This meeting will be held via teleconference only in order to reduce the risk of spreading COVID-19 and pursuant to AB 361 and the County of Los Angeles Public Health Officer’s Order (revised September 22, 2022). All votes taken during this teleconference meeting will be by roll call vote, and the vote will be publicly reported.
HOW TO VIEW THE MEETING: No physical location from which members of the public may observe the meeting and offer public comment will be provided. Please view the meeting, which will be live streamed at https://malibucity.org/video and https://malibucity.org/VirtualMeeting.
HOW TO PARTICIPATE BEFORE THE MEETING: Members of the public are encouraged to submit email correspondence to [email protected] before the meeting begins.
HOW TO PARTICIPATE DURING THE MEETING: Members of the public may also speak during the meeting through the Zoom application. You must first sign up to speak before the item you would like to speak on has been called and then you must be present in the Zoom conference to be recognized.
Please visit https://malibucity.org/VirtualMeeting and follow the directions for signing up to speak and to download the Zoom application.
Malibu City Council
Administration and Finance Subcommittee
Special Meeting Agenda
(to be held during COVID-19 emergency)
Wednesday, February 15, 2023
1:00 P.M.
Various Teleconference Locations
YOU MAY VIEW THIS MEETING LIVE OVER THE INTERNET AT
MALIBUCITY.ORG/VIDEO
Mayor Bruce Silverstein
Councilmember Doug Stewart
Call to Order
Roll Call
Approval of Agenda
Report on Posting of the Agenda – February 14, 2023
Administration and Finance Subcommittee
February 15, 2023 Special Meeting
1. Presentations
None.
2. Old Business
None.
3. New Business
A. Approval of Minutes – November 30, 2022
Recommended Action: Approve the minutes for the Administration and Finance Subcommittee Special meeting of November 30, 2022.
Staff Contact: Executive Assistant Linden, 456-2489, ext. 232 B. Fiscal Year 2022-23 Second Quarter Financial Report and Mid-Year Budget Amendments
Recommended Action: 1) Review Fiscal Year 2022-23 Second Quarter Financial Report; 2) Provide a recommendation to the City Council regarding Fiscal Year 2022-23 mid-year budget amendments; 3) Provide a recommendation to the City Council on adopting revised Authorized Positions and Salary Ranges for Fiscal Year 2022-23 and approving the Assistant City Clerk job specification.
Staff contact: Assistant City Manager Toney, 456-2489 ext. 224 C. Investment Report
Recommended Action: Review Investment Policy compliance and provide feedback to staff.
Staff contact: City Treasurer Quinto, 456-2489 ext. 224 Adjournment
I hereby certify under penalty of perjury, under the laws of the State of California, that the foregoing agenda was posted in accordance with the applicable legal requirements. Special meeting agendas may be amended up to 24 hours in advance of the meeting. Dated this 14th day of February 2023, at 12:30 p.m. ___________________________________
Mary Linden, Executive Assistant
Agenda Item 3.A.
Administration &
Finance Subcommittee
Special Meeting
02-15-23
Item 3.A.
Administration and Finance
Subcommittee Agenda Report
To: Mayor Silverstein and Councilmember Stewart
Prepared by: Mary Linden, Executive Assistant
Approved by: Steve McClary, City Manager
Date prepared: February 10, 2023 Meeting date: February 15, 2023 Subject: Approval of Minutes – November 30, 2022
RECOMMENDED ACTION: Approve the minutes for the Administration and Finance Subcommittee Adjourned Special meeting of November 30, 2022.
DISCUSSION: Staff has prepared draft minutes for the Administration and Finance Subcommittee Adjourned Special meeting of November 30, 2022, and hereby submits the minutes to the Subcommittee for approval.
ATTACHMENTS: Draft Minutes for the November 30, 2022 Administration and Finance Subcommittee Adjourned Special meeting
MINUTES
MALIBU ADMINISTRATION & FINANCE SUBCOMMITTEE
SPECIAL MEETING
NOVEMBER 30, 2022
TELECONFERENCED - VARIOUS LOCATIONS
2:00 P.M.
The following meeting was held pursuant to AB 361 and fully teleconferenced from various locations during the coronavirus disease (COVID-19) pandemic.
CALL TO ORDER
Councilmember Pierson called the meeting to order at 2:00 p.m.
ROLL CALL
The following persons were recorded in attendance:
PRESENT: Councilmember Mikke Pierson and Councilmember Steve Uhring ALSO PRESENT: City Manager Steve McClary; Assistant City Manager Joseph Toney; Elizabeth Shavelson, Deputy City Manager; Renée Neermann, Finance Manager; Media Technician Parker Davis; and Executive Assistant Mary Linden
APPROVAL OF AGENDA
MOTION Councilmember Uhring moved. and Councilmember Pierson seconded a motion to approve the agenda. The question was called, and the motion carried unanimously.
REPORT ON POSTING OF AGENDA
Executive Assistant Linden reported that the agenda for the meeting was properly posted on November 29, 2022.
ITEM 1 PRESENTATIONS
None.
ITEM 2 OLD BUSINESS
None.
ITEM 3 NEW BUSINESS
A. Approval of Minutes – November 16, 2022
Recommended action: Approve the minutes for the Administration and Finance Subcommittee Special meeting of November 16, 2022.
Malibu Administration and Finance Subcommittee
Special Meeting
Minutes of November 30, 2022
_________________________
MOTION Councilmember Uhring moved, and Councilmember Pierson seconded a motion to approve the minutes for the Administration and Finance Subcommittee Special meeting of November 16, 2022. The question was called, and the motion carried unanimously.
B. Fiscal Year 2021-2022 Fourth Quarter Financial Report Recommended Action: Review Fiscal Year 2021-2022 Fourth Quarter financial information.
Assistant City Manager Toney thanked the Finance team for their ongoing efforts to keep the City’s financial status in order and for their assistance in compiling the financial reports. He presented the report and highlighted accounts with significant numbers related to the budget.
In response to Councilmember Uhring, City Manager McClary stated Public Safety Director Dueñas and Lieutenant Chad Watters found savings for the City related to the Beach Team.
Assistant City Manager Toney stated the budget ended in a great position with an extremely healthy reserve balance as of the end of Fiscal Year 2021-2022.
Councilmember Uhring asked if the number of short-term rentals had increased.
Assistant City Manager Toney stated he would look into that but expected there was some increase as the pandemic restrictions eased.
Councilmember Pierson stated the number of short-term rentals had not increased as much as he had expected. He stated the transient occupancy tax (TOT) increase was working out well. He stated the upcoming increase in sales tax would be beneficial. He noted the significant decrease in salaries.
Councilmember Uhring and Councilmember Pierson commended staff for an excellent report.
Councilmember Pierson stated the Finance team had always been solid. He stated it made a big difference.
Councilmember Uhring commended Finance Manager Neermann and her team.
C. Fiscal Year 2022-2023 First Quarter Financial Report Recommended Action: Review Fiscal Year 2022-2023 First Quarter financial information.
Assistant City Manager Toney presented the report. He stated there were few modifications so far, as those usually began in the second quarter. He stated he Malibu Administration and Finance Subcommittee
Special Meeting
Minutes of November 30, 2022
_________________________
expected the major revenues of property tax, sales tax, and TOT to continue strong.
He stated the Transactions and Use Tax (TUT) increase would go into effect on April 1, 2023. He stated the conservative budgeting would continue into the upcoming fiscal year.
Councilmember Uhring discussed the impact of outdoor dining on sales tax revenues. He stated the possible change in that when the pandemic ends should be kept in mind when preparing future budgets.
Doug Stewart, Councilmember-elect, discussed his corporate experience with an emphasis on cash management. He discussed the $83 million in uninvested funds.
He suggested putting cash management tools back in place and reinvesting those funds. He stated projected reserves should be used for one-time expenditures or to pay down City debt.
Councilmember Uhring suggested Mr. Stewart talk with City Treasurer Quinto. He requested an update on the status of the new permitting software. Assistant City Manager Toney stated RFP responses were currently being reviewed.
Councilmember Pierson agreed that Mr. Stewart should talk with City Treasurer Quinto about the City’s positions and options for investment. He agreed with Mr.
Stewart that this might be a good time for certain one-time expenditures. He stated he was pleased revenue from the new sales tax increase would come to the City and not the County.
City Manager McClary discussed recent news that the State was projecting a potential $25 billion deficit in the coming year. He stated staff would watch that closely for potential impacts on the City. He stated City-specific revenues were secure.
ADJOURNMENT
MOTION At 2:30 p.m., adjourn the meeting. The question was called, and the motion carried unanimously.
Approved and adopted by the Administration and Finance
Subcommittee of the City of Malibu on _____________.
______________________________
STEVE UHRING, Councilmember
ATTEST:
_________________________________
MARY LINDEN, Executive Assistant
Agenda Item # 3.B.
Administration and Finance
Subcommittee Agenda Report
To: Mayor Silverstein and Councilmember Stewart
Prepared by: Joseph D. Toney, Assistant City Manager
Reviewed by: Renée Neermann, Finance Manager
Approved by: Steve McClary, City Manager
Date prepared: January 23, 2023 Meeting date: February 15, 2023 Subject: Fiscal Year 2022-23 Second Quarter Financial Report and Mid-Year Budget Amendments
RECOMMENDED ACTION: 1) Review Fiscal Year 2022-23 Second Quarter Financial Report; 2) Provide a recommendation to the City Council regarding Fiscal Year 2022-23 mid-year budget amendments; 3) Provide a recommendation to the City Council on adopting revised Authorized Positions and Salary Ranges for Fiscal Year 2022-23 and approving the Assistant City Clerk job specification.
FISCAL IMPACT: The Proposed Fiscal Year (FY) 2022-23 Mid-Year Budget Amendments total an increase of $6.97 million in General Fund Revenue and an increase of $1.66 in General Fund expenditures. The proposed amendments total an increase of $6.99 million in revenue over all funds and an increase of $1.70 in overall expenditures and maintain a balanced budget.
The budgeted General Fund Undesignated Reserve for June 30, 2022 is $57.4 million. As of December 31, 2022, the General Fund Undesignated Reserve is projected at $65.7 million for the year ending June 30, 2023. The City’s Projected General Fund Undesignated Reserve will be approximately 142.2% of the $46.2 million FY 2022-23 Amended operating budget and will exceed the 65% targeted reserve amount.
The Adopted Budget for FY 2022-23 included an estimated $1,564,000 in expenses attributable to the rebuilding efforts for the Woolsey Fire. The Proposed FY 2022-23 MidYear Budget Amendments include an addition of $50,000 to the budgeted amount. This amount does not include FEMA and CalOES related reimbursable expenses.
City Council Meeting
02-15-23
Item
3.B.
Agenda Item # 3.B.
WORK PLAN: This item was included as Item #6.c. in the Adopted Work Plan for Fiscal Year 2022-23.
DISCUSSION: The attached report provides revenue, expenditure and fund balance totals for the Second Quarter of Fiscal Year 2022-23 and the proposed mid-year budget amendments (Attachment 1).
The Revenues by Fund Report (pages A-1 through A-5) reflects General Fund revenues received of $23.8 million or 50.0% of the amended budgeted amount for the fiscal year.
Total revenue for all funds received through the second quarter is $28.0 million or 32.3% of the annual budgeted amount for the fiscal year. Many revenue sources are received on a quarterly or annual basis and, as such, will be reflected when the year-end report is presented. For example, property taxes are remitted by the County after they are paid by property owners in December and April; Property Tax - In Lieu payments typically come at the end of the year; and Transient Occupancy Tax - Private Rentals is remitted quarterly.
Therefore, this report only reflects payments made in October for the period of July through September. The second quarter payments will be received by the end of January and are not included in this report. Sales Tax is remitted quarterly to the State and then passed along to the City, so there is some lag in those receipts as well. Additionally, total City revenue includes grant reimbursements for Capital Improvement Projects (CIP) expenditures that are typically received at the end of the fiscal year.
The Expenditure by Fund Report (pages A-6 through A-9) reflects budget carryovers from FY 2021-22, as well as the appropriations approved by the City Council for the current fiscal year in the Amended Budget column. Budget Adjustments, Carryovers, Corrections and Council Appropriations total $1,960,304 through December 31, 2022. General Fund expenditures for the second quarter total $15.9 million or 34.4% of the Amended budgeted amount. Expenditures for all funds total $20.6 million or 22.4% of the Amended budgeted amount.
Projected Fund Balances for the fiscal year-end are reflected on page A-10. The projected Undesignated Fund Balance at June 30, 2023 includes all expenses appropriated by the Council as of December 31, 2022. The City ended FY 2021-22 with $57.4 million in the Undesignated General Fund Reserve. As of December 31, 2022, the projected General Fund Undesignated Reserve at June 30, 2023, is $65.7 million. In addition, the $6.5 million Council previously set aside for COVID-19 related impacts as a Designated Reserve for FY 2021-22 Operating Expenditures is projected to remain unspent and available to be designated for other purposes.
Impacts of Ongoing COVID-19 Pandemic
The COVID-19 pandemic is waning with the State of California ending the State of Emergency on February 28, 2023. It is anticipated that there will be little financial impact to Malibu going forward. The City’s major revenue sources continued the growth trends in
Agenda Item # 3.B.
the first six months of FY 2022-23 that were observed in FY 2021-22 with the economy reopening.
