Agenda packet, first session — Malibu City Council, September 25, 2023 (part 2 of 5)

Agenda Item # 3.B.9.

To: Mayor Silverstein and the Honorable Members of the City Council From: Ruth F. Quinto, CPA, City Treasurer
Subject: Investment Report for the Month Ending August 31, 2023 RECOMMENDED ACTION: Receive the Investment Report for the month ending August 31, 2023.

The portfolio is in compliance with the City’s Investment Policy. The City has sufficient liquidity to meet expenditure requirements for at least six months. This monthly Investment Report is in conformance with Government Code 53636, stating the Treasurer may render a quarterly report to the legislative body within 45 days following the end of the quarter covered by the report.

The August 31, 2023 report is now revised as highlighted below, to accurately reflect the Treasury Notes Yield, as well as the overall Blended Yield. The change is due to a Treasury Note purchase in August that was inaccurately reported on the Portfolio Statement, which is now corrected.

The City’s portfolio is invested in the following categories:

Cash and Cash Equivalents 18.57%
U.S. Treasury 77.24%
U.S. Agencies 0.00%
Certificates of Deposit 10.19%
Investments month to month:

Investment
Issuer/Instrument Type
July 31, 2023 August 31, 2023
Amount
(in millions) Yield(A) %
Amount
(in millions) Yield(A) %
Operating Cash(B) Cash $12.10 4.68% 11.89%
LAIF Investment $25.54 3.39% 27.26% $ 2.04 3.52% 2.00%
CDs Investment $10.37 4.64% 11.16% $10.37 4.64% 10.19%
Treasury Bills Investment $15.15 4.97% 16.25% $10.08 5.12% 9.91% Treasury Notes Investment $37.59 3.88% 40.41% $62.41 4.20% 61.33% Money Market Investment $ 4.59 4.40% 4.93% $ 4.77 5.13% 4.68% Blended Yield 4.03% 4.42%
Total Duration(Years) 0.89 1.18
(A)Yield is based on Purchase Yield for Treasury Bills
(B)
Beginning with the August 31, 2023 Investment Report, operating cash held with First Bank now included 2-Year U.S. Treasury Note Benchmark, as of August 31, 2023: 4.85% The fair market value of all investments as held by the City is $101,761,593 as of August 31, 2023.

ATTACHMENTS:

1. City of Malibu Portfolio Statement

2. City of Malibu Investment Portfolio Report
City Council Meeting
09-25-23
Item

3.B.9.

SNAPSHOT
Current period ending August 31, 2023
ACCOUNT NAME: CITY OF MALIBU

RUTH QUINTO
ACCOUNT NUMBER:

Your Financial Advisor:

WILLIAM GOMBERG 701 S PARKER STREET
Phone: 714-497-1366 SUITE 2500
ORANGE, CA 92868
If you have more than one account with us, why not link them and receive summary information for your entire household? Contact Your Financial Advisor for more details.

CITY OF MALIBU Message from Our Firm
RUTH QUINTO THE WELLS FARGO MOBILE® APP HAS BEEN UPDATED TO MAKE IT EASIER TO VIEW AND 23825 STUART RANCH ROAD MANAGE YOUR INVESTMENTS ON THE GO. STAY CONNECTED WITH YOUR ACCOUNTS AND OUR LATEST MARKET COMMENTARY. UPDATE OR DOWNLOAD THE APP TO USE THE NEW MALIBU CA 90265-4861 EXPERIENCE.

News

SHOULD YOU NEED ADDITIONAL DETAILS ABOUT A SPECIFIC TRANSACTION REFLECTED ON

YOUR STATEMENT, THE INFORMATION IS AVAILABLE ONLINE OR BY CONTACTING THE CLIENT SERVICE NUMBER ON YOUR STATEMENT.

Investment and Insurance Products are: Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC, (WFAFN). Account(s) are carried by Wells Fargo Clearing • Not Insured by the FDIC or Any Federal Government Agency Services, LLC (WFCS). Wells Fargo Advisors is a trade name used by WFAFN and • Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank WFCS, Members SIPC, separate registered broker-dealers and non-bank affiliates of Affiliate Wells Fargo & Company.
• Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

SNAPSHOT
072 ANCA ANC9
General About your rights and responsibilities instructions and disclosures Questions and complaints about Your Account: This account statement contains important information About this statement about your brokerage account, including recent transactions. All account statements sent to you shall be deemed Clearing services: Wells Fargo Clearing Services, LLC (WFCS), an indirect wholly owned subsidiary of Wells complete and accurate if not objected to in writing within ten days of receipt. We encourage you to review the details Fargo & Company, is a clearing broker-dealer registered with the Securities and Exchange Commission (SEC) and in this statement. If you do not understand any of the information in your statement or if you believe there are any the Municipal Securities Rulemaking Board (MSRB) and is a member of the New York Stock Exchange (NYSE), the inaccuracies or discrepancies in your statement, you should promptly report them to both WFCS and to the manager Financial Industry Regulatory Authority (FINRA) and all principal U.S. exchanges. WFCS carries your account(s) and of the Wells Fargo Advisors Financial Network office listed on the front of your statement. To further protect your acts as your custodian for funds and securities deposited with us directly by you, through our affiliated broker-dealer, rights, including any rights under the Securities Investor Protection Act, any verbal communications with either your Wells Fargo Advisors Financial Network, LLC (Wells Fargo Advisors) or as a result of transactions WFCS processes Wells Fargo Advisors Financial Network office or with WFCS should be re-confirmed in writing. Inquiries or for your account. Twice a year, WFCS publishes on its web site www.wfclearing.com a statement of the firm's complaints about your account statement, including the positions and balances in your account, may be directed to financial condition. A financial statement of this organization is available for your personal inspection at its offices, or Wells Fargo Advisors Client Services at (866) 258-4606 or ATTN: H0005-087, 1 N. Jefferson Ave, St. Louis, MO a copy of it will be mailed upon your written request. Unless and until we receive written notice from you to the 63103. contrary, WFCS may, without inquiry or inves igation, accept from Wells Fargo Advisors (i) orders for the purchase or Public disclosure: You may reach FINRA by calling the FINRA BrokerCheck Hotline at (800) 289-9999 or by visiting sale of securities for your account on margin or otherwise, and (ii) any other instructions concerning your account. the FINRA website at www.finra.org. An investor brochure that includes information describing FINRA BrokerCheck Trade date statement and trade details: All activity and positions on this statement are shown as of the date a is available from FINRA upon request. A brochure describing the FINRA Pricing of Securities Regula ion Public trade is entered on the brokerage trading system (i.e., the trade date). Proceeds from the sale of securities and costs Disclosure Program is also available from the FINRA upon request. for the purchase of securities are not transacted through your account until the actual settlement date of the trade. MSRB disclosure: A brochure describing the protections available under MSRB rules and how to file a complaint is The time of the transactions, the name of the buyer or seller, and the source and amount of any commission or fee available at www.MSRB.org. will be furnished upon written request.

Account protection: WFCS is a member of the Securities Investor Protection Corporation (SIPC) which protects Pricing of securities: Securities prices on your statement may vary from actual liquidation value. Prices are against the loss of cash and securities held in client accounts of a SIPC member firm in the event of the member's provided by outside quotation services which we believe are reliable but due to the nature of market data the accuracy insolvency and liquidation. SIPC coverage is limited to $500,000 per customer, including up to $250,000 for cash. For cannot be guaranteed. In the absence of such pricing, prices are estimated by WFCS using available information and more information on SIPC coverage, please see the explanatory brochure at www.sipc.org or contact SIPC at (202) its judgment. Such estimates may not reflect actual trades and do not reflect a commitment by the firm to buy or sell 371-8300. In addition, WFCS maintains additional insurance coverage provided through London Underwriters (led by at those prices. Securities listed on a national exchange are priced as of the close of the statement period. Unlisted Lloyd's of London Syndicates). This additional insurance policy becomes available to clients if their SIPC limit is shares may be valued at the current best published "bid-price", and, if none exists, the last reported transaction if exhausted and provides additional protection up to a firm aggregate of $1 billion, including up to $1.9 million for cash occurring within the last 45 days. Prices of securities not actively traded may not be available and are indicated by per client. SIPC does not insure the quality of investments or protect against market losses. SIPC only protects the "N/A." Corporate and municipal bonds and other fixed income securities are priced by a computerized pricing service custody function of their members, which means that SIPC works to restore to clients their securities and cash that or, if less actively traded, by utilizing a yield-based matrix system to arrive at an estimated market value. Listed are in their accounts when the member firm liquidation begins. Not all investments are protected by SIPC. In general, options are priced based on the closing "bid-ask" prices and the last reported trade. Mutual fund shares are priced at SIPC does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed net asset value. Shares of direct participation program (DPP) and real estate investment trust (REIT) securities that annuity contracts, escrow receipts, direct investments, currency, commodities or related contracts, hedge funds and are not listed on a national exchange are generally illiquid. Because no trading market exists for these investments, certain other investments. their values are estimated. Unless otherwise indicated, the values shown for DPP and REIT securities have been provided by the management of each program and represent that management's estimate of the investor's interest in Free credit balances: Free credit balances are not segregated and may be used by WFCS in the operation of its the net assets of the program. See statement sections for additional pricing information. Values for hedge funds and business in accordance with applicable laws and regulations. You have the right to receive from us in the course of certain managed futures funds are provided on a month delay basis. Other managed futures funds may be priced normal business operations, subject to any open commitments in any of your accounts, any free credit balances to more frequently. Long-term certificates of deposit (maturity beyond one year from date of issue) are priced using a which you are entitled. market value pricing model. The sale or redemption price of your securities may be higher or lower than the prices Investment objectives/Risk tolerances: Please inform us promptly of any material change that might affect shown on your statement. For an actual quote, contact the individual servicing your account. your investment objectives, risk tolerances or financial situation, or if you wish to impose or change any reasonable Estimated annual income/yield: Estimated Annual Income (EAI), when available, reflects the estimated amount restrictions on the management of your account. A copy of the Investment Advisory Services Disclosure document is you would earn on a security if your current position and its related income remained constant for a year. Estimated available without charge upon request. Please contact the individual denoted on the front of your statement to update Annual Yield (EAY), when available, reflects the current estimated annual income divided by the current value of the your information and to receive a copy of this document. security as of the statement closing date. EAI and EAY are estimates and the actual income and yield might be lower Option accounts: Pursuant to FINRA Rule 2360, option assignment notices are randomly allocated by an or higher than the estimated amounts. EAY reflects only the income generated by an investment. It does not reflect automated process amongst all client short option positions that are subject to exercise, including posi ions changes in its price, which may fluctuate. The information used to derive these estimates is obtained from various established on the day of assignment. Transaction confirmations that were previously furnished to you provides outside vendors; WFCS and Wells Fargo Advisors Financial Network, LLC are not responsible for incorrect or information on commissions and other charges related to your option transaction executions. Details of our random missing estimated annual income and yields. Past performance is not a guarantee of future results. allocation procedures and copies of transaction confirmations are available upon request.

Income summary: The Income summary displays all income as recorded in the tax system as of period end date.

The totals in the Cash flow snapshot may not match the totals in the Income snapshot due to reclassifications or other corrections made in the tax system. Remember, you may have certain products that are not included in these figures and whose income is only available on the tax forms sent to you at year-end. Reclassifications and other tax reporting requirements may alter these numbers both during and after year end. You should rely only on tax reporting documents. Contact your tax advisor if you have any questions about the tax consequences of your brokerage activity.

Texas designation: If you are a resident of Texas who has purchased mutual fund shares, you may designate a representative to receive notification to assist in avoiding escheatment of assets in your investment account to the State of Texas. The designated representative does not have any rights to your account. Please use the Texas Unclaimed Property link (https://claimittexas.org/) to access the Designation of Representative for Notice Request form which you may complete and return to us at ATTN: H0006-08K, 1 N. Jefferson Ave, St. Louis, MO 63103 or return by email at [email protected].

Tax reporting: We are required by federal law to report annually to you and to the Internal Revenue Service (IRS) on Form(s) 1099 interest income, dividend payments and sales proceeds including cost basis information for applicable transactions credited to your account.

SNAPSHOT Page 2 of 24

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Cash flow summary THIS PERIOD THIS YEAR
Opening value of cash and sweep balances $26,913.91
Income and distributions 173,822.49 461,109.28
Securities sold and redeemed 5,117,000.00 14,377,522.44 Electronic funds transfers 20,000,000.00 85,000,000.00
Other additions 0.00 7.00
Net additions to cash $25,290,822.49 $99,838,638.72
Securities purchased -25,138,649.58 -99,705,386.42
Net subtractions from cash -$25,138,649.58 -$99,705,386.42 Closing value of cash and sweep balances $179,086.82
Income summary * THIS PERIOD THIS YEAR
TAXABLE Money market/sweep funds 336.15 15,134.81
Interest 270,201.25 511,605.15
Ordinary dividends and ST capital gains 19,541.29 98,171.84 Total taxable income $290,078.69 $624,911.80
Total federally tax-exempt income $0.00 $0.00
Total income $290,078.69 $624,911.80
* Certain distributions made in he current year are reported as prior year income according to IRS regulations. This may cause a difference between Cash Flow and Income Summary totals.

Gain/loss summary UNREALIZED THIS PERIOD REALIZED THIS YEAR REALIZED Short term (S) -419,216.72 0.00 0.00
Long term (L) -128,243.83 0.00 0.00
Total -$547,460.55 $0.00 $0.00

SNAPSHOT
072 ANCA ANC9
SNAPSHOT Page 3 of 24

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Your Financial Advisor Client service information
WILLIAM GOMBERG 701 S PARKER STREET Client service: 800-266-6263 Phone: 714-497-1366 SUITE 2500 Website: www.wellsfargoadvisors.com ORANGE, CA 92868
Account profile
Full account name: CITY OF MALIBU

RUTH QUINTO
Account type: Brokerage Cash Services For your consideration Brokerage account number: Go paperless. Accessing your account documents online is easy, secure, and Brokerage Cash Services number: 9091092513 costs nothing. Sign on at wellsfargoadvisors.com, go to Portfolio and select Tax status: Non-Profit Statements & Docs, and then click on the Delivery Preferences link. Choose Investment objective/Risk tolerance:* CONSERVATIVE INCOME Paperless - All Docs or view your Delivery Settings details to select specific Time horizon:* INTERMEDIATE (3-5 YEARS) account documents for paperless delivery. If you do not have a Username and Liquidity needs:* MODERATE Password, visit wellsfargoadvisors.com/signup or call 1-877-879-2495 for Cost Basis Election: First in, First out enrollment assistance.

Sweep option: ALLSPRING GOVERNMENT MONEY
MARKET Document delivery status
*For more information, please visit us at: www.wellsfargoadvisors.com/disclosures Paper Electronic Statements: X Available funds Trade confirmations: X
Cash 44,593.75 Tax documents: X
Money market and sweep funds 134,493.07 Shareholder communications: X Available for loan 0.00 Other documents: X
Your total available funds $179,086.82

SNAPSHOT
072 ANCA ANC9

Page 4 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Bond maturity schedule % OF
MATURING IN: AMOUNT MATURING CURRENT VALUE MATURING VALUE under 1 year 30,250,000.00 29,997,484.09 35.31
60,000,00 1 to 5 years 55,409,000.00 52,866,285.39 64.69 6 to 10 years 0.00 0.00 0.00
40,000,00 11 to 15 years 0.00 0.00 0.00
16 to 20 years 0.00 0.00 0.00
21 to 30 years 0.00 0.00 0.00
20,000,00 over 30 years 0.00 0.00 0.00
Total $85,659,000.00 $82,863,769.48 100.00%
0 under 1 1 - 5 6 - 10 11 - 15 16 - 20 21 - 30 Over 30
Years
Additional information

THIS PERIOD THIS YEAR THIS PERIOD THIS YEAR
Accrued interest on purchases -288,628.71 -467,826.62 Gross proceeds 0.00 5,260,522.44 Portfolio detail
Cash and Sweep Balances
Sweep Balances - You have the right, in the course of normal business operations, to withdraw balances in the Bank Deposit Sweep Program(s) or redeem shares of the money market mutual fund used in the sweep, subject to any open commitments in any of your accounts and have the proceeds returned to your accounts or remitted to you. The money market mutual funds in the sweep reserve the right to require one or more day's prior notice before permitting withdrawals.

Money Market Mutual Fund - Funds seek to preserve a value at $1.00 per share, but it is possible to lose money by investing in these funds. Investments in money market funds are not bank deposits and are not insured by the FDIC or any other government agency. They are instead covered by SIPC. Estimated Annual Yield on money market funds, when available, reflects the current estimated yield for the Interest Period dates displayed. For more complete information, including fees, expenses and risks, please request a prospectus from Your Financial Advisor.
% OF CURRENT EST MATED ESTIMATED CURRENT
DESCRIPTION ACCOUNT MARKET VALUE ANNUAL INCOME YIELD (%) Cash 0.05 44,593.75 0.00 N/A
ALLSPRING 0.15 134,493.07 6,590.00 4.90

GOVERNMENT MONEY MARKET
Interest Period 08/01/23 - 08/31/23
Total Cash and Sweep Balances 0.20 $179,086.82 $6,590.00 072 ANCA ANC9
Amount Maturing

Page 5 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Corporate and municipal bonds and other fixed income securities are priced by a computerized pricing service or, for less actively traded issues, by utilizing a yield-based matrix system to arrive at an estimated market value.

Government Bonds

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%) US TREASURY ^
NOTES
CPN 0.250% DUE 09/30/23
DTD 09/30/21 FC 03/31/22
Moody AAA
CUSIP 91282CDA6
Acquired 03/15/23 S 4.55 4,000,000 97.94 3,917,677.00 99.5900 3,983,600.00 65,923.00 4,207.65 10,000 0.25 US TREASURY ^
BILL
DUE 10/17/23
DTD 06/20/23
CUSIP 912797HB6
Acquired 06/29/23 S nc 5,077,000 98.49 5,000,526.21 5,042,679.48 42,153.27 Acquired 06/29/23 S nc 5,076,000 98.49 4,999,541.27 5,041,686.24 42,144.97 Total 11.51 10,153,000 $10,000,067.4 99.3240 $10,084,365.72 $84,298.24 N/A N/A N/A $98.49 8

US TREASURY
NOTES
CPN 2.750% DUE 02/15/24
DTD 02/15/14 FC 08/15/14
Moody AAA
CUSIP 912828B66
Acquired 06/21/23 S 4.99 4,422,000 98.53 4,357,419.53 98.7960 4,368,759.12 11,339.59 5,617.62 121,605 2.78

US TREASURY
NOTES
CPN 2.125% DUE 03/31/24
DTD 03/31/17 FC 09/30/17
Moody AAA
CUSIP 912828W71
Acquired 03/15/23 S 4.48 4,000,000 98.15 3,926,128.24 98.1210 3,924,840.00 -1,288.24 35,765.03 85,000 2.16 072 ANCA ANC9

Page 6 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Government Bonds continued

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%)

US TREASURY
NOTES
CPN 2.500% DUE 04/30/24
DTD 04/30/22 FC 10/31/22
Moody AAA
CUSIP 91282CEK3
Acquired 05/18/23 S 1.12 1,000,000 97.93 979,328.56 98.1130 981,130.00 1,801.44 8,423.92 25,000 2.54

US TREASURY
NOTES
CPN 0.375% DUE 09/15/24
DTD 09/15/21 FC 03/15/22
Moody AAA
CUSIP 91282CCX7
Acquired 03/15/23 S 4.34 4,000,000 95.07 3,802,819.52 95.0110 3,800,440.00 -2,379.52 6,929.35 15,000 0.39

US TREASURY
NOTES
CPN 1.500% DUE 02/15/25
DTD 02/15/22 FC 08/15/22
Moody AAA
CUSIP 91282CDZ1
Acquired 08/09/23 S 5.65 5,215,000 95.21 4,965,249.23 94.9450 4,951,381.75 -13,867.48 3,613.66 78,225 1.57

US TREASURY
NOTES
CPN 1.750% DUE 03/15/25
DTD 03/15/22 FC 09/15/22
Moody AAA
CUSIP 91282CED9
Acquired 03/15/23 S 4,000,000 96.35 3,854,194.52 3,804,360.00 -49,834.52 Acquired 08/10/23 S 5,330,000 95.31 5,080,154.94 5,069,309.70 -10,845.24 Total 10.13 9,330,000 $95.75 $8,934,349.46 95.1090 $8,873,669.70 -$60,679.76 $75,425.95 $163,275 1.84

US TREASURY
NOTES
CPN 3.500% DUE 09/15/25
DTD 09/15/22 FC 03/15/23
Moody AAA
CUSIP 91282CFK2
Acquired 03/15/23 S 4,000,000 99.85 3,994,132.00 3,895,920.00 -98,212.00 Acquired 08/09/23 S 15,120,000 97.78 14,785,075.41 14,726,577.60 -58,497.81 072 ANCA ANC9

Page 7 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Government Bonds continued

US TREASURY
NOTES
CPN 2.250% DUE 03/31/26
DTD 03/31/19 FC 09/30/19
Moody AAA
CUSIP 9128286L9
Acquired 03/15/23 S 4.30 4,000,000 96.38 3,855,382.00 94.2850 3,771,400.00 -83,982.00 37,868.85 90,000 2.38

US TREASURY
NOTES
CPN 0.750% DUE 08/31/26
DTD 08/31/21 FC 02/28/22
Moody AAA
CUSIP 91282CCW9
Acquired 03/15/23 S 4.09 4,000,000 91.07 3,643,007.00 89.5270 3,581,080.00 -61,927.00 81.52 30,000 0.83

US TREASURY
NOTES
CPN 2.500% DUE 03/31/27
DTD 03/31/22 FC 09/30/22
Moody AAA
CUSIP 91282CEF4
Acquired 03/15/23 S 4.28 4,000,000 96.45 3,858,132.00 93.7030 3,748,120.00 -110,012.00 42,076.50 100,000 2.66

US TREASURY
NOTES
CPN 3.125% DUE 08/31/27
DTD 08/31/22 FC 02/28/23
Moody AAA
CUSIP 91282CFH9
Acquired 03/15/23 S 2.06 1,894,000 98.59 1,867,461.42 95.4210 1,807,273.74 -60,187.68 160.84 59,188 3.27 Total Government Bonds 82.73 75,134,000 $72,886,228.8 $72,498,557.63 -$387,671.22 $529,312.19 $1,446,493 2.00 5 ^ Denotes bonds with a maturity date in the next 60 days. Please contact us for further investment opportunities or any assistance. nc Cost information for this tax lot is not covered by IRS reporting requirements. Unless indicated, cost for all other lots will be reported to the IRS. 072 ANCA ANC9

Page 8 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Certificates of Deposit
Long-term certificates of deposit (maturity beyond one year from date of issue) are priced using a market value pricing model.

FDIC INSD
CPN 5.150% DUE 09/18/23
DTD 03/17/23 FC 09/18/23
CUSIP 919853HV6
Acquired 03/14/23 S nc 0.29 250,000 100.00 250,000.00 99.9940 249,985.00 -15.00 5,926.02 12,875 5.15

BANK OF CHINA/NEW YOR CD
NEW YORK NY ACT/365

FDIC INSD
CPN 5.150% DUE 11/24/23
DTD 05/24/23 FC 11/24/23
CUSIP 06428FH26
Acquired 05/18/23 S nc 0.29 250,000 100.00 250,000.00 99.9460 249,865.00 -135.00 3,527.39 12,875 5.15

FIRST HORIZON BANK CD
MEMPHIS TN ACT/365

FDIC INSD
CPN 5.150% DUE 11/24/23
DTD 05/24/23 FC 11/24/23
CUSIP 337158AV1
Acquired 05/18/23 S nc 0.29 250,000 100.00 250,000.00 99.9460 249,865.00 -135.00 3,527.39 12,875 5.15

MIZUHO BANK USA CD
NEW YORK NY ACT/365

FDIC INSURED
CPN 5.000% DUE 11/24/23
DTD 05/24/23 FC 11/24/23
CUSIP 60700PB26
Acquired 05/18/23 S nc 0.29 250,000 100.00 250,000.00 99.9110 249,777.50 -222.50 3,424.66 12,500 5.00

BANC CALIF NA CD
IRVINE CA ACT/365

FDIC INSURED
CPN 5.100% DUE 11/27/23
DTD 05/26/23 FC 11/27/23
CUSIP 05961SQX5
Acquired 05/18/23 S nc 0.29 250,000 100.00 250,000.00 99.9280 249,820.00 -180.00 3,423.29 12,750 5.10 072 ANCA ANC9

Page 9 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Certificates of Deposit continued

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%)

TRUSTMARK NATL BK CD
JACKSON MISS ACT/365

FDIC INSURED
CPN 5.150% DUE 11/27/23
DTD 05/26/23 FC 11/27/23
CUSIP 898401DA9
Acquired 05/18/23 S nc 0.29 250,000 100.00 250,000.00 99.9400 249,850.00 -150.00 3,456.85 12,875 5.15

MIZRAHI TEFAHOT BANK/ CD
LOS ANGELES CA ACT/365

FDIC INSD
CPN 5.150% DUE 11/30/23
DTD 05/30/23 FC 11/30/23
CUSIP 60685BQB0
Acquired 05/18/23 S nc 0.29 250,000 100.00 250,000.00 99.9360 249,840.00 -160.00 3,315.75 12,875 5.15

MORGAN STANLEY PVT BK CD
PURCHASE NY ACT/365

FDIC INSD
CPN 3.550% DUE 12/06/23
DTD 12/06/18 FC 06/06/19
CUSIP 61760ASZ3
Acquired 11/28/18 L 0.28 250,000 100.00 250,000.00 99.5110 248,777.50 -1,222.50 2,115.42 8,875 3.56

BANK HOPE CD
LOS ANGELES CA ACT/365

FDIC INSURED
CPN 5.250% DUE 12/26/23
DTD 03/24/23 FC 12/26/23
CUSIP 062683HE0
Acquired 03/14/23 S nc 0.29 250,000 100.00 250,000.00 99.9220 249,805.00 -195.00 5,789.39 13,125 5.25

BANK OZK CD
LITTLE ROCK AR ACT/365

FDIC INSD
CPN 5.000% DUE 01/22/24
DTD 05/22/23 FC 06/22/23
CUSIP 06418CHC3
Acquired 05/18/23 S nc 0.28 250,000 100.00 250,000.00 99.8430 249,607.50 -392.50 342.47 12,500 5.00 072 ANCA ANC9

Page 10 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Certificates of Deposit continued

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%)

BEAL BANK USA CD
LAS VEGAS NV ACT/365

FDIC INSD
CPN 4.750% DUE 02/21/24
DTD 02/22/23 FC 02/21/24
CUSIP 07371DRD1
Acquired 02/09/23 S nc 0.28 250,000 100.00 250,000.00 99.6100 249,025.00 -975.00 6,214.04 11,875 4.76

HANCOCK WHITNEY BANK CD
GULFPORT MS ACT/365

FDIC INSD
CPN 5.250% DUE 02/26/24
DTD 05/25/23 FC 02/26/24
CUSIP 41024LBS7
Acquired 05/18/23 S nc 0.28 250,000 100.00 250,000.00 99.8670 249,667.50 -332.50 3,559.93 13,125 5.25

BRADESCO BANK CD
CORAL GABLES FL ACT/365

FDIC INSD
CPN 5.200% DUE 03/04/24
DTD 06/02/23 FC 03/04/24
CUSIP 10421AAB3
Acquired 05/18/23 S nc 0.28 250,000 100.00 250,000.00 99.8380 249,595.00 -405.00 3,241.10 13,000 5.20

SANTANDER BANK NA CD
WILMINGTON DE ACT/365

FDIC INSD
CPN 5.250% DUE 03/15/24
DTD 03/17/23 FC 03/15/24
CUSIP 80280JVQ1
Acquired 03/15/23 S nc 0.28 250,000 100.00 250,000.00 99.8210 249,552.50 -447.50 6,041.10 13,125 5.25

WEBBANK CD
SALT LAKE CITY UTACT/365

FDIC INSURED
CPN 5.250% DUE 03/19/24
DTD 03/20/23 FC 03/19/24
CUSIP 947547US2
Acquired 03/15/23 S nc 0.28 250,000 100.00 250,000.00 99.8180 249,545.00 -455.00 5,933.22 13,125 5.25 072 ANCA ANC9

Page 11 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Certificates of Deposit continued

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%)

BARCLAYS BANK/DELAWAR CD
WILMINGTON DE ACT/365

FDIC INSD
CPN 5.400% DUE 03/21/24
DTD 03/22/23 FC 03/21/24
CUSIP 06740KRN9
Acquired 03/14/23 S nc 0.28 250,000 100.00 250,000.00 99.8960 249,740.00 -260.00 6,028.77 13,500 5.40

