Agenda Item # 1.B.6.
To: Mayor Stewart and the Honorable Members of the City Council From: Ruth F. Quinto, CPA, City Treasurer
Subject: Investment Report for the Month Ending November 30, 2024 RECOMMENDED ACTION: Receive the Investment Report for the month ending November 30, 2024.
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 City’s portfolio is invested in the following categories:
Cash and Cash Equivalents 12.80%
U.S. Treasury 79.44%
U.S. Agencies 0.00%
Certificates of Deposit 7.76%
Investments month to month:
Investment
Issuer/Instrument Type
October 31, 2024 November 30, 2024
Amount
(in millions) Yield(A) %
Amount
(in millions) Yield(A) %
Operating Cash Cash $6.37 4.25% 6.24% $4.99 4.04% 5.10% LAIF Cash $2.24 4.51% 2.20% $2.24 4.45% 2.29%
CDs Investment $7.86 4.26% 7.71% $7.59 4.23% 7.76%
Treasury Bills Investment $0.00 0.00% 0.00% $0.00 0.00% 0.00% Treasury Notes Investment $65.35 4.26% 64.05% $68.43 4.25% 69.97% Treasury STRIPS Investment $9.24 4.02% 9.05% $9.26 4.02% 9.47% Money Market Cash $10.97 4.99% 10.75% $5.28 4.87% 5.40% Total/Blended Yield $102.03 4.32% $97.80 4.25%
Total Duration(Years) 1.23 1.32
(A)Yield is based on Purchase Yield for Treasury Bills
2-Year U.S. Treasury Note Benchmark, as of November 30, 2024: 4.13% The fair market value of all investments held by the City is $97,803,902 as of November 30, 2024.
ATTACHMENTS:
1. City of Malibu Investment Statement
2. City of Malibu Portfolio Analysis Statement
City Council Meeting
1-27-25
Item
1.B.6.
SNAPSHOT
Current period ending November 30, 2024
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 MAKE A GREATER IMPACT BY DONATING STRATEGICALLY. BEFORE YOU DONATE, LEARN 23825 STUART RANCH ROAD WHY AND HOW GIVING IN A TARGETED WAY COULD ENHANCE YOUR IMPACT. LEARN MORE AT WELLSFARGOADVISORS.COM/GIVING. MALIBU CA 90265-4861
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), a registered broker-dealer and non-bank affiliate of Wells Fargo • Not Insured by the FDIC or Any Federal Government Agency & Company. WFAFN uses the trade name Wells Fargo Advisors. Any other referenced • Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank entity is a separate entity from WFAFN. Account(s) carried by Wells Fargo Clearing Affiliate Services, LLC, Member SIPC.
• Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested
SNAPSHOT
RSNIP-03012025-5924926.1.1 Attachment 1 072 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 22
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
ACCOUNT NUMBER:
Cash flow summary THIS PERIOD THIS YEAR
Opening value of cash and sweep balances $41,153.33
Income and distributions 51,149.65 2,629,425.34
Securities sold and redeemed 6,198,812.63 45,575,595.75 Net additions to cash $6,249,962.28 $48,205,021.09
Securities purchased -3,278,798.29 -45,482,113.36
Electronic funds transfers -3,000,000.00 -3,000,000.00
Net subtractions from cash -$6,278,798.29 -$48,482,113.36 Closing value of cash and sweep balances $12,317.32
Income summary * THIS PERIOD THIS YEAR
TAXABLE Money market/sweep funds 61.50 9,132.37
Interest 32,469.10 2,394,724.94
Ordinary dividends and ST capital gains 18,619.05 204,633.84 Total taxable income $51,149.65 $2,608,491.15
Total federally tax-exempt income $0.00 $0.00
Total income $51,149.65 $2,608,491.15
* Certain distributions made in the 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) 232,651.62 0.00 0.00
Long term (L) 896,227.44 0.00 0.00
Total $1,128,879.06 $0.00 $0.00
SNAPSHOT
072 ANCA ANC9
SNAPSHOT Page 3 of 22
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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: 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 11,891.09 Tax documents: X
Money market and sweep funds 426.23 Shareholder communications: X Available for loan 0.00 Other documents: X
Your total available funds $12,317.32
SNAPSHOT
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
ACCOUNT NUMBER:
Bond maturity schedule % OF
MATURING IN: AMOUNT MATURING CURRENT VALUE MATURING VALUE under 1 year 41,870,000.00 41,623,256.25 47.80
60,000,00 1 to 5 years 45,720,000.00 43,664,755.67 52.20 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 $87,590,000.00 $85,288,011.92 100.00%
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 -2,651.93 -80,908.58 Gross proceeds 6,198,812.63 45,575,595.75 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 0.01 11,891.09 0.00 N/A
ALLSPRING 0.00 426.23 18.00 4.27
GOVERNMENT MONEY MARKET
Interest Period 11/01/24 - 11/30/24
Total Cash and Sweep Balances 0.01 $12,317.32 $18.00
072 ANCA ANC9
Amount Maturing
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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 4.250% DUE 12/31/24
DTD 01/03/23 FC 06/30/23
Moody AAA
CUSIP 91282CGD7
Acquired 10/02/23 L 4.73 4,290,000 98.88 4,242,319.62 99.9630 4,288,412.70 46,093.08 76,299.05 182,325 4.25
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 L 5.72 5,215,000 95.21 4,965,249.23 99.3880 5,183,084.20 217,834.97 22,957.34 78,225 1.50
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 L 4,000,000 96.35 3,854,194.52 3,969,280.00 115,085.48 Acquired 08/10/23 L 5,330,000 95.31 5,080,154.94 5,289,065.60 208,910.66 Total 10.22 9,330,000 $95.75 $8,934,349.46 99.2320 $9,258,345.60 $323,996.14 $34,729.77 $163,275 1.76
US TREASURY
NOTES
CPN 3.125% DUE 08/15/25
DTD 08/15/22 FC 02/15/23
Moody AAA
CUSIP 91282CFE6
Acquired 11/30/23 S 1.60 1,465,000 97.59 1,429,755.44 99.0990 1,451,800.35 22,044.91 13,435.81 45,781 3.15 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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 3.500% DUE 09/15/25
DTD 09/15/22 FC 03/15/23
Moody AAA
CUSIP 91282CFK2
Acquired 03/15/23 L 4,000,000 99.85 3,994,132.00 3,972,680.00 -21,452.00 Acquired 08/09/23 L 15,120,000 97.78 14,785,075.41 15,016,730.40 231,654.99 Total 20.97 19,120,000 $18,779,207.4 99.3170 $18,989,410.40 $210,202.99 $142,343.65 $669,200 3.52 $98.21 1
US TREAS STRIPS 02/26
INTEREST PMT
DUE 02/15/26
DTD 02/15/96
Moody NR , S&P NR
CUSIP 912833LY4
Acquired 01/24/24 S 276,000 95.09 262,468.11 261,907.44 -560.67
91.79 253,355.50
Acquired 10/08/24 S 5,275,000 95.31 5,027,686.46 5,005,658.50 -22,027.96
94.77 4,999,423.80
Total 5.82 5,551,000 $95.30 $5,290,154.57 94.8940 $5,267,565.94 -$22,588.63 N/A N/A N/A $94.62 $5,252,779.30
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 L 4.30 4,000,000 96.38 3,855,382.00 97.3980 3,895,920.00 40,538.00 15,329.67 90,000 2.31
US TREASURY
NOTES
CPN 3.750% DUE 04/15/26
DTD 04/15/23 FC 10/15/23
Moody AAA
CUSIP 91282CGV7
Acquired 04/02/24 S 2.19 2,000,000 98.53 1,970,772.62 99.3000 1,986,000.00 15,227.38 9,684.06 75,000 3.77 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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 (%)
UNITED STATES TREAS SEC
INT PMT BD
DUE 05/15/26
DTD 11/15/96
Moody NR , S&P NR
CUSIP 912833LZ1
Acquired 10/22/24 S 4.41 4,255,000 94.37 4,015,703.38 93.9240 3,996,466.20 -19,237.18 N/A N/A N/A
93.98 3,999,109.60
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 L 4.16 4,000,000 91.07 3,643,007.00 94.2030 3,768,120.00 125,113.00 7,624.31 30,000 0.79
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 L 4.26 4,000,000 96.45 3,858,132.00 96.3820 3,855,280.00 -2,852.00 17,032.97 100,000 2.59
US TREASURY
NOTES
CPN 2.625% DUE 05/31/27
DTD 05/31/22 FC 11/30/22
Moody AAA
CUSIP 91282CET4
Acquired 03/21/24 S 2.39 2,245,000 95.32 2,139,978.18 96.4210 2,164,651.45 24,673.27 161.01 58,931 2.72
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 L 2.04 1,894,000 98.59 1,867,461.42 97.4020 1,844,793.88 -22,667.54 15,042.13 59,188 3.20 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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 1.250% DUE 04/30/28
DTD 04/30/21 FC 10/31/21
Moody AAA
CUSIP 91282CBZ3
Acquired 04/02/24 S 3.00 2,985,000 88.91 2,654,128.14 90.8980 2,713,305.30 59,177.16 3,195.27 37,313 1.37
US TREASURY
NOTES
CPN 1.375% DUE 12/31/28
DTD 12/31/21 FC 06/30/22
Moody AAA
CUSIP 91282CDP3
Acquired 02/15/24 S 5.03 5,075,000 88.22 4,477,363.89 89.8160 4,558,162.00 80,798.11 29,201.93 69,781 1.53
US TREASURY
NOTES
CPN 2.875% DUE 04/30/29
DTD 04/30/22 FC 10/31/22
Moody AAA
CUSIP 91282CEM9
Acquired 04/30/24 S 1.64 1,565,000 92.50 1,447,763.07 95.0540 1,487,595.10 39,832.03 3,853.05 44,994 3.02
US TREASURY
NOTES
CPN 4.000% DUE 10/31/29
DTD 10/31/22 FC 04/30/23
Moody AAA
CUSIP 91282CFT3
Acquired 11/07/24 S 3.30 3,000,000 99.61 2,988,405.43 99.5620 2,986,860.00 -1,545.43 10,276.24 120,000 4.01 Total Government Bonds 85.78 79,990,000 $76,559,132.8 $77,695,773.12$1,136,640.26 $401,166.26 $1,824,013 2.35 6 $76,505,163.8
1 ^ Denotes bonds with a maturity date in the next 60 days. Please contact us for further investment opportunities or any assistance. 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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.