Status of Fee Waivers for Woolsey Fire Rebuilds
On November 8, 2021, the Council adopted Resolution No. 21-62, superseding and replacing Resolution No. 21-10, and directing the City Manager to waive certain fees related to the rebuilding of structures that were damaged or destroyed by the Woolsey Fire on a property used as a primary residence. The updated fee waiver requirements state that an application for fee waivers must be received by June 30, 2023; all required Planning Department applications for the project must be deemed complete by June 30, 2023; all required building permits must be pulled by December 30, 2023; and no fees will be waived beyond December 30, 2023.
The Adopted Budget for FY 2022-23 includes sufficient funding for the consultant services required to assist all remaining Woolsey Fire property owners and is not reliant on revenue from permit fees.
Mid-Year Budget Amendments
The Mid-Year Budget Amendments are detailed on pages A-11.
General Fund Revenue Amendments
Staff is recommending the following amendments to the General Fund revenue budget, which total a net increase of $6,971,000:
Current Year Secured Property Tax 1,360,000 Revised Property Tax projection Transient Occupancy Tax - Hotels and Motels 540,000 Increased to reflect higher than anticipated rentals Transient Occupancy Tax - Private Rentals 1,000,000 Increased to more accurately reflect short-term rental activity Sales and Use Tax 1,950,000 Increased per HDL forecast for sales tax and anticipated TUT Parking Occupancy Tax 200,000 Increased use of beach lots Parking Citations 467,000 Increased parking citations
Public Works Project Review Fees 133,000 Increased number of projects in review Building Permits 267,000 Increase in permits
Planning - Biology Review Fees 60,000 Increased number of projects in review Building Plan Check Fees 461,000 Increased number of projects in review Geo Soils Engineeering Fees 211,000 Increased number of projects in review Environmental Health Review Fees 201,000 Increased number of projects in review OWTS Operating Permit Fees 121,000 Increase in permits
Total General Fund Revenue 6,971,000
Agenda Item # 3.B.
General Fund Expenditure Amendment
The following amendments to the adopted expenditure budget are recommended. The General Fund expenditures total an increase of $1,663,328. Special Revenue increases $41,134. The General Fund Amendments are summarized below.
Personnel
The Adopted Budget for FY 2022-23 provides for a total number of 110.77 full-time equivalent positions (FTE) employees comprised of 97.5 full-time employees and 13.27 part-time employees. The City, as with most public and private entities, is experiencing hardships with filling vacant positions. The U.S. economy posted a 53.5 year low of 3.4% unemployment rate as of January 2023. The labor market is tight and Malibu is no exception to these challenges as the City currently has about 20 vacancies. This is an 18% vacancy rate, or nearly 1/5 of the workforce is unavailable, making operations very challenging. Human Resources is working expeditiously to recruit and fill positions.
Public Works - Street Maintenance 71,000 Maintenance Yard rent increase Public Works - Street Maintenance 33,000 Traffic striping on Las Flores Canyon Road Public Works - Street Maintenance 21,000 Point Dume sidewalk repairs Public Works - Street Maintenance 10,000 Repair electrical conduit at Malibu Canyon/Civic Center Way Public Works - Street Maintenance 10,000 Add'l street sweeping following 2023 storm events Public Works - Street Maintenance 20,000 Repairs to signal controller at Malibu Canyon Road Public Works - Street Maintenance 112,000 New City trash receptacles PW Subtotal 277,000
Park Maintenance Program - Parks Maintenance 25,000 Repairs to park amenities (playgrounds/benches/trashcans) Park Maintenance Program - Facilities Maintenance 25,000 Repairs/upgrades to the Charmlee Park residence trailer Park Maintenance Program - Leasehold Improvemen 15,000 Repairs/upgrades to Bluffs Park staff offices Park Maintenance Program - Equipment 30,000 Security upgrades to the Michael Landon Center Park Maintenance Subtotal 95,000
Public Safety - Professional Services 17,681 Everbridge annual contract Public Safety - Professional Services 21,000 To recognize actual cost of Oracle Virtual EOC License Public Safety - Professional Services 350,000 SMMC Hazard Tree Grant / Newbury Park Tree Services Public Safety - LA County Sheriff Services 172,442 To recognize actual cost of Sheriff's contract Public Safety - Other Equipment 69,955 Fire Safety Beacon Boxes (additonal purchase of 17 units) Public Safety Subtotal 631,078
Planning - Salaries/Overtime 25,000 Increase to staff overtime budget Planning - Coastal Development Permit Services 95,000 Biological peer reviews Planning Subtotal 120,000
Building Safety/Sustainability - Salaries 60,250 Reclassification of administrative employee positions, +1 FTE Clean Water Program - Professional Services 150,000 Amendment to Rincon Consultants, Inc. agreement Woolsey Fire/Storm Response - Coastal Dev. Permi 30,000 Biological peer reviews for Woolsey Fire rebuilds Woolsey Fire/Storm Response - Storm Response 300,000 Expenses for 2023 winter storm response Woolsey Fire/Storm Response Subtotal 330,000
Total General Fund Expenditures 1,663,328
Agenda Item # 3.B.
At this time, it is recommended that 1.0 full-time position be added and one new Job Specification be added. The funding necessary to fund these additional positions has been included in the proposed General Fund Expenditure Amendments detailed above. • Add: Senior Office Assistant in ESD - The addition of a Senior Office Assistant will allow the Director and Environmental Programs Manager to be able to concentrate on the development of new programs, ordinances, Council priorities, and innovative solutions for City improvements while keeping consistency within the Department. • Add Job Specification: Assistant City Clerk – The addition of an Assistant City Clerk job specification will provide flexibility in filling positions in the City Clerk’s Office.
There are currently two vacant Deputy City Clerk positions, and one position can be replaced and filled at an Assistant level to properly address responsibilities, as well as competitiveness in recruiting. The range will be $99,348 to $129,628.
American Rescue Plan Act
On March 11, 2021, the American Rescue Plan Act (ARPA) was signed into law. The plan provides funding totaling $65.1 billion to all 19,000 cities, towns, and villages in the United States. Malibu has received $2.34 million in two payments to be used on eligible expenses.
The US Treasury issued the Final Rule on the use of the ARPA funds on January 6, 2022.
Council previously approved the use of $759,549 to cover the cost of adding 7.5 full-time equivalent (FTE) positions to help return the City to pre-pandemic staffing levels and another $75,000 for budgeting software to support the resiliency of City operations.
Although the City Council approved this expenditure plan, the Final Rule also allowed for agencies to claim a revenue loss standard allowance of up to $10 million without having to demonstrate any actual lost revenue. Claiming revenue loss allows the $2.34 million to be spent strategically within the General Fund. Staff will review this potential change and will return with a report if the modification is possible.
Anticipated Future Revenue Impacts
The City’s revenues are growing and are anticipated to continue to grow in the major tax revenue categories. The previously proposed Hosted Short-Term Rental Ordinance was a potential financial loss, but the plan was not approved by the California Coastal Commission and has not gone into effect. On the positive, the voters approved a Transactions and Use Tax (TUT) on November 8, 2022, which goes into effect on April 1, 2023, and is estimated to bring in $3.0 million per year. The Year-End projected revenues include an estimated $750,000 in additional Sales and Use Tax Revenue assuming one quarter of additional TUT.
Agenda Item # 3.B.
Anticipated Unfunded Expenditures
The new Santa Monica College (SMC) Satellite campus will include an approximately 5,700-square-foot Sheriff substation and Emergency Operations and Planning Center.
Funding for any additional costs that this new substation may entail have not been included in the existing budget. A Sheriff’s Substation Ad Hoc Committee was formed on January 9, 2023 to further explore the organizational structure of the substation and resulting budget impacts. Any incremental increases in FY 2022-23 will be brought back to Council separately, and ongoing future costs will be included in the FY 2023-24 Proposed Budget.
Designated Reserve for FY 2022-23
There are no suggested changes to the existing Designated Reserve.
The Treasurer’s Cash and Investment Report is attached on page A-12.
FY 2022-23 Adopted Work Plan
The Adopted Budget and Work Plan are intended to align resources necessary to work on the Council priorities outlined in the Work Plan. There are currently over 150 priorities on the Work Plan. The level of available City resources do not match the magnitude of projects and priorities in the plan. The City Council will be conducting a Work Plan workshop on March 22, 2023, to identify and prioritize the many projects to better align resources and goals.
On September 27, 2022, the City Council approved the addition of KnoxBox community outreach to the Work Plan.
The FY 2022-23 Mid-Year Financial Report will be presented to the City Council on February 27, 2023.
ATTACHMENTS:
1. FY 2022-23 Second Quarter Financial Report and Mid-Year Budget Amendments
2. Assistant City Clerk Job Specification
REVENUES BY FUND
December 31, 2022
Object Description
2022-2023
Adopted
Amended
Budget
Received
12/31/2022
Percentage
Received
2022-2023
Projected
100, 101, 102 & 103 General Fund
3111 Current Year Secured Property Tax $ 13,300,000 $ 13,300,000 $ 5,701,136 42.9% $ 14,660,000 3112 Current Year Unsecured Property Tax 425,000 425,000 417,137 98.1% 425,000 3113 Homeowner's Exemption 60,000 60,000 9,132 15.2% 60,000 3114 Prior Year Secured Property Tax 1,000 1,000 - 0.0% 1,000 3115 Prior Year Unsecured Property Tax 10,000 10,000 - 0.0% 10,000 3118 Property Tax In-Lieu 2,350,000 2,350,000 - 0.0% 2,350,000 Revenue from Property Taxes 16,146,000 16,146,000 6,127,405 37.9% 17,506,000 3131 Documentary Transfer Tax 1,200,000 1,200,000 382,085 31.8% 1,318,320 3132 Utility User's Tax 2,200,000 2,200,000 1,151,191 52.3% 2,302,382 3133 Transient Occupancy Tax - Hotels and Motels 3,000,000 3,000,000 1,770,054 59.0% 3,540,108 3133-01 Transient Occupancy Tax - Private Rentals 5,000,000 5,000,000 1,658,224 33.2% 6,000,000 3134 Franchise Fees 650,000 650,000 158,684 24.4% 650,000 3137 Sales and Use Tax 4,500,000 4,500,000 1,573,148 35.0% 6,450,000 3138 Parking Occupancy Tax 400,000 400,000 300,477 75.1% 600,954 Revenue From Other Taxes 16,950,000 16,950,000 6,993,863 41.3% 20,861,764 3201 Alarm Permits 35,000 35,000 15,944 45.6% 31,888