CITIZENS BANK NA/RI CD
PROVIDENCE RI ACT/365

FDIC INSD
CPN 5.300% DUE 03/21/24
DTD 03/22/23 FC 03/21/24
CUSIP 75524KQH0
Acquired 03/15/23 S nc 0.28 250,000 100.00 250,000.00 99.8430 249,607.50 -392.50 5,917.12 13,250 5.30

OCEANFIRST BANK NA CD
TOMS RIVER NJ ACT/365

FDIC INSD
CPN 5.150% DUE 03/21/24
DTD 03/22/23 FC 03/21/24
CUSIP 67523TCE1
Acquired 03/15/23 S nc 0.28 250,000 100.00 250,000.00 99.7630 249,407.50 -592.50 5,749.65 12,875 5.16

RENASANT BK TUPELO MS CD
TUPELO MS ACT/365

FDIC INSD
CPN 5.300% DUE 03/21/24
DTD 03/22/23 FC 03/21/24
CUSIP 759701BH7
Acquired 03/15/23 S nc 0.28 250,000 100.00 250,000.00 99.8430 249,607.50 -392.50 5,917.12 13,250 5.30

CHARLES SCHWAB BK SSB CD
RENO NV ACT/365

FDIC INSD
CPN 5.350% DUE 03/22/24
DTD 03/17/23 FC 09/17/23
CUSIP 15987UAU2
Acquired 03/15/23 S 0.28 250,000 100.00 250,000.00 99.7760 249,440.00 -560.00 6,156.16 13,375 5.36 072 ANCA ANC9

Page 12 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Certificates of Deposit continued

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%)

ASSOCIATED BK GREEN B CD
STEVENS POINT WI ACT/365

FDIC INSD
CPN 5.150% DUE 05/21/24
DTD 05/22/23 FC 05/21/24
CUSIP 045491NU7
Acquired 05/18/23 S nc 0.28 250,000 100.00 250,000.00 99.7130 249,282.50 -717.50 3,597.94 12,875 5.16

GOLDMAN SACHS BK USA CD
NEW YORK NY ACT/365

FDIC INSD
CPN 5.000% DUE 05/22/24
DTD 05/24/23 FC 05/22/24
CUSIP 38150VHQ5
Acquired 05/18/23 S nc 0.28 250,000 100.00 250,000.00 99.6080 249,020.00 -980.00 3,424.66 12,500 5.01

AMERICAN EXPR NATL BK CD
SALT LAKE CTY UT ACT/365

FDIC INSD
CPN 5.100% DUE 05/23/24
DTD 05/24/23 FC 05/23/24
CUSIP 02589AET5
Acquired 05/18/23 S nc 0.06 50,000 100.00 50,000.00 99.6760 49,838.00 -162.00 698.63 2,550 5.11

BANK OF AMERICA NA CD
CHARLOTTE NC ACT/365

FDIC INSD
CPN 5.150% DUE 05/23/24
DTD 05/24/23 FC 05/23/24
CUSIP 06051VT89
Acquired 05/18/23 S nc 0.28 250,000 100.00 250,000.00 99.7110 249,277.50 -722.50 3,527.39 12,875 5.16

US BANK NATL ASSOC CD
MINNEAPOLIS MN ACT/365

FDIC INSD
CPN 5.100% DUE 05/23/24
DTD 05/24/23 FC 05/23/24
CUSIP 90354KBV9
Acquired 05/18/23 S nc 0.28 250,000 100.00 250,000.00 99.6760 249,190.00 -810.00 3,493.15 12,750 5.11 072 ANCA ANC9

Page 13 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Certificates of Deposit continued

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%)

CAPITAL ONE NA CD
MCLEAN VA ACT/365

FDIC INSURED
CPN 2.500% DUE 06/19/24
DTD 06/19/19 FC 12/19/19
CUSIP 14042RLZ2
Acquired 06/18/19 L 0.28 250,000 100.00 250,001.18 97.6580 244,145.00 -5,856.18 1,267.12 6,250 2.55 100.00 250,007.00

FULTON BANK CD
WILLIAMSPORT PA ACT/365

FDIC INSD
CPN 5.350% DUE 06/24/24
DTD 03/22/23 FC 09/22/23
CUSIP 359899AN1
Acquired 03/14/23 S 0.28 250,000 100.00 250,000.00 99.8760 249,690.00 -310.00 5,972.94 13,375 5.35

COMENITY CAPITAL BANK CD
SALT LAKE CTY UT ACT/365

FDIC INSD
CPN 2.500% DUE 06/27/24
DTD 06/27/19 FC 07/27/19
CUSIP 20033AZ58
Acquired 06/18/19 L 0.14 125,000 100.00 125,000.00 97.5730 121,966.25 -3,033.75 42.81 3,125 2.56

CUSTOMERS BANK CD
WEST READING PA ACT/365

FDIC INSD
CPN 4.700% DUE 08/16/24
DTD 02/16/23 FC 08/16/23
CUSIP 23204HNC8
Acquired 02/09/23 S 0.28 250,000 100.00 250,000.00 99.1840 247,960.00 -2,040.00 515.07 11,750 4.73

COMERICA BANK TEXAS CD
DALLAS TX ACT/365

FDIC INSD
CPN 5.250% DUE 09/30/24
DTD 03/30/23 FC 09/30/23
CUSIP 200339FB0
Acquired 03/20/23 S 0.28 250,000 100.00 250,000.00 99.6520 249,130.00 -870.00 5,573.63 13,125 5.26 072 ANCA ANC9

Page 14 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Certificates of Deposit continued

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%)

BANK HAPOALIM BM NY CD
NEW YORK NY ACT/365

FDIC INSD
CPN 5.050% DUE 11/26/24
DTD 05/26/23 FC 11/26/23
CUSIP 06251A5N6
Acquired 05/18/23 S 0.28 250,000 100.00 250,000.00 99.3850 248,462.50 -1,537.50 3,389.73 12,625 5.08

MANUF & TRADERS TR CO CD
BUFFALO NY ACT/365

FDIC INSD
CPN 4.900% DUE 12/09/24
DTD 12/07/22 FC 06/07/23
CUSIP 564759RJ9
Acquired 11/28/22 S 0.28 250,000 100.00 250,000.00 99.1910 247,977.50 -2,022.50 2,886.30 12,250 4.93

AMERICAN EXPR NATL BK CD
SALT LAKE CTY UT ACT/365

FDIC INSD
CPN 2.050% DUE 03/24/25
DTD 03/23/22 FC 09/23/22
CUSIP 02589ABV3
Acquired 03/17/22 L 0.22 200,000 100.00 200,000.00 94.8540 189,708.00 -10,292.00 1,819.72 4,100 2.16

ALLY BANK CD
BENSALEM PA ACT/365

FDIC INSD
CPN 5.250% DUE 03/24/25
DTD 03/23/23 FC 09/23/23
CUSIP 02007GM34
Acquired 03/14/23 S 0.28 250,000 100.00 250,000.00 99.5920 248,980.00 -1,020.00 5,825.34 13,125 5.27

WELLS FARGO BANK NA CD
SIOUX FALLS SD ACT/365

FDIC INSD
CPN 4.900% DUE 05/23/25
DTD 05/23/23 FC 06/23/23
CUSIP 949764CT9
Acquired 05/18/23 S 0.28 250,000 100.00 250,000.00 99.0060 247,515.00 -2,485.00 302.05 12,250 4.94 072 ANCA ANC9

Page 15 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Certificates of Deposit continued

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%)

BMO HARRIS BANK NA CD
CHICAGO IL ACT/365

FDIC INSD
CPN 4.850% DUE 05/27/25
DTD 05/24/23 FC 11/24/23
CUSIP 05600XQK9
Acquired 05/18/23 S 0.28 250,000 100.00 250,000.00 98.9210 247,302.50 -2,697.50 3,321.92 12,125 4.90

BMW BK N AMERICA CD
SALT LAKE CTY UT ACT/365

FDIC INSD
CPN 5.100% DUE 09/17/25
DTD 03/17/23 FC 09/17/23
CUSIP 05580AX58
Acquired 03/14/23 S 0.28 250,000 100.00 250,000.00 99.3000 248,250.00 -1,750.00 5,868.49 12,750 5.13

STATE BANK OF INDIA CD
NEW YORK NY ACT/365

FDIC INSD
CPN 4.950% DUE 12/02/25
DTD 12/02/22 FC 06/02/23
CUSIP 856285V81
Acquired 11/28/22 S 0.28 250,000 100.00 250,000.00 98.9690 247,422.50 -2,577.50 3,085.27 12,375 5.00

COMENITY BANK CD
WILMINGTON DE ACT/365

JUMBO CD FDIC INSURED
CPN 2.000% DUE 03/18/26
DTD 03/18/22 FC 04/18/22
CUSIP 99000QQW7
Acquired 03/15/22 L 0.21 200,000 100.00 200,000.00 92.3903 184,780.60 -15,219.40 153.43 4,000 2.16

SYNCHRONY BANK CD
DRAPER UT ACT/365

FDIC INSD
CPN 5.000% DUE 03/24/26
DTD 03/24/23 FC 09/24/23
CUSIP 87165HX21
Acquired 03/14/23 S 0.28 250,000 100.00 250,000.00 99.0560 247,640.00 -2,360.00 5,513.70 12,500 5.04 072 ANCA ANC9

Page 16 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Certificates of Deposit continued

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%)

TEXAS EXCHANGE BK SSB CD
CROWLEY TX ACT/365

CALLABLE FDIC INSD
CPN 1.100% DUE 10/29/26
DTD 10/29/21 FC 11/29/21
CALL 09/29/23 @ 100.000
CUSIP 88241TMC1
Acquired 10/22/21 L 0.25 250,000 100.00 250,000.00 87.7570 219,392.50 -30,607.50 22.60 2,750 1.25

DISCOVER BANK CD
GREENWOOD DE ACT/365

FDIC INSD
CPN 4.950% DUE 11/16/26
DTD 11/15/22 FC 05/15/23
CUSIP 254673Z66
Acquired 11/09/22 S 0.23 200,000 100.00 200,000.00 98.9570 197,914.00 -2,086.00 2,956.44 9,900 5.00

UBS BANK USA CD
SALT LAKE CTY UT ACT/365

FDIC INSD
CPN 1.150% DUE 12/08/26
DTD 12/08/21 FC 01/08/22
CUSIP 90348JX96
Acquired 11/30/21 L 0.25 250,000 100.00 250,000.00 87.5740 218,935.00 -31,065.00 189.04 2,875 1.31 072 ANCA ANC9

Page 17 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Fixed Income Securities
Certificates of Deposit continued

ESTIMATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ACCRUED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INTEREST INCOME YIELD (%)

CELTIC BANK CD
SALT LAKE CTY UT ACT/365

FDIC INSD
CPN 2.000% DUE 12/27/27
DTD 12/27/19 FC 01/27/20
CUSIP 15118RTH0
Acquired 12/09/19 L 0.25 250,000 100.00 250,000.00 87.6210 219,052.50 -30,947.50 68.50 5,000 2.28 Total Certificates of Deposit 11.83 10,525,000 $10,525,001.1 $10,365,211.85 -$159,789.33 $153,122.71 $484,425 4.67 8 $10,525,007.0
0 Total Fixed Income Securities 94.56 $83,411,230.0 $82,863,769.48 -$547,460.55 $682,434.90 $1,930,918 2.33 3 $83,411,235.8
5 ^ Denotes Certificate of Deposit with a maturity date in the next 60 days. Please contact us for further investment opportunities or any assistance. nc Cost information for this tax lot is not covered by IRS reporting requirements. Unless indicated, cost for all other lots will be reported to the IRS. 072 ANCA ANC9

Page 18 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Mutual Funds
If a portion of your fund position was converted, the 'Client Investment' value may include reinvestments from previously held positions.

Open End Mutual Funds
Open End Mutual Fund shares are priced at net asset value. Estimated Annual Income and Yield refer to Dividends and Interest Income only, and typically do not reflect Total return.

EST MATED
% OF ADJ PRICE/ ADJ COST/ CURRENT CURRENT UNREALIZED ANNUAL ANNUAL DESCRIPTION ACCOUNT QUANTITY ORIG PRICE ORIG COST PRICE MARKET VALUE GAIN/LOSS INCOME YIELD (%)

FIDELITY FUNDS

FIDELITY TREASURY ONLY

PORT INSTL CLASS SHS
FRSXX
On Reinvestment
Acquired 03/17/23 S nc 4,510,522.44000 1.00 4,510,522.44 4,510,522.44 0.00 Reinvestments S nc 77,088.59000 1.00 77,088.59 77,088.59 0.00 Total 5.24 4,587,611.03000 $1.00 $4,587,611.03 1.0000 $4,587,611.03 $0.00 $235,344 5.13 Client Investment (Excluding Reinvestments) $4,510,522.44 Gain/Loss on Client Investment (Including Reinvestments) $77,088.59 Total Open End Mutual Funds 5.24 $4,587,611.03 $4,587,611.03 $0.00 $235,344 5.13 Total Mutual Funds 5.24 $4,587,611.03 $4,587,611.03 $0.00 $235,344 5.13 nc Cost information for this tax lot is not covered by IRS reporting requirements. Unless indicated, cost for all other lots will be reported to the IRS.

Activity detail
Income and distributions

DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 08/01 Cash DIVIDEND FIDELITY FUNDS 19,541.29

FIDELITY TREASURY ONLY

PORT INSTL CLASS SHS
073123 4,568,069.74000
AS OF 7/31/23
072 ANCA ANC9

Page 19 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Activity detail continued
Income and distributions

DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 08/08 Cash INTEREST UBS BANK USA CD 244.18
SALT LAKE CTY UT ACT/365

FDIC INSD
CPN 1.150% DUE 12/08/26
DTD 12/08/21 FC 01/08/22
080823 250,000
CUSIP 90348JX96
08/15 Cash INTEREST US TREASURY 39,112.50
NOTES
CPN 1.500% DUE 02/15/25
DTD 02/15/22 FC 08/15/22
081523 5,215,000
CUSIP 91282CDZ1
08/15 Cash INTEREST US TREASURY 60,802.50
NOTES
CPN 2.750% DUE 02/15/24
DTD 02/15/14 FC 08/15/14
081523 4,422,000
CUSIP 912828B66
08/16 Cash INTEREST CUSTOMERS BANK CD 5,826.71
WEST READING PA ACT/365

FDIC INSD
CPN 4.700% DUE 08/16/24
DTD 02/16/23 FC 08/16/23
081623 250,000
CUSIP 23204HNC8
08/18 Cash INTEREST COMENITY BANK CD 339.73
WILMINGTON DE ACT/365

JUMBO CD FDIC INSURED
CPN 2.000% DUE 03/18/26
DTD 03/18/22 FC 04/18/22
081823 200,000
CUSIP 99000QQW7
072 ANCA ANC9

Page 20 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Activity detail continued
Income and distributions

DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 08/22 Cash INTEREST BANK OZK CD 1,061.64
LITTLE ROCK AR ACT/365

FDIC INSD
CPN 5.000% DUE 01/22/24
DTD 05/22/23 FC 06/22/23
082223 250,000
CUSIP 06418CHC3
08/23 Cash INTEREST WELLS FARGO BANK NA CD 1,040.41
SIOUX FALLS SD ACT/365

FDIC INSD
CPN 4.900% DUE 05/23/25
DTD 05/23/23 FC 06/23/23
082323 250,000
CUSIP 949764CT9
08/28 Cash INTEREST CELTIC BANK CD 424.66
SALT LAKE CTY UT ACT/365

FDIC INSD
CPN 2.000% DUE 12/27/27
DTD 12/27/19 FC 01/27/20
082723 250,000
AS OF 8/27/23
CUSIP 15118RTH0
08/28 Cash INTEREST COMENITY CAPITAL BANK CD 265.41
SALT LAKE CTY UT ACT/365

FDIC INSD
CPN 2.500% DUE 06/27/24
DTD 06/27/19 FC 07/27/19
082723 125,000
AS OF 8/27/23
CUSIP 20033AZ58
08/29 Cash INTEREST TEXAS EXCHANGE BK SSB CD 233.56
CROWLEY TX ACT/365

CALLABLE FDIC INSD
CPN 1.100% DUE 10/29/26
DTD 10/29/21 FC 11/29/21
082923 250,000
CUSIP 88241TMC1
072 ANCA ANC9

Page 21 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Activity detail continued
Income and distributions

DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 08/31 Cash INTEREST US TREASURY 29,593.75
NOTES
CPN 3.125% DUE 08/31/27
DTD 08/31/22 FC 02/28/23
083123 1,894,000
CUSIP 91282CFH9
08/31 Cash INTEREST US TREASURY 15,000.00
NOTES
CPN 0.750% DUE 08/31/26
DTD 08/31/21 FC 02/28/22
083123 4,000,000
CUSIP 91282CCW9
08/31 Cash DIVIDEND ALLSPRING 336.15

GOVERNMENT MONEY MARKET

SWEEP CLASS
083123 134,156
Total Income and distributions: $173,822.49
Securities sold and redeemed

DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 08/10 Cash REDEMPTION -5,117,000.00000 US TREASURY 5,117,000.00 BILL
DUE 08/10/23
DTD 08/11/22
CUSIP 912796XY0
Total Securities sold and redeemed: $5,117,000.00
Electronic funds transfer

DATE ACCOUNT TYPE TRANSACTION DESCRIPTION AMOUNT
08/09 Cash WIRE TRANSFER INCOMING WIRE 20,000,000.00

CITY OF MALIBU
Total Electronic funds transfer: $20,000,000.00
072 ANCA ANC9

Page 22 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Activity detail continued
Securities purchased

DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 08/01 Cash REINVEST DIV 19,541.29000 FIDELITY FUNDS -19,541.29

FIDELITY TREASURY ONLY

PORT INSTL CLASS SHS
REINVEST AT 1.000
08/09 Cash PURCHASE 15,120,000.00000 US TREASURY 97.7848 -14,785,075.41 ACCRUED INT NOTES -212,830.43
CPN 3.500% DUE 09/15/25
DTD 09/15/22 FC 03/15/23
CUSIP 91282CFK2
08/09 Cash PURCHASE 5,215,000.00000 US TREASURY 95.2107 -4,965,249.23 ACCRUED INT NOTES -38,032.04
CPN 1.500% DUE 02/15/25
DTD 02/15/22 FC 08/15/22
CUSIP 91282CDZ1
08/10 Cash PURCHASE 5,330,000.00000 US TREASURY 95.3123 -5,080,154.94 ACCRUED INT NOTES -37,766.24
CPN 1.750% DUE 03/15/25
DTD 03/15/22 FC 09/15/22
CUSIP 91282CED9
Total Securities purchased: -$25,138,649.58
Cash sweep activity
Our Cash Sweep program allows you to earn a return on the idle cash balances in your account by automatically investing such balances into one of our cash sweep options. These 'sweep transactions' may represent a net amount for the day and occur on settlement date. The following section displays transfers into and out of your sweep option. Transactions displayed here are Transfer To, Transfer From and Reinvested Dividends and Interest. These transaction amounts are not included in your cash flow summary.

DATE TRANSACTION DESCRIPTION AMOUNT DATE TRANSACTION DESCRIPTION AMOUNT 08/01 BEGINNING BALANCE 26,687.88 08/16 TRANSFER TO ALLSPRING 99,915.00

GOVERNMENT MONEY MARKET
08/01 TRANSFER TO ALLSPRING 226.03 08/17 TRANSFER TO ALLSPRING 5,826.71

GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
08/09 TRANSFER TO ALLSPRING 244.18 08/21 TRANSFER TO ALLSPRING 339.73

GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
08/10 TRANSFER FROM ALLSPRING -1,187.11 08/23 TRANSFER TO ALLSPRING 1,061.64

GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
08/11 TRANSFER FROM ALLSPRING -921.18 08/24 TRANSFER TO ALLSPRING 1,040.41

GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
072 ANCA ANC9

Page 23 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Cash sweep activity continued

DATE TRANSACTION DESCRIPTION AMOUNT DATE TRANSACTION DESCRIPTION AMOUNT 08/29 TRANSFER TO ALLSPRING 690.07 08/31 REINVEST DIV ALLSPRING 336.15

GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
08/30 TRANSFER TO ALLSPRING 233.56 08/31 ENDING BALANCE 134,493.07

GOVERNMENT MONEY MARKET
Bank Deposits Through Teller August 1 - August 31
Wells Fargo Bank, N.A. (Member FDIC) Account number 9091092513 Questions? Call us at 1-800-266-6263 Deposits made in a bank branch on the last business day of the month will typically appear on your next statement.

DATE TRANSACTION DESCRIPTION AMOUNT BANK BALANCE
08/01 BEGINNING BALANCE $0.00
08/31 ENDING BALANCE $0.00
Specific instructions and disclosures
Available funds
"Available for loan" reflects the approximate amount available as of the statement period ending date and should be reduced by any pending checks and Visa charges not yet cleared. This amount is the approximate amount available for withdrawal and loans. A margin loan is a variable rate loan secured by your account. 072 ANCA ANC9

Page 24 of 24 ends

CITY OF MALIBU

RUTH QUINTO
AUGUST 1, 2023 - AUGUST 31, 2023
ACCOUNT NUMBER:

Income on non-reportable accounts
Your income summary is categorized into taxable and tax-exempt income based upon the securities that you hold. Please be aware that, since this is a 1099 non-reportable account, this income will NOT be reported to the IRS, but is being provided to you for informational purposes only.

Callable Securities
Securities that are subject to a partial call will be selected by an impartial lottery process in which the probability of your securities being selected for redemption is proportional to the holdings of all shareholders of such securities held in street name. If a security is called prior to maturity it may affect the yield you receive. Additional information is available at www.wellsfargoadvisors.com under Legal Disclosures or the written procedures are available upon request.

Cost basis - To add or update information or modify your reporting options, please contact Your Financial Advisor.

This statement presents estimated unrealized or realized gains or losses for your information only. If acquisition or other information is not available, the gain/loss information may not be displayed and section and summary totals may not reflect your complete portfolio. Cost basis information is not verified by WFCS or Wells Fargo Advisors Financial Network and should not be relied upon for legal or tax purposes. Revisions to this information (due to corporate mergers, tenders and other reorganizations) may be required from time to time.

Cost basis for factored bonds (GNMA, CMO, etc.) will be adjusted for paydown of principal. Systematic investments in mutual funds and reinvested dividends for mutual funds and stocks have been consolidated for each position. Unit cost data for systematic investments and dividend reinvestment securities is provided for informational purposes only and is a non-weighted average.

Your account statement should not be used for tax preparation without assistance from your tax consultant. We do not report capital gains or losses for non-covered securities to he IRS.

Cost basis options
Unless specific tax lots are selected at trade time, sales of tax lots will occur using the cost basis election reflected in the Account profile section.

Estimated accrued interest on Fixed Income securities
Estimated accrued interest is included in the Portfolio summary as a convenience to you and represents the estimated portion of he interest that would be received upon the sale of he Fixed Income posi ions in your account, calculated from the date of the last coupon (or dated date) through the date of the account statement, based upon information provided by the issuer. This is not a guarantee that this amount will be realized in your account. Actual income will be based upon the payout schedule of the securities held in your account. If you own a Foreign Fixed Income security, and it is denominated in a foreign currency, the Estimated accrued interest will not be accurate. 072 ANCA ANC9
September 19, 2023
Portfolio Report
Prepared for: City of Malibu
Prepared by: William Gomberg
Managing Partner
Gomberg/McQuilkin Wealth Mangement Group
701 S. Parker Street
Suite 2500
Orange, CA 92868
This report is prepared by your Financial Advisor using software provided by Wells Fargo Advisors. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), a registered broker-dealer and nonbank affiliate of Wells Fargo and Company. WFAFN uses the trade name Wells Fargo Advisors. © 2023 Wells Fargo Advisors. All Rights Reserved. Page 1 of 39 Portfolio Reports City of Malibu
Table Of Contents
Cover Page 1
Accounts Included in the Report 3
Portfolio Summary 4
Portfolio Summary - Security Detail 5
Portfolio Estimated Income 8
Fixed Income Overview 10
Fixed Income Statistics 13
Fixed Income Credit 20
Fixed Income Analytics 21
Ratings Distribution 22
Redemption Distribution 24
Redemption Distribution Rolling 12 Months 26
Duration Distribution 28
Coupon Distribution 30
Understanding Your Portfolio 32
Disclosures 35
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 2 of 39 Portfolio Reports City of Malibu
Accounts Included in the Report
Account Number Account Name Account Nickname Tax Status Int/Ext Last Updated XXXX7847 CITY OF MALIBU Exempt Internal 9/18/2023
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 3 of 39 Portfolio Reports City of Malibu
Portfolio Summary
By: Security Sub Type
Bond (93.77%)
Fund (5.24%)
Cash Alternative (0.99%)
Total
$ %
Bond 82,526,413 93.8%
CITY OF MALIBU (XXXX7847) 82,526,413 93.8%
Fund 4,607,773 5.2%
CITY OF MALIBU (XXXX7847) 4,607,773 5.2%
Cash Alternative 873,104 1.0%
CITY OF MALIBU (XXXX7847) 873,104 1.0%
Portfolio Summary Total 88,007,289 100.0%
Total Portfolio Value as of 09/18/23:__$ 88,007,289
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 4 of 39 Portfolio Reports City of Malibu
Portfolio Summary - Security Detail
By: Security Sub Type
Bond (93.77%)
Fund (5.24%)
Cash Alternative (0.99%)
Total
ID Description Quantity Price $ %
Bond 82,526,413 93.8%
CITY OF MALIBU (XXXX7847) 82,526,413 93.8%
02007GM34 ALLY BANK 5.25% 032425 250,000 99.62 249,038 0.3% 02589ABV3 AMERICAN 2.05% 032425 200,000 95.02 190,040 0.2% 02589AET5 AMERICAN E 5.1% 052324 50,000 99.67 49,835 0.1% 045491NU7 ASSOCIATE 5.15% 052124 250,000 99.71 249,263 0.3% 05961SQX5 BANC CALIF NA 5.1%112723 250,000 99.93 249,835 0.3% 06251A5N6 BANK HAPO 5.05% 112624 250,000 99.46 248,653 0.3% 062683HE0 BANK HOPE 5.25% 122623 250,000 99.92 249,800 0.3% 06051VT89 BANK OF A 5.15% 052324 250,000 99.70 249,258 0.3% 06428FH26 BANK OF C 5.15% 112423 250,000 99.95 249,868 0.3% 06418CHC3 BANK OZK 5% 012224 250,000 99.86 249,648 0.3% 06740KRN9 BARCLAYS B 5.4% 032124 250,000 99.91 249,770 0.3% 07371DRD1 BEAL BANK 4.75% 022124 250,000 99.65 249,130 0.3% 05600XQK9 BMO HARRI 4.85% 052725 250,000 98.93 247,313 0.3% 05580AX58 BMW BK N A 5.1% 091725 250,000 99.21 248,033 0.3% 10421AAB3 BRADESCO B 5.2% 030424 250,000 99.86 249,645 0.3% 14042RLZ2 CAPITAL ONE 2.5% 061924 250,000 97.78 244,458 0.3% 15118RTH0 CELTIC BANK 2% 122727 250,000 87.58 218,955 0.2% 15987UAU2 CHARLES S 5.35% 032224 250,000 99.81 249,515 0.3% 75524KQH0 CITIZENS B 5.3% 032124 250,000 99.86 249,650 0.3% 99000QQW7 COMENITY BANK 2% 031826 200,000 92.39 184,781 0.2% 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 5 of 39 Portfolio Reports City of Malibu
Total
ID Description Quantity Price $ %
20033AZ58 COMENITY C 2.5% 062724 125,000 97.71 122,134 0.1% 200339FB0 COMERICA 5.25% 093024 250,000 99.74 249,338 0.3% 23204HNC8 CUSTOMERS 4.7% 081624 250,000 99.27 248,173 0.3% 254673Z66 DISCOVER 4.95% 111626 200,000 98.85 197,704 0.2% 337158AV1 FIRST HOR 5.15% 112423 250,000 99.95 249,868 0.3% 359899AN1 FULTON BA 5.35% 062424 250,000 99.87 249,685 0.3% 38150VHQ5 GOLDMAN SACH 5% 052224 250,000 99.61 249,018 0.3% 41024LBS7 HANCOCK W 5.25% 022624 250,000 99.88 249,708 0.3% 564759RJ9 MANUF & TR 4.9% 120924 250,000 99.27 248,175 0.3% 60685BQB0 MIZRAHI T 5.15% 113023 250,000 99.94 249,850 0.3% 60700PB26 MIZUHO BK 5.0% 112423 250,000 99.92 249,800 0.3% 61760ASZ3 MORGAN ST 3.55% 120623 250,000 99.59 248,980 0.3% 67523TCE1 OCEANFIRS 5.15% 032124 250,000 99.79 249,468 0.3% 759701BH7 RENASANT B 5.3% 032124 250,000 99.86 249,650 0.3% 80280JVQ1 SANTANDER 5.25% 031524 250,000 99.84 249,603 0.3% 856285V81 STATE BAN 4.95% 120225 250,000 98.88 247,210 0.3% 87165HX21 SYNCHRONY BA 5% 032426 250,000 98.97 247,425 0.3% 88241TMC1 TEXAS EXC 1.10% 102926 250,000 87.83 219,563 0.2% 898401DA9 TRUSTMARK BK 5.15%112723 250,000 99.94 249,858 0.3% 90348JX96 UBS BANK 1.15% 120826 250,000 87.63 219,065 0.2% 90354KBV9 US BANK NA 5.1% 052324 250,000 99.67 249,175 0.3% 912797HB6 UST BILL 0.0 101723 10,153,000 99.59 10,111,170 11.5% 91282CFK2 UST NTS 3.5 091525 19,120,000 97.09 18,562,652 21.1% 91282CDA6 UST NTS .25% 093023 4,000,000 99.85 3,993,800 4.5% 91282CCW9 UST NTS .75% 083126 4,000,000 89.09 3,563,400 4.0% 91282CEF4 UST NTS 2.5% 033127 4,000,000 93.11 3,724,360 4.2% 91282CEK3 UST NTS 2.5% 043024 1,000,000 98.22 982,180 1.1% 91282CCX7 UST NTS .375% 091524 4,000,000 95.17 3,806,680 4.3% 912828B66 UST NTS 2.75% 021524 4,422,000 98.93 4,374,640 5.0% 91282CDZ1 UST NTS 1.5% 021525 5,215,000 94.87 4,947,314 5.6% 91282CED9 UST NTS 1.75% 031525 9,330,000 95.00 8,863,500 10.1% 912828W71 UST NTS 2.125% 033124 4,000,000 98.27 3,930,920 4.5% 9128286L9 UST NTS 2.25% 033126 4,000,000 93.88 3,755,000 4.3% 91282CFH9 UST NTS 3.125% 083127 1,894,000 94.71 1,793,751 2.0% 947547US2 WEBBANK 5.25% 031924 250,000 99.84 249,593 0.3% 949764CT9 WELLS FARG 4.9% 052325 250,000 99.01 247,525 0.3% Fund 4,607,773 5.2%
CITY OF MALIBU (XXXX7847) 4,607,773 5.2%
FRSXX FIDELITY TREAS INSTL 4,607,773 1.00 4,607,773 5.2% Cash Alternative 873,104 1.0%
CITY OF MALIBU (XXXX7847) 873,104 1.0%
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 6 of 39 Portfolio Reports City of Malibu
Total
ID Description Quantity Price $ %
- Cash Alternative 873,104 1.00 873,104 1.0%
Portfolio Summary Total 88,007,289 100.0%
Total Portfolio Value as of 09/18/23:__$ 88,007,289
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 7 of 39 Portfolio Reports City of Malibu
Portfolio Estimated Income
By: Account Tax Status,Tax Type,Security Sub Type
Based on current income rates
0 100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Est Income($)
Oct
2023
Nov
2023
Dec
2023
Jan
2024
Feb
2024
Mar
2024
Apr
2024
May
2024
Jun
2024
Jul
2024
Aug
2024
Sep
2024
Month
Tax Exempt Accounts Unassigned
Sec
Oct 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Estimated
Income
Annualzd($)
Tax Exempt
Accounts 57 36,229 80,075 53,620 23,845 195,005 713,878 35,284 93,497 38,264 22,445 112,084 569,249 1,973,473 Taxable 44 23,729 80,075 53,620 23,845 50,496 152,640 22,784 93,497 38,264 22,445 28,377 50,511 640,283 Corporate
Bond 43 3,493 59,839 33,384 3,610 30,260 132,405 2,548 73,261 18,028 2,209 8,142 30,276 397,453 Money Market
Fund 1 20,236 20,236 20,236 20,236 20,236 20,236 20,236 20,236 20,236 20,236 20,236 20,236 242,830 Federal 13 12,500 144,509 561,238 12,500 83,706 518,738 1,333,190 Government
Bond 13 12,500 144,509 561,238 12,500 83,706 518,738 1,333,190 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 8 of 39 Portfolio Reports City of Malibu
Sec
Oct 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Estimated
Income
Annualzd($)
Unassigned 1 0
Not Available 1 0
Cash
Alternative 1 0
Portfolio
Estimated Income
Total
58 36,229 80,075 53,620 23,845 195,005 713,878 35,284 93,497 38,264 22,445 112,084 569,249 1,973,473 Total Portfolio Value as of 09/18/23:__$ 88,007,289
This report is not a substitute for official tax reporting. This report separates the holdings, first based on the taxability at the account level. The secondary aggregation is Tax Type which is used to aggregate securities based on their assumed taxability of income (interest and dividends) at the time of this report. Classifications are made by data sources we deem reliable; however, we do not guarantee the accuracy of these classifications. Most securities are subject to capital gains taxes and some may be considered in calculations for Alternative Minimum Tax (AMT) that are not so designated here. This report does not attempt to portray phantom income (income accreted or accrued but not paid) on discount or zero coupon securities. You should consult with your tax advisor regarding the taxability of your holdings.

