Indian Wells City Council
February 5, 2026

Council Meeting Agenda- February 5, 2026

Fiscal Year
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Expenses:

Governmental activities:

General government 11,604,322$ 14,392,102$ 15,297,837$ 2,804,408$ 16,765,605$ 8,368,804$ 5,701,156$ 8,102,188$ 7,501,991$ 7,151,865$ Public safety 13,355,081 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 Community development 5,923,067 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 Public works 12,136,865 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 Golf resort - - - - - - - - - - Interest on long-term debt 399,006 329,643 457,880 463,970 - - - - - - Total governmental activities expenses 43,418,341 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 Business-type activities:

Golf resort 17,508,594 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 Club drive - - - - - - 7,000 31,781 60,715 65,142 Total business-type expenses 17,508,594 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 Total primary government expenses 60,926,935 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 Program revenues:Governmental activities:Charges for services:General government 73,534 64,546 107,012 47,687 41,412 58,587 43,100 39,584 35,873 48,263 Public safety 745,461 737,398 604,356 603,773 485,403 525,383 600,091 199,095 134 4,522 Community development 3,815,061 3,958,920 1,483,981 1,568,875 817,102 969,257 990,040 1,038,569 1,121,873 968,377 Public works 36,231 21,809 23,469 17,203 14,463 9,288 12,124 21,064 22,884 27,412 Golf resort - - - - - - - - - - Operating grants and contributions:General government 3,691,021 4,512,952 745,918 759,541 523,214 485,587 478,269 444,372 430,718 456,491 Public safety 8,765,453 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 Community development 137,246 123,436 21,032 - - - - - 52,738 - Public works 4,357,826 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 Capital grants and contributions:

General government - - - - - - - - - - Community development - - - - - - - - - - Public works 200,791 68,032 202,766 954,966 119,842 487,500 236,175 215,870 143,993 104,869 21,822,624 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 Business-type activities:

Charges for services:

Golf resort 16,976,221 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 Club drive - - 82,142.00 111,241.00 108,476.00 Capital grants and contributions:1,250,000 - - - - - - - - - Total business-type activities program
18,226,221 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 Total primary government program
40,048,845 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 Net revenues (expenses):

Governmental activities (21,595,717) (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) Business-type activities 717,627 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)(20,878,090) (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) General revenues and other changes in net position:

Governmental activities:

Taxes:

Property taxes 4,406,703 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 Transient occupancy taxes 13,523,137 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 Sales taxes 2,148,619 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 Franchise taxes 1,388,780 1,398,516 1,231,605 1,108,065 993,257 995,921 992,865 929,551 941,938 922,074 Other taxes 5,484,031 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 Investment income 5,721,683 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 Gain on sale of asset - - - 404,376.00 - - - - - - - - - - - - - - - - Other 366,556 296,204 481,138 550,703 861,005 685,064 785,799 909,895 659,280 908,638 Transfers - - - - - - - - 6,139,623 (831,713) Total governmental activities 33,039,509 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 Business-type activities:

Investment income 186,311 (9,374) (9,708) (70,543) (2,222) 16,498 8,006 - 1,809 3,095 Other 210000 26,000 1,247,051 - - - 404,947 8,379,489 1,850,156 Transfers - - - - - - - - (6,139,623) 831,713 Total business-type activities 396,311 (9,374) 16,292 1,176,508 (2,222) 16,498 8,006 404,947 2,241,675 2,684,964 Total primary government 33,435,820 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 Changes in net position:

Governmental activities 11,443,792 5,609,399 (6,311,352) 14,264,617 (15,265,049) (4,172,028) 3,192,850 1,240,060 7,981,130 199,640 Business-type activities 1,113,938 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) Total primary government 12,557,730$ 5,623,933$ (7,077,156)$ 12,828,454$ (17,540,934)$ (8,319,787)$ 986,475$ (952,953)$ 3,100,367$ (5,160,325)$ *As of 7/1/15, two business-type activities were created, Indian Wells Golf Resort and Club Drive Property revenue
revenue
revenue
Total governmental activities program
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
City of Indian Wells
Extraordinary gain/(loss) on
dissolution of RDA
146

Council Meeting Agenda- February 5, 2026

Fiscal Year
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
General fund:

Nonspendable:

Prepaid items 102,331$ 63,162$ 111,390$ 41,691$ 15,086$ 2,865$ 7,738$ 1,911$ 24,666$ 5,740$ Notes and loans 9,472,617 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 Committed to:

Emergency reserve - - - - - - - - - Unassigned 20,744,269 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 Total general fund 30,319,217$ 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$ All other governmental funds
Nonspendable
Inventory - - - - - - - - - Prepaid items 19,802 537 663 - - 48,795 - - - Notes 650,462 - - - - - - Advances to other funds - - - - - - - - - Restricted for:

Community development 13,105,864 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 Public safety 7,652,573 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 Parks and recreation - - - - - - - - - Public works 3,952,146 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 Debt service 2,331,258 6,275,929 10,721,626 12,094,086 - - - - - - Committed to:

Emergency Reserve - - - - - - - - - - Capital projects 782,232 801,602 494,155 311,735 5,664,949 5,648,955 5,659,190 144,213 676,363 354,335 Golf Resort - - - - - - - - - - Assigned to:

Capital projects 47,926,044 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 (1,621,201) (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) Total all other governmental funds 74,148,718$ 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$ 1) The City Council implemented the Governmental Accounting Standards Board (GASB) statement no. 54 during fiscal year 2010/11 recognizing new fund balance requirements City of Indian Wells
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
147

Council Meeting Agenda- February 5, 2026

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenues:

Taxes 34,031,692$ 29,160,225$ 28,165,831$ 26,562,600$ 13,780,199$ 13,474,030$ 21,534,317$ 19,825,390$ 19,067,088$ 17,840,371$ Licenses and permits 514,897 683,169 925,135 918,431 499,929 542,715 504,876 465,327 642,162 466,550 Intergovernmental 5,077,974 5,801,790 1,864,339 3,673,650 1,224,015 1,467,346 1,246,106 1,098,333 1,024,757 959,741 Contribution from property owners - - - - - - - - - - Charges for services 1,248,049 1,403,770 1,163,202 1,254,217 802,576 951,925 1,085,255 772,337 480,245 503,429 Investment income 4,912,714 4,242,062 748,799 (3,200,198) 314,893 2,316,373 2,492,431 212,021 225,978 727,908 Fines and forfeitures 109,765 86,355 130,481 64,890 55,875 67,875 55,224 60,648 58,359 78,595 Rental income 2,797,576 2,609,379 2,310,605 2,137,105 1,978,311 1,892,369 1,766,444 1,639,641 1,561,169 1,629,432 Assessments 5,409,405 5,002,743 4,531,983 4,228,752 4,102,421 4,036,690 4,009,522 3,866,031 3,763,303 3,782,451 Development fees 171,735 523,949 682,477 608,782 135,471 260,616 168,798 149,631 448,419 129,054 Other 126,556 56,204 181,139 211,802 744,391 685,064 785,799 909,895 659,280 908,638 Total revenues 54,400,363 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 Expenditures
Current:

General government 10,517,739 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 Public safety 11,943,103 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 Community development 5,518,552 5,473,234 4,669,205 6,082,975 3,068,540 2,916,391 3,010,110 2,890,706 2,861,354 3,084,249 Parks and recreation - - - - - - - - - - Public works 7,307,572 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 Golf resort - - - - - - - - - Pass-through - - - - - - - - - - Bond Issuance Costs - - - 235,117 - - - - - - Capital outlay 11,525,169 7,289,559 8,376,088 4,785,480 1,270,541 1,350,837 3,484,885 3,911,186 1,305,125 559,912 Debt service:

Principal retirement 495,000 470,000 380,000 - Interest and fiscal charges 471,550 466,445 586,874 - Total expenditures 47,778,685 46,348,521 45,417,549 39,002,708 26,548,389 26,586,897 29,080,679 27,882,962 24,597,647 24,227,212 Excess (deficiency) of revenues
over (under) expenditures 6,621,678 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 Other financing sources (uses):

Transfers in 21,940,919 9,892,327 10,802,457 8,909,273 154,080 15,530,608 25,325,206 4,206,586 7,932,137 1,429,989 Transfers out (30,178,342) (9,994,911) (10,847,063) (8,909,273) (154,080) (15,530,608) (23,320,595) (4,206,586) (2,956,130) (2,261,702) Contributions to other governments - - - - - - - - - - Issuance of bonds - - - 13,930,000 - - - - - - Premium (discount) on bonds - - 1,338,171 - - - - - - Payment to bond escrow agent - - - - - - - - - - Extraordinary gain/(loss) on dissolution of RDA - - - - - - - - - - Sale of property - - - 525,000 3,641,822 - 4,351,849 - - - Total other financing sources (uses)(8,237,423) (102,584) (44,606) 15,793,171 3,641,822 - 6,356,460 - 4,976,007 (831,713) Net change in fund balances (1,615,745)$ 3,118,541$ (4,758,164)$ 13,250,494$ 731,514$ (891,894)$ 10,924,553$ 1,116,292$ 8,309,120$ 1,967,244$ Debt service as a percentage of
noncapital expenditures 2.5%2.1%2.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Capital outlay (Recon of Rev & Exp)9,288,006 2,722,860 4,161,011 4,734,914 (11,576,784) 868,327 (1,681,711) 3,456,064 588,717 (102,981) Total governmental expenditures 47,778,685 46,348,521 45,417,549 39,002,708 26,548,389 26,586,897 29,080,679 27,882,962 24,597,647 24,227,212 Less: Principal (495,000) (470,000) (380,000) - - - - - - - Less: Interest (471,550) (466,445) (586,874) - - - - - - - 46,812,135 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 Less: Capital Asset Additions (9,288,006) (2,722,860) (4,161,011) (4,734,914) 11,576,784 (868,327) 1,681,711 (3,456,064) (588,717) 102,981 Non Capital Expenditures 37,524,129 42,689,216 40,289,664 34,267,794 38,125,173 25,718,570 30,762,390 24,426,898 24,008,930 24,330,193 Total Debt Service Payments 966,550 936,445 966,874 - - - - - - - Debt Service as % of Non Capital Exp.2.5%2.1%2.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Fiscal Year
City of Indian Wells
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
148

Council Meeting Agenda- February 5, 2026

Fiscal
Year
End
Property
Tax Sales
Transient
Occupancy
Emergency
Services Franchise Other Total
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 2024-25 4,406,703 2,148,619 13,523,137 7,075,678 1,388,780 5,484,030 34,026,947 Percentage change:
2016-2025 59.8%76.5%93.2%162.8%50.6%75.1%92.0%
City of Indian Wells
Tax Revenues by Source - Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)

-
5 10
15 20
25 30
35 2015-
16 2016-
17 2017-
18 2018-
19 2019-
20 2020-
21 2021-
22 2022-
23 2023-
24 2024-
25 Mi
l
l
i
o
n
s
Fiscal Year
149

Council Meeting Agenda- February 5, 2026

Fiscal Year Taxable Taxable City's
Ended Assessed Assessed Direct Tax
June 30 Secured Unsecured Value Secured Unsecured Value Rate 2015-16 1,067,731,252 7,803,011 1,075,534,263 4,142,943,142 21,086,098 4,164,029,240 1.23002 2016-17 1,078,783,335 8,645,905 1,087,429,240 4,244,054,809 21,150,335 4,265,205,144 1.20635 2017-18 1,216,459,774 7,719,195 1,224,178,969 4,356,466,470 17,947,116 4,374,413,586 1.21281 2018-19 1,323,102,487 10,855,110 1,333,957,597 4,606,551,347 20,122,839 4,626,674,186 1.21396 2019-20 1,424,021,370 9,989,753 1,434,011,123 4,729,044,820 31,487,665 4,760,532,485 1.21364 2020-21 1,505,059,403 13,164,761 1,518,224,164 4,868,974,853 21,852,265 4,890,827,118 1.21396 2021-22 1,597,949,272 13,725,307 1,611,674,579 5,017,783,630 17,954,729 5,035,738,359 1.22450 2022-23 1,735,214,095 13,447,558 1,748,661,653 5,390,822,776 16,237,638 5,407,060,414 1.22450 2023-24 1,838,789,619 13,174,858 1,851,964,477 5,697,960,224 18,611,514 5,716,571,738 1.22450 2024-25 2,065,358,785 13,796,898 2,079,155,683 5,954,081,509 16,765,376 5,970,846,885 1.22450 (1) Total Direct Tax Rate is represented by TRA 016-000 Source: Riverside County Assessor Data, Avenu Insights & Analytics City of Indian Wells
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
City (Excl. RDA)Redevelopment Agency
150

Council Meeting Agenda- February 5, 2026

Category 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-2023 2023-24 2024-25 Residential 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 7,165,797,802 Commercial 536,436,321 501,610,126 559,511,479 661,957,523 646,454,076 623,499,659 629,520,507 684,902,466 717,785,574 685,290,914 Vacant 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 80,075,785 Institutional 0 0 0 0 0 375,198 379,085 0 394,400 49,986,103 Professional 0 0 0 0 0 35,928,381 26,455,998 31,596,435 37,605,136 38,287,986 Agriculture 0 0 0 0 0 0 9,650 9,732 1,377 1,404
Social 0 0 0 0 0 0 0 386,666 0 0
Unknown 0 0 0 0 0 0 0 0 0 0
Net Secured Value 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 8,019,439,994 Unsecured 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 30,562,274 Net Taxable Value 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 8,050,002,268

Land Use description data updated from previous year(s) Source: Avenu Insights & Analytics
Use code categories are based on Riverside County Assessor's data City of Indian Wells
Assessed Value of Property by Use Code, Citywide
Last Ten Fiscal Years
151 Page 217 of 333
Council Meeting Agenda- February 5, 2026

2002 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 City Direct Rates:

City Basic Rate 0.00649751 0.00649751 0.00649751 0.00649751 0.00649751 0.00779246 0.00779246 0.00779246 0.00649751 0.00649751 Agency Basic Rate 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Low & Mod 20% Set-aside 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Total City Direct Rate 0.00649751 0.00649751 0.00649751 0.00649751 0.00649751 0.00779246 0.00779246 0.00779246 0.00649751 0.00649751 Overlapping Rates:

General 0.15716188 0.15716188 0.15716188 0.15716188 0.15716348 0.31458170 0.31458170 0.31458170 0.15716349 0.15716349 Riverside County General & Fire 0.06556884 0.06556884 0.06556884 0.06556884 0.06556119 0.06556922 0.06556922 0.06556922 0.06556119 0.06556119 Coachella Valley Water District 0.03055245 0.03055245 0.03055245 0.03055245 0.03055245 0.03055245 0.03055245 0.03055245 0.03055245 0.03055245 Desert Sands Unified School District 0.40439065 0.40439065 0.40439065 0.40439065 0.40439065 0.40439065 0.40439065 0.40439065 0.40439065 0.40439065 Riverside County Superintendent of Schools 0.04571713 0.04571713 0.04571713 0.04571713 0.04571713 0.04571713 0.04571713 0.04571713 0.04571713 0.04571713 College of Desert 0.08403091 0.08403091 0.08403091 0.08403091 0.08403091 0.08403091 0.08403091 0.08403091 0.08403091 0.08403091 Coachella Valley Parks & Recreation District 0.01321243 0.01321243 0.01321243 0.01321243 0.01321243 0.02312834 0.02312834 0.02312834 0.01321243 0.01321243 CV Mosquito & Vector Control District 0.01091312 0.01091312 0.01091312 0.01091312 0.01091312 0.01529179 0.01529179 0.01529179 0.01091312 0.01091312 Riverside County Regional Park & Open Space 0.00387930 0.00387930 0.00387930 0.00387930 0.00387930 0.00475859 0.00475859 0.00475859 0.00387930 0.00387930 Coachella Valley Public Cemetery 0.00256659 0.00256659 0.00256659 0.00256659 0.00256659 0.00379506 0.00379506 0.00379506 0.00256659 0.00256659 Desert Regional Medical Center 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Coachella Valley Resource Conservation 0.00039170 0.00039170 0.00039170 0.00039170 0.00039170 0.00039170 0.00039170 0.00039170 0.00039170 0.00039170 Education Revenue Augmentation Fund 0.17511749 0.17511749 0.17511749 0.17511749 0.17512353 0.00000000 0.00000000 0.00000000 0.17512353 0.17512353 TOTAL 1.00000000 1.00000000 1.00000000 1.00000000 1.00000000 1.00000000 1.00000000 1.00000000 1.00000000 1.00000000 Override Assessments
Coachella Valley Water District 0.10000000 0.10000000 0.10000000 0.10000000 0.10000000 0.10000000 0.11000000 0.11000000 0.11000000 0.11000000 Desert Community College 0.02087000 0.02036000 0.04030000 0.03978000 0.03983000 0.03978000 0.03950000 0.03950000 0.03950000 0.03950000 Desert Sands Unified School District 0.10915000 0.08599000 0.07251000 0.07418000 0.07381000 0.07418000 0.07500000 0.07500000 0.07500000 0.07500000 TOTAL 0.23002000 0.20635000 0.21281000 0.21396000 0.21364000 0.21396000 0.22450000 0.22450000 0.22450000 0.22450000 TOTAL TAX RATE 1.23002000 1.20635000 1.21281000 1.21396000 1.21364000 1.21396000 1.22450000 1.22450000 1.22450000 1.22450000

(1.) Total Direct Tax Rate is represented by TRA 016-000 Source: Riverside County Auditor data, Avenu Insights & Analytics City of Indian Wells
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
152 Page 218 of 333
Council Meeting Agenda- February 5, 2026

