenses):
Governmental activities (24,690,286) (33,414,832) (7,842,868) (28,554,608) (19,329,443) (20,323,975) (18,244,759) (17,067,977) (17,417,677) (22,557,595) Business -type activities 23,908 (782,096) (2,612,671) (2,273,663) (4,164,257) (2,214,381) (2,597,960) (7,122,438) (8,044,929) Total net revenues (expenses) (24,666,378) (34,196,928) (10,455,539) (30,828,271) (23.493,700) (22,538,356) (20,842,719) (24,190,415) (25,462,606) (22,557,595) General revenues and other changes in net position:
Governmental activities:
Taxes:
Property taxes 4,362,305 3,945,967 3,721,408 3,554,123 3,303,647 3,398,657 3,255,668 3,115,910 3,039,371 2,915,229 Transient occupancy taxes 12,159,497 12,450,662 10,987,345 4,622,778 4,944,773 8,835,433 7,943,017 7,826,154 7,000,096 6,742,840 Sales taxes 1,824,421 1,766,438 1,539,776 656,060 821,533 1,493 254 1,111,159 1,347,804 1,217,570 1,121,191 Franchise taxes 1,398,516 1,231,605 1,108,065 993,257 995,921 992,865 929,551 941,938 922,074 924,869 Other taxes 5,293,399 4,090,392 4,988,299 122,955 131,115 3,674,785 3,474,244 3,227,361 2,968,981 2,887,538 Investment income 4,965,343 3,137,278 (1,192,487) 2,479,381 4,275,362 4,336,032 1,861,285 1,791,037 2,392,300 2,212,672 Gain on sale of asset - - 404,376,00 - - - - - - -
Extraordinary gain/(loss) on
dissolution of RDA - - - - - - - - - -
Other 296,204 481,138 550,703 861,005 685,064 785,799 909,895 659,280 908,638 1,082,274 Transfers - - - - - - - 6,139,623 (831,713) Total governmental activities 30,299,685 27,103,480 22,107,485 13,289,559 15,157,415 23,516,825 19,484,819 25,049,107 17,617,317 17,886,613.
Business -type activities:
Investment income
Other
Transfers - - -
Total business -type activities
Total primary government
Changes in net position:
Governmental activities
Business -type activities
Total primary government
(9,374) (9,708) (70,543)
26,000 1,247,051
(2,222)
16,498 8,006
1,809 3,095
404,947 8,379,489 1,850,156
(6,139,623) 831,713
(9,374) 16,292 1,176,508 (2,222) 16,498 8,006 404,947 2,241,675 2,684,964 30,290,311 27,119,772 23,283,993 13,287,337 15,173,913 23,524,831 19,889,766 27,290,782 20,302,281 17,886,613 5,609,399 (6,311,352) 14,264,617 (15,265,049) (4,172,(128) 3,192,850 1,240,060 7,981,130 199,640 (4,670,982)
14.534 (765,804) (1,436,163) (2,275,885) (4,147,759) (2,206,375) (2,193,013) (4,880.763) (5,359,965) - $ 5,623,933 $ (7,077,156) $ 12,828,454 L(17,5411,934) L( 78' $ 986,475 $ (952,953) $ 3,100,367 '$ (5,160,325) $ (4,670,982) °As of 7/I/15, two business -type activities were created, Indian Wells Golf Resort and Club Drive Property 141
City of Indian Wells
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
General fund:
Nonspendable:
Prepaid items $ 63,162 $ 111,390 $ 41,691 $ 15,086 $ 2,865 $ 7,738 $ 1,911 $ 24,666 $ 5,740 $ 950 Notes and loans 12,622,068 15,256,105 17,497,027 29,336,845 18,917,870 18,945,867 17,739,192 17,739,192 17,889,192 17,889,192 Committed to:
Emergency reserve - - - - 2,500,000
Unassigned 28,602,823 21,280,563 17,725,585 3,324,042 10,443,842 16,039,794 19,397,674 18,859,826 10,727,499 7,442,635 Total general fund $ 41,288,053 $ 36,648,058 $ 35,264,303 $ 32,675,973 $ 29,364,577 $ 34,993,399 $ 37,138,777 $ 36,623,684 $ 28,622,431 $ 27,832,777 All other governmental funds
Nonspendable
Inventory - - - - 728,323
Prepaid items 537 663 - 48,795 - 230,059
Notes 650,462 - - -
Advances to other funds - -
Restricted for:
Community development 12,979,854 16,155,256 17,735,782 19,925,746 16,762,539 16,978,265 17,294,122 15,244,098 15,647,539 15,815,156 Public safety 5,863,937 6,183,630 7,054,610 6,548,304 6,728,419 5,737,133 5,308,643 6,034,523 6,065,849 5,680,112 Parks and recreation - - - - - - -
Public works 2,494,602 2,345,243 2,317,493 2,793,046 2,732,362 2,412,413 2,223,810 2,135,793 2,201,769 2,138,313 Debt service 6,275,929 10,721,626 12,094,086 - - - -
Committed to:
Emergency Reserve - - - - -
Capital projects 801,602 494,155 311,735 5,664,949 5,648,955 5,659,190 144,213 676,363 354,335 22,913,539 Golf Resort - - - - 1,347,155
Assigned to:
Capital projects 39,114,080 32,593,336 34,196,650 28,414,872 34,045,927 30,525,572 23,325,122 23,643,770 23,199,044 Unassigned (2,316,608) (1,758,522) (1,483,512) (1,131,775) (1,171,973) (1,254,477) (1,306,134) (1,345,970) (1,387,826) (1,420,514) Total all other governmental funds $ 65,213,933 $ 66,735,387 $ 72,877,306 $ 62,215,142 $ 64,795,024 $ 60,058,096 $ 46,989,776 $ 46,388,577 $ 74,703,141 $ 47,432,143 1) The City Council implemented the Governmental Accounting Standards Board (GASB) statement no. 54 during fiscal year 2010/11 recognizing new fund balance requirements 142
City of Indian Wells
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Revenues:
Taxes
Licenses and permits
Intergovernmental
Contribution from property owners
Charges for services
Investment income
Fines and forfeitures
Rental income
Assessments
Development fees
Other
Total revenues
Expenditures
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Golf resort
Pass -through
Bond Issuance Costs
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in
Transfers out
Contributions to other governments
Issuance of bonds
Premium (discount) on bonds
Payment to bond escrow agent
Extraordinary gain/(loss) on dissolution of RDA
Sale of property
Total other financing sources (uses)
Net change in fund balances
$ 29,160,225 $ 28,165,831 $ 26,562,600 $ 13,780,199 $ 13,474030 $ 21,534,317 $ 19,825,390 $ 19,067,088 $ 17,840,371 $ 17,196,257 683,169 925,135 918,431 499,929 542,715 504,876 465,327 642,162 466,550 479,296 5,801,790 1,864,339 3,673,650 1,224,015 1,467,346 1,246,106 1,098333 1,024,757 959,741 1,765,403 - - - - - - - - - 1,050,000
1,403,770 1,163,202 1,254,217 802,576 951,925 1,085,255 772337 480,245 503429 13,705,848 4,242,062 748,799 (3,200,198) 314,893 2,316,373 2,492,431 212,021 225,978 727,908 527,212 86,355 130,481 64,890 55,875 67,875 55,224 60,648 58,359 78,595 64,889 2,609,379 2,310,605 2,137,105 1,978,311 1,892,369 1,766444 1,639,641 1,561,169 1,629,432 1,660,396 5,002,743 4,531,983 4,228,752 4,102421 4,036,690 4,009,522 3,866,031 3,763303 3,782,451 3,685,524 523,949 682,477 608,782 135471 260,616 168,798 149,631 448,419 129,054 139,614 56;204 181,139 211,802 744,391 685,064 785.799 909,895 659,280 908,638 1,082.274 49,569,646 40,703,991 36,460,031 23,638,081 25,695,003 33,648.772 28,999,254 27,930,760 27,026,169 41,356,713 14,132,050 12,241,965 12,024,340 7,783,032 7,884,804 8,993.847 8,136,619 7,836,296 8,008,297 9,424,603 11,961,009 12,793,673 9,822,666 9,256,346 9,108,526 8,780,570 8,488,123 8,047,904 8,151,039 8,036,589 5,473,234 4,669205 6,082,975 3,068,540 2,916,391 3,010,110 2,890,706 2,861,354 3,084,249 2,807,307 6,556,224 6,369,744 6,052,130 5,169,930 5,326,339 4,811,267 4,456,328 4,546,968 4,423,715 4,080,034 - - 13564,356
235,117 - - - - - - -
7,289,559 8,376,088 4785,480 1270,541 1,350,837 3,484,885 3,911,186 1,305,125 559,912 861,263 470000 380,000
466,445 586,874
46,348,521 45,417,549 39,002,708 26,548,389 26,586,897 29,080,679 27,882,962 24597,647 24,227,212 38,774,152 3,221,125 (4,713,558) (2,542,677) (2,910,308) (891,894) 4,568,093 1,116,292 3,333,113 2,798,957 2,582,561 9,892,327 10,802,457 8,909,273 154,080 15,530,608 25,325,206 4,206586 7,932,137 1,429,989 2462,520 (9,994,911) (10,847,063) (8,909,273) (154,080) (15,530,608) (23320,595) (4,206,586) (2,956,130) (2,261,702) (2,462,520) 13,930,000
1,338,171
525,000 3,641,822 - 4,351,849
(102,584) (44,606) 15,793,171 3,641,822 6,356,460 4,976,007 (831,713) $ 3,118,541 $ (4,758,164) $ 13250,494 $ 731,514 $ (891,894) $ 10,924,553 $ 1,116,292 $ 8,309,120 $ 1,967,244 $ 2582,561 Debt service as a percentage of
noncapital expenditures 22% 2.4% OM% 0.0% 0.0% 0.0% 0:0% 0.0% 0.0% 0.0% Capital outlay (Recon of Rev & Exp) 2,722,860 4,161,011 4,734,914 (11,576,784) 868,327 (1,681,711) 3,456,064 588,717 (102,981) 695,864 Total governmental expenditures 46,348,521 45,417,549 39,002,708 26,548,389 26,586,897 29,080,679 27,882,962 24597,647 24,227,212 38,774,152 Less: Principal (470,000) (380,000) - - - - - - -
Less: Interest (466,445) (586,874) -
45,412,076 44,450,675 39,002,708 26,548,389 26,586,897 29,080,679 27,882,962 24,597,647 24,227,212 38,774,152 Less: Capital Asset Additions (2,722,860) (4,161,011) (4,734,914) 11,576,784 (868,327) 1,681,711 (3,456,064) (588,717) 102,981 (695,864) Non Capital Expenditures 42,689,216 40,289,664 34,267,794 38,125,173 25,718,570 30,762390 24,426,898 24,008,930 24,330,193 38,078,288 Total Debt Service Payments
Debt Service as % of Non Capital Exp.
936,445 966,874 - - - -
2.2% 2.4% 0.0% O O% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
143
City of Indian Wells
Tax Revenues by Source - Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal
Year
End
Property
Tax
Sales
Transient
Occupancy
Emergency
Services
I
Franchise
Other
Total
2014-15 2,602,881 1,121,191 6,742,840 2,604,590 924,868 3,045,175 17,041,545 2015-16 2,757,592 1,217,570 7,000,096 2,692,279 922,074 3,131,820 17,721,430 2016-17 2,876,532 1,347,804 7,826,154 2,607,921 941,937 3,470,131 19,070,480 2017-18 3,255,668 1,111,159 7,942,995 3,111,773 929,551 3,704,319 20,055,464 2018-19 3,398,657 1,493,254 8,835,433 3,139,323 992,866 3,959,902 21,819,434 2019-20 3,303,647 821,533 4,944,773 3,277,041 995,921 268,326 13,611,241 2020-21 3,554,123 656,060 4,622,778 3,714,412 993,258 754,545 14,295,176 2021-22 3,721,408 1,539,776 10,987,345 4,217,707 1,108,065 5,448,912 27,023,212 2022-23 3,945,967 1,766,438 12,450,662 4,680,767 1,231,605 4,090,393 28,165,832 2023-24 4,362,305 1,824,421 12,159,497 4,206,481 1,398,516 5,293,399 29,244,619 Percentage change:
2015-2024 67.6%
62.7%
80.3%
61.5%
51.2%
73.8%
2014- 2015- 2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 15 16 17 18 19 20 21 22 23 24
Fiscal Year
71.6%
144
City of Indian Wells
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
City (Excl. RDA) Redevelopment Agency
Fiscal Year Taxable
Ended Assessed
June 30 Secured Unsecured Value
Taxable City's
Assessed Direct Tax
Secured Unsecured Value Rate
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
2021-22
2022-23
2023-24
963,012,088 8,006,824
1,067,731,252 7,803,011
1,078,783,335 8,645,905
1,216,459,774 7,719,195
1,323,102,487 10,855,110
1,424,021,370 9,989,753
1,505,059,403 13,164,761
1, 597, 949, 272 13, 725, 307
1,735,214,095 13,447,558
1, 838, 789, 619 13,174, 858
971,018,912
1,075,534,263
1,087,429,240
1,224,178,969
1,333,957,597
1,434,011,123
1,518,224,164
1,611,674,579
1,748,661,653
1,851,964,477
4,010,096,483 26,674,312
4,142,943,142 21,086,098
4,244,054,809 21,150,335
4,356,466,470 17,947,116
4,606,551,347 20,122,839
4,729,044,820 31,487,665
4,868,974,853 21,852,265
5, 017, 783, 630 17, 954, 729
5, 390, 822, 776 16, 237, 638
5,697,960,224 18,611,514
4,036,770,795
4,164, 029,240
4,265,205,144
4,374,413,586
4,626,674,186
4,760,532,485
4,890,827,118
5,035,738,359
5,407,060,414
5,716,571,738
1.23309
1.23002
1.20635
1.21281
1.21396
1.21364
1.21396
1.22450
1.22450
1.22450
Source: Riverside County Assessor Data, Avenu Insights & Analytics (1) Total Direct Tax Rate is represented byTRA 016-000
145
City of Indian Wells
Assessed Value of Property by Use Code, Citywide
Last Ten Fiscal Years
Category 2014-15* 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-2023 2023-24 Residential 4,329,962,569 4,509,106,870 4,636,416,971 4,787,212,021 5,046,143,990 5,225,907,189 5,482,677,084 5,737,097,740 6,182,418,185 6,697,256,233 Commercial 482,959,313 536,436,321 501,610,126 559,511,479 661,957,523 646,454,076 623,499,659 629,520,507 684,902,466 717,785,574 Vacant 160,186,689 165,131,203 184,811,047 172,148,781 166,625,355 224,972,607 175,159,873 165,270,882 168,952,930 83,707,123 Professional 0 0 0 0 0 0 35,928,381 26,455,998 31,596,435 37,605,136 Social 0 0 0 0 0 0 0 0 386,666 0
Agriculture 0 0 0 0 0 0 0 9,650 9,732 1,377
Institutional 0 0 0 0 0 0 375,198 379,085 0 394,400
Unknown 0 0 0 0 0 0 0 0 0 0
Net Secured Value 4,973,108,571 5,210,674,394 5,322,838,144 5,518,872,281 5,874,726,868 6,097,333,872 6,317,640,195 6,558,733,862 7,068,266,414 7,536,749,843 Unsecured 34,681,136 28,889,109 29,796,240 25,666,311 30,977,949 41,477,418 35,017,026 31,680,036 29,685,196 31,786,372 Net Taxable Value 5,007,789,707 5,239,563,503 5,352,634,384 5,544,538,592 5,905,704,817 6,138,811,290 6,352,657,221 6,590,413,898 7,097,951,610 7,568,536,215 Land Use Professional
Commercial 0.5%
9.5%
IVacant Agriculture
1.1% 0.0%
Social
0.0%
Unsecured
0.4%
Residential
88.5%
• Residential
Commercial
• Vacant
IN Professional
• Social
• Agriculture
• Unsecured
Source: Avenu Insights & Analytics
Use code categories are based on Riverside County Assessor's data Land Use description data updated from previous year(s) 146
City of Indian Wells
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 City Direct Rates:
City Basic Rate
Agency Basic Rate
Low & Mod 20% Set -aside
Total City Direct Rate
Overlapping Rates:
General
Riverside County General & Fire
Coachella Valley Water District
Desert Sands Unified School District
Riverside County Superintendent of Schools
College of Desert
Coachella Valley Parks & Recreation District
CV Mosquito & Vector Control District
Riverside County Regional Park & Open Space
Coachella Valley Public Cemetery
Desert Regional Medical Center
Coachella Valley Resource Conservation
Education Revenue Augmentation Fund
TOTAL
Override Assessments
Coachella Valley Water District
Desert Community College
Desert Sands Unified School District
TOTAL
0.00649751 0.00649751 0.00649751 0.00649751 0.00649751 0.00649751 0.00779246 0.00779246 0.00779246 0.00649751
0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00649751
0.15716188
0.06556884
0.03055245
0.40439065
0.04571713
0.08403091
0.01321243
0.01091312
0.00387930
0.00256659
0.00000000
0.00039170
0.17511749
1.00000000
0.10000000
0.02325000
0.10984000
0.23309000
0.00649751
0.15716188
0.06556884
0.03055245
0.40439065
0.04571713
0.08403091
0.01321243
0.01091312
0.00387930
0.00256659
0.00000000
0.00039170
0.17511749
1.00000000
0.10000000
0.02087000
0.10915000
0.23002000
0.00649751
0.15716188
0.06556884
0.03055245
0.40439065
0.04571713
0.08403091
0.01321243
0.01091312
0.00387930
0.00256659
0.00000000
0.00039170
0.17511749
1.00000000
0.10000000
0.02036000
0.08599000
0.20635000
0.00649751
0.15716188
0.06556884
0.03055245
0.40439065
0.04571713
0.08403091
0.01321243
0.01091312
0.00387930
0.00256659
0.00000000
0.00039170
0.17511749
1.00000000
0.10000000
0.04030000
0.07251000
0.21281000
0.00649751
0.15716188
0.06556884
0.03055245
0.40439065
0.04571713
0.08403091
0.01321243
0.01091312
0.00387930
0.00256659
0.00000000
0.00039170
0.17511749
1.00000000
0.10000000
0.03978000
0.07418000
0.21396000
0.00649751
0.15716348
0.06556119
0.03055245
0.40439065
0.04571713
0.08403091
0.01321243
0.01091312
0.00387930
0.00256659
0.00000000
0.00039170
0.17512353
1.00000000
0.10000000
0.03983000
0.07381000
0.21364000
0.00779246
0.31458170
0.06556922
0.03055245
0.40439065
0.04571713
0.08403091
0.02312834
0.01529179
0.00475859
0.00379506
0.00000000
0.00039170
0.00000000
1.00000000
0.10000000
0.03978000
0.07418000
0.21396000
0.00779246
0.31458170
0.06556922
0.03055245
0.40439065
0.04571713
0.08403091
0.02312834
0.01529179
0.00475859
0.00379506
0.00000000
0.00039170
0.00000000
1.00000000
0.11000000
0.03950000
0.07500000
0.22450000
0.00779246 0.00649751
0.31458170
0.06556922
0.03055245
0.40439065
0.04571713
0.08403091
0.02312834
0.01529179
0.00475859
0.00379506
0.00000000
0.00039170
0.00000000
0.15716349
0.06556119
0.03055245
0.40439065
0.04571713
0.08403091
0.01321243
0.01091312
0.00387930
0.00256659
0.00000000
0.00039170
0.17512353
1.00000000 1.00000000
0.11000000 0.11000000
0.03950000 0.03950000
0.07500000 0.07500000
0.22450000 0.22450000
TOTAL TAX RATE 1.23309000 1.23002000 1.20635000 1.21281000 1.21396000 1.21364000 1.21396000 1.22450000 1.22450000 1.22450000 Source: Riverside County Auditor data, Avenu Insights & Analytics (1.) Total Direct Tax Rate is represented byTRA 016-000 147
City of Indian Wells
Principal Property Tax Payers
Last Fiscal Year and Nine Years Ago
2023-24 2014-15
Taxpayer
Garden of Champions
Indian Wells Hotel Owner
BBC Esmeralda
Vintage Club
Village Shopping Center at Ind
Indian Wells Prop
Brinson Gary P Trust Dtd 10 29
IW Golf Club
Eldorado Country Club
Toscana Dev Inc.
Toscana Country Club Inc.
Cook Leo W
Carletti Christopher M
47355 Las Cascadas
Schmid Inv
Indian Wells Village II
lonagold Holdings
DRW Desert Holdings
Summit Dev
Lennar Homes of Calif Inc.
Blondie Trust Est 09 29 21
PCG RGG General Partnership
Targoff Michael B
PRG Sands 2
Modern Dev
Grand Champions LLC
Felcor Esmeralda
Toscana Land
LH Indian Wells Holding
IWCC Acquisition Corp
Marion Anne W
Standard Pacific Corp
Kayne Richard A
Reserve Club
Ryan Oil Co
Smith Orin C
Neptune
Argyros George L
Gilliland Gloria J
Gilleland Richard A
Macmillan Donna J
Soret Ltd.
Total Top 25 Taxpayers
Total Taxable Value
Taxable
Value ($)
293,608,996
147,638,384
78,930,305
74,490,636
25,149,405
21,129,895
20,561,608
19,904,312
19,585,000
17,370,720
16,991,960
15,258,312
14,872,000
14,485,041
14,324,910
14,080,906
13,808,659
13,531,217
13,000,000
12,738,054
11,550,000
11,159,452
11,081,541
10,976,932
10,822,816
Percent of
Total City
Taxable Value
(%)
3.88%
1.95%
1.04%
0.98%
0.33%
0.28%
0.27%
0.26%
0.26%
0.23%
0.22%
0.20%
0.20%
0.19%
0.19%
0.19%
0.18%
0.18%
0.17%
0.17%
0.15%
0.15%
0.15%
0.15%
0.14%
Taxable
Value ($)
172,052,458
26,906,487
15,133,864
10,004,000
24,591,761
12,949,871
13,245,166
11,950,592
56,757,850
47,365,000
47,253,077
16,972,802
13,805,346
12,533,000
12,462,442
12,305,615
12,162,170
11,088,606
10,396,989
9,767,000
9,603,195
9,461,092
9,383,000
8,830,883
8,804,311
Percent of
Total City
Taxable Value
(%)
3.44%
0.54%
0.30%
0.20%
0.49%
0.26%
0.26%
0.24%
1.13%
0.95%
0.94%
0.34%
0.28%
0.25%
0.25%
0.25%
0.24%
0.22%
0.21%
0.20%
0.19%
0.19%
0.19%
0.18%
0.18%
917,051,061
7,568,536,215
1112%
100.00%
595,786,577
5,007,789,707
11.90%
100.00%
Source: County Assessor data, Avenu Insights & Analytics 148
City of Indian Wells
Principal Sales Tax Producers
Last Fiscal Year and Nine Years Ago
2023-24
Taxpayer
Business Type
2014-15
Taxpayer
Business Type
Audio Visual Services Group
CVS Pharmacy
Desert Horizons Country Club
Don Diego Restaurante
Eldorado Country Club
Eureka! Burger
Hyatt Regency Indian Wells
Indian Wells Country Club & Hotel
Indian Wells Golf Resort
Indian Wells Tennis Garden
IW Coffee
Karen Harlow For The Home
Living Desert Zoo Gift Shop
Miramonte Resort & Spa
Nobu Indian Wells
Renaissance Esmeralda Resort & Spa
Reserve Club
SGA Production Services
Sodexo Live!
Sprouts Farmers Market
The Nest Restaurant & Piano Bar
The Sands Hotel & Spa
The Vintage Club
Toscana Country Club
Vue Grille & Bar
Light Industry
Drug Stores
Miscellaneous Retail
Restaurants
Miscellaneous Retail
Restaurants
Restaurants
Miscellaneous Retail
Miscellaneous Retail
Miscellaneous Retail
Food Markets
Miscellaneous Retail
Miscellaneous Retail
Restaurants
Restaurants
Restaurants
Miscellaneous Retail
Heavy Industry
Restaurants
Food Markets
Restaurants
Restaurants
Miscellaneous Retail
Miscellaneous Retail
Restaurants
American Audio Visual Center
Cafe Italia
Creative Pipe
CVS Pharmacy
Desert Horizons Country Club
Don Diego Restaurante
Donna Diamond Designer
Eldorado Country Club
Eureka!
Hotel Indian Wells
Hyatt Grand Champions Resort
Indian Wells Country Club
Indian Wells Golf Resort
Indian Wells Tennis Garden
Karen Harlow for The Home
Miramonte Resort & Spa
Ralph's Grocery Company
Renaissance Esmeralda Resort
Reserve Club
Tennis Warehouse
Terry Beardsley Golf Shop
The Nest
Toscana Country Club
Vicky's of Santa Fe
Vintage Club
Miscellaneous Retail
Restaurants
Misc. Vehicle Sales
Drug Stores
Restaurants
Restaurants
Miscellaneous Retail
Restaurants
Restaurants
Restaurants
Restaurants
Restaurants
Restaurants
Recreation Products
Furniture/Appliance
Restaurants
Food Markets
Restaurants
Restaurants
Recreation Products
Recreation Products
Restaurants
Restaurants
Restaurants
Restaurants
Source: Avenu Insights &Analytics
149 Page 184 of 530
City of Indian Wells
Property Tax Levies and Collections
Last Ten Fiscal Years
Collected within the
Fiscal Year of Levy Total Collections to Date
Fiscal Taxes Levied Collections in
Year Ended for the Percent Subsequent Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy 2015 2,602,881 2,511,277 96.48% 91,604 2,602,881 100.00% 2016 2,757,592 2,688,168 97.48% 69,424 2,757,592 100.00% 2017 2,876,532 2,805,557 97.53% 70,974 2,876,531 100.00% 2018 3,255,668 3,181,192 97.71% 60,334 3,241,526 99.57% 2019 3,398,657 3,346,263 98.46% 9,525 3,355,788 98.74%
2020 3,303,647 3,290,360 99.60% 13,287 3,303,647 100.00% 2021 3,554,123 3,544,966 99.74% - 3,544,966 99.74%
2022 3,721,408 3,678,179 98.84% 43,229 3,721,408 100.00% 2023 3,945,967 3,906,789 99.01% 39,177 3,945,966 100.00% 2024 4,362,305 4,307,625 98.75% 54,679 4,362,305 100.00% NOTE:
The amounts presented include City property taxes.
The City of Indian Wells participates in the Teeter Program, ensuring the collection of 100% of its property taxes. In years where full tax levies were not collected, the discrepancy is due to penalties and interest, which are excluded from this report. 150
City of Indian Wells
Transient Occupancy Tax Collections
Last Ten Fiscal Years
2014-15* 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Resort Hotels
Short-term Rentals
6,625,288 6,719,057 7,626,203 7,716,357 8,635,851 4,811,599 4,451,687 10,699,937 12,165,268 11,716,364 117,552 281,039 229,213 226,660 199,582 133,174 171,091 287,408 285,394 443,133 Total 6,742,840 7,000,096 7,855,416 7,943,017 8,835,433 4,944,773 4,622,778 10,987,345 12,450,662 12,159,497 Transient Occupany Tax Rate in effect
11.25% 11.25% 11.25% 11.25% 12.25% 12.25% 12.25% 12.25% 12.25% 12.25% Source: Published ACFR Reports
a. Specific revenue detail by operator is unavailable due to confidentiality. b. Voter approved 1% rate increase; effective January 1, 2019 151
City of Indian Wells
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities Business Type Activities
Fiscal
Year Tax Allocation Notes Lease Revenue
End Bonds Payable Bonds
2015
2016
2017
2018
2019
2020
2021
2022 15,246,052.00
2023
Leases
Payable
14,799,696.00 330,461.00
2024 - 14,263,340.00 189,907.00
(1) Notes: Details regarding the city's outstanding debt can be found in the notes to the financial statements.
Please see note 8 to the financial statements. During fiscal year 2011/12, the State of California took action to eliminate redevelopment. The remaining outstanding Redevelopment Agency Tax Allocation Bonds were transferred to a newly formed Successor Agency private -purpose trust.
Percentage
of Personal Per
Total Income Capita
- 0.00%
- 0.00%
- 0.00% -
- 0.00%
- 0.00%
0.00%
- 0.00%
15,246,052 0.00257% 125,401
15,130,157 0.00217% 146,267
14,453,247 0.00184% 163,639
I 52
City of Indian Wells
Ratio of General Bonded Debt Outstanding and Legal Debt Margin Last Ten Fiscal Years
(In Thousands, except Per Capita)
Outstanding Less: Total Net
Fiscal Tax % of Amounts Set Debt Legal Debt
Year Allocation Assessed Per Aside To Applicable To Legal Debt Legal Debt Margin as a End Bonds Value 1 Capita Repay Debt Debt Limit Limit Margin % of Limit 2015 0.0%
2016 0.0%
2017 0.0%
2018 0.0%
2019 0.0%
2020 0.0%
2021 - 0.0%
2022 0.0%
2023 0.0%
2024 0.0%
Legal Debt Margin Calculation for Fiscal Year 2024:
- 754,736 754,736 100.0%
- 781,696 781,696 100.0%
805,313 805,313 100.0%
833,007 833,007 100.0%
887,084 887,084 100.0%
922,223 922,223 100.0%
- 954,148 954,148 100.0%
989,800 989,800 100.0%
1,062,939 1,062,939 100.0%
1,135,618 1,135,618 100.0%
FY 2023/24
Assessed Value (From Assessor's net 02-2441) $ 7,570,784,959 Legal Debt limit (15% of total assessed value) 1,135,617,744 General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds (of which, the City has none).