The following tax type classifications may be included in this report: AMT - subject to Alternative Minimum Tax; Dividend - taxable as dividend income; Federal - income taxable by federal government (state and local income taxes may not apply); Non-Federal - income non-taxable by federal government but may be subject to state and local taxes; Taxable - income taxable by federal, state and local taxes; and Not Available - taxability undetermined.

Estimated Income Annualized (EIA) takes your current income, based on the current dividends or interest paid by your securities and multiplies it to create an annualized hypothetical figure. It does not reflect actual or future performance and should not be relied upon when making financial decisions. All annualizations are based upon current positions using a simple mathematical calculation and assumes all figures remain constant for a year; any subsequent position changes will affect these calculations. Calculations for certain types of securities could include a return of principal or capital gain, in which case the figures would be overstated. Past performance is not a guarantee of future results. Dividend payments are made solely at the discretion of the issuer and are subject to be changed or eliminated at any time. Estimated Income is an estimate and the actual income might be lower or higher than the estimated amount. Estimated Income reflects only the income generated by an investment. It does not reflect changes in price, which may fluctuate.

This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 9 of 39 Portfolio Reports City of Malibu
Fixed Income Overview
Security Sub Type Composite Ratings Estimated Income Annualized Security Sub Type Market Value($) % Fxd Inc
Government Bond 62,298,197 86.0%
Corporate Bond 10,117,046 14.0%
Security Sub Type Total 72,415,243 100.0%
Composite Ratings % Fxd Inc
Treasury 86.0%
CDs 14.0%
Agency
AAA
AA
A
BBB
Below Inv Grade
N/A
Total 100.0%
Month Estimated Income Annualized($)
Oct 2023 15,993
Nov 2023 59,839
Dec 2023 33,384
Jan 2024 3,610
Feb 2024 174,769
Mar 2024 693,642
Apr 2024 15,048
May 2024 73,261
Jun 2024 18,028
Jul 2024 2,209
Aug 2024 91,848
Sep 2024 549,013
Total 1,730,643
Taxable 1,730,643
Tax Exempt
Subject to AMT
Bond Statistics
Statistic Taxable Tax Exempt
Coupon 2.569%
Yield to Worst 5.06%
Yield at Purchase 4.26%
Total Duration: 1.6
The asset classification of Corporate Bonds includes holdings of Certificates of Deposit. Funds include open end mutual funds, exchange-traded funds, closed end funds. For specific ratings for each security, please refer to either Fixed Income Statistics or Fixed Income Credit reports.

CDs are subject to insurance limits through FDIC. Please see Understanding Your Portfolio for information on specific limits to FDIC insurance.

Composite Ratings and Bond Statistics sections do not include bond funds. Bond Statistics are weighted averages based on market value of bonds in the portfolio. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 10 of 39 Portfolio Reports City of Malibu
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 11 of 39 Portfolio Reports City of Malibu
Fixed Income Overview - continued
Bond Term vs. Duration
0 10
20 30
40 50
60 70
80 90
100
% of Bonds
Short
0 to <5
Intermediate
5 to <10
Long
10+
N/A
Bond Duration
Bond Term vs. Duration
Total Portfolio Value as of 09/18/23 : $ 88,007,289 Callable Analysis Bond term indicates years to redemption date as defined in the Understanding Your Portfolio section. Mortgage-backed securities (MBSs) include asset-backed securities (ABSs), passthroughs and collateralized mortgage obligations (CMOs). For MBSs, the full market value is displayed at the average life of each security, when available. Duration indicates calculated option adjusted duration. 'Bonds' include preferred stocks.

In the Callable Analysis chart, MBS includes all prepaying securities. Callable value applies next call price and date to the remaining principal. Call premiums may decline subsequent to the initial call date. Extraordinary call features may exist that are not represented in this report.

Bond Term vs. Duration and Callable Analysis sections do not include bond funds.

Callable Value($) Market Value($)
MBS
0 to <1 yrs 250,000 219,563
1 to <2 yrs
2 to <3 yrs
3 to <4 yrs
4 to <5 yrs
5 to <7 yrs
7+ yrs
Not Available
Non-Callable 72,195,680
Total 250,000 72,415,243
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 12 of 39 Portfolio Reports City of Malibu
Fixed Income Statistics
By: Asset Class Sub Type,Security Type Detail
Subtotals and totals are weighted averages based on market value Qty / Face Description Moody's Coupon Redemption Mkt Price Mkt Value($) Yld Price Duration Dur Cont Rem Prin Detail S&P Cpn Type Next Call Adj Price Gain/Loss($) YTW Convexity % Fxd Inc Factor ID Enhance Call Price Orig Price Purch Yld YTM % Port U.S. Taxable Investment Grade Fixed
Income 2.569% 72,415,243 1.6 1.6
-745,920 5.06% 0.0 87.7%

4.26% 5.06% 82.3%
Treasury Note 2.235% 62,298,197 1.7 1.4
-587,964 5.00% 0.0 75.5%

4.20% 5.00% 70.8%
-
4,000,000 US TREASURY AAA 0.250% 09/30/23 M 99.85 3,993,800 99.59 0.1 0.0 NOTES Fixed 97.94 76,123 5.44%M 0.0 4.8%
91282CDA6 97.94 4.14% 5.44% 4.5%
4,422,000 US TREASURY AAA 2.750% 02/15/24 M 98.93 4,374,640 98.80 0.4 0.0 NOTES Fixed 98.54 17,221 5.46%M 0.0 5.3%
912828B66 98.54 5.06% 5.46% 5.0%
4,000,000 US TREASURY AAA 2.125% 03/31/24 M 98.27 3,930,920 98.12 0.6 0.0 NOTES Fixed 98.15 4,792 5.46%M 0.0 4.8%
912828W71 98.15 3.95% 5.46% 4.5%
1,000,000 US TREASURY AAA 2.500% 04/30/24 M 98.22 982,180 98.11 0.6 0.0 NOTES Fixed 97.93 2,851 5.43%M 0.0 1.2%
91282CEK3 97.93 4.75% 5.43% 1.1%
4,000,000 US TREASURY AAA 0.375% 09/15/24 M 95.17 3,806,680 95.01 1.0 0.1 NOTES Fixed 95.07 3,860 5.38%M 0.0 4.6%
91282CCX7 95.07 3.79% 5.38% 4.3%
5,215,000 US TREASURY AAA 1.500% 02/15/25 M 94.87 4,947,314 94.95 1.4 0.1 NOTES Fixed 95.21 -17,935 5.15%M 0.0 6.0%
91282CDZ1 95.21 4.82% 5.15% 5.6%
4,000,000 US TREASURY AAA 1.750% 03/15/25 M 95.00 3,800,000 95.11 1.5 0.1 NOTES Fixed 96.35 -54,195 5.10%M 0.0 4.6%
91282CED9 96.35 3.66% 5.10% 4.3%
5,330,000 US TREASURY AAA 1.750% 03/15/25 M 95.00 5,063,500 95.11 1.5 0.1 NOTES Fixed 95.31 -16,655 5.10%M 0.0 6.1%
91282CED9 95.31 4.84% 5.10% 5.8%
4,000,000 US TREASURY AAA 3.500% 09/15/25 M 97.09 3,883,400 97.40 1.9 0.1 NOTES Fixed 99.85 -110,732 4.86%M 0.0 4.7%
91282CFK2 99.85 3.56% 4.86% 4.4%
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 13 of 39 Portfolio Reports City of Malibu
Qty / Face Description Moody's Coupon Redemption Mkt Price Mkt Value($) Yld Price Duration Dur Cont Rem Prin Detail S&P Cpn Type Next Call Adj Price Gain/Loss($) YTW Convexity % Fxd Inc Factor ID Enhance Call Price Orig Price Purch Yld YTM % Port 15,120,000 US TREASURY AAA 3.500% 09/15/25 M 97.09 14,679,252 97.40 1.9 0.4 NOTES Fixed 97.78 -105,823 4.86%M 0.0 17.8%
91282CFK2 97.78 4.62% 4.86% 16.7%
4,000,000 US TREASURY AAA 2.250% 03/31/26 M 93.88 3,755,000 94.29 2.4 0.1 NOTES Fixed 96.38 -100,382 4.63%M 0.1 4.6%
9128286L9 96.38 3.51% 4.63% 4.3%
4,000,000 US TREASURY AAA 0.750% 08/31/26 M 89.09 3,563,400 89.53 2.9 0.1 NOTES Fixed 91.08 -79,607 4.53%M 0.1 4.3%
91282CCW9 91.08 3.52% 4.53% 4.0%
4,000,000 US TREASURY AAA 2.500% 03/31/27 M 93.11 3,724,360 93.70 3.3 0.2 NOTES Fixed 96.45 -133,772 4.42%M 0.1 4.5%
91282CEF4 96.45 3.45% 4.42% 4.2%
1,894,000 US TREASURY AAA 3.125% 08/31/27 M 94.71 1,793,751 95.42 3.7 0.1 NOTES Fixed 98.60 -73,711 4.39%M 0.2 2.2%
91282CFH9 98.60 3.47% 4.39% 2.0%
Certificates of Deposit 4.625% 10,117,046 1.0 0.1
-157,955 5.45% 0.0 12.3%

4.63% 5.45% 11.5%
-
250,000 BANK OF CHINA/NEW YOR
CD 5.150% 11/24/23 M 99.95 249,868 99.95 0.2 0.0
NEW YORK NY ACT/365 Fixed 100.00 -133 5.32%M 0.0 0.3%
06428FH26 FDIC 100.00 5.15% 5.32% 0.3%
250,000 FIRST HORIZON BANK CD 5.150% 11/24/23 M 99.95 249,868 99.95 0.2 0.0 MEMPHIS TN ACT/365 Fixed 100.00 -133 5.32%M 0.0 0.3%
337158AV1 FDIC 100.00 5.15% 5.32% 0.3%
250,000 MIZUHO BANK USA CD 5.000% 11/24/23 M 99.92 249,800 99.91 0.2 0.0 NEW YORK NY ACT/365 Fixed 100.00 -200 5.34%M 0.0 0.3%
60700PB26 FDIC 100.00 5.00% 5.34% 0.3%
250,000 BANC CALIF NA CD 5.100% 11/27/23 M 99.93 249,835 99.93 0.2 0.0 IRVINE CA ACT/365 Fixed 100.00 -165 5.34%M 0.0 0.3%
05961SQX5 FDIC 100.00 5.10% 5.34% 0.3%
250,000 TRUSTMARK NATL BK CD 5.150% 11/27/23 M 99.94 249,858 99.94 0.2 0.0 JACKSON MISS ACT/365 Fixed 100.00 -143 5.34%M 0.0 0.3%
898401DA9 FDIC 100.00 5.15% 5.34% 0.3%
250,000 MIZRAHI TEFAHOT BANK/
CD 5.150% 11/30/23 M 99.94 249,850 99.94 0.2 0.0
LOS ANGELES CA ACT/365 Fixed 100.00 -150 5.35%M 0.0 0.3% 60685BQB0 FDIC 100.00 5.15% 5.35% 0.3%
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 14 of 39 Portfolio Reports City of Malibu
Qty / Face Description Moody's Coupon Redemption Mkt Price Mkt Value($) Yld Price Duration Dur Cont Rem Prin Detail S&P Cpn Type Next Call Adj Price Gain/Loss($) YTW Convexity % Fxd Inc Factor ID Enhance Call Price Orig Price Purch Yld YTM % Port 250,000 MORGAN STANLEY PVT BK
CD 3.550% 12/06/23 M 99.59 248,980 99.51 0.2 0.0
PURCHASE NY ACT/365 Fixed 100.00 -1,020 5.47%M 0.0 0.3% 61760ASZ3 FDIC 100.00 3.55% 5.47% 0.3%
250,000 BANK HOPE CD 5.250% 12/26/23 M 99.92 249,800 99.92 0.3 0.0 LOS ANGELES CA ACT/365 Fixed 100.00 -200 5.38%M 0.0 0.3% 062683HE0 FDIC 100.00 5.25% 5.38% 0.3%
250,000 BANK OZK CD 5.000% 01/22/24 M 99.86 249,648 99.84 0.4 0.0 LITTLE ROCK AR ACT/365 Fixed 100.00 -353 5.42%M 0.0 0.3% 06418CHC3 FDIC 100.00 5.00% 5.42% 0.3%
250,000 BEAL BANK USA CD 4.750% 02/21/24 M 99.65 249,130 99.61 0.5 0.0 LAS VEGAS NV ACT/365 Fixed 100.00 -870 5.48%M 0.0 0.3%
07371DRD1 FDIC 100.00 4.75% 5.48% 0.3%
250,000 HANCOCK WHITNEY BANK
CD 5.250% 02/26/24 M 99.88 249,708 99.87 0.5 0.0
GULFPORT MS ACT/365 Fixed 100.00 -293 5.46%M 0.0 0.3%
41024LBS7 FDIC 100.00 5.25% 5.46% 0.3%
250,000 BRADESCO BANK CD 5.200% 03/04/24 M 99.86 249,645 99.84 0.5 0.0 CORAL GABLES FL ACT/365 Fixed 100.00 -355 5.46%M 0.0 0.3% 10421AAB3 FDIC 100.00 5.20% 5.46% 0.3%
250,000 SANTANDER BANK NA CD 5.250% 03/15/24 M 99.84 249,603 99.82 0.5 0.0 WILMINGTON DE ACT/365 Fixed 100.00 -398 5.47%M 0.0 0.3% 80280JVQ1 FDIC 100.00 5.25% 5.47% 0.3%
250,000 WEBBANK CD 5.250% 03/19/24 M 99.84 249,593 99.82 0.5 0.0 SALT LAKE CITY UTACT/365 Fixed 100.00 -408 5.47%M 0.0 0.3% 947547US2 FDIC 100.00 5.25% 5.47% 0.3%
250,000 BARCLAYS BANK/DELAWAR
CD 5.400% 03/21/24 M 99.91 249,770 99.90 0.5 0.0
WILMINGTON DE ACT/365 Fixed 100.00 -230 5.46%M 0.0 0.3% 06740KRN9 FDIC 100.00 5.40% 5.46% 0.3%
250,000 CITIZENS BANK NA/RI CD 5.300% 03/21/24 M 99.86 249,650 99.84 0.5 0.0 PROVIDENCE RI ACT/365 Fixed 100.00 -350 5.47%M 0.0 0.3% 75524KQH0 FDIC 100.00 5.30% 5.47% 0.3%
250,000 OCEANFIRST BANK NA CD 5.150% 03/21/24 M 99.79 249,468 99.76 0.5 0.0 TOMS RIVER NJ ACT/365 Fixed 100.00 -533 5.47%M 0.0 0.3% 67523TCE1 FDIC 100.00 5.15% 5.47% 0.3%
250,000 RENASANT BK TUPELO MS
CD 5.300% 03/21/24 M 99.86 249,650 99.84 0.5 0.0
TUPELO MS ACT/365 Fixed 100.00 -350 5.47%M 0.0 0.3%
759701BH7 FDIC 100.00 5.30% 5.47% 0.3%
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 15 of 39 Portfolio Reports City of Malibu
Qty / Face Description Moody's Coupon Redemption Mkt Price Mkt Value($) Yld Price Duration Dur Cont Rem Prin Detail S&P Cpn Type Next Call Adj Price Gain/Loss($) YTW Convexity % Fxd Inc Factor ID Enhance Call Price Orig Price Purch Yld YTM % Port 250,000 CHARLES SCHWAB BK SSB
CD 5.350% 03/22/24 M 99.81 249,515 99.78 0.5 0.0
RENO NV ACT/365 Fixed 100.00 -485 5.76%M 0.0 0.3%
15987UAU2 FDIC 100.00 5.35% 5.76% 0.3%
250,000 ASSOCIATED BK GREEN B
CD 5.150% 05/21/24 M 99.71 249,263 99.71 0.7 0.0
STEVENS POINT WI ACT/365 Fixed 100.00 -738 5.49%M 0.0 0.3% 045491NU7 FDIC 100.00 5.15% 5.49% 0.3%
250,000 GOLDMAN SACHS BK USA
CD 5.000% 05/22/24 M 99.61 249,018 99.61 0.7 0.0
NEW YORK NY ACT/365 Fixed 100.00 -983 5.49%M 0.0 0.3%
38150VHQ5 FDIC 100.00 5.00% 5.49% 0.3%
50,000 AMERICAN EXPR NATL BK
CD 5.100% 05/23/24 M 99.67 49,835 99.68 0.7 0.0
SALT LAKE CTY UT ACT/365 Fixed 100.00 -165 5.49%M 0.0 0.1% 02589AET5 FDIC 100.00 5.10% 5.49% 0.1%
250,000 BANK OF AMERICA NA CD 5.150% 05/23/24 M 99.70 249,258 99.71 0.7 0.0 CHARLOTTE NC ACT/365 Fixed 100.00 -743 5.49%M 0.0 0.3%
06051VT89 FDIC 100.00 5.15% 5.49% 0.3%
250,000 US BANK NATL ASSOC CD 5.100% 05/23/24 M 99.67 249,175 99.68 0.7 0.0 MINNEAPOLIS MN ACT/365 Fixed 100.00 -825 5.49%M 0.0 0.3% 90354KBV9 FDIC 100.00 5.10% 5.49% 0.3%
250,000 CAPITAL ONE NA CD 2.500% 06/19/24 M 97.78 244,458 97.66 0.8 0.0 MCLEAN VA ACT/365 Fixed 100.00 -5,544 5.56%M 0.0 0.3%
14042RLZ2 FDIC 100.00 2.50% 5.56% 0.3%
250,000 FULTON BANK CD 5.350% 06/24/24 M 99.87 249,685 99.88 0.8 0.0 WILLIAMSPORT PA ACT/365 Fixed 100.00 -315 5.50%M 0.0 0.3% 359899AN1 FDIC 100.00 5.35% 5.50% 0.3%
125,000 COMENITY CAPITAL BANK
CD 2.500% 06/27/24 M 97.71 122,134 97.57 0.8 0.0
SALT LAKE CTY UT ACT/365 Fixed 100.00 -2,866 5.57%M 0.0 0.1% 20033AZ58 FDIC 100.00 2.50% 5.57% 0.1%
250,000 CUSTOMERS BANK CD 4.700% 08/16/24 M 99.27 248,173 99.18 0.9 0.0 WEST READING PA ACT/365 Fixed 100.00 -1,828 5.59%M 0.0 0.3% 23204HNC8 FDIC 100.00 4.70% 5.59% 0.3%
250,000 COMERICA BANK TEXAS CD 5.250% 09/30/24 M 99.74 249,338 99.65 1.0 0.0 DALLAS TX ACT/365 Fixed 100.00 -663 5.58%M 0.0 0.3%
200339FB0 FDIC 100.00 5.25% 5.58% 0.3%
250,000 BANK HAPOALIM BM NY CD 5.050% 11/26/24 M 99.46 248,653 99.39 1.2 0.0 NEW YORK NY ACT/365 Fixed 100.00 -1,348 5.56%M 0.0 0.3% 06251A5N6 FDIC 100.00 5.05% 5.56% 0.3%
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 16 of 39 Portfolio Reports City of Malibu
Qty / Face Description Moody's Coupon Redemption Mkt Price Mkt Value($) Yld Price Duration Dur Cont Rem Prin Detail S&P Cpn Type Next Call Adj Price Gain/Loss($) YTW Convexity % Fxd Inc Factor ID Enhance Call Price Orig Price Purch Yld YTM % Port 250,000 MANUF & TRADERS TR CO
CD 4.900% 12/09/24 M 99.27 248,175 99.19 1.2 0.0
BUFFALO NY ACT/365 Fixed 100.00 -1,825 5.56%M 0.0 0.3%
564759RJ9 FDIC 100.00 4.90% 5.56% 0.3%
250,000 ALLY BANK CD 5.250% 03/24/25 M 99.62 249,038 99.59 1.4 0.0 BENSALEM PA ACT/365 Fixed 100.00 -963 5.52%M 0.0 0.3%
02007GM34 FDIC 100.00 5.25% 5.52% 0.3%
200,000 AMERICAN EXPR NATL BK
CD 2.050% 03/24/25 M 95.02 190,040 94.85 1.5 0.0
SALT LAKE CTY UT ACT/365 Fixed 100.00 -9,960 5.56%M 0.0 0.2% 02589ABV3 FDIC 100.00 2.05% 5.56% 0.2%
250,000 WELLS FARGO BANK NA CD 4.900% 05/23/25 M 99.01 247,525 99.01 1.6 0.0 SIOUX FALLS SD ACT/365 Fixed 100.00 -2,475 5.51%M 0.0 0.3% 949764CT9 FDIC 100.00 4.90% 5.51% 0.3%
250,000 BMO HARRIS BANK NA CD 4.850% 05/27/25 M 98.93 247,313 98.92 1.6 0.0 CHICAGO IL ACT/365 Fixed 100.00 -2,688 5.50%M 0.0 0.3%
05600XQK9 FDIC 100.00 4.85% 5.50% 0.3%
250,000 BMW BK N AMERICA CD 5.100% 09/17/25 M 99.21 248,033 99.30 1.9 0.0 SALT LAKE CTY UT ACT/365 Fixed 100.00 -1,968 5.47%M 0.0 0.3% 05580AX58 FDIC 100.00 5.10% 5.47% 0.3%
250,000 STATE BANK OF INDIA CD 4.950% 12/02/25 M 98.88 247,210 98.97 2.1 0.0 NEW YORK NY ACT/365 Fixed 100.00 -2,790 5.44%M 0.1 0.3% 856285V81 FDIC 100.00 4.95% 5.44% 0.3%
200,000 COMENITY BANK CD 2.000% 03/18/26 M 92.39 184,781 92.16 2.5 0.0 WILMINGTON DE ACT/365 N/A 100.00 -15,219 5.20%M 0.1 0.2% 99000QQW7 FDIC 100.00 2.00% 5.20% 0.2%
250,000 SYNCHRONY BANK CD 5.000% 03/24/26 M 98.97 247,425 99.06 2.3 0.0 DRAPER UT ACT/365 Fixed 100.00 -2,575 5.40%M 0.1 0.3%
87165HX21 FDIC 100.00 5.00% 5.40% 0.3%
250,000 TEXAS EXCHANGE BK SSB
CD 1.100% 10/29/26 M 87.83 219,563 87.76 3.1 0.0
CROWLEY TX ACT/365 Fixed 10/29/23 P 100.00 -30,438 5.33%M 0.1 0.3% 88241TMC1 FDIC 100.00 100.00 1.10% 5.33% 0.2%
200,000 DISCOVER BANK CD 4.950% 11/16/26 M 98.85 197,704 98.96 2.9 0.0 GREENWOOD DE ACT/365 Fixed 100.00 -2,296 5.30%M 0.1 0.2% 254673Z66 FDIC 100.00 4.95% 5.30% 0.2%
250,000 UBS BANK USA CD 1.150% 12/08/26 M 87.63 219,065 87.57 3.2 0.0 SALT LAKE CTY UT ACT/365 Fixed 100.00 -30,935 5.31%M 0.1 0.3% 90348JX96 FDIC 100.00 1.15% 5.31% 0.2%
250,000 CELTIC BANK CD 2.000% 12/27/27 M 87.58 218,955 87.62 4.1 0.0 SALT LAKE CTY UT ACT/365 Fixed 100.00 -31,045 5.21%M 0.2 0.3% 15118RTH0 FDIC 100.00 2.00% 5.21% 0.2%
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 17 of 39 Portfolio Reports City of Malibu
Qty / Face Description Moody's Coupon Redemption Mkt Price Mkt Value($) Yld Price Duration Dur Cont Rem Prin Detail S&P Cpn Type Next Call Adj Price Gain/Loss($) YTW Convexity % Fxd Inc Factor ID Enhance Call Price Orig Price Purch Yld YTM % Port Cash Alternatives 0.000% 10,111,170 0.1 0.0
111,102 5.40% 0.0 12.3%

5.40% 11.5%
Treasury Bill 0.000% 10,111,170 0.1 0.0
111,102 5.40% 0.0 12.3%

5.40% 11.5%
-
5,077,000 US TREASURY 0.000% 10/17/23 M 99.59 5,056,083 99.32 0.1 0.0 BILL N/A 98.49 55,557 5.40%M 0.0 6.1%
912797HB6 98.49 5.40% 5.7%
5,076,000 US TREASURY 0.000% 10/17/23 M 99.59 5,055,087 99.32 0.1 0.0 BILL N/A 98.49 55,546 5.40%M 0.0 6.1%
912797HB6 98.49 5.40% 5.7%
Fixed Income Statistics Total 2.254% 82,526,413 1.4 1.6 -634,817 5.10% 0.0 100.0%

4.26% 5.10% 93.8%
Total Portfolio Value as of 09/18/23:__$ 88,007,289
Yield Price as of 08/31/23
Rem Prin - Remaining Principal is the amount of principal which, as of a given date, has not yet been paid on a fixed income security (original face value multiplied by the factor).