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 (%) 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 L 0.28 250,000 100.00 250,000.00 100.0090 250,022.50 22.50 5,940.41 12,250 4.89
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 99.2340 198,468.00 -1,532.00 775.07 4,100 2.06
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 L 0.28 250,000 100.00 250,000.00 100.2340 250,585.00 585.00 2,481.17 13,125 5.23
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 L 0.28 250,000 100.00 250,000.00 100.2220 250,555.00 555.00 268.49 12,250 4.88
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 L 0.28 250,000 100.00 250,000.00 100.2020 250,505.00 505.00 232.54 12,125 4.84 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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 (%)
AMERICAN COML BK & TR CD
OTTAWA IL ACT/365
FDIC INSD
CPN 5.000% DUE 06/06/25
DTD 12/06/23 FC 01/06/24
CUSIP 02519ACB1
Acquired 11/29/23 L 0.28 250,000 100.00 250,000.00 100.2930 250,732.50 732.50 856.17 12,500 4.98
BANK OF HOPE CD
LOS ANGELES CA ACT/365
FDIC INSD
CPN 4.400% DUE 07/14/25
DTD 01/12/24 FC 07/12/24
CUSIP 062683JQ1
Acquired 01/04/24 S 0.28 250,000 100.00 250,000.00 99.9500 249,875.00 -125.00 4,279.46 11,000 4.40
FLAGSTAR BANK NA CD
TROY MI ACT/365
FDIC INSD
CPN 4.600% DUE 08/11/25
DTD 01/10/24 FC 07/10/24
CUSIP 33847GBY7
Acquired 01/04/24 S 0.28 250,000 100.00 250,000.00 100.0900 250,225.00 225.00 3,560.28 11,500 4.59
GOLDMAN SACHS BK USA CD
NEW YORK NY ACT/365
FDIC INSD
CPN 4.400% DUE 08/13/25
DTD 08/13/24 FC 08/13/25
CUSIP 38150VWM7
Acquired 08/05/24 S nc 0.28 250,000 100.00 250,000.00 99.9560 249,890.00 -110.00 3,315.07 11,000 4.40
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 L 0.28 250,000 100.00 250,000.00 100.5380 251,345.00 1,345.00 2,619.86 12,750 5.07 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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 (%)
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 L 0.28 250,000 100.00 250,000.00 100.5740 251,435.00 1,435.00 6,170.54 12,375 4.92
SALLIE MAE BANK/SALT CD
SALT LAKE CTY UT ACT/365
FDIC INSD
CPN 4.750% DUE 12/15/25
DTD 12/13/23 FC 06/13/24
CUSIP 795451DG5
Acquired 12/07/23 S 0.28 250,000 100.00 250,000.00 100.4360 251,090.00 1,090.00 5,563.35 11,875 4.72
BANK OF AMERICA NA CD
CHARLOTTE NC ACT/365
FDIC INSD
CPN 4.950% DUE 01/05/26
DTD 07/03/24 FC 01/03/25
CUSIP 06051XFE7
Acquired 06/26/24 S 0.28 250,000 100.00 250,000.00 100.6770 251,692.50 1,692.50 5,119.52 12,375 4.91
ISRAEL DISCOUNT BK OF CD
NEW YORK NY ACT/365
FDIC INSD
CPN 4.450% DUE 02/09/26
DTD 08/07/24 FC 02/07/25
CUSIP 465076UQ8
Acquired 08/05/24 S 0.28 250,000 100.00 250,000.00 100.1690 250,422.50 422.50 3,535.62 11,125 4.44
DOLLAR BANK FSB PA CD
PITTSBURGH PA ACT/365
FDIC INSD
CPN 4.000% DUE 02/27/26
DTD 08/28/24 FC 02/28/25
CUSIP 25665QDE2
Acquired 08/20/24 S 0.28 250,000 100.00 250,000.00 99.6540 249,135.00 -865.00 2,602.74 10,000 4.01 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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 (%)
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 96.7149 193,429.80 -6,570.20 142.47 4,000 2.06
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 L 0.28 250,000 100.00 250,000.00 100.8910 252,227.50 2,227.50 2,328.77 12,500 4.95
BARCLAYS BANK/DELAWAR CD
WILMINGTON DE ACT/365
FDIC INSD
CPN 4.000% DUE 08/28/26
DTD 08/28/24 FC 02/28/25
CUSIP 06740KSW8
Acquired 08/20/24 S 0.27 250,000 100.00 250,000.00 99.5640 248,910.00 -1,090.00 2,602.74 10,000 4.01
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 12/29/24 @ 100.000
CUSIP 88241TMC1
Acquired 10/22/21 L 0.26 250,000 100.00 250,000.00 94.2820 235,705.00 -14,295.00 15.06 2,750 1.16
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 L 0.22 200,000 100.00 200,000.00 101.4280 202,856.00 2,856.00 433.97 9,900 4.88 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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 (%)
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 0.26 250,000 100.00 250,000.00 94.0930 235,232.50 -14,767.50 181.17 2,875 1.22
CALPRIVATE BANK CD
LA JOLLA CA ACT/365
FDIC INSD
CPN 4.050% DUE 02/16/27
DTD 08/14/24 FC 02/14/25
CUSIP 13135NCY4
Acquired 08/05/24 S 0.28 250,000 100.00 250,000.00 99.7210 249,302.50 -697.50 3,023.63 10,125 4.06
VALLEY NATL BK WAYNE CD
WAYNE NJ ACT/365
FDIC INSD
CPN 4.600% DUE 03/11/27
DTD 03/11/24 FC 09/11/24
CUSIP 919853KW0
Acquired 03/05/24 S 0.28 250,000 100.00 250,000.00 100.9040 252,260.00 2,260.00 2,552.06 11,500 4.55
BRADESCO BANK CD
CORAL GABLES FL ACT/365
FDIC INSD
CPN 4.500% DUE 03/22/27
DTD 03/21/24 FC 09/21/24
CUSIP 10421AAT4
Acquired 03/05/24 S 0.28 250,000 100.00 250,000.00 100.7160 251,790.00 1,790.00 2,188.35 11,250 4.46
BNY MELLON NA CD
NEW YORK NY ACT/365
FDIC INSD
CPN 4.600% DUE 06/01/27
DTD 05/29/24 FC 11/29/24
CUSIP 05584CP59
Acquired 05/23/24 S 0.28 250,000 100.00 250,000.00 101.0740 252,685.00 2,685.00 4,883.57 11,500 4.55 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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 (%)
EAGLEMARK SVGS BK CD
CARSON CTY NV ACT/365
FDIC INSD
CPN 4.700% DUE 07/02/27
DTD 07/03/24 FC 01/03/25
CUSIP 27004PFE8
Acquired 06/26/24 S 0.28 250,000 100.00 250,000.00 101.3170 253,292.50 3,292.50 4,860.96 11,750 4.63
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 0.26 250,000 100.00 250,000.00 93.9480 234,870.00 -15,130.00 54.80 5,000 2.12
BEAL BANK USA CD
LAS VEGAS NV ACT/365
FDIC INSD
CPN 4.700% DUE 05/30/29
DTD 06/05/24 FC 12/05/24
CUSIP 07371DR66
Acquired 05/23/24 S 0.28 250,000 100.00 250,000.00 102.6310 256,577.50 6,577.50 5,762.33 11,750 4.57
BEAL BANK - PLANO TX CD
PLANO TX ACT/365
FDIC INSD
CPN 4.700% DUE 05/30/29
DTD 06/05/24 FC 12/05/24
CUSIP 07371BVU2
Acquired 05/23/24 S 0.28 250,000 100.00 250,000.00 102.6310 256,577.50 6,577.50 5,762.33 11,750 4.57
MORGAN STANLEY PVT BK CD
PURCHASE NY ACT/365
FDIC INSD
CPN 4.650% DUE 05/30/29
DTD 05/30/24 FC 11/30/24
CUSIP 61768E4J9
Acquired 05/23/24 S 0.28 250,000 100.00 250,000.00 102.3950 255,987.50 5,987.50 31.85 11,625 4.54 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
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 (%)
TOYOTA FINL SGS BK CD
HENDERSON NV ACT/365
FDIC INSD
CPN 4.500% DUE 06/28/29
DTD 06/28/24 FC 12/28/24
CUSIP 89235MPR6
Acquired 06/26/24 S 0.28 250,000 100.00 250,000.00 101.8230 254,557.50 4,557.50 4,808.22 11,250 4.41 Total Certificates of Deposit 8.38 7,600,000 $7,600,000.00 $7,592,238.80 -$7,761.20 $86,952.57 $319,875 4.21 Total Fixed Income Securities 94.17 $84,159,132.8 $85,288,011.92$1,128,879.06 $488,118.83 $2,143,888 2.51 6 $84,105,163.8
1 ^ 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.