3202 Film Permits 450,000 450,000 234,672 52.1% 469,344 3203 Building Permits 930,000 930,000 598,573 64.4% 1,197,146 3203-01 Code Enforcement - Special Investigations 20,000 20,000 12,677 63.4% 25,354 3204 Wastewater Treatment System Permits 35,000 35,000 22,875 65.4% 45,750 3205 Plumbing Permits 115,000 115,000 85,855 74.7% 171,710 3207 Mechanical Permits 90,000 90,000 71,381 79.3% 142,762 3208 Electrical Permit Fees 225,000 225,000 160,025 71.1% 320,050 3209 Grading/Drainage Permit Fees 80,000 80,000 45,542 56.9% 91,084 3210 Misc. Permits 20,000 20,000 4,346 21.7% 8,692
3418 OWTS Operating Permit Fees 320,000 320,000 220,362 68.9% 440,724 3420 Parking Permits 1,500 1,500 146 9.7% 292
3421 Planning Review Fees 1,200,000 1,200,000 634,654 52.9% 1,269,308 Revenue From Licenses and Permits 3,521,500 3,521,500 2,107,052 59.8% 4,214,104 3250 Parking Citation Fines 1,150,000 1,150,000 808,269 70.3% 1,616,538 Revenue From Fines and Forfeitures 1,150,000 1,150,000 808,269 70.3% 1,616,538 3316 Motor Vehicle In-Lieu Fees 15,000 15,000 - 0.0% 15,000 3318 Street Sweeping Reimbursements 51,678 51,678 12,920 25.0% 25,840 3322 American Rescue Plan 1,413,797 2,338,459 2,338,459 100.0% 2,338,459 3313/3341 FEMA/OES Reimbursements 1,500,000 1,500,000 1,036,126 69.1% 1,500,000 3373 Proposition A Recreation - - - 0.0% -
3383 Measure A Recreation - 100,000 - 0.0% 100,000
3381 LA County EWMP Reimbursement - 53,218 53,218 100.0% 53,218 Revenue From Other Governments 2,980,475 4,058,355 3,440,723 84.8% 4,032,517 3408 Biology Review Fees 175,000 175,000 133,851 76.5% 267,702 3409 Document Retention Fees 14,000 14,000 10,733 76.7% 21,466 3410 Building Plan Check Fees 850,000 850,000 655,671 77.1% 1,311,342 3410-01 Administrative Plan Check Processing Fee 50,000 50,000 35,996 72.0% 71,992 3410-03 Building Plan Check Fees - Dark Sky 650,000 650,000 - 0.0% - 3411 Inspector Plan Check Fees 180,000 180,000 104,804 58.2% 209,608 3412 Geo Soils Engineering Fees 900,000 900,000 555,320 61.7% 1,110,640 3413 Other Plan Check Fees 40,000 40,000 15,027 37.6% 30,054 3414 Environmental Health Review Fees 400,000 400,000 300,296 75.1% 600,592 3415 Grading/Drainage Plan Review Fees 10,000 10,000 2,122 21.2% 4,244 3416 Code Enforcement Investigation Fees 60,000 60,000 29,594 49.3% 59,188 3419 Credit Card Fees 105,000 105,000 71,664 68.3% 143,328 3422 OWTS Practitioners Fees 4,000 4,000 2,358 59.0% 4,716 3425 CA Building Standards Surcharge 3,000 3,000 1,758 58.6% 3,516 3426 EIR Review Fees - - - 0.0% -
3427 Technology Enhancement Fee 100,000 100,000 66,037 66.0% 132,074 3431 Public Works/Engineering Fees 350,000 350,000 241,675 69.1% 483,350 3432 WQMP Fees 25,000 25,000 24,501 98.0% 49,002
3433 Banner Hanging Fees - - - 0.0% -
3434 TOT Registration Fees - - - 0.0% -
3434-01 Short-Term Rental Permit Fee 100,000 100,000 74,871 74.9% 149,742 3434-02 Short-Term Rental Violation Fines 2,000 2,000 - 0.0% - A-1
ATTACHMENT 1
REVENUES BY FUND
December 31, 2022
Object Description
2022-2023
Adopted
Amended
Budget
Received
12/31/2022
Percentage
Received
2022-2023
Projected
General Fund (Continued)
3435 Admin Permit Processing Fees 80,000 80,000 53,895 67.4% 107,790 3436 Electric Vehicle Charger Fees 2,000 2,000 2,143 107.2% 4,286 3441 Sale of Publications and Materials 500 500 - 0.0% - 3444 Returned Check Service Fees 500 500 95 19.0% 190
3446 Vehicle Release Impound Fees 75,000 75,000 48,937 65.2% 97,874 3447 Election Fees 1,500 1,500 2,508 167.2% 2,508
3448 Subpoena Fees 1,000 1,000 298 29.8% 596
3449 False Alarm Service Charge 12,000 12,000 5,929 49.4% 11,858 3450 Residential Decals 2,000 2,000 290 14.5% 580
3461 Municipal Facility Use Fees 80,000 80,000 49,760 62.2% 99,520 3464 Youth Sports Program 45,000 45,000 45,703 101.6% 91,406 3464-01 Girls Youth Sports 7,000 7,000 - 0.0% -
3466 Aquatics Program 200,000 200,000 110,047 55.0% 220,094 3467 Day Camp 50,000 50,000 20,144 40.3% 40,288
3468 Senior Adult Program 5,000 5,000 10,805 216.1% 21,610 3469 Skate Park 45,000 45,000 16,159 35.9% 32,318
3470 Recreation/Community Class Registration 70,000 70,000 71,128 101.6% 142,256 3471/3472 Special Events 2,500 2,500 1,840 73.6% 3,680
Revenue From Service Charges 4,697,000 4,697,000 2,765,959 58.9% 5,529,410 3501 Interest Earnings 300,000 300,000 1,118,269 372.8% 300,000 3505 City Hall Use Fees 10,000 10,000 18,610 186.1% 10,000 Use of Money and Property 310,000 310,000 1,136,879 366.7% 310,000 3600 Proceeds from Grants 370,000 720,000 428,345 59.5% 720,000 3602 Proposition A Transportation Funds Exchange - - - 0.0% - 3901 Settlements 5,000 5,000 24 0.5% 5,000
3902 Legal Fees - - - 0.0% -
3904 TOT Private Rental Penalties 25,000 25,000 6,871 27.5% 25,000 3905 Miscellaneous Reimbursements 25,000 25,000 8,206 32.8% 25,000 3920 Donations 5,000 5,000 - 0.0% 5,000
3940 Sale of Surplus Property 1,000 1,000 - 0.0% 1,000
3930/3943 Miscellaneous Revenue 5,000 5,000 2,280 45.6% 5,000 Miscellaneous Revenue 436,000 786,000 445,726 56.7% 786,000 Total General Fund 46,190,975 47,618,855 23,825,876 50.0% 54,856,333 Special Revenue Funds
201 Gas Tax Fund
3315 Highway User's Fees 370,785 370,785 123,257 33.2% 370,785 3318 Traffic Congestion Relief - - - 0.0% -
3501 Interest Earnings 1,000 1,000 - 0.0% 1,000
Total Gas Tax Fund 371,785 371,785 123,257 33.2% 371,785 202 Traffic Safety Fund
3312 Fines & Forfeitures 200,000 200,000 107,150 53.6% 200,000 3501 Interest Earnings 900 900 - 0.0% 900
Total Traffic Safety Fund 200,900 200,900 107,150 53.3% 200,900 203 Proposition A Fund
3371 Prop A Funds 281,466 281,466 155,223 55.1% 281,466 3501 Interest Earnings 2,000 2,000 - 0.0% 2,000
Total Proposition A Fund 283,466 283,466 155,223 54.8% 283,466 204 Proposition C Fund
3372 Prop C Funds 233,468 233,468 128,753 55.1% 233,468 3501 Interest Earnings 2,000 2,000 - 0.0% 2,000
Total Proposition C Fund 235,468 235,468 128,753 54.7% 235,468 205 Measure R Fund
3374 Measure R Funds 175,101 175,101 96,540 55.1% 175,101 3501 Interest Earnings 2,000 2,000 - 0.0% 2,000
Total Measure R fund 177,101 177,101 96,540 54.5% 177,101 A-2
REVENUES BY FUND
December 31, 2022
Object Description
2022-2023
Adopted
Amended
Budget
Received
12/31/2022
Percentage
Received
2022-2023
Projected
206 Air Quality Management Fund
3377 AQMD Funds 16,000 16,000 3,587 22.4% 16,000
3501 Interest Earnings 800 800 - 0.0% 800
3943 Other Revenue - - - 0.0% -
Total Air Quality Management Fund 16,800 16,800 3,587 21.4% 16,800 207 Solid Waste Management Fund
3311 Solid Waste Management Surcharge 120,000 120,000 48,883 40.7% 120,000 3434 Recycling Fees 17,500 17,500 6,565 37.5% 17,500
3501 Interest Earnings 125 125 - 0.0% 125
3600 Grant Proceeds 5,000 5,000 26,134 522.7% 5,000
Total Solid Waste Management Fund 142,625 142,625 81,582 57.2% 142,625 208 Parkland Development Fund
3135 Parkland Development Fees 20,000 20,000 13,529 67.6% 20,000 3501 Interest Earnings 500 500 - 0.0% 500
3905 Miscellaneous Reimbursements - - - 0.0% -
Total Park Development Fund 20,500 20,500 13,529 66.0% 20,500 209 Quimby Fund
3501 Interest Earnings 30 30 - 0.0% 30
Total Quimby Fund 30 30 - 0.0% 30
211 COPS (Brulte) Grant Fund
3600 Proceeds From Grants (Brulte) 155,000 155,000 146,529 94.5% 155,000 Total COPS (Brulte) Fund 155,000 155,000 146,529 94.5% 155,000 212 Measure M Funds
3375 Measure M Funds 198,448 198,448 109,222 55.0% 198,448 3501 Interest Earnings 2,000 2,000 - 0.0% 2,000
Total Measure M Fund 200,448 200,448 109,222 54.5% 200,448 213 Road Maintenance and Rehabilitation Act (RMRA) Fund 3319 SB1 Annual Allocation 288,238 288,238 79,089 27.4% 288,238 3501 Interest Earnings 1,500 1,500 - 0.0% 1,500
Total RMRA Fund 289,738 289,738 79,089 27.3% 289,738
214 Art in Public Places Fund
3135 Art in Public Places Fees 5,000 5,000 - 0.0% 5,000 3501 Interest Earnings 200 200 - 0.0% 200
Total Art in Public Places Fund 5,200 5,200 - 0.0% 5,200 215 Community Development Block Grant Fund
3600 Proceeds From Grants 15,000 15,000 2,384 15.9% 15,000 3600-01 Proceeds From Grants - Disaster Recovery 45,000 45,000 - 0.0% 45,000 Total Comm. Dev. Block Grant Fund 60,000 60,000 2,384 4.0% 60,000 218 Measure W - LA County Stormwater Fund
3379 Measure W Annual Allocation 380,000 380,000 390,328 102.7% 380,000 3501 Interest Earnings 100 100 - 0.0% 100
Total Measure W - LA County Stormwater 380,100 380,100 390,328 102.7% 380,100 225 Grants Fund
3376 TDA 10,869 10,869 - 0.0% 10,869
3600 Proceeds From Grants 16,500,000 11,778,219 (7,774) -0.1% 11,778,219 Total Grants Fund 16,510,869 11,789,088 (7,774) -0.1% 11,789,088 290 Big Rock LMD Fund
3116 Big Rock Mesa Assessment 327,539 327,539 148,769 45.4% 327,539 3501 Interest Earnings 800 800 - 0.0% 800
Total Big Rock LMD Fund 328,339 328,339 148,769 45.3% 328,339 Special Revenue Funds (Continued)
A-3
REVENUES BY FUND
December 31, 2022
Object Description
2022-2023
Adopted
Amended
Budget
Received
12/31/2022
Percentage
Received
2022-2023
Projected
291 Malibu Road LMD Fund
3116 Malibu Road Assessment 59,388 59,388 24,883 41.9% 59,388 3501 Interest Earnings 800 800 - 0.0% 800
Total Malibu Road LMD Fund 60,188 60,188 24,883 41.3% 60,188 292 Calle Del Barco LMD Fund
3116 Calle Del Barco Assessment 81,618 81,618 34,359 42.1% 81,618 3501 Interest Earnings 700 700 - 0.0% 700
Total Calle Del Barco LMD Fund 82,318 82,318 34,359 41.7% 82,318 715 Civic Center Water Treatment Facility AD
3501 Interest Earnings 10,000 10,000 10,198 102.0% 10,000 3915 Civic Center Water Treatment Facility AD 2,587,519 2,587,519 835,201 32.3% 2,587,519 Total Civic Ctr Water Treatment Facility AD 2,597,519 2,597,519 845,399 32.5% 2,597,519 517 Civic Center Water Treatment Facility - Phase Two
3501 Interest Earnings - - - 0.0% -
3950 CCWTF - Phase Two Construction - Bond Proceeds 16,500,000 16,500,000 - 0.0% 16,500,000 2080 CCWTF - Phase Two Contributions - - - 0.0% -
Total Civic Ctr Water Treatment Facility AD 16,500,000 16,500,000 - 0.0% 16,500,000 712 Carbon Beach Undergrounding CFD Fund
3915 Carbon Beach Undergrounding Assessment 236,032 236,032 94,827 40.2% 236,032 3501 Interest Earnings 20 20 4 20.0% 20
Total Carbon Beach Undergrounding CFD 236,052 236,052 94,831 0.0% 236,052 713 Broad Beach Assessment District
3915 Broad Beach Undergrounding Assessment 141,710 141,710 57,235 40.4% 141,710 3501 Interest Earnings 10 10 511 5110.0% 10
Total Broad Beach Undergrounding AD 141,720 141,720 57,746 40.7% 141,720 38,996,166 34,274,385 2,635,386 7.7% 34,274,385