Factor represents the portion of principal remaining on a security subject to principal prepayments (such as a mortgage-backed security). A factor of .87654321 on an original face of $100,000 would indicate that $87,654.32 in principal remained.

Enhance - Indicates that there is a form of credit enhancement such as collateralization or bond insurance which may vary in credit quality. The ratings displayed are the higher of the credit rating of the bond insurer or of the underlying credit of the issuer. Acronyms indicate insurance or type of collateral. See Understanding Your Portfolio section for more details.

CDs are subject to insurance limits through FDIC. Please see Understanding Your Portfolio for information on specific limits to FDIC insurance.

The coupon rate is the interest rate stated on a bond, note or other fixed income security, expressed as a percentage of the principal. Adjustable rate coupon securities will be shown at the current coupon rate if known; actual coupon rates may vary. There is no assurance that coupons will be paid. Past Performance is not a guarantee of future results. Range Notes will carry a coupon of 0%.

Coupon Types: Adj (Adjustable rate), Fixed (Fixed rate), Step (Step up or down), Struct (Structured Product Securities), Zero (Zero Coupon), PIK (Payment-in-kind) Redemption is the date the security is scheduled to be redeemed. Types: M - maturity, R - refunded, T - mandatory tender/put, P - perpetual (displays date of report plus sixty years), D - Dutch auction or optional tender, A - estimated average life of prepaying securities.

Next call is the next date, prior to maturity, on which a callable security may be redeemed by the issuer. Call Price is the price, specified at issuance, at which a bond or preferred stock can be redeemed.

Call Types: C - Optional Premium Call, P - Optional Par Call.

Adjusted Price is the original price adjusted for accretion for a discount and amortization for a premium. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 18 of 39 Portfolio Reports City of Malibu
Purchase Yield is the yield to worst based on original price and purchase date.

Yield Price is the recent market price which is used to calculate yields, duration, convexity, etc. The date of the yield price is displayed beneath the table.

YTW - Yield to Worst indicates the lowest of yields to calls or the yield to maturity, calculated at yield price and not at current market price. The Yield Code next to YTW indicates the date/price to which the yield has been calculated. Codes: C = next call, P = par call, W = middle call, R = pre-refunding, M = maturity of issue, A = estimated average life on principal paydown securities, T = next mandatory put/tender, F = called in full.

YTM (Yield to Maturity) is calculated to the redemption date based on the yield price and not on current market price.

Duration - Duration, where available, is Modified Duration. It is used to provide a measurement of price volatility. For example, a duration of 4 means that a shift in prevailing rates 100 basis points (1%) in a 1 year period should shift the price in the opposite direction by 4%. Duration will not be calculated on Structured Products or other securities for which required data is not available. Modified Duration, unlike Effective Duration, assumes cash flows do not change and does not take into account embedded call options.

Convexity - Convexity measures the speed with which the duration will change with movements in interest rates. For example, on a bond with negative convexity, the duration will shorten with falling interest rates which will reduce the impact of duration of this security on the portfolio. Convexity is reflected at both the security level and at the subtotal level for fixed income classification calculated as a weighted average.

Duration Contribution - The duration contribution is the impact of this bond's duration on the fixed income portion of the portfolio. Example, if bond has a duration of 3 and its market value is 5% of the fixed income, the duration contribution will be 0.15 (3 x .05).

This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 19 of 39 Portfolio Reports City of Malibu
Fixed Income Credit
By: Rating Type,Composite Rating
Subtotals and totals are weighted averages based on market value Securities Weighted Avg Cpn Market Value($) Percent of
Fxd Inc Port
Investment Grade 56 2.254% 82,526,413 100.0% 93.8%
Treasuries 13 1.923% 72,409,367 87.7% 82.3%
CDs 43 4.625% 10,117,046 12.3% 11.5%
Fixed Income Credit Total 56 2.254% 82,526,413 100.0% 93.8% Total Portfolio Value as of 09/18/23:__$ 88,007,289
CDs are subject to insurance limits through FDIC. Please see Understanding Your Portfolio for information on specific limits to FDIC insurance.

This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 20 of 39 Portfolio Reports City of Malibu
Fixed Income Analytics
By: Security Type Detail
Subtotals and totals are weighted averages based on market value Securities Weighted Avg Cpn YTW YTM Dur Conv Dur Cont Percent of Fxd Inc Port
Treasury Bill 1 0.000% 5.40% 5.40% 0.1 0.0 0.0 12.3% 11.5% Market Value: $ 10,111,170
Treasury Note 12 2.235% 5.00% 5.00% 1.7 0.0 1.4 75.5% 70.8% Market Value: $ 62,298,197
Certificates of Deposit 43 4.625% 5.45% 5.45% 1.0 0.0 0.1 12.3% 11.5% Market Value: $ 10,117,046
Fixed Income Analytics Total 56 2.254% 5.10% 5.10% 1.4 0.0 1.6 100.0% 93.8% Market Value: $ 82,526,413
Total Portfolio Value as of 09/18/23:__$ 88,007,289
Yield Price as of 07/31/23
The coupon rate is the interest rate stated on a bond, note or other fixed income security, expressed as a percentage of the principal. Variable rate coupon securities will be shown at the current coupon rate if known; actual coupon rates may vary. There is no assurance that coupons will be paid. Past Performance is not a guarantee of future results. Range Notes will carry a coupon of 0%.

Yields, duration, and convexity are reflected at both the subtotal and total levels for fixed income classifications calculated as a weighted average.

YTW - Yield to Worst indicates the lowest of yields to calls or the yield to maturity, calculated at yield price and not at current market price.

YTM (Yield to Maturity) is yield calculated to the redemption date based on the yield price and not on current market price.

Dur - Duration, where available, is Modified Duration. It is used to provide a measurement of price volatility. For example, a duration of 4 means that a shift in prevailing rates 100 basis points (1%) in a 1 year period should shift the price in the opposite direction by 4%. Duration will not be calculated on Structured Products or other securities for which required data is not available. Modified Duration, unlike Effective Duration, assumes cash flows do not change and does not take into account embedded call options.

Conv - Convexity - Convexity measures the speed with which the duration will change with movements in interest rates. For example, on a bond with negative convexity, the duration will shorten with falling interest rates which will reduce the impact of duration of this security on the portfolio. Convexity is reflected at both the security level and at the subtotal level for fixed income classification calculated as a weighted average.

Dur Cont - Duration Contribution - The duration contribution is the impact of this bond's duration on the fixed income portion of the portfolio. Example, if bond has a duration of 3 and its market value is 5% of the fixed income, the duration contribution will be 0.15 (3 x .05).

Yield Price is the recent market price which is used to calculate yields, duration, convexity, etc. The date of this price is noted below the table.

Treasuries are direct U.S. Government securities. Agencies include U.S. Government backed agencies and U.S. Government sponsored entities. Agency securities that are below AAA credit quality will be displayed based on their credit rating. Should the ratings services differ, the Composite Rating will identify the bond in the lower of the two ratings. AAA Composite Ratings are securities rated AAA by one or both services without the credit enhancement of insurance.

The asset classification of Corporate Bonds includes holdings of Certificates of Deposit. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 22 of 39 Portfolio Reports City of Malibu
The coupon rate is the interest rate stated on a bond, note or other fixed income security, expressed as a percentage of the principal. Adjustable rate coupon securities will be shown at the current coupon rate if known; actual coupon rates may vary. There is no assurance that coupons will be paid. Past Performance is not a guarantee of future results. Range Notes will carry a coupon of 0%.

This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 23 of 39 Portfolio Reports City of Malibu
Redemption Distribution
By: Redemption Date
Coupon subtotals and totals are weighted averages based on redemption value 0 10,000
20,000
30,000
40,000
Redem
ption Value($)
(000s)
2023
20242025
202620272028202920302031
20322033
2034
2035
2036
2037
2038
2039
2040
204120422043+Perpetual
Year Redemption Value($) Weighted Avg Cpn Weighted Avg Cpn Remaining
2023 16,153,000 0.673% 2.613%
2024 18,847,000 2.736% 2.107%
2025 35,115,000 2.784% 1.870%
2026 9,150,000 1.662% 2.316%
2027 6,144,000 2.672% 2.213%
Redemption Distribution Total 85,409,000 2.246% 0.000%
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 24 of 39 Portfolio Reports City of Malibu
Mortgage Backed
Securities
Redemption Value (Remaining Principal):__$ 0
Securities with Undefined Redemption Value
Market Value:__$ 0
This report shows the schedule of principal payments of securities calculated as of the date of the report. Payments are not guaranteed. Unforeseen events could occur which could cause the estimated principal payments to differ from stated values. Bonds in default will not display a redemption value. The redemption value applies the redemption price to the remaining principal or the number of shares.

These schedules assume that bonds are not called. Call features may be exercised as stated elsewhere at any time. On Treasury Inflation Index securities (TIPs), we have applied the most recent Index Ratio to the redemption price. Actual redemption value will not be less than the face amount on TIPs if held to maturity. 100% Principal protected structured products (when held to maturity) will be displayed at their face amount as the redemption value.

Mortgage Backed Securities (MBSs) are not represented in this report as it is not possible to accurately predict principal prepayments.

Securities with Undefined Redemption Value, such as mandatory convertible securities and structured products (other than those with 100% principal protection), do not have a defined redemption value and are not represented in the bar charts. The market value of these securities is displayed beneath the table. These securities will display N/A as the redemption value in the year of their scheduled redemption.

This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 25 of 39 Portfolio Reports City of Malibu
Redemption Distribution Rolling 12 Months
By: Security Sub Type
Redemption Values are stated in thousands
0 1,455,000
2,910,000
4,365,000
5,820,000
7,275,000
8,730,000
10,185,000
Est Income($)
Oct
2023
Nov
2023
Dec
2023
Jan
2024
Feb
2024
Mar
2024
Apr
2024
May
2024
Jun
2024
Jul
2024
Aug
2024
Sep
2024
Month
Government Bond Corporate Bond
___Oct
2023
___Nov
2023
___Dec
2023
___Jan
2024
___Feb
2024
___Mar
2024
___Apr
2024
___May
2024
___Jun
2024
___Jul
2024
___Aug
2024
___Sep
2024
Total
Prin($)
Government Bond 10,153 4,422 4,000 1,000 4,000 23,575
Corporate Bond 1,500 500 250 500 2,000 1,050 625 250 250 6,925 Redemption Distribution
Rolling 12 Months Total 10,153 1,500 500 250 4,922 6,000 1,000 1,050 625 250 4,250 30,500 Current Market Value of Securities with Undefined Redemption Value:__$ 0 Total Portfolio Value as of 09/18/23:__$ 88,007,289
This report shows the schedule of principal payments of securities calculated as of the date of the report. Payments are not guaranteed. Unforeseen events could occur which could cause the estimated principal payments to differ from stated values. Bonds in default will not display a redemption value. The redemption value applies the redemption price to the remaining principal or the number of shares.

These schedules assume that bonds are not called. Call features may be exercised as stated elsewhere at any time. On Treasury Inflation Index securities (TIPs), we have applied the most recent Index 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 26 of 39 Portfolio Reports City of Malibu
Ratio to the redemption price. Actual redemption value will not be less than the face amount on TIPs if held to maturity. 100% Principal protected structured products (when held to maturity) will be displayed at their face amount as the redemption value.

The asset classification of Corporate Bonds includes holdings of Certificates of Deposit.

Mortgage Backed Securities (MBSs) are not represented in this report as it is not possible to accurately predict principal prepayments.

Securities with Undefined Redemption Value, such as mandatory convertible securities and structured products (other than those with 100% principal protection), do not have a defined redemption value and are not represented in the table. The market value of these securities that have a redemption date within the next 12 months is displayed beneath the table.

This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 27 of 39 Portfolio Reports City of Malibu
Duration Distribution
By: Duration,Security Sub Type
Duration subtotals and totals are weighted averages based on market value 0 10,000
20,000
30,000
40,000
Market Value ($)
(000s)
<1 1 2 3 4 5 6 7 8 9 10+ N/A
Government Bond Corporate Bond
Duration Market Value($) Weighted Avg
Duration
Weighted Avg
Duration Remaining
< 1 to 1 30,046,941 0.3 2.0
Government Bond 23,392,710 0.3 1.8
Corporate Bond 6,654,231 0.5 1.5
1 to < 2 38,108,259 1.6 1.2
Government Bond 36,180,146 1.6 1.2
Corporate Bond 1,928,113 1.4 1.4
2 to < 3 8,195,520 2.6 1.2
Government Bond 7,318,400 2.7 1.3
Corporate Bond 877,120 2.4 1.4
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 28 of 39 Portfolio Reports City of Malibu
Duration Market Value($) Weighted Avg
Duration
Weighted Avg
Duration Remaining
3 to < 4 5,956,738 3.4 1.2
Government Bond 5,518,111 3.5 1.2
Corporate Bond 438,628 3.1 1.4
4 to < 5 218,955 4.1 1.4
Corporate Bond 218,955 4.1 1.4
Duration Distribution Total 82,526,413 1.4 0.0
On the x -axis: <1 contains duration values less than 1; 1 contains duration values greater than or equal to 1 and less than 2; 2 contains duration values greater than or equal to 2 and less than 3, etc. 10+ contains duration values greater than or equal to ten.

The asset classification of Corporate Bonds includes holdings of Certificates of Deposit.

Weighted Average Duration: Duration is reflected at both the security level and at the subtotal and total levels. At the subtotal and total levels, weighted average duration has been calculated based on the market value of the securities within that grouping.

Weighted Average Duration Remaining is the weighted average duration remaining of the portfolio excluding the security.

The duration distribution will allow you to analyze which securities impact your portfolio for a given range of duration. For example, if you wish to shorten your duration to lessen interest rate risk (i.e. you expect rates to rise), look to the higher duration securities as possible candidates for swapping into shorter duration securities. Conversely, should you wish to increase your portfolio's sensitivity to interest rates (i.e. you expect rates to fall), look to swap shorter duration securities into longer duration securities.

This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 29 of 39 Portfolio Reports City of Malibu
Coupon Distribution
By: Coupon,Coupon Type
Coupon subtotals and totals are weighted averages based on market value 0 4,000
8,000
12,000
16,000
20,000
24,000
Market Value ($)
(000s)
0 1 2 3 4 5 6 7 8+ N/A
Fixed Coupon Not Available
Coupon Market Value($) Weighted Avg Cpn Weighted Avg Cpn Remaining
0 to < 1 11,363,880 0.449% 2.542%
Fixed Coupon 11,363,880 0.449% 2.542%
1 to < 2 14,249,442 1.644% 2.381%
Fixed Coupon 14,249,442 1.644% 2.381%
2 to < 3 17,727,467 2.409% 2.211%
Fixed Coupon 17,542,687 2.414% 2.211%
Not Available 184,781 2.000% 2.254%
3 to < 4 20,605,383 3.468% 1.850%
Fixed Coupon 20,605,383 3.468% 1.850%
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 30 of 39 Portfolio Reports City of Malibu
Coupon Market Value($) Weighted Avg Cpn Weighted Avg Cpn Remaining
4 to < 5 1,685,229 4.854% 2.200%
Fixed Coupon 1,685,229 4.854% 2.200%
5 to < 6 6,783,843 5.177% 1.992%
Fixed Coupon 6,783,843 5.177% 1.992%
N/A 10,111,170 0.000% 2.569%
Not Available 10,111,170 0.000% 2.569%
Coupon Distribution Total 82,526,413 2.254% 0.000%
On the X-axis, 0% coupon includes all bonds with current coupons of less than 1%; 1% coupon includes bonds with coupons of less than 2% but equal to or greater than 1%, etc.

This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 31 of 39 Portfolio Reports City of Malibu
Understanding Your Portfolio
General Information
Investing involves risk, including the possible loss of principal. This report is intended to provide you with a descriptive overview of your current portfolio. The report may encompass one account or multiple accounts as specified in the report. The material has been prepared or is distributed solely for information purposes and does not supersede the proper use of your Wells Fargo Advisors client statements and/or trade confirmations, which are considered to be the official and accurate records of your account activity. Any market prices are only indications of market values, are subject to change, and may not reflect the value at which the securities could be sold. Reported prices should not be considered actual bids. For these reports, in certain groupings, Corporate Bonds includes Certificates of Deposit. Additionally, the report is prepared as of trade date, rather than settlement date, and may be prepared on a different date than your statement. The information contained in this report may not reflect all holdings or transactions, their costs, or proceeds in your account.

The report may also include information you provided about assets held at other firms. Information on assets held away from Wells Fargo Advisors was provided by you and may not be covered by SIPC. We have relied solely on information from you regarding those assets. We do not verify or confirm those assets held with other firms or affiliates and you are responsible for notifying your Financial Advisor of any changes in your externally held investments including cost basis.

Incomplete or inaccurate cost basis will affect your plan results because the tax assumptions are incorrect. Due to timing issues, if this report includes assets held at a Trust Company, positions and market data should be verified. Before making any decisions please validate your account information with your Financial Advisor. The financial data used to generate this report is provided to Wells Fargo Advisors by third party vendors. While this information is believed to be reliable, it has not been verified. Security ID will be ticker symbol, CUSIP number, Security Number or, if you have provided us with a market value of a generic asset classification type, we will assign a dash.

This report is not complete unless all pages noted are included. For more detailed information, including current pricing, call your Financial Advisor.

To the extent that this report includes fixed income securities, you should be aware that the descriptions of fixed income securities are general in nature and do not reflect important information that you should consider, such as but not limited to, yield, call features, credit quality, and various tax implications. Before making any decisions regarding fixed income investments, contact your advisor to obtain more detailed information regarding specific fixed income securities.

Asset classification of holdings in external accounts where classification is not readily available may be assigned to a multi-asset class category or reassigned into additional asset classes by your Financial Advisor which may not be the most accurate asset class based on the holding's characteristics and risk profile. It is your responsibility to review the asset classification for external accounts and notify us of any changes.

Asset Classes for mutual funds, variable annuities and exchange-traded funds are derived from Morningstar Categories. Underlying holdings classification provided by Morningstar. ©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

External Accounts Included in Your Report
As a service, we may have included your assets and/or your liabilities held at other financial institutions. We assume no responsibility for the accuracy or completeness of the information you provided either to your Financial Advisor or through any third party aggregation service regarding your assets or liabilities held at other firms. We may update the pricing of these securities; however, there may be cases when updating prices is not possible. In addition, any transactions, values or changes in your external accounts will not be reflected unless you provide updated information to your Financial Advisor. In instances where you use a third party aggregation service, we rely on you to take action when notified by the third party service that updates are needed. The accuracy and completeness of the information you provide may materially affect the results and any recommendations contained in this report.

If we have included or if you have provided us with information on accounts managed by you or an affiliate of Wells Fargo Advisors, including self-directed WellsTrade accounts at Wells Fargo Advisors, and fiduciary accounts at Wells Fargo Bank, N.A., you should understand that Wells Fargo Advisors has no authority to manage, direct or influence the accounts. With respect to such accounts, the Strategic Allocation listed in this report is for informational purposes only and should not be considered a recommendation from Wells Fargo Advisors or your Financial Advisor. The views, opinions, asset allocation models and forecasts may differ from our affiliates.

By providing you this report, neither the firm nor your Financial Advisor is acting as a fiduciary for purposes of ERISA or section 4975 of the Code with respect to any external ERISA-covered employee benefit plan or any external individual retirement account in either the planning, execution or provision of this analysis, unless separately contracted to act as a fiduciary with respect to such an account. Any asset allocation information presented in this report for external 401(k), 403(b), Government 457(b), Defined Benefit Plan, Trustee Defined Profit Sharing Plan or individual retirement accounts is for general asset allocation education and informational purposes only and should not be viewed as fiduciary investment advice.

All yields, durations and convexities are calculated at the "Yield Price" listed on the report. The date of the yield price is stated under the report table. The calculations are updated approximately once per month. Should there be significant changes in interest rates we will update the calculations more frequently. By comparing the yield price to the market price you can see how the market has changed since the calculations. For example, if the market price is greater than the yield price then currently calculated yields would be lower.

Weighted average coupon: At the subtotal and total levels, the weighted average coupon has been calculated based on the market value of the securities within that grouping.

Redemption date indicated is either maturity date (M), pre-refunded date (R), mandatory put or tender date (T), Dutch auction date or optional tender date (D), display date on perpetual securities (sixty years from report date) (P) or the date which would represent the average life of the maturity when measured from the date of this report (A). Because perpetual securities do not have a stated maturity date, we assign a date of sixty years from the date of the report to enable us to provide approximate yields and durations.

Yield to worst is the lowest of all yields to calls or the yield to maturity. Yield to maturity is the yield that would be realized on a fixed income security if it were held to the maturity date. Yield at purchase is calculated based on the purchase date and price of each position (if available) and represents the yield to worst at the time of purchase. At the subtotal and total levels, yields are weighted averages for that grouping. Duration, if available, is option adjusted duration and is used to provide a measurement of price volatility.
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 32 of 39 Portfolio Reports City of Malibu
Enhancements used for this analysis may include Bond Insurance, Federal Deposit Insurance Corporation (FDIC) and escrowed collateral on refunded bonds (typically in US Government securities). The terms of enhancements vary and assumptions cannot be made as to specific issuers or issues. This report is not meant to indicate that "non-enhanced" securities are of lesser credit quality than those with secondary credit enhancement. Insurance pertains to the timely payment of principal and interest by the issuer of the underlying securities and not the price of the bond, which will fluctuate prior to maturity.

Types of enhancements include but are not limited to:

Pre-ref - Indicates that the security has been pre-refunded, is collateralized (typically in US Government Securities) and is scheduled to be redeemed at the stated redemption date.

ETM - Indicates that the security has been escrowed to maturity (collateralized, typically in U.S.

Government securities).

FDIC - Federal Deposit Insurance Corporation
MBIA - Municipal Bond Insurance Association
FGIC - Financial Guaranty Insurance Company
AMBAC - American Municipal Bond Assurance Corporation
FSA - Financial Security Assurance, Inc.

Assured Gty. - Assured Guaranty Corp.

BHAC - Berkshire Hathaway Assurance
CIFG - CIFG Assurance North America, Inc.

AGM(f.FSA) - Assured Guaranty Municipal Corp.

AGC - Assured Guaranty Corp.

NATL-RE(f.MBIA) - National Public Finance Guaranty Corp. (MBIA's public finance subsidiary) Syncora(f.XLCA) - Syncora Guarantee (Formerly XL Capital Assurance).

PSF - Permanent School Fund.

MAC - Municipal Assurance Corp.

BAM - Build America Mutual Assurance Corp.

Q-SBLF - Qualified School Bond Loan Fund.

RADIAN - Radian Group Inc.

ACA - ACA Financial Guaranty Corp.

FHA - Federal Housing Administration.

FHLMC - Federal Home Loan Mortgage Corp.

FNMA - Federal National Mortgage Association.

GNMA - Government National Mortgage Association.

SECT8 - Section 8.

Rating Types: Government/Agencies, Investment Grade, High Yield, Distressed Debt, Defaulted, Not Available, Not Applicable.

Composite Ratings: Treasuries, Agencies, AAA, AA, A, BBB, BB, B, CCC, CC, C, D, and Unrated.

A measure of the quality and safety of a bond, based on the issuer's financial condition. More specifically, an evaluation from a rating service indicating the likelihood that a debt issuer will be able to meet scheduled interest and principal repayments.

AAA Maximum Safety; AA High Grade High Quality; A Upper Medium Grade; BBB Lower Medium Grade; BB Speculative; B Highly Speculative; CCC Substantial Risk; CC Extremely Speculative; C May be in Default; D Default.

Composite Ratings are based on Moody's and Standard & Poor's and reflect the lower of the two rating services if such ratings differ.

Asset Class Descriptions
The asset class descriptions below are included solely to provide insight into how individual securities are tied to specific asset classes. We use our best efforts to correctly classify investments. However, no warranty of accuracy is made.

Equity Investments: Equity investments refer to buying stocks of United States companies.

The investment return to the owner of stock (shareholder) is in the form of dividends and/or capital appreciation. The market capitalization of companies is used to group large, medium (Mid), and small companies. Shareholders share in both the upside potential and the downside risk.

Capitalization: Market capitalization definitions differ but one example of capitalization methodology is that of Morningstar, which defines "large-capitalization" stocks as those stocks that form the top 70% of the market capitalization of the stocks eligible to be included in the Morningstar US Market Index (a diversified broad market index that represents approximately 97% of the market capitalization of publicly traded U.S. Stocks). The Morningstar index methodology defines "mid-capitalization" stocks as those stocks that form the 20% of market capitalization between the 70th and 90th percentile of the market capitalization and "small-capitalization" stocks as those stocks that form the 7% of market capitalization between the 90th and 97th percentile of the market capitalization of the stocks eligible to be included in the Morningstar US Market Index.

Investing in small and mid-cap companies involve additional risks such as limited liquidity and greater volatility.

Fixed Income Securities (Bonds): Bonds are promissory notes of a United States corporation or federal government entity (taxable bonds) or a state or local government entity (taxexempt or municipal bonds). Bonds usually make a series of interest payments followed by a return of principal at maturity. If sold prior to maturity, the price that can be obtained for a bond may be more or less than face value, depending on interest rates at the time the bond is sold and the remaining term of the bond.

Fixed income securities include Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporate bonds.

Investments in fixed-income securities are subject to market, interest rate, credit/default, inflation and other risks. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond's price. Lower rated securities are speculative and involve greater risk of default.

Term: Short-term bonds have effective maturities of five years or less, intermediate bonds have effective maturities between five and ten years; and long-term bonds have maturities of ten years or longer.

Income from tax exempt bonds is generally free from federal and state taxes for residents of the issuing state. While the interest income is tax-free, capital gains if any are subject to taxes. Income of certain tax-exempt bonds may be subject to the Federal Alternative Minimum Tax (AMT).

Real Assets:Real Assets includes Public Real Estate, Private Real Estate and Commodities.

Public Real Estate represents investments that offer participation in rental income from properties and appreciation in property sale. Private Real Estate is an investment that uses an active management strategy consisting of both direct and secondary ownership of equity and debt interests in various types of real property. Commodities are usually agricultural products such as 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 33 of 39 Portfolio Reports City of Malibu
corn, livestock, coffee and cocoa or metals such as gold, copper and silver, or energy products such as oil and natural gas. Commodities can either be sold on the spot market for immediate delivery or on the commodities exchanges for later delivery. Trade on commodities exchanges is usually in the form of future contracts.

There are special risks associated with an investment in real estate, including possible illiquidity of the underlying properties, credit risk, interest rate fluctuations and the impact of varied economic conditions. Privately offered real estate funds are speculative and involve a high degree of risk.

Investments in real estate have special risks, including the possible illiquidity of the underlying properties, credit risk, interest rate fluctuations, and the impact of varied economic conditions.

There can be no assurance a secondary market will exist and there may be restrictions on transferring interests. The commodities markets are considered speculative, carry substantial risks, and have experienced periods of extreme volatility.

Cash Alternatives: Cash Alternatives include liquid, short term and interest bearing investments. Examples are Treasury bills and commercial paper. It is possible to lose money by investing in cash alternatives.

CAR-0422-08350
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 34 of 39 Portfolio Reports City of Malibu
Disclosures
Asset Class Descriptions
The asset class descriptions below are included solely to provide insight into how individual securities are tied to specific asset classes. We use our best efforts to correctly classify investments. However, no warranty of accuracy is made.

Equity Investments: Equity investments refer to buying stocks of United States companies.

Fixed Income Securities (Bonds): Bonds are promissory notes of a United States corporation or federal government entity (taxable bonds) or a state or local government entity (tax-exempt or municipal bonds). Bonds usually make a series of interest payments followed by a return of principal at maturity. If sold prior to maturity, the price that can be obtained for a bond may be more or less than face value, depending on interest rates at the time the bond is sold and the remaining term of the bond.

Real Assets:Real Assets includes Public Real Estate, Private Real Estate and Commodities.