All bonded debt is managed through the Agency's Debt Service Fund. Annual receipt of Tax Increment is reserved to pay annual debt service.
Assessed value has been used because the actual value of taxable property is not readily available in the State of California.
153
City of Indian Wells
Direct and Overlapping Debt
June 30, 2024
2023-24 Assessed Valuation:
Total Debt
6/30/2024
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:
Desert Community College District $ 664,990,000
Desert Sands Unified School District 349,520,000
Desert Sands Unified School District Community Facilities District No. 1 305,000 City of Indian Wells -
California Statewide Communities Development Authority Assessment Bonds 347,000
TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT
DIRECT AND OVERLAPPING GENERAL FUND DEBT:
Riverside County General Fund Obligations
Riverside County Pension Obligation Bonds
Desert Sands Unified School District Certificates of Participation City of Indian Wells Lease Revenue Bonds
Desert Recreation District General Fund Obligations
TOTAL GROSS OVERLAPPING GENERAL FUND DEBT
OVERLAPPING TAX INCREMENT DEBT (Successor Agencies):
TOTAL DIRECT DEBT
TOTAL OVERLAPPING DEBT
COMBINED TOTAL DEBT
$ 1,169,217,035
670,785,000
7,775,000
14,263,340
1,194,811
%o
Applicable (1)
6.864%
14.48 11.088
100
100
$ 7,576,070,715
City Share of
Debt 6/30/24
$ 45,644,914
50,610,496
33,818
347,000
$ 96,636,228
1.909%a1 $
1.909
14.48 100.000
11.187
22,320,353
12,805,286
1,125,820
14,263,340
133,664
50,648,463
175,320,000 0.188-100$ $ 50,624,868
$ 14,263,340
$ 183,646,219
$ 197,909,559 (2)
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue bonds and non -bonded capital lease obligations. 3atios to 2023-24 Assessed Valuation:
Direct Debt ($13,080,000)
Total Direct and Overlapping Tax and Assessment Debt
Combined Total Debt
0.17%
1.28%
2.60%
Ratios to Redevelopment Successor Agencies Incremental Valuation (S 5,332,557,946):
Total Overlapping Tax Increment Debt 0.95%
154
City of Indian Wells
Pledged -Revenue Coverage
Last Ten Fiscal Years
Tax Allocation Bonds
Fiscal Year
Ended Tax Debt Service
June 30 Increment Principal Interest
Coverage
2015 - - - -
2016 - - -
2017 - - - -
2018 - - -
2019 - - -
2020 - - -
2021 - - - -
2022 - - - -
2023 -
2024
Note: Details regarding the city's outstanding debt can be found in the notes to the financial statements.
155
City of Indian Wells
Demographic and Economic Statistics
Last Ten Fiscal Years
Per Capita Public School City
Population Personal Median Enrollment Unemployment
Fiscal Year (1) Personal Income Income (2) Age (3) Rate (%) (4) 2014-15 5,194 469,484,673 90,390 68.5 28,999
2015-16 5,412 447,589,123 82,703 68.9 28,719
2016-17 5,450 472,424,421 86,683 68.2 28,958
2017-18 5,574 513,911,206 92,198 68.5 28,708
2018-19 5,445 529,521,295 97,249 67.8 28,610
2019-20 5,403 546,486,273 101,145 67.9 27,963
2020-21 5,428 592,602,660 109,175 67.9 26,982
2021-22 4,762 597,158,324 125,401 67.2 26,698
2022-23 4,774 698,280,138 146,267 67.4 26,379
2023-24 4,797 784,977,051 163,639 68.3 25,898
6,000
5,500
5,000
4,500
4,000
City Population
yh Nco tit y0 y°� LO yy LL y3 Lo
LOyA yO,(.1 LoyV Loy' ' LciY tiON. Lo 9 Lot, 19 191?)
Lo1?)
4.4%
4.9%
4.3%
3.2%
2.0%
13.4%
5.6%
1.8%
3.3%
3.3%
City Unemployment Rate
De ON' 'V 'V �O.y�d�ON' ON' LON' Lo.L' O1'' O1'' oLy''i Source: Avenu Insights & Analytics
1.) Population Projections are provided by the California Department of Finance Projections.
2.) Income Data is provided by the U.S. Census Bureau.
3.) Student Enrollment reflects the total number of students enrolled in the Desert Sands Unified School District. Any other school districts within the City are not accounted for in this statistic.
4.) Unemployment Data are provided by the EDD's Bureau of Labor Statistics Department. 156 Page 191 of 530
City of Indian Wells
Principal Employers
Last Fiscal Year and Nine Years ago
2023-24 2014-15
Business Name
Hyatt Regency Resort & Spa
Renaissance Esmeralda Resort
Toscana Country Club
Indian Wells Golf Resort (1)
Miramonte Resort and Spa
El Dorado Country Club (1)
Desert Horizons Country Club (1)
Indian Wells Country Club
Indian Wells Resort Hotel
Gerald Ford Elementary School
Ralphs
Total Top Employers
Total City Employment (2)
Percent of Percent of
Total Total
Number of Employment Number of Employment
Employees (0/0) Employees (%)
445 24.72% 425 25.00%
442 24.56% 480 28.24%
346 19.22% 200 11.76%
175 9.72% 231 13.59%
230 12.78% 178 10.47%
132 7.33% 215 12.65%
115 6.39% 82 4.82%
77 4.28% 85 5.00%
64 3.56% 71 4.18%
61 3.39% 0.00%
63 3.71%
2,087 115.94% 2,030 119.41%
1,800 1,700
Source: Avenu Insights &Analytics
Source: FY2015, City's ACFR Publication Report
(1) Includes Seasonal Employees.
(2) Total City Labor Force provided by EDD Labor Force Data.
Results based on direct correspondence with city's local businesses. 157 Page 192 of 530
City of Indian Wells
Full-time Equivalent City Government Employees
by Function
Last Ten Fiscal Years
Function
City Manager/Clerk
Economic Development
Advertising/Marketing
Community Services
Risk Management
Personnel
City Attorney
Community Development
Finance Department
Public Safety
Public Works
Housing Authority
Golf Resort
Club Drive
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
4.52 4.48 4.48 5.05 5.05 5.75 5.85 4.30 4.25 4.50
0.35 0.15
1.97 1.97 1.97 0.95 0.95 1.05 0.90
1.95 1.95 1.40 0.55 0.55 0.35 0.35
0.150 0.150 0.15 0.30 0.30 0.30 0.30 0.30 0.30 0.40
0.450 0.450 0.45 0.55 0.55 0.45 0.45 0.40 0.35 0.15
0.05 0.09 0.09 0.20 0.20 0.20 0.10 0.10 0.25 0.25
6.27 6.27 6.77 5.45 5.45 6.35 5.45 6.35 7.35 7.65
5.47 5.33 5.33 4.41 4.41 3.42 3.19 2.94 4.45 5.20
1.60 1.60 1.10 1.10 1.10 1.15 1.50 1.50 1.10 0.50
7.53 7.44 7.44 7.44 7.51 8.47 8.63 9.61 10.15 10.30
0.99 0.99 0.99 1.64 1.64 1.72 2.24 3.49 2.65 1.30
0.18 0.18 0.84 0.84 0.79 0.79 0.51 0.40 0.35
0.05 0.05 0.07
Total 29.00 29.00 29.00 29.00 29.00 30.00 30.00 31.00 33.00 32.00 Source: City of Indian Wells Budget
City implemented program budgeting commencing with the 2017-2018 fiscal year 158
City of Indian Wells
Operating Indicators
by Functions
Last Ten Fiscal Years
Fiscal Year
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Function
Police
Violent Crime
Thefts
Burglaries
Traffic Collisions
Traffic Citations
Fire
Medical Aid Calls
Public Service Assists
Structure Fires
Vegetation Fires
Building Activity
Permits Issued
Inspections Performed
New Dwelling Units
Public Works
Lot Line Adjustments
Parcel Mergers
Encroachment Permits
Tract Maps
Grading Permits
Transportation Permits
Golf Resort
Golf rounds played
Administration
City Council Meetings
Public Hearings
Adopted Resolutions
3 6 6 2 8 8 14 8 8 10
87 91 96 89 101 101 67 108 90 69
29 45 39 34 49 49 19 35 29 19
136 104 116 98 101 102 108 118 129 151
971 1,101 1,248 1,231 853 393 949 1,011 1,417 1,551
751 794 818 934 951 1,135 766 918 980 979
102 76 79 69 59 65 56 69 93 96
4 3 1 5 2 2 - 2 1 6
- 2 2 - 3 - 1
845 887 774 764 758 722 751 682 1,167 900
5,438 4,607 3,319 3,686 3,841 4,209 3,576 4,751 6,044 5,327 37 32 33 39 46 61 38 85 45 35
4 2 4 - 2 6 8 3 1 7
5 4 1 3 2 1 1 1 1 1
59 70 82 71 86 82 56 66 86 78
1 2 - 2 4 -
28 14
78,829 77,613 74,358 74,828 74,589 56,402 64,968 76,500 78,522 80,629 18 15 8 10 9 21 20 27 33 26
18 14 15 11 9 18 17 16 33 15
49 42 49 41 39 50 43 39 12 49
159
City of Indian Wells
Capital Asset Statistics
by Function
Last Ten Fiscal Years
Units of
Measure
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Function
Public safety
Police Sub -Stations Buildings 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Fire Stations Buildings 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Highways, Streets, Bridges, & Infrastructure
Pavement (Roadway) Centerline Miles 25.80 25.80 25.80 25.80 25.80 25.80 25.80 25.80 25.80 25.80 Sidewalks Miles 12.70 12.70 12.70 12.70 12.70 12.70 12.70 12.70 12.70 12.70 Bridges Each 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 Traffic Signals Each 15.25 15.25 15.25 15.25 15.25 15.25 15.25 15.25 15.25 15.25 Traffic Signals equipped with Red Light Runner Camera Each - - - - - Streetlights (not included with traffic signals) Each 19.00 19.00 19.00 19.00 19.00 19.00 19.00 19.00 19.00 19.00 Sanitary Sewer Lift Stations (CVWD) Each 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 Parks and recreation
Parks Each 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 2.00 2.00 18 -Hole Public Golf Courses Each 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 Golf Course Clubhouse Each 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 City Vehicles
City -Owned Fleet Motor Vehicles Each 9.00 9.00 10.00 10.00 10.00 10.00 10.00 11.00 10.00 11.00 City -Owned Ambulances Each 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 City Owned Police Motorcycles Each 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 2.00 2.00 Affordable Housing
Senior Affordable Housing Complexes Each 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 Senior Affordable Housing Units Each 218.00 218.00 218.00 218.00 218.00 218.00 218.00 218.00 218.00 218.00 160
INDIAN WELLS CITY COUNCIL
January 30, 2025
To:
From:
City Council
Finance Department
Prepared by: Kevin McCarthy, City Finance Director
Subject: Re -Adoption of the City's Investment Policy
RECOMMENDED
ACTIONS:
Council RE -ADOPTS the City's Investment Policy as presented; and FINDS the project to be exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to Section 15060.
SUMMARY:
The Finance Committee convened on January 14, 2025, to conduct a comprehensive review of the City's Investment Policy. Following this review, the Committee recommends that the City Council consider approval of the Investment Policy as presented.
Upon completing a thorough analysis, the City Treasurer advises against any modifications or alterations to the existing policy. The evaluation process included meticulously assessing the policy's effectiveness, financial implications, and overall alignment with the City's strategic objectives.
This recommendation is based on a comprehensive understanding of the policy's impact and suitability in addressing the City's financial and operational requirements.
Consequently, the current policy is recommended to remain unchanged as it continues to support the City's fiscal goals and adhere to regulatory standards.
BACKGROUND:
In accordance with the Government Code, the City Council is responsible for conducting an annual review and reaffirmation of the City's investment policy. This essential practice ensures that the City's financial strategies and policies remain aligned with current regulations, economic conditions, and the community's best interests. The City
Council demonstrates its commitment to prudent fiscal management and safeguarding public funds through this diligent annual assessment.
The City Treasurer plays a crucial role in managing all City Funds, ensuring compliance with California Government Code Sections 53600 et seq. and 53635 et seq.
Furthermore, investment practices are guided by the prudent person rule (Civil Code Sect. 2261, et seq.). The City Treasurer is responsible for overseeing the custody, deposit, and investment of public funds and securities, aligning these actions with the principles of sound treasury management, relevant laws, ordinances, and the established investment policy.
DISCUSSION:
The City Treasurer conducts an annual review of each policy section to ensure full compliance with State code. This rigorous process enhances transparency in managing qualified investments and ensures alignment with State laws, policies, and City Council standards.
To mitigate risks proactively, city -owned securities are securely held by a third -party bank trust department. Serving as the City's agent under a custody agreement, this trust department is responsible for safeguarding the securities and settling trades on a delivery vs. payment (DVP) basis through the City's designated safekeeping agent. An independent annual audit is performed to verify the accuracy of the securities in the City's custody.
The City submits its investment policy for certification by the California Municipal Treasurer's Association (CMTA), demonstrating a steadfast commitment to due diligence and best practices. Participation in this certification program reaffirms the City's dedication to maintaining the highest financial management standards.
FISCAL IMPACT:
Monthly Treasurer Reports are diligently prepared to showcase compliance with the investment policy, are open for public review, and are subject to City Council approval.
Additionally, the City's investments and investment policy undergo external auditor review as part of the audit process. Access to Treasurer Reports and the investment policy is available online at http://www.cityofindianwells.org/cityhall/depts/finance .
CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA):
This action has been reviewed per the authority and criteria contained in the California Environmental Quality Act (CEQA), the State and local CEQA Guidelines, and the City's environmental regulations. The City, acting as the Lead Agency, determined that the ordinance is not subject to CEQA pursuant to Sections 15060(c)(2), 15060(c)(3), and
15061(b)(3) of the State CEQA Guidelines, because it will not result in a direct or reasonably foreseeable indirect physical change to the environment as there is no possibility that the action would result in a significant environmental impact, and because it does not constitute a "project" as defined in Section 15378 of the State CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3.
ATTACHMENTS:
1. Indian Wells Statement of Investment Policy
ATTACHMENT #1
City of Indian Wells
Statement of
Investment Policy
Adopted January 30, 2025
City of Indian Wells
Statement of Investment Policy
Table of Contents
Investment Policy Certification 2
Policy 1.0 3
Scope 2.0 3
Fiscal Prudence 3.0 4
Objective 4.0 5
Delegation of Authority 5.0 6
Ethics and Conflicts of Interests 6.0 6
Authorized Financial Dealers and Institutions 7.0 7
Safekeeping and Custody 8.0 7
Investment Diversification and Percentage Limitations 9.0 8 Authorized and Suitable Investments 10.0 9
Prohibited Investments 11.0 10
Review of Investment Portfolio 12.0 10
Investment Pools/ Money Market Funds 13.0 10
Collateralization 14.0 11
Maximum Maturities 15.0 11
Internal Control 16.0 12
Maturity Structure 17.0 12
Performance Standards 18.0 12
Reporting 19.0 12
Investment Policy Adoption 20.0 13
Glossary of Investment Terms 14
Page `t'of 530
City of Indian Wells
Statement of Investment Policy
Investment Policy Certification
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Page ` 12of 530
City of Indian Wells
Statement of Investment Policy
1.0 Policy
It is the policy of the City of Indian Wells to invest public funds in a manner that will provide the maximum security of the City's capital while meeting its daily cash flow demands. The policy conforms to all state and local statutes governing the investment of public funds; and beyond that to maximize return within an acceptable and defined level of risk. The City's policy is to deposit and invest public funds in a manner that shall provide the following:
• Safety of principal
• Liquidity to meet all City obligations and requirements that may be reasonably anticipated
• A risk -based market rate of return
This policy intends to provide guidelines for the prudent investment of the City's cash in all Funds and outline the policies for maximizing the efficiency of the City's cash management system.
2.0 Scope
This Investment policy applies to all financial assets of the City of Indian Wells. These funds are accounted for in the City's Comprehensive Annual Financial Report and include the following:
• The General Fund
• Special Revenue Funds
• Debt Service Funds
• Capital Project Funds
• Agency Funds
Included in these funds are the following Component Units of the City of Indian Wells; and, accordingly, are encompassed by this investment policy:
• The City of Indian Wells Successor Agency
• The City of Indian Wells Housing Authority
• The City of Indian Wells' Fire Access Maintenance District • The City of Indian Wells Lighting and Landscaping District(s) • The City of Indian Wells Assessment District(s)
City of Indian Wells
Statement of Investment Policy
The City's Investment Policy does not apply to the following:
• Funds held in trust in the City's name in pension or other post -retirement benefit programs;
• Cash and Investments held instead of retention by banks or other financial institutions for construction projects;
• Short or long-term loans made to other entities by the City; and Short term (Due to/from) or long-term (Advances from/to) obligations made between the City and its funds.
Investment of Bond Proceeds
California Code Section 5922 (d) governs the investment of bond proceeds and reserve funds in accordance with bond indenture provisions.
• Arbitrage Requirement - The US Tax Reform Act of 1986 requires the City to perform arbitrage calculations as required and return excess earnings to the US Treasury from investments of proceeds of bond issues sold after the effective date of this law. These arbitrage calculations may be contracted with an outside source to provide technical assistance to comply with this regulation. Investable funds subject to the 1986 Tax Reform Act will be kept segregated from other funds, and records will be held to facilitate the calculations.
The City's investment position relative to the new arbitrage restrictions is to continue pursuing the maximum yield on applicable investments while ensuring the safety of capital and liquidity.
It is the City's position to continue maximization of yield and to rebate excess earnings, if necessary.
3.0 Fiscal Prudence
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 City, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the City.
Investments shall be made with judgment and care, under the circumstances then prevailing, which persons of prudence, direction, and intelligence exercise in the management of their affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived.
Page ` 4of 530
City of Indian Wells
Statement of Investment Policy
At the time of purchase, the City intends to hold all investments until maturity to ensure the return of all invested principal. However, staff anticipates that market prices of securities purchased will vary depending on economic conditions, interest rate fluctuations, or individual security credit factors. Such temporary variations in market value will inevitably result in measurable gains or losses at any specific time.
The City Treasurer is assigned to manage the investment portfolio, acting within the intent and scope of the investment policy and exercising due diligence. The City Treasurer shall be relieved of personal responsibility and liability for an individual security's credit risk or market price changes, provided deviations from expectations are reported promptly and appropriate action is taken to control adverse developments.
4.0 Objective
The principal factors of Safety, Credit Risk, Market Rate Risk, Liquidity, and Return on Investment shall be considered, in the specific order listed, when making investment decisions.
1. Safety of Principal — The principal's safety is the investment program's foremost objective. Accordingly, investments in the City of Indian Wells seek to ensure capital preservation in the overall portfolio. Thus, the City will mitigate credit and interest rate risks to obtain this objective.
2. Credit Risk - Credit risk is the risk of loss due to the security issue's failure. Credit risk will be mitigated by:
a. Limiting investments to the safest types of securities. b. By pre -qualifying the financial institutions with which it will do business. c. By diversifying the investment portfolio so that potential losses on individual securities do not unduly harm the City's capital base and cash flow.
3. Market Rate Risk - Market Risk, defined as market value fluctuations due to overall changes in interest rates, shall be mitigated by limiting the average maturity of the investment portfolio to less than five years, with a maximum maturity of any one security of 10 years. In addition, the portfolio shall be structured based on liquidity needs to avoid the need to sell securities before maturity.
4. Liquidity - The investment portfolio will remain liquid to meet all operating requirements, which might be reasonably anticipated. This is accomplished by striving to have securities mature while cash is needed to meet anticipated demands (static liquidity). Additionally, since all possible cash demands cannot be anticipated, the portfolio should consist mainly of securities with active secondary or resale markets (dynamic liquidity).
Page `!415of 530
City of Indian Wells
Statement of Investment Policy
5. Return on Investment - The investment portfolio shall be designed to attain a market rate of return throughout budgetary and economic cycles, considering the City's investment risk constraints and the cash flow characteristics of the portfolio. Return on Investment is of secondary importance compared to the safety and liquidity objectives described above. Accordingly, investments are limited to relatively minimal risk securities, as herein defined, in anticipation of earning a fair return relative to the risk assumed. While it occasionally may be necessary or strategically prudent of the City to sell a security before maturity to meet unanticipated cash needs or to restructure the portfolio, this policy prohibits explicitly trading securities to speculate on the future direction of interest rates.
5.0 Delegation of Authority
Authority to manage the investment program is derived from California Government Code Section 53600, et seq.; the City's Municipal Code; and City Council's Policy Manual.
Responsibilities of the Finance Department
The Finance Department is responsible for maintaining custody of all public funds and securities belonging to or under the control of the City and for the deposit and investment of those funds in accordance with the principles of sound treasury management, applicable laws, and ordinances, and this investment policy.
Responsibilities of the City Treasurer
The City Treasurer is responsible for investing all City Funds in accordance with the California Government Code, Sections 53600 et seq. and 53635 et seq. In addition, investment practices shall conform to the prudent man rule (Civil Code Sect. 2261, et seq.).
The City Treasurer shall establish procedures for operating the investment program consistent with this policy. Procedures should reference safekeeping, repurchase agreements, wire transfer agreements, collateral/depository agreements, and banking service contracts. Such procedures shall include explicit delegation of authority to the people responsible for investment transactions. The City Treasurer shall be responsible for all transactions undertaken and establish a system of controls to regulate the activities of subordinate officials. 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.
6.0 Ethics and Conflicts of Interests
Elected officials and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution of the investment program or impair their ability to make impartial decisions.
Page ` 6of 530
City of Indian Wells
Statement of Investment Policy
Employees and Elected officials shall disclose to the City Manager any material interests in financial institutions that conduct business with the City of Indian Wells. They shall further disclose any prominent personal financial/investment positions that could be related to the performance of the City's portfolio. Employees and Elected officials shall subordinate their investment transactions to those of the City of Indian Wells, particularly about the time of purchases and sales.
7.0 Authorized Financial Dealers and Institutions
Authorized Financial Dealers and Institutions defined under California Government Code Section 53601.5 shall be allowed to conduct business with the City. Authorized Financial Dealers and Institutions defined under California Government Code Section 53601.5 shall be defined as an institution licensed by the State of California as a broker -dealer, as defined in Section 25004 of the California Corporations Code, or a member of a federally regulated securities exchange, a national or state -chartered bank, a savings association or federal association or a brokerage firm designated as a primary government dealer by the Federal Reserve Bank.
The City Treasurer will maintain a list of financial institutions authorized to provide investment services conforming to the California Government Code Section 53601.5. These may include "primary" dealers or regional dealers that qualify under Securities & Exchange Commission Rule 15C3-1 (uniform net Capital rule). No public deposit shall be made except in a qualified public depository established by state laws.
All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the City Treasurer with the following: audited financial statements, proof of National Association of Security Dealers certification, proof of State of California registration, and certification of having read the City's investment policy. In addition, a current (for the fiscal year most recently ended) audited financial statement must be on file for each financial institution and broker/dealer in which the City invests.
8.0 Safekeeping and Custody
To protect against fraud, embezzlement, or losses caused by the collapse of an individual securities dealer, all securities owned by the City shall be held in safekeeping by a third -party bank trust department acting as an agent for the City under the terms of a custody agreement.
All trades a dealer executes will settle delivery vs. payment (DVP) through the City's safekeeping agent.
Securities held in custody for the City shall be independently audited annually to verify investment holdings. The only exception to the preceding shall be depository accounts and securities purchases made with LAIF, time certificates of deposit, and money market mutual funds since the purchased securities are not deliverable.
Page F2'0117of 530
City of Indian Wells
Statement of Investment Policy
9.0 Investment Diversification and Percentage Limitations Investments shall be diversified among institutions, types of securities, and maturities to maximize safety and yield with changing market conditions. The City Treasurer will diversify investments by investment type and institution in accordance with the limitations of the authorized investments.
Diversification
• No more than 70% of the City's total investment portfolio will be invested in a single security type or with a single financial institution, quantified at the time of purchase. • The City Treasurer shall take great care not to exceed the maximum 70% diversification limit; however, due to normal fluctuations in the amount of cash held in Local Agency Investment Funds (LAIF) or other short-term investments, the City may at times temporarily exceed the maximum 70% diversification limit.
Percentage Limitations
• The City Treasurer shall not exceed the maximum investment percentage of the portfolio by investment type at the time of purchase of the security. Due to frequent fluctuations in cash held in LAIF or other short-term investments, the City may sometimes temporally exceed the portfolio's maximum investment percentage by investment type. The City Treasurer shall not be required to sell any investment type to maintain the maximum investment percentage of the portfolio by investment type limit.
Page F2TO8of 530
City of Indian Wells
Statement of Investment Policy
10. Authorized and Suitable Investments
Investments of City funds are governed by the California Government Code Sections 53600 et seq, as amended from time to time.
Investment Type
Maximum Maturity
Maximum
Percentage
of Portfolio
Maximum par
value per name
Credit/Minimum Quality Requirements
US Treasury Bills,
Bonds, and Notes
Five years — See
Maximum Maturity
requirements
0-70%
None
Full faith and credit of the United States
Government
Federal Agency
Securities
Five years — See
Maximum Maturity
requirements
0-70%
None
Implied guarantee of the US Government.
Federal Agency Securities have an AA+
rating.
Local Agency Bonds
Five years — See
Maximum Maturity
requirements
0-30%
$5,000,000
Shall be rated in a rating category of "A"
or its equivalent or better by a nationally
recognized rating service such as S&P or
Moodys.
State of California
Obligations
Five years — See
Maximum Maturity
requirements
0-30%
$5,000,000
Shall be rated in a rating category of "A"
or its equivalent or better by a nationally
recognized rating service such as S&P or
Moodys.
CA Local Agency
Obligations
Five years — See
Maximum Maturity
requirements
0-30%
$5,000,000
Shall be rated in a rating category of "A"
or its equivalent or better by a nationally
recognized rating service such as S&P or
Moodys.
Money Market Funds
N/A
0-20%
10% per single
issue
Multiple requirements, including the
highest ranking by two nationally
recognized rating agencies, must have a
fund advisor registered with the SEC, have
more than $500 million under
management, etc.
Certificates of Deposit
— Private Placement
Certificate of Deposit
Account Registry
Service (CDARS),
Negotiable Certificates
of Deposit, Non-
negotiable Certificates
of Deposit
Five years
0-30%
$250,000 per
Issuer
Federal Deposit Insurance Corporation
(FDIC) Insured limited to $250,000 per
issuer.
Repurchase
Agreements
30 days
0-10%
$2,000,000
Signed Security Loan Agreement in the
file. Reverse Repurchase Agreements are
specifically not authorized under this
investment policy.
Local Agency
Investment Fund
N/A
0-70%
$30,000,000
(per entity)
Investment of funds in the California LAIF,
which allows the State Treasurer to invest
through the Pooled Money Investment
Account
Medium -term
Corporate Bonds
Five years
0-30%
3,000,000 up to
5% per Issuer
Shall be rated in a rating category of "A"
or its equivalent or better by a nationally
recognized rating service such as S&P or
Moodys.
Page I 9of 530
City of Indian Wells
Statement of Investment Policy
11.0 Prohibited Investments
Under California Government Code Section 53601.6, as amended from time to time, the City shall not invest any funds in inverse floaters, range notes, or interest -only strips derived from a pool of mortgages. In addition, the City shall not invest funds in any security that could result in zero interest accrual if held to maturity.
12.0 Review of Investment Portfolio
The City's securities must comply with Authorized and Suitable Investments at the time of purchase. In addition, the City Treasurer shall establish procedures to report to the City Council major and critical noncompliance incidents identified through the portfolio review.
13.0 Investment Pools/ Money Market Funds
The City may invest in the Local Agency Investment Fund (LAIF), a special fund in the California State Treasury created and governed pursuant to Government Code Sections 16429.1 et seq.
LAIF limits investments to $75 million per account from anyone public agency by State law; however, the City's investment policy limits investments to $30 million per account.
The California Government Code states that money placed for deposit in LAIF is in trust in the custody of the State Treasurer and cannot be borrowed or withheld from the City. Further, the right to withdraw deposited money from the LAIF upon demand may not be altered, impaired, or denied by any state official or agency based upon the State's failure to adopt a budget by July 1 of each new fiscal year.
A thorough investigation of a pool/fund is required before investing, and continually. This investigation aims to determine the suitability of a pool or fund and evaluate the risk of placing funds with that pool or fund.
The investigation will, at a minimum, obtain the following:
• A description of eligible investment securities and a written statement of investment policy and objectives.
• A description of interest calculations, how they are distributed, and how gains and losses are treated.
• A description of how the securities are safeguarded (including the settlement processes), how often the securities are priced, and the program is audited. • A description of who may invest in the program, how often, and what size deposit and withdrawal are allowed.
• A schedule for receiving statements and portfolio listings. • A description of how the pool/fund maintains reserves, retained earnings, etc., or is all income after expenses distributed to participants.
PageP20Y0of 530
City of Indian Wells
Statement of Investment Policy
• A fee schedule that discloses when and how fees are assessed. • The eligibility of the pool/fund to invest in bond proceeds and a description of its practices.