500 Legacy Park Project Fund
3501 Interest Earnings 6,000 6,000 - 0.0% 6,000
3505 Proceeds from Rent 1,565,941 1,565,941 772,500 49.3% 1,565,941 3373 Prop A Recreation - - - 0.0% -
3383 Measure A Recreation - - - 0.0% -
3905 Miscellaneous Revenue 145,000 145,000 - 0.0% 145,000 Total Legacy Park Project Fund 1,716,941 1,716,941 772,500 45.0% 1,716,941 Total Legacy Park Project Fund 1,716,941 1,716,941 772,500 45.0% 1,716,941 515 Civic Center Wastewater Treatment Facility O&M
3501 Interest Earning - - - 0.0% -
3510 Sewer Service Fees 2,200,000 2,200,000 766,859 34.9% 2,200,000 3915 Contributions-Property Owners - - - 0.0% -
Total CCWTF O&M 2,200,000 2,200,000 766,859 34.9% 2,200,000 Total CCWTF O&M Funds 2,200,000 2,200,000 766,859 34.9% 2,200,000 Special Revenue Funds (Continued)
Total Special Revenue Funds
A-4
REVENUES BY FUND
December 31, 2022
Object Description
2022-2023
Adopted
Amended
Budget
Received
12/31/2022
Percentage
Received
2022-2023
Projected
601 Vehicle Fund
3501 Interest Earnings - - - 0.0% -
3951 Vehicle Charges 114,000 120,000 - 0.0% 120,000
Total Vehicle Fund 114,000 120,000 - 0.0% 120,000
602 Information Technology Fund
3501 Interest Earnings - - - 0.0% -
3952 Information Technology Charges 695,000 710,000 - 0.0% 710,000 Total Information Technology Fund 695,000 710,000 - 0.0% 710,000 Total Internal Service Funds 809,000 830,000 - 0.0% 830,000 Total Revenue - All Funds $ 89,913,082 $ 86,640,181 $ 28,000,621 32.3% $ 93,877,659 Total 2022-2023 Adopted budget: $ 89,913,082
Account Description Amount
100-0000-3381-00 LA County EWMP Deferred Revenue 53,218 Budget Carryover 102-0000-3322-00 American Rescue Plan Deferred Revenue 924,662 Budget Carryover 100-0000-3383-00 Measure A Recreation - LA County Measure A Allocation 100,000 Budget Correction 225-0000-3600-00 Proceeds from Grants Grants Fund (4,721,781) Budget Correction 602-0000-3951-00 Vehicle Allocation Internal Service Fees 6,000 Budget Correction 602-0000-3952-00 IT Allocation - Fund 207 Solid Waste Management Internal Service Fees 15,000 Budget Correction 100-0000-3600-00 Public Safety - SMMC Hazard Tree Grant Proceeds from Grants 350,000 09/27/22 Council Action Total Amendments (3,272,901)
Total Amendment Budget $ 86,640,181
Internal Service Funds
Reconciliation of adopted to amended budget
A-5
EXPENDITURES BY FUND
December 31, 2022
Adopted Budget Amended
Budget (1) YTD Actual % Spent
2022-23
Projected
General Fund
Management and Administration
7001 City Council $ 773,095 $ 773,095 $ 351,863 45.5% $ 603,727 7002 Media Operations 733,109 733,109 247,376 33.7% 514,752 7003 City Manager 754,872 926,622 349,785 37.7% 886,320 7005 Legal Counsel 1,050,000 1,050,000 376,354 35.8% 752,708 7007 City Clerk 574,966 574,966 126,842 22.1% 268,684
7021 Public Safety Services 11,680,987 12,030,987 4,246,344 35.3% 11,506,804 7054 Finance 1,666,807 1,666,807 705,300 42.3% 1,440,600 7058 Human Resources 696,286 696,286 191,611 27.5% 398,221 7059 Non Departmental Services 3,943,333 3,937,333 1,700,325 43.2% 3,778,811 103-9050 City Hall 954,928 954,928 449,175 47.0% 954,928 9088 Vacant Land 292,675 292,675 6,993 2.4% 292,675
9050/9074/9088 Debt Service (City Hall / Trancas / Vacant Land) 3,187,926 3,187,926 - 0.0% 3,187,926 Total Administrative Services 26,308,984 26,824,734 8,751,968 32.6% 24,586,157 Community Services
4001 General Recreation 863,037 863,037 371,036 43.0% 774,822 4002 Aquatics 400,454 400,454 174,286 43.5% 348,572
4003 Outdoor Recreation 64,894 64,894 22,092 34.0% 44,185 4004 Day Camps 102,969 102,969 63,939 62.1% 127,878
4005 Skate Park 71,535 71,535 35,612 49.8% 71,535
4006 Sports 128,021 128,021 46,282 36.2% 92,563
4007 Community Programs 125,917 125,917 61,923 49.2% 123,845 4008 Senior Adult Programs 200,241 200,241 82,655 41.3% 165,309 4010 Park Maintenance 1,364,489 1,370,489 557,462 40.7% 1,142,924 4011 Special Events 233,030 233,030 69,602 29.9% 142,454 4012 Cultural Arts 246,395 246,395 77,402 31.4% 158,805 Total Community Services 3,800,982 3,806,982 1,562,291 41.0% 3,192,891 Environmental & Sustainability Development
2004 Environmental & Building Safety 3,448,434 3,478,434 1,268,421 36.5% 3,033,118 2010 Wastewater Management 541,427 541,427 252,926 46.7% 520,853 3003 Clean Water Program 1,352,431 1,352,431 307,570 22.7% 720,835 3004 Solid Waste Management - - - 0.0% -
Total Env. & Community Development 5,342,292 5,372,292 1,828,917 34.0% 4,274,806 Planning Deparment
2001 Planning 3,376,366 4,276,366 1,307,564 30.6% 3,620,128 2012 Code Enforcement 649,141 661,141 258,629 39.1% 554,257 Total Planning Department 4,025,507 4,937,507 1,566,193 31.7% 4,174,385 Public Works/Engineering
3001 Street Maintenance 1,193,403 1,287,403 646,948 50.3% 1,322,645 3005 Fleet Operations - 160,000 89,871 0.0% 160,000
3007 City Facilities 126,100 256,100 97,195 38.0% 194,390 3008 Public Works 1,727,864 1,804,418 801,160 44.4% 1,651,570 Total Public Works 3,047,367 3,507,921 1,635,174 46.6% 3,328,605 Disaster Response
3002 Fire Rebuilds and Storm Response 1,564,000 1,614,000 535,604 33.2% 1,614,000 3002-19 COVID-19 Response 97,000 97,000 - 0.0% -
Total Disaster Response 1,661,000 1,711,000 535,604 31.3% 1,614,000 Total General Fund 44,186,132 46,160,436 15,880,147 34.4% 41,170,844 (1) The amended budget column includes the original budget amount plus encumbrance carryovers and any additional appropriations.
A-6
EXPENDITURES BY FUND
December 31, 2022
Adopted Budget Amended
Budget (1) YTD Actual % Spent
2022-23
Projected
Special Revenue Funds
3001 Street Maintenance 785,000 785,000 - 0.0% 785,000
3003 Clean Water Program - - - 0.0% -
3004 Solid Waste Management 458,406 458,406 111,580 24.3% 458,406 3005 Fleet Operations 118,633 - - 0.0% -
3007 Stormwater Treatment Facilities 100,000 100,000 - 0.0% 100,000 3008 Public Works 345,000 345,000 - 0.0% 345,000
3009 Transportation Services 165,000 165,000 27,199 16.5% 165,000 4010 Park Maintenance - - - 0.0% -
6002 Big Rock Mesa LMD 384,647 384,647 121,502 31.6% 384,647 6003 Malibu Road LMD 75,016 75,016 14,823 19.8% 75,016
6004 Calle del Barco LMD 81,016 81,016 16,194 20.0% 81,016 9048 Carbon Beach Undergrounding CFD 231,310 231,310 145,575 62.9% 231,310 9052 Broad Beach Undergrounding AD 139,930 139,930 65,248 46.6% 139,930 9049 Civic Center Wastewater Treatment Plant AD 2,319,460 2,319,460 1,831,964 79.0% 2,319,460 7021 Public Safety 155,000 155,000 - 0.0% 155,000
7070 Community Development Block Grant 15,000 15,000 10,484 69.9% 15,000 CCWTF Phase Two - - - 0.0% -
Total Special Revenue Funds 5,373,418 5,254,785 2,344,569 44.6% 5,254,785 Capital Project Funds
310 Capital Improvement Fund
9002 Annual Street Overlay 900,000 900,000 14,484 1.6% 900,000 9059 PCH Median Improvements 4,490,000 4,490,000 10,958 0.2% 4,490,000 9061 Civic Center Way Improvements - - 11,784 0.0% 11,784 9066 PCH Signal Synchronization Imp. 6,555,000 6,555,000 123,958 1.9% 6,555,000 9072 Marie Canyon Green Streets 385,000 385,000 - 0.0% 385,000 9075 CCWTF Phase Two 16,500,000 16,500,000 42,200 0.3% 16,500,000 9082 Westward Beach Road 350,000 350,000 - 0.0% 350,000 9090 Permanent Skate Park 1,066,000 1,066,000 - 0.0% 1,066,000 9093 Bluffs Park Shade Structure 100,000 100,000 54,056 54.1% 100,000 9094 Vehicle Protection Devices City Properties 100,000 100,000 - 0.0% 100,000 9097 Malibu Bluffs Park South Walkway 150,000 150,000 - 0.0% 150,000 9098 Trancas Cyn Park Play Resurfacing 75,000 75,000 - 0.0% 75,000 9100 PCH/Trancas Right Turn Lane 683,219 683,219 68,322 10.0% 683,219 9101 PCH Crosswalk Improvements 200,000 200,000 - 0.0% 200,000 9102 PCH Median Imp at Paradise Cove/Zuma 100,000 100,000 - 0.0% 100,000 9103 Kanan Dume Biofilter 100,000 100,000 - 0.0% 100,000 9104 Stormdrain Trash Screens - Phase Two 35,000 35,000 - 0.0% 35,000 9105 City Traffic Signals Backup Power 30,000 30,000 - 0.0% 30,000 9106 Malibu Canyon Road Traffic Study 50,000 50,000 - 0.0% 50,000 9200 Woolsey Fire & Storm Response CIP 3,211,491 3,267,491 531,816 16.3% 3,267,491 Total Capital Project Funds 35,080,710 35,136,710 857,578 2.4% 35,148,494 Disaster Capital Improvement Projects
A-7
EXPENDITURES BY FUND
December 31, 2022
Adopted Budget Amended
Budget (1) YTD Actual % Spent
2022-23
Projected
Legacy Park Project Fund
500 7004 Legacy Park Debt Service 1,091,451 1,091,451 (77,248) -7.1% 1,091,451 7008 Legacy Park Operations 975,783 975,783 295,727 30.3% 975,783 Total Legacy Park Project Fund 2,067,234 2,067,234 218,479 10.6% 2,067,234 Civic Center Wastewater Treatment Facility Fund
515 3010 CCWTF Sewer Services 2,019,699 2,019,699 788,200 39.0% 2,019,699 Total CCWTF Fund 2,019,699 2,019,699 788,200 39.0% 2,019,699 Internal Service Funds
3005 Vehicle 35,367 84,000 28,362 33.8% 84,000
7060 Information Technology 1,006,320 1,006,320 433,772 43.1% 1,006,320 Total Internal Service Funds 1,041,687 1,090,320 462,134 42.4% $ 1,090,320 Total All Funds $ 89,768,880 $ 91,729,184 $ 20,551,107 22.4% $ 86,751,376 (1) The amended budget column includes the original budget amount plus encumbrance carryovers and any additional appropriations.
A-8
EXPENDITURES BY FUND
December 31, 2022
Reconciliation of adopted to amended budget
Total 2022-2023 Adopted budget: $ 89,768,880
Account Description Project Amount Comment Date
100-3001-5123-01 Public Works - Storm Drain System Maint Equip Maint/Repairs 76,000 Budget Carryover 7/1/2022 100-3007-7800-00 Public Works - Equipment Equipment Replacement 130,000 Budget Carryover 7/1/2022 100-3008-5100-00 Public Works - Professional Services Engineering Services 76,554 Budget Carryover 7/1/2022 100-3005-7700-00 Public Works - Fleet Operations Equipment/Vehicles 90,000 Budget Carryover 7/1/2022 100-7003-5100-00 City Manager - Professional Services TUT Info Materials 24,900 Council Appropriation 8/8/2022 100-7021-5100-00 Public Safety - Proceeds from Grants Hazard Tree Removal 350,000 Council Action 9/27/2022 100-7003-5100-00 City Manager - Professional Services School Safety Assessmnt 66,000 Council Appropriation 10/24/2022 102-9215-5100-00 Disaster CIP - Professional Services Malibu Rd Drainage Repair 56,000 Council Appropriation 10/24/2022 100-7003-5100-00 City Manager - Professional Services Development Svcs Review 80,850 Council Appropriation 11/28/2022 101-2001-5100-00 Planning Dept - Professional Services Consultant Services 900,000 Council Appropriation 11/28/2022 102-3002-5100-00 Disaster Response - Fire Rebuilds-Planning Consultant Services 50,000 Council Appropriation 11/28/2022 100-3001-8100-00 Public Works - Vehicle Allocation Internal Service Fees 18,000 Budget Correction 12/31/2022 100-4010-8100-00 Parks Maintenance - Vehicle Allocation Internal Service Fees 6,000 Budget Correction 12/31/2022 100-7059-8100-00 Non-departmental - Vehicle Allocation Internal Service Fees (6,000) Budget Correction 12/31/2022 101-2004-8100-00 Building Safety - Vehicle Allocation Internal Service Fees 30,000 Budget Correction 12/31/2022 101-2012-8100-00 Code Enforcement - Vehicle Allocation Internal Service Fees 12,000 Budget Correction 12/31/2022 206-3005-xxxx-00 Air Quality - Fleet Operations AQMD Funding (118,633) Budget Correction 12/31/2022 601-3005-xxxx-00 Vehicle - Fleet Operations Fleet Operations 48,633 Budget Correction 12/31/2022 100-3005-xxxx-00 Vehicle - Fleet Operations Fleet Operations 70,000 Budget Correction 12/31/2022 1,960,304
