To:
CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
FROM:
Honorable Mayor and Council Members
Trevor Agrelius, Finance Director
February 17, 2026 DATE:
SUBJECT: Fiscal Year 2025-2026 Mid-Year Budget Review
RECOMMENDATION
Staff recommends that the City Council approve the following:
1. Allocate the $2.8 million Fiscal Year 2024-2025 surplus as follows:
a. $1.15 million to the Capital Improvements Project Fund to address the City's street infrastructure.
b. $500,000 to the Capital Improvements Project Fund for building improvements at City owned facilities.
c. $1.15 million to the reserve for Infrastructure Replacement , and Deferred Maintenance;
2. Approve the proposed changes to the Investment Policy; and,
3. Approve Resolution 2026-1521, Authorizing the Examination of Sales or Transactions and Use Tax Records.
BACKGROUND
At the June 3, 2025, City Council meeting, the City Council adopted the first two-year budget for the City, which included balanced budgets for both Fiscal Years 2025-2026 and 2026-2027. At that time, the adopted budget for Fiscal Year 2025-2026 included estimated General Fund revenues and transfers in of $56.5 million and expenditures and transfers out of $56.1 million, resulting in an estimated General Fund reserve balance of $50.3 million. This report provides an update on the completed FY 2024-2025 audited results and the status of the current 2025-2026 budget.
ANALYSIS
The Fiscal Year 2025-2026 operating revenues and expenditures are tracking as projected, leaving the City in an excellent financial position. With the completion of the external audit for Fiscal Year 2024-2025, the General Fund has a year-end surplus of $2.8 million. Staff recommends allocating the budget surplus to the City's Capital Improvement Project Fund and the City's reserve for Infrastructure Replacement, and Deferred Maintenance.
Fiscal Year 2024-2025 Surplus
The FY 2024-2025 surplus is $2.8 million. The table below shows the recommended allocation of these funds:
Program Area Surplus Allocation
Capital Improvement Fund $1.15 million
BuildinQ Improvements $500,000
Infrastructure, Replacement & Deferred
Maintenance Reserve $1.15 million
As the City ended the year with a surplus, it is prudent to utilize a portion of those funds to provide additional funding for the City's future capital improvement needs. Staff recommends allocating $1.15 million to the CIP fund.
Investing in the maintenance needs of facilities extends their useful life and reduces long term costs by preventing more significant repairs. In order to maintain high-quality facilities, staff recommends allocating $500,000 of the Fiscal Year 2024-2025 surplus to improving building assets.
Lastly, as has been the case historically, the City practices sound financial stewardship and deposits surplus funds into the City's reserves. Staff recommends that $1.15 million be deposited into the City's reserve for Infrastructure, Replacement, and Deferred Maintenance.
Investment Policy
Although the City's investment portfolio generates substantial returns and performs at a high level, staff continue to evaluate the portfolio and the Investment Policy to ensure the City will be able to meet future needs. As the City recently began working with Wells Fargo Bank investment advisors, some minor changes to the policy have been recommended. The changes identified in Attachment A are included in the red-lined version of the policy. The recommended changes are in line with the conservative nature of the current policy but allow the City to have options to invest in fiscally strong state and local agencies to capture additional yield. These changes were discussed at the most recent Investment, Banking, and Audit Committee meeting in January, and the Committee unanimously recommended these changes to the City Council. The recommended changes are as follows:
• Section G.3. - Municipal securities have been added to the policy. This inclusion will permit the City to invest in obligations of all fifty states in the United States, along with any local agency within the state of California as long as that state or local agency has received a rating of at least "A" or its equivalent by at least one nationally recognized statistical rating organization. The "A" rating is listed as "investment grade" securities per the S&P Global website, as listed below. An "A" rated agency has a "strong capacity to meet financial commitments". Investments in these securities will be limited to a maximum of five years, with no more than 25% of the portfolio and 5% per issuer. This is more conservative than the state guidelines for these securities, which do not place maximums on either the percent of the portfolio or amounts per issuer.