Public Real Estate represents investments that offer participation in rental income from properties and appreciation in property sale. Private Real Estate is an investment that uses an active management strategy consisting of both direct and secondary ownership of equity and debt interests in various types of real property. Commodities are usually agricultural products such as corn, livestock, coffee and cocoa or metals such as gold, copper and silver, or energy products such as oil and natural gas. Commodities can either be sold on the spot market for immediate delivery or on the commodities exchanges for later delivery. Trade on commodities exchanges is usually in the form of future contracts.

Investments in real estate have special risks, including the possible illiquidity of the underlying properties, credit risk, interest rate fluctuations, and the impact of varied economic conditions.

Multi-Class: This category is primarily used to classify investments that include a substantial amount of both equity and fixed income investments, or some other combination of classes.

Alternative Investments:Alternative Investments encompass a range of product structures to provide the investor with access to markets or investment strategies that are generally not easily accessible by individuals or smaller institutional investors. These often involve potentially higher risk strategies, such as employing leverage and / or short sales.

Alternative investments, such as hedge funds, are speculative and involve a high degree of risk that is suitable only for those investors who have the financial sophistication and expertise to evaluate the merits and risks of an investment in a fund. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage can magnify gains and losses.

Other: This classification represents securities which could not be definitively classified because there is insufficient similarity between the security and the defined asset classes. There may be inconsistencies in one or more of the following factors: historical performance, investment objective or asset composition. This analysis assigns relatively high downside risk and relatively low returns to assets classified as 'Other' in order to conservatively assess their impact on the portfolio.

Specialty: Classifications of Specialty Equities, Specialty Fixed Income, Specialty Real Assets, and Specialty Alternative Investments include securities in the highest level asset class that do not map into one of the detailed asset categories and those securities for which there is not enough data available to classify more precisely.

Annuities:

Annuities are long-term investments and may be subject to market fluctuations and investment risk. Many annuities offer guarantees that provide protection of an income stream or an account value. All guarantees are subject to the claims paying ability of the issuing insurance companies.

Annuity features and benefits vary and all annuity modeling in Envision is based on a set of general product assumptions. For specific details about how your annuity works, consult your annuity policy. Annuity assumptions are based on general product features and benefit modeling assumptions. The actual features and values of your specific contract may vary, and are determined by the contract terms and the underwriting insurance carrier. For the specific details of your features and benefits, please refer to your contract. Any annuity income amounts displayed on this report may not represent the actual amount available under your rider. Please contact the insurance company for specific income amounts available under your policy.

RMD:

Required Minimum Distributions (RMDs) are provided by a source that is deemed to be reliable.

Assets that are held are not included in the RMD calculation. Please note that these calculations are hypothetical and do not replace actual required minimum distribution calculations which should be made each year on an individualized basis.

Investment Interest/Dividends:

The Current Year view takes your current income, based on the current dividends or interest paid by your securities and multiplies it to create an annualized hypothetical figure. It does not reflect actual or future performance and should not be relied upon when making financial decisions.

All annualizations are based upon current positions using a simple mathematical calculation and assumes all figures remain constant for a year; any subsequent position changes will affect these calculations. Calculations for certain types of securities could include a return of principal or capital gain, in which case the figures would be overstated. Past performance is not a guarantee of future results. Dividend payments are made solely at the discretion of the issuer and are subject to be changed or eliminated at any time. Estimated Income is an estimate and the actual income might be lower or higher than the estimated amount. Estimated Income reflects only the income generated by an investment. It does not reflect changes in price, which may fluctuate. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 35 of 39 Portfolio Reports City of Malibu
Yield assumptions do not apply to Envision and are reflected only in the Income Dashboard.

Adjustments to default yields are permitted within an allowable range and may have been adjusted by your Financial Advisor.

General Information
Most securities are subject to capital gains taxes and some may be considered in calculations for Alternative Minimum Tax (AMT) that are not so designated here. This report does not attempt to portray phantom income (income accreted or accrued but not paid) on discount or zero coupon securities. You should consult with your tax advisor regarding the taxability of your holdings.

The Retirement Spending, Other Goals and Income Sources are based off of your Envision Plan.

However, your FA may have chosen to exclude certain cash flows for the purpose of this report.

Taxes
The tax assumptions are based on US federal and state tax rates. Inflation assumptions are based on historical and expected US inflation assumptions. Therefore, results for non-US residents may not be accurate as the actual tax and inflation rates for countries outside of the US may vary significantly from these assumptions. This report does not account for any currency fluctuations which may affect the relative value of cash flows outside of the United States. These currency fluctuations could significantly impact one's ability to meet financial goals.This report is not a substitute for official tax reporting.

The estimated taxes due calculations follow general US federal tax laws. Estimated taxes are calculated for ordinary income, qualified investment income, as well as gains or losses based off the Income Gap calculated value. The taxes are calculated after deductions (including state taxes) and exemptions are applied to the taxable income. The Income Gap calculated value is the amount of investment principal needed to meet the remainder of the Total Spending Goal after all income is spent.

This report is not a substitute for your own records and the year-end 1099 form. Cost data and acquisition dates provided by you are not verified by our firm. Our firm does not render legal, accounting or tax advice. Please consult your legal tax advisors before taking any action that may have tax consequences.

Effective tax rates may have been adjusted by your Financial Advisor. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 36 of 39 Portfolio Reports City of Malibu
Strategic Allocations (Standard)
Additional firm-sponsored strategic allocation models may be selected for your Investment Plan that may include updated asset allocation assumptions or may vary slightly from these standard strategic allocation models. Please refer to your Current vs. Strategic Allocation page for an illustration of the allocation mix for these models.

Name Conservative
Income
Conservative
Growth &
Income
Conservative
Growth
Moderate
Income
Moderate
Growth &
Income
Moderate
Growth
Aggressive
Income
Aggressive
Growth &
Income
Aggressive
Growth
U.S. Large Cap
Equities

12.00% 20.00% 30.00% 16.00% 24.00% 31.00% 19.00% 28.00% 28.00% U.S. Mid Cap
Equities

4.00% 8.00% 13.00% 5.00% 10.00% 14.00% 7.00% 12.00% 16.00% U.S. Small Cap
Equities

0.00% 5.00% 8.00% 4.00% 6.00% 10.00% 4.00% 6.00% 13.00% Developed Market
Ex-U.S. Equities

2.00% 7.00% 11.00% 4.00% 8.00% 12.00% 7.00% 9.00% 16.00% Emerging Market
Equities

0.00% 4.00% 9.00% 0.00% 5.00% 12.00% 0.00% 6.00% 15.00% U.S. Short Term
Taxable Fixed
Income

14.00% 8.00% 3.00% 11.00% 6.00% 2.00% 9.00% 4.00% 0.00% U.S. Intermediate
Taxable Fixed
Income

44.00% 23.00% 10.00% 35.00% 18.00% 4.00% 27.00% 12.00% 3.00% U.S. Long Term
Taxable Fixed
Income

14.00% 8.00% 3.00% 12.00% 6.00% 2.00% 9.00% 4.00% 0.00% Emerging Market
Fixed Income

3.00% 5.00% 3.00% 5.00% 5.00% 3.00% 8.00% 6.00% 2.00%
High Yield Taxable
Fixed Income

3.00% 6.00% 3.00% 4.00% 6.00% 3.00% 6.00% 7.00% 0.00%
Commodities 2.00% 4.00% 5.00% 2.00% 4.00% 5.00% 2.00% 4.00% 5.00% Cash Alternatives 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 37 of 39 Portfolio Reports City of Malibu
Strategic Capital Market Assumptions
Capital Market Assumptions (CMAs) for all asset classes assume a broadly diversified portfolio generally representative of the risks and opportunities of the asset class. To the extent that the investor's portfolio is not as diversified as the assumptions made for the asset class, the return and risk potential for the portfolio may vary significantly from the assumed CMAs.

The Strategic CMAs used within this illustration are forward looking and based on a building-block approach of risk premiums and Sharpe Ratio Equivalency.

The returns for each asset class reflect the premium above the short-term risk-free rate of return that investors are likely to demand in order to compensate for the risk of holding those assets. Sharpe ratio equivalency provides a consistent comparison of long term risk premium across various asset classes for 10 years (representative of a one to two business cycle time period). All portfolio return and downside risk calculations are based on the Strategic CMAs. These assumptions may differ greatly from the short-term performance and volatility experienced by your actual investment holdings. There are no assurances that the estimates will be achieved. They have been provided as a guide to help you with your investment planning.

Asset Class Downside Risk Average Annual Return1
U.S. Large Cap Equities -15.88% 7.13%
U.S. Mid Cap Equities -16.44% 7.81%
U.S. Small Cap Equities3 -20.04% 7.72%
Developed Market Ex-U.S. Equities4 -17.84% 6.36%
Emerging Market Equities4 -22.48% 7.48%
Specialty Equities -24.36% 5.50%
U.S. Short Term Taxable Fixed Income 0.04% 2.48%
U.S. Intermediate Taxable Fixed Income -2.42% 3.56%
U.S. Long Term Taxable Fixed Income -10.57% 3.85%
Short Term Tax Exempt Fixed Income -0.74% 2.10%
Intermediate Tax Exempt Fixed Income -4.12% 2.63%
Long Term Tax Exempt Fixed Income -5.33% 3.31%
Developed Market Ex-U.S. Fixed Income4 -10.30% 2.35%
Emerging Market Fixed Income4 -9.54% 6.29%
High Yield Taxable Fixed Income2 -9.31% 5.83%
High Yield Tax Exempt Fixed Income2 -8.27% 4.40%
Specialty Fixed Income -16.35% 1.42%
Public Real Estate -17.91% 6.90%
Private Real Estate -14.10% 7.68%
Commodities -16.27% 6.72%
Specialty Real Assets -21.24% 3.44%
Multi-Class -8.19% 6.01%
Global Hedge Funds -4.59% 5.33%
09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 38 of 39 Portfolio Reports City of Malibu
Asset Class Downside Risk Average Annual Return1
Private Equity -16.62% 11.30%
Private Debt -10.75% 8.47%
Specialty Alternative Investments -24.33% 3.21%
Cash Alternatives 0.23% 1.87%
Other -22.82% 0.56%
Additional Disclosures
1 The Average Annual Return is time-weighted. It is a measure of the compound rate of growth of the asset class. 2 Various rating services, such as Standard and Poor's and Moody's Investor Service rate the creditworthiness of bonds. Investing in lower-rated debt securities or funds that invest in such securities involves additional risk because of the lower credit quality of the security or fund portfolio. These securities or funds are subject to a higher level of volatility and increased risk of default, or loss of principal. 3 Investing in small companies or mutual funds that invest in small companies involves additional risk. Smaller companies typically have a higher risk of failure and are not as well established as larger blue chip companies. Historically, smaller-company stocks have experienced a greater degree of price volatility than the overall market average. 4 International investing may involve special risks such as currency fluctuation, political instability, and different methods of accounting and reporting requirements. * Hedge Fund Research, Inc. ©2023, www.hedgefundresearch.com Alternative investments carry specific investor qualifications which can include high income and net-worth requirements as well as relatively high investment minimums. They are complex investment vehicles which generally have high costs and substantial risks. They tend to be more volatile than other types of investments and present an increased risk of investment loss. There may also be a lack of transparency as to the underlying assets. Alternative investments are subject to fewer regulatory requirements than mutual funds and other registered investment company products and thus may offer investors fewer legal protections than they would have with more traditional investments. Additionally, there may be no secondary market for alternative investment interests and transferability may be limited or even prohibited. 09/19/2023 © 2023 Wells Fargo Advisors. All Rights Reserved. Page 39 of 39

Page 1 of 3 ends

Agenda Item # 3.B.10.

Council Agenda Report
To: Mayor Silverstein and the Honorable Members of the City Council Prepared by: Trevor Rusin, Interim City Attorney
Date prepared: September 14, 2023 Meeting date: September 25, 2023 Subject: Approve Amendment to Contract for Special Legal Services with Leech, Tishman, Fuscado & Lampl, Inc. to Provide for the Drafting and Filing of Comments Seeking to Reduce the Impact of Aviation Noise Generated from Changes to Los Angeles International Airport Flight Paths
RECOMMENDED ACTION: Authorize the City Manager to execute a third amendment to the Agreement for Legal Services with Leech, Tishman, Fuscado & Lampl, Inc. and direct Mr. Taber to prepare and file, in a form approved by the City Attorney and the City Manager, all necessary and appropriate public comment letters and/or related filings regarding the FAA’s ongoing Noise Policy Review, and the Environmental Assessment for the new flight procedures over Malibu that are proposed for the operations of Los Angeles International Airport, in order to reduce the impact of aviation noise on the City’s residents.

FISCAL IMPACT: No additional appropriation is required. This amendment adds $30,000 to an existing contract. Services will be provided at an hourly rate per the scope of work, not to exceed $108,000 without further authorization from the City. The existing contract, as amended is for a not-to-exceed amount of $78,000, the additional $30,000 would bring the total not to exceed amount to $108,000. There is sufficient funding for this amendment in the Adopted Budget for Fiscal Year 2023–24.

DISCUSSION: On December 4, 2018, the City Council entered into an agreement for special legal services with Mr. Taber in order to address an increase in aviation noise experienced by City residents due to the implementation of new flight paths at Los Angeles International Airport (LAX) as part of the Federal Aviation Administration's (FAA) implementation of its "next generation" (NextGen) program. Challenging these flight paths and pursuing options to reduce the noise generated requires specialized knowledge and experience.

Attorney Steven Taber has spent the last four plus years working to get the Malibu relief from the increased aviation noise and he has played a meaningful role in representing City Council Meeting
09-25-23
Item

3.B.10.

Page 2 of 3 ends

Agenda Item # 3.B.10.
the City as it encouraged the FAA to revisit this issue. This has included investigating flight routes over Malibu and the impacts these routes have, filing Freedom of Information Act requests with the FAA for documents related to these issues, analyzing the environmental review undertaken by the FAA, monitoring and providing analysis on efforts by other jurisdictions challenging the FAA’s implementation of the NextGen program at LAX, and researching and drafting a petition for rulemaking request to the FAA. Taber has throughout this process kept the City and City Attorney’s Office updated on activity related to this issue.

Likely in response to this sustained public advocacy and pressure (such as the City’s Petition for Rulemaking), the FAA opened a public comment process on the subject of aircraft noise and is seeking public input on its Noise Policy Review. This represents a unique opportunity for Malibu to make its voice heard on the topic of aviation noise and potentially spur meaningful change.

According to the Request for Comments, the FAA is considering policy changes to:

1. Its current use of DNL or Day-Night Average Sound Level as the primary noise metric for assessing cumulative aircraft noise exposure;

2. If and how alternative noise metrics may be used in lieu of or in addition to DNL to better inform agency decisions and improve FAA’s disclosure of noise impacts;

3. The community’s understanding of noise impacts and how to better manage and respond to community’s aviation noise concerns;

4. Ways to improve communications on proposed noise-related agency actions; and

5. The findings from ongoing noise research, including the Neighborhood Environmental Survey and other research related to health impacts, speech interference, sleep disturbance, and economic impacts.

In addition, the City has a chance to weigh in and comment on three new flight procedures that are expected to be released by the FAA on October 1, 2023. These new procedures are being proposed because three LAX Arrivals Procedures were set aside by the Ninth Circuit in the case of L.A. v. FAA. Per the judgment in that case, the FAA is required to redesign and re-implement flight procedures that would replace the IRNMN, HUULL and RYDRR arrival procedures that currently cause a significant portion of the aircraft noise over Malibu.

When the FAA publishes the draft Environmental Assessment for new LAX flight procedures on October 1, 2023, there will be a 30-day public comment period on the draft Environmental Assessment and the procedures.

Page 3 of 3 ends

Agenda Item # 3.B.10.

Once public comments have been received, the FAA will finalize the Environmental Assessment and is expected to issue a “Finding of No Significant Impact” (FONSI) and, most likely, a Record of Decision (ROD). This usually takes 6-8 months, although it can be done in as few as 3 months, and as many as 3 years. After the ROD has been issued anyone who submitted comments has 60 days to file a Petition for Review challenging the FAA’s decision. By providing comments the City may affect the final decision in this matter, and it also would allow the City to file a Petition for Review if it disagrees with the final decision.

Mr. Taber is intimately familiar with these issues, and particularly their impact in Malibu, which was used to prepare the City’s Petition for Rulemaking. He is prepared to adapt his extensive work into comment letters and/or related filings in the above-described matters. This amendment will authorize Mr. Taber to take these actions and continue to advocate on the City’s behalf during this critical time.

ATTACHMENTS: Amendment No. 3 to Agreement with Leech, Tishman, Fuscado & Lampl, Inc.

AMENDMENT NO. 3
This third amendment (Third Amendment) is an amendment to the Agreement for Legal Services between the CITY OF MALIBU, a Municipal Corporation, (City) and Leech, Tishman, Fuscaldo & Lampl, Inc. (Firm) dated December 4, 2018 (the Agreement). This Amendment is made and entered into by the parties this 25th day of September, 2023.

R E C I T A L S
A. The City contracted with the Firm to provide special legal services pursuant to the terms of the Agreement.

B. On December 9, 2020, The Parties amended the Agreement to increase the total compensation by $15,000 (total not to exceed $65,000) in order for the Firm to complete the Petition for Rulemaking.

C. On October 25, 2021, the Parties amended the Agreement to increase the total compensation by $13,000 (total not to exceed $78,000) in order for the Firm to update the draft Petition for Rulemaking in light of then-recent litigation between the City of Los Angeles and the Federal Aviation Administration (FAA).

D. The Parties now desire to amend the Agreement a third time to increase the total compensation by $30,000 (total not to exceed $108,000) in order for the Firm to perform additional work including adapting prior work performed by Firm to prepare and file, in a form approved by the City Attorney and the City Manager and within all applicable deadlines, all necessary and appropriate public comment letters and/or related filings regarding the FAA’s ongoing Noise Policy Review, any new flight procedures related to the operations of Los Angeles International Airport, and any related proceedings.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained and in the Agreement amended hereby, the parties agree as follows:

1. Section 3.1 is amended to read in its entirety as follows:
“3. Compensation and Billing Procedures.

3.1 The City shall pay the Firm for its professional services rendered as specified by the Scope of Work at the rate of $475/hour for services performed by Steven M. Taber and $250/hour for services performed by Lisa Claxton or other attorneys of similar experience and skill, not to exceed $108,000. No additional compensation shall be paid for any other expenses incurred, unless first approved by the City Manager, or designee.

2. The provisions of the Agreement not affected by this Third Amendment remain in full force and effect. This Third Amendment, together with the provisions of the Agreement as Attachment 1
amended from time to time, that are unaffected by this Third Amendment, constitute the entire agreement between the parties.

IN WITNESS WHEREOF the parties have executed this Agreement on the ____ day of September, 2023.

CITY OF MALIBU
By_______________________
Steve McClary, City Manager
ATTEST:
_________________________
Kelsey Pettijohn, City Clerk
(Seal)
APPROVED AS TO FORM:

By_______________________
Trevor Rusin, Interim City Attorney
LEECH, TISHMAN, FUSCALDO & LAMPL, INC.

By_______________________
Steven Taber

Page 1 of 3 ends

Council Agenda Report

To: Mayor Silverstein and Honorable Members of the City Council Prepared by: Tyler Eaton, Senior Planner
Reviewed by: Richard Mollica, Planning Director
Approved by: Steve McClary, City Manager
Date prepared: September 6, 2023 Meeting date: September 25, 2023 Subject: Coastal Development Permit No. 20-068, Site Plan Review No. 21-009, and Demolition Permit No. 20-028 – An application to demolish an existing single-family residence and construct a new single-family residence, second unit and associated development (6734 Zumirez Drive; Owner: IBN Properties, LLC) (Continued from September 11, 2023)
RECOMMENDED ACTION: Adopt Resolution No. 23-45 (Exhibit A) determining the project is categorically exempt from the California Environmental Quality Act (CEQA), and approving Coastal Development Permit (CDP) No. 20-068 and Demolition Permit (DP) No. 20-028 for the demolition of an existing single-family residence and construction of a new 6,284 square foot single-family residence, 986 square foot basement, 510 square foot attached garage, 462 square foot detached garage, 471 square foot detached second unit, swimming pool, two spas, onsite wastewater treatment system (OWTS) and associated development; including Site Plan Review (SPR) No. 21-009 for construction up to 24 feet in height for a flat roof, located in the Rural Residential, One-Acre (RR-1) zoning district at 6734 Zumirez Drive (IBN Properties, LLC).

FISCAL IMPACT: There is no fiscal impact associated with the recommended action.

WORK PLAN: This item was not included in the Adopted Work Plan for FY 2022-23. This project is part of normal staff operations. Staff continue to work on ongoing projects and normal business while the FY 2023-24 Work Plan is finalized.

DISCUSSION: This item was originally considered at the March 6, 2023 Planning Commission meeting. At the meeting, one Planning Commissioner recused himself leaving City Council Meeting
09-25-23
Item

4.A.
1

Page 2 of 3 ends

four to deliberate on the subject application. Multiple motions were made at the meeting with no majority vote reaching a decision. The first motion was to continue the item to a date uncertain and failed with a 2-2 split. The second motion was to deny the project, which also failed with a 2-2 split. The third motion was to approve the project, also failing with a 2-2 split vote. A fourth motion was made to recess the meeting which did not receive a second. A fifth motion was made directing staff to bring the item to the City Council after the deadlocked voting so that the applicant could get a decision on the project. The fifth motion was carried with a 4-0 vote. This is consistent with past City practice where if a project fails to receive a majority of the quorum of Planning Commissioners participating in the decision to either approve or deny, the City will bring the project to the City Council so that the applicant receives a determination.

The item before the Council is the same as considered by the Planning Commission on March 6, 2023. Staff has not further analyzed the project since the Planning Commission meeting. The applicant provided revised plans on Friday March 3, 2023, after hours. The plans include a reduction in the proposed total development square footage, eliminating an area of question for a neighbor’s views. The revised plans are included within the correspondence as Exhibit B. However, staff has not analyzed whether the reduced square footage ultimately improves the neighbor’s views, nor performed any other analysis of the submitted documents.

The main topics of concern discussed during the March 6, 2023 Planning Commission meeting include: whether the project is within Environmentally Sensitive Habitat Area (stream) buffer; if the project is subject to the bluff top requirements of Local Implementation Plan (LIP) Chapter 10; if the project is being constructed on slopes steeper than 25 percent, which are protected in Point Dume under LIP Chapter 4; if the project impacts scenic views from a public beach; and if the project obstructs protected views of nearby residents’ documented primary view determinations. Analyses on these topics are discussed within the Planning Commission staff report, Exhibit B.

ENVIRONMENTAL REVIEW: Pursuant to the authority and criteria contained in CEQA, the Planning Department has analyzed the proposed project. The Planning Department found that this project is listed among the classes of projects that have been determined not to have a significant adverse effect on the environment. Therefore, the project is categorically exempt from the provisions of CEQA pursuant to Sections 15303 (a) and (e) – New Construction. The Planning Department has further determined that none of the six exceptions to the use of a categorical exemption apply to this project (CEQA Guidelines Section 15300.2).

CORRESPONDENCE: Correspondence prior to the March 6, 2023 Planning Commission meeting is provided within Exhibit B, Attachment 4. Correspondence for the Planning Commission is provided as Exhibit C.
2

Page 3 of 3 ends

PUBLIC NOTICE: On August 17, 2023, a Notice of City Council Public Hearing was published in a newspaper of general circulation within the City and a public notice was mailed to the owners and occupants of all properties within a radius of 500 feet of the subject property (Exhibit D). On August 31, 2023, after the applicant provided updated mailing data, a public notice was mailed to the owners and occupants of all properties within a radius of 500 feet of the subject property that were not listed within the original mailing data.

SUMMARY: Based on the record as a whole, including but not limited to all written and oral testimony offered in connection with this matter, staff recommends that the City Council adopt Resolution No. 23-45 approving CDP No. 20-068, SPR No. 21-009, and DP No. 20-028, subject to the conditions of approval in the resolution. This is consistent with the recommendation that was provided to the Planning Commission.

EXHIBITS:

A. City Council Resolution No. 23-45
B. March 6, 2023 Commission Agenda Report Item 4.B. and Attachments 1-8

1. Planning Commission Resolution No. 23-11

2. Project Plans

3. Department Review Sheets

4. Public Correspondence

5. Applicant’s View Corridor Exhibit

6. PVD No. 12-119

7. PVD No. 23-001

8. Public Hearing Notice
C. March 6, 2023 Planning Commission Meeting Correspondence D. Public Hearing Notice
3 EXHIBIT A
RESOLUTION NO. 23-45

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MALIBU

DETERMINING THE PROJECT IS CATEGORICALLY EXEMPT FROM THE

CALIFORNIA ENVIRONMENTAL QUALITY ACT, AND APPROVING
COASTAL DEVELOPMENT PERMIT NO. 20-068 AND DEMOLITION
PERMIT NO. 20-028 FOR THE DEMOLITION OF AN EXISTING SINGLEFAMILY RESIDENCE AND CONSTRUCTION OF A NEW 6,284 SQUARE FOOT SINGLE-FAMILY RESIDENCE, 986 SQUARE FOOT BASEMENT, 510 SQUARE FOOT ATTACHED GARAGE, 462 SQUARE FOOT DETACHED
GARAGE, 471 SQUARE FOOT DETACHED SECOND UNIT, SWIMMING

POOL, TWO SPAS, ONSITE WASTEWATER TREATMENT SYSTEM AND
ASSOCIATED DEVELOPMENT; INCLUDING SITE PLAN REVIEW NO. 21- 009 FOR CONSTRUCTION UP TO 24 FEET IN HEIGHT FOR A FLAT ROOF,

LOCATED IN THE RURAL RESIDENTIAL, ONE-ACRE ZONING DISTRICT AT 6734 ZUMIREZ DRIVE (IBN PROPERTIES, LLC)
The City Council of the City of Malibu does hereby find, order and resolve as follows:

SECTION 1. Recitals.

A. On December 29, 2020, an application for Coastal Development Permit (CDP) No. 20-068 and Demolition Permit (DP) No. 20-028 was submitted to the Planning Department by the applicant, Schmitz and Associates, Inc., on behalf of the property owner, IBN Properties, LLC.

The application was routed to the City Biologist, City Environmental Health Administrator, City geotechnical consultant reviewers, City Public Works Department, Los Angeles County Waterworks District No. 29 (WD29) and Los Angeles County Fire Department (LACFD) for review.

B. On April 15, 2021, Site Plan Review (SPR) No. 21-009 was added to the project for proposed construction over 18 feet in height.

C. On June 29, 2022, the applicant posted a Notice of CDP Application on the subject property and staff deemed the CDP application complete for processing.

D. On July 7, 2022, a Notice of Planning Commission Public Hearing was published in a newspaper of general circulation within the City of Malibu and was mailed to all property owners and occupants within a 500-foot radius of the subject property.

E. On August 1, 2022, the Planning Commission continued the item to a date uncertain for staff to investigate potential view concerns from the neighbors.

F. On January 26, 2023, a Notice of Planning Commission Public Hearing was published in a newspaper of general circulation within the City of Malibu and was mailed to all property owners and occupants within a 500-foot radius of the subject property.

G. On February 21, 2023, the item was continued to the March 6, 2023 Regular Planning Commission meeting.
4 Resolution No 23-45

Page 2 of 19 ends

______________________
H. On March 6, 2023, the Planning Commission held a duly noticed public hearing on the subject application, reviewed and considered the staff report, reviewed and considered written reports, public testimony, and other information in the record. The item was remanded to the City Council after a majority vote could not be reached to either approve or deny the project.

I. On August 17, 2023, a Notice of City Council Public Hearing was published in a newspaper of general circulation within the City of Malibu and was mailed to all property owners and occupants within a 500-foot radius of the subject property.

J. On August 31, 2023, a second Notice of City Council Public Hearing was mailed to all property owners within a 500-foot radius of the subject property that were not within the original mailing data used for the August 17, 2023 notice.

K. On September 11, 2023, the City Council continued the item to the September 25, 2023 City Council meeting.

L. On September 25, 2023, the City Council held a duly noticed public hearing on the subject application, reviewed and considered the staff report, reviewed and considered written reports, public testimony, and other information in the record.

SECTION 2. Environmental Review.

Pursuant to the authority and criteria contained in the California Environmental Quality Act (CEQA), the City Council has analyzed the proposed project. The City Council has found that this project is listed among the classes of projects that have been determined not to have a significant adverse effect on the environment. Therefore, the project is categorically exempt from the provisions of CEQA according to CEQA Guidelines Sections 15303(a) and (e) – New Construction. The City Council has further determined that none of the six exceptions to the use of a categorical exemption applies to this project (CEQA Guidelines Section 15300.2).

SECTION 3. Coastal Development Permit Findings.