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.
Although retail and government money market funds seek to preserve a net asset value (NAV) of $1.00 per share, in a negative interest rate environment, the fund's net asset value (NAV) may float to the nearest 1/100th of a cent (i.e., $0.9999). When the NAV is floating, the value of your investment will fluctuate and lose value.
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 10/31/24 S nc 4,983,049.90000 1.00 4,983,049.90 4,983,049.90 0.00 Acquired 11/26/24 S nc 269,121.88000 1.00 269,121.88 269,121.88 0.00 Reinvestments S nc 18,619.05000 1.00 18,619.05 18,619.05 0.00 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
ACCOUNT NUMBER:
Mutual Funds
Open End Mutual Funds continued
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 (%) Total 5.82 5,270,790.83000 $1.00 $5,270,790.83 1.0000 $5,270,790.83 $0.00 $256,688 4.87 Client Investment (Excluding Reinvestments) $5,252,171.78 Gain/Loss on Client Investment (Including Reinvestments) $18,619.05 Total Open End Mutual Funds 5.82 $5,270,790.83 $5,270,790.83 $0.00 $256,688 4.87 Total Mutual Funds 5.82 $5,270,790.83 $5,270,790.83 $0.00 $256,688 4.87 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 11/01 Cash DIVIDEND FIDELITY FUNDS 18,619.05
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
103124 10,931,862.53000
AS OF 10/31/24
11/06 Cash INTEREST AMERICAN COML BK & TR CD 1,061.64
OTTAWA IL ACT/365
FDIC INSD
CPN 5.000% DUE 06/06/25
DTD 12/06/23 FC 01/06/24
110624 250,000
CUSIP 02519ACB1
11/08 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
110824 250,000
CUSIP 90348JX96
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
ACCOUNT NUMBER:
Activity detail continued
Income and distributions
DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 11/15 Cash INTEREST DISCOVER BANK CD 4,990.68
GREENWOOD DE ACT/365
FDIC INSD
CPN 4.950% DUE 11/16/26
DTD 11/15/22 FC 05/15/23
111524 200,000
CUSIP 254673Z66
11/18 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
111824 200,000
CUSIP 99000QQW7
11/25 Cash INTEREST BMO HARRIS BANK NA CD 6,112.33
CHICAGO IL ACT/365
FDIC INSD
CPN 4.850% DUE 05/27/25
DTD 05/24/23 FC 11/24/23
112424 250,000
AS OF 11/24/24
CUSIP 05600XQK9
11/25 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
112324 250,000
AS OF 11/23/24
CUSIP 949764CT9
11/26 Cash INTEREST BANK HAPOALIM BM NY CD 6,364.38
NEW YORK NY ACT/365
FDIC INSD
CPN 5.050% DUE 11/26/24
DTD 05/26/23 FC 11/26/23
112624 250,000
CUSIP 06251A5N6
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
ACCOUNT NUMBER:
Activity detail continued
Income and distributions
DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 11/27 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
112724 250,000
CUSIP 15118RTH0
11/27 Cash DIVIDEND ALLSPRING 61.40
GOVERNMENT MONEY MARKET
SWEEP CLASS
11/29 Cash INTEREST BNY MELLON NA CD 5,797.26
NEW YORK NY ACT/365
FDIC INSD
CPN 4.600% DUE 06/01/27
DTD 05/29/24 FC 11/29/24
112924 250,000
CUSIP 05584CP59
11/29 Cash INTEREST MORGAN STANLEY PVT BK CD 5,860.27
PURCHASE NY ACT/365
FDIC INSD
CPN 4.650% DUE 05/30/29
DTD 05/30/24 FC 11/30/24
113024 250,000
AS OF 11/30/24
CUSIP 61768E4J9
11/29 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
112924 250,000
CUSIP 88241TMC1
11/29 Cash DIVIDEND ALLSPRING 0.10
GOVERNMENT MONEY MARKET
SWEEP CLASS
112924 426
Total Income and distributions: $51,149.65
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
ACCOUNT NUMBER:
Activity detail continued
Securities sold and redeemed
DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 11/07 Cash SALE -5,948,812.63000 FIDELITY FUNDS 1.0000 5,948,812.63
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
11/26 Cash REDEMPTION -250,000.00000 BANK HAPOALIM BM NY CD 250,000.00 NEW YORK NY ACT/365
FDIC INSD
CPN 5.050% DUE 11/26/24
DTD 05/26/23 FC 11/26/23
CUSIP 06251A5N6
Total Securities sold and redeemed: $6,198,812.63
Securities purchased
DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 11/01 Cash REINVEST DIV 18,619.05000 FIDELITY FUNDS -18,619.05
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
REINVEST AT 1.000
11/07 Cash PURCHASE 3,000,000.00000 US TREASURY 99.6132 -2,988,405.43 ACCRUED INT NOTES -2,651.93
CPN 4.000% DUE 10/31/29
DTD 10/31/22 FC 04/30/23
CUSIP 91282CFT3
11/26 Cash PURCHASE 269,121.88000 FIDELITY FUNDS 1.0000 -269,121.88
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
Total Securities purchased: -$3,278,798.29
Electronic funds transfer
DATE ACCOUNT TYPE TRANSACTION DESCRIPTION AMOUNT
11/12 Cash AUTO ACTIVITY ACH DIRECT DEPOSIT -3,000,000.00 TRACE # 121000240013876
FBO CITY OF MALIBU NA
TRANSFER TO
FIRST BANK
CHK XXXXXXXXXXXXX3702
Total Electronic funds transfer: -$3,000,000.00
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
ACCOUNT NUMBER:
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 11/01 BEGINNING BALANCE 1,649.62 11/19 TRANSFER TO ALLSPRING 339.73
GOVERNMENT MONEY MARKET
11/01 TRANSFER TO ALLSPRING 39,503.71 11/26 TRANSFER TO ALLSPRING 7,152.74
GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
11/07 TRANSFER TO ALLSPRING 1,061.64 11/27 TRANSFER FROM ALLSPRING -12,697.57
GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
11/12 TRANSFER TO ALLSPRING 2,957,999.45 11/29 REINVEST DIV ALLSPRING 0.10
GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
11/12 TRANSFER FROM ALLSPRING -3,000,000.00 11/29 TRANSFER TO ALLSPRING 426.13
GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
11/18 TRANSFER TO ALLSPRING 4,990.68 11/30 ENDING BALANCE 426.23
GOVERNMENT MONEY MARKET
Bank Deposits Through Teller November 1 - November 30
Wells Fargo Bank, N.A. (Member FDIC) Account number 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
11/01 BEGINNING BALANCE $0.00
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
ACCOUNT NUMBER:
Bank Deposits Through Teller continued
DATE TRANSACTION DESCRIPTION AMOUNT BANK BALANCE
11/30 ENDING BALANCE $0.00
Realized gain/loss
Realized Gain/Loss Summary
THIS PERIOD THIS PERIOD THIS PERIOD THIS YEAR THIS YEAR THIS YEAR
GAIN LOSS NET GAIN LOSS NET
Short term 0.00 0.00 0.00 0.00 0.00 0.00
Long term 0.00 0.00 0.00 0.00 0.00 0.00
Total Realized Gain/Loss $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Realized Gain/Loss Detail
Short term
ADJ PRICE/ DATE ADJ COST/
DESCRIPTION QUANTITY ORIG PRICE ACQUIRED CLOSE DATE PROCEEDS ORIG COST GAIN/LOSS FIDELITY FUNDS 178,357.59000 1.0000 09/30/24 11/07/24 nc 178,357.59 178,357.59 0.00
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
CUSIP 31607A802
25,274.68000 1.0000 10/01/24 11/07/24 nc 25,274.68 25,274.68 0.00 250,030.84000 1.0000 10/01/24 11/07/24 nc 250,030.84 250,030.84 0.00 5,495,149.52000 1.0000 10/31/24 11/07/24 5,495,149.52 5,495,149.52 nc 0.00 Total Short term $5,948,812.63 $5,948,812.63 $0.00
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
CITY OF MALIBU
RUTH QUINTO
NOVEMBER 1, 2024 - NOVEMBER 30, 2024
ACCOUNT NUMBER:
Realized Gain/Loss Detail continued
Long term
ADJ PRICE/ DATE ADJ COST/
DESCRIPTION QUANTITY ORIG PRICE ACQUIRED CLOSE DATE PROCEEDS ORIG COST GAIN/LOSS BANK HAPOALIM BM NY CD 250,000.00000 100.0000 05/18/23 11/26/24 250,000.00 250,000.00 0.00 NEW YORK NY ACT/365
FDIC INSD
CPN 5.050% DUE 11/26/24
DTD 05/26/23 FC 11/26/23
CUSIP 06251A5N6
Total Long term $250,000.00 $250,000.00 $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.