S&PGlobal
INVESTMENT GRADE
AAA---- AA------ A-----
Extremely strong
capacity to
meet in nc1al commitments
Very strong capacity to meet
1nanc1al comm Itmen s
Strong capacI y to meet
nancIal comm1tmen ,
but somewhat susceptib le
to eco omIc conditions
and changes in ctrcumstances
BBB
Adeq ate capacity to meet
financial comm, ments.
but more subiect to adverse
economic cond itions
• Remove the Orange County Investment Pool (OCIP) as a permitted investment and references to OCIP in the policy. The Orange County Board of Supervisors adjusted the policy guidelines at the end of Fiscal Year 2024-2025, and Cities are no longer eligible to invest in OCIP.
Examination of Sales or Transactions and Use Tax Records The City utilizes consultants to analyze sales and use tax records for the City. The main benefit the City receives from these services is access to summarized confidential data from the California Department of Tax and Fee Administration (CDTFA). The City is provided with various analyses and projections that are vital to the City's budget process.
As is the case throughout the City, staff continues to look for better data and more efficient processes . The City has identified ZacTax as a supplemental solution for analyzing the City's sales and use tax records, offering a comprehensive package that includes access to their proprietary sales tax software that will assist City staff in sales tax analysis.
The City contracts with the CDTFA to collect sales and use taxes on the City's behalf.
The CDTFA considers those records confidential and requires the City to adopt a resolution authorizing the release of data to third parties. Resolution No. 2026-1521 has been drafted in conjunction with the CDTFA and grants ZacTax all necessary authorizations (Attachment B).
LEGAL REVIEW
The City Attorney's Office has reviewed and approved Resolution No. 2026-1521 as to form.
FISCAL IMPACT
Budget Update
With the adoption of these recommendations, the amended General Fund budget for Fiscal Year 2025-2026 will be as follows:
General Fund
Updated Fiscal Year
2025-2026 Projections
Revenues $ 59,278,039
Expenditures (54,607,351}
Transfers Out {CIP Fund) (4,578,830)
Estimated General Fund revenues total $59.3 million, with General Fund expenditures remaining at $54.7 million. Transfers Out to the CIP fund are now $4.6 million. Based on these figures, the General Fund is projected to have a fund balance of $53.4 million at June 30, 2026.
General Fund Reserves
GENERAL FUND RESERVES
Estimated Balance
Description of Reserves/Fund Balance at June 30, 2026
Non-Spendable - Deposits and Prepaid Items $ 224,855
Restricted - Pension Liability - 115 Trust 2,419,141
Committed
Financial and Economic Uncertainty 15,000,000
Compensable Accrued Unused Vacation and Sick Leave 192,928 Other Post-Employment Benefits (OPEB) 962,187
Infrastructure Replacement and Deferred Maintenance 34,316,357 Assigned - Departmental Operations 285,096
TOTALS $ 53,400,564
The City's Financial Reserves Policy requires the City to maintain a minimum of 50% of operating expenditures in reserve. With the inclusion of this mid-year budget update, the projected fund balance in the General Fund at June 30, 2026, is $53.4 million. Based on the budgeted General Fund operating expenditures of $54.6 million, this equates to
97.8% of projected Fiscal Year 2025-2026 operating expenditures, easily meeting the minimum reserve target in the City's Financial Reserves Policy, and continues to leave the City in excellent financial position.
CONCLUSION
The mid-year budget update demonstrates that the City is still "Excelling in Every Endeavor" by executing the operating budget efficiently, while completing capital projects, consistently achieving operating surpluses, and planning for a fiscally sustainable future by increasing the City's reserves. The City's strong financial policies and fiscally responsible leadership continue to serve the City well.
Staff recommends that the City Council approve the following:
1. Allocate Fiscal Year 2024-2025 surplus as follows :
a. $1 ,125,000 to the Capital Improvements Project Fund to address the City's street infrastructure.
b. $500,000 to the Capital Improvements Project Fund for building improvements at City owned facilities .
c. $1 ,169,413 to the reserve for Infrastructure Replacement , and Deferred Maintenance;
2. Approve the proposed changes to the Investment Policy; and,
3. Approve Resolution 2026-1521, Authorizing the Examination of Sales or Transactions and Use Tax Records.
~ sg~
Tamara S. Letourneau
City Manager
Attachments:
A. Redlined Version of Investment Policy
B. Resolution 2026-1521
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( ,, ~
Trevor Agrelius
Finance Director
ATTACHMENT A
Redlined Version of Investment Policy
CITY INVESTMENT POLICY
A. Purpose
COUNCIL POLICY
Adopted: 12/5/1995
Last Update: 6/4/2024
The purpose of the City's Investment Policy is to provide guidelines and limitations for the responsible management of the City's funds that are available for investment.