Money market mutual funds must be registered with the Securities and Exchange Commission and comply with rule 2a7 of the Investment Company Act of 1940. In addition, the dollar - weighted average maturity of the portfolio shall be less than ninety (90) days, and the portfolio is managed to maintain a one -dollar ($1.00) share price.
The fund shall meet either of the following criteria:
• Attained the highest ranking or the highest letter and numerical rating provided by not less than two Nationally Recognized Statistical -Rating Organizations • Retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years of experience managing money market mutual funds with assets under management of more than five hundred million dollars ($500,000,000).
14.0 Collateralization
Collateralization will be required on Repurchase Agreements. • Repurchase Agreements - To anticipate market changes and provide security for all funds, the collateralization level for repurchase agreements will be 102% of the market value of principal and accrued interest. The collateral cannot be mortgage -backed securities.
15.0 Maximum Maturities
The City of Indian Wells will attempt to match its investments with anticipated cash flow requirements. Therefore, to the extent possible, the City Treasurer shall maintain investments in the portfolio equal to two years of current General Fund operating reserves maturing at no more than five (5) years from the date of purchase.
Once this requirement is met, a maximum of 30% of the portfolio may be invested for more than five (5) years but not to exceed ten (10) years consisting of those investments listed in Government Code Section 53601 where there is no limitation specified therein regarding the term or remaining maturity of the instrument. Investments more significant than five (5) years from the date of purchase shall be brought to the City Council for review and approval before purchase. In addition, reserve funds from Bond proceeds may be invested in securities exceeding five (5) years if the maturity of such investments is made to coincide as practicable with the expected use of funds.
PageP210Vof 530
City of Indian Wells
Statement of Investment Policy
16.0 Internal Control
The City Treasurer 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 is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived, and (2) the valuation of costs and benefits requires estimates and judgments by management. Accordingly, the City Treasurer shall establish an annual independent review process by an external auditor. This review will provide internal control by assuring compliance with policies and procedures.
17.0 Maturity Structure
The weighted average maturity of the pooled portfolio shall be, at most, four years. In addition to the four-year maturity average, the portfolio shall be structured for liquidity purposes to maintain $5,000,000 of invested funds maturing within 360 days.
18.0 Performance Standards
The investment portfolio shall be managed in accordance with the parameters specified within this policy and always within consistently safe and prudent treasury management procedures.
Market Yield (Benchmark)
The City's overall investment strategy is passive: Investments are generally held to maturity.
The City portfolio shall be compared to a benchmark to determine whether market yields are being achieved. The LAIF apportionment rate and the two-year U.S. Treasury Note shall be considered useful benchmarks of the City's portfolio performance.
Marking to Market
The market value of the portfolio shall be calculated monthly. This will ensure that a review of the investment portfolio, in terms of value and price volatility, is performed. In defining market value, consideration shall be given to pronouncements from the Government Accounting Standards Board (GASB) that address the reporting of investment assets and income for all investment portfolios held by governmental entities. The fair value of all securities reported in the City's portfolio is based on currently quoted market prices.
19.0 Reporting
The City Treasurer shall prepare a monthly Treasurer's Report that provides a clear picture of the status of the current investments. The Treasurer's Report allows the City Manager and Council to ascertain whether investment activities have deviated from the City's investment PageP2UUi"-of 530
City of Indian Wells
Statement of Investment Policy
policy during the reporting period. The monthly Treasurer's Report will include the City, Fiscal Agent, and Bond Proceeds portfolio(s).
In Section 53646 of the State Government Code, the City Treasurer may submit a Treasurer's Report to the City Council at least quarterly, within 30 days following quarter -end. However, due to the City's limited summer public meeting schedule and the annual financial audit preparation, the 30 -day reporting requirement may be challenging for the June and September quarters. Therefore, the City Treasurer shall submit an initial report of the Treasurer's Report to the City Council for review within the 30 -day limit, followed by a final report submitted to the City Council when finalized.
The following information shall be required in each monthly investment portfolio report:
• A listing of individual securities held at the end of the reporting period. • Percentage of Portfolio by Investment Type
• Investments Stated Rate and Book Value
• Unrealized gains or losses resulting from appreciation depreciation by listing securities' cost and market value over one year in duration.
• Average rate of return on City's investments
• Maturity aging by type of investment
• Market value of securities
• A statement of compliance with the investment policy or an explanation for non- compliance
• A statement of the City's ability to meet its pool's expenditure requirements for the next six months and explain why sufficient money will not be available if that is the case.
20.0 Investment Policy Adoption
The City of Indian Wells Investment Policy shall be adopted by minute order of the City Council of the City of Indian Wells. The Policy shall be reviewed annually by the City Council, and the City Council must approve any modifications made to it.
PageP2I 3of 530
City of Indian Wells
Statement of Investment Policy
APPENDIX "A"
GLOSSARY OF INVESTMENT TERMS
AGENCY: A debt security issued by a federal or federally sponsored agency. Federal agencies are backed by the full faith and credit of the U.S. Government (i.e., Government National Mortgage Association). Federally sponsored agencies (FSA) are backed by each agency with a market perception that there is an implicit government guarantee (i.e., Federal National Mortgage Association).
ASKED PRICE: The price at which securities are offered for sale, also known as the offering price.
BENCHMARK: A comparative base for measuring the performance or risk tolerance of the investment portfolio. A model should represent a close correlation between the level of risk and the average duration of the portfolio's investments.
BID PRICE: The price offered by a buyer of securities. (When you are selling securities, you ask for a bid.)
BOND PROCEEDS: The money paid to the issuer by the purchaser or underwriter of a new issue of municipal securities. This money is used to finance the project or purpose for which the securities were issued and to pay certain issuance costs as may be provided in the bond contract.
BOOK VALUE: The value at which debt security is shown on the holder's balance sheet. Book value is often acquisition cost plus/minus amortization and accretion, which may differ significantly from the security's current value in the market.
BROKER: Someone who brings buyers and sellers together and is compensated for their service.
CERTIFICATE OF DEPOSIT (CD): A time deposit with a specific maturity evidenced by a certificate. Large -denomination CDs are typically negotiable.
COLLATERAL: Securities, evidence of a deposit, or other property that a borrower pledges to secure loan repayment. Also, it refers to securities pledged by a bank to secure deposits of public monies.
CREDIT QUALITY: The measurement of the financial strength of a bond issuer. This measurement helps an investor to understand an issuer's ability to make timely interest payments and repay the loan principal upon maturity. The higher the credit quality of a bond issuer, the lower the interest rate the issuer pays because the risk of default is lower. A Nationally Recognized Statistical -Rating Organization provides credit quality ratings.
CREDIT RISK: The risk to an investor that an issuer will default in the payment of interest and principal on security.
CUSTODIAN: A bank or other financial institution that keeps custody of stock certificates and other assets.
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CURRENT YIELD (CURRENT RETURN): A yield calculation determined by dividing the annual interest received on a security by the current market price of that security.
DEALER: Instead of a broker, a dealer acts as a principal in all transactions by buying and selling for their account.
DELIVERY VERSUS PAYMENT: There are two methods of delivery of securities: delivery versus payment and delivery versus receipt. Delivery versus payment is the delivery of securities with an exchange of money for the securities. Delivery versus receipt is the delivery of security in exchange for a signed receipt.
DERIVATIVES: (1) financial instruments whose return profile is linked to, or derived from, the movement of one or more underlying indexes or security and may include a leveraging factor, or (2) financial contracts based upon notional amounts whose value is derived from an underlying index or security (interest rates, foreign exchange rates, equities, or commodities).
DIVERSIFICATION: Dividing investment funds among various security types by sector, maturity, and quality ratings to offer independent returns.
DURATION: A measure of the timing of the cash flows, such as the interest payments and the principal repayment, to be received from a given fixed -income security. This calculation is based on three variables: term to maturity, coupon rate, and yield to maturity. The duration of security is a valuable indicator of its price volatility for given changes in interest rates.
FAIR VALUE: The amount at which an investment could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
FEDERAL CREDIT AGENCIES: Federal government agencies are set up to supply credit to various institutions and individuals, e.g., S&Ls, small-business firms, students, farmers, farm co- operatives, and exporters.
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): A federal agency insures bank deposits up to $250,000 per deposit.
FEDERAL HOME LOAN BANKS (FHLB): Government -sponsored wholesale banks (currently 12 regional banks) that lend funds and provide correspondent bank services to member commercial banks, thrift institutions, credit unions, and insurance companies.
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA): FNMA is a federal corporation working under the auspices of the Department of Housing and Urban Development (HUD). It is the largest single provider of residential mortgage funds in the United States. Fannie Mae, as the corporation is called, is a private stockholder -owned corporation. The corporation's purchases include a variety of adjustable mortgages and second loans, in addition to fixed-rate mortgages.
FEDERAL OPEN MARKET COMMITTEE (FOMC): Consists of seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank Presidents. The President of the New York Federal Reserve Bank is a permanent member, while the other Presidents serve on a rotating basis. The Committee periodically meets to set Federal Reserve guidelines regarding PageP2145of 530
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purchases and sales of Government Securities in the open market to influence bank credit and money volume.
FEDERAL RESERVE SYSTEM: The United States central bank was created by Congress, consisting of a seven -member Board of Governors in Washington, D.C., twelve Regional Banks, and about 5,700 commercial banks.
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA): A self -regulatory organization (SRO) governing business between brokers, dealers, and the investing public.
GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB): A standard -setting body associated with the Financial Accounting Foundation prescribes standard accounting practices for governmental units.
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA or Ginnie Mae): Securities influencing the volume of bank credit guaranteed by GNMA and issued by mortgage bankers, commercial banks, savings and loan associations, and other institutions. Security holder is protected by full faith and credit of the U.S. Government —the FHA, VA, or FMHA mortgages back Ginny Mae securities. The term "pass-throughs" is often used to describe Ginnie Maes.
GOVERNMENT SECURITIES: An obligation of the U.S. government, backed by the full faith and credit of the government. These securities are regarded as the highest quality investment securities in the U.S. securities market. See "Treasury Bills, Notes, and Bonds." INTEREST RATE RISK: The risk associated with declines or rises in interest rates, which cause an investment in fixed -income security to increase or decrease in value.
INTERNAL CONTROLS: An internal control structure designed to protect the entity's assets from loss, theft, or misuse. The internal control structure is designed to ensure these objectives are met reasonably. The concept of reasonable assurance recognizes that 1) the cost of a control should not exceed the benefits likely to be derived and 2) the valuation of costs and benefits requires estimates and judgments by management. Internal controls should address the following points:
• Control of collusion - Collusion is when two or more employees work together to defraud their employer.
■ Separation of transaction authority from accounting and record keeping - A separation of duties is achieved by separating the person who authorizes or performs the transaction from those who record or otherwise account for the transaction. ■ Custodial safekeeping - Securities purchased from any bank or dealer, including appropriate collateral (as defined by state law), shall be placed with an independent third party for custodial safekeeping.
■ Avoidance of physical delivery securities - Book -entry securities are much easier to transfer and account for since the actual delivery of a document never takes place.
Delivered securities must be adequately safeguarded against loss or destruction. The potential for fraud and loss increases with physically delivered securities.
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■ Clear delegation of authority to subordinate staff members - To avoid improper actions, they must clearly understand their authority and responsibilities. Clear delegation of authority also preserves the internal control structure contingent on the various staff positions and responsibilities.
■ Written confirmation of transactions for investments and wire transfers - Due to the potential for error and improprieties arising from telephone and electronic transactions, all transactions should be supported by written communications and approved by the appropriate person. Written communications may be via fax if on letterhead and if the safekeeping institution has a list of authorized signatures. ■ Development of a wire transfer agreement with the lead bank and third -party custodian - The designated officer should ensure that an agreement will be entered into and address the controls, security provisions, and responsibilities of each party making and receiving wire transfers.
LIQUIDITY: A liquid asset can be converted quickly and rapidly into cash without a substantial loss of value. In the money market, a security is said to be liquid if the spread between the bid and asked prices is narrow, and a reasonable size can be done at those quotes.
LOCAL AGENCY INVESTMENT FUND (LAIF): Chapter 730, Statutes of 1976 of the State of California, established the Local Agency Investment Fund. This fund enables local governmental agencies to remit money not required for immediate needs to the State City Treasurer for investment. To derive the maximum rate of return possible, the State City Treasurer has elected to invest these monies with State monies as a part of the Pooled Money Investment Account. Each local governmental unit has the exclusive determination of the length of time its money will be on deposit with the State City Treasurer. At the end of each calendar quarter, all earnings derived from investments are distributed by the State Controller to the participating government agencies in proportion to each agency's respective amounts deposited in the Fund and the length of time such amounts remained therein. Before the distribution, the State's costs of administering the program are deducted from the earnings.
MARK -TO -MARKET: The process whereby a security's book value or collateral value is adjusted to reflect its current market value.
MARKET RISK: The risk that the value of a security will rise or decline because of changes in market conditions.
MARKET VALUE: The current price at which a security is trading could be purchased or sold at that point.
MASTER REPURCHASE AGREEMENT: A written contract covering all future transactions between the parties to repurchase -reverse repurchase agreements that establish each party's rights. A master agreement will often specify, among other things, the right of the buyer -lender to liquidate the underlying securities in the event of default by the seller -borrower.
MATURITY: The date upon which a financial obligation's principal or stated value is due and payable.
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MONEY MARKET MUTUAL FUND: Mutual funds that invest solely in money market instruments (short-term debt instruments, such as Treasury bills, commercial paper, bankers' acceptances, repos, and federal funds).
MUTUAL FUND: An investment company that pools money and can invest in various securities, including fixed -income securities and money market instruments. Mutual funds are regulated by the Investment Company Act of 1940 and must abide by Securities and Exchange Commission (SEC) disclosure guidelines.
NATIONALLY RECOGNIZED STATISTICAL -RATING ORGANIZATION (NRSRO): Standard and Poor's, Moody's, and Fitch Financial Services are examples of such organizations.
OFFER: An indicated price at which market participants are willing to sell a security or commodity. Also referred to as the "Ask price."
PAR VALUE: The amount of principal that must be paid at maturity, also referred to as the face amount of a bond, typically quoted in $1,000 increments per bond.
PORTFOLIO: The combined holding of more than one stock, bond, commodity, real estate investment, cash equivalent, or asset. The purpose of a portfolio is to reduce risk by diversification.
PRINCIPAL: The face value or par value of a debt instrument or the amount of capital invested in a given security.
PRIMARY DEALER: A group of government securities dealers who submit daily market activity reports and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC) registered securities broker/dealers, banks, and a few unregulated firms.
PRINCIPAL: (1) The debt instrument's face amount or par value. (2) One who acts as a dealer buying and selling for his account.
RATE OF RETURN: The yield obtainable on a security based on its purchase price or current market price. This may be the amortized yield to maturity on a bond or the recent income return.
REINVESTMENT RISK: The risk that a fixed -income investor will be unable to reinvest income proceeds from a security holding at the same rate of return currently generated by that holding.
REPURCHASE AGREEMENT (RP OR REPO): A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a specified date. In effect, the security "buyer" lends the "seller" money for the agreement period, and the agreement terms are structured to compensate the buyer for this. Dealers use RP extensively to finance their positions. Exception: When the Fed is said to be doing RP, lending money increases bank reserves.
REVERSE REPURCHASE AGREEMENT: An agreement of one party (for example, a financial institution) to purchase securities at a specified price from a second party (such as a public PageP2I 8of 530
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agency) and a simultaneous agreement by the first party to resell the securities at a specified price to the second party on demand or at a specific date.
RISK: Degree of uncertainty of return on an asset.
RULE 2A-7 OF THE INVESTMENT COMPANY ACT: Applies to all money market mutual funds and mandates such funds to maintain specific standards, including a 13 -month maturity limit and a 90 -day average maturity on investments, to help maintain a constant net asset value of one dollar ($1.00).
SAFEKEEPING SERVICE: A service to customers rendered by banks for a fee whereby securities and valuables of all types and descriptions are held in the bank's vault for protection and security.
SECONDARY MARKET: A market is made to purchase and sell outstanding issues following the initial distribution.
SECURITIES LENDING: An agreement under which a local agency agrees to transfer securities to a borrower who, in turn, agrees to provide collateral to the local agency. During the agreement term, both the securities and the collateral are held by a third party. After the agreement, the securities are transferred back to the local agency in return for the collateral.
STRUCTURED NOTES: Notes issued by Government Sponsored Enterprises (FHLB, FNMA, FHLMC, etc.) and corporations with embedded options (e.g., call features, step-up coupons, floating rate coupons, derivative -based returns) into their debt structure. Their market performance is impacted by the fluctuation of interest rates, the volatility of the embedded options, and shifts in the shape of the yield curve.
SWAP: Trading one asset for another.
TOTAL RETURN: The sum of all investment income plus changes in the portfolio's capital value.
TREASURY BILLS: Short-term U.S. government non -interest -bearing discounted debt securities with no more than one-year maturities are issued in minimum denominations of $10,000.
Auctions of three- and six-month bills are weekly, while auctions of one year are monthly. The yields on these bills are monitored closely in the money markets for signs of interest rate trends.
TREASURY BOND: A long-term coupon -bearing U.S. Treasury security issued as a direct obligation of the U.S. Government with an initial maturity of more than ten years and issued in minimum denominations of $1,000.
TREASURY NOTE: A medium -term coupon -bearing U.S. Treasury security issued as a direct obligation of the U.S. Government with an initial maturity of one to ten years and issued in denominations ranging from $1,000 to $1 million or more.
UNIFORM NET CAPITAL RULE: Securities and Exchange Commission (SEC) Rule 15C3-1 outlines requirements that member firms and nonmember broker -dealers in securities maintain a maximum ratio of indebtedness to liquid capital of 15 to 1, also called net capital rule and net capital ratio. Indebtedness covers all money owed to a firm, including margin and PageP2Iirof 530
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commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash.
VOLATILITY: A degree of fluctuation in the price and valuation of securities.
YIELD: The current rate of return -on -investment security is generally expressed as a percentage of the security's current price. (a) INCOME YIELD is obtained by dividing the current dollar income by the current market price for the security. (b) NET YIELD or YIELD TO MATURITY is the current income yield minus any premium above par or plus any discount from par in the purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond.
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INDIAN WELLS CITY COUNCIL
January 30, 2025
To: City Council
From: City Attorney
Prepared by: Todd Leishman, Best Best & Krieger LLP, City Attorney Subject: Annual Review of FPPC Gift Restrictions, City Ticket Distribution Policy Reporting Requirement and Updates
RECOMMENDED
ACTIONS:
Council RECEIVES and FILES information report; and
FINDS the action exempt from CEQA review under CEQA Guidelines section 15061(b)(3).
BACKGROUND:
Resolution No. 2022-36 requires the Council to conduct a review of applicable law and City policies pertaining to (a) the acceptance of gifts and (b) the City's acceptance and distribution of tickets to sports, entertainment, charity, and similar events at the first meeting following the annual Council reorganization.
The City of Indian Wells ("City") and its officials occasionally receive free tickets and passes from outside organizations. Under the Political Reform Act of 1974 (the "PRA") and accompanying Fair Political Practices Commission ("FPPC") Regulations, these tickets and passes can be reportable gifts to the City, or to the officials, depending on the circumstances. The purpose of this memorandum is to guide City officials in determining how to classify and handle the tickets and passes under applicable law.
This memorandum begins with a discussion of how to handle tickets or passes given directly to the official and continues with a discussion of how to handle tickets or passes given to the City itself. It ends with an update on the Levine Act's campaign contribution rules.
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I. Rules for Tickets or Passes Given Directly to an Officials
1. Generally, when tickets or passes are given directly to an official, rather than to the City itself, the official must comply with FPPC regulations on gifts.2
a. The tickets/passes are subject to disclosure by the official on a Form 700 if the cumulative value is $50 or more.
b. Officials cannot accept a gift or gifts from a single source with an aggregate value of $630 or more in a calendar year
i. To effectively refuse acceptance of or return a gift, the official must:
(1) refuse the gift, (2) return the gift to the donor, (3) donate the gift, unused, to a 501(c)(3) with which the official or their immediate family holds no position, or to a government agency, without being claimed for tax purposes, or (4) reimburse the donor for the full value of the gift, or a portion thereof, but any unreimbursed portion of the value constitutes a gift. (FPPC Regulations § 18941.)
ii. Generally, to relieve an official of an otherwise disqualifying financial interest, the official must take the above actions within 30 days of receipt and before participating in the decision the official has a conflict in. (FPPC Regulations § 18941.)
c. Any gift or combination of gifts from a single donor valued at $630 or more received in the 12 months before the governmental decision affecting that donor is made creates a disqualifying conflict of interest under the PRA. (Gov. Code § 87103(e))
2. There are special rules for tickets to political or charitable fundraisers given directly to an official.3
a. Exception 1: 501(c)(3) Organization Fundraiser
1 FPPC Regulations §§ 18940-18946.5
2 FPPC Regulations §§ 18940, 18940.2
3 FPPC Regulations § 18946.4
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i. An official may accept two tickets or invitations per event from a 501(c)(3) organization. The tickets/invitations are deemed to have no value and are therefore not reportable.
ii. Additional tickets/invitations provided to or controlled by the official, and any tickets not provided directly by the 501(c)(3) organization to the official are valued as specified below.
b. Exception 2: Political Fundraiser
i. An official may accept two tickets or invitations per event for a fundraising event from, and by, a political committee (as defined in Section 82013(a) or a comparable committee under federal law or laws of another state) or candidate; these tickets/invitations are deemed to have no value and are therefore not reportable. ii. Additional tickets/admissions by invitation provided to or controlled by the official and any tickets not directly provided by the committee/candidate to the official are valued as specified below. c. Tickets to Nonprofit Fundraiser That Do Not Fall Into Above Exceptions i. Tickets to events held by nonprofits that do not fall within the above exceptions are gifts with special valuation rules. Such tickets are valued as follows:
1. If the ticket clearly states a portion of the ticket price is a donation to the organization, or the organization provides information indicating the portion of the ticket price that constitutes a donation, the value of the ticket is the
nondeductible portion of the admission.
2. If there is no ticket or information provided by the organization indicating the nondeductible portion of the admission, the value of the admission is the official's pro rata share of the cost of food, catering services, entertainment, and any other item provided to the official which is available to all guests attending the event. Any other specific benefit provided to the official at the event (like golf green fees) is valued at fair market value.
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3. There are also other common exceptions which are not reportable gifts to officials.4
Some common exceptions include:
a. Gifts given to the City itself, instead of directly to the official, as discussed below.
b. Gifts returned unused to donor, or reimbursed to the donor, or donated unused, to a 501(c)(3) with which the official or their immediate family holds no position, or to a government agency, without being claimed for tax purposes, within 30 days, per FPPC Regulation 18941. c. Gifts from family members.
d. Equivalent -value gifts exchanged on holidays, birthdays or similar occasions (other than lobbyists).
e. Reciprocal exchanges in a social relationship between an official and another individual (other than lobbyists), so long as the total value of payments received by the official within the calendar year is not substantially disproportionate to the amount paid by the official, and so long as the value of any single payment is less than $630.
f. Admission to a paid -admission event where the official makes a speech, and the admission is provided by the event organizer.
g.
Tickets to an official and one guest to an event for entertainment, recreational, or similar purpose where the official performs a ceremonial role on behalf of the City. In this situation, the City reports the distribution on FPPC Form 802 as discussed below.
II. Rules for Tickets/Passes Given to Directly to the City and Distributed to Officials by the City5
Tickets or passes given directly to the City, which the City distributes to officials, may not be considered gifts to the official and may instead be reportable by the City, depending on the circumstances. The City has a ticket distribution policy ("Ticket Distribution Policy") 4 FPPC Regulations § 18942
5 FPPC Regulations § 18944.1
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governing the distribution of tickets and passes to officials.
The following rules apply to tickets/passes given directly to the City, which the City distributes to officials:
1. Tickets or passes distributed to, or at the behest of, an official of the City are not considered gifts to an oc/a/ under the PRA in the following three situations:
a. First: The tickets are distributed and used in accordance with the City's Ticket Distribution Policy, where:
i. The distribution serves a public purpose.
ii. The distribution is reported by the City on FPPC Form 802 pursuant to the Policy.
iii. The ticket or pass is not earmarked by an outside source for use by a specific official; and
iv. The City determines in its sole discretion who uses the ticket or pass. b. Second: The public official claims the ticket as income for federal income tax purposes, and the City reports them as taxable income. c. Third: The official reimburses the City for the face value of the ticket within 30 days of receipt.
2. Ticket Transfers Are Not Allowed. The official may not transfer tickets or passes distributed to them from the City under the City's Ticket Distribution Policy, except to the official's immediate family or to one guest solely for their attendance at the event
3. A Public Purpose Is Required. To avoid a gift to the receiving official, the City's distribution of tickets and passes pursuant to the Ticket Distribution Policy must serve a public purpose of the City.
a. These public purposes can be found in the City's Ticket Distribution Policy, which sets forth many specific public purposes served by distribution of tickets.
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b. Distributing a ticket or pass to an official — other than a member of the City Council, the City Manager, a political appointee, or department head — for the official's personal use to support general employee morale, retention, or to reward public service is deemed to serve a public purpose. i. "Personal use" is limited to the official and the official's family, or no more than one guest.
4. Other Incidental Benefits Are Still Gifts to the Official. The gift exemption for officials receiving tickets from the City only applies to the benefits an official receives from the ticket or pass (those which are provided to all members of the public with the same class of ticket or pass). Benefits received by an official which are not included with admission, including food, beverages, and other items presented to the official at the event, are likely reportable gifts.
5. City Reporting is Required. When the Ticket Distribution Policy is used, the City must file a Form 802 with the FPPC within 45 days of distributing tickets or passes pursuant to its Ticket Distribution Policy. Otherwise, the official who received the tickets or passes must consider them a "gift" under FPPC rules and follow the separately applicable gift limit and reporting rules.
a. If an official received a ticket or pass for the oversight or inspection of facilities, the official must provide the City with a written inspection report of their findings and recommendations which the City must include with the Form 802.
b. If the ticket or pass is distributed to a department or other unit of the City, and is not used by a member of the City Council, the City Manager, any political appointees, or department heads, the City can simply report the name of the department or unit that received the ticket or pass (and the number of tickets/passes provided) instead of reporting the name of the individual employee.
c. Form 802s prepared in connection with the ticket policy must be maintained as public records and are subject to inspection and copying by the public. d. The forms must be posted on the City's website.
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III. City Campaign Contribution Reporting
The City has long required Councilmembers to report campaign contributions from donors who have an interest in items before the Council. Now state law requires reporting and recusal in some cases. (See Reso. No. 2022-36, sec. (K)(2); see also Council Policy Manuals prior to 2022.)
Senate Bill 1439 (2022) took effect on January 1, 2023, thereby extending California's Levine Act's conflict and recusal rules to members of the Council. As a result, a Councilmember must recuse herself or himself from any proceeding that involves someone who donated $500 (increased from $250 by AB 1243) or more to the Councilmember's campaign at any time during the 12 months before the proceeding.
To comply with SB 1439, please track all contributions to your campaigns after January 1, 2023, keep a list of donors, check your list against the potential stakeholders with an interest in items that come before the Council on future agendas, and be prepared to announce that you received a contribution of $500 or more from that party or participant (if you did) and to recuse yourself in accordance with state law. Please also stay aware of which parties or participants have items pending before the Council (or who did, within the last three months) and be prepared to reject or return any campaign contribution in excess of the statutory limit.
A copy of a legal alert summarizing recent changes to the Levine Act is attached.
The City's own campaign -contribution reporting requirements remain unchanged. (See Reso. No. 2022-36, sec. (K)(2) ["AII all meetings, each Council Member shall report any campaign contribution that the Council Member received from a person who is directly involved in an item on the agenda."].) Please note that this reporting -only policy applies regardless of amount or timing of donation.
CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA):
The action is not a project within the meaning of Section 15378 of the State of California Environmental Quality Act ("CEQA') Guidelines, because it has no potential for resulting in physical change in the environment, directly or indirectly; and that the action is nonetheless exempt from the requirements of CEQA in that the activity is covered by the general rule that CEQA applies only to projects that have the potential for causing a significant effect on the environment. (14 CCR 15061(b)(3).) 26529.00000\43174763.1
ATTACHMENTS:
1. Resolution No. 2022-36
2. FPPC — Local Gift Fact Sheet
3. Legal Alert re Levine Act Updates
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ATTACHMENT #1
RESOLUTION NO. 2022-36
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF INDIAN WELLS,
CALIFORNIA ADOPTING AN AMENDED TICKET DISTRIBUTION POLICY TO CONFORM WITH SECTION 18944.1 OF TITLE 2, CALIFORNIA CODE
OF REGULATIONS, AS AMENDED BY THE FAIR POLITICAL PRACTICES
COMMISSION
WHEREAS, the Fair Political Practices Commission ("FPPC") has adopted Section 18944.1, Title 2, California Code of Regulations ("Regulation 18944.1") to regulate the distribution and disclosure by public agencies of certain tickets and passes to public officials and employees; and
WHEREAS, Regulation 18944.1 provides that a ticket or pass distributed pursuant to an adopted policy and properly disclosed by the agency is not a gift to the public official and does not trigger a disclosure requirement on the official's Statement of Economic Interests, Form 700; and
WHEREAS, the City Council of the City of Indian Wells (the "City") adopted a ticket distribution policy entitled, "Distribution of City -Controlled Tickets to City Officials" (City Council Policy Manual Chapter 2.10) ("Policy"), pursuant to Regulation 18944.1 to provide for the distribution of such tickets or passes; and
WHEREAS, since that time, the FPPC amended Regulation 18944.1 in order to clarify the valuation of tickets and passes, and other policy requirements; and WHEREAS, the distribution to and use of such tickets and passes by officials frequently serve legitimate governmental and/or public purposes; and WHEREAS, from time to time, the City may receive complimentary or discounted tickets or passes from third party sources, both public and private, for distribution to City officials; and WHEREAS, based on such practice and amended Regulation 18944.1, the City desires to update its Policy regarding the distribution of tickets and/or passes; and WHEREAS, the proposed updated Policy incorporates the revisions to Regulation 18944.1 made by the FPPC since the adoption of the Policy to ensure that the Policy establishes a fair and equitable process for the distribution to City officials of such tickets and passes by the City, in compliance with the requirements of FPPC Regulations.