Total 2022-2023 current amended budget: $ 91,729,184
A-9
PROJECTED FUND BALANCES
September 30, 2022
Budget Revenues Expenditures Transfers Fund Balance Non-Current/ Budget Fund Balance Projected Projected Budgeted Projected Unavailable Fund Balance FUND July 1, 2022 6/30/2023 6/30/2023 2022-2023 June 30, 2023 Revenue June 30,2023 General Fund - Undesignated $ 57,378,741 $ 48,219,793 $ 38,658,083 $ (1,256,000) $ 65,684,451 $ - $ 65,684,451 General Fund - Designated for Contingencies 6,500,000 - - - 6,500,000 - 6,500,000 General Fund - Designated for CIPs 325,000 - - (1,513,628) (1,188,628) - (1,188,628) General Fund - SCE Settlement Woolsey Fire 7,041,464 4,338,879 - (414,010) 10,966,333 - 10,966,333 Designated for Deferred Maintenance 1,127,898 - 101,100 - 1,026,798 - 1,026,798 Designated for Case (Crummer) Parcel 368,254 - - (257,372) 110,882 - 110,882 Designated for Water Quality Settlement 57,276 - - - 57,276 - 57,276 Designated for Housing Element Program 194,140 - - - 194,140 - 194,140 Designated for City Facilities - La Paz 500,000 - - - 500,000 - 500,000 Designated for FEMA Disaster Projects 920,138 1,500,000 1,614,000 (2,797,481) (1,991,343) - (1,991,343) Designated for American Rescue Plan - 797,661 797,661 - - - - Total General Fund 74,412,911 54,856,333 41,170,844 (6,238,491) 81,859,909 - 81,859,909 201 Gas Tax Fund 31,062 371,785 325,000 - 77,847 - 77,847 202 Traffic Safety Fund 161,535 200,900 200,000 - 162,435 - 162,435 203 Proposition A Fund 707,409 283,466 165,000 - 825,875 - 825,875 204 Proposition C Fund 101,847 235,468 65,000 (235,000) 37,315 - 37,315 205 Measure R Fund 128,999 177,101 100,000 - 206,100 - 206,100 206 Air Quality Management Fund 133,941 16,800 - - 150,741 - 150,741 207 Solid Waste Management Fund 158,466 142,625 458,406 - (157,315) - (157,315) 208 Parkland Development In-Lieu Fund 125,086 20,500 - - 145,586 - 145,586 209 Quimby Fund 3,848 30 - - 3,878 - 3,878
211 COPS Brulte Grant Fund - 155,000 155,000 - - - -
212 Measure M Fund 339,228 200,448 140,000 (450,000) (50,324) - (50,324) 213 RMRA (SB1) Fund 324,830 289,738 - (515,000) 99,568 - 99,568 214 Art in Public Places In-Lieu Fund 35,849 5,200 - - 41,049 - 41,049 215 Community Development Block Grant Fund - 60,000 15,000 - 45,000 - 45,000 218 Measure W LA County Stormwater 479,253 380,100 100,000 (520,000) 239,353 - 239,353 225 Grants Fund - 11,789,088 300,000 (11,790,003) (300,915) 300,915 - 290 Big Rock LMD 67,241 328,339 384,647 - 10,933 - 10,933 291 Malibu Road LMD 65,078 60,188 75,016 - 50,250 - 50,250 292 Calle Del Barco LMD 72,809 82,318 81,016 - 74,111 - 74,111 712 Carbon Beach Undergrounding CFD 464,282 236,052 231,310 - 469,024 - 469,024 713 Broad Beach Assessment District 241,548 141,720 139,930 - 243,338 - 243,338 715 CCWTF AD Phase One 7,374,762 2,597,519 2,319,460 - 7,652,821 - 7,652,821 517 CCWTF Phase Two (351,328) 16,500,000 - (16,500,000) (351,328) - (351,328) Total Special Revenue Funds 10,665,745 34,274,385 5,254,785 (30,010,003) 9,675,342 300,915 9,976,257 Capital Improvements Fund - - 31,881,003 31,881,003 - - - Capital Improvements Fund - Disaster Projects - - 3,267,491 3,267,491 - - - Total Capital Improvement Funds - - 35,148,494 35,148,494 - - - Legacy Park Project Fund 843,068 1,716,941 2,067,234 (100,000) 392,775 - 392,775 Total Legacy Fund 843,068 1,716,941 2,067,234 (100,000) 392,775 - 392,775 Civic Center Wastewater Treatment Facility 165,210 2,200,000 2,019,699 - 345,511 - 345,511 Total Civic Center Wastewater Treatment Fac. 165,210 2,200,000 2,019,699 - 345,511 - 345,511 Vehicle 170,305 120,000 84,000 - 206,305 - 206,305
Information Technology 215,315 710,000 1,006,320 1,200,000 1,118,995 - 1,118,995 Total Internal Service Funds 385,620 830,000 1,090,320 1,200,000 1,325,300 - 1,325,300 Total All Funds $ 86,472,554 $ 93,877,659 $ 86,751,376 $ - $ 93,598,837 $ 300,915 $ 93,899,752 A-10
2022-2023 PROPOSED BUDGET AMENDMENTS
Account Description Amount Detail
REVENUE
TOTAL ADOPTED REVENUE BUDGET $86,640,181
100-0000-3111-00 Current Year Secured Property Tax $ 1,360,000 Revised Property Tax projection 100-0000-3133-00 Transient Occupancy Tax - Hotels and Motels 540,000 Increased to reflect higher than anticipated rentals 100-0000-3133-01 Transient Occupancy Tax - Private Rentals 1,000,000 Increased to more accurately reflect short-term rental activity 100-0000-3137-00 Sales and Use Tax 1,950,000 Increased per HDL forecast for sales tax and anticipated TUT 100-0000-3138-00 Parking Occupancy Tax 200,000 Increased use of beach lots 100-0000-3250-00 Parking Citations 467,000 Increased parking citations 100-0000-3431-00 Public Works Project Review Fees 133,000 Increased number of projects in review 101-0000-3203-00 Building Permits 267,000 Increase in permits 101-0000-3408-00 Planning - Biology Review Fees 60,000 Increased number of projects in review 101-0000-3410-00 Building Plan Check Fees 461,000 Increased number of projects in review 101-0000-3412-00 Geo Soils Engineeering Fees 211,000 Increased number of projects in review 101-0000-3414-00 Environmental Health Review Fees 201,000 Increased number of projects in review 101-0000-3418-00 OWTS Operating Permit Fees 121,000 Increase in permits Total General Fund Revenue 6,971,000
207-0000-3600-00 Solid Waste Management - Proceeds from Grants 21,134 SB 1383 Local Assistance Grant Total Solid Waste Management Fund 21,134
Total Proposed Revenue Budget 93,632,315
EXPENDITURES
TOTAL ADOPTED EXPENDITURE BUDGET 91,729,184
Total Adopted General Fund Expenditures 46,160,436
General Fund
100-3001-5120-00 Public Works - Street Maintenance 71,000 Maintenance Yard rent increase 100-3001-5120-00 Public Works - Street Maintenance 33,000 Traffic striping on Las Flores Canyon Road 100-3001-5120-00 Public Works - Street Maintenance 21,000 Point Dume sidewalk repairs 100-3001-5120-00 Public Works - Street Maintenance 10,000 Repair electrical conduit at Malibu Canyon/Civic Center Way 100-3001-5121-01 Public Works - Street Maintenance 10,000 Add'l street sweeping following 2023 storm events 100-3001-5124-00 Public Works - Street Maintenance 20,000 Repairs to signal controller at Malibu Canyon Road 100-3001-7800-00 Public Works - Street Maintenance 112,000 New City trash receptacles 100-4010-5130-00 Park Maintenance Program - Parks Maintenance 25,000 Repairs to park amenities (playgrounds/benches/trashcans) 100-4010-5610-00 Park Maintenance Program - Facilities Maintenance 25,000 Repairs/upgrades to the Charmlee Park residence trailer 100-4010-7300-00 Park Maintenance Program - Leasehold Improvements 15,000 Repairs/upgrades to Bluffs Park staff offices 100-4010-7800-00 Park Maintenance Program - Equipment 30,000 Security upgrades to the Michael Landon Center 100-7021-5100-00 Public Safety - Professional Services 17,681 Everbridge annual contract 100-7021-5100-00 Public Safety - Professional Services 21,000 To recognize actual cost of Oracle Virtual EOC License 100-7021-5100-00 Public Safety - Professional Services 350,000 SMMC Hazard Tree Grant / Newbury Park Tree Services 100-7021-5115-00 Public Safety - LA County Sheriff Services 172,442 To recognize actual cost of Sheriff's contract 100-7021-7800-00 Public Safety - Other Equipment 69,955 Fire Safety Beacon Boxes (additonal purchase of 17 units) 101-2001-4101-00 Planning - Salaries/Overtime 25,000 Increase to staff overtime budget 101-2001-5100-01 Planning - Coastal Development Permit Services 95,000 Biological peer reviews 101-2004-4101-00 Building Safety/Sustainability - Salaries 60,250 Reclassification of administrative employee positions, +1 FTE 101-3003-5100-00 Clean Water Program - Professional Services 150,000 Amendment to Rincon Consultants, Inc. agreement 102-3002-5100-01 Woolsey Fire/Storm Response - Coastal Dev. Permit Srvcs 30,000 Biological peer reviews for Woolsey Fire rebuilds 102-3002-5123-00 Woolsey Fire/Storm Response - Storm Response 300,000 Expenses for 2023 winter storm response Proposed Amended General Fund Expenditures 1,663,328
Special Revenue Fund
207-3004-5850-00 Solid Waste Management - Recycling Supplies 21,134 SB 1383 Local Assistance Grant Proposed Amended Special Revenue Fund Expenditures 21,134 CCWTF Operations Fund
515-3010-5640-00 CCWTF - Equipment Maintenance 20,000 Generator rental (onsite unit failed) Proposed Amended CCWTF Operations Fund Expenditures 20,000 TOTAL PROPOSED AMENDMENTS - ALL FUNDS 1,704,462
TOTAL AMENDED EXPENDITURE BUDGET (all funds) $93,433,646 A-11
CURRENT EARNINGS MATURITY
ACCOUNT ISSUER TYPE AMOUNT YIELD TO DATE DATE
Cash Operating First Bank Checking $ 38,754,820 N/A N/A Revolving Cash Fund Internal Petty Cash 700 N/A N/A N/A Investments Local Agency Investment Fund (LAIF) State of CA 49,704,819 2.07% $ 259,656 1 day Investments Wells Fargo Advisors Federal Home Loan 250,000 2.85% 3/14/2023 Investments Wells Fargo Advisors Federal Home Loan 250,000 2.85% 3/15/2023 Investments Wells Fargo Advisors Federal Home Loan 250,000 3.58% 12/6/2023 Investments Wells Fargo Advisors Federal Home Loan 250,000 2.57% 6/19/2024 Investments Wells Fargo Advisors Federal Home Loan 125,000 2.57% 6/27/2024 Investments Wells Fargo Advisors Federal Home Loan 250,000 4.87% 12/9/2024 Investments Wells Fargo Advisors Federal Home Loan 200,000 2.16% 3/24/2025 Investments Wells Fargo Advisors Federal Home Loan 250,000 4.90% 12/2/2025 Investments Wells Fargo Advisors Federal Home Loan 200,000 2.16% 3/18/2026 Investments Wells Fargo Advisors Federal Home Loan 250,000 1.25% 10/29/2026 Investments Wells Fargo Advisors Federal Home Loan 200,000 4.88% 11/16/2026 Investments Wells Fargo Advisors Federal Home Loan 250,000 1.31% 12/8/2026 Investments Wells Fargo Advisors Federal Home Loan 250,000 2.26% 12/27/2027 TOTAL CASH AND INVESTMENTS $ 91,435,339 $ 259,656
In compliance with Government Code Section 53646, the Treasurer hereby certifies that sufficient cash and anticipated revenues are available to meet the City's expenditure requirements for the next six months, and further, that all investments comply with the City Council's approved investment ordinances.