B. Scope
This investment policy applies to all financial assets of the City, including all cash and investments accounted for in the following funds:
• General Fund
• Special Revenue Funds
• Capital Projects Funds
• Internal Service Funds
• Trust and Agency Funds
• Debt Services Funds
• Any new fund created by the City Council
C. Policy
It is the policy of the City of Laguna Niguel to invest public funds in a manner which will provide the maximum security of principal consistent with a market rate of return while meeting the cash flow needs of the City and conforming to all applicable State and City statutes governing the investment of public funds. Every effort will be made to match investment maturities to cash flow needs.
D. Objectives
The primary objectives, in priority order, of the City of Laguna Niguel's investment activities shall be:
1. Safety: Safety of principal is the foremost objective of the City. Investments of the City shall be undertaken in a manner that seeks to ensure the preservation of the capital in the overall portfolio.
2. Liquidity: The City's investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated.
1 of 8
3. Return on Investment: The City's investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the City's investment risk constraints and the cash flow characteristics of the portfolio. The average return on the State Treasurer's Local Agency Investment Fund shall be considered the City's benchmark for conservative investment transactions, and shall constitute the performance standard for the City portfolio's rate of return.
E. Prudence
The standard of prudence to be used in the investment function shall be the "prudent investor standard", as defined in Government Code Section 53600.3, which states: "When investing , reinvesting , purchasing , acquiring , exchanging , selling , or managing public funds , a trustee shall act with care, skill, prudence , and diligence under the circumstances then prevailing , including , but not limited to, the general economic conditions and the anticipated needs of the agency , 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 agency . Within the limitations of this section and considering individual investments as part of an overall strategy , investments may be acquired as author ized by law."
F. Delegation of Authority
The City Treasurer is designated as the investment officer of the City, and is responsible for investment management decisions and activities. All investment transactions shall be authorized by the City Treasurer. This annual delegation of authority is subject to renewal by the City Council pursuant to Government Code Section 53607.
G. Authorized Investments and Limitations
Investment or deposit of City funds shall be governed by Government Code Sections 53600 and 53630 et. seq., and shall be further limited to the following authorized investments and instruments:
1. United States Treasury Bills, Notes and Bonds
Maximum Amount: No limit
Maximum Maturity: A maximum of $15 million (or the balance in the City's CITY INVESTMENT POLICY 2 of 8 COUNCIL POLICY
ADOPTED 6/4/2024
Reserve for Financial and Economic Uncertainty) may be invested for up to ten years from date of purchase; otherwise five years from date of purchase
2. Direct Obligation Federal Agency
Government-Sponsored Enterprise
Government Code Section 53601 (f))
Securities
Obligations
or United States
(allowable under
Securities of the following Federal agencies/Government-Sponsored Enterprises (GSE's) are permitted investments: Federal Home Loan Bank, Federal Farm Credit Bank, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation.
Maximum Amount: 60%
Maximum Maturity: Five years from date of purchase
Maximum Issuer Limit: 25%
3. Municipal Securities (allowable under Government Code Section 53601 (c fill
Includes obligations of the State of California, any of the other 49 states, and any local agency within the State of California. Securities eligible for investment under this section shall be rated in a rating category of "A" or its equivalent or better by at least one nationally recognized statistical rating organization ("NRSRO")
Maximum Amount: 25%
Maximum Maturity: Five years from date of purchase
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3.4-=--State of California Local Agency Investment Fund The Local Agency Investment Fund (LAIF) is a voluntary investment alternative for California's local governments and special districts authorized by the California Government Code. The LAIF is managed by the State Treasurer's Office with oversight by the Local Agency Investment Board.
All securities in LAIF are purchased under the authority of Government Code Sections 16430 and 16480.8. The State Treasurer's Office purchases all securities on a delivery versus payment basis using a third-pa rty custodian.
CITY INVESTMENT POLICY 3 of 8 COUNCIL POLICY
ADOPTED 6/4/2024
----{ Formatted : Indent: Left : 0.75", No bullets or numbering ----{ Formatted: Indent : Left: l "
All investments are purchased at market, and market valuation is conducted monthly.