NOW THEREFORE, BE IT RESOLVED, DETERMINED, AND ORDERED BY THE CITY COUNCIL AS FOLLOWS:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council of the City of Indian Wells hereby approves and adopts the City's amended Distribution of City -Controlled Tickets to City Officials Policy updated in accordance with FPPC Regulation 18944.1, and attached hereto as Exhibit "A." RVPUB\PKNOX\757753.1
City of Indian Wells
Resolution No. 2022-36
Section 3. The City Manager is directed to implement this Policy.
Section 4. The Resolution shall take effect immediately upon adoption.
Section 5. All previous ticket distribution policies adopted by the City under Regulation 18944.1 are hereby repealed.
Section 5. The City Clerk shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Indian Wells, California at a regular meeting held on the 15th day of September 2022.
E -SIGNED by Dana Reed
on 2022-09-16 14:47:56 PDT
DANA REED
MAYOR
CERTIFICATION FOR RESOLUTION NO. 2022-36
I, Angelica Avila, City Clerk of the City Council of the City of Indian Wells, California, DO HEREBY CERTIFY that the whole number of the members of the City Council is five (5); that the above and foregoing Resolution was duly and regularly passed and adopted at a regular meeting of the City Council of the City of Indian Wells on the 15th day of September 2022, by the following vote:
AYES: Balocco, Bernheimer, Griffith, Reed, Sanders
NOES: None
ATTEST: APPROVED AS TO FORM:
E -SIGNED by Angelica Avila
E -SIGNED by Todd Leishman
on 2022-09-16 15:09:52 PDT on 2022-09-16 15:04:06 PDT
ANGELICA AVILA TODD LEISHMAN
CITY CLERK CITY ATTORNEY
City of Indian Wells
Resolution No. 2022-36
Exhibit "A"
CITY OF INDIAN WELLS
DISTRIBUTION OF CITY -CONTROLLED TICKETS POLICY
(following this page)
City of Indian Wells
Resolution No. 2022-36
CITY OF INDIAN WELLS
DISTRIBUTION OF CITY -CONTROLLED TICKETS POLICY
A. PURPOSE AND APPLICATION OF POLICY.
The purpose of this Policy is to ensure that all Tickets distributed by the City are issued in furtherance of a valid governmental and/or public purpose of the City as required under Fair Political Practices Commission ("FPPC") Regulation 18944.1. This Policy applies to Tickets which provide admission to an Event. This Policy shall be applicable to every officer, agent and employee of the City who is obligated to file an Annual Statement of Economic Interests (FPPC Form 700) under state law or the City's current Conflict of Interest Code.
This Policy only applies to the benefits the City Official receives by the admission and are not applicable to any other item of value provided. This Policy does not generally apply to political or nonprofit fundraisers which are governed under a separate FPPC Regulation. This Policy also does not apply to Tickets provided directly to or earmarked for the City Official or a certain class of City Officials.
B. DEFINITIONS.
Unless otherwise expressly provided herein, words and terms used in this Policy shall have the same meaning as that ascribed to such words and terms in the California Political Reform Act of 1974 (Government Code Sections 81000, et seq., as the same may be amended from time to time) and the FPPC regulations (Title 2, Division 6 of the California Code of Regulations, section 18110 et seq., as the same may be amended from time to time).
"City" shall mean and refer to the City of Indian Wells and any other affiliated agency created or activated by the Indian Wells City Council.
"City Official" shall mean and refer to every member, elected officer, appointed officer, employee, or consultant of the City, as that term is defined by Government Code Section 82048 and FPPC Regulation 18701. This term shall include, without limitation, any City board, commission or committee member or other appointed official or employee required to file an annual Statement of Economic Interests (FPPC Form 700). For the purposes of this Policy, this term shall also include a spouse serving a public purpose by accompanying a City Official to an Event and thereby serving as an ambassador of the City. "Event" shall mean an event, show or performance for entertainment, amusement, recreational or similar purpose for which a Ticket is required to gain admission. "FPPC" shall mean and refer to the California Fair Political Practices Commission. "Immediate Family" shall mean and refer to spouse and dependent children as defined in Government Code section 82029.
"Policy" shall mean and refer to this "Ticket Distribution Policy."
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Resolution No. 2022-36
"Spouse" shall mean a husband or wife, domestic partner, similar significant other or any person with whom a Councilmember is in a bona fide dating relationship, as that term is used in FPPC Regulation 18942(18)(A).
"Ticket" shall mean and refer to a "ticket and/or pass" to an Event. "Ticket Administrator" shall mean and refer to the City Manager or his/her designee." C. GENERAL PROVISIONS.
1) No Right to Tickets: The use of a Ticket is a privilege extended by the City and not the right of any person to which the privilege may from time to time be extended. 2) Limitation on Transfer of Tickets: Tickets distributed to City Officials pursuant to this Policy shall not be transferred to any other person, except to members of such City Official's immediate family or no more than one guest solely for their attendance at the event. Under no circumstances may either the City Official or a member of his or her immediate family sell or further transfer any Ticket provided under this Policy. 3) Return of Tickets or Reimbursement of City: Any City Official may return any Ticket unused to the City for redistribution pursuant to this Policy. In addition, a Ticket is not subject to the provisions of this Policy and is not a gift for the purposes of the FPPC Regulations, if the City Official reimburses the City for the ticket within 30 days of receipt. 4) Prohibition Against Sale of or Receiving Reimbursement for Tickets: No individual who receives a Ticket pursuant to this Policy shall sell or receive reimbursement for the value of the Ticket. 5) No Earmarking of Ticket Given to City: No Ticket gratuitously provided to the City by an outside source and distributed by the City to, or at the behest of, a City Official pursuant to this Policy shall be earmarked by the original source for use by a particular City Official or a specific class of City Officials.
6) Limitation on Use: Any ticket or pass is deemed to serve a public purpose if distributed to a City Official, other than an elected official, for the City Official's personal use in order to support general employee morale, to encourage retention, or to reward public service, if the ticket or pass is acquired by the City: (i) pursuant to a contract to use public property, (ii) because the City controls the event, or (iii) by purchase at fair market value. For purposes of this paragraph, "personal use" means use by the City Official, his or her family, or no more than one guest.
Nothing in this section limits the receipt, distribution, and behest of tickets or passes by elected officials for any of the other public purposes stated.
7) Disproportionate Use of Tickets: A disproportionate use of Tickets by members of the City Council, political appointee, department heads, or City Manager is prohibited. 8) Valuation of Tickets: The value of any Ticket shall be the fair value of the Ticket. The "fair value" is the face value of the Ticket, or the price at which the Ticket would otherwise be offered for sale to the general public by the operator or host. Where the Ticket does not reflect
City of Indian Wells
Resolution No. 2022-36
the actual cost for a Ticket in a luxury box or suite, the face value is determined by dividing the total cost of the box or suite by the number of Tickets available for that box or suite.
D. TICKET ADMINISTRATOR.
1) Designation of Ticket Administrator: The City Manager or his/her designee shall be the "Ticket Administrator" for purposes of implementing the provisions of this Policy. 2) Authority: The Ticket Administrator has the sole authority, in his or her discretion, to establish procedures for the distribution of Tickets supplemental to and in accordance with this Policy. All requests for tickets from City Officials which fall within the scope of the Policy shall be made in accordance with the procedures established by the Ticket Administrator. 3) Implementation of Policy: The Ticket Administrator or his or her designee is hereby designated as having primary responsibility for distributing Tickets in his or her discretion to a reasonable number of City Officials in a manner that will best serve the City's interests and to persons whose attendance at a particular Event serves a specific governmental or public purpose. 4) Revoking/Suspending Ticket Privileges: The Ticket Administrator, in his or her sole discretion, may revoke or suspend the Ticket privileges of any person who violates any provision of this Policy or the procedures established by the Ticket Administrator for the distribution of Tickets in accordance with this Policy.
5) Attendance: If available, the Ticket Administrator shall attend all events to which the City obtains control of Tickets as the City's primary staff representative.
E. OFFICIAL DUTIES AND CEREMONIAL ROLES.
Tickets provided to City Officials as part of their official duties, or Tickets provided so that the City Official can perform a Ceremonial Role must be reported on FPPC Form 802.
F. SPECIFIC GOVERNMENTAL OR PUBLIC PURPOSE FOR TICKET DISTRIBUTION.
The City Council has determined that there are certain times where a City Official's attendance serves a valid public purpose which benefits the City. The following is a list of the type of reasons which meet this requirement. The list is intended to be illustrative rather than exhaustive. The City may provide Tickets to or at the behest of a City Official for Events which serve any of the following public or governmental purposes:
1) Promote, evaluate, and provide management and/or official oversight of City -controlled, sponsored or supported events, activities, or community programs at City venues, including but not limited to evaluation of the venue, quality of performance and compliance with City policies, agreements, and other requirements. When a public purpose involves the oversight or inspection of facilities by a City Official, the City Official is required to provide a written inspection report and/or recommendation to be included in the City's Form 802 .
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2) Support sponsorship agreements involving Events where the City specifically seeks to enhance the City's reputation both locally and regionally by serving as hosts or sponsors providing the necessary opportunities to meet and greet visitors, dignitaries, residents and guests. 3) Where the City, as a form on consideration for a written contract, has required that a certain number of Tickets be made available for City use.
4) Promote local and regional businesses, economic development and tourism activities within the City, including conventions and conferences.
5) Enhance City recognition, visibility, and/or profile on a local, state, national or worldwide scale. 6) Foster open government by City Official appearances, participation and/or availability at business and/or community events.
7) Improve intergovernmental relations by encouraging the members of the City Council, City staff, and their guests, where appropriate, to attend functions and events with the public officials of other entities, thereby fostering an open dialogue and better understanding of intergovernmental issues. 8) Increase public exposure to, and awareness of, the various public recreational, cultural, community and education facilities available to the public within the City. 9) Promote business activity with the City and/or highlight the achievements of local residents and businesses.
10) Promote business growth and development within the City, including economic development and job creation opportunities.
11) Facilitate outreach and recognition programs for veterans, teachers, emergency services, medical personnel, community organizations and other civil service occupations. 12) Encourage or reward significant academic, athletic, or public service achievements by Indian Wells students, residents, or businesses.
13) Promote community resources and private facilities, including charitable and nonprofit organizations facilities, available for use by City residents. 14) Promote, support and/or show appreciation for programs and services rendered by non-profit organizations benefiting Indian Wells residents.
15) Encourage volunteers to become members of City commissions, committees and boards and reward volunteer public service.
16) Attract and retain highly qualified employees in City service, recognize or reward meritorious service by a City employee, and/or promote enhanced City employee performance or morale. 17) The following is a non-exclusive list of specific business, community, and nonprofit Events in the City, where a City Official's presence has been determined to serve a valid public purpose.
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This list is not intended to be exhaustive, but is merely illustrative of the types of Events where the distribution of tickets has been clearly authorized:
a. BNP Paribas Open
b. Desert Town Hall Lecture Series
c. Indian Wells Arts Festival
d. Doctor George Car Show
G. TICKETS DISTRIBUTED AT THE BEHEST OF A CITY OFFICIAL.
Only the following City Officials shall have the authority to behest tickets: City Council Members, City Manager and Department Heads.
Tickets shall be distributed at the behest of a City Official only for one or more public purposes set forth in section above. If tickets are distributed at the behest of a City Official, such City Official shall not use one of the tickets so distributed to attend the Event.
H. PUBLIC PURPOSES RELATED TO BNP PARIBAS OPEN.
Participation by City Officials in the ticketed events and activities hosted by the BNP Paribas Open is important to provide an opportunity for City leaders to be involved in the City's largest special event. By attending the two-week long activities, including the tournament, City Officials have the ability to meet and greet residents and visitors to the City. Moreover, City Officials are accountable for the funding and support that the City contributes to the BNP Paribas Open, and therefore some level of attendance during the tournament is necessary for City Officials to provide suggested improvements to Desert Champions LLC management staff and City staff that will enhance and improve the overall event and its economic and public impact on the City.
This Policy is not applicable to tickets to the BNP Paribas Open available to all City residents through the annual lottery.
I. PUBLIC PURPOSES RELATED TO CITY SPONSORED EVENTS.
Participation by City Officials in events wherein the City has made a monetary contribution and/or is a named sponsor is important. Such events serve to enhance the image of the City as a world -class destination resort. These events provide the public with access to many distinguished public and civic leaders as well as significant cultural enhancement. The active participation of City Officials at such events serves to attract additional resources and economic opportunities for this community. City Officials at such events represent the City in interacting with dignitaries and they meet and greet residents and visitors to the City. Moreover, City Officials are accountable for the funding and support that the City contributes to these events, and therefore some level of attendance is appropriate for City Officials to monitor and evaluate the effectiveness of the event and suggest ways in which events may be enhanced and improved to maximize the economic and public benefit to the City.
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J. DISCLOSURE REQUIREMENTS.
It shall be the duty of the Ticket Administrator or his or her designee to ensure the City's compliance with Regulation 18944.1(d) pertaining to the reporting of the distribution of Tickets by a public agency to officials or officers of the City. The City shall complete a record of a Ticket distributed under this Policy on FPPC Form 802, including all the information as required under Regulation 19844.1, including but not limited to, the name of the transferee if the ticket was transferred as allowed under this Policy.
The forms shall be maintained as a public record, be subject to inspection and copying under Section 81008(a), and within 45 days the City must post these forms on its website and email a website link to the FPPC that displays the form.
If the Ticket is distributed to a department or other unit of the City, and not used by a member of the City Council, the City Manager, political appointee, or department head, the City may report the name of the department or other unit of the City receiving the Ticket and the number of Tickets provided to the department or unit in lieu of reporting the name of the individual employee as otherwise required by Regulation 18944.1.
This Policy shall be maintained as a public record and is subject to inspection and copying under Section 81008. The City shall post this Policy on its website within 30 days of adoption or amendment and send to the FPPC by email the City's website link that displays the policy so that the FPPC may post the link.
K. ANNUAL REVIEW OF TICKETS AND CAMPAIGN CONTRIBUTION REPORTING REQUIREMENT. 1) At the first regular meeting or special meeting of the Council following the annual reorganization, the Council, with the assistance of the City Attorney and City Staff, shall conduct a review of applicable law and City policies pertaining to: (a) the acceptance of gifts, (b) the City's acceptance and distribution of tickets to sports, entertainment, charity and similar events. 2) At all meetings, each Council Member shall report any campaign contribution that the Council Member received from a person who is directly involved in an item on the agenda.
ATTACHMENT #2
Limitations and Restrictions on
Gifts, Honoraria, Travel and Loans
A Fact Sheet For
• Local Elected Officers and Candidates for Local
Elective Offices
• Local Officials Specified in Government Code
Section 87200
• Judicial Candidates
• Designated Employees of Local Government
Agencies
California Fair Political
Practices Commission
Toll -free advice line: 1 (866) ASK-FPPC
Email advice: [email protected]
Web site: www.fppc.ca.gov
October 2023
Introduction
The Political Reform Act' (the "Act") imposes limits on gifts, prohibits honoraria payments, and imposes limits and other restrictions on the receipt of travel payments received by:
• Local elected officers and other local officials specified in Government Code Section 87200,2 excluding judges;3
• Designated employees of local government agencies (i.e., individuals required to file statements of economic interests under a local agency's conflict of interest code); and • Candidates4for any of these offices or positions and judicial candidates. (Sections 89502 and 89503.)
The Act also imposes limits and other restrictions on personal loans received by certain local officials.
The cift limit increased to $590 for calendar years 2023 and 2024. The gift limit in 2022 was $520.
This fact sheet summarizes the major provisions of the Act concerning gifts, honoraria, travel, and loans.
It contains highlights of the law, but does not carry the weight of law. For more information, contact the Fair Political Practices Commission at (866) 275-3772 or advice(a�fp3c.ca.cov or visit our website at www.fppc.ca.cov . Commission advice letters are available on our website. Public officials may also be subject to local restrictions on gifts, honoraria, or travel.
Enforcement
Failure to comply with the laws related to gifts, honoraria, loans, and travel payments may, depending on the violation, result in criminal prosecution and substantial fines, or in administrative or civil monetary penalties for as much as $5,000 per violation or three times the amount illegally obtained. (See Sections 83116, 89520, 89521, 91000, 91004 and 91005.5.) The Political Reform Act is contained in Government Code Sections 81000 through 91014. All statutory references are to the Government Code, unless otherwise indicated. The regulations of the Fair Political Practices Commission are contained in Sections 18110 through 18997 of Title 2 of the California Code of Regulations. All regulatory references are to Title 2, Division 6 of the California Code of Regulations, unless otherwise indicated. 2 Local officials specified in Government Code Section 87200 include: members of boards of supervisors and city councils, mayors, city/county planning commissioners, city/county chief administrative officers, city/county treasurers, district attorneys, county counsels, city managers, city attorneys, court commissioners and public officials who manage public investments.
3 The gift limits and honoraria ban in the Political Reform Act do not apply to a person in their capacity as judge.
However, candidates for judicial offices are subject to the restrictions contained in the Political Reform Act. (Sections 89502 and 89503.)
4 For purposes of the gift limit and honoraria prohibition, an individual becomes a "candidate" when they file a statement of organization (Form 410) as a controlled committee for the purpose of seeking elective office, a candidate intention statement (Form 501), or a declaration of candidacy, whichever occurs first. If an individual is an unsuccessful candidate, they will no longer be subject to the gift limit and honoraria prohibition when they have terminated their campaign filing obligations, or after certification of election results, whichever is earlier. (Sections 89502(b) and 89503(b).
www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
FPPC EAEU • 046 10-2023 • Page 2 of 14
Gifts
Limitations
Local elected officers, candidates for local elective office, local officials specified in Government Code Section 87200, and judicial candidates, may not accept gifts from any single source totaling more than $590 in a calendar year. (Section 89503.)5
Employees of a local government agency who are designated in the agency's conflict of interest code may not accept gifts from any single source totaling more than $590 in a calendar year if the employee is required to report receiving income or gifts from that source on their statement of economic interests (Form 700). (Section 89503(c).)
What is a "Gift"?
A "gift" is any payment or other benefit that confers a personal benefit for which a public official does not provide payment or services of equal or greater value. A gift includes a rebate or discount in the price of anything of value unless the rebate or discount is made in the regular course of business to members of the public. (Section 82028.) (See Regulation 18946 for valuation guidelines.) Except as discussed below, a public official has "received" or "accepted" a gift when they have actual possession of the gift or when they take any action exercising direction or control over the gift, including discarding the gift or turning it over to another person. This includes gifts that are accepted by someone else on the official's behalf and gifts made to others at the direction of the official. (Regulation 18941.) Gifts to Family Members
Under certain circumstances, a gift to an official's family member* is considered a gift to the official. (Regulation 18943.) When something of value is given to a family member it is presumed to be a gift to the official if: (1) there is no established relationship between the donor and the family member where it would generally be considered appropriate for the family member to receive the gift or; (2) the donor is someone who lobbies the official's agency, is involved in an action before the official's agency in which the official may foreseeably participate, or engage in business with the agency in which the official will foreseeably participate. (Wedding gifts are treated differently, see below.) *For purposes of this rule, an official's "family member" includes the official's spouse; registered domestic partner; any minor child of the official who the official can claim as a dependent for federal tax purposes; and a child of the official who is aged 18 to 23 years old, attends school, resides with the official when not attending school, and provides less than one-half of their own support. 5 The gift limit is adjusted biennially to reflect changes in the Consumer Price Index. For 2023-2024, the gift limit is $590. (Section 89503; Regulation 18940.2.) Gifts from a single source aggregating to $50 or more must be disclosed, and gifts aggregating to $590 or more during any 12 -month period may subject an official to disqualification with respect to the source. (Section 87103(e).) Designated employees should obtain a copy of their conflict of interest code from their agency. Some conflict of interest codes require very limited disclosure of income and gifts. Gifts from sources that are not required to be disclosed on the Form 700 are not subject to the $590 gift limit but still may subject the public official to disqualification. www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
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Source of Gift
Under most circumstances, it is clear who the source of a gift is, but if the circumstances indicate that the gift is being provided by an intermediary, the public official must determine both the donor and the intermediary in reporting the gift. Regulation 18945 provides the rules for determining the source of the gift.
Gifts from Multiple Sources
In determining the cumulative value of any reportable gifts, separate gifts from an individual and an entity that the individual controls must be aggregated as one source to comply with the reporting and limit requirements. For example, separate gifts from the owner of a company and from the company itself would be treated as if from one source if the owner has more than a 50 percent interest in the company, unless the making of the gift was determined by someone else in the company. In that case, the gift from the company would be aggregated with any gifts made by that determining individual. (Regulation 18945.1.)
Group gifts, where a public official receives a single gift from multiple donors (such as a retirement gift from coworkers), need not be reported unless any person contributes $50 or more to the total cost of the gift. In that case, the public official would only report a gift from each of those persons. (Regulation 18945.2.)
Valuing Gifts
The general rule for determining the value of a gift is to apply the fair market value at the time the gift is received. Fair market value can be determined by finding any local or internet advertisement for the item.
Special exceptions to the fair market value rule are contained in Regulations 18946.1 through 18946.5 which covers admission to ticketed and invitation -only events, wedding gifts, attendance at nonprofit and political fundraisers, and air travel. (Regulation 18946.) For example, for ticketed events, the value is the face value of the ticket.
General Gift Exceptions
Form 700 Reporting
C/I § 87100
Honoraria Ban
$590 Gift Limit
No
No
No
No
The following payments are exceptions to the definition of gift and are not considered gifts or income.
1. Return or Reimbursement of Gift. Items that are returned (unused) to the donor, or for which the public official reimburse the donor, within 30 days of receipt. (Section 82028(b)(2); Regulation 18941.)
2. Donation of Gift to Nonprofit Group. Items that are donated (unused) to a non-profit, tax-exempt (501(c)(3)) organization in which the official (or immediate family member) does not hold a position, orto a government agency, within 30 days of receipt without claiming a deduction for tax purposes. (Section 82028(b)(2); Regulation 18941.)
3. Gifts from Family. Gifts from the public official's spouse (or former spouse), child, parent, grandparent, grandchild, brother, sister, current or former parent -in-law, brother-in-law, sister-in-law, aunt, uncle, niece, nephew, or first cousin or the spouse of any such person, unless they are acting as an agent or intermediary for another person who is the true source of the gift. (Section 82028(b)(3); Regulation 18942(a)(3).) This exception includes great grandparents, great uncles and aunts, great nieces and nephews, and first cousins once removed.
4. Informational Material. Informational material provided to assist the public official in the performance of their official duties, including books, reports, pamphlets, calendars, periodicals, videotapes, orfree admission or discounts to informational conferences or seminars. www.fppc.ca.gov
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"Informational material" may also include scale models, pictorial representations, maps, and other such items. However, if the item's fair market value is more than $590, the public official has the burden of demonstrating that the item is informational. In addition, on -site demonstrations, tours, or inspections, including air flights over an area that is the subject of the information and designed specifically for public officials, are considered informational material. However, this exception does not apply to meals or lodging. Furthermore, the exception generally does not apply to transportation to the site, except for any portion of the transportation that is not commercially available. (Section 82028(b)(1); Regulations 18942(a)(1) and 18942.1.)
5. Inheritance. A devise or inheritance. (Section 82028(b)(5); Regulation 18942(a)(5).)
6. Campaign Contributions. Campaign contributions to an official, including rebates or discounts received in connection with campaign activities (Section 82028(b)(4); Regulations 18942(a)(4), 18950(a) and 18950.3(a)) and permissible expenditures of campaign funds for campaign -related expenses, including payments for transportation, lodging or food (Regulations 18950(a) and 18950.3(b)), provided they comply and are properly reported in accordance with applicable campaign finance laws.
7. Plaques. Personalized plaques and trophies with an individual value of less than $250. (Section 82028(b)(6); Regulation 18942(a)(6).)
8. Ceremonial Role. Free admission to a ticketed event (including any benefits included in the price of the ticket such as a free meal) for the official and one guest at an event where the official performs a ceremonial role, such as throwing out the first pitch at a Dodgers' game, so long as the official's agency complies with the posting provisions set forth in Regulation 18944.1(d). (Regulation 18942(a)(13); Regulation 18942.3; also see discussion of Form 802 below under "Gifts Exceptions Requiring Alternate Reporting.")
9. Event Where Official Makes a Speech. Free admission, and food and nominal items (such as a pen, pencil, mouse pad, note pad or similar item) available to all attendees, at the event at which the official makes a speech (as defined in Regulation 18950(b)(2)), so long as the admission is provided by the person who organizes the event. (Regulation 18942(a)(11).)
10. Attending Wedding Reception. Benefits received as a guest attending a wedding reception where the benefits are the same as those received by the other guests at the reception. (Regulation 18942(a)(15).)
11. Bereavement Offerings. Bereavement offerings, such as flowers at a funeral received in memory of a close family member. (Regulation 18942(a)(16).)
12. Acts of Neighborliness. Benefits received as an act of neighborliness such as the loan of an item, an occasional ride, or help with a repair where the act is consistent with polite behavior in a civilized society and would not normally be part of an economic transaction between like participants under similar circumstances. (Regulation 18942(a)(17).)
13. Campaign or Nonprofit Fundraiser. Two tickets for admission, for use by only the official and one guest, to attend a fundraiser for a campaign committee or candidate, or to a fundraiser for anorganization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code. The ticket(s) must be received from the organization or committee holding the fundraiser. (Regulation 18946.4.)
14. Unused Passes or Tickets. Passes or tickets that provide admission or access to facilities, goods, services, or other benefits (either on a one-time or repeated basis) that the public official does not use and do not give to another person. (Regulation 18946.1.)
15. Items Provided to Government Agency. Subject to certain conditions, items provided to a government agency and used by public officials in the agency for agency business. This may include www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
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passes or tickets to (see Regulation 18944.1) or payments for other types of items or activities (see Regulation 18944). An agency must disclose specified payments on a form provided by the FPPC and post the form on its website. (See discussion of Forms 801 and 802 below under ""Gift Exceptions Requiring Alternate Reporting.") Contact the FPPC for detailed information.
16. Emergency Leave Credits. Leave credits (e.g., sick leave or vacation credits) received under a bona fide catastrophic or emergency leave program established by the public official's employer and available to all employees in the same job classification or position. Donations of cash are gifts and are subject to limits and disclosure. (Regulation 18942(a)(9).)
17. Disaster Relief. Food, shelter, or similar assistance received in connection with a disaster relief program. The benefits must be received from a governmental agency or charity and must be available to the general public. (Regulation 18942(a)(10).)
18. Agency Raffle. Items awarded in an agency raffle received by the agency from an employee who is not acting as an intermediary for another donor. This exception applies when an agency holds an employee raffle and the item awarded in the raffle has been obtained with agency funds, or is otherwise an asset of the agency and not donated to the agency by a non -agency source. This exception does not apply to passes or tickets of the type described in Regulation 18944.1. (Regulation 18944.2(a) and (b).)
19. Employee Gift Exchange. Items received by an employee during an employee gift exchange, so long as the items received are provided by another employee of the agency and the gifts are not substantially disproportionate in value. (Regulation 18944.2(c).) Limited Gift Exceptions
Form 700 Reporting
C/I § 87100
Honoraria Ban
$590 Gift Limit
No
No
No
No
1. Home Hospitality. Gifts of hospitality including food, drink or occasional lodging that an official receives in an individual's home when the individual or a member of their family is present. (Regulation 18942(a)(7).) For this exception to apply, the official must have a relationship, connection or association with the individual providing the in -home hospitality that is unrelated to the official's position and the hospitality must be provided as part of that relationship. Generally, this means functions like children's birthday parties, soccer team parties, neighborhood barbeques, etc., where other guests attend who are not part of the lobbying process. (Regulation 18942.2.)
2. Reciprocal Holiday Gifts. Gifts commonly exchanged between an official and another individual on holidays, birthdays, or similar occasions to the extent that the gifts exchanged are not substantially disproportionate in value. (Regulation 18942(a)(8)(A).)
3. Reciprocal Exchanges. Reciprocal exchanges between an official and another individual that occur on an ongoing basis so long as the total value of payments received by the official within the calendar year is not substantially disproportionate to the amount paid by the official and no single payment is $590 or more. For example, if two people get together regularly for lunches and rotate picking up the lunch tab so that each pays approximately half the total value over the course of the calendar year, no gift need be reported. (Regulation 18942(a)(8)(B).)