Prepared by:
Renée Neermann, Finance Manager Date
Reviewed by: Ruth F. Quinto, City Treasurer Date
CITY OF MALIBU
CITY TREASURER'S CASH AND INVESTMENTS REPORT
FOR THE QUARTER ENDING DECEMBER 31, 2022
01/27/2023
01/27/2023
A-12
2022-23 2022-23
Adopted Amended
MANAGEMENT & ADMINISTRATIVE SERVICES
City Manager 1.00 1.00
Assistant City Manager 1.00 1.00
Deputy City Manager 1.00 1.00
Public Safety Director 1.00 1.00
Public Safety Manager 0.00 0.00
Fire Safety Liaison 1.50 1.50
Public Safety Liaison 1.00 1.00
Emergency Services Coordinator 1.00 1.00
Public Safety Specialist 0.00 0.00
Assistant to the City Manager 0.00 0.00
Executive Assistant 1.00 1.00
City Clerk 1.00 1.00
Assistant City Clerk 0.00 1.00
Deputy City Clerk 2.00 1.00
Human Resources Manager 1.00 1.00
Human Resources Analyst 1.00 1.00
Human Resources Technician 1.00 1.00
Media Information Officer 1.00 1.00
Media Analyst 1.00 1.00
Media Technician 1.00 1.00
Graphic Artist 1.00 1.00
Finance Manager 1.00 1.00
Financial Analyst 0.00 1.00
Grants Analyst 1.00 1.00
Accounting Technician 1.00 0.00
Sr. Accounting Clerk 1.00 1.00
Accounting Clerk 1.00 1.00
Information Systems Manager 1.00 1.00
Information Systems Analyst 1.00 1.00
Information Systems Technician 1.00 1.00
Sr. PW Maintenance Worker 1.00 1.00
Sr. Office Assistant 1.00 0.00
Office Assistant 0.00 0.00
Office Assistant/Receptionist 1.00 2.00
Total 29.50 29.50
CITY OF MALIBU
AUTHORIZED PERSONNEL
PROPOSED FOR FY 2022-2023
A-13
Classification Salary Range
City Manager
Assistant City Manager 173,280 226,089
Deputy City Manager 170,021 221,839
Environmental Sustainability Director/Building Official 165,067 215,376 Public Works Director/City Engineer 165,067 215,376
Community Services Director 153,460 200,231
Planning Director 153,460 200,231
Public Safety Director 153,460 200,231
Assistant Public Works Director/Asst City Engineer 132,571 172,974 Community Services Deputy Director 132,571 172,974
Environmental Sustainability Manager/Dep Building Official 132,571 172,974 Assistant Planning Director 132,571 172,974
Finance/Accounting Manager 129,335 168,752
City Clerk 120,240 156,885
Permit Services Manager 120,240 156,885
Senior Civil Engineer 120,240 156,885
Environmental Programs Manager 116,865 152,481
Public Safety Manager 116,858 152,474
Public Works Superintendent 116,858 152,474
Code Enforcement Manager 114,517 149,420
Development and Operations Manager 114,517 149,420
Information Systems Manager 114,517 149,420
Associate Civil Engineer 103,864 135,519
Environmental Health Administrator 103,864 135,519
Human Resources Manager 103,864 135,519
Information Systems Administrator 103,864 135,519
Principal Planner 103,864 135,519
Assistant to the City Manager 99,348 129,628
Assistant City Clerk 99,348 129,628
Senior Planner 99,348 129,628
Recreation Manager 97,394 127,077
Certified Plans Examiner 94,622 123,462
Senior Environmental Programs Coordinator 94,622 123,462 Senior Administrative Analyst 91,906 119,916
Supervising Building Inspector 91,906 119,916
Assistant Civil Engineer 89,727 117,075
Executive Assistant 87,227 113,811
Environmental Programs Coordinator 85,451 111,494
Environmental Sustainability Analyst 85,451 111,494
Financial Analyst 85,451 111,494
Associate Planner 85,255 111,239
Fire Safety Liaison 84,687 110,497
Public Safety Liaison 84,687 110,497
Media Information Officer 84,687 110,497
Recreation Supervisor 84,687 110,497
Parks Supervisor 83,519 108,975
Senior Building Inspector 83,366 108,773
Senior Code Enforcement Officer 83,365 108,772
Senior Public Works Inspector 83,261 108,637
CITY OF MALIBU AUTHORIZED POSITIONS AND SALARY RANGES
FY 2022-2023
248,000
A-14
Emergency Services Coordinator 81,777 106,700
Administrative Analyst 79,394 103,591
Grants Analyst 79,394 103,591
Human Resources Analyst 79,394 103,591
Information Systems Analyst 79,394 103,591
Media Analyst 79,394 103,591
Senior Accounting Technician 75,124 98,021
Principal Permit Technician 73,644 96,089
Senior Recreation Coordinator 73,644 96,089
Assistant Planner 72,664 94,810
Building Inspector 72,021 93,971
Code Enforcement Officer 72,021 93,971
Deputy City Clerk 72,021 93,971
Environmental Programs Specialist 71,662 93,502
Wastewater Management Program Specialist 71,662 93,502
Public Works Inspector 70,299 91,725
Senior Parks Maintenance Worker 69,725 90,977
Planning Technician 68,593 89,500
Senior Administrative Assistant 68,593 89,500
Senior Media Technician 68,593 89,500
Senior Permit Services Technician 68,593 89,500
Senior Public Works Maintenance Worker 68,593 89,500
Recreation Coordinator 66,952 87,358
Accounting Technician 65,327 85,238
Human Resources Technician 64,845 84,609
Administrative Assistant 60,310 78,689
Parks Maintenance Worker 60,310 78,689
Public Works Maintenance Worker 60,310 78,689
Information Systems Technician 59,246 77,302
Graphic Artist 59,246 77,302
Media Technician 59,246 77,302
Permit Services Technician 59,246 77,302
Records Management Specialist 56,625 73,882
Public Safety Specialist 56,625 73,882
Wastewater Management Program Analyst 56,481 73,694
Senior Accounting Clerk 55,079 71,866
Senior Office Assistant 52,469 68,461
Accounting Clerk 51,580 67,301 Office Assistant 45,315 59,124 Pool Manager 40,092 52,311
Part-Time Positions - Hourly Rates
Fire Safety Liaison (Part-time) 40.72 53.15
Recreation Assistants I (Part-time) 16.88 22.02
Recreation Assistants II (Part-time) 20.03 26.15
Media Assistant (Part-time) 20.03 26.15
Office Assistant (Part-time) 18.40 24.01
Parks Maintenance Assistant (Part-time) 16.88 22.02
Pool Manager (Part-time) 19.29 25.16
Lifeguards (Part-time) 16.88 22.02
Intern (Part-time) 16.88 22.02
Student Intern 16.11 21.01
A-15
2022-23 2022-23
Adopted Amended
CITY OF MALIBU
AUTHORIZED PERSONNEL
PROPOSED FOR FY 2022-2023
ENVIRONMENTAL SUSTAINABILITY
ESD Director/Building Official 1.00 1.00
ESD Manager/Deputy Building Official 0.00 0.00
Senior Civil Engineer 1.00 1.00
Associate Civil Engineer 1.00 1.00
Supervising Inspector 1.00 1.00
Sr. Building Inspector 1.00 1.00
Building Inspector 2.00 2.00
Principal Permit Technician 1.00 1.00
Sr. Permit Services Technician 1.00 1.00
Permit Services Technician 2.00 2.00
Environmental Health Administrator 1.00 1.00
Wastewater Man. Program Specialist 1.00 1.00
Environmental Programs Manager 1.00 1.00
Senior Environmental Programs Coordinator 1.00 1.00
Environmental Program Coordinator 1.00 1.00
Environmental Sustainability Analyst 1.00 1.00
Administrative Analyst 0.00 0.00
Senior Administrative Assistant 0.00 1.00
Administrative Assistant 1.00 1.00
Senior Office Assistant 0.00 1.00
Office Assistant 2.00 1.00
Total 20.00 21.00
PLANNING DEPARTMENT
Planning Director 1.00 1.00
Assistant Planning Director 1.00 1.00
Development Services Manager 1.00 1.00
Principal Planner 1.00 1.00
Senior Planner 2.00 3.00
Associate Planner 3.00 2.00
Assistant Planner 4.00 3.00
Planning Technician 4.00 5.00
Code Enforcement Manager 1.00 1.00
Senior Code Enforcement Officer 1.00 1.00
Code Enforcement Officer 2.00 2.00
Senior Administrative Analyst 0.00 0.00
Administrative Assistant 2.00 2.00
Senior Office Assistant 0.00 0.00
Office Assistant 2.00 2.00
Planning Intern (Two Half-time) 1.00 1.00
Total 26.00 26.00
A-16
2022-23 2022-23
Adopted Amended
CITY OF MALIBU
AUTHORIZED PERSONNEL
PROPOSED FOR FY 2022-2023
PUBLIC WORKS
Public Works Director/City Engineer 1.00 1.00
Assistant Public Works Director/City Engineer 1.00 1.00 Public Works Superintendent 2.00 2.00
Senior Civil Engineer 1.00 1.00
Associate Civil Engineer 2.00 1.00
Assistant Civil Engineer 2.00 3.00
Public Works Inspector 1.00 1.00
Sr. Administrative Assistant 1.00 1.00
Administrative Assistant 1.00 1.00
Total 12.00 12.00
COMMUNITY SERVICES
Community Services Director 1.00 1.00
Community Services Deputy Director 1.00 1.00
Recreation Manager 1.00 1.00
Recreation Supervisor 1.00 1.00
Recreation Coordinator 3.00 3.00
Parks Supervisor 1.00 1.00
Senior Parks Maintenance Worker 1.00 1.00
Parks Maintenance Worker 0.00 0.00
Administrative Assistant 1.00 1.00
Pool Manager (Part-time) 1.12 1.12
Lifeguards (Part-time) 2.51 2.51
Recreation Assistants (Part-time) 9.16 9.16
Recreation Assistants - Skate Park (Part-time) 0.22 0.22 Media Assistant (Part-time) 0.26 0.26
Total 23.27 23.27
TOTAL EMPLOYEES 110.77 111.77
A-17
Assistant City Clerk
CITY OF MALIBU
ASSISTANT CITY CLERK
Class Description
February 2023
FLSA: Exempt
DEFINITION
Under general direction, assists the City Clerk in the management of the day-to-day operations of the City Clerk’s Office; performs a wide range of administrative, legislative and records management functions; assists with various City election processes; conducts official work in the absence of the City Clerk; provides professional and technical assistance to City departments, the City Manager and City Council; serves as Acting City Clerk in the City Clerk’s absence; and performs other related duties as assigned.
SUPERVISION RECEIVED AND EXERCISED
Receives general direction by the City Clerk. The work provides for a wide variety of independent decision-making, within legal and general policy and regulatory guidelines. May exercise supervision to assigned personnel.
CLASS CHARACTERISTICS
The Assistant City Clerk is a lead position with program responsibility for day-to-day activities in the City Clerk’s Office. It is distinguished from the Deputy City Clerk classification by independent decision-making and program oversight. The Assistant City Clerk is distinguished from the City Clerk by the latter’s overall responsibility for the operations of the City Clerk’s Office, including setting goals and objectives for the City Clerk’s Office.
EXAMPLES OF ESSENTIAL JOB FUNCTIONS (Illustrative Only) Management reserves the right to add, modify, change or rescind the work assignments of different positions and to make reasonable accommodations so that qualified employees can perform the essential functions of the job.
Assists in the daily operations of the City Clerk’s Office; performs duties and responsibilities of the City Clerk in their absence.
Assists the City Clerk with coordinating City Council activities, appointments, and meetings.
Prepares agendas for City Council. Assists with the assembly and distribution of agenda material for meetings, including electronic format, in compliance with the Brown Act.
Attends City Council meetings and prepares meeting minutes as necessary. As directed by the City Clerk, follows-up on City Council actions, as required; attests, publishes, and posts ordinances and resolutions, executes legal contracts, oversees the recording of documents, and prepares follow-up correspondence. Provides guidance and support to City Departments regarding agenda posting requirements, parliamentary procedures, Public Records Act, Brown Act, preparation of agenda forecasts, agendas, correspondence, comments, staff reports and the collation of agenda packets for City Council meetings.
Assists the City Clerk with the electoral process and conduct of municipal elections per the Elections Code, including recalls, referendums, initiatives and measures; coordinates ATTACHMENT 2
Assistant City Clerk
and advises public officials, candidates for office and the public regarding election matters.
Monitors and implements the requirements of the Political Reform Act, including campaign statements in electronic format and statements of economic interests. Monitors and assists with the management and completion of tasks involved in maintaining official records and legal documents, including agendas, minutes, ordinances, resolutions, deeds, agreements, and other legal documents and official records of the City Council.
Prepares special commendations in the form of proclamations, certificates of recognition and City tiles.
Responds to staff and public inquiries received and processes public records requests. Prepares reports and composes correspondence, memorandums and other informational materials.
Assists the City Clerk with administering the City’s records management program, including filing, storage, data entry, indexing, tracking and retrieval of City records, and coordinating with other departments on administration of the records retention schedules. Assists the City Clerk with maintaining the City’s Municipal Code by tracking ordinances and providing for their publication and distribution.
Receives and processes all invoices for the City Clerk’s Office; uses accounting software to maintain budget.
Writes and processes ordinances, resolutions, agreements, contracts, and other documents. Performs difficult, complex, technical and/or specialized office support work, which requires the exercise of independent judgment and the application of technical skills. Operates standard office equipment, including word processing and spreadsheet hardware and software, facsimile equipment and multi-line telephones. Provides professional and technical assistance to the City Manager, City Council, and City departments.
May assist City Clerk with the selection and training of department staff. Notarizes documents for City business.
Performs other duties as assigned.
QUALIFICATIONS
Knowledge of:
The basic activities and functions of a City government and a City Council. Principles, practices and procedures related to public agency record keeping, municipal elections and the City Clerk function.
General principles of risk management related to the functions of the assigned area. Codes, regulations, policies and procedures related to the City Clerk’s office. Standard office administrative practices and procedures, including the use of standard office equipment.
Computer applications related to the work including word processing and spreadsheet applications.
Taking notes of public meetings and accurately transcribing them. Records management principles and practices, including legal requirements for recording, retention, and disclosure.
Business letter writing and the standard format for reports and correspondence. Business arithmetic and basic statistical techniques. Techniques for dealing effectively with the public, vendors, contractors and City staff, in person and over the telephone.
Assistant City Clerk
Techniques for effectively representing the City in contacts with governmental agencies, community groups and various business, professional, educational, and governmental organizations.
Techniques for providing a high level of customer service to public and City staff, in person and over the telephone.
Skill in:
Performing technical, specialized, complex and difficult office administrative work requiring the use of independent judgment.
Interpreting and implementing policies, procedures and computer applications related to the City Clerk’s office.
Interpreting, organizing and explaining information and material in conformance with applicable laws, ordinances, resolutions, contracts, agreements, policies and regulations. Independently composing clear and concise reports, correspondence, and notices. Establishing, maintaining and researching departmental and City-wide files. Researching, analyzing, and evaluating documents, records, and files. Making accurate arithmetic calculations.
Organizing own work, setting priorities and meeting critical time deadlines. Word processing and entering data at a net speed necessary for successful job performance.
Operating modern office equipment including computer equipment and software programs.
Using English effectively to communicate in person, over the telephone and in writing. Using initiative and independent judgment within established procedural guidelines. Establishing and maintaining a positive working relationship with City staff, elected officials, and the general public.
Preparing meeting minutes.
Organizing and reviewing the work of assigned personnel when applicable. Working independently in the absence of supervision.
Acting as City Clerk during the Clerk’s absence.
Education and Experience:
Any combination of training and experience that would provide the required knowledge, skills and abilities is qualifying. A typical way to obtain the required qualifications would be:
Equivalent to an associate degree and four (4) years of experience in municipal government, preferably with a City Clerk’s Office or related organization that staff a government body and holds elections. Supervisory experience and equivalent to a bachelor’s degree is desirable.
License:
Must possess and maintain a valid California Class C Driver License and have a satisfactory driving record. Must possess or obtain within a timeframe specified by the City a Notary Public license. Possession of certification as a Certified Municipal Clerk is desirable.
PHYSICAL DEMANDS
Must possess mobility to work in a standard office setting and use standard office equipment, including a computer; to operate a motor vehicle and to visit various City and meeting sites; vision to read printed materials and a computer screen; and hearing and speech to communicate in person, before groups and over the telephone. This is primarily a sedentary office classification although standing in work areas and walking between work areas may be required. Finger dexterity is needed Assistant City Clerk
to access, enter and retrieve data using a computer keyboard, typewriter keyboard or calculator and to operate standard office equipment. Positions in this classification occasionally bend, stoop, kneel, reach, push and pull drawers open and closed to retrieve and file information. Positions in this classification occasionally lift and carry reports and records that typically weigh less than 20 pounds.