The LAIF is part of the State Treasurer's Pooled Money Investment Account (PMIA). The PMIA Investment Policy is guided by the goals of: (1) Portfolio safety/diversification; (2) Liquidity; and (3) Yield.
Maximum Amount Allowed: $40 million or 55% of the City's total investment portfolio, whichever is less.
4,L_ Collateralized or Insured Money Market Accounts and Demand Deposits with City's Primary Banks
Maximum Amount No limit
Maximum Maturity: Not applicable
6.-L_ lnsured Certificates of Deposit
The City may invest funds in FDIC insured certificates of deposit issued directly by banks or savings and loans chartered by the federal or California government. The City may also place funds directly with a commercial bank, savings bank, savings and loan association, or credit union that uses a private sector entity to assist in the placement of certificates of deposit as authorized by California Government Code Section 53601.8.
Maximum Amount: 30%
Maximum Maturity Value per Institution for investments maturing is $250,000 or the lesser of the current FDIC insured limit.
Maximum Maturity: Five years from date of purchase
6.-L..._Money Market Mutual Funds
Investment in money market mutual funds shall be limited to investments in U S. Treasury Securities only.
Maximum Amount 20%
Maximum per Investment: 10%
7. Orange County Investment Pool
CITY INVESTME NT POLICY 4 of 8 COUNCIL POLICY
ADOPTED 6/4/2024
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Formatted: Indent: Left: 0.5'', First line: 0.25"
As provided fer in Califernia Ge¥ornment Gedo Soctien 53684, the lecal agency may in1,est excess funds which are net required for immediate use.
The Orange Ceunty ln¥ostmont Peel (OCIP) is a peeled fund managed by the Orange Ceunty Treasurer pursuant te California Ge¥ernmont Gedo Sectien 53601 and 53635 with e11ersight from the Ceunty's Treasury Oversight Cemmittee. All securities in the OCIP are held by a third party custodian.
Maximum Ameunt Allowed: $40 million er 56% of the City's tetal investment pertfolie, whiche¥er is less.
8. California Asset Management Program Pool
The California Asset Management Program (CAMP) was established in 1989 as a Joint Powers Authority to provide California public agencies with professional investment services. PFM Asset Management LLC serves as CAM P's Program Administrator and is a registered investment advisor with the Securities and Exchange Commission. The pool's objective is to earn a high rate of return while preserving principal, providing liquidity. The Pool is managed to maintain a dollar-weighted average portfolio maturity of 60 days or less and seeks to maintain a constant net asset value (NAV) per share of $1 .00. The fund holds an AAAm rating with Standard & Poor's rating agency.
The CAMP pool is permitted as an investment for all local agencies under California Government Code Section 53601 (p). CAMP is directed by a Board of Trustees, which is made up of experienced local government finance directors and treasurers.
Maximum Amount Allowed: $10 million or 20% of the City's total investment portfolio, whichever is less.
9. Section 115 Pension Trust
The City may invest funds in a Section 115 Pension Trust. The City may invest Pension Trust funds in mutual funds, as allowed under Government Code Sections 53601 (I) and 53601.6(b).
Maximum Amount: 20% of the City's investment portfolio
Limitation on investments as identified under this section will apply to the City's investment portfolio at all times. If for any reason, an investment exceeds a stated limitation, the City has 90 days in which to bring the investment portfolio back into CITY INVESTMENT POLICY 5 of 8 COUNCIL POLICY
ADOPTED 6/4/2024
compliance.
H. Portfolio Diversification
It is the policy of the City to diversify its investment portfolio. Invested funds shall be diversified to minimize the risk of loss resulting from over concentration of assets in a specific maturity, specific issuer, specific financial institution, or specific class of securities.
I. Mitigation of Market Risk
In order to minimize market risk and eliminate reliance on interest rate forecasting, it is the policy of the City to structure its investment portfolio as a maturity ladder.
The City shall use LAIF, GG+P,CAMP, and other short-term investments, with a maturity of one year or less, to maintain sufficient liquidity to meet the City's short term operating, capital and contingency requirements. As a general guideline, the balance of the portfolio should be invested in, and evenly distributed between, instruments with maturities of one to five years, unless in the opinion of the Investment, Banking and Audit Committee, City staff, and/or professional investment advisors, economic circumstances and/or the interest rate environment warrant an alternative investment approach. Specific instruments may be purchased to meet identified and scheduled capital expenditures.