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
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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
Attachment 2
Agenda Item # 1.B.7.
Council Agenda Report
To: Mayor Stewart and the Honorable Members of the City Council Prepared by: Michele Cook, Human Resources Manager
Approved by: Joseph D. Toney, Acting City Manager
Date prepared: January 6, 2025 Meeting date: January 27, 2025 Subject: Restatements and Amendments of the City of Malibu 401(a) Plan and the City of Malibu 457(b) Plan
RECOMMENDED ACTION: Adopt Resolution No. 25-02 to approve restatements and amendments of the City of Malibu 401(a) Retirement Investment Plan and the City of Malibu 457(b) Retirement Investment Plan.
FISCAL IMPACT: There is no fiscal impact associated with the recommended action.
STRATEGIC PRIORITY: This item is part of the day-to-day operations identified in the Adopted FY 2024-25 Strategic Priority Project List.
DISCUSSION: City staff recognizes the importance of maintaining competitive and sustainable retirement investment plans that meet the needs of employees while aligning with the city’s fiscal goals. As part of this commitment, staff determined that a comprehensive review and comparison of the city’s current retirement investment plans were necessary. The City’s current investment plan provider is Mission Square. City staff contracted with USI Consulting Group to request proposals for review. USI presented the proposals for the two (2) top providers, Empower and VOYA Financial, in conjunction with the incumbent plan Misson Square, for a review of three (3) providers. The City of Malibu selected Empower based on a overall value following the analysis.
City staff seek approval for the proposed amendments and restatements of the 401(a) Plan and the 457(b) Plan, substantially in the form attached hereto and labeled Exhibit A and Exhibit B respectively. Moreover, amendments hereby designate that the City Manager of the City of Malibu shall act as the “Plan Administrator” of the 457(b) Plan, as that term is defined in Section 1.23 of the base plan document of the 457(b) Plan and shall administer the plan with discretionary authority as set forth therein. As such, the City Council Meeting
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amendments would authorize the City Manager of the City of Malibu, in his or her capacity as the City Manager, to sign all such documents as he or she deems appropriate to reflect the foregoing approvals.
ATTACHMENTS: Resolution No. 25-02
RESOLUTION NO. 25-02
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MALIBU
APPROVING THE ADOPTION OF THE RESTATEMENTS AND
AMENDMENTS OF THE CITY OF MALIBU 401(a) PLAN AND THE CITY OF MALIBU 457(b) PLAN
The City Council of the City of Malibu (the “City Council”) does hereby find, order and resolve as follows:
SECTION 1. Recitals.
A. WHEREAS, the staff of the City Council determined that it was advisable to solicit and review alternative record keeper candidates for the City of Malibu 401(a) Plan (the “401(a) Plan”) and the City of Malibu 457(b) Plan (the “457(b) Plan”) (collectively, the “Plans”) potentially to replace the current record keeper, the International City Management Association Retirement Corporation, currently known as Mission Square, (“ICMA”) ; B. WHEREAS, the staff engaged the services of USI Advisors (“USIA”) to assist it in the selection of candidate firms and the analysis of the data received from these firms in response to a questionnaire prepared by the staff and USIA, which included a description of their services and fees, a summary of the background and experience of their senior management and copies of their specimen service agreements; and
C. WHEREAS, upon consideration of all responses submitted by the candidate firms to the questionnaire and the analysis provided by USIA using its service provider comparison methodology, the staff determined that Empower is a more cost-efficient provider of the record keeping services that are necessary or convenient for the administration of the Plans compared to the ICMA and all the other respondents.
SECTION 2. The City Council does hereby approve the amendments and restatements of the 401(a) Plan and the 457(b) Plan, substantially in the form attached hereto and labeled Exhibit A and Exhibit B respectively;
SECTION 4. The City Council does hereby designate that the City Manager of the City of Malibu shall act as the “Plan Administrator” of the 457(b) Plan, as that term is defined in Section 1.23 of the base plan document of the 457(b) Plan and shall hold all the power and discretionary authority as set forth therein.
SECTION 6. The City Council does hereby designate and authorize the City Manager of the City of Malibu, in his capacity as the City Manager, to sign all such documents as he deems appropriate to reflect the foregoing approvals.
SECTION 7. The City Clerk shall certify to the passage and adoption of this resolution and enter it into the book of original resolutions.
PASSED, APPROVED, and ADOPTED this __th day of _____________, 2025.
Resolution No. 25-02
_____________________
DOUG STEWART, Mayor
ATTEST:
KELSEY PETTIJOHN, City Clerk
(seal)
APPROVED AS TO FORM:
TREVOR RUSIN, Interim City Attorney
Resolution No. 25-02
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Agenda Item # 1.B.8.
Council Agenda Report
To: Mayor Stewart and the Honorable Members of the City Council Prepared by: Kelsey Pettijohn, City Clerk
Approved by: Joseph D. Toney, Acting City Manager
Date prepared: January 21, 2025 Meeting date: January 27, 2025 Subject: Resolution Extending the Declaration of the Existence of a Local Emergency and Continuing a Program for Reducing the Risk of Fires Associated with Individuals Engaged in Unpermitted Camping RECOMMENDED ACTION: Adopt Resolution No. 25-03 extending the declaration of the existence of a local emergency and continuing a program for reducing the risk of fires associated with individuals engaged in unpermitted camping.
FISCAL IMPACT: There is no fiscal impact associated with the recommended action.
STRATEGIC PRIORITY: This item supports the Public Safety priority identified in the Adopted FY 2024-25 Strategic Priority Project List.
DISCUSSION: California Government Code Section 8630 empowers the City Council to proclaim the existence of a local emergency when there is extreme peril to the safety of persons and property within the territorial limits of the City. At the June 24, 2024, Regular City Council Meeting, the Council adopted Resolution 24-30 which established criteria for declaring the existence of a local emergency and initiating a program for reducing the risk of fires associated with individuals engaged in unpermitted camping in Very High Fire Hazard Severity Zones (VHFHSZ) and establishing criteria for when to terminate the local emergency. The criteria for declaring the existence of a local emergency was set at a Live Fuel Moisture (LFM) of 65% or less as determined by the Los Angeles County Fire Department Forestry Division for Santa Monica Mountains Chamise.
On September 27, 2024, the Los Angeles County Fire Department Forestry Division posted an LFM of 65% for Santa Monica Mountains Chamise. On October 14, 2024, the Council adopted Resolution No. 24-54, declaring the existence of a local emergency and initiating a program for reducing the risk of fires associated with individuals engaged in City Council Meeting
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Agenda Item # 1.B.8.
unpermitted camping. The Council last reviewed and extended this declaration December 9, 2024.