4. Dating Relationship. Personal benefits commonly received from a dating partner. These gifts are not disclosable or limited but are subject to disqualification under the conflict of interest laws if the dating partner has certain business before the official as set forth in Regulation 18942(a)(18)(D). (Regulation 18942(a)(18)(A).)
www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
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5. Acts of Human Compassion. Assistance, financial or otherwise, to offset family medical or living expenses that the official can no longer meet without private assistance because of an accident, illness, employment loss, death in the family, or other unexpected calamity; or to defray expenses associated with humanitarian efforts such as the adoption of an orphaned child, so long as the source of the donation is an individual who has a prior social relationship with the official of the type where it would be common to provide such assistance, or the payment is made without regard to official status under other circumstances in which it would be common to receive community outreach. (Regulation 18942 (a)(18)(B).) This exception does not apply if the person providing the benefit to the official is an individual who otherwise has business before the official as set forth in Regulation 18942(a)(18)(D).
6. Long -Time Friend. Benefits received from a long-time personal friend where the gift is unrelated to the official's duties. The exception does not apply if the individual providing the benefit to the official is involved in some manner with business before the official. (Regulation 18942(a)(18)(C).) This exception does not apply if the person providing the benefit to the official is an individual who otherwise has business before the official as set forth in Regulation 18942(a)(18)(D).
7. Existing Personal Relationship. Benefits received from an individual where it is clear that the gift was made because of an existing personal or business relationship unrelated to the official's position and there is no evidence whatsoever at the time the gift is made that the official makes or participates in the type of governmental decisions that may have a reasonably foreseeable material financial effect on the individual who would otherwise be the source of the gift. (Regulation 18942(a)(19).) Very Limited Gift Exception
Reporting
C/I § 87100
Honoraria Ban
$590 Gift Limit
Yes -'/2 value as gift
Yes
No
No
Wedding Gifts. Wedding gifts are not subject to the $590 gift limit. However, wedding gifts are reportable, but for purposes of valuing wedding gifts, one-half of the value of each gift is attributable to each spouse. (Regulation 18946.3.)
Gift Exceptions Requiring Alternate Reporting
Form 700 Reporting
C/I § 87100
Honoraria Ban
$590 Gift Limit
Yes - As Income
Yes
No
No
Prize or Award. A prize or award received in a bona fide contest or competition, or game of chance.
Note: Unlike the other exceptions, payments that fall into this exception must be reported as income if valued at $500 or more. To qualify for this exception the contest or competition must be unrelated to the official's duties. (Regulation 18942(a)(14).) Agency Reports
Reporting
C/I § 87100
Honoraria Ban
$590 Gift Limit
Yes - On 801 or 802
No
No
No
The following exceptions are also applicable to payments made to a government agency that are used by officials in the agency under certain conditions to conduct agency business. These types of payments are not treated as gifts or income to the officials who use them, so long as the payments meet certain conditions and they are reported by the officials' agency. These reports must appear on either a Form 801 or Form 802, instead of the official reporting the items on a statement of economic interests (Form 700).
www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
FPPC EAEU • 046 10-2023 • Page 7 of 14
Form 801 — Payment to Agency Report: This form covers gifts or donations made to an agency and used by one or more officials in the agency for agency business. This may include travel payments, reimbursements, or other uses by an official, but does not cover tickets or passes providing admission to an entertainment or sporting event, which are reported on the Form 802 (discussed below). If the payment meets the requirements of Regulations 18944 or 18950.1, the agency must report it on a Form 801 and the item is not reported on the individual's statement of economic interests (Form 700). (Regulations 18944 and 18950.1.)
Form 802 — Agency Report of Ceremonial Role Events and Ticket/Pass Distributions: This form covers gifts or donations made to an agency that provide tickets or passes to an agency official for admission to an entertainment or sporting event. For the ticket or pass to be exempt from reporting on the individual's statement of economic interests (Form 700), the agency must have a written policy stating the public purpose for distribution of the tickets. The ticket or pass cannot be earmarked by the original source for use by a particular agency official and the agency must determine, in its sole discretion, which official may use the ticket or pass. (Regulation 18944.1.) The Form 802 is also used to report tickets provided for officials who perform a ceremonial role on behalf of the agency.
Behested Payments Reports
Reporting
C/I § 87100
Honoraria Ban
$590 Gift Limit
Yes - Form 803
Behested Payment
No*
No
No*
Behested Payments. Generally, payments made at the behest of an official that do not confer a personal benefit on an official, such as those made by a third party to co-sponsor an event, or that are principally legislative, governmental, or charitable in nature, are not gifts. However, when a local elected officer is making the behest, in some cases these payments may be considered "behested payments" under Section 82004.5 and require disclosure by that elected officer. *Note: when a behested payment does confer a personal benefit on the official, the gift limit and conflict of interest rules apply, and the official may have a reportable gift or income in addition to a behested payment reporting duty.
Form 803 — Behested Payment Report
• Behested payments are reportable if made principally for legislative, governmental, or charitable purposes. These payments are not for campaign purposes and any personal benefit may constitute a gift to the official subject to the applicable gift limit. For example, a local elected official may ask a third party to contribute funds to a school in her district, or to a job fair or health fair. A gift to the official may occur, for example, where the official attends the event and receives a meal without charge.
• Generally, a donation will be "made at the behest" if it is requested, solicited, or suggested by the elected officer or member of the Public Utilities Commission, or otherwise made to a person in cooperation, consultation, coordination with, or at the consent of, the elected officer or PUC member. This includes payments behested on behalf of the official by their agent or employee. • A behested payment does not include payments to an official from a local, state, or federal government agency for use by the official to conduct agency business. For example, free parking provided by a governmental entity to an official for agency business is not a behested payment and is not subject to reporting.
• Behested payments totaling $5,000 or more from a single source in a calendar year must be disclosed by the official on a Form 803, which is filed with the official's agency within 30 days of the date of the payment(s). (Section 84224; see Regulations 18424-18424.3.) www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
FPPC EAEU • 046 10-2023 • Page 8 of 14
Honoraria
What is an "Honorarium"?
An "honorarium" is any payment made in consideration for any speech given, article published, or attendance at any public or private conference, convention, meeting, social event, meal, or like gathering.
An honorarium includes gift cards or any gift of more than nominal benefit provided in connection with an activity described above. An honorarium does not include items of nominal value such as a pen, pencil, note pad, or similar item. (Section 89501; Regulation 18932.4(e).) A "speech given" means a public address, oration, or other form of oral presentation, including participation in a panel, seminar, or debate. (Regulation 18931.1.) An "article published" means a nonfictional written work: 1) that is produced in connection with any activity other than the practice of a bona fide business, trade, or profession; and 2) that is published in a periodical, journal, newspaper, newsletter, magazine, pamphlet, or similar publication. (Regulation 18931.2.)
"Attendance" means being present during, making an appearance at, or serving as host or master of ceremonies for any public or private conference, convention, meeting, social event, meal, or like gathering. (Regulation 18931.3.)
The Act and Commission regulations provide certain exceptions to the prohibition on honoraria. (Section 89501(b); Regulations 18932 —18933.).
The Prohibition
Local officials specified in Section 87200 (see page 2) are prohibited from receiving any honoraria payments. Officials and employees of local agencies who file statements of economic interests (Form 700) under the agency's conflict of interest code ("designated employees") may not receive honoraria payments from any source if the employee would be required to report income or gifts from that source on the Form 700, as outlined in the "disclosure category" portion of the conflict of interest code. (Section 89502.)
Honoraria Exceptions that also apply to gifts and income
1. Returned. An honorarium that the public official returns (unused) to the donor or the donor's agentor intermediary within 30 days. (Section 89501(b); Regulation 18933.)
2. Donated to General Fund. An honorarium that is delivered to the official's local agency within 30 days for donation to the agency's general fund and for which the public official does not claim a deduction for income tax purposes. (Section 89501(b); Regulation 18933.)
3. Made to Nonprofit Organization. A payment that is not delivered to the public official but is made directly to a bona fide charitable, educational, civic, religious, or similar tax-exempt, non-profit organization. However:
• The official may not make the donation a condition for their speech, article, or attendance; • The official may not claim the donation as a deduction for income tax purposes. • The official may not be identified to the non-profit organization in connection with the donation; and
• The donation may have no reasonably foreseeable financial effect on the public official or on any member of their immediate family. (Regulation 18932.5.) www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
FPPC EAEU • 046 10-2023 • Page 9 of 14
4. Payment from Family Member. A payment received from the public official's spouse, child, parent, grandparent, grandchild, brother, sister, parent -in-law, brother-in-law, sister-in-law, nephew, niece, aunt, uncle, or first cousin, or the spouse of any such person. However, a payment that would be considered an honorarium is prohibited if one of these persons is acting as an agent or intermediary for someone else. (Regulation 18932.4(b).)
5. Payment for Performance or Book. Payments received for a comedic, dramatic, musical, or other similar artistic performance, and payments received for the publication of books, plays, orscreenplays. (Regulations 18931.1 and 18931.2.)
6. Reimbursement for Travel Where Official Provides Consideration. Reimbursements for reasonable travel expenses provided to the public official by a bona fide non-profit, tax-exempt (501(c)(3)) entity for which the public official provides equal or greater consideration. The payment would also be exempt from the definition of income under Section 82030(b)(2). (See discussion under "Travel Payments"below.) Honoraria Exceptions where the payment may still be considered income (or a gift, if consideration of equal or greater value is not provided by the official)
1. Admission to Event Where Official Gives Speech. Free admission, and refreshments and similar non -cash nominal benefits, provided to an official during the entire event at which they give a speech, participates in a panel or provides a similar service, and in -California transportation and necessary lodging and subsistence provided directly in connection with the speech, panel or service, including meals and beverages on the day of the activity. (Regulation 18932.4(e).)
2. Earned Income from a Business. Income earned and payments for travel made in connection with personal services rendered by the official if the services are provided in connection with a bona fide business, trade, or profession — such as teaching, practicing law, medicine, insurance, real estate, banking, or building contracting — and the services are customarily provided in connection with the business, trade, or profession. (Section 89506(d)(3) and Regulations 18950(a) and 18950.2.) This exception does not apply if the sole or predominant activity of the business, trade, or profession is making speeches. In addition, the public official must meet certain criteria to establish that they are conducting or in a bona fide business, trade, or profession (such as maintenance of business records, licensure, proof of teaching position) before a payment received for personal services which may meet the definition of honorarium would be considered earned income and not an honorarium. (Section 89501(b); Regulations 18932 —18932.3.) Earned income is required to be reported. Contact the FPPC for detailed information.
3. Travel from a Government Agency. Travel payments provided to the public official by their government agency or by any state, local, or federal government agency which would be considered income and not a gift. (Section 89506(d)(2).) See discussion under "Travel Payments" below. www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
FPPC EAEU • 046 10-2023 • Page 10 of 14
Travel Payments Exceptions
Generally, when an official receives a payment (including reimbursement) for their travel, that payment is a reportable gift or income under the Act. The term "travel payment" includes payments, advances, or reimbursements for travel, including actual transportation, parking and related lodging and subsistence. (Section 89506(a).)
If the payment is a gift, it is also normally subject to the Act's $590 gift limit. If the payment is income, it may, in some cases, be an honorarium. Whether a payment is a gift or income, the official may be required to disqualify themself from any decision that will have a foreseeable materially financial effect on the source.
Certain Travel Payments are not a Gift, Income or Honorarium Reporting
C/I § 87100
Honoraria Ban
$590 Gift Limit
No
No
No
No
The following travel payments are not a gift, income or honorarium under the Act and Commission regulations and are thus not reportable, potentially disqualifying, or subject to any of the Act's gift limits or the honorarium ban.
1. Travel from a Non -Reportable Source. A payment for travel from a source that is not reportable on the official's statement of economic interests (Form 700) based on the provisions of the conflict of interest code of the official's agency.
2. Travel from Government Agency for Training. A payment for travel from another local, state, or federal government agency and related per diem expenses when the travel is for education, training or other inter -agency programs or purposes. (Regulation 18950(a) and (c)(2).)
3. Sharing a Ride with Another Official. A payment for travel provided to the official in a vehicle or aircraft owned by another official or agency when each official is traveling to or from the same locationfor an event as a representative of their respective offices. (Regulation 18950(a) and (c)(3).)
4. Certain Travel from a Government Agency or 501(c)(3). Travel payments provided to the official by any state, local, or federal government agency as part of the official's employment with that agency or provided to the official by a bona fide non-profit, tax-exempt (501(c)(3)) entity for which the official provides equal or greater consideration. (Section 82030(b)(2).) Any person who claims to have provided consideration has the burden of proving that the consideration received is of equal or greater value.
5. Travel for Official Agency Business. Certain payments made to an agency to cover the travel expenses of an employee who travels in the course of carrying out agency business are not gifts to the official because these payments do not provide a "personal benefit" to the official. For this exception to apply, the agency must report the payment on a Form 801 and the amount and purpose for using the payments are restricted by the provisions set forth in Regulation 18950.1.
6. Campaign Contribution. A payment for travel that constitutes a campaign contribution to an official (Sections 82015, 82028(b)(4); Regulations 18215, 18942(a)(4), 18950(a) and 18950.3(a)), and permissible expenditures of campaign funds for campaign -related travel (Regulations 18950(a) and 18950.3(b)), provided they comply and are properly reported in accordance with applicable campaign finance laws.
www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
FPPC EAEU • 046 10-2023 • Page 11 of 14
7. Travel Payments Fulfilling Terms of Contract. Payments made to a governmental entity for travel expenses that are required to fulfill the terms of a contract. Neither the governmental entity nor the public official has a reporting obligation because consideration has been provided. (Section 82028; Ratto Advice Letter, No. I-14-057. )
Certain Travel Payments are Reportable and may Subject the Official to Possible Conflicts of Interest, but are not Subject to the $590 Gift Limit or Honoraria Ban of the Act.
Reporting
C/I § 87100
Honoraria Ban
$590 Gift Limit
Yes
Yes
No
No
Travel for a Public Purpose Under Section 89506(a). Any payments for actual transportation expenses and related lodging and subsistence that are made for a purpose reasonably related to: (1) A legislative or governmental purpose, or (2) An issue of state, national, or international policy so long as the travel is either:
(a) Travel for Speech. In connection with a speech given by the official and the lodging and subsistence expenses are limited to the day immediately proceeding, the day of, and the day immediately following the speech and the travel is within the United States, or (b) Travel paid for by government agency or 501(c)(3) organization. Provided by a government agency or authority, (including a foreign government), a bona fide public or private educational institution as defined in Section 203 of the Revenue and Taxation Code, or a nonprofit organization that qualifies under Section 501(c)(3) of the Internal Revenue Code or a foreign organization that substantiallysatisfies the criteria of that section.
These payments are still reportable on the Form 700 and may create a conflict of interest issue for the official.
Payments for Travel in Connection with a Business
Reporting
C/I § 87100
Honoraria Ban
$590 Gift Limit
Yes - as Income
Yes
No
No
Payments for travel made in connection with personal services rendered by the official if the services are provided in connection with a bona fide business, trade, or profession — such as teaching, practicing law, medicine, insurance, real estate, banking, or building contracting — and the services are customarily provided in connection with the business, trade, or profession. (Section 89506(d)(3) and Regulations 18950(a) and 18950.2.)
www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
FPPC EAEU • 046 10-2023 • Page 12 of 14
Loans
Personal loans received by certain local officials are subject to limits and other restrictions, and in some circumstances, a personal loan that is not being repaid or is being repaid below certain amounts may become a gift to the official who received it.
Limitations on Loans from Agency Officials, Consultants, and Contractors Officials Must Not Receive Loans from Agency Staff. If the public official is a local elected officer or an official specified in Section 87200 (see page 2), they may not receive a personal loan that exceeds $250 at any given time from an officer, employee, member, or consultant of their government agency or an agency over which their agency exercises direction and control. (Section 87460(a) and (b).) Officials Must Not Receive Loans from Agency Contractors. In addition, the public official may not receive a personal loan that exceeds $250 at any given time from any individual or entity that has a contract with their government agency or an agency over which their agency exercises direction and control. This limitation does not apply to loans received from banks or other financial institutions, and retail or credit card transactions, made in the normal course of business on terms available to members of the public without regard to their official status. (Section 87460(c) and (d).) Loans to Elected Officials Must be in Writing
In addition to the limitations above, if the public official is elected, they may not receive a personal loan of $500 or more unless the loan is made in writing and clearly states the terms of the loan. The loan document must include the names of the parties to the loan agreement, as well as the date, amount, interest rate, and term of the loan. The loan document must also include the date or dates when payments are due and the amount of the payments. (Section 87461.) The following loans are not subject to these limits and documentation requirements:
1. Campaign Loans. Loans received by an elected officer's or candidate's campaign committee.
2. Loans from Family Members. Loans received from the public official's spouse, child, parent, grandparent, brother, sister, parent -in-law, brother-in-law, sister-in-law, nephew, niece, aunt, uncle, or first cousin, or the spouse of any such person unless they are acting as an agent or intermediary for another person not covered by this exemption.
Loans as Gifts
Under the following circumstances, a personal loan received by any public official (elected and other officials specified in Section 87200, as well as any other local official or employee required to file statements of economic interests) may become a gift and subject to gift reporting and limitations:
1. If the loan has a defined date or dates for repayment and has not been repaid, the loan will become a gift when the statute of limitations for filing an action for default has expired.
2. If the loan has no defined date or dates for repayment, the loan will become a gift if it remains unpaid when one year has elapsed from the later of:
• The date the loan was made;
• The date the last payment of $100 or more was made on the loan; or • The date upon which the public official has made payments aggregating to less than $250 during the previous 12 months. (Section 87462.)
www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772) FPPC
EAEU • 046 10-2023 • Page 13 of 14
The following loans will not become gifts:
• A loan made to an elected officer's or candidate's campaign committee. This loan would, however, be a campaign contribution and must be reported accordingly. • A loan described above on which the creditor has taken reasonable action to collect the balance due.
• A loan described above on which the creditor, based on reasonable business considerations, has not undertaken collection action. (However, except in a criminal action, the creditor has the burden of proving that the decision not to take collection action was based on reasonable business considerations.)
• A loan made to an official who has filed for bankruptcy and the loan is ultimately discharged in bankruptcy.
www.fppc.ca.gov
FPPC Advice: [email protected] (866.275.3772)
FPPC EAEU • 046 10-2023 • Page 14 of 14
ATTACHMENT #3
Legal Alerts 110/07/2024
California Updates Levine Act "Pay to Play"
Campaign Contribution Restrictions for 2025
Existing Provisions Remain in Place Through 2024 Election Year Governor Newsom signed a bill on September 30 that will update the State's "pay to play" campaign contribution law commonly known as the "Levine Act" starting on January 1, 2025.
The Levine Act currently prohibits agency officers from accepting, soliciting or directing a contribution of more than $250 from a party or participant (or their agents) (1) while a proceeding involving a license, permit, or other entitlement for use, including most contracts, is pending before the agency and (2) for 12 months after a decision.
The law also contains disclosure, recusal, and other requirements applicable to an officer who has received such contributions, and similar requirements applicable to parties, participants, and their agents.
Senate Bill 1243 ("SB 1243") will make the following changes to the Levine Act in 2025:
Raises the threshold for covered contributions to officers from $250 to $500; Extends from 14 days to 30 days the period during which an officer can return and "cure" a contribution in excess of the threshold that the officer accepted, solicited, or received during the 12 months following a final decision on a license, permit or entitlement;
Establishes that the term "participant" excludes individuals whose only financial interest results from a change in membership dues; and
Codifies that the term "pending," as it relates to the officer, is when:
The item involving the license, permit, or other entitlement for use is placed on the agenda; or The officer knows such license, permit, or other entitlement for use is within the jurisdiction of the officer's agency, and it is reasonably foreseeable that the decision will come before the officer for a decision.
Excludes the following contracts from the definition of "licenses, permits, or other entitlements for use" for the purposes of the Act:
Contracts under $50,000;
Contracts between two or more government agencies;
Contracts where no party receives financial compensation; and Periodic review or renewal of development agreements or competitively bid contracts with non -material modifications.
Additionally, SB 1243 exempts a city attorney or county counsel from the definition of "officer" covered by the Act if the attorney's role in the decision is solely to provide legal advice and the attorney has no authority to make a final decision in the proceeding.
The current provisions of the Levine Act, including the $250 contribution amount, remain in effect through 2024, and certain prohibitions or requirements arising from existing law may continue for up to 12 months after the law is updated as of January 1, 2025. As it did with the major update to the Levine Act in 2023, the Fair Political Practices Commission will likely need to provide guidance on certain timing issues for 2025 contributions that may relate to 2024 proceedings.
If you have any questions about the Levine Act and how it may impact your agency, please contact Frank Splendorio, Nicholaus Norvell or Michelina Hassell.
Disclaimer: BBK Legal Alerts are not intended as legal advice. Additional facts, facts specific to your situation or future developments may affect subjects contained herein. Seek the advice of an attorney before acting or relying upon any information herein.
Key Contacts
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PARTNER
Nicholaus W.
Norvell
PARTNER
Frank A.
Splendorio
.. (619) 525-1380 N. (916) 551-2086
nicholaus.norvell@bbkl frank.splendorio@bbkla
aw.com
w.com
ASSOCIATE
Michelina Hassell
` (909) 466-4906
michelina.hassell@bbkl
aw.com
INDIAN WELLS CITY COUNCIL
January 30, 2025
To: City Council
From: City Manager Department
Prepared by: Angelica Avila, City Clerk
Subject: Council Member Attendance at the 2025 Living Desert Event
RECOMMENDED ACTIONS:
Council APPROVES the attendance of Councilmember Sanders to attend the Living Desert Zoobilee Gala: Wild at Heart on February 22, 2025, as identified in the staff report; and
FINDS the action exempt from CEQA review under CEQA Guidelines section 15061(b)(3).
DISCUSSION:
The City Council adopted a ticket policy for pre -approval of Council Member attendance at events which serve a valid governmental or public purpose (Resolution No. 2022-36).
City Council Policy Manual Section 2.11.010 states the consent calendar staff report will include a description of the event, including the date and location, the Council Member/s attending, the total cost for each Council Member, and the City's governmental or public purpose for attending the event. Once the Council has confirmed its attendance for the 2025 listed events, a report will be issued to the Council in a future agenda.
PRE -APPROVAL OF EVENTS:
Description (Date and Location)
Council
Member
Total
Cost
Public
Purpose _
Wild at Heart Gala; The Living Desert,
Saturday, February 22, 2025- 5:30
p.m.- 9:00 p.m.
Sanders
$1,000
Section F (13)
Resolution No. 2022-36 Section F (13) — Promote community resources and private facilities, including charitable and non-profit organizations facilities, available for use by city residents.
FISCAL IMPACT:
The Fiscal Year 2024-25 budget allocates up to $2,500 per Council Member for participation in governmental or public -purpose events. The Finance Department will monitor these expenditures and provide detailed monthly reports to the Senior Executive Assistant. The events outlined above are accounted for within the existing budget and do not result in any additional financial impact.
CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA):
The action is not a project within the meaning of Section 15378 of the State of California Environmental Quality Act ("CEQA') Guidelines, because it has no potential for resulting in physical change in the environment, directly or indirectly; and that the action is nonetheless exempt from the requirements of CEQA in that the activity is covered by the general rule that CEQA applies only to projects that have the potential for causing a significant effect on the environment. (14 CCR 15061(b)(3).)
INDIAN WELLS CITY COUNCIL
January 30, 2025
To: City Council
From: Finance Department
Prepared by: Amy Dallosta, Accountant
Subject: City Treasurer's Report for September 2024
RECOMMENDED ACTIONS:
Council RECEIVES and FILES the City Treasurer's Report for September 2024; and FINDS the project to be exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to Section 15060.
DISCUSSION:
This report comprehensively analyzes the City of Indian Wells' cash and investment position as of September 30, 2024. The city maintains a robust investment strategy, focusing on prudence, liquidity, and compliance with legal requirements. The Treasurer's certification ensures adherence to the city's investment policy and compliance with the State of California Government Code section 53600.
Financial Snapshot:
As of September 30, 2024:
• Total cash and investments: $78,840,426.43
• Portfolio rate of return: 3.404%
Treasurer's Certification:
The City Treasurer certifies:
• Compliance with the city's investment policy and legal requirements. • Adequate liquidity to meet financial obligations for the next six months, ensuring static and dynamic liquidity.
Fiscal Prudence:
Aligned with the fiduciary duty, the city adheres to a prudent investment approach, considering economic conditions and anticipated needs. Investments are guided by a written policy emphasizing safety, liquidity, and yield.
BACKGROUND:
The Treasurer's Report provides a monthly update on cash activity and the investment portfolio, ensuring reconciliation with the General Ledger. Investments align with the city's investment policy and State legislation, covering U.S. treasuries, federal agency securities, corporate notes, municipal bonds, CDs, and overnight cash investments.
Investment Strategy:
The city's investment portfolio is designed to achieve a market rate of return within risk constraints. Diversification across institutions, security types, and maturities maximizes safety and yield amid changing market conditions.
FISCAL IMPACT:
The investment portfolio generated $140,441.00 in earnings for September 2024. The investment strategy aims for consistent returns throughout budgetary and economic cycles, reflecting prudent risk management. Moreover, the strategy's success in consistently generating returns reflects its adaptability to changing market conditions. As economic cycles fluctuate, the city's investment approach remains resilient, adjusting to dynamic financial landscapes to optimize safety and yield.
CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA):
This action has been reviewed per the authority and criteria contained in the California Environmental Quality Act (CEQA), the State and local CEQA Guidelines, and the City's environmental regulations. The City, acting as the Lead Agency, determined that this resolution is not subject to CEQA pursuant to Sections 15060(c)(2), 15060(c)(3), and 15061(b)(3) of the State CEQA Guidelines, because it will not result in a direct or reasonably foreseeable indirect physical change to the environment as there is no possibility that the action would result in a significant environmental impact, and because it does not constitute a "project" as defined in Section 15378 of the State CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3.
ATTACHMENTS:
1. City Treasurer's Report
ATTACHMENT #1
NET CASH & INVESTMENT SUMMARY SEPTEMBER 2024
UNRESTRICTED FUNDS
GENERAL FUND
101- GENERAL
TOTAL GENERAL FUND
RESTRICTED FUNDS
SPECIAL REVENUE FUNDS
202 - TRAFFIC SAFETY
203 - PUBLIC SAFETY 1/2 CENT SALES TAX
204 - MEASURE "A"
209 - F,A,M.D. #1
210 - SCAQMD (VEHICLE REG.)
211 - AB 3229 COPS FUNDING
214 - GAS TAX 2103 MAINTENANCE
215 - GAS TAX 2105 MAINTENANCE
216 - GAS TAX 2106 CONSTRUCT/MAINT
217 - GAS TAX 2107 MAINTENANCE
218 - GAS TAX 2107.5 ENG./ADMIN
219 - GAS TAX RMRA
228 - EMERG. UPGRADE SERVICES
247 - AB 939 RECYCLING FUND
248 - SOLID WASTE
251 - STREET LIGHTING DISTRICT 2000-1
253- INDIAN WELLS VILLAS OPERATIONS
254- MOUNTAIN VIEW VILLAS OPERATIONS
256- HOUSING AUTHORITY
271 - ELDORADO DRIVE LLMD
272 - MONTECITO/STARDUST LLMD
273 - CASA DORADO LLMD
274 - THE COVE LLMD
275 - SH 111/IWGR (ENTRANCE) LLMD
276 - CLUB/IW LANE LLMD
277 - COLONY LLMD
278 - COLONY COV ESTATES LLMD
279 - DESERT HORIZONS LLMD
280 - MOUNTAIN GATE LLMD
281 - MOUNTAIN GATE ESTATES LLMD
282 - VILLAGIO LLMD
283 - VAIDYA LLMD
284 - CLUB, SOUTH OF 111 LLMD
285 - MONTELENA LLMD
286 - SUNDANCE LLMD
287 - PROVINCE LLMD
288 - PROVINCE DBAD
TOTAL SPECIAL REVENUE FUNDS
CAPITAL PROJECT FUNDS
310 - PARK FACILITIES FEES
311 - TRANSPORTATION FACILITIES FEES
313 - RECREATION FACILITIES FEES
314 - PARK -IN -LIEU FEES
315 - CITYWIDE PUBLIC IMPROVEMENT FEE
316 - CAPITAL IMPROVEMENT
319 - ART IN PUBLIC PLACES
321 - HIGHWAY 111 CIRCULATION IMP FEE
TOTAL CAPITAL PROJECT FUNDS
Sept Sept
2024 2023
20,287,080.23
$ 12,846,135.99
20, 287,080.23 12,846,135.99
12,185, 65 11, 699.78
7,024.67 14,845.80
7,531.91 92,427.67
909,680,24 1,515,457.17
18,360.84 14,798.85
0.00 11,405.10
1,800.01 12, 531.95
0.00 7,009.43
0.00 5,645.12
0.00 9,731.61
490.50 1,000.00
4,460.52 136,284.29
4,671,194,13 4,765,723.78
232,346.02 287,942.19
72,139.47 125,721.44
19,603.56 16,676.66
183,495.56 96,945.46
280,781,44 179,896.85
225,520.30 2,746,049.84
98,285.30 61,708.05
16,346.15 5,883.37
3,855.25 773.88
2,916.94 7,309.29
372,688.69 88,789.80
42,741.43 19,467.04
112,328.76 79,251.45
53,738.55 48,741.14
78,787.37 12,756.87
109,061.99 96,228.33
48,235.58 44,342.27
246,840.89 225,231.32
39,523.56 34,906.28
38,043.63 31,325.23
99,377.02 75,731.17
1,994.92 0.00
98,239,42 82,667.08
590,712.12 563,482.33
8,700,332.39 11,530,387.89
0,00
0.00 0.00
0.00 0.00
12,972,112.79
672,045.30
0.00 27,033.00
23,496.00
47,064.00
17,003.00
7,662.00
8,982,350.02
643,809.63
37,152.70
13,644,158.09 9,785,570.35
T:\Common bank\Treasurers Report\Cashl0Sept 24 10:43 AM1/24/2025
CITY OF INDIAN WELLS
NET CASH & INVESTMENT SUMMARY SEPTEMBER 2024
PAGE 2
RESTRICTED FUNDS (Cont.).