Based on evidence contained within the record, including the agenda report for the project and the hearing on September 25, 2023, and pursuant to the Local Coastal Program (LCP) Local Implementation Plan (LIP) including Sections 13.7(B) and 13.9 and Malibu Municipal Code (MMC), the City Council adopts the findings of fact, and approves CDP No. 20-068 and DP No. 20-028 for the demolition of an existing single-family residence and construction of a new 6,284 square foot single-family residence, 986 square foot basement, 510 square foot attached garage, 462 square foot detached garage, 471 square foot detached second unit, swimming pool, two spas, onsite wastewater treatment system (OWTS) and associated development; including SPR No. 21- 009 for construction up to 24 feet in height for a flat roof, located in the Rural Residential, OneAcre (RR-1) zoning district at 6734 Zumirez Drive.

The project is consistent with the LCP’s zoning, grading, cultural resources, water quality, and wastewater treatment requirements. With the inclusion of the proposed SPR the project, as conditioned, has been determined to be consistent with all applicable LCP codes, standards, goals, and policies. The required findings are made herein.
5 Resolution No 23-45

Page 3 of 19 ends

______________________
A. General Coastal Development Permit (LIP Chapter 13)

1. The project is located in the RR-1 zoning district, an area designated for rural residential uses. A single-family residence and associated development are permitted uses. The proposed project has been reviewed for conformance with the LCP by the Planning Department, City Biologist, City Environmental Health Administrator, City geotechnical consultant reviewers, City Public Works Department, WD29, and LACFD. As discussed herein, based on submitted reports, project plans, visual analysis, and site investigations, the proposed project, as conditioned, conforms to the LCP and MMC in that it meets all applicable residential development standards with the inclusion of the requested SPR.

2. The project is located between the first public road and the sea. However, the proposed project and related construction activities are not anticipated to interfere with the public’s right to access the coast as the site offers no direct or indirect public beach access. Adequate public access exists nearby, and the project complies with the Coastal Act.

3. The proposed project was found to meet the development policies of the LCP and MMC, with the inclusion of the SPR and has been determined to be the least environmentally damaging alternative.

B. Site Plan Review for Construction in Excess of 18 Feet in Height (LIP Section 13.27.5) SPR No. 21-009 from the development standards contained in LIP Section 13.27 will allow construction over 18 feet in height for a flat roof up to 24 feet for the proposed single-family residence.

1. The project has been reviewed for conformance with all relevant policies and provisions of the LCP. Based on submitted reports, visual impact analysis, and a detailed site investigation, the project was found to be consistent with all policies and provisions of the LCP and MMC.

2. Story poles were installed in June 2022 and demonstrate that the project is compatible with the surrounding development. Properties in the vicinity of the subject property are developed with a mix of one and two-story single-family residences and accessory structures such as second units, detached garages, swimming pools, decks and mature landscaping. As demonstrated with the story poles, due to the size, shape, and topography of the lot, the location of the proposed development will not be visible from any scenic road or located within primary views of neighboring properties. The site is visible from Paradise Cove Beach but is on the landside and will not affect scenic views of the Santa Monica Mountains or other coastal resources. Based on the existing development within the surrounding neighborhood, the proposed project is expected to blend with the surrounding built environment. Therefore, the portions of the structure exceeding 18 feet tall are not anticipated to adversely affect neighborhood character.

3. The existing size and shape of the subject property limits visibility of the proposed development from Zumirez Drive. No protected private or public views of scenic areas will be impacted in a way that is not compliant with the MMC and LCP. 6 Resolution No 23-45

Page 4 of 19 ends

______________________

4. The proposed project was found to comply with all applicable requirements of State and local law and is conditioned to comply with any relevant approvals, permits and licenses from the City of Malibu and other related agencies.

5. The proposed project was found to be consistent with the LCP in that the property is located in an area that has been identified and zoned for residential use. The proposed project was found to be consistent with the LCP in that it conforms to the residential land use designation and all applicable development standards.

6. The proposed development is not expected to significantly obstruct visually impressive scenes from private property.

C. Scenic, Visual and Hillside Resource Protection (LIP Chapter 6)

1. The proposed project is not expected to have adverse impacts on scenic or visual resources. The project has been determined not to require a view corridor due to its location along Zumirez Drive and although visible from a public beach, there will be no impacts to views of the Santa Monica Mountains.

2. The project, as conditioned, is not expected to have significant adverse scenic or visual impacts. The project has been conditioned to include limitations on lighting and colors of the materials used to prevent any visual impacts to scenic areas.

3. The project was found to be the least environmentally damaging feasible alternative.

4. The project, as designed and conditioned, is not expected to adversely affect scenic and visual resources and no feasible alternatives would avoid or substantially lessen any significant adverse impacts on scenic and visual resources.

5. The subject property is visible from Paradise Cove Beach; however, the proposed single-family residence is not expected to significantly impact public views of the Pacific Ocean and is not anticipated to block views of the Santa Monica Mountains from the beach. Therefore, the proposed development, as designed, is sited to eliminate, minimize or otherwise contribute to conformance to sensitive resource policies.

D. Hazards (LIP Chapter 9)

1. The project was found to neither be subject to nor increase the instability of the site from geologic, flood, or fire hazards. The proposed development is suitable for the intended use provided that the certified engineering geologist and/or geotechnical engineer’s recommendations and governing agency’s building codes are followed.

2. The project, as designed, conditioned, and approved by the City geotechnical consultant reviewers and the City Public Works Department, is not expected to have any significant adverse impacts on the site stability or structural integrity from geologic or fire hazards due to the project design.
7 Resolution No 23-45

Page 5 of 19 ends

______________________

3. The project, as conditioned, was found to be the least environmentally damaging alternative.

4. The proposed development has been analyzed for the hazards listed in LIP Chapter 9 by the City Environmental Health Administrator, City geotechnical consultant reviewers, City Public Works Department, and LACFD. These specialists and agencies determined that the proposed project does not impact site stability or structural integrity.

5. The proposed project, as designed and conditioned, is not expected to have adverse impacts on sensitive resources.

E. Demolition Permit Findings (MMC Section 17.70.060)
DP No. 20-028 from the development standards contained in MMC Section 17.70.060 will allow for the existing single-family home to be demolished.

1. Conditions are included in this resolution pertaining to safe demolition and construction practices required for this project. Among these include using City authorized waste haulers, use of quality building materials and licensed professionals. Regular inspections from the Building Safety Division will take place throughout the demolition and construction of this project so that the City can ensure the conditions are being met.

2. The demolition and construction activities are dependent on the approval of this project. The final demolition and construction plans will be reviewed by City staff in the building plan check process. All City departments must approve the final plans before building permits can be issued.

SECTION 4. City Council Action.

Based on the foregoing findings and evidence contained within the record, the City Council hereby approves CDP No. 20-068, SPR No. 21-009, and DP No. 20-028, subject to the following conditions.

SECTION 5. Conditions of Approval.

1. The property owners, and their successors in interest, shall indemnify and defend the City of Malibu and its officers, employees and agents from and against all liability and costs relating to the City's actions concerning this project, including (without limitation) any award of litigation expenses in favor of any person or entity who seeks to challenge the validity of any of the City's actions or decisions in connection with this project. The City shall have the sole right to choose its counsel and property owners shall reimburse the City’s expenses incurred in its defense of any lawsuit challenging the City’s actions concerning this project.

2. Approval of this application is to allow for the project described herein. The scope of work approved includes:
8 Resolution No 23-45

Page 6 of 19 ends

______________________
Demolition
a. DP No. 20-028 for the demolition of the existing single-family residence and detached garage;
Construction
b. Construction of a new 6,284 square foot two-story single-family residence with a 986 square foot basement and 510 square foot attached two-car garage; c. 471 square foot detached second unit;
d. 462 square foot detached two-car garage;
e. Permeable driveway;
f. 42-inch tall solid and up to 6-foot visually permeable front yard fence and vehicular gate;
g. 6-foot solid side yard walls;
h. Swimming pool (62.67 foot long by 18.67 foot wide) and spa (13.33 foot long by

10.67 foot wide) with associated pool equipment (to be fully screened) and decking; i. Second unit spa (7 feet long by 7 feet wide);
j. New landscaping;
k. 14,076 square feet of new impermeable surfaces;
l. Open-air garden trellises
m. Water features;
n. Retaining walls (not to exceed six feet in height); and o. Onsite Wastewater Treatment System.

Discretionary Request
p. SPR No. 21-009 for construction up to 24 feet in height to allow for a flat roof.

3. Except as specifically changed by conditions of approval, the proposed development shall be constructed in substantial conformance with the approved scope of work, as described in Condition No. 2 and depicted on plans on file with the Planning Department date stamped February 8, 2023. The proposed development shall further comply with all conditions of approval stipulated in this resolution and Department Review Sheets attached hereto. In the event project plans conflict with any condition of approval, the condition shall take precedence.

4. Pursuant to LIP Section 13.18.2, this permit and rights conferred in this approval shall not be effective until the property owner signs, notarizes and returns the Acceptance of Conditions Affidavit accepting the conditions of approval set forth herein. The applicant shall file this form with the Planning Department prior to the issuance of any development permits.

5. The applicant shall digitally submit a complete set of plans to the Planning Department for consistency review and approval prior to plan check and again prior to the issuance of any building or development permits.

Page 7 of 19 ends

______________________
set forth the reasons for the request. In the event of an appeal, the CDP shall expire if the project has not commenced within three years from the date the appeal is decided by the decision-making body or withdrawn by the appellant.

7. Any questions of intent or interpretation of any condition of approval will be resolved by the Planning Director upon written request of such interpretation.

8. All development shall conform to requirements of the City of Malibu Environmental Sustainability Department, City Biologist, City Environmental Health Administrator, City geotechnical consultant reviewers, City Public Works Department, WD29 and LACFD, as applicable. Notwithstanding this review, all required permits shall be secured.

9. Minor changes to the approved plans or the conditions of approval may be approved by the Planning Director, provided such changes achieve substantially the same results and the project is still in compliance with the Malibu Municipal Code and the Local Coastal Program. Revised plans reflecting the minor changes and additional fees shall be required.

10. Pursuant to LIP Section 13.20, development pursuant to an approved CDP shall not commence until the CDP is effective. The CDP is not effective until all appeals, including those to the California Coastal Commission (CCC), have been exhausted. In the event that the CCC denies the permit or issues the permit on appeal, the coastal development permit approved by the City is void.

11. The property owner must submit payment for all outstanding fees payable to the City prior to issuance of any building permit, including grading or demolition.

12. The property owner shall comply with all provisions of the MMC and LIP.

Cultural Resources

13. In the event that potentially important cultural resources are found in the course of geologic testing or during construction, work shall immediately cease until a qualified archaeologist can provide an evaluation of the nature and significance of the resources and until the Planning Director can review this information. Thereafter, the procedures contained in LIP Chapter 11 and those in MMC Section 17.54.040(D)(4)(b) shall be followed.

14. If human bone is discovered during geologic testing or during construction, work shall immediately cease and the procedures described in Section 7050.5 of the California Health and Safety Code shall be followed. Section 7050.5 requires notification of the coroner. If the coroner determines that the remains are those of a Native American, the applicant shall notify the Native American Heritage Commission by phone within 24 hours. Following notification of the Native American Heritage Commission, the procedures described in Section 5097.94 and Section 5097.98 of the California Public Resources Code shall be followed.

Lighting

15. Exterior lighting must comply with the Dark Sky Ordinance and shall be minimized, shielded, or concealed and restricted to low intensity features, so that no light source is 10 Resolution No 23-45

Page 8 of 19 ends

______________________
directly visible from public view. Permitted lighting shall conform to the following standards:
a. Lighting for walkways shall be limited to fixtures that do not exceed two feet in height and are directed downward, and limited to 850 lumens (equivalent to a 60- watt incandescent bulb);
b. Security lighting controlled by motion detectors may be attached to the residence provided it is directed downward and is limited to 850 lumens; c. Driveway lighting shall be limited to the minimum lighting necessary for safe vehicular use. The lighting shall be limited to 850 lumens; d. Lights at entrances as required by the Building Code shall be permitted provided that such lighting does not exceed 850 lumens;
e. Site perimeter lighting shall be prohibited; and
f. Outdoor decorative lighting for aesthetic purposes is prohibited.

16. Night lighting for sports courts or other private recreational facilities shall be prohibited.

17. No permanently installed lighting shall blink, flash, or be of unusually high intensity or brightness. Lighting levels on any nearby property from artificial light sources on the subject property(ies) shall not produce an illumination level greater than one foot-candle.

18. Night lighting from exterior and interior sources shall be minimized. All exterior lighting shall be low intensity and shielded directed downward and inward so there is no offsite glare or lighting of natural habitat areas. High intensity lighting of the shore is prohibited.

19. String lights are allowed in occupied dining and entertainment areas only and must not exceed 3,000 Kelvin.

20. Motion sensor lights shall be programmed to extinguish ten minutes after activation.

21. Three violations of the conditions by the same property owner will result in a requirement to permanently remove the outdoor light fixture(s) from the site.

22. Up-lighting of landscaping is prohibited.

Fencing/Walls/Screening

23. Any above-ground equipment shall be screened from view by a solid wall or fence on all four sides. The fence or walls shall comply with LIP Section 3.5.3(A).

24. The applicant shall include an elevation of the proposed electronic driveway gate on the architectural plans that are submitted for building plan check. The gate and all fencing along the front property line shall comply with the regulations set forth in LIP Section 3.5.

25. The height of fences and walls shall comply with LIP Section 3.5.3(A). No retaining wall shall exceed six feet in height or 12 feet in height for a combination of two or more walls.

26. New boundary fencing of any single area exceeding ½ acre shall be of an open rail-type design with a wooden rail at the top (instead of wire), be less than 40 inches high, and have 11 Resolution No 23-45

Page 9 of 19 ends

______________________
a space greater than 14 inches between the ground and the bottom post or wire. A split rail design that blends with the natural environment is preferred.

Demolition/Solid Waste

27. Prior to demolition activities, the applicant shall receive Planning Department approval for compliance with conditions of approval.

28. The applicant/property owner shall contract with a City approved hauler to facilitate the recycling of all recoverable/recyclable material. Recoverable material shall include but shall not be limited to: asphalt, dirt and earthen material, lumber, concrete, glass, metals, and drywall.

29. Prior to the issuance of a building/demolition permit, an Affidavit and Certification to implement waste reduction and recycling shall be signed by the Owner or Contractor and submitted to the Environmental Sustainability Department. The Affidavit shall indicate the agreement of the applicant to divert at least 65 percent (in accordance with CalGreen) of all construction waste from the landfill.

30. Upon plan check approval of demolition plans, the applicant shall secure a demolition permit from the City. The applicant shall comply with all conditions related to demolition imposed by the Building Official.

31. No demolition permit shall be issued until building permits are approved for issuance.

Demolition of the existing structure and initiation of reconstruction must take place within a six-month period. Dust control measures must be in place if construction does not commence within 30 days.

32. The project developer shall utilize licensed subcontractors and ensure that all asbestoscontaining materials and lead-based paints encountered during demolition activities are removed, transported, and disposed of in full compliance with all applicable federal, state and local regulations.

33. Any building or demolition permits issued for work commenced or completed without the benefit of required permits are subject to appropriate “Investigation Fees” as required in the Building Code.

34. Upon completion of demolition activities, the applicant shall request a final inspection by the Building Safety Division.

Construction / Framing

35. Prior to the commencement of work, the applicant shall submit a copy of their Construction Management Plan. The Construction Management Plan shall include a dedicated parking location for construction workers, not within the public right of way.

36. A construction staging plan shall be reviewed and approved by the Planning Director prior to plan check submittal.
12 Resolution No 23-45

Page 10 of 19 ends

______________________

37. Construction hours shall be limited to Monday through Friday from 7:00 a.m. to 7:00 p.m. and Saturdays from 8:00 a.m. to 5:00 p.m. No construction activities shall be permitted on Sundays or City-designated holidays.

38. Construction management techniques, including minimizing the amount of equipment used simultaneously and increasing the distance between emission sources, shall be employed as feasible and appropriate. All trucks leaving the construction site shall adhere to the California Vehicle Code. In addition, construction vehicles shall be covered when necessary; and their tires rinsed prior to leaving the property.

39. All new development, including construction, grading, and landscaping shall be designed to incorporate drainage and erosion control measures prepared by a licensed engineer that incorporate structural and non-structural Best Management Practices (BMPs) to control the volume, velocity and pollutant load of storm water runoff in compliance with all requirements contained in LIP Chapter 17, including:
a. Construction shall be phased to the extent feasible and practical to limit the amount of disturbed areas present at a given time.
b. Grading activities shall be planned during the southern California dry season (April through October).
c. During construction, contractors shall be required to utilize sandbags and berms to control runoff during on-site watering and periods of rain in order to minimize surface water contamination.
d. Filter fences designed to intercept and detain sediment while decreasing the velocity of runoff shall be employed within the project site.

40. When framing is complete, a site survey shall be prepared by a licensed civil engineer or architect that states the highest roof member elevation, lowest finish floor elevation and elevation of centerline of Malibu Road. Prior to the commencement of further construction activities, said document shall be submitted to the assigned Building Inspector and Planning Department for review and sign off on framing.

41. For the transportation of heavy construction equipment and/or material, which requires the use of oversized-transport vehicles on State highways, the applicant / property owner is required to obtain a transportation permit from the California Department of Transportation.

Waste Management

42. The applicant/property owner shall contract with a City approved hauler to facilitate the recycling of all recoverable/recyclable material. Recoverable material shall include but shall not be limited to: asphalt, dirt and earthen material, lumber, concrete, glass, metals and drywall.

43. An Affidavit and Certification to implement a Waste Reduction and Recycling Plan (WRRP) signed by the Owner or Contractor shall be submitted to the Environmental and Sustainability Department for review and approval. The WRRP shall indicate the agreement of the applicant to divert at least 50 percent of all construction waste generated by the project.
13 Resolution No 23-45

Page 11 of 19 ends

______________________
Biology/Landscaping

44. Pursuant to LIP Section 4.6.1(A), new development shall be designed and constructed to avoid encroachments on slopes of 25 percent (4:1) grade or steeper, including fencing.

45. Except as permitted pursuant to the provisions in LUP policies 3.18 and 3.20, throughout the City of Malibu, development that involves the use of pesticides, including insecticides, herbicides, rodenticides or any other similar toxic chemical substances, shall be prohibited in cases where the application of such substances would have the potential to significantly degrade Environmentally Sensitive Habitat Areas or coastal water quality or harm wildlife.

Herbicides may be used for the eradication of invasive plant species or habitat restoration, but only if the use of non-chemical methods for prevention and management such as physical, mechanical, cultural, and biological controls are infeasible. Herbicides shall be restricted to the least toxic product and method, and to the maximum extent feasible, shall be biodegradable, derived from natural sources, and used for a limited time.

46. Prior to installation of any landscaping, the applicant shall obtain a plumbing permit for the proposed irrigation system from the Building Safety Division.

47. Prior to or at the time of a Planning final inspection, the property owner/applicant shall submit to the case planner a copy of the plumbing permit for the irrigation system installation that has been signed off by the Building Safety Division.

48. Prior to final plan check approval, provide landscape water use approval from WD29.

49. Invasive plant species, as determined by the City of Malibu, are prohibited.

50. All new and existing vegetation forming a view impermeable condition (hedge) serving the same function as a fence or wall, occurring within the side or rear yard setback shall be maintained at or below six feet in height. View impermeable hedges occurring within the front yard setback serving the same function as a fence or wall shall be maintained at or below 42 inches in height. Three violations of this condition will result in a requirement to permanently remove the vegetation from the site.

51. Vegetation shall be situated on the property so as not to significantly obstruct the primary view from private property at any given time (given consideration of its future growth).

52. No non-native plant species shall be approved greater than 50 feet from the residential structure.

53. Any site preparation activities, including removal of vegetation, between February 1 and September 15 will require nesting bird surveys by a qualified biologist at least 5 days prior to initiation of site preparation activities. Should active nests be identified, a buffer area no less than 150 feet (300 feet for raptors) shall be fenced off until it is determined by a qualified biologist that the nest is no longer active. A report discussing the results of nesting bird surveys shall be submitted to the City within two business days of completing the surveys.
14 Resolution No 23-45

Page 12 of 19 ends

______________________

54. The landscape plan shall prohibit the use of building materials treated with toxic compounds such as creosote or copper arsenate.

55. The use of wood chips and shredded rubber is prohibited anywhere on the site. Flammable mulch material, including shredded bark, pine needles, and artificial turf, are prohibited between zero and five feet of a structure. Non-continuous use of flammable mulch (excluding wood chips and shredded rubber) is allowed between 5 and 30 feet from the eave/overhang of a structure with limited application areas. Any mulch materials (excluding wood chips and shredded rubber) are allowed 30 feet or more from a structure with no limitation on application area.

Fire Department/Fuel Modification

56. The project shall receive LACFD approval of a Final Fuel Modification Plan prior to the issuance of final building permits.

57. The project is required to have an interior automatic sprinkler system.

Public Works

58. This project proposes to construct a new driveway within the City's right-of-way. Prior to the Public Works Department's approval of the grading or building permit, the applicant shall obtain encroachment permits from the Public Works Department for the proposed driveway. The driveway shall be constructed of either 6-inches of concrete over 4-inches of aggregate base, or 4-inches of asphalt concrete over 6-inches of aggregate base. The driveway shall be flush with the existing grades with no curbs.

59. Several existing private improvements are located within the City’s right-of-way, such as (but not limited to) landscaping, railroad ties, fencing. These improvements are required to be removed as part of this project and must be shown on the plans. The applicant shall place notes on the plans for the removal of existing encroachments within the City’s rightof-way. Prior to the Public Works Department’s approval of the grading or building permit, the applicant shall obtain encroachment permits from the Public Works Department for the removal of the private improvements within the City’s right-of-way.

60. Clearing and grading during the rainy season (extending from November 1 to March 31) shall be prohibited for development that:
a. Is located within or adjacent to ESHA, or
b. Includes grading on slopes greater than 4 to 1.

Approved grading for development that is located within or adjacent to ESHA or on slopes greater than 4 to 1 shall not be undertaken unless there is sufficient time to complete grading operations before the rainy season. If grading operations are not completed before the rainy season begins, grading shall be halted and temporary erosion control measures shall be put into place to minimize erosion until grading resumes after March 31, unless the City determines that completion of grading would be more protective of resources. 15 Resolution No 23-45

Page 13 of 19 ends

______________________

61. Exported soil from a site shall be taken to the Los Angeles County Landfill or to a site with an active grading permit and the ability to accept the material in compliance with LIP Section 8.3.

62. The ocean between Latigo Point and the West City limits has been established by the State Water Resources Control Board as an Area of Special Biological Significance (ASBS) as part of the California Ocean Plan. This designation allows discharge of storm water only where it is essential for flood control or slope stability, including roof, landscape, road and parking lot drainage, to prevent soil erosion, only occurs during wet weather, and is composed of only storm water runoff. The applicant shall provide a drainage system that accomplishes the following:
a. Installation of BMPs that are designed to treat the potential pollutants in the storm water runoff so that it does not alter the natural ocean water quality. These pollutants include trash, oil and grease, metals, bacteria, nutrients, pesticides, herbicides and sediment.
b. Prohibits the discharge of trash.
c. Only discharges from existing storm drain outfalls are allowed. No new outfalls will be allowed. Any proposed or new storm water discharged shall be routed to existing storm drain outfalls and shall not result in any new contribution of waste to the ASBS (i.e., no additional pollutant loading).
d. Elimination of non-storm water discharges.

63. A Local Storm Water Pollution Prevention Plan (LSWPPP) shall be provided prior to issuance of grading/building permits. This plan shall include an Erosion and Sediment Control Plan (ESCP) that includes, but is not limited to:

Erosion Controls Scheduling Erosion Controls Scheduling Preservation of Existing Vegetation
Sediment Controls
Silt Fence
Sand Bag Barrier
Stabilized Construction Entrance
Non-Storm Water Management Water Conservation Practices Dewatering Operations
Waste Management Material Delivery and Storage
Stockpile Management
Spill Prevention and Control
Solid Waste Management
Concrete Waste Management
Sanitary/Septic Waste Management
16 Resolution No 23-45

Page 14 of 19 ends

______________________

64. All BMPs shall be in accordance to the latest version of the California Stormwater Quality Association (CASQA) BMP Handbook. Designated areas for the storage of construction materials, solid waste management, and portable toilets must not disrupt drainage patterns or subject the material to erosion by site runoff.

65. A Water Quality Mitigation Plan (WQMP) is required for this project. The WQMP shall be supported by a hydrology and hydraulic study that identifies all areas contributory to the property and an analysis of the predevelopment and post development drainage of the site. The WQMP shall meet all the requirements of the City’s current Municipal Separate Stormwater Sewer System (MS4) permit.

66. Hydromodification, which is alteration or disturbance of streams or natural drainage courses or human-made or altered drainage courses that have replaced natural streams or drainages and serve the same function, shall be prohibited. a. Necessary water supply projects where no feasible alternative exists. b. Flood protection for existing development where there is no other feasible alternative.
c. The improvement of fish and wildlife habitat.

67. A State Construction activity permit is required for this project due to the disturbance of more than one acre of land for development. Provide a copy of the letter from the State Water Quality Control Board containing the WDID number prior to the issuance of grading or building permits.

68. The consulting engineer shall sign the final plans prior to the issuance of permits.

69. All final plans including but not limited to, the grading and drainage plan shall be reviewed and approved by the City Public Works Department.

Geology

70. All recommendations of the consulting certified engineering geologist or geotechnical engineer and/or the City geotechnical staff shall be incorporated into all final design and construction including foundations, grading, sewage disposal, and drainage. Final plans shall be reviewed and approved by the City geotechnical consultant reviewers prior to the issuance of permits.

71. Final plans approved by the City geotechnical consultant reviewers shall be in substantial conformance with the approved CDP relative to construction, grading, sewage disposal and drainage. Any substantial changes may require a CDP amendment or a new CDP.

Swimming Pool / Spa / Mechanical Equipment

72. Onsite noise, including that which emanates from swimming pool and air conditioning equipment, shall be limited as described in MMC Chapter 8.24 (Noise).

73. Pool and air conditioning equipment that will be installed shall be screened from view by a solid wall or fence on all four sides. The fence or walls shall comply with LIP Section

3.5.3(A).
17 Resolution No 23-45

Page 15 of 19 ends

______________________

74. All swimming pools shall contain double walled construction with drains and leak detection systems capable of sensing a leak of the inner wall.

75. The discharge of swimming pool, spa and decorative fountain water and filter backwash, including water containing bacteria, detergents, wastes, algaecides, or other chemicals is prohibited. Swimming pool, spa, and decorative fountain water may be used as landscape irrigation only if the following items are met:
a. The discharge water is dechlorinated, debrominated or if the water is disinfected using ozonation;
b. There are sufficient BMPs in place to prevent soil erosion; and c. The discharge does not reach into the MS4 or to the ASBS (including tributaries).

76. Discharges not meeting the above-mentioned methods must be trucked to a Publicly Owned Wastewater Treatment Works.

77. A sign stating “It is illegal to discharge pool, spa, or water feature waters to a street, drainage course, or storm drain per MMC Section 13.04.060(D)(5)” shall be posted in the filtration and/or pumping equipment area for the property. Prior to the issuance of any permits, the applicant shall indicate the method of disinfection and the method of discharging.

Environmental Health

78. Prior to the issuance of a building permit the applicant shall demonstrate, to the satisfaction of the Building Official, compliance with the City of Malibu’s Onsite Wastewater Treatment regulations including provisions of LIP Section 18.9 related to continued operation, maintenance and monitoring of onsite facilities.

79. Prior to final Environmental Health approval, a final OWTS plot plan shall be submitted showing an AOWTS design meeting the minimum requirements of the Malibu Plumbing Code (MPC) and the LCP, including necessary construction details, the proposed drainage plan for the developed property and the proposed landscape plan for the developed property. The AOWTS plot plan shall show essential features of the AOWTS and must fit onto an 11-inch by 17-inch sheet leaving a five-inch margin clear to provide space for a City applied legend. If the scale of the plans is such that more space is needed to clearly show construction details and/or all necessary setbacks, larger sheets may also be provided (up to a maximum size of 18 inches by 22 inches).

80. A final design and system specifications shall be submitted as to all components (i.e., alarm system, pumps, timers, flow equalization devices, backflow devices, etc.) proposed for use in the construction of the proposed OWTS. For all OWTS, final design drawings and calculations must be signed by a California registered civil engineer, a registered environmental health specialist or a professional geologist who is responsible for the design. The designer must also be a registered OWTS designer with the City of Malibu.