Staff has implemented the program for reducing the risk of fires associated with individuals engaged in unpermitted camping, which includes:
• Collaborating with the City of Malibu Outreach Team (MOT), Los Angeles County Sheriff’s Department (LASD), and LASD-Homeless Outreach Services Team (HOST) to identify encampments within the areas designated as VHFHSZ, provide outreach, and offer available resources;
• Collaborating with the MOT, LASD, and HOST to provide appropriate notification to those individuals living in hillside encampments of the potential threat to life and the prohibition in effect;
• Collaborating with the MOT, LASD, and HOST to ensure that the VHFHSZ remains free of encampments while also ensuring these efforts do not criminalize individuals living unhoused; and,
• Collaborating with LASD Arson Watch during Red Flag events to watch for signs of smoke columns and fire and communicate early alert and notification of potential wildfire incidents as well as unpermitted activity in canyons and VHFHSZ areas.
Resolution 24-30 also sets minimum criteria for terminating the local emergency, which includes:
• When the City has received a minimum of 2" of recorded rainfall as determined by Los Angeles County Department of Public Works Season Total (October 1- May 1) for the Big Rock Mesa site; and
• The Live Fuel Moisture is 80% or greater as determined by the Los Angeles County Fire Department Forestry Division for Santa Monica Mountains Chamise; and • There has been no Fire Weather Watch or Red Flag Warning in the previous two weeks; and
• When there is no Fire Weather Watch or Red Flag Warning in the extended forecast as determined by the National Weather Service (NWS) California Fire Weather Forecast for either the Malibu Coast or Santa Monica Mountains NRA.
On January 10, 2025, the Los Angeles County Fire Department Forestry Division posted an LFM of 59% for Santa Monica Mountains Chamise.
Government Code Section 8630 requires the City Council to review the need for continuing a local emergency at least once every 60 days until the City Council terminates the local emergency. As the minimum criteria for termination the local emergency established in Resolution No. 24-30 have not been met, Staff recommends that the Council adopt the attached Resolution extending the local emergency for fire risk conditions.
ATTACHMENTS: Resolution No. 25-03
RESOLUTION NO. 25-03
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MALIBU
EXTENDING THE DECLARATION OF THE EXISTENCE OF A LOCAL
EMERGENCY AND CONTINUING A PROGRAM FOR REDUCING THE
RISK OF FIRES ASSOCIATED WITH INDIVIDUALS ENGAGED IN
UNPERMITTED CAMPING
The City Council of the City of Malibu does hereby find, order and resolve as follows:
SECTION 1. Recitals.
A. Wildfires are a frequent disaster in California, causing significant harm and loss to individuals, communities, and wildlife. Malibu is among the areas devastated by wildfire - losing hundreds of homes and acres of vegetation and suffering hundreds of millions of dollars in damages in the 2018 Woolsey Fire which also took three lives.
B. A vegetation fire in Malibu at any time of the year poses a danger to life and property. A vegetation fire during a Red Flag event poses extreme peril to the safety of persons and property within Malibu. Historically, the most devastating wildfires in Malibu have occurred between September and January when the wildland and chaparral are at their driest, the Santa Ana winds are most prevalent, and the humidity is at its lowest.
C. CAL Fire has identified three zones based on increasing fire hazard severity:
medium, high, and very high. Considering various factors such as historical fire patterns, proximity to wildland and parkland, abundant chaparral, and severe drought, CAL FIRE has classified the entire area where the City of Malibu is situated as a Very High Fire Hazard Severity Zone (VHFHSZ).
D. Live fuel moisture (LFM) is a common indicator of fire risk and an LFM of 60% or lower is considered critical. Each year, local fire risk conditions have continually hit critical levels. And as climate change extends and exacerbates our local fire season, the risk of harm or loss of life for individuals increases.
E. Individuals engaged in unpermitted camping in the VHFHSZ are at significant risk of loss of life due to being trapped by wildfires since they are not likely to receive traditional emergency alerts sent through cell phones. In addition, individuals who are attempting to leave the mountainous region during a wildfire could be trapped by fires that start from the ember cast that precedes the fire front in a wind-driven fire. This situation also increases the risk that emergency responders may have to divert resources from fighting the fire to assist these individuals.
F. Individuals engaged in unpermitted camping in the VHFHSZ may be reliant on fires for everyday activities, including cooking food and keeping warm. These activities increase the risk of nearby brush catching fire and rapidly spreading.
G. Malibu has experienced numerous vegetation fires linked to individuals engaged in unpermitted camping in areas designated as VHFHSZ and in 2021, Malibu Attachment 1
Resolution No. 25-03
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experienced more than twenty-three fires attributed to this cause.
H. On June 24, 2024, the City Council adopted Resolution 24-30 which established criteria for declaring the existence of a local emergency and initiating a program for reducing the risk of fires associated with individuals engaged in unpermitted camping in VHFHSZ and establishing criteria for when to terminate the local emergency.
I. The criteria for declaring the existence of a local emergency were set at an LFM of 65% or less as determined by the Los Angeles County Fire Department Forestry Division for Santa Monica Mountains Chamise.
J. On September 27, 2024, the Los Angeles County Fire Department Forestry Division posted an LFM of 65% for Santa Monica Mountains Chamise.
K. On October 14, 2024, the Council adopted Resolution No. 24-54, declaring the existence of a local emergency and initiating a program for reducing the risk of fires associated with individuals engaged in unpermitted camping. This declaration was last reviewed and extended on December 9, 2024.
L. On January 10, 2025, the Los Angeles County Fire Department Forestry Division posted an LFM of 59% for Santa Monica Mountains Chamise.
SECTION 2. It is hereby proclaimed that:
1. The criteria for declaring the existence of a local emergency have been met. As such, the City Council finds that a declaration of local emergency remains valid and necessary, and will remain in effect until the extreme danger of wildfire subsides.
2. To prevent the occurrences of fire and loss of life and property, unpermitted camping is prohibited in areas designated as a VHFHZ in Malibu.
3. City staff is directed to act in collaboration with the Malibu Outreach Team, Los Angeles County Sheriff’s Department (LASD), and the LASD Homeless Outreach Services Team (HOST) to implement a program for reducing the risk of fires associated with individuals who are engaged in unpermitted camping.
SECTION 3. The local emergency shall be deemed to continue and exist until its termination is proclaimed by the City Council. As required by law, the City Council shall review the need to continue the state of emergency every 60 days until this resolution is terminated.
SECTION 4. This resolution and the actions taken and/or proposed herein are not a project pursuant to the California Environmental Quality Act (CEQA) since they are activities that are excluded from the definition of a project by section 21065 of the California Public Resources Code Resolution No. 25-03
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and section 15378(b) of the State CEQA Guidelines. The proposed actions are organizational or administrative activities of government which will not result in direct or indirect physical changes in the environment. In the alternative, find that the actions are exempt from CEQA as specific actions necessary to prevent or mitigate an emergency pursuant to section 21080(b)(4) and section 15269(c) of the State CEQA Guidelines.
SECTION 5. The City Clerk shall certify to the passage and adoption of this resolution and enter it into the book of original resolutions.
PASSED, APPROVED, and ADOPTED this __th day of ______ 2025. _____________________________
DOUG STEWART, Mayor
ATTEST:
__________________________________
KELSEY PETTIJOHN, City Clerk
(seal)
APPROVED AS TO FORM:
__________________________________
TREVOR RUSIN, Interim City Attorney
Agenda Item # 1.B.9.
Council Agenda Report
To: Mayor Stewart and the Honorable Members of the City Council Prepared by: Kelsey Pettijohn, City Clerk
Approved by: Joseph D. Toney, Acting City Manager
Date prepared: January 21, 2025 Meeting date: January 27, 2025 Subject: Resolution Extending the Declaration of the Existence of a Local Emergency Regarding Conditions on Pacific Coast Highway (PCH) RECOMMENDED ACTION: Adopt Resolution No. 25-04 extending the declaration of the existence of a local emergency related to the increase of reckless and illegal driving on pacific coast highway and directing staff to coordinate efforts with other governmental agencies to increase attention and create programs to reduce the risk and danger associated with Pacific Coast Highway in the City.
FISCAL IMPACT: There is no fiscal impact associated with the recommended action.
STRATEGIC PRIORITY: This item is part of the day-to-day operations identified in the Adopted FY 2024-25 Strategic Priority Project List.
DISCUSSION: On November 13, 2023, the Council adopted Resolution No. 23-52 declaring the existence of a local emergency in response to increasing reckless and illegal driving on PCH. The Council last reviewed and extended this declaration December 9, 2024.
The California Emergency Service Act allows the City to proclaim a local state of emergency when needed to protect the public safety in dire circumstances. The status and use of Pacific Coast Highway (“PCH”) currently constitutes a condition, or threatened condition, of extreme peril to the safety of persons and property within the City of Malibu.