ENVIRONMENTAL ELEMENTS
Employees work in an office environment with moderate noise levels, controlled temperature conditions and no direct exposure to hazardous physical substances. Employees may interact with upset staff and/or public and private representatives in interpreting and enforcing departmental policies and procedures.
WORKING CONDITIONS
May be required to work evening, weekend and holiday hours, and City Council meetings.
Agenda Item # 3.C.
Administration and Finance
Subcommittee Agenda Report
To: Mayor Silverstein and Councilmember Stewart
Prepared by: Ruth F. Quinto, CPA, City Treasurer
Reviewed by: Joseph D. Toney, Assistant City Manager
Approved by: Steve McClary, City Manager
Date prepared: February 12, 2023 Meeting date: February 15, 2023 Subject: Investment Report
RECOMMENDED ACTION: Review Investment Policy compliance and provide feedback to staff.
FISCAL IMPACT: There is no fiscal impact associated with the recommended action; however, the Investment Policy establishes the procedures for the City to invest available funds that can generate interest earnings.
WORK PLAN: This item was not included in the Adopted Work Plan for Fiscal Year 2022- 2023. This project is part of normal staff operations.
DISCUSSION: The City of Malibu’s Investment Policy was originally adopted on January 8, 2007. The Council has adopted revisions to the Investment Policy on April 22, 2013, May 12, 2014, and April 26, 2021. The Investment Policy includes certain guidelines and benchmarks, and reporting requirements, including compliance with State law.
The City’s Investment Policy is conservative in nature and establishes regulations that limit the City’s financial exposure. The City’s independent auditor, Lance, Soll and Lunghard, reviews the City’s Investment Policy and compliance with the policy as part of its annual audit of the City’s finances. The results of the auditor’s review of the Investment Policy are reported in the City’s Annual Comprehensive Financial Report (ACFR).
On September 28, 2020, Governor Gavin Newsom signed into law Senate Bill (SB) 998 (Moorlach) – Local Government Investments. SB 998, which took effect on January 1, City Council Meeting
02-15-23
Item
3.C.
Agenda Item # 3.C.
2021, and is in effect until January 1, 2026, made several amendments to certain sections of the Code which govern the investment of public funds, including:
1. Allowing investment in securities issued or backed by the U.S. government that could result in zero or negative interest accrual if held to maturity, in the event of, and for the duration of, a period of negative market interest rates
2. Allowing local agencies that have more than $100 million of investment assets under management to invest up to 40% in commercial paper (existing limit is 25% for all agencies other than a county or a city and county)
3. Establishing a 10% issuer limit on commercial paper and corporate notes for all agencies, other than a county or a city and county
4. Adding permission for federally recognized Indian tribes to invest and participate in investment Joint Power Authorities (JPAs)
The key aspects of SB 998, as compared to those in the City’s investment policy, are as follows:
Criteria SB 998 City Policy
Commercial Paper – Total Less than 25% Less than 15%
Commercial Paper – Single Issuer Less than 10% Less than 5% US Government – Zero or Negative Yields Allowable Not Allowable As demonstrated above, the City’s Investment Policy is more conservative in limiting otherwise higher levels of potential risk.
In connection with the duties of the investment officer for the City, every three to five years, the City should distribute a Broker/Dealer questionnaire to authorized financial institutions and broker/dealers. Most recently, the City reviewed and renewed terms and conditions with the business banking financial institution, First Bank, although a request for proposals (RFP) has not been performed since the first agreement was signed in May 2017.
The City last reviewed the terms and conditions for the broker/dealer, Wells Fargo Advisors/Gomberg Securities in April 2021. An RFP was last conducted in Fiscal Year 2011-12. Additionally, after the most recent revision to the City’s investment policy in April 2021, the City provided the policy to the broker/dealer and reviewed the investment guidelines contained therein.
Given the time since the last RFP for either banking services and/or investment broker services, the City will conduct an RFP in the coming months and provide a recommendation to the City’s Investment Committee (comprised of the Administration and Finance Subcommittee along with the City Manager, the Assistant City Manager, and the City Treasurer) prior to submitting to the City Council for consideration and approval.
Agenda Item # 3.C.
Consistent with the Investment Policy, the City’s approach has historically been and continues to be passive (buy and hold). Additionally, the City typically keeps three to six months of cash in the operating account. For the investments, the City maintains a laddered portfolio of various maturity dates ranging from 30 days to five years. The City has recently moved funds from the operating account to: the Local Agency Investment Fund (LAIF); short-term Treasury Bills; and, a Treasury Bill-backed money market account. The composition of funds and the blended maturity rates are reflected below:
Investment Issuer/Instrument Type
December 31, 2022 February 10, 2023
Amount
(in millions) Yield %
Amount
(in
millions) Yield %
LAIF Investment $49.70 2.070% 94.3% $67.96 2.070% 84.0% Wells Fargo Advisors – CDs Investment $ 2.97 2.943% 5.7% $ 3.47 2.943% 4.3% Wells Fargo – Treasury Bills Investment -0- n/a $ 5.00 4.688% 6.2% Wells Fargo – Money Market Investment -0- n/a $4.50 4.400% 5.5% Blended Yield 2.12% 2.82%
Total Duration – Years 2.2 2.1
As listed above, the City is in compliance with the portfolio diversification guidelines included in the Investment Policy. However, the portfolio is not in line with the stated comparable benchmark, the two-year U.S. Treasury Note.
It is important to note that the two-year Treasury Note has ranged from lows of 0.012% to
0.73%, from December 2020 to December 2021. However, from March 2022 to December 2022, short-term interest rates increased steadily, and the balance between the City’s cash versus investments was not adjusted accordingly.
While comparison to any benchmark is not a requirement of SB 998 or the Government Code, given the historically higher yields associated with current inverted yield curve (short-term rates being higher than longer-term rates), it is prudent to balance the City’s short-term funds from the historical one-day instruments to other, higher yielding shortterm investments.
The portfolio will continue to be evaluated and additional investments are anticipated from operational type accounts to higher yielding, but still fully insured and/or collateralized instruments.
Finally, quarterly reporting will continue to be issued in coordination with the quarterly financial reports to the City Council.
ATTACHMENTS: City of Malibu Investment Policy
RESOLUTION NO. 21-19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MALIBU
RESCINDING RESOLUTION NOS. 07-01, 13-12, AND 14-17 AND
APPROVING THE CITY OF MALIBU INVESTMENT POLICY
The City Council of the City of Malibu does hereby find, order and resolve as follows:
SECTION 1. Section 53646 of the Government Code of the State of California requires the City of Malibu to adopt an investment policy.
SECTION 2. On January 8, 2007, the City Council adopted Resolution No. 07-0 1 approving the City of Malibu’s Investment Policy.
SECTION 3. On April 22, 2013, the City Council adopted Resolution No. 13-12 approving a revision of the Investment Policy.
SECTION 4. On May 12, 2014, the City Council adopted Resolution No. 14-17 approving further revisions to the Investment Policy.
SECTION 5. Since May 12, 2014, changes to the City of Malibu Investment Policy are needed.
SECTION 6. Resolution Nos. 07-0 1, 13-12, and 14-17 are hereby rescinded.
SECTION 7. The City Council hereby approves the City of Malibu Investment Policy, hereby attached as Exhibit A.
SECTION 8. This resolution shall become effective on April 26, 2021.
SECTION 9. The City Clerk shall certify to the passage and adoption of this resolution and enter it into the book of original resolutions.
PASSED, APPROVED AND ADOPTED this 26th day of April 2021.
AUL G~ANTI, Mayor
ATTEST:
KELSEY~ET IJOFTN, Acting City Clerk
(seal)
APPROVED AS TO FORM:
~L C~
JOHN C91’TI, Interim City Attorney
Resolution No. 21-19
I CERTIFY THAT THE FOREGOING RESOLUTION NO. 21-19 was passed and adopted by the City Council of the City of Malibu at the Regular meeting thereof held on the 26th day of April 2021 by the following vote:
AYES: 5 Councilmembers: Farrer, Pierson, Uhring, Silverstein, Grisanti NOES: 0
ABSTAIN: 0
ABSENT: 0
KEL~EYJ~ETTIJOHN, A~tiii~City Clerk
(~eal)
Resolution No. 21-19
Exhibit A
I. POLICY STATEMENT
This policy establishes the limits within which the City’s Investment Program shall be conducted. Investment goals and objectives are defined. Qualified investment instrumentalities and reporting requirements are identified. Authority, accountability, audit control and procedures governing the investment program are delineated.
The investment policies and practices of the City of Malibu are based upon state law, city ordinance and prudent treasury management.
II. SCOPE
This Investment Policy applies to all funds under the control of the Investment Officer, unless there exists express prohibitions against the investment of such funds. These funds are accounted for in the City of Malibu’s Comprehensive Annual Financial Report and include the general fund, special revenue funds, internal service funds, capital improvement funds, trust funds, any new fund created from proceeds of bond sales in the custody of the Investment Officer or any other funds under his/her control. This policy does not apply to the employees’ deferred compensation funds, the Public Employee Retirement System (CaIPERS) funds or the Public Agency Retirement Service funds (PARS), which are administered separately.
Ill. PRUDENCE
Pursuant to California Government Code Section 53606.3 as amended, the City Council and all people authorized to make investment decisions on behalf of the City are trustees of the public funds and therefore fiduciaries subject to the following prudent investor standard:
When investing, reinvesting, purchasing, acquiring, exchanging, selling or managing public funds, a trustee shall act with care, 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 authorized by law.
The Investment Officer and other individuals who are assigned to manage the investment portfolio will be relieved of personal responsibility as individual security’s credit risk or market price changes, provided that they are acting in accordance with the City’s Investment Policy and in reasonable reliance on existing California statutes and have properly exercised due diligence, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments.
Resolution No. 21-19
IV. INVESTMENT OBJECTIVES
The City invests in full compliance with all governing laws and its own investment policy adopted by the City Council. It ensures that all investments are safe by preserving the principal of the investment. It seeks to maximize the amount of cash on hand, which is invested, but only after assuring adequate liquidity (accessible cash or other readily marketable assets), which allows the City to properly satisfy its short-term liabilities when they are due.
The criteria for selecting investments by order of priority shall be:
1. Safety: Safety of principal is the City of Malibu’s foremost objective.
Investments shall seek to ensure that capital losses resulting from institution default, broker-dealer default or the erosion of market value are avoided. The City of Malibu shall seek to preserve principal by mitigating the two types of risk: credit risk and market risk.
a. Credit risk, defined as the risk of loss due to failure of the issuer of a security, shall be mitigated by investing in only the highest quality securities (see Section XII Authorized and Suitable Investments) and by diversifying the investment portfolio so that the failure of any one issuer would not unduly harm the City’s cash flow.
b. Market risk, defined as the risk of market value fluctuations due to overall changes in the general level of interest rates, shall be mitigated by structuring the portfolio to eliminate the need to sell securities prior to maturity and by prohibiting the taking of short positions, that is, selling securities that the City does not own. It is explicitly recognized, however, that in a diversified portfolio, occasional measured losses may occur and must be considered within the context of overall investment return.
2. Liquidity: The portfolio will be structured with sufficient liquidity to allow the City to meet expected cash requirements. It is the City’s objective to maintain at least 50 percent of the General Fund operating budget in short-term securities of one year or less (see Section XIII Maturity Goals).
3. Yield: In a manner consistent with the objectives of safety of principal and liquidity uppermost, a yield higher than the market rate of return shall be sought.
4. Cash Obligation: It shall be the policy of the City that all idle funds shall be invested consistent with providing adequate cash to meet the City’s obligation.
V. INVESTMENT COMMITTEE
The City Manager, City Treasurer, Assistant City Manager and the Administration and Finance Subcommittee of the City Council shall serve as the Investment Committee. This committee will meet as needed to review the City’s investments and related policies.
Resolution No. 21-19
VI. REQUIRED REPORTING
The following report shall be provided to the City Council:
1. A quarterly investment report (as required by Government Code Section 53601 which will include the type of investment, issuer, date of maturity, par and dollar amount invested and market value for each security held by the City. The report shall state the source of the market value valuation and include a statement denoting the ability to meet the City’s expected expenditure requirements for the next six months. This report shall be issued in coordination with the quarterly financial reports to the City Council.
VII. AUTHORIZED FINANCIAL INSTITUTIONS AND BROKER/DEALERS A. General criteria for the selection of financial institutions and broker/dealers have been developed by the City Manager and are contained herein.
B. Selection of financial institutions and broker/dealers shall be performed by authorized City staff under direction of the Investment Committee. Every three to five years, the City will distribute a Broker/Dealer Questionnaire to interested and known financial institutions and broker/dealers. The Investment Officer will maintain a list of qualified broker/dealers authorized to provide investment service to the. City of Malibu.
Qualified broker/dealers selected to do business with the City shall submit annually a current audited financial statement. After the adoption of the City’s Investment Policy by the City Council, a copy shall be sent to all broker/dealers approved to do business with the City. Confirmation of receipt of this policy shall be considered evidence that the dealer understands the City’s investment policies and intends to sell the City only appropriate investments authorized by this investment policy.
C. Selection of specific institutions in which City funds may be invested shall be performed by the Investment Officer and reviewed by the City Investment Committee.