REPLACEMENT FUNDS
326 - BUILDINGS CAPITAL RESERVE
327 - BRIDGES CAPITAL RESERVE
328 - MEDIANS & PARKWAYS CAPITAL RESERVE
329 - STORM DRAINS CAPITAL RESERVE
330 - TRAFFIC SIGNALS CAPITAL RESERVE
331 - TECHNOLOGY CAPITAL RESERVE
332 - CITY STREETS CAPITAL RESERVE
333 - CITY VEHICLES CAPITAL RESERVE
350 - DISASTER RECOVERY RESERVE
TOTAL REPLACEMENT FUNDS
SUCCESSOR AGENCY FUNDS
453 - DEBT SERVICE
456 - RDA OBLIGATION RETIREMENT
TOTAL SUCCESSOR AGENCY FUNDS
FINANCING AUTHORITY FUNDS
460 - INDIAN WELLS FINANCING AUTHORITY
TOTAL FINANCING AUTHORITY FUNDS
ENTERPRISE FUNDS
560 - INDIAN WELLS GOLF RESORT
TOTAL ENTERPRISE FUNDS
INTERNAL SERVICE FUNDS
601 - INTERNAL TRUST FUND
TOTAL INTERNAL SERVICE FUNDS
RESERVE FUNDS
602 - COMPENSATED ABSENCES
TOTAL RESERVE FUNDS
TRUST & AGENCY FUNDS
732 - SPECIAL DEPOSITS
TOTAL TRUST & AGENCY FUNDS
TOTAL ALL FUNDS
FISCAL AGENTS
253 - INDIAN WELLS VILLAS
254 - MOUNTAIN VIEW VILLAS
453 - US BANK TRUSTEE - SUCCESSOR AGENCY DEBT SERVICE
460 - US BANK - INDIAN WELLS FINANCE AUTHORITY
560 - INDIAN WELLS GOLF RESORT
601 - INTERNAL TRUST FUND
TOTAL FISCAL AGENTS
Sept Sept
2024 2023
2,412,507.80
2,202,976.00
1,821,598.07
1,085,043.00
950,481.00
896,910.00
18,268,397.00
462,411.00
612,456.00
28,712,779.87
53,703.43
0.00 1,990,616.80
1,790,016.00
1,424,895.07
719,746.00
590,920.00
539,633.00
17,170,499.00
123,655.00
291,850.00
24,641,830.87
2,527,210.64
0.00 53,703.43
562,785.66
562,785.66
1,023,109.55
1,023,109.55
2,537,605.42
2,527,210.64
273.98
273.98
1,500,000.00
1,500,000.00
2,133,200.12
2,537,605.42 2,133,200.12
0.00 624,787.00
0.00 624,787.00
580,925.70 774,074.85
580,925.70 774,074.85
76,102,480.34 66,363,471.69
68,101.93
107,406.17
3,174.30
6,594,337.42
654,057.73
11,401,943.73
18,829,021.28
325,207.50
334,417.52
4,613,706.11
9,037,945.68
1,223,586.84
1,099,342.81
16,634,206.46
TOTAL ALL FUNDS & FISCAL AGENTS $ 94,931,501.62 $ 82,997,678.15
UNRESTRICTED FUNDS
RESTRICTED FUNDS
20, 287, 080.23 12,846,135.99
74,644,421.39 70,151,542.16
$ 94,931,501.62 $ 82,997,678.15
T:\Gammon\bank\Treasurers Report\CashlOSept 24
Page,g At pf0 30
City of Indian Wells
Bank Reconciliation Report - City Held Cash
Finance Department
MONTH: September 30. 2024
Investnrpnt o Invsstment Type
eank Grcking & Sweet
1 2
3 6
7 8
9 10
19 Managed Pool Accounts
21 Certificates a[Deposit
512
513
514
515
516
517
518
519
522
525
548
550
557
558
561
562
573
574
575
585
586
587
588
589
590
591
592
597
598
599
607
609
612
Medium Term Co orat&N4res
524
526
533
538
549
556
576
Fed ral A en ues
542
544
546
551
559
560
563
564
566
567
568
571
572
605
Municipal Bonds
531.
Investment Description Book Value
Ilk Western Bank - Sweep •.-..1.1.17 1,672.384,87
F
Pacific Western Bank - Accts. Payable **-**3411 0.00
Pacific Western Bank - Payroll **-**1752 0.60
Pacific Western Bank - Ambulance **-****7937 0.00
Pacific Western Bank - Public Funds MMA **-****5064 16,042.26 US Bank Money Market - Investment 0.00
US Bank Money Market - 4590 551,162.87
US Bank Money Market- 4591 9,815,154.98
Petty Cash 2,000.00
Local Agency Investment Fund • City 98.33.385 1,892,880.12 Certificate of Deposit•BMW Bank. North America 05580AVX9 250,000.00 Certificate of Deposit-Nicolet Nation Bank 654062322 250,000.00 Certificate of Deposit -Live Oak Banking Company 538036LD4 250,000.00 Certificate of Deposit -Alma Bank 020080BX4 250,000.00
Certificate of Deposit -State Bank of India 856285TF8 248.000.00 Certificate of Deposit -First Natl Bank of McGregor TX 32112UDR9 249,000.00 Certificate of Deposit-Centerstate Bank 152010DE4 248.000.00 Certificate of Deposit -Northwest Bank 66736ABV0 249,000,00 Certificate of Deposit -Pacific Western Bank 69506YRL5 248,000.00 Certificate of Deposit -Bank of Baroda 06063HM59 249,000.00.
Certificate of Deposit -Toyota Financial Sqs Bank 89235MKY6 250,000.00 Certificate of Deposit-Greenstate Credit Union 39573LBL1 250,000.00 Certificate of Deposit -Pentagon Federal Credit Union 70962LAS1. 249,000.00 Certificate of Deposit-Nelnet Bank, Inc 64034KAG6 250,000.00 Certificate of Deposit -Beal Bank 07371AYE7 250,000.00
Certificate of Deposit -Beal Bank USA 073710E88 250,000.00 Certificate of Deposit -Capital One NA 14042RUJ8 250,000.00 Certificate of Deposit -Austin Telco Fed Credit Union 052392BT3 250,000.00 Certificate of Deposit -Synchrony Bank 87164XR65 250,000.00 Certificate of Deposit -Liberty First Credit Union 530520AK1 249,000.00 Certificate of Deposit -First Guaranty Bank Hammond LA 249,000.00 Certificate of Deposit -Medallion Bank Utah 584040SW2 249,000.00 Certificate of Deposit -Pitney Bowes Bank 72446BAG8 244,000.00 Certificate of Deposit -Bank Five Nine 062119CD2 249,000.00 Certificate of Deposit -First Foundation Bank 32026UW51 244,000.00 Certificate of Deposit -Summit National Bank 86616RAG0 249,000.00 Certificate of Deposit -First National Bank. of America 32110YD93 249,000.00 Certificate of Deposit -Morgan Stanley Private Bank 6176BEr29 244,000.00 Certificate of Deposit -Cross River Bank 227563EX7 244.000.00 Certificate of Deposit -Universal Bank and Trust Co 91527PCF2 249,000.00 Certificate of Deposit -Sallie Mae 795451DM2 244,000.00 Certificate of Deposit -Leaders Credit Union 52171MAN5 249,000.00 Certificate of Deposit -Pacific Premier Bank 4800121693 250,870.49 Bank of New York Mellon Carp 06406RAN7 1002,147,47
Montebello CA Pens Obliq M 612285AE6 1,010,908.10
JP Morgan Chase Bank NA 46632FRU1 2,000,000.00
JP Morgan Chase 48128G202 1,000,000.00
Bank of America MTN 06048WM31 1,000,000.00
Bank of America MTN 06048WM72 1,000,000.00
Jahn Deere Capital Corp 24422EWR6 1,018,09655
12,056,741.98
1,892,880.12
8,202,870.49
Treasury Oiscou✓ ts-AmartiiinC
603
604
606
608
Treasury 5eqi.ttes
593
594
610
Oulstandinq items
Total Outstanding Items
Ful. Farm Credit Bank 313IALI62 1.,000,000.00
Fed. Farm Credit Bank 3130ALMM3 2,000,000.00
Fed. Farm Credit Bank 3130ALW67 1,000,000.00
Fed. Fam, Credit Bank 3130AMW57 2,000,000.00
Fed. Home Loan Bank 3130A0WF6 1,000,000.00
Fed. Home Loan Bank 3130ADWJ8 1,000,000.00
Fed. Home Loan Bank 3130A0Z55 1,000,000.00
Fed. Home Loan Mtq Corp 3134GXMX9 1,000,000.00
Fed. Horne Loan Bank 3330ARGE5 1,000,000.00
Fed. Home Loan Mtq Coro 3134GX0P2 1,000,000.00
Fed. Home Loan Bank 3130AS3Z0 1,700,000,00
Fed_ Horne Loan Bank 3130A5567 1,000,000.00
Fed. Home Loan Bank 3130ASS91 1,000,000,00
Fed.Home Loan Bank 3130B1UH8 2,000,000.00
Natomas CA Scheel OKirkt 63B77NMM6 300,000.00
United StateS Treasury Bill 912797LF2 1,014,819.10
United States Treasury Bill 912797LF2 249,749.72
United States Treasury Bill 912797LY1 1,971,402.17
United States Treasury Bill 912797JR9 1,969,617.63
United Slates Treasury MI 91282CF00 9,935,584.04
United States Treasury Bill 912810FF0 13,503,060.96
United States Treasury Bill 91282CLK5 2,012,548,.10
8,031,152.12
17,900,000.00
300,008.00
5,205,.588.62
25,451,193.10
Total Pooled Cash and Investments 1 78.840,426A3
Fair Value Increase (over cost) 11.686.552021
Warrants/Wire Transfers Oustandinq (Bank)
Deposit in Transit
Incoming Payments Outstanding (GL)
Credit Card in Transit
(1,055.261.91)
0.00 3,767.84
100.00
ft -051.394,07)
1242025, IO50AM
Reconciled Bank Balance
$ 76,102,480.34
Ormond t edeter 9alanc4 $ 70.147.480,34
-7)9 o 5�9 pt pooled f530
TCommontbanktbank reconciliation y25t3-Sept 24\2024 _R _Sept k 24
INDIAN WELLS
CALIFORNIA
Investments
Managed Pool Accounts - LAIF
Money Market Sweep/Checking Account
Negotiable CD's
Medium Term Corporate Notes
Federal Agency Issues - Callables
Treasury Securities
Miscellaneous Securities - Coupon
Treasury Discounts -Amortizing
Componding Certificates of Deposit
Investments
Par
Value
1,892,880.12
12,056,741.98
7,952,000.00
8,000,000.00
17,700,000.00
25,000,000.00
300,000.00
5,276,000.00
250,870.49
The City of Indian Wells
Portfolio Management
Portfolio Summary
September 30, 2024
Market
Value
1,892,880.12
12,056,741.98
7,944,172.59
7,695,680.00
17,323,663.00
26,007,580.00
292,485.00
5,210,927.84
250,870.49
78,428,492.59 78,675,001.02
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Book % of Days to YTM YTM
Value Portfolio Term Maturity 360 Equiv. 365 Equiv.
1,892,880.12 2.40 1 1 4.512 4.575
12,056,741.98 15.29 1 1 4.120 4.177
7,952,000.00 10.09 1,825 919 2376 2.409
8,031,152.12 10.19 1,803 550 1.340 1.359
17,700,000.00 22.45 1,655 739 2.459 2.493
25,451,193.10 32.28 1,651 1,380 4.146 4.203
300,000.00 0.38 1,765 304 1.085 1.100
5,205,588.62 6.60 176 99 5.039 5.109
250,870.49 0.32 181 154 4.813 4.880
78,840,426.43 100.00% 1,291 769 3.357 3.404
Total Earnings
Current Year
Average Daily Balance
Effective Rate of Return
The above i estments are consistant with the City's investment policy and allowable under current legislation of the State of California. Investments were purchased using safety, liquidity, and yield as crite 'a. itton, cash flow from revenue and maturing investments will be sufficient to cover expenditures for the next six months. All securities are "Marked -to -Market" on a monthly basis.
September 30 Month Ending
232,200.14
79,984,862.75
3.53%
Kev§ McCry, man
Director
Reporting period 09/01/2024-09/30/2024
Run Date: 01/09/2025 - 17:11
No fiscal year history available
Portfolio CITY
AP
CUSIP Investment #
Issuer
Average
Balance
The City of Indian Wells
Portfolio Management
Portfolio Details - Investments
September 30, 2024
Purchase
Date
Par Value Market Value
Stated
Book Value Rate
YTM Days to Maturity
Fitch 360 Maturity Date
Managed Pool Accounts - LAIF
SYS21 21
SYS23 23
LAIF - City
LAIF - Redevelopment
Subtotal and Average 3,342,880.12
1,892,880.12 1,892,880.12 1,892,880.12
0.00 0.00 0.00
1,892,880.12 1, 892, 880.12 1,892,880.12
4.575
0.233
4.512 1
0.230 1
4.512 1
Money Market Sweep/Checking Account
SYS1
SYS6
SYS7
SYS8
SYS10
SYS9
SYS2
SYS3
SYS4
SYS19
SYS5
1 Pacific Western Bank
6 Pacific Western Bank -Ambulance
7 Pacific Western-PublicFundsMMA
8 US Bank Money Market
10 US Bank Money Market -4591
9 US Bank Money Market -4590
2 Pacific Western - Acct Payable
3 Pacific Western -Payroll
4 Union Bank -Checking
19 Petty Cash
5 WestAmerica Bank
Subtotal and Average 11,858,185.48
07/01/2023
07/01/2023
07/01/2023
07/01/2023
07/01/2023
07/01/2023
1,672,381.87
o. 00
16,042.26
0.00 9,815,154.98
551,162.87
0.00 0.00
0.00 2,000.00
0.00 1,672,381.87
0.00 16,042.26
0.00 9,815,154.98
551,162.87
0.00 0.00
0.00 2,000.00
0.00 12,056,741.98 12, 056, 741.98
1,672,381.87
0.00 16,042.26
0.00 9,815,154.98
551,162.87
0.00 0.00
0.00 2,000.00
0.00 12,056,741.98
0.250
4.510
4.810
4.830
0.200
0.247 1
0.000 1
4448 1
0.000 1
4.744 1
4.764 1
0.000 1
0.000 1
0.197 1
0.000 1
0.000 1
4.120 1
Negotiable CD's
D20080BX4
D52392BT3
06063HMS9
D62119CD2
07371AYE7
073710E88
05580AVX9
14042RUJ8
15201QDE4
227563EX7
320437AD8
32110YD93
32026UW51
32112UDR9
39573LBL1
52171MAN5
530520AK1
538036LD4
58404DSW2
.un Date: 01/09/2025 - 17:11
515 Alma Bank
574 Austin Telco Fed Credit Union
525 Bank of Baroda
589 Bank Five Nine
561 Beal Bank - Plano TX
562 Beal Bank USA
512 BMW BANK NORTH AMERICA
573 Capital One NA
518 Centerstate Bank NA
598 Cross River Bank
586 First Guaranty Bank Hammond LA
592 First National Bank of America
590 First Foundation Bank
517 First Natl Bank of McGregor TX
550 Greenstate Credit Union
609 Leaders Credit Union
585 Liberty First Credit Union
514 Live Oak Banking Company
587 Medallion Bank Utah
03/31/2020
09/21/2022
07/22/2020
07/31/2023
02/23/2022
02/23/2022
03/31/2020
09/21/2022
04/30/2020
03/07/2024
08/11/2023
08/16/2023
08/16/2023
04/28/2020
06/16/2021
08/30/2024
08/11/2023
03/31/2020
07/31/2023
250,000.00
250,000.00
249,000.00
249,000.00
250,000.00
250,000.00
250,000.00
250,000.00
248,000.00
244,000.00
249,000.00
249,000.00
244,000.00
249,000.00
250,000.00
249,000.00
249,000.00
250,000.00
249,000.00
246,237.50 250,000.00 1.400 1.380 178 03/28/2025
250,000.00 250,000.00 3.800 3.748 1,085 09/21/2027
242,110.17 249,000.00 0.700 0.690 294 07/22/2025
257,065.11 249,000.00 4.500 4.438 1,396 07/28/2028
239,240.00 250,000.00 1.900 1.874 869 02/17/2027
239,240.00 250,000.00 1.900 1.874 869 02/17/2027
246,425.00 250,000.00 1.550 1.529 181 03/31/2025
250,667.50 250,000.00 3.900 0.000 1,085 09/21/2027
243, 523.60 248,000.00 1.250 1.233 211 04/30/2025
250,483.08 244,000.00 4.250 4.192 1,618 03/07/2029
257,139.81 249,000.00 4.500 4.438 1,403 08/04/2028
262,465.92 249,000.00 4.450 4.394 1,414 08/15/2028
251,427.36 244,000.00 4.450 0.000 1,408 08/09/2028
244,669.89 249,000.00 1.350 1.332 209 04/28/2025
237,832.50 250,000.00 0.900 0.888 623 06/16/2026
253,031.31 249,000.00 4.000 3.945 1,794 08/30/2029
260,805.09 249,000.00 4.700 4.641 1,406 08/07/2028
246,215,00 250,000.00 1.400 1.382 181 03/31/2025
256,203.57 249,000.00 4.400 4.406 1,399 07/31/2028
Portfolio CITY
AP
PageRZEA7of530
CUSIP
Negotiable CD's
61768ET29
64034KAG6
654062JZ2
66736ABV0
69506YRL5
70962LAS1
724468AG8
795451 DM2
856285TF8
B6616RAG0
B7164XR65
89235MKY6
91527PCF2
Investment #
Issuer
597 Morgan Stanley Private Bank
558 Nelnet Bank, Inc.
513 Nicolet National Bank
519 Northwest Bank
522 Pacific Western Bank CA CD
557 Pentagon Federal Credit Union
588 Pitney Bowes Bank Inc.
607 Sallie Mae
516 State Bank of India NY, NY CD
591 Summit National Bank
575 Synchrony Bank
548 Toyota Financial Sgs Bk
599 Universal Bank and Trust Co.
Subtotal and Average
Average
Balance
7,952,000.00
The City of Indian Wells
Portfolio Management
Portfolio Details - Investments
September 30, 2024
Purchase
Date
03/06/2024
02/02/2022
03/31/2020
04/30/2020
04/30/2020
09/29/2021
07/31/2023
07/26/2024
04/29/2020
08/16/2023
09/23/2022
04/22/2021
03/13/2024
Par Value Market Value
244,000.00
250,000.00
250,000.00
249,000.00
248,000.00
249,000.00
244,000.00
244,000.00
248,000.00
249,000.00
250,000.00
250,000.00
249,000.00
7,952,000.00
Stated
Book Value Rate
251,473.72 244,000.00 4.350
237,157.50 250,000.00 1.500
246,205.00 250,000.00 1.400
244,420.89 249,000.00 1.200
243,523.60 248,000.00 1.250
235,130.70 249,000.00 0.900
250,895 44 244,000.00 4.400
251,027.20 244,000.00 4.300
244,024.56 248,000.00 1.600
259,963.47 249,000.00 4.500
251,020.00 250,000.00 3.950
238,850.00 250,000.00 0.900
255,698 10 249,000.00 4.250
7,944,172.59 7,952,000.00
YTM Days to Maturity
Fitch 360 Maturity Date
4.290 1,617 03/06/2029
1.479 854 02/02/2027
1.382 181 03/31/2025
1.184 211 04/30/2025
1.233 211 04/30/2025
0.888 728 09/29/2026
0.000 1,399 07/31/2028
4.241 1,757 07/24/2029
1.578 210 04/29/2025
4.443 1,409 08/10/2028
3.896 1,087 09/23/2027
0.888 568 04/22/2026
4.192 1,624 03/13/2029
2.376 919
Medium Term Corporate Notes
06048WM31
D6048WM72
D6406RAN7
24422E W R6
48128G2Q2
46632FRU1
612285AE6
549 Bank of America MTN A
556 Bank of America MTN A
524 Bank of New York Mellon Corp
576 John Deere Capital Corp
538 JPMorgan Chase & Co
533 JP Morgan Chase Bank NA
526 Montebello CA Pens Oblig AA
Subtotal and Average 8,032,185.22
05/28/2021
07/30/2021
05/14/2020
05/18/2023
02/26/2021
01/22/2021
07/17/2020
1,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
2,000,000.00
1,000,000.00
947,590.00
935,420.00
982,890.00
1,023,990.00
939,440.00
1,879,280.00
987,070.00
8,000,000.00 7,695,680.00
1,000,000.00 1.250
1,000,000.00 1.200
1,002,147.47 1.600
1,018,096.55 4.750
1,000,000.00 0.800
2,000,000.00 0.700
1,010,908.10 2.503
8,031,152.12
1.233 604 05/28/2026
1.184 667 07/30/2026
1.190 205 04/24/2025
4.083 1,206 01/20/2028
0.789 513 02/26/2026
0.690 478 01/22/2026
0.819 243 06/01/2025
1.340 550
Federal Agency Issues - Callables
3130ALJ62
3130ALMM3
3130ALW67
3130AMW57
3130AQWF6
3130AQWJ8
3130AQZ55
3130ARGE5
3130AS3Z0
3130ASS67
3130ASS91
3130B1UH8
'.un Date: 01/09/2025 - 17:11
542 Fed. Home Loan Bank
544 Fed. Home Loan Bank
546 Fed Home Loan Bank
551 Fed, Home Loan Bank
559 Fed. Horne Loan Bank
560 Fed. Home Loan Bank
563 Fed. Home Loan Bank
566 Fed. Home Loan Bank
568 Fed. Home Loan Bank
571 Fed. Home Loan Bank
572 Fed. Home Loan Bank
605 Fed. Home Loan Bank
03/24/2021
03/30/2021
04/22/2021
06/30/2021
02/25/2022
02/24/2022
03/10/2022
04/21/2022
05/26/2022
08/16/2022
08/10/2022
07/03/2024
1,000,000.00
2,000,000.00
1,000,000.00
2,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
1,700,000.00
1,000,000.00
1,000,000.00
2,000,000.00
956,800.00
1,916,160.00
957,900.00
1,920,280.00
963,080.00
964,090.00
970,570.00
981,480 00
1,695,393.00
999,440.00
997,770.00
2,018,120.00
1,000,000.00 0.875
2,000,000.00 1.000
1,000,000.00 1.100
2,000,000.00 1.000
1,000,000.00 2.150
1,000,000.00 2,050
1,000,000.00 2,500
1,000,000.00 3.000
1,700,000.00 3.000
1,000,000.00 4.500
1,000,000.00 4.000
2,000,000.00 5.000
0.863 539 03/24/2026
0.986 545 03/30/2026
1.085 568 04/22/2026
0.799 637 06/30/2026
2.121 877 02/25/2027
2.022 876 02/24/2027
2.466 890 03/10/2027
2.959 932 04/21/2027
2.959 56 11/26/2024
4.438 1,049 08/16/2027
3.945 1,043 08/10/2027
4.932 1,729 06/26/2029
Portfolio CITY
AP
Page- of1530
CUSIP Investment #
Issuer
Federal Agency Issues - Callables
3134GXMX9 564 Fed. Home Loan Mtg Corp
3134GXQP2 567 Fed. Home Loan Mtg Corp
The City of Indian Wells
Portfolio Management
Portfolio Details - Investments
September 30, 2024
Average Purchase
Balance Date
Subtotal and Average 17,700,000.00
Stated YTM Days to Maturity
Par Value Market Value Book Value Rate Fitch 360 Maturity Date 03/25/2022 1,000,000.00 990,110.00 1,000,000.00 2.200
04/28/2022 1,000,000.00 992,470.00 1,000,000.00 3.030
17,700,000.00 17, 323, 663.00 17, 700, 000.00
2.170
2.988
175 03/25/2025
209 04/28/2025
2.459 739
Treasury Securities
91282CFU0 593
912810FF0 594
91282CLK5 610
U.S. Treasury
U.S. Treasury
U.S. Treasury
Subtotal and Average 24,180,605.41
12/12/2023 10,000,000.00 10,158,200.00 9,935,584.04 4.125 12/14/2023 13,000,000.00 13,843,440.00 13,503,060.96 5.250 09/20/2024 2,000,000.00 2,005,940.00 2,012,548.10 3.625 25,000,000.00 26,007,580.00 25,451,193.10
4.294 1,125 10/31/2027
4.143 1,506 11/15/2028
3.437 1,795 08/31/2029
4.146 1,380
Miscellaneous Securities - Coupon
63877NMM6 531
Natomas CA Sch Dist AA Insured
Subtotal and Average 300,000.00
10/01/2020 300,000.00 292,485.00 300,000.00 1.100 1.085 304 08/01/2025 300,000.00 292,485.00 300,000.00 1.085 304
Treasury Discounts -Amortizing
912797LF2 603
912797LF2 604
912797LY1 606
912797JR9 608
U.S. Treasury
U.S. Treasury
U.S. Treasury
U.S. Treasury
Subtotal and Average 6,393,977.50
06/13/2024 1,024,000.00 1,015,644.16 1,014,819.10 4.944 06/21/2024 252,000.00 249,943.68 249,749.72 4.929
07/22/2024 2,000,000.00 1,973,420.00 1,971,402.17 4.828 08/01/2024 2,000,000.00 1,971,920.00 1,969,617.63 4.806 5,276,000.00 5,210,927.84 5,205,588.62
5.136 65 12/05/2024
5.115 65 12/05/2024
5.015 107 01/16/2025
5.003 114 01/23/2025
5.039 99
Componding Certificates of Deposit
4800121693
612 Pacific Premier Bank
Subtotal and Average 225,029.02
09/04/2024 250,870.49 250,870.49 250,870.49 4.880
250,870.49 250,870.49 250,870.49
4.813 154 03/04/2025
4.813 154
Total and Average 79,984,862.75
.un Date: 01/09/2025 - 17:11
78,428,492.59 78,675,001.02
78,840,426.43 3.357 769
Portfolio CITY
AP
Pagem2 )uf1530
INDIAN WELLS
Investments
Money Market Sweep/Checking Account
Investments
Par
Value
3,165.30
2014, 2015, 2016, 2020 Series
Portfolio Management
Portfolio Summary
September 30, 2024
Market
Value
3,16530
3,165.30 3,165.30
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Book % of Days to YTM YTM
Value Portfolio Term Maturity 360 Equiv. 365 Equiv.
3,16530 100.00 1 1 0.000 0.000
3,165.30 100.00% 1 1 0.000 0.000
Total Earnings
September 30 Month Ending
Current Year
Average Daily Balance
Effective e of Return
0.00 4,548,445.63
0.00%
Kevin Mc artily, Agenc Treasurer
Reporting period 09/01/2024-09/30/2024
Run Date: 01/20/2025 - 21:46
No fiscal year history available
Portfolio 14A
CP
PM (PRF_PM1) 7,3 11
Report PageV2 341 of 530
CUSIP Investment #
Issuer
Money Market Sweep/Checking Account
SYS28 28 2014A Bonds Reserve
SYS26 26 All Bond Series Principal
SYS25 25 All Bond Series Interest
SYS27 27 All Bond Series Debt Svc
SYS24 1 Cost Of Issuance Escrow
2014, 2015, 2016, 2020 Series
Portfolio Management
Portfolio Details - Investments
September 30, 2024
Average Purchase
Balance Date
Subtotal and Average 4,548,445.63
07/01/2023
07/01/2023
07/01/2023
07/01/2023
07/01/2023
Stated YTM Days to Maturity
Par Value Market Value Book Value Rau Fitch 365 Maturity DatR
0.00 2,052.98
1,111.90
0.42 0.00
3,165.30
0.00 2,052.98
1,111.90
0.42 0,00
0.00 2,052.98
1,111.90
0.42 0.00
3,165.30 3,165.30
0.000 1
0.000 1
0.000 1
0.000 1
0.000 1
0.000 1
Total and Average 4,548,445.63
Run Date: 01/20/2025 - 21:46
3,165.30
3,165.30 3,165.30
0.000 1
Portfolio 14A
CP
PM (PRF_PM2) 7.3.11
Report Ver 7.3.11
INDIAN WELLS
CALI FORN IA
Investments
Money Market Sweep/Checking Account
Investments
Par
Value
1.00 2015 A Bonds
Portfolio Management
Portfolio Summary
September 30, 2024
Market
Value
1.00 1.00 1.00
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Book % of Days to YTM YTM
Value Portfolio Term Maturity 360 Equiv. 365 Equiv.