PCH is the City’s main thoroughfare and each day serves as a commuting route, a residential street, a business corridor, and for persons accessing beaches and other local recreation amenities, a pathway used by pedestrians and cyclists. PCH is a California State Highway (State Route 1) that is managed and maintained by the California Department of Transportation (“Caltrans”) with a posted speed limit ranging between 45- City Council Meeting
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55 miles per hour in the City. Excessive speeding, reckless driving, unsafe U-turns, and distracted driving caused by cell phone use and other distractions have resulted in increased collisions with other motorists, cyclists and pedestrians on PCH that have resulted in injury and death.
According to data from the Statewide Integrated Traffic Records System obtained through UC Berkley’s Transportation Injury mapping system, between 2018 and 2022, there were 22 deadly crashes on PCH in the City, resulting in the death of 23 people. Data from the California Highway Patrol indicates that there have been 49 fatalities along PCH in Malibu from 2012-22. And finally, the Los Angeles Times has reported that there have been 170 combined deaths and serious injuries to drivers, passengers, cyclists, and pedestrians between 2011 and 2023 along PCH in the City. Further, countless other close calls or near misses from the danger posed by the conduct on PCH are impossible to quantify. Most recently, a crash occurred on PCH resulting in the tragic and unnecessary loss of four Pepperdine University students who were walking along PCH. According to authorities, the driver of the car was allegedly traveling at a speed in excess of 100 miles per hour when his vehicle lost control, sideswiped at least three parked cars, and then crashed into a group of people including the four Pepperdine University students and two others.
These statistics and the most recent tragedy are all consistent with the day-to-day experience of City residents, visitors, officials, and staff. PCH has become increasingly dangerous to residents and visitors due to the common occurrence of drivers speeding, driving recklessly, or driving while distracted. Residents and visitors are now forced to weigh and modify their use of PCH depending on the time of day and other factors (e.g., weather, weekend vs. weekday, existing traffic conditions, etc.) because of the danger posed. Despite efforts by the City and other governmental agencies to improve the safety of PCH, the point has been reached that the risk is just too great. The status quo is no longer acceptable and action must be taken to mitigate this local emergency.
PCH is a State Highway managed and controlled by Caltrans. Sections 83 and 90 of the Street and Highways Code state that Caltrans has jurisdiction, possession, control and responsibility for the maintenance of State Highways. Further sections of the Streets and Highways Code make clear that Caltrans is the entity with decision-making power over PCH in the City, including improvements, safety elements and speed limits. Further, Streets and Highway Code section 124 states that it is Caltrans, not the City, that can restrict the use of, or close, a State Highway for the protection of the public. Law enforcement agencies such as the Los Angeles County Sheriff’s Department (LASD) and the California Highway Patrol have enforcement jurisdiction over PCH for Vehicle Code violations and other code violations.
Safety on PCH is a problem that the City cannot address and fix alone. It and will need to work with Caltrans to make changes to PCH itself. Given its enforcement jurisdiction over PCH, the City can also work through the LASD to address vehicle code violations and related enforcement action. To effectively effect change, the City must coordinate and
Agenda Item # 1.B.9.
work together with its other governmental partners to implement strategies and solutions to reduce the danger on PCH for all users.
California Government Code Section 8630 empowers the City Council to proclaim the existence of a Local Emergency when there is extreme peril to the safety of persons and property within the territorial limits of the City. Additionally, California Government Code section 8634 empowers the City Council to promulgate orders and regulations necessary to provide for the protection of life and property during the time of a Local Emergency.
These statutes codify the constitutional “police powers” of local governments to adopt local legislation designed to protect the health, safety, and welfare of the community. Further, the City’s Municipal Code (Chapter 2.52) establishes the City’s disaster council and policies and procedures for dealing with a local emergency. The City’s purchasing ordinance (Chapter 2.56) allows for greater flexibility when making purchases for supplies or services in response to a local emergency. Thus, a declaration of local emergency provides the City greater flexibility to act expediently when trying to address and mitigate the danger posed by the local emergency. It may also aid in coordination with other governmental entities and allow the City access to other resources.
Government Code Section 8630 requires that the City Council review the need for continuing a local emergency at least once every 60 days until the City Council terminates the local emergency.
As such, City staff recommends adopting Resolution No. 25-04 extending the declaration of the existence of a local emergency. If adopted, the City Council will review, and as needed renew, this action at least every 60 days.
ENVIRONMENTAL REVIEW:
This resolution and the actions taken and/or proposed herein are not a project pursuant to the California Environmental Quality Act (CEQA) since they are activities that are excluded from the definition of a project by section 21065 of the California Public Resources Code and section 15378(b) of the State CEQA Guidelines. The proposed actions are organizational or administrative activities of government which will not result in direct or indirect physical changes in the environment. These actions are also exempt from CEQA as specific actions necessary to prevent or mitigate an emergency pursuant to section 21080(b)(4) and section 15269(c) of the State CEQA Guidelines. They also are exempt under CEQA Guidelines Section 15301 – existing facilities. Coordinating and improving infrastructure and safety as well as education and enforcement efforts for safer driving and use of PCH are all exempt activities. Further, to the extent there are minor/temporary uses of land having a negligible or no permanent effect on the environment, these activities are exempt under Section 15304(e) of the CEQA Guidelines.
ATTACHMENTS: Resolution No. 25-04
Attachment 1
RESOLUTION NO. 25-04
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MALIBU
EXTENDING THE DECLARATION OF THE EXISTENCE OF A LOCAL
EMERGENCY RELATED TO THE INCREASE OF RECKLESS AND
ILLEGAL DRIVING ON PACIFIC COAST HIGHWAY AND DIRECTING
STAFF TO COORDINATE EFFORTS WITH OTHER GOVERNMENTAL
AGENCIES TO INCREASE ATTENTION AND CREATE PROGRAMS TO
REDUCE THE RISK AND DANGER ASSOCIATED WITH PACIFIC COAST
HIGHWAY IN THE CITY
The City Council of the City of Malibu does hereby find, order, and resolve as follows:
SECTION 1. Recitals.
A. Condition or threatened conditions of extreme peril to the safety of persons and property have arisen within the City of Malibu caused by the increase in reckless and illegal driving on Pacific Coast Highway (“PCH”) in the City. This reckless and illegal driving has led to increased collisions with other motorists, cyclists and pedestrians, resulting in injury and death.
B. According to data from the Statewide Integrated Traffic Records System obtained through UC Berkley’s Transportation Injury mapping System, between 2018 and 2022 there were 22 deadly crashes on PCH in the City, resulting in the death of 23 people. According to data from the California Highway Patrol, there have been 49 fatalities along PCH through Malibu from 2012-22. According to the Los Angeles Times there have been 170 deaths and serious injuries to drivers, passengers, cyclists and pedestrians between 2011 and 2023.
C. On October 17, 2023, a crash occurred in the 21500 block of PCH resulting in the tragic loss of four Pepperdine University Students who were walking along the road. According to authorities, the driver of the car was traveling at a speed in excess of 100 miles per hour when he lost control, sideswiped at least three parked cars and then crashed into a group of people including the four Pepperdine University Students and two others.
D. PCH is a California State Highway managed and maintained by the California Department of Transportation (“Caltrans”). The posted speed limit along PCH in the City ranges between 45-55 miles per hour.
E. PCH is the City’s main thoroughfare and serves as a commuting route, a residential street and business corridor in the City.
F. City officials, City staff and City residents are tragically aware that PCH has become increasingly dangerous to residents, visitors and commuters, with drivers regularly exceeding the posted speed limits or driving recklessly or distracted which Resolution No. 25-04
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has resulted in not only the killing and maiming of pedestrians, cyclists and other motorists, but a collective fear and trauma about the risks posed by accessing PCH.
G. Despite efforts by the City and other governmental agencies to improve the safety of PCH, PCH continues to pose a threat to those who drive, walk and/or cycle along it. Serious and dangerous collisions continue to occur too regularly, with four additional fatalities since November 2023.
H. California Government Code Section 8630 empowers the City Council to proclaim the existence of a Local Emergency when there is extreme peril to the safety of persons and property within the territorial limits of the City. Additionally, California Government Code Section 8634 empowers the City Council to promulgate orders and regulations necessary to provide for the protection of life and property during the time of a Local Emergency. These statutes codify the constitutional “police powers” of local governments to adopt local legislation designed to protect the health, safety, and welfare of the community.
SECTION 2. It is hereby proclaimed that:
A. The above recitals are true and correct.
B. The increase in dangerous, illegal, reckless and/or distracted driving on PCH in the City currently poses extreme peril to persons and property in Malibu. As such, the City Council finds that the declaration of local emergency remains valid and necessary, and will remain in effect until the extreme danger has subsided.
C. To reduce and prevent the risks associated with dangers posed on PCH, City staff are directed to coordinate with Caltrans, the Los Angeles County Sheriff, the California Highway Patrol, and other entities and government agencies to implement programs, increase enforcement of existing laws and/or develop solutions to reduce the danger on PCH to pedestrians, cyclists and other motorists from dangerous, illegal, reckless and/or distracted driving on PCH.