Taxpayer
Taxable Value
($)
Percent of
Total City
Taxable Value
(%)
Taxable
Value ($)
Percent of
Total City
Taxable Value
(%)
Garden of Champions 293,305,003 3.64%181,532,989 3.46% Indian Wells Hotel Owner 151,167,998 1.88%
BBC Esmeralda 80,508,910 1.00%
Toscana Country Club 48,828,100 0.61%
Vintage Club 32,384,847 0.40%22,590,988 0.43% Village Shopping Center at Indian Wells 25,652,390 0.32%15,436,236 0.29% Indian Wells Prop 23,373,597 0.29%
IW Golf Club 20,451,853 0.25%
Eldorado Country Club 19,937,879 0.25%22,710,946 0.43% GHA Province IW 17,510,000 0.22%
Cook Leo W 15,563,477 0.19%16,036,410 0.31% Brinson Gary P Trust Dtd 15,305,000 0.19%10,674,000 0.20% Schmid Inv 14,546,761 0.18%13,509,793 0.26% Indian Wells Village II 14,362,522 0.18%12,189,361 0.23% Jonagold Holdings 14,084,831 0.17%
DRW Desert Holdings 13,801,836 0.17%
Carletti, Christopher M 13,520,000 0.17%
Summit Developments 13,260,000 0.16%
Morgan Lisa Hofmann Revocable Trust 12,651,234 0.16% PRG Sands 2 11,622,363 0.14%
Renard Hidden Valley Lts. Partnership 11,382,640 0.14% Targoff Michael B 11,303,171 0.14%9,592,911 0.18% Modern Development LLC 11,039,271 0.14%
DMA Investments, LLC 10,918,057 0.14%
Luttgens Jenise M 10,795,385 0.13%
Felcor Esmeralda LLC 56,207,716 1.07%
Grand Champions LLC 54,270,603 1.04%
Toscana Lan 53,502,891 1.02%
Southwest Community Church Of 42,452,664 0.81%
RPCWG Miramonte Owner 25,819,481 0.49%
Standard Pacific Corp 21,837,668 0.42%
IWCC Acquisition Corp 17,881,238 0.34%
Marion Anne W 13,051,640 0.25%
Kayne Richard A Suzanne L 12,669,104 0.24%
Ryan Oil Co 11,702,030 0.22%
Smith Orin C 10,604,719 0.20%
KH Indian Wells 10,199,800 0.19%
Neptune 9,787,000 0.19%
Argyros George L 9,778,022 0.19%
Reserve Club 9,073,327 0.17%
Macmillan Donna J 9,007,323 0.17%
Total Top 25 Taxpayers 907,277,125 11.27%672,118,860 12.83% Total Taxable Value 8,050,002,568 100.00%5,239,563,503 100.00% Source: County Assessor data, Avenu Insights & Analytics 2024-25 2015-16
City of Indian Wells
Principal Property Tax Payers
Last Fiscal Year and Nine Years Ago
153 Page 219 of 333
Council Meeting Agenda- February 5, 2026

Taxpayer Business Type Taxpayer Business Type
Audio Visual Services Group Light Industry Audio Visual Headquarters Business Services CVS/Pharmacy Drug Stores Creative Pipe Light Industry
Desert Horizons Country Club Miscellaneous Retail CVS/Pharmacy Drug Stores Don Diego's Restaurant Restaurants Desert Horizons Country Club Restaurants Eldorado Country Club Miscellaneous Retail Don Diego's Restaurant Restaurants Eureka! Burger Restaurants Donna Diamond Designer Miscellaneous Retail Hyatt Regency Indian Wells Restaurants Eldorado Country Club Restaurants Indian Wells Country Club & Hotel Miscellaneous Retail Eureka Restaurants Restaurants Indian Wells Golf Resort Miscellaneous Retail Hotel Indian Wells Restaurants Indian Wells Tennis Garden Miscellaneous Retail Hyatt Grand Champions Resort Restaurants Iw Coffee Food Markets Indian Wells Country Club Restaurants Karen Harlow For The Home Miscellaneous Retail Indian Wells Golf Resort Restaurants Miramonte Resort & Spa Restaurants Indian Wells Tennis Garden Miscellaneous Retail Nobu Indian Wells Restaurants Karen Harlow For The Home Furniture/Appliance Renaissance Esmeralda Resort & Spa Restaurants Miramonte Resort & Spa Restaurants Reserve Club Miscellaneous Retail Ralph's Grocery Company Food Markets Sga Production Services Heavy Industry Renaissance Esmeralda Resort Restaurants Sodexo Live!Restaurants Reserve Club Restaurants
Sprouts Farmers Market Food Markets Tennis Warehouse Recreation Products The Nest Restaurant & Piano Bar Restaurants Terry Beardsley Golf Shop Recreation Products The Sands Hotel & Spa Restaurants The Nest Restaurants
The Vintage Club Miscellaneous Retail Toscana Country Club Restaurants Toscana Country Club Miscellaneous Retail Venezia Gourmet Foods Restaurants Venus Over Mahattan Art Miscellaneous Retail Vicky's Of Santa Fe Restaurants Vue Grille & Bar Restaurants Vintage Club Restaurants
Source: Avenu Insights & Analytics
City of Indian Wells
Principal Sales Tax Producers
Last Fiscal Year and Nine Years Ago
2024-25 2015-16
154 Page 220 of 333
Council Meeting Agenda- February 5, 2026

City of Indian Wells
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal Taxes Levied Collections in
Year Ended for the Percent Subsequent Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy 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% 2025 4,406,703 4,463,768 101.29%27,327 4,491,096 101.92% Collected within the
Fiscal Year of Levy Total Collections to Date
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. 155

Council Meeting Agenda- February 5, 2026

2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 Resort Hotels 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 13,168,714 Short-term Rentals 281,039 229,213 226,660 199,582 133,174 171,091 287,408 285,394 443,133 354,423 Total 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 13,523,137 Transient Occupany Tax Rate in effect 11.25%11.25%11.25%12.25%12.25%12.25%12.25%12.25%12.25%12.25% City of Indian Wells
Transient Occupancy Tax Collections
Last Ten Fiscal Years
a. Specific revenue detail by operator is unavailable due to confidentiality. b. Voter approved 1% rate increase; effective January 1, 2019 Source: Published ACFR Reports
156 Page 222 of 333
Council Meeting Agenda- February 5, 2026

Fiscal Percentage
Year Tax Allocation Notes Lease Revenue Leases of Personal Per End Bonds Payable Bonds Payable Total Income Capita
2016 - 1 - - - - 0.00%- 2017 - 1 - - - - 0.00%- 2018 - 1 - - - - 0.00%- 2019 - 1 - - - - 0.00%- 2020 - 1 - - - - 0.00%- 2021 - 1 - - - - 0.00%- 2022 - 1 - 15,246,052.00 - 15,246,052 0.00257%125,401 2023 - 1 - 14,799,696.00 330,461.00 15,130,157 0.00217%146,267 2024 - 1 - 14,263,340.00 189,907.00 14,453,247 0.00184%163,639 2025 - 1 - 13,701,984.00 224,498.00 13,926,482 0.00162%176,434 (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.

City of Indian Wells
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Business Type ActivitiesGovernmental Activities
157

Council Meeting Agenda- February 5, 2026

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 2016 - 0.0%- - - 781,696 781,696 100.0% 2017 - 0.0%- - - 805,313 805,313 100.0% 2018 - 0.0%- - - 833,007 833,007 100.0% 2019 - 0.0%- - - 887,084 887,084 100.0% 2020 - 0.0%- - - 922,223 922,223 100.0% 2021 - 0.0%- - - 954,148 954,148 100.0% 2022 - 0.0%- - - 989,800 989,800 100.0% 2023 - 0.0%- - - 1,062,939 1,062,939 100.0% 2024 - 0.0%- - - 1,135,618 1,135,618 100.0% 2025 - 0.0%- - - 1,210,413 1,210,413 100.0% Legal Debt Margin Calculation for Fiscal Year 2024:

FY 2024/25
Assessed Value (From Assessor's net 02-2441)8,069,423,302$ Legal Debt limit (15% of total assessed value) 1,210,413,495 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.
1 Assessed value has been used because the actual value of taxable property is not readily available in the State of California.

City of Indian Wells
Ratio of General Bonded Debt Outstanding and Legal Debt Margin Last Ten Fiscal Years
(In Thousands, except Per Capita)
158

Council Meeting Agenda- February 5, 2026

City of Indian Wells
Direct and Overlapping Debt
2024-25 Assessed Valuation:8,057,635,368$
Total Debt %City Share of
6/30/2025 Applicable (1)Debt 6/30/25
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:

Desert Community College District 640,515,000$ 6.819%43,676,718$ Desert Sands Unified School District 475,170,000 14.596 69,355,813 Desert Sands Unified School District Community Facilities District No. 1 155,000 11.088 17,186 City of Indian Wells - 100 -
California Statewide Communities Development Authority Assessment Bonds 340,000 100 340,000 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 113,389,717$ DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Riverside County General Fund Obligations 1,134,209,783$ 1.899%1 21,538,644$ Riverside County Pension Obligation Bonds 603,055,000 1.899 11,452,014 Desert Sands Unified School District Certificates of Participation 6,325,000 14.596 923,197 City of Indian Wells Lease Revenue Bonds 12,585,000 100.000 12,585,000 Desert Recreation District General Fund Obligations 993,462 11.159 110,860 TOTAL GROSS OVERLAPPING GENERAL FUND DEBT 46,609,715
OVERLAPPING TAX INCREMENT DEBT (Successor Agencies):159,035,000 .0187-100%47,004,889$ TOTAL DIRECT DEBT 12,585,000$
TOTAL OVERLAPPING DEBT 194,419,321$
COMBINED TOTAL DEBT 207,004,321$
June 30, 2025
(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.

Ratios to 2024-25 Assessed Valuation:

Direct Debt ($12,585,000)0.16%
Total Direct and Overlapping Tax and Assessment Debt 1.41% Combined Total Debt 2.57%
Ratios to Redevelopment Successor Agencies Incremental Valuation ($5,586,735,393):

Total Overlapping Tax Increment Debt 0.84%
159 Page 225 of 333
Council Meeting Agenda- February 5, 2026

Fiscal Year
Ended Tax
June 30 Increment Principal Interest Coverage
2016 - - - - 2017 - - - - 2018 - - - - 2019 - - - - 2020 - - - - 2021 - - - - 2022 - - - - 2023 - - - - 2024 - - - - 2025 - - - - Note: Details regarding the city's outstanding debt can be found in the notes to the financial statements.

City of Indian Wells
Pledged-Revenue Coverage
Last Ten Fiscal Years
Tax Allocation Bonds
Debt Service
160

Council Meeting Agenda- February 5, 2026

Fiscal Year
Population
(1)Personal Income
Per Capita
Personal
Income (2)
Median
Age
Public School
Enrollment
(3)
City
Unemployment
Rate (%) (4)
2015-16 5,412 447,589,123 82,703 68.9 28,719 4.9%
2016-17 5,450 472,424,421 86,683 68.2 28,958 4.3%
2017-18 5,574 513,911,206 92,198 68.5 28,708 3.2%
2018-19 5,445 529,521,295 97,249 67.8 28,610 2.0%
2019-20 5,403 546,486,273 101,145 67.9 27,963 13.4%
2020-21 5,428 592,602,660 109,175 67.9 26,982 5.6%
2021-22 4,762 597,158,324 125,401 67.2 26,698 1.8%
2022-23 4,774 698,280,138 146,267 67.4 26,379 3.3%
2023-24 4,797 784,977,051 163,639 68.3 25,898 3.3%
2024-25 4,862 857,819,677 176,434 67.5 25,615 4.3%

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.

City of Indian Wells
Demographic and Economic Statistics
Last Ten Fiscal Years
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.
161 Page 227 of 333
Council Meeting Agenda- February 5, 2026

Business Name
Number of
Employees
Percent of
Total
Employment
(%)
Number of
Employees
Percent of
Total
Employment
(%)
Hyatt Regency Resort & Spa 463 25.72%425 25.00%
Renaissance Esmeralda Resort 443 24.61%467 27.47%
Miramonte Resort and Spa 203 11.28%170 10.00%
Indian Wells Golf Resort (1)191 10.61%226 13.29%
Toscana Country Club 146 8.11%220 12.94%
El Dorado Country Club (1)115 6.39%215 12.65%
Desert Horizons Country Club (1)100 5.56%84 4.94%
Southwest Community Church 95 5.28%
Indian Wells Resort Hotel 68 3.78%76 4.47%
Indian Wells Country Club 67 3.72%96 5.65%
Merrill Lynch Wealth Management 43 2.53%
Total Top Employers 1,891 105.06%2,022 118.94%
Total City Employment (2)1,800 1,700
Source: FY2016, City's FYE 2016 ACFR Publication Report Source: Avenu Insights & Analytics
City of Indian Wells
Principal Employers
Last Fiscal Year and Nine Years ago
2024-25 2015-16
(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. 162 Page 228 of 333
Council Meeting Agenda- February 5, 2026

Function 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 City Manager/Clerk 4.48 4.48 5.05 5.05 5.75 5.85 4.30 4.25 4.50 5.90 Economic Development - - - - - - - 0.35 0.15 0.35 Advertising/Marketing 1.97 1.97 - - - 0.95 0.95 1.05 0.90 0.70 Community Services - - 1.95 1.95 1.40 0.55 0.55 0.35 0.35 0.35 Risk Management 0.150 0.15 0.30 0.30 0.30 0.30 0.30 0.30 0.40 0.50 Personnel 0.450 0.45 0.55 0.55 0.45 0.45 0.40 0.35 0.15 0.35 City Attorney 0.09 0.09 0.20 0.20 0.20 0.10 0.10 0.25 0.25 0.10 Community Development 6.27 6.77 5.45 5.45 6.35 5.45 6.35 7.35 7.65 7.00 Finance Department 5.33 5.33 4.41 4.41 3.42 3.19 2.94 4.45 5.20 5.00 Public Safety 1.60 1.10 1.10 1.10 1.15 1.50 1.50 1.10 0.50 2.05 Public Works 7.44 7.44 7.44 7.51 8.47 8.63 9.61 10.15 10.30 11.00 Housing Authority 0.99 0.99 1.64 1.64 1.72 2.24 3.49 2.65 1.30 0.40 Golf Resort 0.18 0.18 0.84 0.84 0.79 0.79 0.51 0.40 0.35 0.30 Club Drive 0.05 0.05 0.07 - - - - - - - Total 29.00 29.00 29.00 29.00 30.00 30.00 31.00 33.00 32.00 34.00 Source: City of Indian Wells Budget
City implemented program budgeting commencing with the 2017-2018 fiscal year City of Indian Wells
Full-time Equivalent City Government Employees
by Function
Last Ten Fiscal Years
163

Council Meeting Agenda- February 5, 2026

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Function
Police
Violent Crime 6 6 2 8 8 14 8 8 10 4 Thefts 91 96 89 101 101 67 108 90 69 53 Burglaries 45 39 34 49 49 19 35 29 19 13 Traffic Collisions 104 116 98 101 102 108 118 129 151 164 Traffic Citations 1,101 1,248 1,231 853 393 949 1,011 1,417 1,551 1,480 Fire
Medical Aid Calls 794 818 934 951 1,135 766 918 980 979 952 Public Service Assists 76 79 69 59 65 56 69 93 96 125 Structure Fires 3 1 5 2 2 - 2 1 6 3 Vegetation Fires - 2 2 - - - 3 - 1 - Building Activity
Permits Issued 887 774 764 758 722 751 682 1,167 900 751 Inspections Performed 4,607 3,319 3,686 3,841 4,209 3,576 4,751 6,044 5,327 3,195 New Dwelling Units 32 33 39 46 61 38 85 45 35 11 Public Works
Lot Line Adjustments 2 4 - 2 6 8 3 1 7 2 Parcel Mergers 4 1 3 2 1 1 1 1 1 1 Encroachment Permits 70 82 71 86 82 56 66 86 78 55 Tract Maps - - - 2 - - 2 4 - - Grading Permits 28 14
Transportation Permits 14 32
Golf Resort
Golf rounds played 77,613 74,358 74,828 74,589 56,402 64,968 76,500 78,522 80,629 66,721 Administration
City Council Meetings 15 8 10 9 21 20 27 33 26 21 Public Hearings 14 15 11 9 18 17 16 33 15 17 Adopted Resolutions 42 49 41 39 50 43 39 12 49 34 City of Indian Wells
Operating Indicators
by Functions
Last Ten Fiscal Years
Fiscal Year
164

Council Meeting Agenda- February 5, 2026

Units of
Measure
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 2.00 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 10.00 10.00 10.00 10.00 10.00 11.00 10.00 11.00 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 2.00 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 City of Indian Wells
Capital Asset Statistics
by Function
Last Ten Fiscal Years
165

Council Meeting Agenda- February 5, 2026

INDIAN WELLS CITY COUNCIL
February 5, 2026

To: City Council
From: Finance Department
Prepared by: Kevin McCarthy, City Finance Director
Subject: Annual Adoption of the City Investment Policy

RECOMMENDED ACTIONS:

Council ADOPTS the City’s 2026 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.

BACKGROUND:

The Finance Committee met on January 20, 2026, to review the City’s Invest ment Policy. Following its review, the Committee forwarded the policy to the City Council without recommended changes. California Government Code requires the City Council to review and adopt the City’s Investment Policy on an annual basis. This item fulfills that statutory requirement.

The City Treasurer completed an annual review of the Investment Policy and determined that no revisions are necessary. The review included an evaluation of compliance with applicable state law, consistency with City financial practices, and alignment with the City’s fiscal objectives.

The City Treasurer is responsible for the custody, deposit, and investment of all City funds in accordance with California Government Code Sections 53600 et seq. and 53635 et seq., the prudent person rule set forth in Civil Code Section 2261 et seq., applicable City ordinances, and the adopted Investment Policy.

As part of the annual review process, each section of the Investment Policy is examined for compliance with current state law and Council-adopted standards. City securities are held by a third-party bank trust department under a custody agreement. The custodian safeguards securities and settles investment transactions on a delivery -versus-payment basis. Securities held in custody are verified annually through an independent audit.

Council Meeting Agenda- February 5, 2026

The City submits its Investment Policy to the California Municipal Treasurers Association (CMTA) for certification.

FISCAL IMPACT:

Monthly Treasurer’s Reports are prepared to demonstrate compliance with the Investment Policy, are available for public review, and are submitted to the City Council.