1.00 100.00 1 1 0.000 0.000
1.00 100.00% 1
1 0.000 0.000
Total Earnings
Current Year
Average Daily Balance
Effective Rat of Return
hy, Agency Treas
Kevin McCar
September 30 Month Ending
0.00 1.00
0.00%
rer
Reporting period 09/01/2024-09/30/2024
Run Date: 01/21/2025 - 14:35
No fiscal year history available
Portfolio 15A
CP
PM (PRF_PM1) 7.3 11
PaR ev263b1 of 530
CUSIP Investment #
Issuer
2015 A Bonds
Portfolio Management
Portfolio Details - Investments
September 30, 2024
Average Purchase
Balance Date
Stated YTM Days to Maturity
Par Value Market Value Book Value Rate
Fitch 365 Maturity Date
Money Market Sweep/Checking Account
SYS27
SYS22
27 2015 A Reserve
22 UBC Cost Of Issuance Escrow
Subtotal and Average
07/01/2023
07/01/2023
1.00 1.00 1.00
0.00 0.00 0.00
1.00 1.00
1.00 1.00
0.000 1
0.000
0.000 1
Total and Average
Run Date: 01/21/2025 - 14:35
1.00 1.00
1.00 1.00
0.000 1
Portfolio 15A
CP
PM (PRF_PM2) 7.3 11
Pale 267 of 530
eport Ver 7.3 11
INDIAN WELLS
CALIFORNIA
Investments
Par
Value
2016 A Bonds
Portfolio Management
Portfolio Summary
September 30, 2024
Market
Value
Book % of
Value Portfolio
Term
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Days to YTM YTM
Maturity 360 Equiv. 365 Equiv.
Money Market Sweep/Checking Account
Investments
1.00 1.00
1.00 1.00
1.00 100.00 1 1 0.000 0.000
1.00 100.00%
1 0.000 0.000
Total Earnings
Current Year
Average Daily Balance
Effective Ratq.Qf Return
Kevin cCart
September 30 Month Ending
0.00 1.00
0.00%
Y.
gency
Reporting period 09/01/2024-09/30/2024
Run Date: 01/21/2025 - 14:48
No fiscal year history available
Portfolio 16A
CP
PM (PRF_PM1) 73 11
Report Page 6�2 'of 530
CUSIP Investment # Issuer
2016 A Bonds
Portfolio Management
Portfolio Details - Investments
September 30, 2024
Average Purchase
Balance Date
Par Value
Stated YTM Days to Maturity
Market Value Book Value Rate
Fitch 365 Maturity Date
Money Market Sweep/Checking Account
SYS28
SYS33
1 UBC Cost Of Issuance Escrow 07/01/2023
2 Union Bank Reserve Account 07/01/2023
Subtotal and Average
0.00 0.00 0,00
1.00 1.00 1.00
1.00 1.00
1.00 1.00
0.000
0.000
0.000 1
Total and Average 1.00
Run Date: 01/21/2025 - 14:48
1.00 1.00
1.00 0.000
Portfolio 16A
CP
PM (PRF_PM2) 7 3 11
Report Ver. 7.3.11
INDIAN WELLS
CALIFORNIA
Investments
Par
Value
2020 A Bonds
Portfolio Management
Portfolio Summary
September 30, 2024
Market
Value
Book % of
Value Portfolio
Term
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Days to YTM YTM
Maturity 360 Equiv. 365 Equiv.
Money Market Sweep/Checking Account
Investments
1.00 1.00
1.00 1.00
1.00 100.00
1.00 100.00% 1
1 0.000 0.000
1 0.000 0.000
Total Earnings
Current Year
Average Daily Balance
Effective Ra of Return
Kevin cCa
ency Trees
September 30 Month Ending
0.00 1.00
0.00%
Reporting period 09/01/2024-09/30/2024
Run Date: 01/21/2025 - 15:04
No fiscal year history available
Portfolio 20A
CP
PM (PRF_PM1) 7.3 11
Page ziu1of 530
CUSIP Investment #
Money Market Sweep/Checking Account
SYS1 1
SYS2 2
Issuer
2020 A Bonds COI
2020 A Bonds Reserve
Subtotal and Average
2020 A Bonds
Portfolio Management
Portfolio Details - Investments
September 30, 2024
Average Purchase
Balance Date
07/01/2023
07/01/2023
Stated
Par Value Market Value Book Value Rate
0.00 0.00 0.00
1.00 1.00 1.00
1.00 1.00
1.00 1.00
YTM Days to Maturity
Fitch 365 Maturity Date
0.000 1
0.000 1
0.000 1
Total and Average
Run Date: 01/21/2025 - 15:04
1.00 1.00
1.00 1.00
0.000 1
Portfolio 20A
CP
PM (PRF_PM2) 7.3 11
Pale 271 of 530
eport Ver 7 3 11
INDIAN WELLS
CALIFORNIA
Investments
Money Market Sweep/Checking Account
Investments
Par
Value
6,594,337.42
2022 Bonds
Portfolio Management
Portfolio Summary
September 30, 2024
Market
Value
6,594,337.42
6,594,337.42 6,594,337.42
Book % of
Value Portfolio
6,594,337.42 100.00
6,594,337.42 100.00%
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Days to YTM YTM
Term Maturity 360 Equiv. 365 Equiv.
1 1 0.000 0.000
1 1 0.000 0.000
Total Earnings
Current Year
Average Daily Balance
Effective Rate eturn
Kevin Mc a y, g cy Treasuer
September 30 Month Ending
Reporting period 09/01/2024-09/30/2024
Run Date: 01/21/2025 - 17:18
0.00 6,341,041.85
0.00%
No fiscal year history available
Portfolio 22
CP
PM (PRF_PM1) 73 11
PaRfev, 1of 530
CUSIP Investment # Issuer
Money Market Sweep/Checking Account
SYS2 2 2022 Bonds COI
SYS4
SY51
SYS5
SYS3
4 2022 Bonds Interest
1 2022 Bonds Project Fund
5 2022 Bonds Redemption Fund
3 2022 Bonds Payment Fund
2022 Bonds
Portfolio Management
Portfolio Details - Investments
September 30, 2024
Average Purchase
Balance Date
Subtotal and Average 6,341,041.85
Stated
YTM Days to Maturity
Par Value Market Value Book Value Rate Fitch 365 Maturity Date 07/01/2023 0.00 0.00 0.00
07/01/2023 234,379.36 234,379.36 234,379.36
6,358,555.14 6,358,555.14 6,358,555.14
07/01/2023 1,402.91 1,402.91 1,402.91
07/01/2023 0.01 0.01 0.01
6,594,337.42
6,594,337.42 6,594,337.42
0.000 1
0.000 1
0.000 1
0.000 1
0.000 1
0.000 1
Total and Average 6,341,041.85
Run Date: 01/21/2025 - 17:18
6,594,337.42
6,594,337.42 6,594,337.42
0.000 1
Portfolio 22
CP
PM (PRF_PM2) 7 3.11
eport Ver 7.3 11
INDIAN WELLS CITY COUNCIL
January 30, 2025
CITY OF
f
t -� r;1967
tx
To: City Council
From: Finance Department
Prepared by: Amy Dallosta, Accountant
Subject: City Treasurer's Report for October 2024
RECOMMENDED ACTIONS:
Council RECEIVES and FILES the City Treasurer's Report for October 2024; and FINDS the project to be exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to Section 15060.
DISCUSSION:
This report comprehensively analyzes the City of Indian Wells' cash and investment position as of October 31, 2024. The city maintains a robust investment strategy, focusing on prudence, liquidity, and compliance with legal requirements. The Treasurer's certification ensures adherence to the city's investment policy and compliance with the State of California Government Code section 53600.
Financial Snapshot:
As of October 31, 2024:
• Total cash and investments: $73,601,626.37
• Portfolio rate of return: 3.364%
Treasurer's Certification:
The City Treasurer certifies:
• Compliance with the city's investment policy and legal requirements. • Adequate liquidity to meet financial obligations for the next six months, ensuring static and dynamic liquidity.
Fiscal Prudence:
Aligned with the fiduciary duty, the city adheres to a prudent investment approach, considering economic conditions and anticipated needs. Investments are guided by a written policy emphasizing safety, liquidity, and yield.
BACKGROUND:
The Treasurer's Report provides a monthly update on cash activity and the investment portfolio, ensuring reconciliation with the General Ledger. Investments align with the city's investment policy and State legislation, covering U.S. treasuries, federal agency securities, corporate notes, municipal bonds, CDs, and overnight cash investments.
Investment Strategy:
The city's investment portfolio is designed to achieve a market rate of return within risk constraints. Diversification across institutions, security types, and maturities maximizes safety and yield amid changing market conditions.
FISCAL IMPACT:
The investment portfolio generated $348,046.10 in earnings for October 2024. The investment strategy aims for consistent returns throughout budgetary and economic cycles, reflecting prudent risk management. Moreover, the strategy's success in consistently generating returns reflects its adaptability to changing market conditions. As economic cycles fluctuate, the city's investment approach remains resilient, adjusting to dynamic financial landscapes to optimize safety and yield.
CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA):
This action has been reviewed per the authority and criteria contained in the California Environmental Quality Act (CEQA), the State and local CEQA Guidelines, and the City's environmental regulations. The City, acting as the Lead Agency, determined that this resolution is not subject to CEQA pursuant to Sections 15060(c)(2), 15060(c)(3), and 15061(b)(3) of the State CEQA Guidelines, because it will not result in a direct or reasonably foreseeable indirect physical change to the environment as there is no possibility that the action would result in a significant environmental impact, and because it does not constitute a "project" as defined in Section 15378 of the State CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3.
ATTACHMENTS:
1. City Treasurer's Report
NET CASH & INVESTMENT SUMMARY OCTOBER 2024
ATTACHMENT #1
UNRESTRICTED FUNDS
GENERAL FUND
101- GENERAL
TOTAL GENERAL FUND
RESTRICTED FUNDS
SPECIAL REVENUE FUNDS
202 - TRAFFIC SAFETY
203 - PUBLIC SAFETY 1/2 CENT SALES TAX
204 - MEASURE "A"
209 - F.A,M.D. #1
210 - SCAQMD (VEHICLE REG.)
211 - AB 3229 COPS FUNDING
214 - GAS TAX 2103 MAINTENANCE
215 - GAS TAX 2105 MAINTENANCE
216 - GAS TAX 2106 CONSTRUCT/MAINT
217 - GAS TAX 2107 MAINTENANCE
218 - GAS TAX 2107.5 ENG./ADMIN
219 - GAS TAX RMRA
228 - EMERG. UPGRADE SERVICES
247 - AB 939 RECYCLING FUND
248 - SOLID WASTE
251 - STREET LIGHTING DISTRICT 2000-1
253- INDIAN WELLS VILLAS OPERATIONS
254- MOUNTAIN VIEW VILLAS OPERATIONS
256- HOUSING AUTHORITY
271 - ELDORADO DRIVE LLMD
272 - MONTECITO/STARDUST LLMD
273 - CASA DORADO LLMD
274 - THE COVE LLMD
275 - SH 111/IWGR (ENTRANCE) LLMD
276 - CLUB/IW LANE LLMD
277 - COLONY LLMD
278 - COLONY COV ESTATES LLMD
279 - DESERT HORIZONS LLMD
280 - MOUNTAIN GATE LLMD
281 - MOUNTAIN GATE ESTATES LLMD
282 - VILLAGIO LLMD
283 - VAIDYA LLMD
284 - CLUB, SOUTH OF 111 LLMD
285 - MONTELENA LLMD
286 - SUNDANCE LLMD
287 - PROVINCE LLMD
288 - PROVINCE DBAD
TOTAL SPECIAL REVENUE FUNDS
CAPITAL PROJECT FUNDS
310 - PARK FACILITIES FEES
311 - TRANSPORTATION FACILITIES FEES
313 - RECREATION FACILITIES FEES
314 - PARK -IN -LIEU FEES
315 - CITYWIDE PUBLIC IMPROVEMENT FEE
316 - CAPITAL IMPROVEMENT
319 - ART IN PUBLIC PLACES
321 - HIGHWAY 111 CIRCULATION IMP FEE
TOTAL CAPITAL PROJECT FUNDS
Oct Oct
2024 2023
20,359,230.97 $ 13,136,441.40
20,359,230.97 13,136,441.40
10,737.65 14,475.45
6,739.04 17,710.44
14.00 117,218.03
719,893.61 1,432,145.76
17,240.23 14,798.85
41,012.46 19,738.43
2,373.68 20,046.25
0.00 12,261.06
57.21 9,853.85
19,30 16,888.44
321.67 1,000.00
8.00 146,405.16
4,730,726.40 4,455,457.38
229,238.51 291,176.50
90,898.03 143,456.41
19,648.74 16,625.24
184,390.56 96,945.46
282,151.44 1,554.20
363,778.57 2,663,635.99
98,353.63 59,924.71
15,890.43 4,823.42
4,153.24 904.41
2,834.20 7,210.32
364,106, 62 71,051.56
42,855.25 17,913.45
112,705.97 75,141.54
53, 951.70 47,928.88
85,122.28 20,538.88
109,471.32 93,606.88
48,429.31 43,918.54
248,943.15 219,402.77
40,163.47 35,043.86
35,461.09 30,971.89
101,325.18 70,390.35
3,097.22 325.49
102,341.77 83,955.09
593,112.07 559,699.29
8,761,567.00 10,934,144.23
0.00 0.00
0.00 0.00
0.00 8,175,465.22
677,458.30
0.00 27,639.45
25,987.42
52,039.95
15,033.45
8,494.28
9,059,221.83
649,659.63
37,152.70
8,852,923.52 9,875,228.71
T:\Common\bank \Treasurers Report\Cash10Oct 24 2:47 PM1/24/2025
CITY OF INDIAN WELLS
NET CASH & INVESTMENT SUMMARY OCTOBER 2024
PAGE 2
RESTRICTED FUNDSlCont.)
REPLACEMENT FUNDS
326 - BUILDINGS CAPITAL RESERVE
327 - BRIDGES CAPITAL RESERVE
328 - MEDIANS & PARKWAYS CAPITAL RESERVE
329 - STORM DRAINS CAPITAL RESERVE
330 - TRAFFIC SIGNALS CAPITAL RESERVE
331 - TECHNOLOGY CAPITAL RESERVE
332 - CITY STREETS CAPITAL RESERVE
333 - CITY VEHICLES CAPITAL RESERVE
350 - DISASTER RECOVERY RESERVE
TOTAL REPLACEMENT FUNDS
SUCCESSOR AGENCY FUNDS
453 - DEBT SERVICE
456 - RDA OBLIGATION RETIREMENT
TOTAL SUCCESSOR AGENCY FUNDS
FINANCING AUTHORITY FUNDS
460 - INDIAN WELLS FINANCING AUTHORITY
TOTAL FINANCING AUTHORITY FUNDS
ENTERPRISE FUNDS
560 - INDIAN WELLS GOLF RESORT
TOTAL ENTERPRISE FUNDS
INTERNAL SERVICE FUNDS
601 - INTERNAL TRUST FUND
TOTAL INTERNAL SERVICE FUNDS
RESERVE FUNDS
602 - COMPENSATED ABSENCES
TOTAL RESERVE FUNDS
TRUST & AGENCY FUNDS
732 - SPECIAL DEPOSITS
TOTAL TRUST & AGENCY FUNDS
TOTAL ALL FUNDS
FISCAL AGENTS
253 - INDIAN WELLS VILLAS
254 - MOUNTAIN VIEW VILLAS
453 - US BANK TRUSTEE - SUCCESSOR AGENCY DEBT SERVICE
460 - US BANK - INDIAN WELLS FINANCE AUTHORITY
560 - INDIAN WELLS GOLF RESORT
601 - INTERNAL TRUST FUND
TOTAL FISCAL AGENTS
TOTAL ALL FUNDS & FISCAL AGENTS
UNRESTRICTED FUNDS
RESTRICTED FUNDS
Oct
2024
2,424,275.80
2,213,722.00
1,830,483.07
1,090,336.00
955,117.00
901,285.00
18,357,507.00
464,667.00
615,443.00
Oct
2023
1,990,616.80
1,790,016.00
1,424,895.07
719,746.00
590,920.00
539,633.00
17,170,499.00
123,655.00
291,850.00
28,852,835.87 24,641,830.87
53,965.43
0.00 2,527,210.64
0.00 53,965.43
584,955.75
584,955.75
1,215,212.20
1,215,212.20
2,544,372.06
2,544,372.06
2,527,210.64
273.98
273.98
1, 500,000.00
1,500,000.00
2,103,853.73
2,103,853.73
0.00 624,787.00
0.00 624,787.00
550,852.45 746,813.59
550,852.45 746,813.59
71,775,915.25 66,090,584.15
73,063.69
224,684.49
4,521.25
6,385,030.32
1,582,609.25
11,314,101.51
19,584,010.51
325,207.50
334,417.52
4,613,706.11
9,037,945.68
1,223,586.84
1,099,342.81
16,634,206.46
$ 91,359,925.76 $ 82,724,790.61
20,359,230.97
71,000,694.79
$ 91,359,925.76
13,136,441.40
69,588,349.21
82,724,790.61
T:\Common\hank\Treasurer's Report\Cashl OOct 24
City of Indian Wells
Bank Reconciliation Report - City Held Cash
Finance Department
MONTH_ October 31, 2024
nvestment k Investment Type
&uric hdtkin w
1 2
3 6
7 8
9 10
19 Investment OMCripttOf
B9arr Value
Manacled Pool Accounts
Pacific Western Bank - Sweep •••••[1I7
Pacific Western Bank - Accts. Payable **-**3411
Pacific Western Bank - Payroll **-**1752
Pacific Western Bank - Ambulance **-****7937
Pacific Western Bank - Public Funds MMA **-****5064
US Bank Money Market - Investment
US Bank Money Market - 4590
US Bank Money Market - 4591
Petty Cash
21 Local Aa$nt , Investment Fund - City 98.33.385
512
513
514
515
516
517
518
519
522
525
548
550
557
558
561
562
573
574
575
585
586
587
588
589
590
591
592
597
598
599
607
609
612
524
526
533
538
549
556
576
542
544
546
551
559
560
563
564
566
567
568
571
572
605
531
603
604
606
608
593
594
610
Certtticat!s of De
574.572.18
0.00 0.00
0.00 16,107.88
0.00 821,052.81
4,855,627.63
2,000.00
2,430,498.01
6,264,360.50
Medium Term Corporate trutes
Federal Agency Issues
Municipal Bonds
Treasury Iliscounts-Amertiling
Treasury Securities
Outstanding items
Certificate of Deposit -BMW Bank North America 05580AVX9 Certificate of Deposit-Nicolet Nation Bank 654062322
Certificate of Deposit -Live Oak Banking Company 538036LD4 Certificate of Deposit -Alma Bank 020080BX4
Certificate of Deposit -State Bank of India 856285TF8
Certificate of Deposit -First Natl Bank of McGregor TX 32112UDR9 Certificate of Deposit-Centerstate Bank 152010DE4
Certificate of Deposit -Northwest Bank 66736ABV0
Certificate of Deposit -Pacific Western Bank 69506YRL5
Certificate of Deposit -Bank of Baroda 06063HMS9
Certificate of Deposit -Toyota Financial Sqs Bank 89235MKY6 Certificate of Deposit-Greenstate Credit Union 39573LBL1 Certificate of Deposit -Pentagon Federal Credit Union 70962LAS1 Certificate of Deposit-Nelnet Bank, Inc 64034KAG6
Certificate of Deposit -Beal Bank 07371AYE7
Certificate of Deposit -Beal Bank USA 073710E88
Certificate of Deposit -Capital One NA 14042RUJB
Certificate of Deposit -Austin Telco Fed Credit Union 052392BT3 Certificate of Deposit -Synchrony Bank 87164XR65
Certificate of Deposit -Liberty First Credit Union 530520AK1 Certificate of Deposit -First Guaranty Bank Hammond LA
Certificate of Deposit -Medallion Bank Utah 56404DSW2
Certificate of Deposit -Pitney Bowes Bank 724468AG8
Certificate of Deposit -Bank Five Nine 062119CD2
Certificate of Deposit -First Foundation Bank 32026UW51 Certificate of Deposit -Summit National Bank 86616RAGO
Certificate of Deposit -First National Bank of America 32110YD93 Certificate of Deposit -Morgan Stanley Private Bank 61768ET29 Certificate of Deposit -Cross River Bank 227563EX7
Certificate of Deposit -Universal Bank and Trust Co 91527PCF2 Certificate of Deposit -Sallie Mae 795451DM2
Certificate of Deposit -Leaders Credit Union 52171MAN5
Certificate of Deposit -Pacific Premier Bank 4800121693 Bank of New York McOon Corp 06406RAN7
Montebello CA Pens Obliq AA 612285AE6
JP Morgan Chase Bank NA 46632FRU1
JP Morgan Chase 48128G202
Bank of America MTN 06048WM31
Bank of America MTN 06048WM72
John Deere Capital Corp 24422EWR6
Fed. Farm Credit Bank 3130AU62
Fed. Farm Credit Bank 3130ALMM3
Fed. Farm Credit Bank 3130ALW67
Fed. Farm Credit Bank 3130AMW57
Fed. Home Loan Bank 3130A0WF6
Fed. Home Loan Bank 3130AOWJa
Fed, Home Loan Bank 3130A0Z55
Fed, Home Loan Mtq Corp 3134GXMX9
Fed, Home Loan Bank 3130ARGE5
Fed. Home Loan Mtq Coro 3134GX0P2
Fed, Home Loan Bank 3130AS3Z0
Fed, Home Loan Bank 3130A5S67
Fed. Home Loan Bank 3130A5S91
Fed.Home Loan Bank 3130B1UHB
250,000,00
250,000.00
250,000.00
250,000.00
248,000,00
249,000.00
248,000.00
249,000,00
248,000.00
249,000,00
250,000.00
250,000.00
249,000.00
250,000.00
250,000.00
250,000.00
250,000.00
250,000.00
250,000.00
249,000.00
249,000.00
249,000.00
244,000.00
249,000.00
244,000.00
249,000.00
249,000.00
244,000.00
244,000.00
249,000.00
244,000.00
249,000.00
250,870.49
1,001,830.11
1,009,544.58
2,000,000.80
1,000,000,00
1.000,000.00
1,000,000,00
1,017,639.95
1A00,0o0.00
2,000,000.00
1,000,000.00
2,000,000.00
1.000,000.00
1,000,000.00
1,000,000.00
1,000,000,00
1,000,000.00
1,000,000..00
1,700,000.00
1,000,000.00
1,000,000.00
2,000,000.00
Natomas CA School District 63877NMM6 Romano
United States Treasury Bill 912797LF2
United States Treasury Bill 912797LF2
United States Treasury Bill 912797LY1
United States Treasury Bill 912797JR9
Untted States Treasury BWI 91282CRUO
United States Treasury Bill 912B1OFF0
United States Treasury Bill 91282CLK5
Total Pooled Cash and Investments
Fair Value Increase (over cost)
Warrants/Wire Transfers Oustanding (Bank)
Deposit in Transit
Incoming Payments Outstanding (GL)
Credit Card in Transit
1,019,187.37
250,820.41
1,979,645.19
1,977,833.52
9,937,359.16
13,492,705.78
2,012,331.40
2,430,498.01
8,202,870.49
8.029,Oi4.64
17,700,000.00
300,004.00
(184,469.37)
0.00 53,744.30
2,529.50
5,227,486.49
25,442,396.24
73,601,.626-37
(1,697,515.55)
Total Outstanding Items (1 19537)
Reconciled Bank Balance
S 71,775,915.25
U24/2025. 218 PM
I L.d2ar 11r�On ! 71775 91'
Mammon reconcination ry25\4-Oct 241202Pa _Oct en 7$ ,o f pooled530
INDIAN WELLS
Investments
Managed Pool Accounts - LAIF
Money Market Sweep/Checking Account
Negotiable CD's
Medium Term Corporate Notes
Federal Agency Issues - Callables
Treasury Securities
Miscellaneous Securities - Coupon
Treasury Discounts -Amortizing
Componding Certificates of Deposit
Investments
Par
Value
2,430,498.01
6,269,360.50
7,952,000.00
8,000,000.00
17,700,000.00
25,000,000.00
300,000.00
5,276,000.00
250,870.49
73,178,729.00
The City of Indian Wells
Portfolio Management
Portfolio Summary
October 31, 2024
Market
Value
2,430,498.01
6,269,360.50
7,902,701.66
7,676,280.00
17,230,357.00
25,483,880.00
292,695.00
5,231,182.16
250,870.49
72,767,824.82
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Book % of Days to YTM YTM
Value Portfolio Term Maturity 360 Equiv. 365 Equiv.
2, 430, 498.01 3.30 1 1 4.456 4.518
6,269,360.50 8.52 1 1 4.280 4.339
7,952,000.00 10.80 1,825 888 2.376 2.409
8,029,014.64 10.91 1,803 519 1.340 1.359
17,700,000.00 24.05 1,655 708 2.459 2.493
25,442,396.24 34.57 1,651 1,349 4.146 4.203
300, 000.00 O41 1,765 273 1.085 1.100
5,227,486.49 7.10 176 68 5.039 5.109
250,870.49 0.34 181 123 4.813 4.880
73,601,626.37 100.00% 1,383 796 3.318 3.364
Total Earnings
Current Year
Average Daily Balance
Effective Rate of Return
October 31 Month Ending
227,637.11
78,696,111.36
3.41%
ments are consistant with the City's investment policy and allowable under current legislation of the State of Califomia. Investments were purchased using safety, liquidity, and yield as , cash flow from revenue and maturing investments will be sufficient to cover expenditures for the next six months. All securities are "Marked -to -Market" on a monthly basis.