D. The City Director of Emergency Services, or designee, is directed and authorized to address any and all impacts and conditions caused by the emergency and to obtain any and all aid and assistance from local, county, state, or federal agencies, including but not limited to aid and assistance pursuant to the California Disaster Assistance Act, California Government Code Section 8690 et. seq.
E. The City Manager, as the Purchasing Officer of the City pursuant to Malibu Municipal Code Section 2.56.040 (B) is authorized to make purchases of supplies or services exceeding twenty-five thousand dollars ($25,000.00) in compliance with Malibu Municipal Code, Chapter 2.56.
Resolution No. 25-04
_____________________
F. City staff are directed to report back to the City Council regarding programs and strategies proposed or implemented to mitigate the risk associated with this local emergency.
SECTION 3. The local emergency shall be deemed to continue and exist until its termination is proclaimed by the City Council. As required by law, the City Council shall review the need to continue the state of emergency every 60 days until this resolution is terminated.
SECTION 4. This resolution and the actions taken and/or proposed herein are not a project pursuant to the California Environmental Quality Act (CEQA) since they are activities that are excluded from the definition of a project by section 21065 of the California Public Resources Code and section 15378(b) of the State CEQA Guidelines. The proposed actions are organizational or administrative activities of government which will not result in direct or indirect physical changes in the environment. In the alternative, find that the actions are exempt from CEQA as specific actions necessary to prevent or mitigate an emergency pursuant to section 21080(b)(4) and section 15269(c) of the State CEQA Guidelines.
SECTION 5. The City Clerk shall certify the passage and adoption of this resolution and enter it into the book of original resolutions.
PASSED, APPROVED, and ADOPTED this __th day of ____ 2025. _____________________________
DOUG STEWART, Mayor
ATTEST:
__________________________________
KELSEY PETTIJOHN, City Clerk
(seal)
APPROVED AS TO FORM:
__________________________________
TREVOR RUSIN, Interim City Attorney
Agenda Item # 1.B.10.
Council Agenda Report
To: Mayor Stewart and the Honorable Members of the City Council Prepared by: Kelsey Pettijohn, City Clerk
Approved by: Joseph D. Toney, Acting City Manager
Date prepared: January 23, 2025 Meeting date: January 27, 2025 Subject: Resolution Extending the Declaration of the Existence of a Local Emergency Regarding the Franklin Fire
RECOMMENDED ACTION: Adopt Resolution No. 25-05, extending the declaration of the existence of a local emergency in response to the Franklin Fire.
FISCAL IMPACT: There is no fiscal impact associated with the recommended action.
The existence of the local emergency will potentially help qualify the City and its residents for reimbursement for certain disaster response expenditures.
STRATEGIC PRIORITY: This item supports the Public Safety and day-to-day operations identified in the Adopted FY 2024-25 Strategic Priority Project List. Responding to disasters is the City’s most immediate and top priority as part of the city's fundamental operations.
DISCUSSION: On December 9, 2024, the Franklin Fire started in the Santa Monica Mountains on Malibu Canyon Road, south of Piuma Road. The fire combined with high winds and power outages created conditions of extreme peril to the safety of persons and property. The Acting Director of Emergency Services (Assistant City Manager) proclaimed the existence of a local emergency on December 10, 2024.
On December 16, 2024, the City Council held a Special meeting and adopted Resolution No. 24-64, confirming the existence of a local emergency and ratifying the Proclamation of Existence of a Local Emergency.
Evacuation orders and response efforts for the Palisades Fire have delayed debris removal for the Franklin Fire affected area of the City. In addition, rain is forecasted in City Council Meeting
01-27-25
Item
1.B.10.
Agenda Item # 1.B.10.
the coming days, which, when combined with the damage caused by the firestorms, may trigger mudslides, creating even more dangerous conditions.
Government Code Section 8630 requires that the City Council review the need for continuing a local emergency at least once every 60 days until the City Council terminates the local emergency.
As such, City staff recommends adopting Resolution No. 25-05 extending the declaration of the existence of a local emergency. If adopted, the City Council will review, and as needed renew, this action at least every 60 days.
ATTACHMENTS: Resolution No. 25-05
Attachment 1
RESOLUTION NO. 25-05
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MALIBU
EXTENDING THE DECLARATION OF THE EXISTENCE OF A LOCAL
EMERGENCY IN RESPONSE TO THE FRANKLIN FIRE
The City Council of the City of Malibu does hereby find, order and resolve as follows:
SECTION 1. Recitals.
A. On December 9, 2024, the Franklin Fire started in the Santa Monica Mountains on Malibu Canyon Road, south of Piuma Road. The fire combined with high winds and power outages created conditions of extreme peril to the safety of persons and property.
B. The Acting Director of Emergency Services of the City proclaimed the existence of a local emergency on December 10, 2024.
C. On December 16, 2024, the City Council adopted Resolution No. 24-64, confirming the existence of a local emergency and ratifying the Proclamation of Existence of a Local Emergency.
D. Hazardous debris removal still needs to be completed and rain is forecasted in the upcoming days, which, when combined with the damage caused by the firestorms, may trigger mudslides, creating even more dangerous conditions.
SECTION 2. The City Council has reviewed the staff report and conditions justifying the state of local emergency in the City and finds that the declaration of a local emergency remains valid and necessary due to the on-going cleanup and rebuilding efforts coupled with the imminent threat of rain and mudslides. Such conditions result in extreme peril to the safety of persons and property located in the City.
SECTION 3. The local emergency shall be deemed to continue and exist until its termination is proclaimed by the City Council. As required by law, the City Council shall review the need to continue the state of emergency every 60 days until this resolution is terminated.
SECTION 4. The City Clerk shall certify to the passage and adoption of this resolution and enter it into the book of original resolutions.
PASSED, APPROVED, and ADOPTED this __th day of ____ 2025. _____________________________
DOUG STEWART, Mayor
ATTEST:
__________________________________
KELSEY PETTIJOHN, City Clerk
Resolution No. 25-05
_____________________
(seal)
APPROVED AS TO FORM:
__________________________________
TREVOR RUSIN, Interim City Attorney
City of Malibu
Memorandum
Agenda Item # 1.B.11.
To: Mayor Stewart and the Honorable Members of the City Council From: Ruth F. Quinto, CPA, City Treasurer
Subject: Investment Report for the Month Ending December 31, 2024 RECOMMENDED ACTION: Receive the Investment Report for the month ending December 31, 2024.
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 City’s portfolio is invested in the following categories:
Cash and Cash Equivalents 22.07%
U.S. Treasury 70.83%
U.S. Agencies 0.00%
Certificates of Deposit 7.10%
Investments month to month:
Investment
Issuer/Instrument Type
November 30, 2024 December 31, 2024
Amount
(in millions) Yield(A) %
Amount
(in millions) Yield(A) %
Operating Cash Cash $4.99 4.04% 5.10% $16.10 3.83% 15.53% LAIF Cash $2.24 4.45% 2.29% $2.24 4.40% 2.16%
CDs Investment $7.59 4.23% 7.76% $7.36 4.21% 7.10%
Treasury Bills Investment $0.00 0.00% 0.00% $0.00 0.00% 0.00% Treasury Notes Investment $68.43 4.25% 69.97% $64.13 4.19% 61.85% Treasury STRIPS Investment $9.26 4.02% 9.47% $9.31 4.02% 8.98% Money Market Cash $5.28 4.87% 5.40% $4.54 4.54% 4.38%
Total/Blended Yield $97.80 4.25% $103.68 4.14%
Total Duration(Years) 1.32 1.17
(A)Yield is based on Purchase Yield for Treasury Bills
2-Year U.S. Treasury Note Benchmark, as of December 31, 2024: 4.25%.
The fair market value of all investments held by the City is $103,675,162 as of December 31, 2024.
ATTACHMENTS:
1. City of Malibu Investment Statement
2. City of Malibu Portfolio Analysis Statement
City Council Meeting
1-27-25
Item
1.B.11.
SNAPSHOT
Current period ending December 31, 2024
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 SEE THE IMPORTANT NOTICE REGARDING FDIC INSURANCE ON PAGE 3. 23825 STUART RANCH ROAD
MALIBU CA 90265-4861 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.
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• Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested
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RSNIP-03012025-5924926.1.1 072 ANCA ANC9
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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.
News from Wells Fargo Advisors
Important notice regarding FDIC insurance
Insurance for bank deposit products is subject to FDIC rules, including for pass-through coverage, which require certain conditions to be satisfied for deposit insurance coverage to apply. Wells Fargo Clearing Services, LLC is not an FDIC-insured depository institution; FDIC deposit insurance only protects against the failure of an insured depository institution.