The City’s investments and Investment Policy are also reviewed by the City’s external auditors as part of the annual audit. Treasurer’s Reports and the Investment Pol icy are 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

Council Meeting Agenda- February 5, 2026

City of Indian Wells
Statement of
Investment Policy
Adopted – February 5, 2026
ATTACHMENT #1

Council Meeting Agenda- February 5, 2026

City of Indian Wells
Statement of Investment Policy

Page | 1
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

Council Meeting Agenda- February 5, 2026

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Statement of Investment Policy

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Investment Policy Certification

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City of Indian Wells
Statement of Investment Policy

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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)

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Statement of Investment Policy

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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.

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Statement of Investment Policy

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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).

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Statement of Investment Policy

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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.

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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.

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Statement of Investment Policy

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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.

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Statement of Investment Policy

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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.

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Statement of Investment Policy

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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.

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• 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.

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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

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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.

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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

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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.

Council Meeting Agenda- February 5, 2026

City of Indian Wells
Statement of Investment Policy

Page | 17
 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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City of Indian Wells
Statement of Investment Policy

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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

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City of Indian Wells
Statement of Investment Policy

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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

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City of Indian Wells
Statement of Investment Policy

Page | 20
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.

Council Meeting Agenda- February 5, 2026

INDIAN WELLS CITY COUNCIL
February 5, 2026

To: City Council
From: City Manager Department
Prepared by: Angelica Avila, City Clerk
Subject: Formation of Two City Council Ad Hoc Committees Requested by Mayor Toper Taylor

RECOMMENDED ACTIONS:

Council APPROVES the Mayor’s formation and appointment of two Ad Hoc Committees; and

AUTHORIZES the formation of the Municipal Code Update Ad Hoc Committee, consisting of Council Member Greg Sanders and Mayor Toper Taylor; and

AUTHORIZES the formation of the Tennis Garden Relationship Expansion Ad Hoc Committee, consisting of Mayor Toper Taylor and Mayor Pro Tem Brian Penna; and

FINDS the project not subject to the California Environmental Quality Act (CEQA) pursuant to State CEQA Guidelines section 15060, 15061(b)(3), and 15378.

BACKGROUND:

At the January 15, 2026, City Council meeting, Mayor Taylor requested the formation of two ad hoc committees to support the Council’s ongoing policy initiatives and strengthen key organizational and community partnerships. These Committees would provide focused, short-term assistance on priority projects requiring detailed review, enhanced coordination with staff, and timely recommendations to the full City Council.

Municipal Code Update Ad Hoc Committee

This committee will assist with the comprehensive review and update of the Municipal Code. The purpose of the committee is to work with staff and City Attorney to evaluate current provisions, recommend updates, and ensure the Municipal Code remains aligned with best practices, legal standards, and the operational needs of the City.

Ad Hoc Committee Members:
 Mayor Toper Taylor
 Council Member Greg Sanders

Council Meeting Agenda- February 5, 2026

Expansion of Tennis Garden Relationship Ad Hoc Committee

This Committee will focus on evaluating and discussing opportunities for the expansion and extension of the City’s partnership with the Indian Wells Tennis Garden. Committee responsibilities may include reviewing contractual terms, exploring partnership benefits, and recommending negotiation strategies to the Council.

Ad Hoc Committee Members:
 Mayor Toper Taylor
 Mayor Pro Tem Brian Penna

DISCUSSION:

These Committees are intended to be temporary and task-specific, consistent with the definition of Ad Hoc Committees under the Brown Act. They will dissolve upon the completion of their assigned tasks. No fiscal impacts are anticipated at this time.

CITY COUNCIL STRATEGIC GOAL:

The formation of the Municipal Code Update Ad Hoc Committee directly supports a key City Council goal: conducting a thorough review and modernization of the Municipal Code.

This goal is part of the Council’s broader initiative to ensure that the City’s governing documents remain current, legally compliant, and aligned with best practices.

The formation of the Tennis Garden Relationship Expansion Ad Hoc Committee seeks to expand economic development and tourism opportunities in Indian Wells, which is a City Council goal.

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.

Council Meeting Agenda- February 5, 2026

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INDIAN WELLS CITY COUNCIL
February 5, 2026

To: City Council
From: City Manager Department
Prepared by: Angelica Avila, City Clerk
Subject: Support Joint Effort with the Coachella Valley Conservation Commission Concerning Recent Wildlife Agency Assertions that Threaten City’s Take Authorization and Implementation Of the Coachella Valley Multiple Species Habitat
Conservation Plan/Natural Community Conservation Plan
(MSHCP/NCCP)

RECOMMENDED ACTIONS:

Council AUTHORIZES City support for joint letter opposing wildlife-agency assertions that would negatively affect implementation of the Coachella Valley Multiple Species Habitat Conservation Plan/Natural Community Conservation Plan; and

FINDS the action to be exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to Sections 15060(c)(2), 15060(c)(3), and 15061(b)(3).

BACKGROUND:

The Plan

The Coachella Valley Multiple Species Habitat Conservation Plan/Natural Community Conservation Plan (“MSHCP/NCCP” or “Plan”) is a regional conservation plan that was adopted in 2008 to balance regional conservation goals with sustainable development.

Participating jurisdictions, including the City, receive state and federal take authorization for covered species when implementing permitted activities consistent with the Plan. The Coachella Valley Conservation Commission (“CVCC”) and its member jurisdictions under the Plan have implemented the Plan in full compliance with the state and federal permits issued in 2008. The Plan has been successful for almost two decades.

Since adoption:
 Over 7,000 acres of burrowing owl habitat have been acquired within conservation areas.
 Approximately $2 million has been invested in land acquisition and $500,000 in land management actions benefitting burrowing owl habitat.

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 CVCC and other permittees have conducted monitoring, seasonal surveys, banding, habitat protection, and site management as required.

The CVCC and permittees have adhered to all Plan requirements, implementing conservation actions that have resulted in a significant increase in known burrowing owl occurrences since Plan adoption.

The Plan has demonstrated measurable gains for the western burrowing owl—once believed extirpated from the Coachella Valley.

 Early state surveys in the 1990s indicated no remaining owls;  By the early 2000s, only 53 occurrences were documented statewide;  Under the Plan’s monitoring program, 86 owls, including 40 breeding pairs, were documented in 2009, surpassing state permit requirements;  Recent 2025 surveys recorded 376 burrows (282 active) and at least 95 owls banded;
 Independent scientific analysis estimates 321 breeding pairs of burrowing owls in the Coachella Valley as of 2025—six times the population observed pre-Plan.

These results demonstrate the plan’s effectiveness and the success of the regional conservation partnership. Supporting the CVCC letter helps protect not only the Coachella Valley Plan but also the statewide conservation framework.

Recent changes in Wildlife Agencies’ interpretation of the Plan threaten the Plan and all permittees, including the City.

Recent assertions made by the California Department of Fish and Wildlife (“CDFW”) and U.S. Fish and Wildlife Service (“USFWS”), collectively the “Wildlife Agencies,” in recent correspondence and engagements with CVCC and other permittees conflict with the plain language granting take authorization under federal and state permits, findings of fact under the permits, and the “No Surprises” assurances provided in the implementing Agreement.

These assertions effectively rescind previously recognized take authority granted under state and federal permits, contrary to signed agreements. The Wildlife Agencies have already relied on these new assertions to require additional mitigation measures beyond what is required under the Plan, permits, and implementing agreement for development projects of certain Plan permittees. The Wildlife Agencies’ new position could create real challenges for all local permittees, including the City, if not addressed. Development and water, utility, and other projects in the City could be severely impacted.

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Successful long-term planning requires certainty and a solid framework for cities, public agencies, and developers. The Wildlife Agencies’ recent assertions raise serious doubt about the Wildlife Agencies’ commitment to the continued success of the Plan, erode the trust required for successful intergovernmental partnerships, place permittees in an unjust position, and threaten the effectiveness of the Plan and NCCP/HCPs more broadly.

CVCC and many of its participating jurisdictions are working to oppose the Wildlife Agencies’ change of position and new assertions. They are asking for the City to join them. CVCC is preparing an “elevation” letter (as in, elevating this to the attention of high-level policy makers) with the goal of addressing the issue from a policy perspective.

If this does not succeed, there would likely also be a joint opposition letter providing legal arguments in response to the Wildlife Agencies’ assertions. Collaborating on the opposition letter would necessarily involve the city attorney executing a common-interest agreement to preserve privilege as the parties’ share legal analyses and arguments. After finalizing the letter or letters, additional follow-up actions may be necessary to address this issue in the weeks ahead. CVCC and its members are working jointly as a “consortium,” and the City is invited to lend its support.

OPTIONS:

The City Council has the following options:

1. Support the joint effort to oppose the Wildlife Agencies’ new position. Authorize the Mayor to execute a joint elevation letter with CVCC and fellow permittees, affirming the City’s alignment with the regional response and commitment to the integrity of the Coachella Valley MSHCP/NCCP. The Council would also authorize its seal or logo to be placed on the joint letter, along with those of the other signatories. The Council may also authorize the City’s support for a follow-up opposition letter and other actions undertaken by the consortium.

2. Decline to support the letters and the joint effort and do nothing. The Council may choose not to lend its name in support of the joint elevation letter and, if applicable, opposition letter. Under this option, the City would not take a formal position regarding the Wildlife Agencies’ recent assertions.

3. Independently oppose the Wildlife Agencies. Direct staff to prepare and submit a separate City letter. Council may direct staff to prepare an separate letter to the Wildlife Agencies expressing the City’s position and concerns independent of the regional correspondence.

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While this particular issue has not been presented to the Council previously, staff does believe that joining the joint effort to protect the Plan and existing take -permit rights of the City is in line with the City’s policy goals.

FISCAL IMPACT:

There is no fiscal impact associated with supporting the letter s and joint effort. The City is just being asked to lend its name, logo, and signature to the joint letter or lette rs prepared by CVCC.

CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA):

This action has been assessed in accordance with the authority and criteria contained in the California Environmental Quality Act (CEQA), the State and local CEQA Guidelines, and the environmental regulations of the City. The City acting as Lead Agency, has determined the action qualifies as being Categorically Exempt from 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.

Council Meeting Agenda- February 5, 2026

INDIAN WELLS CITY COUNCIL
February 5, 2026

To: City Council
From: City Manager Department
Prepared by: Christopher Freeland, City Manager
Subject: Extension of Exclusive Negotiation Agreements with Abode Communities and Summit Development for Affordable
Housing Development in Indian Wells

RECOMMENDED ACTIONS:

Council AUTHORIZES and DIRECTS the City Attorney to prepare and the City Manager to execute a 1-year extension to the exclusive-negotiation agreements with Adobe Communities and Summit Developers regarding potential development of an affordable housing project in the City of Indian Wells; and

FINDS 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 to result in physical change in the environment, directly or indirectly; and that the actio n 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).)

BACKGROUND:

Government Code section 65302(c) mandates that cities adequately plan, through a Council-adopted Housing Element, for their existing and projected housing needs, including its share of the regional housing need allocation (“RHNA”). The City of Indian Wells has been assigned an allocation of 382 new housing units as its share of the RHNA in Southern California for the 6th cycle Housing Element (2021–2029). This includes 117 very-low-income units, 81 low-income units, 91 moderate-income units, and 93 above- moderate-income units. The City’s 6th cycle Housing Element has been adopted by the City Council and certified by the State Department of Housing and Community Development.

As required in Program No. 3 of the Housing Element, the City has rezoned the vacant 34-acre parcel at the northeast corner of Miles Avenue and Warner Trail as a Public Benefit Zone (PB Zone), allowing future development of affordable and workforce housing up to 24 dwelling units/acre on approximately 10-acres of the site. The City is currently

Council Meeting Agenda- February 5, 2026

seeking to acquire this property through eminent domain to ensure the public benefit of the site with future affordable housing, public park, open space and associated parking uses. Riverside County Court has recently awarded the City with the “right to take” this property. In that regard, the City is currently negotiating the fair market value to acquire this property from the current landowner.

Summit Developers has submitted an application for the development of a wellness resort hotel consisting of a wellness sanctuary, hotel rooms, condominiums, detached bungalows, and luxury villas on the vacant 15-acre property located at the northwest corner of Highway 111 and Miles Avenue. This project will generate hundreds of new employment positions within the City and Summit desires to develop a workforce-housing project as an incentive to attract and retain qualified staff for its new resort and wellness center. In that regard, Summit has expressed a strong interest to utilize a portion of the PB site to develop affordable work-force housing consistent with the City’s RHNA commitments for the site. On July 22, 2024, the City entered an Exclusive Negotiating Agreement (“ENA”) 1 with Summit Developers to investigate the opportunity to utilize the PB site for their future workforce housing. This ENA has been extended and is set to expire on March 14, 2026.

In 2020, the City entered into ENA with Abode Communities for the development of affordable housing on another property elsewhere in the community. Development of that property has been delayed due to infrastructure improvements needed in the Whitewater Channel. Abode also expressed a strong interested in developing a portion of the PB site with affordable housing consistent with the City’s RHNA. On July 25, 2024, the City entered into a separate ENA with Abode to investigate the opportunity to utilize the PB site for future affordable housing. This ENA has been extended and is set to expire on March 17, 2026.

DISCUSSION:

At the June 20, 2024, City Council meeting, the City authorized ENAs with Summit Developers and Abode Communities to facilitate discussions on the potential development of affordable workforce housing on the vacant parcel at the northeast corner of Miles Avenue and Warner Trail (referred to as the PB site). This will allow both potential developers the opportunity to conduct the necessary studies of the property and develop initial designs of affordable workforce housing, park, recreation, open space, and associated parking. This in turn will provide the City with competitive options for

1 An ENA is legal document utilized by the City to provide parties the opportunity to discuss a potential project with specific developers who have expressed a willingness to work together on a potential development. It is not a development approval. Nor is it a promise to approve any project in the future.

Council Meeting Agenda- February 5, 2026

ultimately selecting the final developer (or developers) to develop the PB site. It is important to note that this site has been identified as potentially having Native American artifacts and will require additional site investigations and consultation with the affected tribe to determine the extent of developable area.

The initial terms of the ENAs were for 120-days. They were subsequently extended three times (180-days each time), with the most recent extensions set to expire in March 2026.

Staff is recommending an additional 1-year extension to both ENAs to afford Abode and Summit sufficient time to conduct their due diligence and design their respective projects, which have been delayed due to the legal process to acquire the PB site through eminent domain.

It is also important to note that entering or extending these ENAs does not commit the City to development of the PB site with either Abode Communities or Summit Developers.

Residents and other stakeholders will have ample opportunity to comment on any development plans for the PB site at future community meetings when development proposals move forward.

OPTIONS:

1. Authorize the City Attorney to prepare and the City Manager to execute 1-year extensions to the ENAs with Adobe Communities and Summit Developers.

2. Decide against extending the ENAs for one or both developers.

3. Provide alternative direction to staff.

FISCAL IMPACT:

This action involves no fiscal impact to the City. The extension of the ENAs will simply allow the perspective developers more time to do their due diligence investigating the site and preparing conceptual designs.

CITY COUNCIL STRATEGIC GOALS:

At the 2025 Strategic Planning session, the City Council reaffirmed its commitment to develop new housing units in the community, with special interest for new affordable housing units at the corner of Miles and Warner Trail (aka the PB Site).

CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA):

This action has been assessed in accordance with the authority and criteria contained in CEQA, the state and local CEQA Guidelines, and the environmental regulations of the City.

The City, acting as Lead Agency, has determined the action is not a project within the meaning of Section 15378 of the State of CEQA Guidelines, because it has no potential to result in physical change in the environment, directly or indirectly; and that the action

Council Meeting Agenda- February 5, 2026

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).) Any future development of the site will be subject to the appropriate CEQA analysis and mitigation, as warranted.

Council Meeting Agenda- February 5, 2026

INDIAN WELLS CITY COUNCIL
February 5, 2026

To: City Council
From: City Manager Department
Prepared by: Micaela Wilkey, Senior Management Analyst
Subject: 2025 Epson Tour Championship Report

RECOMMENDED ACTIONS:

Council RECIEVES and FILES the 2025 Epson Tour Championship Report; and

FINDS the project to be exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to Section 15061(b)(3).

BACKGROUND:

The Epson Tour serves as the official qualifying series for the LPGA Tour and will enter its 46th competitive season in 2026. Supported by its title sponsor, Seiko Epson Corporation, the Tour's mission is to develop the world’s premier female professional golfers, preparing them for advancement to the LPGA Tour. Over the past decade, the Tour has grown from 15 tournaments with $1.6 million in prize money to over 20 events awarding a total of $5 million. To date, more than 600 players have gradu ated from the Epson Tour to the LPGA Tour, with former participants collectively earning 466 LPGA titles.

Each year, the top 15 money earners on the Epson Tour graduate too the LPGA Tour for the following season. Notable alumni include Olympic Gold Medalist and top-ranked American Nelly Korda, current World No. 2 Lilia Vu, and major champions such as Celine Boutier and Hannah Green. The season concludes with an LPGA card presentation ceremony during the Epson Tour Championship.

On November 2, 2023, the City Council formally approved the City of Indian Wells’ sponsorship as the Host City for the Epson Tour Championship for 2024. On January 30, 2025, the City Council formally approved the continuation of the sponsorship for 2025 and 2026.

The Host City sponsorship agreement between the City of Indian Wells and the Epson Tour Championship provides a range of benefits designed to elevate the City’s visibility, enhance its brand value, and support its strategic goal of increasing tourism while solidifying its position as a premier golfing destination.

Council Meeting Agenda- February 5, 2026

Tourism impacts generated by the Epson Tour Championship increased notably from 2024 to 2025. Direct spend at the Indian Wells Golf Resort rose by approximately $46,590, while room-night revenue at the Grand Hyatt, Renaissance, and Indian Wells Resort Hotel grew by $22,025. Additional local hotel room nights increased year-over-year by an estimated $62,500 to $75,000, and restaurant spending rose by $53,430.

Miscellaneous revenues also saw a modest increase. Overall, total tourism impact grew from roughly $800,000 in 2024 to $950,000 in 2025, representing an approximate $150,000 year-over-year.