The final OWTS design report and drawings shall be submitted to the City Environmental Health Administrator with the designer’s wet signature, professional registration number and stamp (if applicable).
18 Resolution No 23-45

Page 16 of 19 ends

______________________

81. The final OWTS design report shall contain the following information (in addition to the items listed above).
a. Required treatment capacity for wastewater treatment and disinfection systems. The treatment capacity shall be specified in terms of flow rate, gallons per day, and shall be supported by calculations relating the treatment capacity to the number of bedroom equivalents, plumbing fixture equivalents, and/or the subsurface effluent dispersal system acceptance rate. The fixture unit count must be clearly identified in association with the design treatment capacity, even if the design is based on the number of bedrooms. Average and peak rates of hydraulic loading to the treatment system shall be specified in the final design;
b. Sewage and effluent pump design calculations (as applicable). c. Description of proposed wastewater treatment and/or disinfection system equipment. State the proposed type of treatment system(s) (e.g., aerobic treatment, textile filter ultraviolet disinfection, etc.); major components, manufacturers, and model numbers for "package" systems; and conceptual design for custom engineered systems;
d. Specifications, supporting geology information, and percolation test results for the subsurface effluent dispersal portion of the onsite wastewater disposal system. This must include the proposed type of effluent dispersal system (drainfield, trench, seepage pit subsurface drip, etc.) as well as the system’s geometric dimensions and basic construction features. Provide seepage pit cap depth relative to original and finished grades. Supporting calculations shall be presented that relate the results of soils analysis or percolation/infiltration tests to the projected subsurface effluent acceptance rate, including any unit conversions or safety factors. Average and peak rates of hydraulic loading to the effluent dispersal system shall be specified in the final design. The projected subsurface effluent acceptance rate shall be reported in units of total gallons per day and gallons per square foot per day. Specifications for the subsurface effluent dispersal system shall be shown to accommodate the design hydraulic loading rate (i.e., average and peak OWTS effluent flow, reported in units of gallons per day). The subsurface effluent dispersal system design must take into account the number of bedrooms, fixture units and building occupancy characteristics; and
e. All final design drawings shall be submitted with the wet signature and typed name of the OWTS designer. If the scale of the plan is such that more space is needed to clearly show construction details, larger sheets may also be provided (up to a maximum size of 18 inch by 22 inch, for review by Environmental Health). Note:

For OWTS final designs, full-size plans are required for review by the Building Safety Division and/or the Planning Department.

82. Final plans shall clearly show the locations of all existing OWTS components (serving preexisting development) to be abandoned and provide procedures for the OWTS' proper abandonment in conformance with the Malibu Municipal Code.

83. All project traffic rated slab plans shall be submitted for Environmental Health review and approval. These plans must be approved by the Building Safety Division prior to receiving Environmental Health final approval.

84. Proof of ownership of subject property shall be submitted to the City Environmental Health Administrator.
19 Resolution No 23-45

Page 17 of 19 ends

______________________

85. An operations and maintenance manual specified by the OWTS designer shall be submitted to the City Environmental Health Administrator. This shall be the same operations and maintenance manual submitted to the owner and/or operator of the proposed OWTS following installation.

86. Prior to final Environmental Health approval, a maintenance contract executed between the owner of the subject property and an entity qualified in the opinion of the City of Malibu to maintain the proposed OWTS after construction shall be submitted. Only original wet signature documents are acceptable and shall be submitted to the City Environmental Health Administrator.

87. Prior to final Environmental Health approval, a covenant which runs with the land shall be executed between the City of Malibu and the holder of the fee simple absolute as to subject real property and recorded with the Los Angeles County Recorder’s Office. Said covenant shall serve as constructive notice to any future purchaser for value that the AOWTS serving subject property is an alternative method of onsite wastewater disposal pursuant to the City of Malibu Plumbing Code, Appendix K, Section 1(i). Said covenant shall be provided by the City of Malibu Environmental Health Administrator and shall be submitted to the City of Malibu with proof of recordation by the Los Angeles County Recorder.

88. Final approval by the City geotechnical consultant reviewers, City Public Works Department and City Planning Department shall be submitted to the City Environmental Health Administrator.

89. A final fee in accordance with the adopted fee schedule at the time of the final approval shall be paid to the City of Malibu for Environmental Health review of the OWTS design and system specification.

90. In accordance with MMC Chapter 15.14, an application shall be made to the Environmental and Building Safety Division for an OWTS operating permit. An operating permit fee shall be submitted with the application and a final fee shall be paid for Environmental Health review of the OWTS design and system specifications.

Water Service

91. Prior to the issuance of a building permit, the applicant shall submit an updated Will Serve Letter from Los Angeles County Waterworks District No. 29 to the Planning Department indicating the ability of the property to receive adequate water service.

Prior to Occupancy

92. Prior to a final Building inspection, the applicant shall provide a Recycling Summary Report (Summary Report) and obtain the approval from the Environmental Sustainability Department.

Applicant must provide haul tickets and diversion information. The final Summary Report shall designate the specific materials that were land filled or recycled, and state the facilities where all materials were taken.
20 Resolution No 23-45

Page 18 of 19 ends

______________________

93. The applicant shall request a final Planning Department inspection prior to final inspection by the City of Malibu Building Safety Division. A Certificate of Occupancy shall not be issued until the Planning Department has determined that the project complies with this coastal development permit. A temporary Certificate of Occupancy may be granted at the discretion of the Planning Director, provided adequate security has been deposited with the City to ensure compliance should the final work not be completed in accordance with this permit.

94. Prior to final Planning inspection or other final project sign off (as applicable), the applicant shall submit to the Planning Director for review and approval a certificate of completion in accordance with the Landscape Water Conservation Ordinance (MMC Chapter 17.53).

The certificate shall include the property owner’s signed acceptance of responsibility for maintaining the landscaping and irrigation in accordance with the approved plans and MMC Chapter 17.53.

95. Prior to issuance of a Certificate of Occupancy, the City Biologist shall inspect the project site and determine that all Planning Department conditions to protect natural resources are in compliance with the approved plans.

96. Any construction trailer, storage equipment or similar temporary equipment not permitted as part of the approved scope of work shall be removed prior to final inspection and approval, and if applicable, the issuance of the certificate of occupancy.

Site Specific Conditions

97. No furniture or other attachment, whether temporary or fixed, other than the approved trellis may be placed on the deck nearest the ocean taller than 18 feet in height as measured from adjacent grade.

Fixed Conditions

98. This coastal development permit shall run with the land and bind all future owners of the property.

99. Violation of any of the conditions of this approval may be cause for revocation of this permit and termination of all rights granted there under.

Deed Restrictions
100. The property owner is required to execute and record a deed restriction which shall indemnify and hold harmless the City, its officers, agents, and employees against any and all claims, demands, damages, costs and expenses of liability arising out of the acquisition, design, construction, operation, maintenance, existence or failure of the permitted project in an area where an extraordinary potential for damage or destruction from wildfire exists as an inherent risk to life and property. The property owner shall provide a copy of the recorded document to Planning Department staff prior to final Planning Department approval.
21 Resolution No 23-45

Page 19 of 19 ends

______________________
101. Prior to final Planning Department approval, the applicant shall be required to execute and record a deed restriction reflecting lighting requirements set forth in Condition Nos. 15-22.

The property owner shall provide a copy of the recorded document to the Planning Department prior to final Planning Department approval.

SECTION 6. The City Council shall certify the adoption of this resolution.

PASSED, APPROVED AND ADOPTED this 25th day of September, 2023.

_____________________________
BRUCE SILVERSTEIN, Mayor
ATTEST:
__________________________________
KELSEY PETTIJOHN, City Clerk
(seal)
APPROVED AS TO FORM:
__________________________________
TREVOR RUSIN, Interim City Attorney
Any action challenging the final decision of the City made as a result of the public hearing on this application must be filed within the time limits set forth in Section 1.12.010 of the MMC and Code of Civil Procedure. Any person wishing to challenge the above action in Superior Court may be limited to raising only those issues they or someone else raised at the public hearing, or in written correspondence delivered to the City of Malibu at or prior to the public hearing.

COASTAL COMMISSION APPEAL – An aggrieved person may appeal the City Council’s approval to the Coastal Commission within 10 working days of the issuance of the City’s Notice of Final Action. Appeal forms may be found online at www.coastal.ca.gov or by calling (805) 585- 1800. Such an appeal must be filed with the Coastal Commission, not the City. 22

Page 1 of 21 ends

Commission Agenda Report
To: Chair Smith and Members of the Planning Commission
Prepared by: Tyler Eaton, Senior Planner
Approved by: Richard Mollica, Planning Director
Date prepared: February 23, 2023 Meeting date: March 6, 2023 Subject: Coastal Development Permit No. 20-068, Site Plan Review No. 21-009, and Demolition Permit No. 20-028 – An application to demolish an existing single-family residence and construct a new single-family residence, second unit and associated development (Continued from February 21, 2023)
Location: 6734 Zumirez Drive, within the appealable coastal zone APN: 4466-002-001
Owner: IBN Properties, LLC
RECOMMENDED ACTION: Adopt Planning Commission Resolution No. 23-11 (Attachment 1) determining the project is categorically exempt from the California Environmental Quality Act (CEQA), and approving Coastal Development Permit (CDP) No. 20-068 and Demolition Permit (DP) No. 20-028 for the demolition of an existing singlefamily residence and construction of a new 6,284 square foot single-family residence, 986 square foot basement, 510 square foot attached garage, 462 square foot detached garage, 471 square foot detached second unit, swimming pool, two spas, onsite wastewater treatment system (OWTS) and associated development; including Site Plan Review (SPR) No. 21-009 for construction up to 24 feet in height for a flat roof, located in the Rural Residential, One-Acre (RR-1) zoning district at 6734 Zumirez Drive (IBN Properties, LLC).

DISCUSSION: This agenda report provides a project overview, a summary of project setting and surrounding land uses, a description of the project scope, an analysis of the project’s consistency with applicable provisions of the Malibu Local Coastal Program (LCP) and Malibu Municipal Code (MMC), and environmental review pursuant to CEQA. The analysis and findings contained herein demonstrate the project is consistent with the LCP and MMC.

Planning Commission
Meeting
03-06-23
Item

4.B.

EXHIBIT B
23

Page 2 of 21 ends

Project Overview
The existing single-family residence was constructed in 1949 according to the Los Angeles County Assessor. The subject application proposes to demolish the existing single-family residence and construct a new single-family residence and associated development including a new detached garage and detached second unit. The project plans are included as Attachment 2. The project was continued at the August 1, 2022 Planning Commission meeting for staff to address potential view impact concerns from the neighbors. Staff has been able to analyze all of the correspondence and has determined that the project, as proposed, complies with MMC and LCP.

View Corridor
In June of 2022, staff received an email from a nearby resident regarding the project’s potential for scenic view impacts (Attachment 4). Specifically, the resident was concerned with potential view corridor requirements. Zumirez Drive is not an LCP-designated scenic road and, as such, development along the road has not traditionally required a view corridor. However, LCP Local Implementation Plan (LIP) Section 6.5(E) states that “New development on parcels located on the ocean side of public roads, including but not limited to, Pacific Coast Highway, Malibu Road, Broad Beach Road, Birdview Avenue, Cliffside Drive shall protect public ocean views.” As a result, staff asked the applicant to demonstrate that a view corridor would not provide a view of the ocean as required by the LCP. The applicant provided a view corridor exhibit (Attachment 5) which shows that the Paradise Cove mobile home park, with existing development, is situated at relatively the same elevation as the subject parcel and is aligned in such a way that a view corridor, as defined in LIP Section 6.5(E)(2), would not provide views of the Pacific Ocean (Figure 1).

The ocean is visible from the parcel but only diagonally across the parcel. The LIP requires that a view corridor be a contiguous, straight corridor running along one side of the property. The applicant demonstrated that such corridor would only provide views of the Paradise Cove mobile home park and not the Pacific Ocean. 24

Page 3 of 21 ends

Figure 1 – Applicant’s View Corridor Exhibit
Source: Applicant’s Exhibit
Primary View Determinations
Primary View Determinations (PVDs) were found within a 1,000-foot radius of the site but the proposed project is not expected to impact any protected views from the documented PVDs. Staff received concerns from two neighbors in July of 2022. The concerns voiced by the neighbors are described as follows:

Correspondence from the Zicklins
The Zicklins provided an email and letter (Attachment 4) raising concerns with project as well as potential view impacts. The photos that the Zicklins initially provided in July 2022 appeared to have been taken from down the slope and not from the residence’s documented PVD (Attachment 6). It seemed the concern identified from these photos was primarily about the proposed pool deck, designed not to exceed 18 feet in height (including 42-inch tall railing). Even from this line-of-sight, the portion of the development above 18 feet in height would not be obstructing ocean views. However, there could be potential view impacts from the deck as shown in Figure 2. However, the deck does not exceed a height of 18 feet and therefore, it is not subject to the site plan review. 25

Page 4 of 21 ends

Figure 2 -Photo from the Zicklins
Source: Zicklin Correspondence, September 2022
The Zicklins are also concerned about future lights on the deck and deck furniture such as umbrellas, and movie screens. The property will be conditioned, and will be required to record a deed restriction, to comply with the City’s Dark Sky Ordinance. String lights are only allowed in occupied dining areas while the space is used pursuant to MMC Chapter

17.41. Staff has previously applied building height requirements to furniture on rooftop decks. However, to avoid any confusion, staff added Condition No. 97 to Resolution No. 23-11 restricting any type of furniture or attachment on the deck not to exceed a height of 18 feet as measured from adjacent grade.

The letter also raises concerns with noise generated from future parties on the proposed deck. Any event held at the property with 100 people or more would require a Special Event Permit with the City, and so would an event that occurred if the property were rented out even if it was less than 100 people. Special Event Permits are limited to four per year and have conditions applied to them that limit noise and other public nuisances.

Additionally, the property will have to comply with MMC Chapter 8.24 which is the City’s Noise Ordinance.

Lastly, the Zicklins contend that the slope along the rear of the subject property qualifies as a bluff and the proposed development is too close to the top of the bluff and 26

Page 5 of 21 ends

Environmentally Sensitive Habitat Area (ESHA). Staff reviewed the project’s geotechnical reports and checked with City geotechnical consultant reviewers and determined that the area of concern, the eastern facing down-sloping portion of the property, is not considered either a coastal or canyon bluff and therefore the bluff setback does not apply. The project was reviewed for geologic integrity and was deemed to be in compliance with the City’s standards. In terms of ESHA, the subject property is within Point Dume and ESHA within Point Dume is addressed in the LIP by restricting construction on slopes that are 25 percent or steeper, other known as 4 to 1 and steeper. The proposed project avoids these slopes as shown in the applicant’s slope analysis.

Correspondence from Ryan Levis
Mr. Levis represents the owner of 6728 Zumirez Drive who is also concerned about potential view impacts. In December of 2022, staff documented a PVD (Attachment 7) for this property in response to the proposed development. A portion of the bluewater view will be obstructed by the proposed residence and deck. Figure 3 below includes the photo that shows the view obstruction. However, this portion of the residence and deck is under 18 feet in height and is not subject to the requested site plan review. The portion of the residence over 18 feet in height will not obstruct any bluewater views from the neighbor’s documented PVD. Pursuant to MMC Section 17.40.040(A)(17), the primary view corridor shall exclude the first 18 feet of the proposed building height as measured from the existing natural grade or finish grade whichever results in a lower building height.

Figure 3 – Photo Documented in PVD No. 23-001
Source: PVD No. 23-001
Mr. Levis also pointed out that the proposed development is not in-keeping with other development along the same side of the street in terms of siting the development away 27

Page 6 of 21 ends

from the slope. His solution is to re-site the proposed development 35 feet closer to the street in order to keep it in line with the existing development on the same side of the street. The project conforms to the LCP and MMC. There are no provisions in the code that would require the proposed development to be in line with other development on the same side of the street.

Potential Stream
Correspondence from Jaime Harnish
On February 16, 2023, Mr. Jaime Harnish, owner representative for both the Zicklins and the neighbors at 6744 Zumirez Drive, submitted correspondence regarding a potential stream with riparian habitat on the eastern side of the property (Attachment 4). The subject property is in Point Dume. LIP Section 4.6.1(A) states that “[n]ew development shall provide a buffer of no less than 100 feet in width from the outer edge of the canopy of riparian vegetation. Where riparian vegetation is not present, the buffer shall be measured from the outer edge of the bank of the subject stream. However, in the Point Dume area, new development shall be designed to avoid encroachment on slopes of 25 percent grade or steeper.” As stated, the LCP addresses streams differently in Point Dume versus other parts of the City. Instead of a 100-foot stream ESHA buffer, the LCP restricts development to be sited on slopes equal to or flatter than 4 to 1. The proposed project avoids 4 to 1 slopes or steeper, which is evident on the applicant’s stamped color-coded slope analysis and geology reports submitted for the project. As a result, the proposed development is consistent with applicable ESHA requirements.

Mr. Harnish also mentions that the site is visible from the beach. The proposed development will be visible from the beach and later in this report the associated scenic resource findings are made. Staff does not expect the proposed development would have a significant visual impact from the beach. The proposed development is surrounded by mature vegetation and other surrounding development and therefore, the proposed development will be mostly visually screened and will blend in with the surrounding built environment.

Surrounding Land Uses and Project Settings
The subject property is located in the Point Dume neighborhood, south of Pacific Coast Highway (PCH) and on the east side of Zumirez Drive (Figure 4). The parcel is currently developed with a two-story single-family residence and detached garage. Properties in the vicinity of the subject property are zoned RR-1 and are developed with one and two-story single-family residences and accessory structures such as swimming pools, second units/guest houses, and detached garages.
28

Page 7 of 21 ends

Figure 4 – Aerial Photograph
Source: Malibu City GIS 2022
The subject property lies within the Appealable Jurisdiction of the California Coastal Commission as depicted on the Post-Local Coastal Program Certification Permit and Appeal Jurisdiction Map. The project area is not designated ESHA as shown on the LCP ESHA Overlay Map. According to the LCP Park Lands Map, no trails are located within the project vicinity. The parcel is visible from Paradise Cove Beach on the easterly side of the property.

Table 1 provides a summary of the lot dimensions and the lot area of the subject parcel.

Table 1 – Total Property Data
Lot Depth 592 feet
Lot Width 98.33 feet
Gross Lot Area 58,093 square feet (1.33 acres)
Net Lot Area* 58,093 square feet (1.33 acres)
*Net Lot Area = Gross Lot Area minus the area of access easements and 1 to 1 slopes.

Table 2 provides a summary of the neighboring surrounding land uses and lot sizes. 29

Page 8 of 21 ends

Table 2 – Adjacent Land Uses
Address Size Zone Land Use
North 6728 Zumirez Drive 1.38 acres RR-1 Single-Family Residence East 28128 PCH 29.85 acres MHR1 Paradise Cove Mobile
Home Park
West 6725 Zumirez Drive 1.05 acres RR-1 Single-Family Residence 6747 Zumirez Drive 1.83 acres RR-1 Single-Family Residence South 6744 Zumirez Drive 1.36 acres RR-1 Single-Family Residence Project Description
The proposed scope of work is as follows (Attachment 2 – Project Plans):

Demolition
• Demolition of the existing single-family residence and detached garage; Construction
• Construction of a new 6,284 square foot two-story single-family residence with a 986 square foot basement and 510 square foot attached two-car garage; • 471 square foot detached second unit;
• 462 square foot detached two-car garage;
• Permeable driveway;
• 42-inch tall solid and up to 6-foot visually permeable front yard fence and vehicular gate;
• 6-foot solid side yard walls;
• Swimming pool (62.67 feet long by 18.67 feet wide) and spa (13.33 feet long by

10.67 feet wide) with associated pool equipment (to be fully screened) and decking; • Second unit spa (7 feet long by 7 feet wide);
• New landscaping;
• 14,076 square feet of new impermeable surfaces;
• Open-air garden trellises
• Water features;
• Retaining walls (not to exceed six feet in height); and • OWTS.

Discretionary Request
• SPR No. 21-009 for construction up to 24 feet in height to allow for a flat roof.

Proposed Total Development Square Footage (TDSF)
1 MHR is an acronym for Mobilehome Residential; LIP Chapter 3.3. 30

Page 9 of 21 ends

• Single-family residence w/ attached garage 6,794 sq. ft. • Second unit 471 sq. ft.
• Detached garage 462 sq. ft.

Total: 7,727 sq. ft.

LCP Analysis
The LCP consists of the Land Use Plan (LUP) and the LIP. The LUP contains programs and policies to implement the Coastal Act in Malibu. The purpose of the LIP is to carry out the policies of the LUP. The LIP contains specific policies and regulations to which every project requiring a CDP must adhere.

There are 14 LIP chapters that potentially apply depending on the nature and location of the proposed project. Of these, five are for conformance review only and contain no findings: 1) Zoning, 2) Grading, 3) Archaeological/Cultural Resources, 4) Water Quality, and 5) OWTS. These chapters are discussed in the LIP Conformance Analysis section.

The nine remaining LIP chapters do contain required findings: 1) Coastal Development Permit findings; 2) ESHA; 3) Native Tree Protection; 4) Scenic, Visual and Hillside Resource Protection; 5) Transfer of Development Credits; 6) Hazards; 7) Shoreline and Bluff Development; 8) Public Access; and 9) Land Division. For the reasons described in this report, including the project site, the scope of work and substantial evidence in the record, only the following chapters and associated findings are applicable to the project:

Coastal Development Permit (including the required findings for the SPR), Scenic, Visual and Hillside Resource Protection and Hazards. Findings have also been included for the proposed demolition permit as required by the MMC. These chapters are discussed in the LIP Findings section of this report.

LIP Conformance Analysis
The proposed project has been reviewed by the Planning Department, City Biologist, City Environmental Health Administrator, City geotechnical consulting reviewers, City Public Works Department, Los Angeles County Waterworks District No. 29 (WD29), and the Los Angeles County Fire Department (LACFD) (Attachment 3 – Department Review Sheets).

These specialists found the project, as proposed and conditioned, to be consistent with all applicable LCP codes, standards, goals and policies with the inclusion of SPR No. 21-009.

Zoning (LIP Chapter 3)
The proposed project is subject to non-beachfront residential development and design standards set forth under LIP Sections 3.5 and 3.6. Table 3 provides a summary and indicates the proposed project meets those standards, inclusive of the requested SPR. 31

Page 10 of 21 ends

Table 3 – LCP Zoning Conformance
Development Requirement Allowed/ Required Proposed Comments SETBACKS (ft.)
Front Yard 65 ft. 142 ft., 5 in. Complies
Rear Yard 88 ft., 10 in. 139 ft. 6 in. Complies
10% Side Yard (south) 9 ft., 10 in. 9 ft., 10 in. Complies 25% Cumulative Yard 24 ft., 7 in. 24 ft., 7 in. Complies

PARKING
Enclosed 2 4 Complies
Unenclosed 2 2 Complies
TDSF 7,760 sq. ft. 7,727 sq. ft. Complies
IMPERMEABLE COVERAGE 17,428 sq. ft. 14,076 sq. ft. Complies HEIGHT (ft.) 18 ft. 24 ft.(Flat Roof) SPR 21-009
1st Floor x 2/3rds = 2nd Floor square
feet
5,222 sq. ft. x 2/3 =
3,499 sq. ft.
1,572 sq. ft. Complies
SITE OF CONSTRUCTION Flatter than 4 to 1 Flatter than 4 to 1 Complies NON-EXEMPT GRADING < 1,000 cubic yards 920 cubic yards Complies

FENCES/WALLS/HEDGES/GATES
Front Yard
42-inches solid w/
area up to six feet
to remain view
permeable
42-inches solid w/
area up to six feet
to remain view
permeable
Complies
ESHA (LIP Chapter 4)
Pursuant to LIP Section 4.6.1(A), new development in Point Dume shall be designed to avoid encroachment on slopes of 25 percent grade or steeper. All of the proposed development will be sited to avoid 25 percent slopes and steeper, consistent with LIP Chapter 4. The proposed development will all take place within the two-acre convex development area as defined in LIP Section 3.6(H).

Grading (LIP Chapter 8)
LIP Section 8.3 ensures that new development minimizes the visual resource impacts of grading and landform alteration by restricting the amount of non-exempt grading to a maximum of 1,000 cubic yards for a residential parcel. As summarized in Table 4, the project includes 920 cubic yards of non-exempt grading. Therefore, the proposed project complies with grading requirements set forth under LIP Section 8.3. 32

Page 11 of 21 ends

Table 4 – LCP Grading Conformance
Exempt** NonR&R* Understructure Safety*** Exempt Remedial Total Cut 3,950 cy 1,460 cy 210 640 cy 0 6,260 cy
Fill 3,950 cy 30 cy 0 280 cy 0 4,260 cy
Total 7,900 cy 1,490 cy 210 920 cy 0 10,520 cy
Import 0 0 0 0 0 0
Export 0 1,430 cy 210 360 cy 0 2,000 cy
*Note: R&R= Removal and Recompaction; cy = cubic yards
**Exempt grading includes all Removal and Recompaction (R&R), understructure and safety grading. Safety grading is the incremental grading required for fire department access (such as turnouts, hammerheads and turnarounds and any other increases in driveway width above 15 feet required by the Los Angeles County Fire Department).

Archaeological / Cultural Resources (LIP Chapter 11)
LIP Chapter 11 requires certain procedures be followed to determine potential impacts on archaeological resources. The project site has been evaluated for potential impacts to archaeological resources in a Phase 1 Archaeological Report, prepared by Robert Wlodarski of Historical, Environmental, Archaeological, Research, Team (H.E.A.R.T.), dated December 2018. The report concluded that no cultural resources were discovered within the project area.

Nevertheless, a condition of approval is included which states that in the event that potentially important cultural resources be found in the course of geologic testing or during construction, work shall immediately cease until a qualified archaeologist can provide an evaluation of the nature and significance of the resources and until the Planning Director can review this information.

Water Quality (LIP Chapter 17)
The City Public Works Department reviewed and approved the proposed project for conformance to LIP Chapter 17 requirements for water quality protection. A standard condition of approval for this project requires that prior to the issuance of any development permit, a Local Storm Water Pollution Prevention Plan incorporating construction-phase Erosion and Sediment Control Plan and Best Management Practices, must be approved by the City Public Works Department. Additionally, the ocean between Latigo Point and the western City limits has been established by the State Water Resources Control Board as an Area of Special Biological Significance (ASBS) as part of the California Ocean Plan.

As such, the applicant’s drainage system is required to retain all non-storm water runoff on the property without discharge to the ASBS, and to maintain the natural water quality within the ASBS by treating storm runoff for pollutants in residential storm runoff that would cause a degradation of ocean water quality in the ASBS. A condition is also included requiring a Water Quality Mitigation Plan. With the implementation of these conditions, the proposed project conforms to the water quality protection standards of LIP Chapter 17. 33

Page 12 of 21 ends

Wastewater Treatment System Standards (LIP Chapter 18)
LIP Chapter 18 addresses OWTS. LIP Section 18.7 includes specific siting, design, and performance requirements. The project has an OWTS to serve the existing and proposed development, which includes a 7,540-gallon MicroSepTec ES25 tank with an ultraviolet disinfection unit, two seepage pits, and two future seepage pits. The OWTS will be located towards the western portion of the property. The OWTS conformance review was completed for five bedrooms and 119 fixture units for the single-family residence and one bedroom and 16 fixture units for the second unit. The OWTS has been reviewed by the City Environmental Health Administrator and found to meet the minimum requirements of the LCP and MMC.

LIP Findings
A. Coastal Development Permit (LIP Chapter 13)
Pursuant to LIP Section 13.9, the following four findings need to be made on all coastal development permits.

Finding 1. That the project as described in the application and accompanying materials, as modified by any conditions of approval, conforms with the certified City of Malibu Local Coastal Program.

The project is located in the RR-1 zoning district, an area designated for rural residential uses. A single-family residence and associated development are permitted uses. The proposed project has been reviewed for conformance with the LCP by the Planning Department, City Biologist, City Environmental Health Administrator, City geotechnical consultant reviewers, City Public Works Department, WD29, and LACFD. As discussed herein, based on submitted reports, project plans, visual analysis, and site investigations, the proposed project, as conditioned, conforms to the LCP and MMC in that it meets all applicable residential development standards with the inclusion of the requested SPR.

Finding 2. If the project is located between the first public road and the sea, that the project is in conformity to the public access and recreation policies of Chapter 3 of the Coastal Act of 1976 (commencing with Sections 30200 of the Public Resources Code).

The project is located between the first public road parallel to the sea. However, the proposed project and related construction activities are not anticipated to interfere with the public’s right to access the coast as the site offers no direct or indirect public beach access.

Adequate public access exists nearby, and project complies with Coastal Act.

Finding 3. The project is the least environmentally damaging alternative. 34

Page 13 of 21 ends

Alternative Project(s) – The applicant could have remodeled the existing structure with proposed additions. Remodeling and adding to the residence would be less impactful to the site, although the original house was constructed in 1949 and is not in compliance with today’s building code and possibly City’s design standards.

In June of 2022, staff visited the project site to document the story poles and reviewed alternate site locations for the proposed project. The structures could be clustered closer together to limit the required fuel modification as stated LIP Section 3.6(N)(1)(c)(i).