VIII. SAFEKEEPING AND CUSTODY
To protect against potential losses by the collapse of individual securities dealers, all securities owned by the City shall be held in safekeeping by a third party bank trust department acting as agent for the City under the terms of a custody agreement executed by the bank and the City. All securities will be received and delivered using standard delivery versus payment procedures.
IX. ACCOUNTABILITY AND AUTHORITY
The Malibu Municipal Code vests authority for and control of investments to the City Treasurer. In the event that the office of the City Treasurer is vacant, the City Manager assumes the responsibilities of the City Treasurer. Daily management responsibility of the investment program may be delegated to other qualified employees of the City, who shall follow procedures for operation consistent with the investment policy.
X. ETHICS AND CONFLICTS OF INTEREST
Resolution No. 21-19
Officers and employees involved in the investment process shall refrain from personal business activity that conflicts with proper execution of the investment program or impairs their ability to make impartial investment decisions. Additionally, the Investment Officer is required to annually file a Statement of Economic Interest as mandated by Government Code Section 91013.
XI. INTERNAL CONTROL
The Investment Officer shall establish procedures for controlling daily investment transactions and monthly reconciliations of accounts. The investment portfolio and all related transactions are balanced to appropriate general ledger accounts by the Administrative Services Department on a monthly basis. Such procedures and controls shall be subject to review and comments by the City’s independent auditor.
XII. AUTHORIZED AND SUITABLE INVESTMENTS
A. Qualifying Investment Instruments Policy:
1. The following instruments are generally approved as qualifying investment instruments for City funds:
a. Local Agency Investment Fund (LAIF) of the State of California b. Obligations of the U.S. Government, its agencies and instrumentalities c. Certificates of deposit with banks and savings and loans doing business in the State of California
d. Prime Banker’s Acceptances
e. Prime Commercial Paper
f. Municipal Bonds of governmental agencies in the State of California rated AAA or AA. This shall include cities, counties, universities, community colleges and school districts
g. Repurchase Agreements and Money Market Funds whose underlying collateral consists of the foregoing. (The City may invest in repurchase agreements with which the City has entered into a master repurchase contract, which specifies terms and conditions of repurchase agreements.) h. Pools and other investments structures incorporating investments listed in a. through f.
B. Diversions by Type of Investment:
The City is governed by California Government Code, Sections 53600 et seq. It shall be the policy of the City that investments shall be diversified with respect to the type of investment instruments used. Within the context of these limitations, the following investments are generally approved as qualifying investment instruments for City funds, as further limited herein:
Resolution No. 21-19
1. Local Agency Investment Fund. The City may invest in the Local Agency Investment Fund (LAIF) established by the State Treasurer for the benefit of local agencies up to the maximum amount permitted by State Law. It shall be the goal of the City of Malibu to maintain a minimum balance of 50 percent of the General Fund operating budget in LAIF or other short-term securities of one year or less.
2. United States Treasury Bills, Bonds and Notes or those for which the full faith and credit of the United States are pledged for payment of principal and interest.
There is no limitation as to the percentage of the portfolio which can be invested in this category.
3. Obligation issued by the United States Government Agencies, such as the Federal Farm Credit Bank System (FFCB) and the Federal Home Loan Bank Board (FHLB).
4. Bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as banker’s acceptances. Banker’s acceptances purchased may not exceed 180 days to maturity or 20 percent of the market value of the portfolio. No more than 10 percent of the market value of the portfolio may be invested in banker’s acceptances issued by any one bank.
5. Commercial paper ranked P1 by Moody’s Investor Services and Al by Standard and Peer’s and issued by a domestic corporation having assets in excess of $500 million and having an A or better rating on its long-term debentures as provided by Moody’s or Standard and Poor’s. Purchases of eligible commercial paper may not exceed 15 percent of the market value of the portfolio. No more than 5 percent of the market value of the portfolio may be invested in commercial paper issued by any one corporation.
6. Money market funds are limited to 20 percent of the market value of the portfolio.
The funds must be rated in the highest category of Moody’s or Standard and Poor’s, or must be administered by a domestic bank with long- term debt rated in one of the top two categories of Moody’s or Standard and Poor’s. A thorough investigation of any money market fund or investment pool is required prior to investing, as well as on an ongoing basis. The following information should be obtained and analyzed:
a. A description of eligible investment securities
b. A written statement of investment policies and objectives c. A description of interest calculations and their distribution, and the treatment of gains and losses
d. A description of how the securities are safeguarded and how often the securities are priced and the program audited
e. Information about the size and frequency of deposits and withdrawals allowed and how much notice is needed for withdrawals
Resolution No. 21-19
f. A schedule for receiving statements and portfolio listings g. A fee schedule, as well as how and when the fees are assessed h. The rating of the pool/fund
I. Information about investment advisors, including registration with the Securities and Exchange Commission, length of experience and total assets under management
C. Ineligible Investments.
Investments not described herein, including, but not limited to common stocks and corporate bonds, are prohibited from use in this portfolio. Investments which exceed five years in maturity require authorization by the City Council prior to purchase.
Further, any investments that are in the form of inverse floaters, range notes or mortgage-derived interest-only strips are prohibited.
D. Diversification by Institution.
1. Not more than $100,000 shall be placed in any qualifying institution unless collateralized in accordance with this policy.
2. All certificates of deposit investments shall be collateralized by government securities with a market value of 110 percent of the City’s investment or mortgages in value equal to 150 percent of the City’s investments. Each investment institution must meet specific financial criteria as determined by the City Treasurer.
3. With the exception of LAtE, in no event may any institution have City investments exceeding $5,000,000 without approval of the Investment Committee. This restriction shall not apply for periods of seven days or less when the City is receiving substantial funds (e.g., proceeds of bond sales) or is consolidating funds for a major transaction.
E. Collateralization
1. An independent third party with whom the City has a current custodial agreement must always hold collateral.
2. State law regarding collateralization of deposits of public funds requires that securities be held by an agent (i.e. a trust company) of the bank, which may include the bank’s trust department only if acceptable to both the bank and the Treasurer, pursuant to California Government Code Section 53656 and 53658. Under the provision of California Government Code Section 53652, banks are required to secure the deposits of public funds, including certificates of deposits, by: a) pledging government securities with a value of 110 percent of the principal and accrued interest; b) pledging first trust deed mortgage notes having a value 150 percent of the total agency deposit; or c) a letter of credit drawn on the Federal Resolution No. 21-19
Home Loan Bank of 105 percent of the total agency deposit. Deposits must be secured at all times with eligible securities pursuant to Section 53651.
3. Collateralization of repurchase agreements must be at least 102 percent of the market value of principal and accrued interest. Collateral must consist of U.S.
Treasury obligations or U.S. Agency obligations. Other specific requirements on repurchase agreements must be addressed in a master repurchase agreement by the City and the financial institution or broker/dealer.
XIII. MATURITY GOALS
A. Subject to the availability of funds short-term investments (maturity of one year or less) of the City shall not be less than 50 percent of the General Fund’s annual operating budget of the City.
B. The percentage of the City’s portfolio that may be invested intermediate- term (maturity term over one year and not greater than five years) shall be determined by the Investment Officer based on cash requirements.
C. Long-term investments (over five years to maturity date) shall be made only after review and approval by the City Council. Accordingly, no fixed percentage of the City’s portfolio is designated for long-term investments.
D. Additional and/or clarifying maturity guidelines shall be adopted from time to time as devised by the Investment Officer and reviewed by the Investment Committee.
XIV. POLICY REVIEW
This Investment Policy shall be reviewed at least annually to ensure its consistency with the overall objectives of preservation of principal, liquidity, yield and its relevance to current law and financial and economic trends. If changes are made, the City of Malibu’s Investment Policy must be approved by the City Council.
XV. INVESTMENT PROCEDURES
The Investment Officer shall establish written investment policy procedures for the dayto-day operations of the investment program consistent with this policy. The procedures should include reference to cash balancing, safekeeping, wire transfer agreements, collateral/depository agreements and the selection process for financial institutions and broker/dealers. The procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Investment Officer.
XVI. INVESTMENT STRATEGY AND PERFORMANCE STANDARDS
The City shall maintain a laddered portfolio of various maturity dates ranging from 30 days to 5 years and the investment strategy will generally be passive (buy and hold). Given this strategy, the basis used by the Treasurer to determine whether market yields are being achieved shall be to identify a comparable benchmark to the City’s portfolio Resolution No. 21-19
investment duration. Given the liquidity objective and the portfolio duration, the 2-year U.S. Treasury Note shall be the City’s selected benchmark.
GLOSSARY OF TERMS
Agencies - Agencies of the Federal government set up to supply credit to various classes of institutions (e.g., S&Ls, small business firms, students, farmers, housing agencies, etc.) Asked - The price at which securities are offered
Bankers Acceptance (BA) - A draft, bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill, as well as the issuer.
Benchmark - A comparative base for measuring the performance or risk tolerance of the investment portfolio. A benchmark should represent a close correlation to the level of risk and the average duration of the portfolio’s investments.
Bid - Price a prospective buyer is ready to pay
Brokered CD - A Certificate of Deposit account established at an insured bank by an agent or broker that represents the deposits of one or multiple investors Broker/Dealer - Individual or firm acting as principal in securities transactions Callables - Securities that the issuer has the right to redeem prior to maturity Certificates of Deposit (CD) -A time deposit with a specific maturity evidenced by a certificate Collateral - Securities pledged to secure repayment of a loan Comprehensive Annual Financial Report (CAFR) - An official annual financial report. It includes five combined statements for each individual fund and account group prepared in conformity with GAAP. It also includes supporting schedules necessary to demonstrate compliance with finance-related legal and contractual provisions, extensive introductory material and a detailed statistical section.
Coupon - a) The annual rate of interest that a bond’s issuer promises to pay the bondholder on the bond’s face value; and b) A certificate attached to a bond evidencing interest due on a payment date.
Custody - A banking service that provides safekeeping for the individual securities in a customer’s investment portfolio under a wriffen agreement, which also calls for the bank to collect and pay out income, to buy, sell, receive and deliver securities when ordered to do so by the principaF
Debenture - A bond secured only by the general credit of the issuer Resolution No. 21-19
Delivery vs. Payment - There are two methods of delivery of securities: Delivery versus payment and delivery versus receipt. Delivery versus payment is delivery of securities with a simultaneous exchange of money. Delivery versus receipt is delivery of securities with an exchange of a signed receipt for the securities.
Derivatives - a) Financial instruments whose return profile is linked to, or derived from, the movement of one or more underlying index or security, and may include a leveraging factor; b) Financial contracts based upon notional amounts whose value is derived from an underlying index or security (interest rates, foreign exchange rates, equities or commodities) Discount - The difference between the cost price of a security and its maturity when quoted at lower than face value. A security selling below original offering price shortly after sale also is considered to be at a discount.
Discount Securities - Non-interest bearing money market instruments that are issued a discount and redeemed at maturity for full face value, e.g., U.S. Treasury Bills Diversification - Dividing investment funds among a variety of securities offering independent returns
Federal Credit Agencies - Agencies of the Federal government set up to supply credit to various classes on institutions and individuals, e.g., S&Ls, small business firms, students, farmers, farm cooperatives and exporters
Federal Deposit Insurance Corporation (FDIC) - A federal agency that insures bank deposits.
The basic FDIC insurance amount is $250,000 per depositor, per bank, per ownership category.
Deposits held in different ownership categories, such as single, joint, trust, and retirement, are separately insured, when the requirements for each ownership category are met, even if held at the same bank.
Federal Funds Rate - The rate of interest associated with borrowing a federal reserve bank’s excess reserves. This rate is currently pegged by the Federal Reserve through open-market operations.
Federal Home Loan Banks (FHLB) — Government-sponsored wholesale banks (currently 12 regional banks) which lend funds and provide correspondent banking services to member commercial banks, draft institutions, credit unions and insurance companies. The mission of FHLBs is to liquefy the housing related assets of its members who must purchase stock in their district bank.
Intermediate Maturity- Investment period greater than one year but less than five years and one day.
Investment Officer - The Investment Officer shall be the City Treasurer or, in his/her absence, the City Manager (see Section IX).
Liquidity - The ability to turn an asset into cash. The ability to buy or sell an asset quickly and in Resolution No. 2 1-19
large volume without substantially affecting the asset’s price.
Long-Term Maturity- Investment period greater than five years.
Market Value - The price at which a security is trading, usually the liquidation value.
Master Repurchase Agreement - A written contract covering all future transactions between the parties to repurchase reverse repurchase agreements that establish each party’s rights in the transactions. A master repurchase agreement will often specify 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 the principal or stated value of an investment becomes due and payable.
Money Market- The market in which short-term debt instruments (e.g. Treasury bills, commercial paper, bankers’ acceptances, etc.) are issued and traded.
Offer- The price at which someone who owns a security offers to sell it; also known as the asked price.
Qualified Investment - An investment instrument which is approved by this policy or pursuant to procedures set forth in this policy.
Safety- The ability of a security issuer to guarantee redemption of their security.
Treasury Bills -A non-interest bearing discount security issued by the U.S. Treasury to finance the national debt. Most bills are issued to mature in three months, six months or one year.
Treasury Bonds - Medium-term coupon bearing U.S. Treasury securities issued as direct obligations of the U.S. Government and having initial maturities of more than 10 years.
Treasury Notes - Medium-term coupon bearing U.S. Treasury securities issued as direct obligations of the U.S. Government and having initial maturities from two to ten years.
Yield- Percentage rate of interest received versus the purchase price of the instrument if held to maturity.