The Epson Tour Championship continued to generate significant earned media value for the City of Indian Wells in both 2024 and 2025. According to the Epson Tour’s sponsorship reports, the tournament delivered extensive regional and national exposure through digital, social, and broadcast channels, including millions of impressions from online ad campaigns, season-long social media content, and on-site branding. In 2025, this included more than 3.4 million impressions from the LPGA.com and EpsonTour.com digital ad campaign, a billboard campaign generating an estimated 3.55 million regional impressions and dedicated social and broadcast features produced during tournament week. The cumulative earned media value—captured across digital advertising, broadcast coverage, social media content, and brand placement—represents a substantial amplification of the event’s economic return, further enhancing the visibility of both the City of Indian Wells and the Indian Wells Golf Resort.

For the Indian Wells Golf Resort, the Epson Tour in 2025 generated $315,044 in direct spending at the Indian Wells Golf Resort. This figure does not account for additional economic contributions from spectators spending at the pro shop and other outlets, underscoring the value of the City’s investment in driving economic activity at a key community asset.

A detailed recap of the 2025 Epson Tour Championship is provided (ATTACHMENT 1) for your review.

The City’s sponsorship of the Epson Tour Championship has also provided the City the opportunity to showcase the Indian Wells Golf Resort (IWGR) as a premier golfing facility that can host professional events. The City continues to work with the LPGA to expand its relationship with the IWGR to potentially host a future LPGA event.

In the coming months, staff will meet with the LPGA on possibly extending the Epson Tour Championship past 2026 and provide the City Council with an update at a future meeting.

Council Meeting Agenda- February 5, 2026

CITY COUNCIL STRATEGIC GOAL:

The Epson Tour Championship supports multiple City Council Strategic Goals including:

 Goal 2.4: Bring a major golf tournament to the Indian Wells Golf Resort. Hosting the Epson Tour, as part of the LPGA organization, strengthens the City’s position in pursuing a major championship.
 Goal 7.1: Expand resident benefits. As part of the sponsorship agre ement, complimentary tickets were provided to residents to encourage community participation.

FISCAL IMPACT:

This staff report is informational only; there is no additional fiscal 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).)

ATTACHMENTS:

1. 2025 Epson Tour Championship Sponsorship Report.

Council Meeting Agenda- February 5, 2026

2025 Tournament Recap
ATTACHMENT #1

Council Meeting Agenda- February 5, 2026

About the Epson Tour
The Epson Tour is the official qualifying tour of the LPGA Tour and enters its 45th competitive season in 2025. With the support of the entitlement partner Seiko Epson Corporation, the Tour’s mission is to prepare the world’s best female professional golfers for a successful career on the LPGA Tour. In the last decade, the Epson Tour has grown from 15 tournaments and $1.6 million in prize money to $5 million awarded across 20+ events. With more than 600 graduates and alumnae moving on to the LPGA Tour, former Epson Tour players have won 466 LPGA titles.

Each year the top fifteen (15) money earners on the Epson Tour graduate to the LPGA Tour for the following season.

Recent Epson Tour graduates include top ranked American and Olympic Gold Medalist Nelly Korda,as well as fellow major champions Grace Kim, Lilia Vu, Celine Boutier and Hannah Green.

Follow the Epson Tour at www.epsontour.com or on Epson Tour Social Media channels @epsontour #Road2LPGA

Council Meeting Agenda- February 5, 2026

Tournament Week – Schedule of Events
Sunday, September 28
Monday, September 29
Tuesday, September 30
Wednesday, October 1
Thursday/Friday, October 2 & 3
Saturday, October 4
Sunday, October 5
Epson Tour Team Arrival & Setup
Epson Tour Professionals & Caddies arrival, Practice Rounds Indian Wells Welcome Party & Clinic w/ the Pros
Official Practice Rounds
Epson Tour “Meet the Pros Party”
AM Wave – Official Pro-Am – Epson
PM Wave – Official Pro-Am – Community
Rounds 1 & 2
Field is Cut on Friday following play, low 60 players plus ties Moving Day, Round 3
Junior Clinic benefitting First Tee – Coachella Valley
Final Round, Tournament Trophy Ceremony
LPGA Tour Card Ceremony Page 270 of 333
Council Meeting Agenda- February 5, 2026

Tourism Impact Delivered in 2025
•Title Sponsor – Epson, Room nights at Grand Hyatt: 182 •Major Sponsor – Reliance Matrix, Room Nights at Renaissance: 73 •Epson Tour Staff, Room Nights at Grand Hyatt: 199
•Pre-Tournament Visit – LPGA/Epson, Room Nights: 3
Total room nights at Grand Hyatt/Renaissance: 457
•Estimated average room night: $325
Total estimated spend at Grand Hyatt/Renaissance: $148,525 Additional Out of Market Guests (May have stayed in hotels in neighboring cities, rental properties, with friends/family, etc.) •60 Players x 7 nights each (420 nights) & 43 Player x 5 nights each (215 nights) •60 Player Guests x 7 nights each (420 nights) & 43 Player Guests x 5 nights each (215 nights). Est. (majority likely share accommodations w/ player). •50 Caddies x 7 nights each (350 nights) & 30 Caddies x 5 nights each (150 nights) •LPGA Q-School Players & Caddies 170 x 5 nights each (850 nights) •3 Pro-Am guests x 3 nights each (9 nights)
•13 Volunteers x 5 nights each (65 nights)
•Spectators: 130 tickets from 14 states outside of CA and 3 countries (S. Korea, Japan, Canada). 47 tickets from 2+ hours out of market in CA (177 nights) Total Estimated Additional Out of Market Nights: 2,000 –2,400 •Estimated average room night: $125
Total Estimated Additional Out of Market Room/Accommodation Spend: $250,000 - $300,000 Restaurant Impact
•Estimated spend on average of $65 per person per day at area restaurants •Total of 3,416 days/nights spent in greater Indian Wells area from out of market visitors Total Estimated Spend at Area Restaurants: $222,040
Tournament Host Hotel: Grand Hyatt and Renaissance Indian Wells Resort Hotel •Indian Wells Resort Hotel Parking Lot Rental: $2,600
•LPGA Q-School Qualifying Stage was hosted the week prior to the Epson Tour Championship at Indian Wells Country Club which directly led to an additional 100 room nights: $10,000
Total Estimated Spend at Indian Wells Resort Hotel: $12,600

Council Meeting Agenda- February 5, 2026

Economic Impact to Indian Wells
Revenue paid to Indian Wells Golf Resort/City of Indian Wells Golf Course
•Tournament Site Fee: $153,212
•Rental Clubs: $1,350
•Miscellaneous: $1,611.50
Total Golf Course Revenue: $156,173.50
Food & Beverage at IWGR
•Indian Wells Welcome Party: $3,336.24
•Meet the Pros Party: $38,604.91
•Pro-Am: $32,461.91
•Player/Caddie Dining: $56,937.91
•Volunteer Hospitality: $10,421.59
•Sponsor Hospitality: $12,105.97
•LPGA Tour Card Ceremony: $5,002.36
Total F&B Revenue: $158,870.89
Miscellaneous
•Admission Tax: $399.80
•Permit Fee: $834.96
•County First Aid: $3,429.94
Total Miscellaneous Revenue: $4,664.70
Total Estimated Economic Impact: $950,000*
*Estimate includes out of market overnight stays, estimated restaurant spend, and revenue paid to IWGR / City of Indian Wells

Council Meeting Agenda- February 5, 2026

Charitable Impact to First Tee – Coachella Valley
Epson Tour Championship at Indian Wells contributes $2,500 to First Tee – Coachella Valley, through creation of the “Indian Wells Cup” •“Indian Wells Cup” will be an annual competition within the Community Pro-Am where participating Economic Development/Governmental entities will compete along side the City of Indian Wells’ teams for a trophy and bragging rights, while investing in the future of golf in the Coachella Valley, as a portion of their sponsorship $ goes directly to the First Tee – Coachella Valley. •In 2025 $800 was raised through the support of such groups. That $800 was equally matched by Tour partners Epson and Reliance Matrix and was rounded up to an even $2,500 total donation.
•In addition to the financial impact, First Tee – Coachella Valley participants had the opportunity to walk alongside the pros while serving as standard bearers and were treated to a Junior Clinic put on by the pros.

Council Meeting Agenda- February 5, 2026

Tournament Branding and Exposure
More than 3 million impressions delivered through ad
campaign on LPGA.com and EpsonTour.com. Campaign will
run until 5 million impressions are achieved.
•3,400,104 Impressions
•2,901 Clicks
•0.09% CTR
Prominent Branding Displays at Tournament Site
An estimated 3.55M impressions delivered across LA & SD markets through billboard campaign

Council Meeting Agenda- February 5, 2026

Season Long Branding and Exposure
Weekly social media post with each Epson Tour tournament winner having “punched her ticket” to Indian Wells for the Tour Championship, earning over 1.1M impressions and 45,000 interactions
Prominent Branding Displays at all 20 Epson Tour events

Council Meeting Agenda- February 5, 2026

City of Indian Wells Social / Digital Features
During tournament week the Epson Tour’s content team produced several social/digital features highlighting the City of Indian Wells. These features included…
•A Vlog showing what a travel day to Indian Wells looks like • https://www.instagram.com/p/DPM_eMukrc4/?hl=en
•A social feature highlighting the proximity and amenities of the Grand Hyatt Indian Wells to the Indian Wells Golf Resort • https://www.instagram.com/p/DPbjFkFEb4Y/?hl=en
•A Welcome Party and Golf Clinic with the Pros for residents of Indian Wells • https://www.instagram.com/p/DPNPuszCR9F/?hl=en&img_index=1 • https://www.instagram.com/p/DPNadg8kQxE/?hl=en

Council Meeting Agenda- February 5, 2026

Indian Wells Golf Resort Social / Digital Features
During tournament week the Epson Tour’s content team produced several social/digital features highlighting Indian Wells Golf Resort.

These features included…
•Indian Wells Golf Resort – Celebrity Course Features
• https://www.instagram.com/p/DPPFd4MgQs7/?hl=en&img_index=1 • https://www.instagram.com/p/DPPR90LkuxM/?hl=en&img_index=1 • https://www.instagram.com/p/DPSaKiTkecn/?hl=en
• https://www.instagram.com/p/DPUAk4bETb5/?hl=en
• https://www.instagram.com/p/DPZzsyXATsR/?hl=en
• https://www.instagram.com/p/DPXaxLqAMRS/?hl=en
• https://www.instagram.com/p/DPcove9jsvL/?hl=en
•Indian Wells Golf Resort –Players Course Renovation Update • https://www.instagram.com/p/DPPhCLkEiUS/?hl=en

Council Meeting Agenda- February 5, 2026

Epson Tour Championship at Indian Wells Highlights
During tournament week the Epson Tour’s content team produced several social/digital features highlighting functions during tournament week to showcase facilities at Indian Wells Golf Resort. These features included… • https://www.instagram.com/p/DPQAjSAERvv/?hl=en&img_index=1 • https://www.instagram.com/p/DPRlVD1CZ_A/?hl=en
•Pro-Am Experience
• https://www.instagram.com/p/DPRuaFNEik3/?hl=en&img_index=1 • https://www.instagram.com/p/DPSQokLAaJX/?hl=en
• https://www.instagram.com/p/DPR33VWkpIR/?hl=en
•Junior Clinic benefitting First Tee – Coachella Valley • https://www.instagram.com/p/DPZ2oy2Aa3E/?hl=en&img_index=1 •Meet the Pros Party featuring Cirque Du Soliel
•Tournament Trophy Ceremony
• https://www.instagram.com/p/DPcvzGbkqYF/?hl=en
• https://www.instagram.com/p/DPewSFIAe1J/?hl=en
•LPGA Tour Card Ceremony
• https://www.instagram.com/p/DPg78M7kdyx/?hl=en&img_index=1 • https://www.instagram.com/p/DPc7rNVkWis/?hl=en
•Epson Tour Content Creator Showdown
• https://www.instagram.com/p/DPP55iLCb1K/?hl=en&img_index=1

Council Meeting Agenda- February 5, 2026

Dream Chasing Docuseries
Epson Tour produced an eight-part docuseries chronicling the 2025 season concluding with the final two episodes filmed at Indian Wells Golf Resort following along the drama of players competing to earn their 2026 LPGA Tour Card.

A person swinging a golf club
AI-generated content may be incorrect.

A group of people holding drinks
AI-generated content may be incorrect.

Council Meeting Agenda- February 5, 2026

Golf Channel Coverage
Golf Channel Coverage on Golf Central / Golf Today of the Epson Tour Championship at Indian Wells •Golf Central Pregame (Thursday)10-02-25: https://f.io/ZzBXN7PD •Golf Central (Thursday)10-02-25: https://f.io/q_pIxMn5 •Golf Central (Friday)10-03-25: https://f.io/6b02CBLQ
•Golf Central (Saturday)10-04-25: https://f.io/LibkjlNp •Coverage on the final round / results were shown on Golf Today (Tuesday) 10 -07-25: https://f.io/daZXFZZ1

Council Meeting Agenda- February 5, 2026

2025 Earned Media Value

Council Meeting Agenda- February 5, 2026

2025 Earned Media Value

Council Meeting Agenda- February 5, 2026

2025 Earned Media Value

Council Meeting Agenda- February 5, 2026

Jody Brothers,Epson Tour
Chief Business &Operations Officer
[email protected]
(210)355-3289
Matt Clark,Epson Tour
Tournament Director
[email protected]
(386)795-0111

Council Meeting Agenda- February 5, 2026

INDIAN WELLS CITY COUNCIL
February 5, 2026
To: City Council
From: City Manager Department
Prepared by: Angelica Avila, City Clerk
Subject: Governance Ad Hoc Committee Recommendation to Adopt Proclamation and Certificate Policy; and Amend the City Council Policy Relating to Council Assignment Draft Process RECOMMENDED ACTIONS:

Council ADOPTS Governance Ad Hoc Committee recommendation to approve Resolution establishing a Proclamation and Certificate Policy; and ADOPTS Resolution amending the City Council Policy relating to City Council Assignment draft process; and
FINDS the actions to be exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to Section 15060.

BACKGROUND:

In 2025, the Governance Ad Hoc Committee (“Committee”) was established to review and recommend updates to various City processes and policies in alignment with the City Charter. Since its formation in April 2025, the Committee has reviewed several items intended to enhance transparency and improve governance efficiency. Throughout its work, the Ad Hoc has brought forward multiple recommendations for City Council review and consideration, including items presented in December 2025 and January 2026. The Committee is now presenting its remaining items for Council review and direction.

DISCUSSION:

Proclamation and Certificate Policy
As part of its comprehensive review of City processes, the Committee evaluated the current practices related to proclamations and certificates of recognition. Historically, proclamations and certificates have been approved and signed by the Mayor; however, the Committee noted that there is no formal policy guiding staff or elected officials regarding approval parameters, issuance, or presentation of these recognitions.

Council Meeting Agenda- February 5, 2026

To provide greater consistency, transparency, and alignment with the City’s governance standards, the Committee reviewed past practices and identified several proclamations that are issued annually. Examples of proclamations recommended for annual pre-approval include:
Childhood Cancer Awareness Month
Emergency Preparedness Month
Hunger Action Month
National Public Works Week
Peace Officers Memorial Day / National Police Week
National Fire Prevention Week
Earth Day / Arbor Day
Living Desert World Earth Day
These commonly recurring recognitions reflect longstanding City practice and community expectations. Under the proposed policy, such proclamations would be approved annually without further Council action. Any proclamation request not included in the list of pre-approved annual recognitions would require approval from a majority of the City Council before issuance. All proclamations would continue to be presented as an expression of full Council support, with the Mayor authorized to sign on the City Council behalf.

With respect to certificates of recognition, the Committee recommends clarifying that any member of the City Council may sign and present a certificate on their own behalf, provided it aligns with the general guidelines established in the policy (Attachment No. 1). This approach preserves flexibility for Councilmembers to acknowledge community accomplishments while ensuring consistent application of standards.

City Council Assignment Draft Process
The Council Policy Manual establishes the City Council assignment draft process, which outlines how representatives are selected for intergovernmental agencies, committees, and regional boards. The established draft process is based on seniority of Councilmembers’ consecutive years of services, and among those initially elected on the same date, the member receiving more vote s is deemed to have seniority. In the Draft, each member, in descending order of seniority, selects one assignment, followed in turn by the other members’ choices, until all positions are filled.

As part of its review, the Committee evaluated the City’s draft process for Council assignments. The Committee recommended revisions to establish greater consistency and clarity in how assignments are made from year to year. In particular, the Committee emphasized the importance of recognizing seniority for certain Council assignments that

Council Meeting Agenda- February 5, 2026

require multiple years of experience, institutional knowledge, and continuity to be effective.

The proposed changes are intended to ensure that Council assignments especially those involving regional boards, complex policy areas, or long-term initiatives are structured in a manner that supports informed decision-making, operational effectiveness, and sustained representation. These recommendations aim to balance fairness, transparency, and the practical need for experienced leadership in select roles.

The Committee recommends eliminating the following Councilmember assignments from the draft selection process:
Indian Wells Finance Committee
Coachella Valley Association of Governments (CVAG) Executive Committee Riverside County Transportation Commission
Visit Greater Palm Springs
The listed Council assignments listed above will be determined through a majority vote of the City Council before the Draft begins. Nominations for the non-Draft assignments take into consideration the nominee’s interest in serving, the benefit of accruing seniority on committees where seniority is important, and other factors that Council Members might consider to be important. The Committee recognizes the importance of these assignments and supports adopting a structure that requires Council approval through an established voting process. The selection of Council assignments occurs every even numbered year following a municipal election.

The proposed updates provide a clear and transparent governance structure, ensuring decisions regarding proclamations, certificates, and Council assignments are made through defined Council processes. These changes reaffirm the Council’s oversight role and support a fair and consistent approach for both staff and elected officials.

CITY COUNCIL STRATEGIC GOAL:

The Committee’s review underscores the City Council commitment to principled governance and its mission to serve the community with transparency, accountability, and continuous improvement. These efforts reflect a proactive approach to strengthening civic engagement, ensuring clarity in municipal processes, and enhancing the overall quality of life for residents of Indian Wells.

FISCAL IMPACT:

There is no fiscal impact.

CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA):

Council Meeting Agenda- February 5, 2026

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.Resolution- Proclamation Policy

2.Resolution – Council Policy

Council Meeting Agenda- February 5, 2026

1 Angelica Avila
From:Donna Griffith
Sent:Thursday, February 5, 2026 11:44 AM
To:Bruce Whitman; Toper Taylor; Greg Sanders (home); Dana Reed; Brian Penna Cc:Angelica Avila
Subject:Committee Assignments
CAUTION: This email originated outside our organization. Be cautious with any links or attachments.

Dear Council:

I noticed that a possible re-organization of the committee assignments process for City Council is included on your consent calendar today. I’m unable to attend your meeting today in person, but I thought I would respectfully offer my perspective as a former council member and mayor. I believe the current assignment process is fair and effective - as did former councils who put this method in place.

This process already allows the most senior members of the council to choose their committees first in the draft, which in my experience ensures objectivity and minimizes the potential for politicization.

While on City Council, I found the current process to be fair and engaging - allowing me and newer council members to serve in areas of interest to them.

While I understand the desire to explore new approaches and appreciate the hard work and dedication of the current council and the ad hoc committee, I’ve found that this current method is consistent with what residents have come to expect and trust as a transparent process for decision-making. In my experience, changing this process may not align with the fairness and clarity the Indian Wells community values so much.

Thank you for considering my thoughts, and I look forward to your continued commitment to fair and above-board governance - you all are working diligently and I am sure the residents appreciate that.

Donna Griffith
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City Council Meeting:

February 5, 2026 - Public Comment
Consent Item G.10

26529.00000\44633120.2
RESOLUTION NO. 2026 ____

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF INDIAN WELLS,

CALIFORNIA, ADOPTING A PROCLAMATION AND CERTIFICATE POLICY

AND FINDING THE ACTION TO BE EXEMPT FROM CEQA
WHEREAS, the City Council of the City of Indian Wells is committed to principled governance, transparency, accountability, and continuous improvement; and WHEREAS, the City Council ad hoc committee on governance (“Committee”) reviewed the City’s current practices regarding proclamations and certificates of recognition and identified the need for a formal policy; and
WHEREAS, historically, proclamations and certificates have been signed by the Mayor on behalf of the City Council, but no written policy has existed to guide approval, issuance, or presentation; and
WHEREAS, the Committee identified several proclamations traditionally issued annually and recommended these be pre-approved to promote consistency and efficiency; and WHEREAS, a formal policy will ensure transparency and consistency for staff, elected officials, and the public.

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF INDIAN WELLS, CALIFORNIA, AS FOLLOWS:

SECTION 1. This action is exempt from review under the California Environmental Quality Act because the action is purely administrative and procedural and could have no foreseeable impact on the environment.

SECTION 2. Adoption of Proclamation and Certificate Policy. The City Council hereby adopts the Proclamation and Certificate Policy attached hereto as “Exhibit A”.

SECTION 3. This Resolution takes effect immediately upon its adoption.

PASSED, APPROVED, AND ADOPTED by the City of Indian Wells, California, at a regular meeting held on the 5th day of February 2026.
________________________________
DR. TOPER TAYLOR
MAYOR
ATTACHMENT #1

Council Meeting Agenda- February 5, 2026

City of Indian Wells
Resolution No. 2026-__

CERTIFICATION FOR RESOLUTION NO. 2026-__

I, Angelica Avila, City Clerk of the City of Indian Wells, California, DO HEREBY CERTIFY that the whole number of the members of the City of Indian Wells is five; that the above and foregoing Resolution was duly and regularly passed and adopted at an regular meeting of the City of Indian Wells on the 5th day of February 2026, by the following vote:

AYES:

NOES:

ATTEST: APPROVED AS TO FORM:

__________________________ _______________________________

ANGELICA AVILA TODD LEISHMAN FOR

CITY CLERK BEST, BEST & KRIEGER LLP

CITY ATTORNEY

Council Meeting Agenda- February 5, 2026

City of Indian Wells
Resolution No. 2026-__

Exhibit “A”
City of Indian Wells
Proclamation and Certificate Policy

PURPOSE
The purpose of this policy is to establish clear guidelines for the issuance of proclamations and certificates by the Mayor and City Council of the City of Indian Wells. These recognitions are ceremonial in nature and are intended to honor individuals, businesses, organizations, and events that contribute positively to the Indian Wells community and reflect the City’s values and mission.

I. GENERAL PRINCIPLES.

Proclamations and certificates are ceremonial recognitions and do not constitute an endorsement of any political, religious, or commercial position.

All recognitions must align with the City of Indian Wells’ mission, values, and adopted policies. Eligibility is limited to Indian Wells residents, Indian Wells businesses, organizations serving the City, or individuals or entities with a demonstrated association or partnership with the City.

The Mayor is the official signatory and issuer of proclamations on behalf of the City.

Certificates may be issued by any individual member of the City Council at the member’s discretion, provided criteria in this policy are met.

II. PROCLAMATION POLICY.

Permissible Topics. Permissible topics include:
a. Matters of Local Interest. Issues, initiatives, or achievements that directly affect or benefit Indian Wells residents or Indian Wells-based businesses. b. Observances and Celebrations. Community, regional, state, or national observances that have a clear and direct relevance to the City of Indian Wells or its residents. c. Indian Wells Businesses or Organizations. Businesses or nonprofit organizations located in Indian Wells or providing substantial and ongoing service to the Indian Wells community.

Council Meeting Agenda- February 5, 2026

City of Indian Wells
Resolution No. 2026-__

d. Individuals. Residents of Indian Wells or individuals with a documented partnership, contractual relationship, or formal affiliation with the City who have demonstrated extraordinary achievement or outstanding service benefiting the community. e. Local Sports Teams or Programs. Sports teams, leagues, or programs based in Indian Wells or serving Indian Wells residents that have achieved noteworthy accomplishments or milestones.
f. In Memoriam Recognitions. Recognition honoring the life and contributions of current or long-time Indian Wells residents or individuals who provided significant service or leadership benefiting the City.
g. City Officials and City Staff. Current or former City of Indian Wells elected officials and employees recognized for achievements, service milestones, or retirement. h. Partner Public Officials. Elected or appointed officials from other governmental agencies or entities who have an established partnership or collaborative working relationship with the City of Indian Wells and whose service has directly benefited the City.

Impermissible Topics. Examples of topics that are not permitted include:
• Candidates for Elected Office. Any individual who is a declared or active candidate for elected public office, or any activity that could reasonably be perceived as supporting or opposing a candidate, ballot measure, or electoral campaign. • Political or Religious Requests. Requests that are political or religious in nature, including but not limited to advocacy, messaging, or promotion of a political party, political ideology, religious belief, tradition, organization, doctrine, or event. • Campaigns or Events in Conflict with City Policy. Requests associated with campaigns, initiatives, or events that conflict with the City of Indian Wells adopted policies, ordinances, resolutions, or that could reasonably imply City endorsement of a controversial or non-neutral position.

III. PRE-APPROVED ANNUAL PROCLAMATIONS.

The City Council has pre-approved the following proclamations for annual issuance. Any proclamation outside of this list must be approved by the City Council. a. Childhood Cancer Awareness Month
b. Emergency Preparedness Month
c. Riverside County Employment Month

Council Meeting Agenda- February 5, 2026

City of Indian Wells
Resolution No. 2026-__

d. Hunger Action Month
e. National Public Works Week
f. Peace Officers Memorial Day / National Police Week
g. National Fire Prevention Week
h. Earth Day / Arbor Day
i. Living Desert World Earth Day
j. Martin Luther Kin Jr. Day
IV. PROCESSING PROCLAMATION REQUESTS.

All requests for a proclamation other than those listed above in section III must be submitted to the City Council for approval or denial. Once approved, proclamations may be presented at a Council meeting or issued administratively.

V. PROCESSING CERTIFICATE REQUESTS.

Certificates provide a flexible recognition option and may be issued at the discretion of an individual Council Member.

Certificates must adhere to the same eligibility and impermissible-subject standards in section II as proclamations. Certificates are signed by the issuing Council Member.

Certificates shall not be presented at a public meeting unless directed by the Mayor.

Council Meeting Agenda- February 5, 2026

26529.00000\44630127.2
RESOLUTION NO. 2026-__

A RESOLUTION OF THE CITY OF INDIAN WELLS, CALIFORNIA,

AMENDING THE CITY COUNCIL POLICY RELATING TO CITY

COUNCIL ASSIGNMENTS DRAFT PROCESS AND FINDING THE

ACTION TO BE EXEMPT FROM CEQA
WHEREAS, the City Council Policy Manual establishes a draft process for selecting representatives to intergovernmental agencies, committees, and regional boards; and WHEREAS, the ad hoc committee on governance (“Committee”) reviewed the existing draft process and identified the need for improved clarity, fairness, and recognition of seniority in assignments requiring continuity and institutional knowledge; and
WHEREAS, The Committee determined that certain high-impact assignments should be selected directly by a majority vote of the City Council rather than through the draft process

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF INDIAN WELLS DOES HEREBY RESOLVE AS FOLLOWS:

SECTION 1. This action is exempt from review under the California Environmental Quality Act because the action is purely administrative and procedural and could have no foreseeable impact on the environment.

SECTION 2. Adoption of City Council Policy Updates. The City Council hereby adopts the Proclamation and Certificate Policy attached hereto as Exhibit “A”.

SECTION 3. This Resolution takes effect immediately upon its adoption.

PASSED, APPROVED, AND ADOPTED by the City of Indian Wells, California, at a regular meeting held on the 5th day of February 2026.
________________________________
DR. TOPER TAYLOR
MAYOR
ATTACHMENT #2

Council Meeting Agenda- February 5, 2026

26529.00000\44630127.2

City of Indian Wells
Resolution No. 2026-__

CERTIFICATION FOR RESOLUTION NO. 2026-__

I, Angelica Avila, City Clerk of the City of Indian Wells, California, DO HEREBY CERTIFY that the whole number of the members of the City of Indian Wells is five; that the above and foregoing Resolution was duly and regularly passed and adopted at an regular meeting of the City of Indian Wells on the 5th day of February 2026, by the following vote:

AYES:

NOES:

ATTEST: APPROVED AS TO FORM:

__________________________ _______________________________

ANGELICA AVILA TODD LEISHMAN FOR

CITY CLERK BEST, BEST & KRIEGER LLP

CITY ATTORNEY

Council Meeting Agenda- February 5, 2026

26529.00000\44630127.2

City of Indian Wells
Resolution No. 2026-__

Exhibit “A”
CHAPTER 3.04

OUTSIDE ORGANIZATIONS, REGIONAL AUTHORITIES

AND CITY COMMITTEES

3.04.020 PROCEDURE FOR COUNCIL MEMBER ASSIGNMENTS.

Annually or as vacancies occur, the City Clerk shall present to the Council a list of such outside organizations, regional authorities and City standing committees, and the names of Council Members currently assigned to them. The Council shall attempt to spread the various Council member assignments so that each Council Member fairly shares the responsibility of representing or conducting business for the City. At the time of assigning Council Members to such outside organizations, authorities and City standing committees, the Council shall first review the list of all such organizations, regional authorities and City standing committees. The Council shall then review the policies and procedures pertaining to the assignment of individual Council Members to such bodies prior to making assignments (as described below).

The City utilizes what is commonly called the “Draft” system to assign Council Members to outside organizations, regional authorities and City standing committees. The “Draft” is based on seniority of the Council Members’ consecutive years of service. In the case where two or more Council Members have been initially elected on the same date, the Council member receiving more votes shall be deemed to have seniority. Each Council member, in order of seniority, selects one (1) choice of assignment followed in turn by the other Council Members’ choices, until all positions have been filled.

Pre-Draft Appointment to Specialized Committees

Certain regional and local committees are recognized as requiring a high level of continuity, institutional knowledge, and multiple years of experience to effectively represent the City’s interests. Due to the significant importance and long-term commitments associated with these bodies, appointments to these committees shall occur prior to implementation of the Council’s annual “draft system” for general committee assignments.

These specialized committees are exempt from the draft system and shall be appointed annually by the City Council as a separate action. Appointments shall be made based on the complexity of the issues addressed by each body, the need for ongoing representation, and the value of sustained leadership.

The committees designated for pre-draft appointment are:
• Indian Wells Finance Committee
• Coachella Valley Association of Governments (CVAG) Executive Committee • Riverside County Transportation Commission (RCTC)
• Visit Greater Palm Springs

Council Meeting Agenda- February 5, 2026

26529.00000\44630127.2

City of Indian Wells
Resolution No. 2026-__

Once these positions are confirmed by the Council, the remaining committee assignments shall be conducted through the normal “draft system” outlined in this policy.

The Council shall then vote to assign Council Members to such outside organizations, authorities and City standing committees. Assignments may thereafter be exchanged by affected Council Members at any time without need for approval by the entire Council.

The Mayor and Mayor Pro Tem shall automatically serve on the Council Standing Personnel Committee and Tee Standing Committee. For purposes of the “Draft”, the Mayor and Mayor Pro Tem may place their assignment on the Personnel Standing Committee and Tee Standing Committee as their selection at any stage or in any of their turns in the “Draft.” Ad hoc committees comprised solely of Council Members are not subject to the “Draft.”

Concerning the foregoing Council Member assignments, Council Members serve as “non- voting” Members on their assigned City Commissions, Committees and Boards, including any Ad-Hoc Committee that includes resident members. For those years that there is/are no new Council Member(s), the Council in its sole discretion can chose to retain the existing assignments for another year, make some modifications to the existing assignments, or utilize the “draft” for Council member assignments.

Council Meeting Agenda- February 5, 2026

INDIAN WELLS CITY COUNCIL
February 5, 2026

To: City Council
From: Finance Department
Prepared by: Kevin McCarthy, Finance Director
Subject: Consideration of Sponsorship Requests for the 2026 Riverside County Fair & National Date Festival and Annual Luncheon Celebrating the Ophelia Girls and their Mentors

RECOMMENDED ACTIONS:

Council APPROVES sponsorship Requests to the 2026 Riverside County Fair & National Date Festival & the 2026 Annual Luncheon Celebrating the Ophelia Girls and Their Mentors; and

APPROVES A Supplemental Appropriation in the Amount of $12,500 to fund the Sponsorships; and

FINDS the project to be exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to Section 15060.

BACKGROUND:

The City periodically considers sponsorship requests that support community engagement, regional partnerships, cultural events, and nonprofit activities consistent with the City’s public outreach and community relations objectives.

The Finance Committee reviewed the sponsorship requests for the 2026 Riverside County Fair & National Date Festival and the 2026 Annual Luncheon Celebrating the Ophelia Girls and Their Mentors at its meeting on January 20, 2026. Following review and discussion, the Finance Committee recommends that the City Council consider approval of both sponsorships and consider whether similar requests should be evaluated during future budget development cycles.

Both requests are unbudgeted for Fiscal Year 2025–26 and therefore require Council consideration and a supplemental appropriation if approved.

Council Meeting Agenda- February 5, 2026

The 2026 Riverside County Fair & National Date Festival

Council Member Whittman submitted a request for City participation as a sponsor of the 2026 Riverside County Fair & National Date Festival, a long -standing regional event that attracts residents and visitors from throughout Riverside County and beyond.

The event details are as follows:

 Sponsorship level: Participating Sponsor

 Investment: $5,000 (one-year sponsorship)

 Includes high-visibility recognition, digital promotion, tickets and parking, and VIP invitations

 Onsite participation is optional and fully flexible (one day, select Saturdays, multiple days, or no onsite presence)

 Any onsite activation or additional materials would be at the City’s discretion and cost, which could be tailored to align with the City’s goals.

2026 Annual Luncheon Celebrating the Ophelia Girls and Their Mentors

Council Member Whittman and Mayor Pro Tem Penna have expressed interest in attending the 2026 Annual Luncheon Celebrating the Ophelia Girls and Their Mentors, a nonprofit fundraising and recognition event focused on youth mentorship and educational support.

Event details are as follows:

 Event Name: 2026 Annual Luncheon Celebrating the Ophelia Girls and Their Mentors

 Date: Monday, March 16, 2026, 11:30 am – 1:30 pm

 Sponsorship Options:
o Graduate Sponsor: $7,500
o Includes underwriting 5 tickets for Ophelia graduates o Premier seating for 6 guests
o Name/logo on all printed materials and stage recognition at the event o To learn more visit: https://jfkfoundation.org/annual-luncheon/

Council Meeting Agenda- February 5, 2026

OPTIONS:

The City Council may take the following actions:

 Approve participation in both sponsorships as recommended by the Finance Committee;

 Decline participation in one or both sponsorships; or

 Provide an alternative direction to staff.

FISCAL IMPACT:

The total fiscal impact of the proposed sponsorships is $12,500, allocated as follows:

 2026 Riverside County Fair & National Date Festival: $5,000

 2026 Annual Luncheon Celebrating the Ophelia Girls and Their Mentors: $7,500

Both items are unbudgeted in the current fiscal year. Approval would require supplemental appropriation. Any additional costs associated with optional onsite activation, promotional materials, or participation would be at the City’s discretion and subject to available funding. If approved, funding would be appropriate from the appropriate budget category for community outreach, sponsorships, or public engagement.

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. (15061(b)(3).)

Council Meeting Agenda- February 5, 2026

INDIAN WELLS CITY COUNCIL
February 5, 2026

To: City Council
From: Public Works Department
Prepared by: Dina Purvis, Public Works Director
Subject: Supplemental Appropriation to Dokken Engineering for a Drainage Study and Design

RECOMMENDED ACTIONS:

Council APPROVES a supplemental appropriation in the amount of $150,000 to Dokken Engineering for the initiation of a Drainage Study and Design, at Dakota Trail and Blackfoot, from the Capital Improvement Reserve Fund; and FINDS the action exempt from the provisions of the California Environmental Quality Act (CEQA) in accordance with Section 15301, Class 1 (c) of Title 14 of the California Code of Regulations.

DISCUSSION:

The City seeks to engage Dokken Engineering to address localized flooding within the neighborhood across from the Indian Wells Tennis Gardens also knowns as the ‘pods’.