J. Prohibited Investments
The following investments are prohibited by City investment staff; provided, however, that this provision shall not be construed as a prohibition on investment in the LAIF, GG+P,and CAMP investment pools
1. Any form of leveraging or purchase of derivative instruments
2. Any investment issued by the Government National Mortgage Association
3. Any mortgage pass-through security, collateralized mortgage obligation mortgage-backed or other pay-through bond
4. Any inverse floaters
5. Any range notes
6. Any interest-only strips
K. Authorized Securities Broker/Dealers
The City shall maintain a listing of financial institutions, which have been approved by the City Council for investment purposes. All approved securities CITY INVESTMENT POLICY 6 of 8 COUNCIL POLICY
ADOPTED 6/4/2024
broker/dealers shall be primary dealers designated by the Federal Reserve Bank of New York.
Before engaging in investment transactions with an approved broker/dealer, the City shall have received from said firm a signed certificate form. The document will certify that the firm has reviewed the City's Investment Policy and agrees to disclose potential conflicts or risks to public funds that might arise out of business transactions between the firm and the City. All financial institutions shall agree to undertake reasonable efforts to preclude imprudent transactions involving the City's funds.
L. Use of Professional Investment Managers
The City Treasurer, with approval from the City Council, may employ the services of professional investment managers to assist in the management of the City's investment portfolio. Such managers may be granted the discretion to purchase and sell investment securities in accordance with this Investment Policy. Such managers shall have: ( 1) an established professional reputation for asset or investment management; (2) knowledge and working familiarity with State and Federal laws governing and restricting the investment of public funds; (3) substantial experience providing investment management services to local public agencies whose investment policies and portfolio size are similar to those of the City; and (4) professional liability (errors and omissions) insurance and fidelity bonding in such amounts as are required by the City. Such managers shall be registered under the Investment Advisers Act of 1940. Such managers shall only be retained by written agreement with the City, and approved by the City Council. Professional service proposals shall be solicited from at least three (3) qualified persons or firms in accordance with the City's purchasing policies and procedures. A professional investment manager may only be granted discretion to purchase and sell securities if the City Treasurer exercises prudence in the selection of the manager, imposes suitable safeguards to prevent abuse in the exercise of discretion by the manager, and remains responsible for any investment decisions made by the manager with respect to the funds of the applicable local agency.
M. Use of Independent Investment Advisors
The City Council may retain the services of an independent investment advisor to review the investment program from time to time. The adviser will review compliance with policies and procedures, independently calculate the market CITY INVESTMENT POLICY 7 of 8 COUNCIL POLICY
ADOPTED 6/4/2024
value of the City's holdings, report on overall portfolio risk exposure and investment results, and make recommendations, if needed, regarding investment strategy or any aspect of the investment program
N. Competitive Bids
A minimum of two offers or quotations will be obtained prior to the completion of investment transactions with authorized financial institutions. This does not apply to authorized investment pools.
0. Safekeeping and Custody
All investment securities purchased by the City, or by a professional investment manager for the City, shall be held in third-party safekeeping by a custodial financial institution, as permitted under Government Code Section 53608.
Securities held will be evidenced by safekeeping receipts. All security transactions shall be conducted on a delivery-versus-payment (DVP) basis.
CITY INVESTMENT POLICY 8 of 8 COUNCIL POLICY
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P. Internal Controls
The City shall establish a system of written internal control policies and procedures, which shall be reviewed annually by the independent auditor. The controls shall be designed to prevent loss of public funds due to fraud, error, misrepresentation, unanticipated market changes or imprudent actions.
Q. Reporting
The City Treasurer shall submit monthly investment reports to the City Council.
The report shall be provided to the City Council within thirty (30) days, or the next available City Council meeting, following the end of the month covered by the report. The report shall contain a summary of investment transactions including: investment types, percent of portfolio, yield, purchase date, maturity date, issuer or institution, par and dollar amount invested, market value, source of market valuation, the portfolio's average weighted yield and maturity, and a description of any local agency funds or investments under the management of contracted parties.