Reporting period 10/01/2024-10/31/2024
Run Date: 01/13/2025 - 17:56
No fiscal year history available
Portfolio CITY
AP
PM (PRF_PM1) 7.3.11
Report Ver. 7.3.11
CUSIP Investment #
Managed Pool Accounts - LAIF
SYS21 21
SYS23 23
Issuer
LAIF - City
LAIF - Redevelopment
Average
Balance
Subtotal and Average 1,929,638.32
The City of Indian Wells
Portfolio Management
Portfolio Details - Investments
October 31, 2024
Purchase
Date
Par Value
2,430,498.01
0.00 Stated
Market Value Book Value Rate
2,430,498.01 2,430,498.01 4.518
0.00 0.00 0.233
2,430,498.01
2,430,498.01 2,430,498.01
YTM Days to Maturity
Fitch 360 Maturity Date
4.456
0.230
4.456
Money Market Sweep/Checking Account
SYS1
SYS6
SYS7
SYS8
SYS10
SYS9
SYS2
SYS3
SYS4
SYS19
SYS5
1 Pacific Westem Bank
6 Pacific Westem Bank -Ambulance
7 Pacific Western-PublicFundsMMA
8 US Bank Money Market
10 US Bank Money Market -4591
9 US Bank Money Market -4590
2 Pacific Western - Acct Payable
3 Pacific Western -Payroll
4 Union Bank -Checking
19 Petty Cash
5 WestAmerica Bank
Subtotal and Average 11,870,052.25
07/01/2023
07/01/2023
07/01/2023
07/01/2023
07/01/2023
07/01/2023
574,572.18
0.00 16,107.88
0.00 4,855,627.63
821,052.81
0.00 0.00
0.00 2,000.00
0.00 574,572.18 574,572.18 0.250
0.00 0.00
16,107.88 16,107.88 4.940
0.00 0.00
4,855,627.63 4,855,627.63 4.750
821,052.81 821,052.81 4.770
0.00 0.00
0.00 0.00
0.00 0.00 0.200
2,000.00 2,000.00
0.00 0.00
6,269,360.50
6,269,360.50 6,269,360.50
0.247 1
0.000 1
4.872 1
0.000 1
4.685 1
4.705 1
0.000 1
0.000 1
0.197 1
0.000 1
0.000 1
4.280 1
Negotiable CD's
020080BX4
052392BT3
06063HMS9
062119CD2
07371AYE7
073710E88
05580AVX9
14042RUJ8
15201 QDE4
227563EX7
320437AD8
32110YD93
32026U W 51
32112UDR9
39573LBL1
52171MAN5
530520AK1
538036LD4
58404DSW2
Run Date: 01/13/2025 - 17:56
515 Alma Bank
574 Austin Telco Fed Credit Union
525 Bank of Baroda
589 Bank Five Nine
561 Beal Bank - Plano TX
562 Beal Bank USA
512 BMW BANK NORTH AMERICA
573 Capital One NA
518 Centerstate Bank NA
598 Cross River Bank
586 First Guaranty Bank Hammond LA
592 First National Bank of America
590 First Foundation Bank
517 First Natl Bank of McGregor TX
550 Greenstate Credit Union
609 Leaders Credit Union
585 Liberty First Credit Union
514 Live Oak Banking Company
587 Medallion Bank Utah
03/31/2020 250,000.00 246,890.00 250,000.00 1.400 1.380 147 03/28/2025 09/21/2022 250,000.00 249,002:50 250,000.00 3.800 3.748 1,054 09/21/2027 07/22/2020 249,000.00 242,588.25 249,000.00 0.700 0.690 263 07/22/2025 07/31/2023 249,000.00 253,965.06 249,000.00 4.500 4.438 1,365 07/28/2028 02/23/2022 250,000.00 238,780.00 250,000.00 1.900 1.874 838 02/17/2027 02/23/2022 250,000.00 238,780.00 250,000.00 1.900 1.874 838 02/17/2027 03/31/2020 250,000.00 247,000.00 250,000.00 1.550 1.529 150 03/31/2025 09/21/2022 250,000.00 249,677.50 250,000.00 3.900 0.000 1,054 09/21/2027 04/30/2020 248,000.00 244,141.12 248,000.00 1.250 1.233 180 04/30/2025 03/07/2024 244,000.00 247,071.96 244,000.00 4.250 4.192 1,587 03/07/2029 08/11/2023 249,000.00 253,989.96 249,000.00 4.500 4.438 1,372 08/04/2028 08/16/2023 249,000.00 259,054.62 249,000.00 4.450 4.394 1,383 08/15/2028 08/16/2023 244,000.00 248,350.52 244,000.00 4.450 0.000 1,377 08/09/2028 04/28/2020 249,000.00 245,279.94 249,000.00 1.350 1.332 178 04/28/2025 06/16/2021 250,000.00 237,602.50 250,000.00 0.900 0.888 592 06/16/2026 08/30/2024 249,000.00 249,629.97 249,000.00 4.000 3.945 1,763 08/30/2029 08/11/2023 249,000.00 257,520.78 249,000.00 4.700 4.641 1,375 08/07/2028 03/31/2020 250,000.00 246,862.50 250,000.00 1.400 1.382 150 03/31/2025 07/31/2023 249,000.00 253,138.38 249,000.00 4.400 4.406 1,368 07/31/2028 Portfolio CITY
AP
PM (PRF_PM2) 7.3.11
Pa eer2§10 of 530
CUSIP
Negotiable CD's
61768ET29
64034KAG6
654062JZ2
66736ABV0
69506YRL5
70962LAS1
724468AG8
795451 DM2
856285TF8
86616RAG0
87164XR65
89235MKY6
91527PCF2
Investment #
Issuer
597 Morgan Stanley Private Bank
558 Nelnet Bank, Inc.
513 Nicolet National Bank
519 Northwest Bank
522 Pacific Western Bank CA CD
557 Pentagon Federal Credit Union
588 Pitney Bowes Bank Inc.
607 Sallie Mae
516 State Bank of India NY, NY CD
591 Summit National Bank
575 Synchrony Bank
548 Toyota Financial Sgs Bk
599 Universal Bank and Trust Co.
Subtotal and Average
Average
Balance
7,952,000.00
The City of Indian Wells
Portfolio Management
Portfolio Details - Investments
October 31, 2024
Purchase Stated
Date Par Value Market Value Book Value Rate
03/06/2024 244,000.00 248,035.76 244,000.00 4.350
02/02/2022 250,000.00 236,792.50 250,000.00 1.500
03/31/2020 250,000.00 246,862.50 250,000.00 1.400
04/30/2020 249,000.00 245,060.82 249,000.00 1.200
04/30/2020 248,000.00 244,141.12 248,000.00 1.250
09/29/2021 249,000.00 234,866.76 249,000.00 0.900
07/31/2023 244,000.00 247,896.68 244,000.00 4.400
07/26/2024 244,000.00 247,620.96 244,000.00 4.300
04/29/2020 248,000.00 244,580.08 248,000.00 1,600
08/16/2023 249,000.00 256,676.67 249,000.00 4.500
09/23/2022 250,000.00 250,017.50 250,000.00 3.950
04/22/2021 250,000.00 238,650.00 250,000.00 0.900
03/13/2024 249,000.00 252,174.75 249,000.00 4.250
7,952,000.00 7,902,701.66 7,952,000.00
YTM Days to Maturity
Fitch 360 Maturity Date
4.290 1,586 03/06/2029
1.479 823 02/02/2027
1.382 150 03/31/2025
1.184 180 04/30/2025
1.233 180 04/30/2025
0.888 697 09/29/2026
0.000 1,368 07/31/2028
4.241 1,726 07/24/2029
1.578 179 04/29/2025
4.443 1,378 08/10/2028
3.896 1,056 09/23/2027
0.888 537 04/22/2026
4.192 1,593 03/13/2029
2.376 888
Medium Term Corporate Notes
06048WM31
06048WM72
06406RAN7
24422EWR6
48128G2Q2
46632FRU1
612285AE6
549 Bank of America MTN A
556 Bank of America MTN A
524 Bank of New York Mellon Corp
576 John Deere Capital Corp
538 JPMorgan Chase & Co
533 JP Morgan Chase Bank NA
526 Montebello CA Pens Oblig AA
Subtotal and Average 8,030,014.43
05/28/2021
07/30/2021
05/14/2020
05/18/2023
02/26/2021
01/22/2021
07/17/2020
1,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
2,000,000.00
1,000,000.00
8,000,000.00
941,790.00 1,000, 000.00 1.250
934,830.00 1,000,000.00 1,200
985, 320.00 1,001,830.11 1.600
1,008,430.00 1,017,639.95 4.750
938,420.00 1,000,000.00 0.800
1,878,860.00 2,000,000.00 0.700
988,630.00 1,009,544.58 2.503
7,676,280.00 8,029,014.64
1.233 573 05/28/2026
1.184 636 07/30/2026
1.190 174 04/24/2025
4.083 1,175 01/20/2028
0.789 482 02/26/2026
0.690 447 01/22/2026
0.819 212 06/01/2025
1.340 519
Federal Agency Issues - Callables
3130ALJ62
3130ALMM3
3130ALW67
3130AMW57
3130AQWF6
3130AQWJ8
3130AQZ55
3130ARGE5
3130AS3Z0
3130ASS67
3130ASS91
3130B1UH8
Run Date: 01/13/2025 - 17:56
542 Fed. Home Loan Bank
544 Fed. Home Loan Bank
546 Fed. Home Loan Bank
551 Fed. Home Loan Bank
559 Fed. Home Loan Bank
560 Fed, Home Loan Bank
563 Fed. Home Loan Bank
566 Fed. Home Loan Bank
568 Fed. Home Loan Bank
571 Fed. Home Loan Bank
572 Fed. Home Loan Bank
605 Fed. Home Loan Bank
03/24/2021
03/30/2021
04/22/2021
06/30/2021
02/25/2022
02/24/2022
03/10/2022
04/21/2022
05/26/2022
08/16/2022
08/10/2022
07/03/2024
1,000,000.00
2,000,000.00
1,000,000.00
2,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
1,700,000.00
1,000,000.00
1,000,000.00
2,000,000.00
953,440.00 1,000,000.00 0.875
1,909,080.00 2,000,000.00 1.000
954, 000.00 1, 000, 000.00 1.100
1,912,740.00 2,000,000.00 1.000
953,110.00 1,000,000.00 2.150
950,910.00 1,000,000.00 2.050
960,220.00 1,000,000.00 2.500
969,760.00 1,000,000.00 3.000
1,697,977,00 1,700,000.00 3.000
999,300.00 1,000,000.00 4.500
988,100.00 1,000,000.00 4.000
1,997,320.00 2,000,000.00 5.000
0.863 508 03/24/2026
0.986 514 03/30/2026
1.085 537 04/22/2026
0.799 606 06/30/2026
2.121 846 02/25/2027
2.022 845 02/24/2027
2.466 859 03/10/2027
2.959 901 04/21/2027
2.959 25 11/26/2024
4.438 1,018 08/16/2027
3.945 1,012 08/10/2027
4.932 1,698 06/26/2029
Portfolio CITY
AP
PM (PRF_PM2) 7.3 11
CUSIP
Investment # Issuer
Federal Agency Issues - Callables
3134GXMX9 564 Fed. Home Loan Mtg Corp
3134GXQP2 567 Fed. Home Loan Mtg Corp
The City of Indian Wells
Portfolio Management
Portfolio Details - Investments
October 31, 2024
Average Purchase
Balance Date
Subtotal and Average 17,700,000.00
03/25/2022
04/28/2022
Treasury Securities
91282CFU0 593 U.S. Treasury
912810FF0 594 U.S. Treasury
91282CLK5 610 U.S. Treasury
Subtotal and Average 25,446,652.78
Stated
Par Value Market Value Book Value Rate
1,000,000.00
1,000,000.00
990,840.00
993,560.00
1,000,000.00
1,000,000.00
17,700,000.00
2.200
3.030
YTM Days to Maturity
Fitch 360 Maturity Date
2.170
2.988
144 03/25/2025
178 04/28/2025
17,230,357.00 17,700,000.00 2.459 708
12/12/2023 10,000,000.00 9,999,200.00 9,937,359.06 4.125 4.294 1,094 10/31/2027 12/14/2023 13,000,000.00 13,530,140,00 13,492,705.78 5.250 4.143 1,475 11/15/2028 09/20/2024 2,000,000.00 1,954,540.00 2,012,331.40 3.625 3.437 1,764 08/31/2029 25,000,000.00 25,483,880.00 25,442,396.24 4.146 1,349
Miscellaneous Securities - Coupon
63877NMM6 531 Natomas CA Sch Dist AA Insured 10/01/2020 300,000.00 292,695.00 300,000.00 1.100 1.085 273 08/01/2025 Subtotal and Average 300,000.00 300,000.00 292,695.00 300,000.00 1.085 273 Treasury Discounts -Amortizing
912797LF2 603
912797LF2 604
912797LY1 606
912797JR9 608
U.S. Treasury
U.S. Treasury
U.S Treasury
U.S. Treasury
Subtotal and Average 5,216,883.09
Componding Certificates of Deposit
4800121693
Run Date: 01/13/2025 - 17:56
06/13/2024 1,024,000.00 1,019,555.84 1,019,187.37 4.944 5.136 34 12/05/2024 06/21/2024 252,000.00 250,906.32 250,820.41 4.929 5.115 34 12/05/2024 07/22/2024 2,000,000.00 1,981,180.00 1,979,645.19 4.828 5.015 76 01/16/2025 08/01/2024 2,000,000.00 1,979,540.00 1,977,833.52 4.806 5.003 83 01/23/2025 5,276,000.00
5,231,182.16 5,227,486.49
612 Pacific Premier Bank
Subtotal and Average 250,870.49
5.039 68
09/04/2024 250,870.49 250,87049 250,870.49 4.880 4.813 123 03/04/2025 250,870.49 250,870.49 250,870.49 4.813 123
Total and Average 78,696,111.36
73,178,729.00
72,767,824.82 73,601,626.37 3.318 796
Portfolio CITY
AP
PM (PRF_PM2) 7.3 11
INDIAN WELLS
CALIFORNIA
Investments
Money Market Sweep/Checking Account
Investments
Par
Value
4,512.25
2014, 2015, 2016, 2020 Series
Portfolio Management
Portfolio Summary
October 31, 2024
Market
Value
4,512.25
4,512.25 4,512.25
Book % of
Value Portfolio
4,512.25 100.00
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Days to YTM YTM
Term Maturity 360 Equiv. 365 Equiv.
1 1 0.000 0.000
4,512.25 100.00% 1
1 0.000 0.000
Total Earnings October 31 Month Ending
Current Year 0.00
Average Daily Balance 3,208.75
Effective e of Return 0.00%
Kevin
Agency Tre
urer
Reporting period 10/01/2024-10/31/2024
Run Date: 01/21/2025 - 13:56
No fiscal year history available
Portfolio 14A
CP
PM (PRF_PM1) 7.3.11
Report Ver 7.3 11
CUSIP Investment #
Issuer
2014, 2015, 2016, 2020 Series
Portfolio Management
Portfolio Details - Investments
October 31, 2024
Average Purchase
Balance Date
Money Market Sweep/Checking Account
SYS28 28 2014A Bonds Reserve
SYS26 26 All Bond Series Principal
SYS25 25 All Bond Series Interest
SYS27 27 All Bond Series Debt Svc
SYS24 1 Cost Of Issuance Escrow
Subtotal and Average
07/01/2023
07/01/2023
07/01/2023
07/01/2023
07/01/2023
Stated YTM Days to Maturity
Par Value Market Value Book Value Rate
0.00 3,080.69
1,431.11
0.45 0.00
0.00 3,080.69
1,431.11
0.45 0.00
0.00 3,080.69
1,431.11
0.45 0.00
3,208.75 4,512.25
4,512.25 4,512.25
Fitch 365 Maturity Date
0.000 1
0.000 1
0.000
0.000 1
0.000 1
0.000 1
Total and Average
Run Date: 01/21/2025 - 13:56
3,208.75 4,512.25
4,512.25 4,512.25
0.000 1
Portfolio 14A
CP
PM (PRF_PM2) 7.3.11
Nacve2gi of 530
INDIAN WELLS
CALIFORNIA
Investments
Money Market Sweep/Checking Account
Investments
Par
Value
1.00 2015 A Bonds
Portfolio Management
Portfolio Summary
October 31, 2024
Market
Value
1 .00
1.00 1.00
Book "/ of
Value Portfolio
1.00 100.00
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Days to YTM YTM
Term Maturity 360 Equiv. 365 Equiv.
1 1 0.000 0.000
1.00 100.00% 1
1 0.000 0.000
Total Earnings
Current Year
Average Daily Balance
Effective Rateg Return
October 31 Month Ending
0.00 1.00
0.00%
Kevin R1cCartl4i, g cy Treasure
Reporting period 10/01/2024-10/31/2024
Run Date: 01/21/2025 - 14:37
No fiscal year history available
Portfolio 15A
CP
PM (PRF_PM1) 7.3.11
Report Ver. 7.3 11
CUSIP Investment# Issuer
Money Market Sweep/Checking Account
SYS27
SYS22
27 2015 A Reserve
22 UBC Cost Of Issuance Escrow
Subtotal and Average
2015 A Bonds
Portfolio Management
Portfolio Details - Investments
October 31, 2024
Average Purchase
Balance Date
07/01/2023
07/01/2023
Stated
Par Value Market Value Book Value Rate
1.00 1.00 1.00
0.00 0.00 0.00
1.00 1.00
1.00 1.00
YTM Days to Maturity
Fitch 365 Maturity Date
0.000 1
0.000 1
0.000 1
Total and Average
Run Date: 01/21/2025 - 14:37
1.00 1.00
1.00 1.00
0.000 1
Portfolio 15A
CP
PM (PRF_PM2) 73 11
Pt e e?77E of 530
INDIAN WELLS
CALIFORNIA
Investments
Money Market Sweep/Checking Account
Investments
Total Earnings
Current Year
Average Daily Balance
Effective Rate of Return
Kevin
hy, gency Trees
Par
value
1.00 2016 A Bonds
Portfolio Management
Portfolio Summary
October 31, 2024
Market
Value
1.00 Book % of
Value Portfolio
1.00 100.00
1.00 1.00 1.00 100.00%
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Days to YTM VIM
Term Maturity 360 Equiv. 365 Equiv.
1 1 0.000 0.000
1 0.000 0.000
October 31 Month Ending
0.00 1.00
0.00%
Reporting period 10/01/2024-10/3112024
Run Date: 01/21/2025 - 14:49
No fiscal year history available
Portfolio 16A
CP
PM (PRF_PM1) 7.3 11
Report Ver 7 3-11
CUSIP Investment #
Issuer
2016 A Bonds
Portfolio Management
Portfolio Details - Investments
October 31, 2024
Average Purchase
Balance Date
Stated YTM Days to Maturity
Par Value Market Value Book Value Rate
Fitch 365 Maturity Date
Money Market Sweep/Checking Account
SYS28 1
SYS33 2
UBC Cost Of Issuance Escrow
Union Bank Reserve Account
Subtotal and Average
07/01/2023
07/01/2023
0.00 0.00 0.00
1.00 1.00 1.00
1.00 1.00
1.00 1.00
0.000 1
0.000
0.000 1
Total and Average
Run Date: 01/21/2025 - 14:49
1.00 1.00
1.00 1.00
0.000 1
Portfolio 16A
CP
PM (PRF_PM2) 7.3.11
P ergr,er22 13 of 530
INDIAN WELLS
CALIFORNIA
Investments
Money Market Sweep/Checking Account
Investments
Par
Value
1.00 2020 A Bonds
Portfolio Management
Portfolio Summary
October 31, 2024
Market
Value
1.00 1.00 1.00
Book % of
Value Portfolio
1.00 100.00
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Days to YTM YTM
Term Maturity 360 Equiv. 365 Equiv.
1 1 0.000 0.000
1.00 100.00% 1
1 0.000 0.000
Total Earnings
Current Year
Average Daily Balance
Effective Rate of Return
Kevi
October 31 Month Ending
0.00 1.00
0.00%
uer
Reporting period 1010112024-10/3112024
Run Date: 01/21/2025 - 15:08
No fiscal year history available
Portfolio 20A
CP
PM (PRF_PM1) 7.3 11
Report Ver. 7.3.11
CUSIP Investment # Issuer
Money Market Sweep/Checking Account
SYS1
SYS2
1 2020 A Bonds COI
2 2020 A Bonds Reserve
Subtotal and Average
2020 A Bonds
Portfolio Management
Portfolio Details - Investments
October 31, 2024
Average Purchase
Salance Date
07/01/2023
07/01/2023
Par Value
Stated YTM Days to Maturity
Market Value Book Value Rate
0.00 0.00 0.00
1.00 1.00 1.00
1.00 1.00
1.00 1.00
Fitch 365 Maturity Date
0.000 1
0.000 1
0.000 1
Total and Average
Run Date: 01/21/2025 - 15:08
1.00 1.00
1.00 1.00
0.000 1
Portfolio 20A
CP
PM (PRF_PM2) 7.3 11
Paae ec7.3.29110 of 530
Re dV
INDIAN WELLS
CALIFORNIA
Investments
Par
Value
Money Market Sweep/Checking Account 6,385,030.32
Investments
2022 Bonds
Portfolio Management
Portfolio Summary
October 31, 2024
Market
Value
6,385,030.32
6,385,030.32 6,385,030.32
City of Indian Wells
44-950 Eldorado Drive
Indian Wells CA 92210
(760)346-2489
Book % of Days to YTM YTM
Value Portfolio Term Maturity 360 Equiv. 365 Equiv.
6, 385, 030.32 100.00 1 1 0.000 0.000
6,385,030.32 100.00% 1
1 0.000 0.000
Total Earnings October 31 Month Ending
Current Year
Average Daily Balance
Effective Rat p of Return
0.00 6,587,585.58
0.00%
Kevin c a y, gency Treasue
Reporting period 10/01/2024-10/31/2024
Run Date: 01/21/2025 - 17:19
No fiscal year history available
Portfolio 22
CP
PM (PRF_PM1) 7 3.11
Report Ver. 7.3.11
CUSIP Investment #
Money Market Sweep/Checking Account
SYS2
SYS4
SYS1
SYS5
SYS3
2 4
1 5
3 Issuer
2022 Bonds COI
2022 Bonds Interest
2022 Bonds Project Fund
2022 Bonds Redemption Fund
2022 Bonds Payment Fund
2022 Bonds
Portfolio Management
Portfolio Details - Investments
October 31, 2024
Average Purchase
Balance Date
Subtotal and Average 6,587,585.58
07/01/2023
07/01/2023
07/01/2023
07/01/2023
Par Value
0.00 219.11
6,384,799.25
11.95 0.01
Stated YTM Days to Maturity
Market Value Book Value Rate
0.00 219.11
6,384,799.25
11.95 0.01
0.00 219.11
6,384,799.25
11.95 0.01
6,385,030.32
6,385,030.32 6,385,030.32
Fitch 365 Maturity Date
0.000 1
0.000 1
0.000 1
0.000
0.000
0.000 1
Total and Average 6,587,585.58
Run Date: 01/21/2025 - 17:19
6,385,030.32
6,385,030.32 6,385,030.32
0.000 1
Portfolio 22
CP
PM (PRF_PM2) 7 3.11
Pqa .vee ? of 530
INDIAN WELLS CITY COUNCIL
January 30, 2025
To: City Council
From: Finance Department
Prepared by: Amy Dallosta, Accountant
Subject: City Treasurer's Report for November 2024
RECOMMENDED ACTIONS:
Council RECEIVES and FILES the City Treasurer's Report for November 2024; and FINDS the project to be exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to Section 15060.
DISCUSSION:
This report comprehensively analyzes the City of Indian Wells' cash and investment position as of November 30, 2024. The city maintains a robust investment strategy, focusing on prudence, liquidity, and compliance with legal requirements. The Treasurer's certification ensures adherence to the city's investment policy and compliance with the State of California Government Code section 53600.
Financial Snapshot:
As of November 30, 2024:
• Total cash and investments: $76,195,484.91
• Portfolio rate of return: 3.318%
Treasurer's Certification:
The City Treasurer certifies:
• Compliance with the city's investment policy and legal requirements. • Adequate liquidity to meet financial obligations for the next six months, ensuring static and dynamic liquidity.
Fiscal Prudence:
Aligned with the fiduciary duty, the city adheres to a prudent investment approach, considering economic conditions and anticipated needs. Investments are guided by a written policy emphasizing safety, liquidity, and yield.
BACKGROUND:
The Treasurer's Report provides a monthly update on cash activity and the investment portfolio, ensuring reconciliation with the General Ledger. Investments align with the city's investment policy and State legislation, covering U.S. treasuries, federal agency securities, corporate notes, municipal bonds, CDs, and overnight cash investments.
Investment Strategy:
The city's investment portfolio is designed to achieve a market rate of return within risk constraints. Diversification across institutions, security types, and maturities maximizes safety and yield amid changing market conditions.
FISCAL IMPACT:
The investment portfolio generated $397,463.87 in earnings for November 2024. The investment strategy aims for consistent returns throughout budgetary and economic cycles, reflecting prudent risk management. Moreover, the strategy's success in consistently generating returns reflects its adaptability to changing market conditions. As economic cycles fluctuate, the city's investment approach remains resilient, adjusting to dynamic financial landscapes to optimize safety and yield.
CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA):
This action has been reviewed per the authority and criteria contained in the California Environmental Quality Act (CEQA), the State and local CEQA Guidelines, and the City's environmental regulations. The City, acting as the Lead Agency, determined that this resolution is not subject to CEQA pursuant to Sections 15060(c)(2), 15060(c)(3), and 15061(b)(3) of the State CEQA Guidelines, because it will not result in a direct or reasonably foreseeable indirect physical change to the environment as there is no possibility that the action would result in a significant environmental impact, and because it does not constitute a "project" as defined in Section 15378 of the State CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3.
ATTACHMENTS:
1. City Treasurer's Report
NET CASH & INVESTMENT SUMMARY November 2024
ATTACHMENT #1
Nov Nov
UNRESTRICTED FUNDS
GENERAL FUND
101- GENERAL
TOTAL GENERAL FUND
RESTRICTED FUNDS
SPECIAL REVENUE FUNDS
202 - TRAFFIC SAFETY
203 - PUBLIC SAFETY 1/2 CENT SALES TAX
204 - MEASURE "A"
209 - F.A.M.D. #1
210 - SCAQMD (VEHICLE REG.)
211 - AB 3229 COPS FUNDING
214 - GAS TAX 2103 MAINTENANCE
215 - GAS TAX 2105 MAINTENANCE
216 - GAS TAX 2106 CONSTRUCT/MAINT
217 - GAS TAX 2107 MAINTENANCE
218 - GAS TAX 2107.5 ENG./ADMIN
219 - GAS TAX RMRA
228 - EMERG. UPGRADE SERVICES
247 - AB 939 RECYCLING FUND
248 - SOLID WASTE
251 - STREET LIGHTING DISTRICT 2000-1
253- INDIAN WELLS VILLAS OPERATIONS
254- MOUNTAIN VIEW VILLAS OPERATIONS
256- HOUSING AUTHORITY
271 - ELDORADO DRIVE LLMD
272 - MONTECITO/STARDUST LLMD
273 - CASA DORADO LLMD
274 - THE COVE LLMD
275 - SH 111/IWGR (ENTRANCE) LLMD
276 - CLUB/IW LANE LLMD
277 - COLONY LLMD
278 - COLONY COV ESTATES LLMD
279 - DESERT HORIZONS LLMD
280 - MOUNTAIN GATE LLMD
281 - MOUNTAIN GATE ESTATES LLMD
282 - VILLAGIO LLMD
283 - VAIDYA LLMD
284 - CLUB, SOUTH OF 111 LLMD
285 - MONTELENA LLMD
286 - SUNDANCE LLMD
287 - PROVINCE LLMD
288 - PROVINCE DBAD
TOTAL SPECIAL REVENUE FUNDS
CAPITAL PROJECT FUNDS
310 - PARK FACILITIES FEES
311 - TRANSPORTATION FACILITIES FEES
313 - RECREATION FACILITIES FEES
314 - PARK -IN -LIEU FEES
315 - CITYWIDE PUBLIC IMPROVEMENT FEE
316 - CAPITAL IMPROVEMENT
319 - ART IN PUBLIC PLACES
321 - HIGHWAY 111 CIRCULATION IMP FEE
TOTAL CAPITAL PROJECT FUNDS
2024
20,367,338.92
2023
11,816287.65
20,367,338.92 11,816,287.65
11,562.14 16,850.30
6,571.19 20,676.84
14.00 117,218.03
575,271.06 1,286,622.14
17,333.23 14,798.85
33,981.95 28,071.76
1,905.29 20,046.25
0.00 12,261.06
90.81 9,853.85
127.90 16, 888.44
151.83 1,000.00
8,914.24 157,284.63
3,266,497.24 4,510,528,83
231,150.08 284,395.50
89,839.57 140,726.28
19,754.74 16,625.24
185,381.56 96,945.46
283,667.44 0.00
301,586.81 3,232,664.24
95,545.14 57,829.37
12,854.82 3,893.39
4,175,24 904.41
2,849.20 7,210.32
339,450.55 57,924.99
41,140.95 16,440.62
108,943.55 71,162.68
53,467.22 46,726.56
85,579.28 20,538.88
107,496.48 91,057.08
47,803.33 43,085.34
243,220.51 212,496.88
40,122.36 34,788.76
34,906.32 30, 637.87
97,054.93 65,455.28
3,114.22 325.49
102,439.77 83,955.09
596,299.07 559,699.29
7,050,264.02 11,387,590.00
0.00 0.00
0.00 0.00
0.00 12,129,288.04
681,098.30
0.00 12,810,386.34
30,507.45
37,735.42
75,571.95
22,103.99
12,430.28
10,314,720.00
666,016.38
37,152.70
11,196, 238.17
T:\Common\bank\Treasurers Report\Cashl0Nov 24 4:05 PM1/24/2025
CITY OF INDIAN WELLS
NET CASH & INVESTMENT SUMMARY November 2024
PAGE 2
RESTRICTED FUNDS (Cont.)
REPLACEMENT FUNDS
326 - BUILDINGS CAPITAL RESERVE
327 - BRIDGES CAPITAL RESERVE
328 - MEDIANS & PARKWAYS CAPITAL RESERVE
329 - STORM DRAINS CAPITAL RESERVE
330 - TRAFFIC SIGNALS CAPITAL RESERVE
331 - TECHNOLOGY CAPITAL RESERVE
332 - CITY STREETS CAPITAL RESERVE
333 - CITY VEHICLES CAPITAL RESERVE
350- DISASTER RECOVERY RESERVE
TOTAL REPLACEMENT FUNDS
SUCCESSOR AGENCY FUNDS
453 - DEBT SERVICE
456 - RDA OBLIGATION RETIREMENT
TOTAL SUCCESSOR AGENCY FUNDS
FINANCING AUTHORITY FUNDS
460 - INDIAN WELLS FINANCING AUTHORITY
TOTAL FINANCING AUTHORITY FUNDS
ENTERPRISE FUNDS
560 - INDIAN WELLS GOLF RESORT
TOTAL ENTERPRISE FUNDS
INTERNAL SERVICE FUNDS
601 - INTERNAL TRUST FUND
TOTAL INTERNAL SERVICE FUNDS
RESERVE FUNDS
602 - COMPENSATED ABSENCES
TOTAL RESERVE FUNDS
TRUST & AGENCY FUNDS
732 - SPECIAL DEPOSITS
TOTAL TRUST & AGENCY FUNDS
TOTAL ALL FUNDS
FISCAL AGENTS
253 - INDIAN WELLS VILLAS
254 - MOUNTAIN VIEW VILLAS
453 - US BANK TRUSTEE - SUCCESSOR AGENCY DEBT SERVICE
460 - US BANK - INDIAN WELLS FINANCE AUTHORITY
560 - INDIAN WELLS GOLF RESORT
601 - INTERNAL TRUST FUND
TOTAL FISCAL AGENTS
TOTAL ALL FUNDS & FISCAL AGENTS
UNRESTRICTED FUNDS
RESTRICTED FUNDS
Nov Nov
2024 2023
2,437,301.80
2,225,617.00
1,840,319.07
1,096,195.00
960,249.00
906,128.00
18,456,148.00
467,164.00
618,750.00
29,007,871.87
54,255.43
0.00 2,153,116.80
1,952,516.00
1,587,395.07
882,246.00
753,420.00
702,133.00
17,332,999.00
286,155.00
441,850.00
26,091,830.87
608,220.10
0.00 54,255.43 608,220.10
600,245.67 0.00
600,245.67 0.00
1,473,642.22 1,500,000.00
1,473,642.22
2,526,135.70
2,526,135.70
1,500,000.00
2,074,507.34
2,074,507.34
0.00 624,787.00
0.00 624,787.00
510,161.52 759,960.35
510,161.52 759,960.35
74,400,301.69 66,059,421.48
93,880.83
195,590.80
4,539.54
4,839,563.10
2,200,464.29
11, 511,084.92
18,845,123.48
324,769.61
376,986.87
10,593.48
6,955,911.67
1,223,586.84
871,341.75
9,763,190.22
$ 93,245,425.17 $ 75,822,611.70
20, 367, 338.9 2 11, 816, 287.65
72,878,086.25 64,006,324.05
$ 93,245,425.17 $ 75,822,611.70
T:\Common\bank\Treasurers Report\Cash1 ONov 24