The area is bounded by Warner Trail to the East, Arapahoe Vista to the North, Elkhorn Trail to the west, and Miles Avenue to the South. This area, annexed in 2000, has been subject of flooding during high storm events. In an effort to identify options to improve drainage, staff is requesting $150,000 to complete a professional Drainage and Design Study.

By engaging Dokken Engineering, the City will receive a two-phased approach to resolving these issues:

Contributory Area Study: A technical analysis of how water enters the "Pods" from surrounding areas to identify the potential causes of water volume overload.

Design & Solutions: Development of actionable engineering plans, which may include new catch basins, underground piping, or specialized grading solutions to ensure the area can handle high water volumes in future significant storm events. An engineer estimate for improvements will also be prepared.

Council Meeting Agenda- February 5, 2026

Upon completion of the report, staff will examine the cost estimates for the improvements and bring forth a staff report seeking funding for construction from the City Council at a future date.

CITY COUNCIL STRATEGIC GOAL:

This project supports City Council Strategic Goal #4-Investing in Infrastructure and Amenities in the community.

OPTIONS:

The City Council has the following options available:

1. Authorize funding for the drainage and design study or

2. Provide Alternative direction

FISCAL IMPACT:

The project costs of $150,000 will be drawn from the City’s Capital Improvement General Fund and transferred to the active Capital Improvement budget. While this is an unbudgeted expense for the current fiscal year, addressing the drainage now is expected to reduce future emergency maintenance costs and potential liability associated with flood damage in the community.

CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA):

This action has been reviewed in accordance with the authority and criteria contained in the California Environmental Quality Act (CEQA), the State and local CEQA Guidelines, and the environmental regulations of the City. The City, acting as Lead Agency, has determined that the proposed improvements within the existing street rights-of-way are categorically exempt under CEQA in accordance with Section 15301, Class 1 (c) of Title 14 of the California Code of Regulations, for Existing Facilities, including streets, sidewalks, gutters, bicycle and pedestrian trails, and similar facilities.

Council Meeting Agenda- February 5, 2026

INDIAN WELLS CITY COUNCIL
February 5, 2026

To: City Council
From: Finance Department
Prepared by: Amy Dallosta, Accountant
Subject: City Treasurer’s Report for December 2025

RECOMMENDED ACTIONS:

Council RECEIVES and FILES the City Treasurer’s Report for December 2025; 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 December 31, 2025. 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 December 31, 2025:

 Total cash and investments: $81,920,954.30
 Portfolio rate of return: 3.491%

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.

Council Meeting Agenda- February 5, 2026

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 $105,270.82 in earnings for December 2025. 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

Council Meeting Agenda- February 5, 2026

NET CASH & INVESTMENT SUMMARY DECEMBER 2025
DEC
2025UNRESTRICTED FUNDS

GENERAL FUND
101- GENERAL

TOTAL GENERAL FUND

RESTRICTED FUNDS

SPECIAL REVENUE FUNDS
202 - TMFFIC 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, UPGMDE SERVICES
247 - AB 939 RECYCLING FUND
248 - SOLID WASTE
251 - STREET LIGHTING DISTRICT 2OOO-1
253- INDIAN WELLS VILLAS OPEMTIONS
254- MOUNTAIN VIEW VILLAS OPEMTIONS
256- HOUSING AUTHORITY
271 - ELDOMDO DRIVE LLMD
272 . MONTECITO/STARDUST LLMD
273 - CASA DOMDO LLMD
274-THE COVE LLMD
275 - SH 11I/IWGR (ENTMNCE) LLMD
276 - CLUBIIW 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
2BB - PROVINCE DBAD

TOTAL SPECIAL REVENUE FUNDS

CAPITAL PROJECT FUNDS
310 - PARK FACILMES FEES
311 - TMNSPORTATION FACILINES 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 lll CIRCULATION IMP FEE

TOTAL CAPITAL PROJECT FUNDS
$ 13,587,557.I4
L3,587,557.14
DEC
2024
$ 2L,397,565.48
2Lp97,565.48
0,00
0,00

0.00 460,051.08
2t,693.22

0.00 0.00

0.00 0.00

0.00 0.00
65,229.t3
6,904,879.92
2r1,773.47
48,756.68
22,997.99
2L9,342.8t
26r,735.64
786,000.38
t07,019.23
23,920.58
4,22r.68
3,690.36
407,060.25
74,394.58
125,095.53
60,665.87
118,029.39
L27,657.46
55,303,57
274,tt3.67
45,851.18
44,693.63
L25,750.65
1,364.08
89,437.03
638.229.68
13,299.55
6,868,10
8,417.7r
486,460.43
t8,993.32
26,809.45
2,550.50

0.00 65.51
334.65

0.00 0.00
4,208,t87.79
261,838.20
87,242.4t
19,784.74
43,453.18
255,30r.94
3r3,320.77
9r,047.05
rt,225.r2
4,18r.24
2,853.20
315,811,13
38,r77.78
10t,r74.9r
52,049.67
85,708.28
L02,632.96
46,233.85
230,184.80
39,680.47
34,283.07
88,221.35
3,rr9.22
t02,403.25
11,328,958.74

0.00 0.00

0.00 0.00

0.00 15,097,409.00
799,287.19

0.00 597
7$99,t15.67

0.00 0.00

0.00 0.00

0.00 11,003,384.60
682,L27.30

0.00 11,685,511.90
U:\bank\Treasurer's Report\Cash-2025Dec 25
15,896,696.19
7:37 PM1l28l2o26
ATTACHMENT #1

Council Meeting Agenda- February 5, 2026

CITY OF INDIAN WELLS
NET CASH & INVESTMENT SUMMARY DECEMBER 2025
PAGE 2
RESTRICTED FUNDS (Cont.'l

REPLACEMENT FUNDS
326 - BUILDINGS CAPITAL RESERVE
327 - BRIDGES CAPITAL RESERVE
328 - MEDIANS & PARKWAYS CAPITAL RESERVE
329 - STORM DMINS CAPITAL RESERVE
330 - TMFFIC SIGNALS CAPITAL RESERVE
331 . TECHNOLOGY CAPITAL RESERVE
332 . CITY STREETS CAPIIAL RESERVE
333 - CITY VEHICLES CAPTTAL RESERVE
350 - DISASTER RECOVERY RESERVE

TOTAL REPLACEMENT FUNDS

SUCCESSOR AGENCY FUNDS
453 - DEBT SERVICE
456 - RDA OBLIGANON 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

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
LL,482,47L,62 t928O,247.26
DEC
2025
DEC
2024
2,861,638.80
2,638,086.00
2,23r,186.07
1,445,342.00
t,30r,77L.00
L,244,6t5.00
19,778,595.00
781,043.00
927,584.00
2,440,984.80
2,228,980.00
1,843,100,07
1,097,852.00
961,700.00
907,497.00
18,484,038.00
467,870.00
619,685.00
33,209,860.87 29p5'-t706.87
156,364.43
0,00
54,337.43

0.00 156,364.43 s4F37.43
54,730.39 627,772.90
54t730.39
3,472,045.03
3A72,O45.O3
627,772,90
1 ,318.25
L,477,3t8.25
999.633.L2 2,529,952.70
3,999,633.12
424,392.t8
424,392.18
82,130,238.09
99,415.46
135,504.60
11,406,68
2,363,26r.42
2,008,276.19
2,529,952.70
473,457.03
473,457.O3

38.23 r28,654.r4
154,365.37
4,556,65
4,858,853.50
2,777,935.05
1 1,355,882.55.27
U:\bank\Treasure/s Report\Cash-2025Dec 25
7:37 PM1l28l2O26Page 306 of 333
Council Meeting Agenda- February 5, 2026

IndianofCity
CashHeldCitynkBaReconciliationRepoft
I
2 3
6 7I
9 10
19 2t
23 Banc - Sweep 10
Banc of California Bank - Accts. Payable **-**3411
Banc of Glifornia Bank - Payroll *+-**t752
Banc of California Bank - Ambulance **-****7937
Banc of California Bank - Public Funds MMA *+-****5064
US Bank Money Market - Investment
US Bank Money Market - 4590
US Bank Money l4arket - 4591
PeW Cash

0.00 0.00

0.00 420,892.50

0.00 669,020.18
682,842.25
2,000.00
2,990,802.03
Aqency Investment

0.00Local Aqency Investment Fund - RDA 65-33-007
11,592,755.85
548
550
557
558
561
s62
573
574
575
s85
586
587
588
589
590
591
592
597
s98
s99
607
509
533
538
549
556
575
611
616
6L7
of Deposit-Toyota Sqs Bank
250,000.00
249,000.00
250,000,00
250,000.00
250,000.00
2s0,000.00
2s0,000.00
2s0,000.00
249,000.00
249,000.00
249,000.00

2.14,000.00
249,000,00

2.14,000.00
249,000.00
249,000.00
244,000.00

2.14,000.00
249,000.00
244,000.00
249,000.00
Certificate of Deposit-Greenstate Credit Union 39573L811 Certiflcate of Deposit-Pentaqon Federal Credit Union 70962LASl Certificate of Deposit-Nelnet Bank, Inc 64034KAG6
Certiflcate of Deposit-Beal Bank 07371AYE7
Certificate of Deposit-Beal Bank USA 07371CE88
Certincate of Deposit-Capital One NA 14042RUJ8
Certincate of Deposit-Austin Telco Fed Credit Union 0523928T3 Certificate of Deposit-synchrony Bank 87164XR65
Certificate of Deposit-Liberty First Credit Union 530520AK1 Certificate of Deposit-First GuaranW Bank Hammond LA
Certificate of Deposit-Medallion Bank Utah 58404DSW2
Certificate of Deposit-Pitney Bowes Bank 7244684G9
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-Morqan Stanlev Private Bank 61768ET29 Certificate of Deposit-Cross River Bank 227563EX7
Certificate of Deposit-Universal Bank and Trust Co 91527PCF2 Certificate of Deposit-Sallie Mae 795457DM2
Certificate of Deposit-Leaders Credit Union 52171MAN5
JP Morqan NA 46632FRU1
JP Morqan Chase 48128G2Q2
Bank of America MTN 06048WM31
Bank of America MfN OOO+AWNaz2
lohn Deere Capital Corp 24422EwR6
Toyota l4otor Credit Corp 89236TMK8
BMO Bank A2 06376FEC9
RBC Bank AA- 78014RM31
1,000,000.00
1,000,000.00
1,000,000.00
1,071,247.56
997,954.72
2,000,000.00
2,000,000.00
542
s44
546
551
559
560
553
566
60s
613
Bank
Fed. Farm Credit Bank 3130ALMM3
Fed. Farm Credit Bank 3130A1W67
Fed. Farm Credit Bank 3130AMW57
Fed. Home Loan Bank 3130AQWF6
Fed. Home Loan Bank 3130AOWJ8
Fed. Home Loan Bank 3130AQ255
Fed. Home Loan Bank 3130ARGE5
Fed.Home Loan Bank 313081UH8
Fed.Home Loan Bank 313084RS2
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
2,000,000.00
2,000,000.00
593
594
610
615
Treasury Bill 9,96t,75r
United States Treasury Bill 912810FF0
United States Treasury Bill 91282C1K5
United States Treasury Bill 9L282CHZ7
13,350,405.67
2,009,353.4L
5,795,444.42
6L4
618
Gen Obliqation 5,235,543.44
1,014,696.57AZ Industrial Development Auth 04052AEL6
6,250,240.OL
Total Pooled Cash and Investments
Fair Value Increase (over cost)
Warrants/Wire Transfers Oustandinq (Bank)
Outgoinq ACH Payments Outstandinq (GL)
Credit card in Transit
27,690.40
Outstanding items (217,430.88)
391,470.24
7,554.03
Outstanding ltems
Reconciled Bank Balance $ 82,130,238.09
1Dan026.l:37 PM httpsJ/indianwefls.sharepoint.com/Finance common/banubank reconcilialion fy26l6-Dec 25t2025-12-RPI -Oec Eank Rec\Dec 25 pooledPage 307 of 333 Council Meeting Agenda- February 5, 2026

INDIAN , WELLS The City of lndian Wells
Portfolio Management
Portfolio Summary
December 31,2025
City of lndian Wells
44-950 Eldorado Drive
lndian Wells CA92210
(760)346-248eCALIFORN IA
lnvestments
l\/anaged Pool Accounts - LAIF
Money Market Sweep/Checking Account
Negotiable CD's
Medium Term Corporate Notes
Federal Agency lssues - Callables
Treasury Securities
Municipal Bonds
lnvestments
Total Earninos
Current Year
Average Daily Balance
Effective Rate of Return
The above
Par Market
Value
11,692,755.85
2,990,802.03
5,497,383.82
10,979,790.00
13,918,390.00
30,909,610.00
6,232,460.00
Book
Value
1 1,692,755.85
2,990,802.03
s,461,000.00
1 1 ,009,201.68
14,000,000.00
30,516,954.73
6,250,240.01
o/o ol
Portfolio
Days to
Maturity
YTM
360 Equiv.

YTM
365 Equiv.TermValue
11,692,755.85
2,990,802.03
5,461,000.00
1 1,000,000.00
14,000,000.00
30,000,000.00
6,000,000.00

14.27 3.65

6.67 13.44

17.09 37.25

7.63 1
1 1,824
1,807
1,823
1,678

1.727
'l
1 787
865
569
1,060
1,650

3.970

2.324

2.871

2.736

2.511

4.064

3.792
3-443

4.025

2.357

2.911

2.774

2.546
4j20

3.845

3.49181,144,557.88 82,221,191.70
December 31 Month Endinq
239,229.14
80,764,235.15

3.49%
City's investment policy and allowable under current legislation 81,920,954.30 100.00% 1,433 787
criteria.
are consistant with the of the State of California. lnvestments were purchased using safety, liquidity, and yield as ln 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.

FinanceKevin
Reporting period 12101 //202542/31 12025
Run Date: 0112612026 - 12i27
Portfolio CITY
AP
PM (PRF PM1) 7.3.1 1
Report Ver. 7.3.1 1
No fiscal year history available Page 308 of 333
Council Meeting Agenda- February 5, 2026

The City of lndian Wells
Portfolio Management
Portfolio Details - lnvestments
December 31,2025

YTM Days to MaturityAverage Purchase Stated
SYS21
SYS23
CUSIP lnvestment #
Managed Pool Accounts - LAIF
lssu€r
LAIF - City
LAIF - Redevelopment
Banc of CA
Banc of CA-Ambulance
Banc of CA-PublicFundsMMA
US Bank Money Market
US Bank Money Market-4591
US Bank Money Market-4590
Banc of CA- Acct Payable
Banc of CA-Payroll
Union Bank-Checking
Petty Cash
WestAmerica Bank
21 23
Par Value
1 1,692,755.85

0.00 1 1,592,755.85
1,216,047 .10

0.00 420,89?.50

0.00 6A2,842.25
669,020.18

0.00 0.00

0.00 2,000.00

0.00 2,990,802.03
250,000.00
249,000.00
250,000.00
250,000.00
250,000.00
244,000.00
249,000.00
249,000.00
244,000.00
250,000.00
249,000.00
249,000.00
249,000.00
244,000.00
250,000.00
249,000.00
244,000.00
244,000.00
249,000.00
Market Value
1 1,692,755.85

0.00 11,692,755.85
1,216,047 .10

0.00 4?O,892.50

0.00 68?,A42.25
669,020.1 I

0.00 0.00

0.00 2,000.00

0.00 2,990,802.03
250,530.00
253,574.13
245,325.00
245,325.OO
250,927.50
247,301.32
253,594.05
757,177.'16
248,O89.44
246,850.00
250,611.03
256,091.52
252,998.94
?4A,023.56
244.410.OO
244,099.68
247,767.36
247,A45.44
255,493.9?
Book Value
1 1,692,755.85

0.00 1'1,692,755.85
't,216,047.10

0.00 420,892.50

0.00 6A2,842.?5
669,020.1 I

0.00 0.00

0.00 2,000.00

0.00 2,990,802.03
250,000.00
249,000.00
250,000.00
250,000.00
250,000.00
244,000.00
249,000.00
249,000.00
244,000.00
250,000.00
249,000.00
249,000.00
249,000.00
244,000.00
250,000.00
249,000.00
244,000.00
244,000.00
249,000.00

4.025

0.233

0.250

4.220

3.660

3.690

0.200

3.970

0.230

3.970

2.324
Subtotal and Average
Money Market Sweep/Checking Account
4,241,142.95
9,277,435.97
o71o112023
07to112023
0710112023
07loll?o73
o7to\120?3
oTto't12023
09t2'v?o22
07t3112023
ozt23120?2
o2t?312022
091211202'2
o3to7t2024
08111t2023
o811612023
0811612023
06116lzo21
0813012024
o8l11l?o23
0713112023
03t06l?024
ozlo2l20?2
09t29t2021
o7l3't12023
o7l?6120?4
o811612023
SYSl
SYS6
SYST
SYSs
SYSlO
SYS9
SYS2
SYS3
SYS4
SYSl 9
SYS5
1 b
7 o
10 9
2 4
19 5
574
589
561
56?
573
598
586
592
590
550
609
585
587
597
558
557
588
607
591
o.247

0.000

4.162

0.000

3.610

3.639

0.000

0.000

0.197

0.000

0.000
Negotiable CD's
0523928T3
0621 1 9CD2
0737 1 AYE7
07371 CE88
1 4042RuJ8
227563EX7
320437AD8
321 10YD93
32026UW51
395731811
521 71 MAN5
530520AK1
58404DSW2
61 768ET29
64034KAG6
7096214S1
724468AG8
795451 DM2
86616RAG0
Subtotal and Average
Austin Telco Fed Credit Union
Bank Five Nine
Beal Bank - Plano TX
Beal Bank USA
Capital One NA
Cross River Bank
First Guaranty Bank Hammond LA
Flrst National Bank of America
First Foundation Bank
Greenstate Credit Union
Leaders Credit Union
Liberty First Credit Union
Medallion Bank Utah
Morgan Stanley Private Bank
Nelnet Bank, lnc.

Pentagon Federal Credit Union
Pitney Bowes Bank lnc.