However, the subject and neighboring parcels are mostly devoid of native vegetation and no ESHA will be affected by the required fuel modification. Clustering the structures closer together would result in generally the same amount of required fuel modification and have similar impacts as proposed. The proposed second unit and detached garage will be clustered together, separated from the main house by a Fire Department turnaround to retain some privacy. All structures are proposed within the required two-acre convex development area as required by LIP Section 3.6(H). Many properties along Zumirez Drive are developed with similar accessory structures and siting.

Another alternative would be to site the proposed main residence further back from the steeper slopes to east of the property. This alternative would provide better views for the neighboring parcels. However, as mentioned in the “Project Overview” section above, the project is in conformance with the LCP and MMC as proposed.

Additionally, the applicant could have proposed a smaller, single-story home to avoid the site plan review. However, the proposed project will comply with the LCP and the property will be within the allowed TDSF. No view impacts or impacts to ESHA are anticipated as a result of the proposed development.

Proposed Project – The project consists of the demolition of the existing residence and construction of a new single-family residence, second unit, detached garage, swimming pool, two spas and associated development, all of which are permitted uses within the RR1 zoning classification of the subject property. The project also complies with the impermeable coverage calculation, TDSF calculation, two-thirds rule, and setback requirements of the LCP. The selected location for the proposed development has been reviewed and conditionally approved by the City Planning Department, City Biologist, City Environmental Health Administrator, City geotechnical consultant reviewers, City Public Works Department, WD29, and the LACFD and the project meets the City’s residential development policies of the LCP and MMC. The proposed development is consistent with existing development in the area and has been determined not to result in adverse impacts. Therefore, there are not project alternatives that would provide a significant benefit to the environment compared to the proposed project. The proposed project meets the development policies of the LCP and MMC, with the inclusion of the SPR and has been determined to be the least environmentally damaging alternative. 35

Page 14 of 21 ends

Finding 4. If the project is located in or adjacent to an environmentally sensitive habitat area pursuant to Chapter 4 of the Malibu LIP (ESHA Overlay), that the project conforms with the recommendations of the Environmental Review Board, or if it does not conform with the recommendations, findings explaining why it is not feasible to take the recommended action.

The proposed development is located in Point Dume. As such, the proposed development has been sited on slopes flatter than 4 to 1 consistent with the ESHA requirements in the area. As a result, the proposed project is not subject to review by the Environmental Review Board (ERB). Therefore, this finding does not apply.

B. Site Plan Review for Construction in Excess of 18 Feet in Height (LIP Section

13.27.5)
LIP Section 13.27.5(A) requires that the City makes four findings in the consideration and approval of a site plan review for construction exceeding the City’s base 18-foot height limit to a maximum of 24 feet with a flat roof and 28 feet with a pitched roof. Two additional findings are required pursuant to MMC Section 17.62.060. The applicant is proposing to construct a new two-story single-family residence that is proposed to be 24 feet in height.

Based on the evidence in the record, the findings of fact for SPR No. 21-009 are made as follows:

Finding 1. The project is consistent with policies and provisions of the Malibu LCP.

As stated in Section A, the project has been reviewed for conformance with all relevant policies and provisions of the LCP. Based on submitted reports, visual impact analysis, and a detailed site investigation, the project is consistent with all policies and provisions of the LCP and MMC.

Finding 2. The project does not adversely affect neighborhood character.

Story poles were installed in June 2022. Staff visited the project site in June 2022, photodocumented the story poles and evaluated the project for conformance with City codes.

Properties in the vicinity of the subject property are developed with a mix of one and twostory single-family residences and accessory structures such as second units, detached garages, and swimming pools. As demonstrated with story poles, due to the size, shape, and topography of the lot, the location of the proposed development will not be visible from any scenic road or located within primary views of neighboring properties. The site is visible from Paradise Cove Beach but is on the landside and will not affect scenic views of the Santa Monica Mountains or other coastal resources. Based on the existing development within the surrounding neighborhood, the proposed project is expected to blend with the surrounding built environment. Therefore, the portions of the structure exceeding 18 feet tall are not anticipated to adversely affect neighborhood character. 36

Page 15 of 21 ends

Finding 3. The project provides maximum feasible protection to significant public views as required by Chapter 6 of the Malibu LIP.

The existing size and shape of the subject property limits visibility of the proposed development from Zumirez Drive. PVDs were discovered within a 1,000-foot radius of the site but none will be impacted by the proposed development. As stated in Finding 2, no private or public views of scenic areas will be impacted.

Finding 4. The proposed project complies with all applicable requirements of state and local law.

The proposed project will comply with all applicable requirements of State and local law and is conditioned to comply with any relevant approvals, permits and licenses from the City of Malibu and other related agencies.

Finding 5. The project is consistent with the City’s general plan and local coastal program.

The proposed project is consistent with the LCP in that the property is located in an area that has been identified and zoned for residential use. The proposed project is also consistent with the City’s General Plan and LCP. The goals and policies of the General Plan intend to maintain rural residential character in this area, and all components of the project are consistent with these goals. The proposed project is consistent with the LCP in that it conforms to the residential land use designation and all applicable development standards.

Finding 6. The project does not obstruct visually impressive scenes of the Pacific Ocean, off-shore islands, Santa Monica Mountains, canyons, valleys, or ravines from the main viewing area of any affected principal residence as defined in MMC Section

17.40.040(A)(17).

As stated in Finding 2, the proposed development will not significantly impede any private visually impressive views of the Pacific Ocean or other scenic areas indicated in the LCP or MMC.

C. Environmentally Sensitive Habitat Area Overlay (LIP Chapter 4) As determined by the City Biologist, the LCP ESHA and Marine Resources Map, the subject parcel is in Point Dume and does not contain ESHA. The proposed development is sited on slopes flatter than 4 to 1 consistent with the ESHA requirements. Therefore, the findings of LIP Chapter 4 are not applicable.
37

Page 16 of 21 ends

D. Native Tree Protection (LIP Chapter 5)
There are no protected native trees on or adjacent to the subject parcel. Therefore, the findings contained in LIP Chapter 5 are not applicable.

E. Scenic, Visual and Hillside Resource Protection (LIP Chapter 6) The Scenic, Visual and Hillside Resource Protection Chapter governs those coastal development permit applications concerning any parcel of land that is located along, provides views to or is visible from any scenic area, scenic road or public viewing area.

The subject parcel is visible from Paradise Cove Beach, an LCP designated scenic area.

Therefore, the findings set forth in LIP Section 6.4 are enumerated herein.

Finding 1. The project, as proposed, will have no significant adverse scenic or visual impacts due to project design, location on the site or other reasons.

The proposed project will not have adverse impacts on scenic or visual resources. The project has been determined not to require a view corridor due to its location along Zumirez Drive and although visible from a public beach, there will be no impacts to views of the Santa Monica Mountains.

Finding 2. The project, as conditioned, will not have significant adverse scenic or visual impacts due to required project modifications, landscaping or other conditions.

The project as conditioned will not have significant adverse scenic or visual impacts. The project has been conditioned to include limitations on lighting and colors of the materials used to prevent any visual impacts to scenic areas.

Finding 3. The project, as proposed or as conditioned, is the least environmentally damaging alternative.

As previously discussed in Section A, Finding 3, the project is the least environmentally damaging feasible alternative.

Finding 4. There are no feasible alternatives to development that would avoid or substantially lessen any significant adverse impacts on scenic and visual resources.

The project, as designed and conditioned, is not expected to adversely affect scenic and visual resources and no feasible alternatives would avoid or substantially lessen any significant adverse impacts on scenic and visual resources.

Finding 5. Development in a specific location on the site may have adverse scenic and visual impacts but will eliminate, minimize or otherwise contribute to conformance to sensitive resource protection policies contained in the certified LCP. 38

Page 17 of 21 ends

The subject property is visible from Paradise Cove Beach; however, the proposed singlefamily residence will not significantly impact public views of the Pacific Ocean and is not anticipated to block views of the Santa Monica Mountains from the beach. Therefore, the proposed development, as designed, is sited to eliminate, minimize or otherwise contribute to conformance to sensitive resource policies.

F. Transfer of Development Credits (LIP Chapter 7)
The proposed project does not include a land division or multi-family development.

Therefore, the findings of LIP Chapter 7 are not applicable.

G. Hazards (LIP Chapter 9)
Pursuant to LIP Section 9.3, written findings of fact, analysis and conclusions addressing geologic, flood and fire hazards, structural integrity or other potential hazards listed in LIP Section 9.2(A) must be included in support of all approvals, denials or conditional approvals of development located on a site or in an area where it is determined that the proposed amendment has the potential to create adverse impacts upon site stability or structural integrity.

The proposed amendment has been analyzed for the hazards listed in LIP Chapter 9 and has been reviewed and approved for conformance with all relevant policies and regulations of the LCP and MMC by the Planning Department, City Biologist, City Environmental Health Administrator, City geotechnical consultant reviewers, City Public Works Department, WD29 and the LACFD. The required findings are made as follows:

Finding 1. The project, as proposed will neither be subject to nor increase instability of the site or structural integrity from geologic, flood, or fire hazards due to project design, location on the site or other reasons.

Analysis for potential hazards included review of the submitted geotechnical reports prepared by Solid Solis & Geologic Consultants, dated August 4, 2020, January 28, 2021, March 26, 2021, and May 12, 2021. According to the geotechnical reports, the proposed development was determined to not increase instability of the site or structural integrity from a geologic, flood or fire hazards perspective. It has been determined that the project is not located in a hazard zone, except that the project site is located within an extreme fire hazard area. Based on review of the project plans by the City Environmental Health Administrator, City geotechnical consultant reviewers, City Public Works Department and LACFD, these specialists and agencies determined that adverse impacts to the project site related to the proposed development are not expected. The proposed project will neither be subject to nor increase the instability from geologic or fire hazards. In summary, the proposed development is suitable for the intended use provided that the certified 39

Page 18 of 21 ends

engineering geologist and/or geotechnical engineer’s recommendations and governing agency’s building codes are followed.

All recommendations of the City geotechnical consultant reviewers and City Public Works Department shall be incorporated into the final design and construction, including foundations and grading. Final plans shall be reviewed and approved by the City geotechnical consultant reviewers and City Public Works Department prior to the issuance of a grading permit.

Fire Hazard
The entire city limits of Malibu are within an identified fire hazard zone. The property is currently subject to wildfire, however, the proposed development on the subject property will not increase the site’s susceptibility to wildfire. The scope of work proposed as part of this application is not expected to have an impact on wildfire hazards. The proposed development may actually decrease the site’s susceptibility to wildfire through the use of appropriate building materials during construction.

The City is served by the LACFD, as well as the California Department of Forestry, if needed. In the event of major fires, the County has “mutual aid agreements” with cities and counties throughout the State so that additional personnel and firefighting equipment can augment the LACFD. Conditions of approval have been included in the resolution to require compliance with all LACFD development standards. As such, the proposed project, as designed and conditioned, will not be subject to nor increase the instability of the site or structural integrity involving wildfire hazards.

Finding 2. The project, as conditioned, will not have significant adverse impacts on site stability or structural integrity from geologic, flood or fire hazards due to required project modifications, landscaping or other conditions.

As stated in Finding 1, the project, as designed, conditioned, and approved by the City geotechnical consultant reviewers and City Public Works Department, does not have any significant adverse impacts on the site stability or structural integrity from geologic or fire hazards due to the project design.

Finding 3. The project, as proposed or as conditioned, is the least environmentally damaging alternative.

As previously stated in Section A, the project, as proposed and conditioned, is the least environmentally damaging alternative.

Finding 4. There are no alternatives to development that would avoid or substantially lessen impacts on site stability or structural integrity. 40

Page 19 of 21 ends

The proposed development has been analyzed for the hazards listed in LIP Chapter 9 by the City Environmental Health Administrator, City geotechnical consultant reviewers, City Public Works Department and LACFD. These specialists and agencies determined that the proposed project does not impact site stability or structural integrity.

Finding 5. Development in a specific location on the site may have adverse impacts but will eliminate, minimize or otherwise contribute to conformance to sensitive resource protection policies contained in the certified Malibu LCP.

As previously discussed in Section A, the proposed project, as designed and conditioned, will not have adverse impacts on sensitive resources.

H. Shoreline and Bluff Development (LIP Chapter 10)
LIP Chapter 10 applies to land that is located on or along the shoreline, a coastal bluff or bluff-top fronting the shoreline. The proposed project is not located near the shore or bluff.

Therefore, LIP Chapter 10 findings do not apply.

I. Public Access (LIP Chapter 12)
LIP Section 12.4 requires public access for lateral, bluff-top, and vertical access near the ocean, trails, and recreational access for the following cases:

A. New development on any parcel or location specifically identified in the Land Use Plan or in the LCP zoning districts as appropriate for or containing a historically used or suitable public access trail or pathway.

B. New development between the nearest public roadway and the sea.

C. New development on any site where there is substantial evidence of a public right of access to or along the sea or public tidelands, a blufftop trail or an inland trail acquired through use or a public right of access through legislative authorization.

D. New development on any site where a trail, bluff top access or other recreational access is necessary to mitigate impacts of the development on public access where there is no feasible, less environmentally damaging, project alternative that would avoid impacts to public access.

The project does not meet any of the criteria above. The requirement for public access of LIP Section 12.4 does not apply and further findings are not required.

J. Land Division (LIP Chapter 15)
This project does not include a land division. Therefore, the findings of LIP Chapter 15 are not applicable.
41

Page 20 of 21 ends

K. Demolition Permit Findings (MMC Section 17.70.060)
The application requests a demolition permit for the demolition of the existing single-family residence. The MMC requires two findings be made to allow a demolition permit. The findings are made herein.

Finding 1. The demolition permit is conditioned to assure that it will be conducted in a manner that will not create significant adverse environmental impacts.

Several conditions are included in the resolution pertaining to safe demolition and construction practices required for this project. Among these include using City authorized waste haulers, use of quality building materials and licensed professionals. Regular inspections from the Building Safety Division will take place throughout the demolition and construction of this project so that the City can ensure the conditions are being met.

Finding 2. A development plan has been approved or the requirement waived by the city. (Ord. 86 § 3, 1993; prior code § 9505)
The demolition and construction activities are dependent on the approval of this project.

The final demolition and construction plans will be reviewed by City staff in the building plan check process, if approval is given. All City departments must approve the final plans before building permits can be issued.

CORRESPONDENCE: Staff received correspondence as described in the “Project Overview” section above. All correspondence is included as Attachment 4.

PUBLIC NOTICE: Staff published a Notice of Public Hearing in a newspaper of general circulation within the City of Malibu on January 26, 2023, and mailed the notice to property owners and occupants within a 500-foot radius of the subject property (Attachment 8).

SUMMARY: The required findings can be made that the project complies with the LCP.

Further, the Planning Department’s findings of fact are supported by substantial evidence in the record. Based on the analysis contained in this report and the accompanying resolution, staff recommends approval of this project subject to the conditions of approval contained in Section 5 (Conditions of Approval) of Planning Commission Resolution No. 42

Page 21 of 21 ends

23-11. The project has been reviewed and conditionally approved for conformance with the LCP by Planning Department staff and appropriate City and County departments.

ATTACHMENTS:

1. Planning Commission Resolution No. 23-11

2. Project Plans

3. Department Review Sheets

4. Public Correspondence

5. Applicant’s View Corridor Exhibit

6. PVD No. 12-119

7. PVD No. 23-001

8. Public Hearing Notice
43 ATTACHMENT 1

CITY OF MALIBU PLANNING COMMISSION
RESOLUTION NO. 23-11

A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

MALIBU, DETERMINING THE PROJECT IS CATEGORICALLY EXEMPT

FROM THE CALIFORNIA ENVIRONMENTAL QUALITY ACT, AND
APPROVING COASTAL DEVELOPMENT PERMIT NO. 20-068 AND
DEMOLITION PERMIT NO. 20-028 FOR THE DEMOLITION OF AN

EXISTING SINGLE-FAMILY RESIDENCE AND CONSTRUCTION OF A
NEW 6,284 SQUARE FOOT SINGLE-FAMILY RESIDENCE, 986 SQUARE FOOT BASEMENT, 510 SQUARE FOOT ATTACHED GARAGE, 462
SQUARE FOOT DETACHED GARAGE, 471 SQUARE FOOT DETACHED

SECOND UNIT, SWIMMING POOL, TWO SPAS, ONSITE WASTEWATER TREATMENT SYSTEM AND ASSOCIATED DEVELOPMENT; INCLUDING
SITE PLAN REVIEW NO. 21-009 FOR CONSTRUCTION UP TO 24 FEET IN

HEIGHT FOR A FLAT ROOF, LOCATED IN THE RURAL RESIDENTIAL, ONE-ACRE ZONING DISTRICT AT 6734 ZUMIREZ DRIVE (IBN

PROPERTIES, LLC)
The Planning Commission of the City of Malibu does hereby find, order and resolve as follows:

SECTION 1. Recitals.

The application was routed to the City Biologist, City Environmental Health Administrator, City geotechnical consultant reviewers, City Public Works Department, Waterworks District No. 29 (WD29) and Los Angeles County Fire Department (LACFD) for review.

B. On April 15, 2021, Site Plan Review (SPR) No. 21-009 was added to the project for proposed construction over 18 feet in height.

C. On June 29, 2022, the applicant posted a Notice of CDP Application on the subject property and staff deemed the CDP application complete for processing.

E. On August 1, 2022, the Planning Commission continued the item to a date uncertain for staff to investigate potential view concerns from the neighbors.

G. On February 21, 2023, the Planning Commission granted a request for continuance from the applicant and continued the item to the March 6, 2023 Planning Commission Meeting.

DRAFT 44
Resolution No 23-11

Page 2 of 19 ends

SECTION 2. Environmental Review.

Pursuant to the authority and criteria contained in the California Environmental Quality Act (CEQA), the Planning Commission has analyzed the proposed project. The Planning Commission has found that this project is listed among the classes of projects that have been determined not to have a significant adverse effect on the environment. Therefore, the project is categorically exempt from the provisions of CEQA according to CEQA Guidelines Sections 15303 (a) and (e) – New Construction. The Planning Commission has further determined that none of the six exceptions to the use of a categorical exemption applies to this project (CEQA Guidelines Section 15300.2).

SECTION 3. Coastal Development Permit Findings.

Based on substantial evidence contained within the record and pursuant to Local Coastal Program (LCP) Local Implementation Plan (LIP) Sections 13.7(B) and 13.9 and Malibu Municipal Code (MMC) Chapter 17.70, the Planning Commission adopts and approves the analysis in the agenda report, incorporated herein, the findings of fact below, and approves CDP No. 20-068 and DP No. 20-028 for the demolition of an existing single-family residence and construction of a new 6,284 square foot single-family residence, 986 square foot basement, 510 square foot attached garage, 462 square foot detached garage, 471 square foot detached second unit, swimming pool, two spas, onsite wastewater treatment system (OWTS) and associated development; including SPR No. 21- 009 for construction up to 24 feet in height for a flat roof, located in the Rural Residential OneAcre (RR-1) zoning district at 6734 Zumirez Drive.

A. General Coastal Development Permit (LIP Chapter 13)

DRAFT 45
Resolution No 23-11

Page 3 of 19 ends

______________________

3. The proposed project meets the development policies of the LCP and MMC, with the inclusion of the SPR and has been determined to be the least environmentally damaging alternative.

1. The project has been reviewed for conformance with all relevant policies and provisions of the LCP. Based on submitted reports, visual impact analysis, and a detailed site investigation, the project is consistent with all policies and provisions of the LCP and MMC.

4. The proposed project will comply with all applicable requirements of State and local law and is conditioned to comply with any relevant approvals, permits and licenses from the City of Malibu and other related agencies.

5. The proposed project is consistent with the LCP in that the property is located in an area that has been identified and zoned for residential use. The proposed project is consistent with the LCP in that it conforms to the residential land use designation and all applicable development standards.

6. The proposed development will not significantly obstruct visually impressive scenes from private property.

C. Scenic, Visual and Hillside Resource Protection (LIP Chapter 6)

1. The proposed project will not have adverse impacts on scenic or visual resources.

The project has been determined not to require a view corridor due to its location along Zumirez Drive and although visible from a public beach, there will be no impacts to views of the Santa Monica Mountains.

DRAFT 46
Resolution No 23-11

Page 4 of 19 ends

______________________

2. The project as conditioned will not have significant adverse scenic or visual impacts. The project has been conditioned to include limitations on lighting and colors of the materials used to prevent any visual impacts to scenic areas.

3. The project is the least environmentally damaging feasible alternative.

5. The subject property is visible from Paradise Cove Beach; however, the proposed single-family residence will not significantly impact public views of the Pacific Ocean and is not anticipated to block views of the Santa Monica Mountains from the beach. Therefore, the proposed development, as designed, is sited to eliminate, minimize or otherwise contribute to conformance to sensitive resource policies.

D. Hazards (LIP Chapter 9)

1. The project will neither be subject to nor increase the instability of the site from geologic, flood, or fire hazards. The proposed development is suitable for the intended use provided that the certified engineering geologist and/or geotechnical engineer’s recommendations and governing agency’s building codes are followed.

2. The project, as designed, conditioned, and approved by the City geotechnical consultant reviewers and the City Public Works Department, does not have any significant adverse impacts on the site stability or structural integrity from geologic or fire hazards due to the project design.

3. The project, as conditioned, is the least environmentally damaging alternative.

5. The proposed project, as designed and conditioned, will not have adverse impacts on sensitive resources.

E. Demolition Permit Findings (MMC Section 17.70.060)
DP No. 20-028 from the development standards contained in MMC Section 17.70.060 will allow for the existing single-family home to be demolished.

DRAFT 47
Resolution No 23-11

Page 5 of 19 ends

______________________

SECTION 4. Planning Commission Action.

Based on the foregoing findings and evidence contained within the record, the Planning Commission hereby approves CDP No. 20-068, SPR No. 21-009, and DP No. 20-028, subject to the following conditions.

SECTION 5. Conditions of Approval.

2. Approval of this application is to allow for the project described herein. The scope of work approved includes:

Demolition
a. DP No. 20-028 for the demolition of the existing single-family residence and detached garage;
Construction
b. Construction of a new 6,284 square foot two-story single-family residence with a 986 square foot basement and 510 square foot attached two-car garage; c. 471 square foot detached second unit;
d. 462 square foot detached two-car garage;
e. Permeable driveway;
f. 42-inch tall solid and up to 6-foot visually permeable front yard fence and vehicular gate;
g. 6-foot solid side yard walls;
h. Swimming pool (62.67 foot long by 18.67 foot wide) and spa (13.33 foot long by

DRAFT 48
Resolution No 23-11

Page 6 of 19 ends

______________________
Discretionary Request
p. SPR No. 21-009 for construction up to 24 feet in height to allow for a flat roof.

6. The CDP shall expire if the project has not commenced within three (3) years after issuance of the permit, unless a time extension has been granted. Extension of the permit may be granted by the approving authority for due cause. Extensions shall be requested in writing by the applicant or authorized agent prior to expiration of the three-year period and shall set forth the reasons for the request. In the event of an appeal, the CDP shall expire if the project has not commenced within three years from the date the appeal is decided by the decision-making body or withdrawn by the appellant.

7. Any questions of intent or interpretation of any condition of approval will be resolved by the Planning Director upon written request of such interpretation.

DRAFT 49
Resolution No 23-11

Page 7 of 19 ends

______________________

11. The property owner must submit payment for all outstanding fees payable to the City prior to issuance of any building permit, including grading or demolition.

12. The property owner shall comply with all provisions of the MMC and LIP.

Cultural Resources

Lighting

15. Exterior lighting must comply with the Dark Sky Ordinance and shall be minimized, shielded, or concealed and restricted to low intensity features, so that no light source is directly visible from public view. Permitted lighting shall conform to the following standards:
a. Lighting for walkways shall be limited to fixtures that do not exceed two feet in height and are directed downward, and limited to 850 lumens (equivalent to a 60- watt incandescent bulb);
b. Security lighting controlled by motion detectors may be attached to the residence provided it is directed downward and is limited to 850 lumens; c. Driveway lighting shall be limited to the minimum lighting necessary for safe vehicular use. The lighting shall be limited to 850 lumens; d. Lights at entrances as required by the Building Code shall be permitted provided that such lighting does not exceed 850 lumens;
e. Site perimeter lighting shall be prohibited; and
f. Outdoor decorative lighting for aesthetic purposes is prohibited.

16. Night lighting for sports courts or other private recreational facilities shall be prohibited.

DRAFT 50
Resolution No 23-11

Page 8 of 19 ends

______________________

19. String lights are allowed in occupied dining and entertainment areas only and must not exceed 3,000 Kelvin.

20. Motion sensor lights shall be programmed to extinguish ten minutes after activation.

21. Three violations of the conditions by the same property owner will result in a requirement to permanently remove the outdoor light fixture(s) from the site.

22. Up-lighting of landscaping is prohibited.

Fencing/Walls/Screening

23. Any above-ground equipment shall be screened from view by a solid wall or fence on all four sides. The fence or walls shall comply with LIP Section 3.5.3(A).

25. The height of fences and walls shall comply with LIP Section 3.5.3(A). No retaining wall shall exceed six feet in height or 12 feet in height for a combination of two or more walls.

26. New boundary fencing of any single area exceeding ½ acre shall be of an open rail-type design with a wooden rail at the top (instead of wire), be less than 40 inches high, and have a space greater than 14 inches between the ground and the bottom post or wire. A split rail design that blends with the natural environment is preferred.

Demolition/Solid Waste

27. Prior to demolition activities, the applicant shall receive Planning Department approval for compliance with conditions of approval.

DRAFT 51
Resolution No 23-11

Page 9 of 19 ends

______________________

31. No demolition permit shall be issued until building permits are approved for issuance.

34. Upon completion of demolition activities, the applicant shall request a final inspection by the Building Safety Division.

Construction / Framing

36. A construction staging plan shall be reviewed and approved by the Planning Director prior to plan check submittal.

DRAFT 52
Resolution No 23-11

Page 10 of 19 ends

______________________
d. Filter fences designed to intercept and detain sediment while decreasing the velocity of runoff shall be employed within the project site.

Waste Management

Biology/Landscaping

44. Pursuant to LIP Section 4.6.1(A), new development shall be designed and constructed to avoid encroachments on slopes of 25 percent (4:1) grade or steeper, including fencing.

46. Prior to installation of any landscaping, the applicant shall obtain plumbing permit for the proposed irrigation system from the Building Safety Division.

DRAFT 53
Resolution No 23-11

Page 11 of 19 ends

______________________

48. Prior to final plan check approval, provide landscape water use approval from WD29.

49. Invasive plant species, as determined by the City of Malibu, are prohibited.

51. Vegetation shall be situated on the property so as not to significantly obstruct the primary view from private property at any given time (given consideration of its future growth).

52. No non-native plant species shall be approved greater than 50 feet from the residential structure.

54. The landscape plan shall prohibit the use of building materials treated with toxic compounds such as creosote or copper arsenate.

Fire Department/Fuel Modification

56. The project shall receive LACFD approval of a Final Fuel Modification Plan prior to the issuance of final building permits.

57. The project is required to have an interior automatic sprinkler system.

Public Works

Page 12 of 19 ends

______________________
shall obtain encroachment permits from the Public Works Department for the proposed driveway. The driveway shall be constructed of either 6-inches of concrete over 4-inches of aggregate base, or 4-inches of asphalt concrete over 6-inches of aggregate base. The driveway shall be flush with the existing grades with no curbs.

61. Exported soil from a site shall be taken to the Los Angeles County Landfill or to a site with an active grading permit and the ability to accept the material in compliance with LIP Section 8.3.

DRAFT 55
Resolution No 23-11

Page 13 of 19 ends

______________________

64. All Best Management Practices (BMP) shall be in accordance to the latest version of the California Stormwater Quality Association (CASQA) BMP Handbook. Designated areas for the storage of construction materials, solid waste management, and portable toilets must not disrupt drainage patterns or subject the material to erosion by site runoff.

68. The consulting engineer shall sign the final plans prior to the issuance of permits.

69. All final plans including but not limited to, the grading and drainage plan shall be reviewed and approved by the City Public Works Department.

Geology
DRAFT 56
Resolution No 23-11

Page 14 of 19 ends

______________________

Swimming Pool / Spa / Mechanical Equipment

72. Onsite noise, including that which emanates from swimming pool and air conditioning equipment, shall be limited as described in MMC Chapter 8.24 (Noise).

73. Pool and air conditioning equipment that will be installed shall be screened from view by a solid wall or fence on all four sides. The fence or walls shall comply with LIP Section

3.5.3(A).

74. All swimming pools shall contain double walled construction with drains and leak detection systems capable of sensing a leak of the inner wall.

76. Discharges not meeting the above-mentioned methods must be trucked to a Publicly Owned Wastewater Treatment Works.

Environmental Health

DRAFT 57
Resolution No 23-11

Page 15 of 19 ends

______________________

Page 16 of 19 ends

Malibu City CouncilSeptember 25, 2023

Malibu City Council
September 25, 2023