The report shall include a statement of compliance of the portfolio to this Investment Policy, or the manner in which the portfolio is not in compliance.
The report shall include a statement denoting the ability of the City to meet its expenditure requirements for the next six months, or provide an explanation as to why sufficient money shall, or may, not be available.
The report shall include a copy of the corresponding monthly report or statement from the City's third partythird-party safekeeping custodial bank.
If the City has any money invested in the LAIF and QGULCAMP investment pools, the report shall include a copy of the most recent report or statement from the investment pool(s).
R. Investment Policy Review
The City's Investment Policy shall be reviewed and adopted by the City Council on an annual basis. Prior to City Council review and adoption, the policy shall be reviewed by the City Investment, Banking and Audit Committee, which shall recommend any modifications that it deems appropriate.
CITY INVESTMENT POLICY 9 of 8 COUNC IL POLICY
ADOPTED 6/4/2024
ATTACHMENT B
Resolution 2026-1521
RESOLUTION NO. 2026-1521
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAGUNA NIGUEL,
CALIFORNIA, AUTHORIZING THE EXAMINATION OF SALES OR
TRANSACTIONS AND USE TAX RECORDS
WHEREAS , pursuant to Laguna Niguel Municipal Code Section 3-3-5, Ord. No. 90-9, § 2(3.21 .050), 1-16-90 of the City of Laguna Niguel (City) entered into a contract with the California Department of Tax and Fee Administration (Department) to perform all functions incident to the administration and collection of local sales and use taxes; and, WHEREAS , the City deems it desirable and necessary for authorized officers, employees, and representatives of the City to examine confidential sales or transactions and use tax records of the Department pertaining to sales or transactions and use taxes collected by the department pursuant to that contract; and, WHEREAS , Section 7056 of the California Revenue and Taxation Code sets forth certain requirements and conditions for the disclosure of Department records, and Section 7056.5 of the California Revenue and Taxation Code establishes criminal penalties for the unlawful disclosure of information contained in, or derived from, the sales or transactions and use tax records of the Department.
NOW, THEREFORE, the City Council of the City of Laguna Niguel does hereby resolve, find, determine, and order as follows:
Section 1: That the City Manager or other officer or employee of the City designated in writing by the City Manager to the Department is hereby appointed to represent the City with authority to examine sales or transactions and use tax records of the Department pertaining to sales or transactions and use taxes collected for the City by the Department pursuant to the contract between the City and the Department. The information obtained by examination of the Department records shall be used only for purposes related to the collection of the City's sales or transactions and use taxes by the Department pursuant to the contract.
Section 2: That the City Manager or other officer or employee of the City designated in writing by the City Manager to the Department is hereby appointed to represent the City with authority to examine those sales or transactions and use tax records of the Department for purposes related to the following governmental functions of the City:
a) Budget Development;
b) Revenue Analysis and Forecasting;
c) Economic Development;
d) Economic Analysis; and
e) Strategic Planning and Innovation
The information obtained by examination of Department records shall be used only for those governmental functions of the City listed above.
Section 3: That eight20 consulting (OBA ZacTax), a Texas limited liability company located at 141 Ethan Drive, Hudson Oaks, Texas, 76087, is hereby designated to examine the sales or transactions and use tax records of the Department pertaining to sales or transactions and use taxes collected for the City by the Department. The person or entity designated by this section meets all of the following conditions, which are also included in the contract between the City and ZacTax:
a) Has an existing contract with the City to examine those sales or transactions and use tax records;
b) Is required by the contract to disclose information contained in, or derived from those sales or transactions and use tax records only to the officer or employee authorized under Section 1 (or Section 2) of this resolution to examine the information;
c) Is prohibited by that contract from performing consulting services for a retailer during the term of that contract;
d) Is prohibited by the contract from retaining the information contained in, or derived from those sales or transactions and use tax records after that contract has expired.
BE IT FURTHER RESOLVED that the information obtained by examination of Department records shall be used only for purposes related to the collection of City's sales or transactions and use taxes by the Department pursuant to the contracts between the City and Department and for those purposes relating to governmental functions of the City listed in Section 2 of this resolution.
PASSED, APPROVED AND ADOPTED this 17th day of February 2026.
Gene Johns, Mayor
ATTEST:
Marissa J. Asistin, City Clerk