Sallie Mae
Summlt National Bank

3.800

4.500

1.900

1.900

3.900

4.?50

4.500

4.450

4.450

0.900

4.000

4.700

4.400

4.350

1.500

0.900

4.400

4.300

4.500

3.748

4.438

1.874

1.874

0.000

4.192

4.438

4.394

0.000

0.888

3.945

4.641

4.406

4.290

1.479

0.888

0.000

4.241

4.443
628 091211?027
939 07128120?8
412 0211712027
412 0211712027
628 091?1lZO27
1,161 0310712029
946 0AlO4l20?8
957 08/15/2028
951 08/09/2028
166 06/16/2026
1,337 08/30/2029
949 0alo7l202a
94? 0713'1120?8
1,160 03/06/2029
397 0210212027
27't 09l?912026
942 0713'v2028
't,300 0712412029
952 08110120?g
Portfolio CITY
AP
PM (PRF_PM2) 7.3.11
Run Date: 01/26/2026 - 19:01
Report Ver. 7.3.1 1

Council Meeting Agenda- February 5, 2026

The City of lndian Wells
Portfolio Management
Portfolio Details - lnvestments
December 31,2025

Stated YTM Days to Maturity
BookValue Rere Fitch 360 Maturitv f)drCUSIP
Negotiable CD's
871 64XR65
89235MKY6
91527PCF2
lnvestment #
Average
Balance
5,46't,000.00
1 1,009,393.1 3
14,000,000.00
Purchase
Date
0912312022
04tz?t2021
0311312024
0512a17021
o7t30t2021
10t1st2025
og1al2023
ozl?6120?1
01l??12021
10117120?5
1110612024
o3t2412021
o3l30l?o21
0412?l?o21
0613012021
ozt25l?oz?
o2.12412022
0311012022
04l21l?o22
o71o3t2024
01l?912025
12t't?t2023
1Zt't412023
0912012024
10I't012025
Par Value
250,000.00
250,000.00
249,000.00
5,46't,000.00
1,000,000.00
1,000,000.00
2,000,000.00
1,000,000.00
1,000,000.00
2,000,000.00
2,000,000.00
1,000,000.00
1 1,000,000.00
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

2.000,000.00
2,000,000.00
14,000,000.00
10,000,000.00
13,000,000.00
2,000,000.00
5,000,000.00
Market Value
251,1 35.00
?47,195.00
25?,418.77
5,497,383.82
985,850.00
981,650.00
2,003,680.00
1,019,150.00
994,240.00
1,995,000.00
1,983,980.00
1,016,240.00
10,979,790.00
993,750.00
1,987,540.00
992,230.00
1,984,740.00
983,520.00
981,790.00
987,650.00
993,1 30.00
2,0'13,140.00
2,000,900.00
13,918,390.00
10,1 10,900.00
1 3,603,330.00
'1,999,680.00
5,195,700.00
Medium Term Corporate Notes
06048WM31
06048WM72
06376FEC9
2442?EWR6
48't28G2Q2
46632FRU1
7801 4RM31
89236TMK8
Federal Agency lssues - Callables
3'130AL'62 542
3I30ALMM3 544
3130A1W67 546
3130AMW57 551
3130AQWF6 559
3130AQWJ8 560
3130AQ255 563
3130ARGE5 566
313081UH8 605
3I30B4RS2 613
Treasury Securities
91282CFU0 593
912810FF0 594
91282CLK5 610
9128?CHZ7 615
lssuer
Synchrony Bank
Toyota Financial Sgs Bk
Universal Bank and Trust Co.

Subtotel and Average
Bank of America MTN A
Bank of America MTN A
BMO Bank A2
John Deere Capital Corp
JPMorgan Chase & Co
JP Morgan Chase Bank NA
RBC Bank AA-
Toyota Motor Credit Corp
Subtotel and Average
Fed. Home Loan Bank
Fed. Home Loan Bank
Fed. Home Loan Bank
Fed. Home Loan Bank
Fed. Home Loan Bank
Fed. Home Loan Bank
Fed. Home Loan Bank
Fed. Home Loan Bank
Fed. Home Loan Bank
Fed- Home Loan Bank
Subtotal and Averege
U.S. Treasury
U.S. Treasury
U.S. Treasury
U.S. Treasury
Subtotal and Average
575
s48
599
549
556
616
576
538
533
617
611
250,000.00
250,000.00
249,000.00
5,461,000.00
1,000,000.00
1,000,000.00
2,000,000.00
1 ,O11,247 .56
1,000,000.00
2,000,000.00
2,000,000.00
997,954.12
11,009,201.68
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
2,000,000.00
2,000,000.00
14,000,000.00
9,961,751 .23
1 3,350,405.67
2,009,353.41
5,195,444.47

3.950

0.900

4.250

3.896

0.888

4.'t92

2.87',t 787
630 09t23120?7
111 0412212026
1,167 031't312029

1.?50
'1.200

4.300

4.750

0.800

0.700

4.?50

4.550

0.875

1.000

1.100

2.000

2.150

2.050

2.500

3.000

5.000

5.000

4.1?5

5.250

3.625

4.625

1.?33

1.184

4.241

4.083

0.789

0.690

4.192

4.549

0.863

0.986

1.085
o.972

2.'121

2.02?

2.466

2.959

4.93?

4.532
147
210
1,7 48
749
56 21
'1,750
1,316
82 88
111
180
4?O
419
433
475
1,272
1,476

2.736 865
05t28t20?6
0113012026
1 0/1 5/2030
ollzol?oza
0212612026
01l2zl2026
10t1712030
o81o912029
o3l24l?026
03/30/2026
04t2212026
06/30/2026
o?l25lzo27
o?l?412027
o3l10l?o27
04l2'v2027
o6t2612029
01/1 6/2030

2.511 569

4.294

4.143

3.437

3.664

4.0fl 1,060
668 10131120?7
1,O49 1111512028
1,338 08/31/2029
1,733 09/30/2030
Portfolio CITY
AP
PM (PRF_PMz) 7.3.11Run Date: 01/26/2026 - 19:01
30,522,902.95 30,000,000.00 30,909,610.00 30,516,954.73

Council Meeting Agenda- February 5, 2026

The City of lndian Wells
Portfolio Management
Portfolio Details - lnvestments
December 31,2025

CUSIP
Municipal Bonds
04052AE16
1 3063EHU3
lnvestment #lssuer
AZ lndustrial Development Auth
CA State Gen Obligation AA2
Average
Balance
6,252,360.16
80,764,235.1 5
Purchase
Daie
11t121?OZ5
101101?025
Par Value
1,000,000.00
5,000,000.00
6,000,000.00
E1,1/14,557.88
Market Value
1 ,011,460.00
5,221,000.00
6,232,460.00
82,221,191.70
Stated
BookValue Rat.

YTM Days to
360 MaturitY

4.?22

3.708

3.792 '1,650

3.43 787
Maturity
flrfa
1,369 1010'112029
'1.704 09/01/2030
Fitch
618
614
1,01 4,696.57
5,235,543.44
6,250,240.01
81,920,954.30

4.709

4.875
Subtotal end Average
Total and Average
Portfolio CITY
AP
PM (PRF_PM2) 7.3.11
Run Date: 01/26i2026 - 19:01

Council Meeting Agenda- February 5, 2026

INDIAN WELLS 2014, 2015, 2016, 2020 Series
Portfolio Management
Portfolio Summary
December 3',,2025

CALIFORNIA
lnvestments
Money Market Sweep/Checking Account
lnvestments
Value
11 ,397.68
1 1,397.68
December3l Month Ending
Market
Value
11,397.68
11 ,397.68
1 1 ,397.68 100.00
11,397.68 100.00%
City of lndian Wells
44-950 Eldorado Drive
lndian Wells CA92210
(760)346-2489

YTM YTM
365 Equiv.360 Equiv.

0.000 0.000

0.000 0.000
Portfolio 144
CP
PM (PRF_PM1) 7.3.11
Report Ver. 7.3.1 1
Par Book
Value
o/o ol
Portfolio Term
Days to
Maturity
1 Total Earnings
Current Year
Average Daily Balance
Effective
Kevin
Reporting period 12101 12025-12131 12025

0.00 11,362.83

0.00%
Run Date: 01/26/2026 - 14:44 No fiscal year history available Page 312 of 333 Council Meeting Agenda- February 5, 2026

201 4, 201 5, 2016, 2020 Series
Portfolio Management
Portfolio Details - lnvestments
December 31,2025
Stated
BookValue Rate

0.00 7,760.59
3,636.64

0.45 0.00
11,397.68
11,397.68

YTM Days to Maturity
Fitch 365 Maturitv Date

0.000

0.000

0.000

0.000

0.000

0.000

0.000
Portfolio 144
CP
PM (PRF PM2) 7.3.11
CUSIP lnvestment #
Money Market Sweep/Ghecking Account
SYS28
SY526
SYS25
SYS27
SY524
Subtotal and Average
Total and Average
28 26
IJ
27 1
lssuer
2014A Bonds Reserve
All Bond Series Principal
All Bond Series lnterest
All Bond Series Debt Svc
Cost Of lssuance Escrow
Average
11,362.E3
11,362.83
Purchase
Date
07to1t2023
0710112023
071o112023
07t0112023
071o112023
Par Value

0.00 7,760.59
3,636.64

0.45 0.00
11,397.68
11,397.68
Market Value

0.00 7,760.59
3,636.64

0.45 0.00
11,397.68
11,397.68
'.u Datet 0112612026 -'l4i44 Page 313 of 333
Council Meeting Agenda- February 5, 2026

r4' r
L;r''INDIAN .\) WELLS City of lndian Wells
44-950 Eldorado Drive
lndian Wells CA92210
(760)346-2489CALIFORN IA
lnvestments
Money Market Sweep/Checking Account
lnvestments
Vlh ra

1.00 1.00
December 31 Month Ending
Market

1.00 1.00

1.00 100.00
L00 100.00%
2015 A Bonds
Portfolio Management
Portfolio Summary
December 31,2025
Par Book
Value
o/o ol
Porffolio Term
Days to
Maturity
YTM
360 Equiv.

0.000
0,000
YTM
365 Equiv.

0.000

0.000
Portfolio 15A
CP
PM (PRF_PMl) 7.3.11
Report Ver. 7.3.'l l
1 Total Earnings
Current Year
Average Daily Balance
Effective rn
Kevin McCarthy,Treasu
Reporting pefiod 12101 12025'12131 12025

0.00 1.00

0.00%
Run Date: 0112612026 - 14i47
No fiscal year history available Page 314 of 333
Council Meeting Agenda- February 5, 2026

2015 A Bonds
Portfolio Management
Portfolio Details - lnvestments
December 31,2025

YTM Days to MaturityAverage Purchase Stated
CUSIP lnvestment #lssuer
Money Market Sweep/Checking Account
SYS27 27 2015 A Reserve
SYS22 22 UBC Cost Of lssuance Escrow
Subtotal and Average
Total and Average
07t0112023
07t0112023
Par Value

1.00 0.00

1.00 1.00
Market Value

1.00 1.00
Book Value

1.00 1.00
Fitch

1.00 0.00

1.00 0.00

0.000

0.000

0.000

0.000

11.00 1.00
Portfolio 15A
CP
PM (PRF_PM2) 7.3.1 1'!n Dale: 0112612026 - 14:47 Page 315 of 333 Council Meeting Agenda- February 5, 2026

* /G/I --ll- \ I
INDIAN,.\'WELLS City of lndian Wells
44-950 Eldorado Drive
lndian Wells CA92210
(760)346-2489CALIFORN IA
lnvestments
Money Market Sweep/Checking Account
lnvestments
Value

1.00 1.00
December 31 Month Ending
Market
Value

1.00 1.00
1 .00 100.00

1.00 100.00%
2016 A Bonds
Portfolio Management
Portfolio Summary
December 31,2025
Par Book
Value
o/o ol
Portfolio Term
Days to
Maturity
YTM
360 Equiv.

0.000

0.000
YTM
365 Equiv.

0.000

0.000
Portfolio 16A
CP
PM (PRF PMI) 7.3.11
Report Ver. 7.3.'1'1
1 Total Earnings
Current Year
Average Daily Balance
Effective Return
Kevin
Reporting period 1210'1 12025-12131 12025

0.00 1.00

0.00%
Run Date:01/26/2026 - 14:50
No fiscal year history available Page 316 of 333
Council Meeting Agenda- February 5, 2026

2016 A Bonds
Portfolio Management
Portfolio Details - lnvestments
December 31,2025

YTM Days to MaturityAverage Purchase Staied
CUSIP lnvestment #lssuer
Money Market Sweep/Checking Account
SYS28 1 UBC Cost Of lssuance Escrow
SYS33 2 Union Bank Reserve Account
Subtotal and Average
Total and Average
07t0112023
071o112023
Par Value Market Value

0.00 1.00

1.00 1.00
Book Value

0.00 1.00

1.00 1.00

0.00 1.00
365

0.000

0.000

0.000 1

0.000

1.00 1.00

1.00 1.00
Portfolio 16A
CP
Prv (PRF_PM2) 7.3.11
.un Oate: 01/2612026 - 14:50 Page 317 of 333
Council Meeting Agenda- February 5, 2026

INDIAN ELLS
L, !-./
,i)'w City of lndian Wells
44-950 Eldorado Drive
lndian Wells CA.92210
(760)346-2489CALIFORNIA
lnvestments
Money Market Sweep/Checking Account
lnvestments
Value

1.00 1.00
December 31 Month Ending
Market
Value

1.00 1.00
1 .00 100.00

1.00 100.00%
2020 A Bonds
Portfolio Management
Portfolio Summary
December 31,2025
Par Book
Value
o/o of
Portfolio Term
Days to
Maturity
YTM
360 Equiv.

0.000

0.000
YTM
365 Equiv.

0.000

0.000
Portfolio 20A
CP
PM (PRF_PM1) 7.3.1 1
Report Ver. 7.3.1 1
11 Total Earnings
Current Year
Average Daily Balance
Return
Kevin Agency
Reporting period 1210'1 12025-'12131 12025

0.00 1.00

0.00%
Run Date: 01/2612026 - 15:07 No fiscal year history available Page 318 of 333 Council Meeting Agenda- February 5, 2026

2020 A Bonds
Portfolio Management
Portfolio Details - lnvestments
December 31,2025

YTM Days to MaturityAverage Purchase Stated
CUSIP lnvestment #lssuer
Money Market Sweep/Checking Account
SYS1 1 2020 A Bonds COI
SYS2 2 2020 A Bonds Reserve
Subtotal and Average
Total and Average
07to112023
071o112023
Par Value

1.00 1.00
Market Value

1.00 1.00
Book Value

0.00 1.00

1.00 1.00
Fitch 365

0.00 1.00

0.00 1.00

0.000

0.000

0.000

0.000

1.00 1.00
Portfolio 20A
CP
PM (PRF_PM2) 7.3.1 1'!n Dal€: 0112612026 - 15:07 Page 319 of 333 Council Meeting Agenda- February 5, 2026

="'t'*t/
,L S,INDIAN \'WELLS City of lndian Wells
44-950 Eldorado Drive
lndian Wells CA92210
(760)346-2489CALIFORNI,\
lnvestments
l\/oney Market Sweep/Checking Account
lnvestments
Value
2,363,261.42
2,363,26'1.42
Par
2022 Bonds
Portfolio Management
Portfolio Summary
December 31,2025
Market
2,363,261.42
2,363,261.42
Book
Value
Yo ot
Portfolio Term
Days to
Maturity
YTM
360 Equiv.

0.000

0.000
2,363,26't.42 100.00
2,363,261.42 100.00%
YTM
365 Equiv.

0.000

0.000
Portfolio 22
CP
PM (PRF_PMI) 7.3.11
Report Ver. 7.3.1 1
Total Earnings
Current Year
Average Daily Balance
Effective Return
Kevin
Reporting period 12101 /2025-1213'1 12025
December 31 Month Ending

0.00 2,356,035.03

0.00%
Run Date: 01/2612026 - 15.14 No fiscal year history available Page 320 of 333 Council Meeting Agenda- February 5, 2026

2022 Bonds
Portfolio Management
Portfolio Details - lnvestments
December 31,2025

YTM Days to MaturityAverage Purchase Slated
CUSIP lnvestment #
Money Market Sweep/Checking Account
SY52
SY54
SYSl
SYSs
SYS3
Subtotal and Average
Total and Average
lssuer
2022 Bonds COI
2022 Bonds lnteresi
2022 Bonds Project Fund
2022 Bonds Redemption Fund
2022 Bonds Payment Fund
2 4
1 5
J
07tol12023
0710112023
07t0112023
07to1t2023
Par Value

0.00 627.00
2,362,151.69
482.72

0.01 2,363,261.42
2,363,261.42
Market Value

0.00 627.OO
2,362,151.69
482.72

0.01 2,363,26142
2,363,261.42
Book Value

0.00 627.0O
2,362,151 .69
482.72

0.01 2,363,261.42
2,363,261.42
Fitch 365

0.000

0.000

0.000

0.000

0.000

0.000

0.000
2,356,035.03
2,355,035.03
Portlolio 22
CP
PM (PRF_PM2) 7.3.11'.!n Date: 0112612026 - 15'.14 Page 321 of 333 Council Meeting Agenda- February 5, 2026

26529.00017\44435208.1

INDIAN WELLS CITY COUNCIL
February 5, 2026
To: City Council
From: City Attorney
Prepared by: Isabel Safie, Best Best & Krieger LLP Partner Subject: Resolution Approving Revised Publicly Available Pay Schedules for Retroactive Salary Increases and Approve City Manager Contract Amendment
RECOMMENDED ACTIONS:

Council ADOPTS Resolution approving the Fiscal Years 2024-25 and 2025-26 Approved Positions List with Annual Salaries and Ranges effective July 1, 2024, January 1, 2025 , and July 1, 2025, in accordance with CalPERS guidelines; and APPROVES the Eighth Amendment to the City Manager Contract; and DIRECTS staff to post the employee salary range schedule on the City’s website; and FINDS the action exempt from CEQA review under CEQA Guidelines section 15061(b)(3).

BACKGROUND:

As part of a routine legal and administrative compliance review, legal counsel evaluated the City’s Approved Positions List with Annual Salaries and Ranges (“Position List”) and the City Manager’s employment contract to ensure ongoing conformity with the C alifornia Public Employees’ Retirement System (CalPERS) requirements under the Public Employees’ Retirement Law.

This review is technical and administrative in nature and is intended solely to ensure that the City’s publicly available pay schedules and related contract provisions are accurately documented, properly adopted by the City Council, and compliant with applicable CalPERS regulations.

The recommended revisions do not implement new compensation, do not modify any existing salary levels, and do not result in any changes to employee pay. Rather, the proposed actions clarify, memorialize, and formally adopt previously approved salary information to ensure consistency, transparency, and compliance with CalPERS reporting and documentation standards.

Council Meeting Agenda- February 5, 2026

26529.00017\44435208.1
The California Public Employees’ Retirement System (CalPERS), pursuant to California Code of Regulations sections 570.5 and 571.1, requires all CalPERS employers to make their compensation levels publicly available in document(s) approved and adopted by th e governing body, which must meet all of the following requirements:

1) Has been duly approved and adopted by the employer’s governing body in accordance with the requirements of applicable public meeting laws; 2) Identifies the position title for every employee position; 3) Shows the pay rate for each identified position, which may be stated as a single amount or as multiple amounts within a range;
4) Indicates the time base, including, but not limited to, whether the time base is hourly, daily, bi-weekly, monthly, bi-monthly, or annually; 5) Is posted at the office of the employer or immediately accessible and available for public review from the employer during normal business hours or posted on the employer’s internet website;
6) Indicates an effective date and date of any revisions; 7) Is retained by the employer and available for public inspection for not less than five years; and
8) Does not reference another document in lieu of disclosing the pay rate.

The City Attorney’s Office is recommending minor modifications to the updated Position Lists to maintain full compliance with CalPERS standards. The updated Position List, effective July 1, 2024, January 1, 2025, and July 1, 2025 (Attachments No. 1, 2, 3), reflects retroactive increases provided to all City employees, including the City Manager, provides transparent salary ranges for all City employees and continues the City Manager’s salary range that was omitted from the previously adopted Fiscal Year 2025-26 Position List.

Updated salary ranges span the same twenty-five percent (25%) as all other positions and accurately reflect the cost-of-living-adjustment salary increases provided to the all City employees, including the City Manager effective on those dates. No changes to the salary range schedule were necessary.

The purpose of approving this resolution is to ensure that the City’s Position List meets all the applicable requirements of a publicly available pay schedule. This Position List will continue to be posted on the City’s website. Any subsequent revisions will be similarly presented to Council for adoption and approval at a future meeting.

The City Attorney’s Office is also recommending an eighth amendment to the City Manager’s employment contract (Attachment No. 4) to ensure CalPERS compliance and accurately reflect the previous salary increases provided to the City Manager by Council , effective July 1, 2024, January 1, 2025, and July 1, 2025. Explicit language regarding the salary range movement procedures for the City Manager is also necessary to comply with Government Code section 20636(b) and has been included in the eighth contract amendment. Salary range movement procedures are consistent with Section 2 of the Non- represented Employees’ Resolution for Compensation and Benefits, as adopted by Council

Council Meeting Agenda- February 5, 2026

26529.00017\44435208.1
on June 10, 2025. There are no changes to salary or benefits for the City Manager associated with this eighth amendment. The purpose of approving this contract amendment is to ensure that previously Council-approved compensation reported to CalPERS on behalf of the City Manager complies with the applicable statutory requirements.

FISCAL IMPACT:

There are no fiscal impact and no increase to any employees’ salaries as a result of these technical clarifications.

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 resultin g 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 caus ing a significant effect on the environment. (15061(b)(3).)

ATTACHMENTS:

1. Resolution

2. FY 2024-25 Approved Positions and Annual Salary Ranges effective July 1, 2024

3. FY 2024-25 Approved Positions and Annual Salary Ranges effective January 1, 2025

4. FY 2025-26 Approved Positions and Annual Salary Ranges effective July1, 2025

5. Eighth Contract Amendment to City Manager employment contract

Council Meeting Agenda- February 5, 2026

RESOLUTION NO. 2026-__

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF INDIAN WELLS

APPROVING AND ADOPTING REVISED PUBLICLY AVAILABLE PAY

SCHEDULES IN ACCORDANCE WITH CALPERS GUIDELINES
WHEREAS, the City of Indian Wells (“City”) contracts with the California Public Employees’ Retirement System (“CalPERS”) to provide retirement benefits to eligible employees; and WHEREAS, CalPERS provides pensions to eligible employees pursuant to the Public Employees’ Retirement Law, Government Code section 20000 et seq. (“PERL”) and the Public Employees’ Pension Reform Act (“PEPRA”); and
WHEREAS, CalPERS regulations require that employee salaries be included on a publicly available pay schedule as defined in California Code of Regulations, Title 2, section 570.5 for classic members and section 571.1 for new members; and
WHEREAS, sections 570.5 and 571.1 also require that the City’s salary schedules be approved by the City Council in accordance with public meeting laws; and WHEREAS, salaries for City employees which have been previously approved by the City Council in accordance with City policy and in compliance with applicable public meeting laws must be identified on a publicly available pay schedule; and WHEREAS, solely for the purpose of complying with sections 570.5 and 571.1, it has been determined that it is in the City’s best interest to have the publicly available pay schedules effective July 1, 2024, January 1, 2025 and July 1, 2025 revised and approved by the City Council.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF INDIAN WELLS RESOLVES AS FOLLOWS:

SECTION 1. The Recitals set forth above are true and correct and are incorporated into this Resolution by this reference.

SECTION 2. The City Council hereby approves the revised publicly available pay schedules effective July 1, 2024, January 1, 2025 and July 1, 2025, attached hereto as “Attachment 1.” SECTION 3. This Resolution shall take effect immediately upon its adoption.

ATTACHMENT # 1

Council Meeting Agenda- February 5, 2026

City of Indian Wells
Resolution No. 2026-__

PASSED, APPROVED, AND ADOPTED by the City Council pf the City of Indian Wells, California, at a regular meeting held on the 5th day of February 2026. ________________________________
DR. TOPER TAYLOR
MAYOR

CERTIFICATION FOR RESOLUTION NO. 2026-__

I, Angelica Avila, City Clerk of the City of Indian Wells, California, DO HEREBY CERTIFY that the whole number of the members of the City of Indian Wells is five; that the above and foregoing Resolution was duly and regularly passed and adopted at an regular meeting of the City of Indian Wells on the 5th day of February 2026, by the following vote:

AYES:

NOES:

ATTEST: APPROVED AS TO FORM:

__________________________ _______________________________

ANGELICA AVILA TODD LEISHMAN FOR

CITY CLERK BEST, BEST & KRIEGER LLP

CITY ATTORNEY

Council Meeting Agenda- February 5, 2026

POSITION RANGE
1 City Manager Contract $276,894 $346,118
2 Assistant City Manager 73 $204,066 $255,083
3 Finance Director 71 $194,233 $242,792
4 Public Works Director 71 $194,233 $242,792
5 Community Development Director 67 $175,966 $219,957
6 City Clerk 65 $167,487 $209,358
7 Assistant Finance Director 62 $155,528 $194,410
8 Assistant Public Works Director 62 $155,528 $194,410
9 Information Technology & Risk Manager 62 $155,528 $194,410 10 Administrative Services Manager 62 $155,528 $194,410 11 Building Official & Code Enforcment Mgr.58 $140,901 $176,126 12 Public Works Superintendent 49 $112,823 $141,029
13 Senior Management Analyst 47 $107,387 $134,234
14 Senior Planner 46 $104,768 $130,960
15 Accountant 42 $94,914 $118,643
16 Senior Executive Assistant to City Manager 42 $94,914 $118,643 17 Management Analyst 41 $92,599 $115,749
18 Public Works Inspector I 36 $81,844 $102,305
19 Management Assistant 35 $79,848 $99,810
20 Management Assistant 35 $79,848 $99,810
21 Permit Technician II 33 $76,001 $95,001
21a Permit Technician II*N/A $81,391 $98,933
22 Accounting Technician III/Payroll 32 $74,147 $92,684 23 Senior Administrative Assistant 31 $72,338 $90,423
24 Building Inspector I/Code Enforcment Officer 30 $70,574 $88,218 25 Accounting Technician II 29 $68,853 $86,066
26 Permit Technician I 29 $68,853 $86,066
27 Planning Technician I 29 $68,853 $86,066
28 Accounting Technician I 27 $65,535 $81,919
29 Administrative Assistant 27 $65,535 $81,919
30 Maintenance Worker II 22 $57,923 $72,404
31 Maintenance Worker II 22 $57,923 $72,404
32 Maintenance Worker I 18 $52,476 $65,595
33 Maintenance Worker I 18 $52,476 $65,595
34 Receptionist 18 $52,476 $65,595
*Hired on or before 2/17/22 $3,712,149 $4,637,381
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ATTACHMENT #2
City of Indian Wells
Approved Positions List w/ Annual Salaries and Ranges
Salaries for Fiscal Year 2024/25
Effective July 1, 2024

Council Meeting Agenda- February 5, 2026

POSITION RANGE
1 City Manager Contract $290,739 $363,424
2 Assistant City Manager 73 $204,066 $255,083
3 Finance Director 71 $194,233 $242,792
4 Public Works Director 71 $194,233 $242,792
5 Community Development Director 67 $175,966 $219,957
6 City Clerk 65 $167,487 $209,358
7 Assistant Finance Director 62 $155,528 $194,410
8 Assistant Public Works Director 62 $155,528 $194,410
9 Information Technology & Risk Manager 62 $155,528 $194,410 10 Administrative Services Manager 62 $155,528 $194,410 11 Building Official & Code Enforcment Mgr.58 $140,901 $176,126 12 Public Works Superintendent 49 $112,823 $141,029
13 Senior Management Analyst 47 $107,387 $134,234
14 Senior Planner 46 $104,768 $130,960
15 Accountant 42 $94,914 $118,643
16 Senior Executive Assistant to City Manager 42 $94,914 $118,643 17 Management Analyst 41 $92,599 $115,749
18 Public Works Inspector I 36 $81,844 $102,305
19 Management Assistant 35 $79,848 $99,810
20 Management Assistant 35 $79,848 $99,810
21 Permit Technician II 33 $76,001 $95,001
21a Permit Technician II*N/A $81,391 $98,933
22 Accounting Technician III/Payroll 32 $74,147 $92,684 23 Senior Administrative Assistant 31 $72,338 $90,423
24 Building Inspector I/Code Enforcment Officer 30 $70,574 $88,218 25 Accounting Technician II 29 $68,853 $86,066
26 Permit Technician I 29 $68,853 $86,066
27 Planning Technician I 29 $68,853 $86,066
28 Accounting Technician I 27 $65,535 $81,919
29 Administrative Assistant 27 $65,535 $81,919
30 Maintenance Worker II 22 $57,923 $72,404
31 Maintenance Worker II 22 $57,923 $72,404
32 Maintenance Worker I 18 $52,476 $65,595
33 Maintenance Worker I 18 $52,476 $65,595
34 Receptionist 18 $52,476 $65,595
$3,712,149 $4,637,381
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ATTACHMENT #3
City of Indian Wells
Approved Positions List w/ Annual Salaries and Ranges
Salaries for Fiscal Year 2024/25
Effective January 1, 2025

Council Meeting Agenda- February 5, 2026

POSITION RANGE
1 City Manager Contract $298,007 $372,509
2 Assistant City Manager 73 $209,168 $261,460
3 Finance Director 71 $199,089 $248,861
4 Public Works Director 71 $199,089 $248,861
5 Community Development Director 67 $180,365 $225,456
6 City Clerk 65 $171,674 $214,592
7 Assistant Finance Director 62 $159,416 $199,270
8 Assistant Public Works Director 62 $159,416 $199,270
9 Information Technology & Risk Manager 62 $159,416 $199,270 10 Administrative Services Manager 62 $159,416 $199,270 11 Building Official & Code Enforcment Mgr.58 $144,423 $180,529 12 Public Works Superintendent 49 $115,644 $144,555
13 Senior Management Analyst 47 $110,071 $137,589
14 Senior Planner 46 $107,387 $134,234
15 Accountant 42 $97,287 $121,609
16 Senior Executive Assistant to City Manager 42 $97,287 $121,609 17 Management Analyst 41 $94,914 $118,643
18 Public Works Inspector I 36 $83,890 $104,863
19 Management Assistant 35 $81,844 $102,305
20 Management Assistant 35 $81,844 $102,305
21 Management Assistant 35 $81,844 $102,305
22 Management Assistant 35 $81,844 $102,305
23 Permit Technician II 33 $77,901 $97,376
24 Permit Technician II 33 $77,901 $97,376
25 Accounting Technician III/Payroll 32 $76,001 $95,001 26 Building Inspector I/Code Enforcment Officer 30 $72,338 $90,423 27 Accounting Technician II 29 $70,574 $88,218
28 Permit Technician I 29 $70,574 $88,218
29 Accounting Technician I 27 $67,173 $83,967
30 Maintenance Worker II 22 $59,372 $74,214
31 Maintenance Worker II 22 $59,372 $74,214
32 Office Assistant 19 $55,132 $68,915
33 Maintenance Worker I 18 $53,788 $67,235
34 Maintenance Worker I 18 $53,788 $67,235
$3,883,458 $4,775,769

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ATTACHMENT #4
City of Indian Wells
Approved Positions List w/ Annual Salaries and Ranges
Salaries for Fiscal Year 2025/26
Effective July 1, 2025

Council Meeting Agenda- February 5, 2026

CITY OF INDIAN WELLS

EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT
This Eighth Amendment to the Employment Agreement – City Manager (“Eighth Amendment”), effective February 5, 2026 (“Effective Date”), is between the City of Indian Wells (the “City”) and Chris Freeland (the “Employee” or “Manager”).

Except as modified in this Eighth Amendment and the preceding First, Second, Third, Fourth, Fifth, Sixth, and Seventh amendments, the Employment Agreement dated May 2, 2019 (“Agreement”) between the City and the Employee remains in full force and effect, except as provided herein.

For mutual consideration, hereby acknowledged, the parties to this Eighth Amendment agree to the following changes and clarifications, which shall supersede the language of previous amendments and the Agreement:

1.Manager received a 5-percent (2.5% COLA and 2.5% Merit Increase) increase to the base salary, effective July 1, 2025.

2.Manager received a 5-percent (5% COLA) increase to the base salary, effective January 1, 2025.

3.Manager received a 5-percent (5% COLA) increase to the base salary, effective July 1, 2024.

4.Manager shall be subject to the City’s merit-based pay program for unrepresented employees when provided with merit or performance-based salary increases.

5. 5. Subject to the annual approval of the City Council, Manager shall be eligible for a merit-based pay salary increase as movement through their respective salary range, not to exceed five percent (5%) every twelve (12) months, consistent with the unrepresented executive employee group. Additionally, any increases above five percent (5%), up to the maximum defined City Manager salary, must be recommended by City Council, for exemplary performance or in recognition of unusual circumstances. An increase above five percent (5%) must then be ratified by the City Council. In all cases, a staff report supporting the request for Council approval of an increase above five percent (5%) shall describe the nature of the exemplary performance or unusual circumstances.”
(Signatures on following page)
ATTACHMENT #5

Council Meeting Agenda- February 5, 2026

IN WITNESS WHEREOF, the parties have executed this Agreement as indicated below.

CITY OF INDIAN WELLS
___________________________________
By: Dr. Toper Taylor, Mayor

CHRISTOPHER FREELAND
______________________________________
By: Dr. Christopher Freeland
ATTEST:
____________________________________
Angelica Avila, MMC
City Clerk
APPROVED AS TO FORM:
______________________________
Todd R. Leishman, for
Best Best & Krieger, LLP
City Attorney

Council Meeting Agenda- February 5, 2026

INDIAN WELLS CITY COUNCIL
February 5, 2026

To: City Council
From: City Manager Department
Prepared by: Eric Ceja, Assistant City Manager
Subject: Council Member Whitman Request for Consideration of Inclusion of a “Resident Impact Statement” to City Council Staff Reports

RECOMMENDED ACTIONS:

Council DISCUSSES and PROVIDES direction on Council Member Whitman’s request to include a “Residential Impact Statement” for future City Council staff reports; and

FINDS the project to be exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to Section 15378.

DISCUSSION :

Pursuant to Section 3.01.030 “Placing Items on the Agenda” of the City Council Policy Manual, Council Member Whitman has made a request that the City Council discuss the inclusion of a “residential impact statement” to future City Council staff reports . This request was made at the December 4, 2025, City Council meeting and received support from the majority of the Council for further consideration.

Council Member Whitman’s proposal would add a new header to City Council staff reports requiring staff to explicitly identify potential impacts to residents based on proposed policy actions of the City Council. The intent of City Council staff reports is to provide the City Council and public with clear information so that the City Council can make a well- informed decision on behalf of the community. These staff report already include:
 Background and history of the subject matter
 Analysis of impacts of proposed City Council actions,  Provide options for City Council’s consideration.
 Provide professional recommendations from staff and legal counsel, In addition, these staff reports facilitate procedural and legal requirements, promote transparency and public understanding, and create a public record.

Council Meeting Agenda- February 5, 2026

In review of other Coachella Valley cities, no other city contains a specific “resident impacts statement.” In addition, staff believe that the information contained in existing City Council staff reports identifies potential impacts of Council actions. As such, staff is concerned that a resident impact statement contained in a staff report could be considered subjective and could be politicized, depending on which side of a policy issue an individual is on. By maintaining neutrality and presenting facts and options for City Council’s consideration, staff avoid being put in a position whereby resident impacts are understated, ignored, or overstated; potentially leading to frustration and dispute due to its subjective nature.

OPTIONS:

The City Council has the following options:

1. Instruct staff to include a “Resident Impact Section” on future staff reports;

2. Decide not to include a “Resident Impact Section” on future staff reports; or

3. Provide alternative direction.

CITY COUNCIL STRATEGIC GOAL:

The discussion of a residential impact statement does not implement any of the City Council’s Strategic Goals.

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. (15061(b)(3).) “

Council Meeting Agenda- February 5, 2026