Banking products and services provided by nonaffiliated banks and Wells Fargo Bank, N.A., Member FDIC.
Introducing the Class Action Service
The General Account Agreement and Disclosure Document (the "GAADD") has been updated to reflect that we have retained Broadridge, a third-party service provider, to assist with recovery of potential settlements that may be due to you because of a class action lawsuit that involves a security you own or have owned in your eligible account(s) (the "Class Action Service"). Your eligible brokerage account(s) will be automatically enrolled in the Class Action Service as of January 2, 2025. The terms and conditions, including information on your right to opt-out of this service, are included below and are inserted as a new paragraph 20 in Section I of the GAADD. Broadridge will not file any potential class action claims on your behalf until February 12, 2025 in an effort to give you an opportunity to opt-out if you elect to do so. Please note that participating in the Class Action Service does not guarantee that you will receive a settlement payment and not all cases will result in compensation. Broadridge will deduct a 10% administration fee from any class action settlement payment received on your behalf as part of the Class Action Service.
20. Class Action Service (applicable unless you have opted out) Effective January 2, 2025, you understand and agree that eligible WFA accounts are automatically enrolled in the Class Action Service (the "Class Action Service"). If your account(s) is excluded from the Class Action Service, you may still participate in a class action lawsuit by submitting a claim form directly to the court-appointed claims administrator.
You understand and agree that enrollment of your account(s) in the Class Action Service authorizes a claim to be automatically filed on your behalf if WFA receives notice of a potential class action lawsuit that impacts securities purchased in your account(s) (an "Impacted Security"). You understand and agree that this authorization includes disclosing pertinent account information and the power to execute necessary documentation to complete and submit the claim to the court-appointed claims administrator and collect any recovery on your behalf. Once enrolled in the Class Action Service, this authorization will remain in effect, notwithstanding your disability or death, until we are notified to discontinue this authorization by you or someone authorized to act on your behalf. This Class Action Service is a separate administrative service, is not part of the advisory services offered in eligible WFA accounts, and WFA does not act in an advisory capacity when making this service available to you. Additionally, WFA will not provide legal advice to you regarding your participation in any class action.
The Class Action Service will be administered by Broadridge Investor Communication Solutions, Inc. ("Broadridge"). You understand and agree that, in exchange for administering the Class Action Service, Broadridge will deduct ten percent (10%) from any class action settlement payment received on your behalf as part of the Class Action Service.
If you are entitled to any class action settlement and your account remains open, you authorize us to credit to the account in which the purchase of an Impacted Security took place the amount of any recovery from the class action settlement net of the fee to Broadridge. If you are entitled to any class action settlement and your account in which the purchase of an Impacted Security took place has been closed, a check in the amount of your recovery net of the fee to Broadridge will be mailed to the most recent address of record for your closed account irrespective of whether you still have other open accounts enrolled in the Class Action Service. You agree to notify us if any settlement amounts received would not be considered "restorative payments" under IRS guidance.
You may cancel or opt-out of your enrollment in the Class Action Service at any time by notifying your Financial Advisor. You agree that canceling your enrollment in the Class Action Service after a claim has been filed on your behalf will not remove you from participation in that particular class action lawsuit. If you cancel your enrollment in the Class Action Service and wish to reenroll, you understand that you will be required to agree to the terms and conditions for the Class Action Service in effect at the time of reenrollment. To reenroll, contact your Financial Advisor. WFA reserves the right to terminate the Class Action Service at any time upon notice to you.
You understand that once your account(s) is enrolled in the Class Action Service, WFA will not notify you prior to the submission of any class action claim for which your account(s) is eligible. If you would like to inquire about opting out of a certain class action lawsuit without unenrolling from the Class Action Service, please contact your Financial Advisor. You agree that you cannot opt out of a class action lawsuit once the Class Action Service has filed a class action claim on your behalf. You further agree that you cannot separately bring a News from Wells Fargo Advisors continued
lawsuit on your own behalf, either contemporaneously or in the future against any named defendant in connection with such particular class action lawsuit. You further understand and agree that once the Class Action Service files a class action claim on your behalf, you will not assert: (a) any dissenters' or similar rights under any applicable law, rule, or regulation; (b) any right to require partition or appraisal of any company that is the subject of a potential class action lawsuit or of any of said company's assets or to cause the sale of such company's property; or (c) any right to maintain any action for partition or to compel any sale with respect to shares held by other shareholders or with respect to any of said company's property.
You understand and agree that enrollment of your account(s) in the Class Action Service does not guarantee that you will receive a settlement payment for any given class action lawsuit. Neither WFA nor our affiliates take any responsibility for the outcome of any given class action lawsuit, and you agree to indemnify and hold WFA and our affiliates harmless for all actions taken in connection with the Class Action Service. You further understand that the greater the number of clients enrolled in the Class Action Service, the smaller any potential settlement payment received by each client will be in the event of any class action settlement recovery.
You understand and agree that WFA may, for any reason and in its sole discretion, refuse to submit a claim for any class action for which you are otherwise entitled to submit a claim while your account(s) is enrolled in the Class Action Service. If WFA elects not to submit a claim on your behalf while your account(s) is enrolled in the Class Action Service, WFA will notify you in writing in advance of the submission deadline for the particular class action and provide you with the individual class action notices so that you may submit the claim form(s) directly to the court-appointed claims administrator if you want to participate in that class action lawsuit.
You understand and agree that neither WFA nor our affiliates express any opinion or belief about your participation in the Class Action Service, which may include the filing of a claim on your behalf in a class action lawsuit involving an Impacted Security for which WFA or our affiliates were a syndicate leader or an underwriter and/or continue to make a market.
You understand that if you have any objections or concerns regarding, or would like to inquire into, the nature of WFA's relationship to any Impacted Security, you may contact your Financial Advisor.
Important information for investment advisory clients
Wells Fargo Advisors is committed to providing excellent service and investment guidance tailored to our advisory clients' unique financial goals. To help us maintain this level of service, please contact the Financial Advisor or team of Financial Advisors listed on your brokerage statement if there have been any changes to your financial situation or investment objectives or if you wish to impose or change any reasonable restrictions on the management of your account.
For Intuitive Investor clients, please contact a Financial Advisor at 1-855-360-4407 (Monday-Friday 8AM-8PM ET).
SNAPSHOT Page 2 of 24
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
ACCOUNT NUMBER:
Cash flow summary THIS PERIOD THIS YEAR
Opening value of cash and sweep balances $12,317.32
Income and distributions 218,969.95 2,848,395.29
Securities sold and redeemed 9,722,741.01 55,298,336.76 Net additions to cash $9,941,710.96 $58,146,732.05
Securities purchased -4,454,027.43 -49,936,140.79
Electronic funds transfers -5,500,000.00 -8,500,000.00
Net subtractions from cash -$9,954,027.43 -$58,436,140.79 Closing value of cash and sweep balances $0.85
Income summary * THIS PERIOD THIS YEAR
TAXABLE Money market/sweep funds 70.66 9,203.03
Interest 194,544.80 2,589,269.74
Ordinary dividends and ST capital gains 24,354.49 228,988.33 Total taxable income $218,969.95 $2,827,461.10
Total federally tax-exempt income $0.00 $0.00
Total income $218,969.95 $2,827,461.10
* Certain distributions made in the 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) 133,957.79 0.00 0.00
Long term (L) 958,057.39 0.00 0.00
Total $1,092,015.18 $0.00 $0.00
SNAPSHOT
072 ANCA ANC9
SNAPSHOT Page 3 of 24
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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: 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 -7,614.33 Tax documents: X
Money market and sweep funds 7,615.18 Shareholder communications: X Available for loan 0.00 Other documents: X
Your total available funds $0.85
SNAPSHOT
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
ACCOUNT NUMBER:
Bond maturity schedule % OF
MATURING IN: AMOUNT MATURING CURRENT VALUE MATURING VALUE under 1 year 37,330,000.00 37,156,837.45 44.95
60,000,00 1 to 5 years 45,720,000.00 43,633,522.37 55.05 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 $83,050,000.00 $80,790,359.82 100.00%
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 0.00 -80,908.58 Gross proceeds 9,722,741.01 55,298,336.76 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 -0.01 -7,614.33 0.00 N/A
ALLSPRING 0.01 7,615.18 315.00 4.13
GOVERNMENT MONEY MARKET
Interest Period 12/01/24 - 12/31/24
Total Cash and Sweep Balances 0.00 $0.85 $315.00
072 ANCA ANC9
Amount Maturing
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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 1.500% DUE 02/15/25
DTD 02/15/22 FC 08/15/22
Moody AAA
CUSIP 91282CDZ1
Acquired 08/09/23 L 6.09 5,215,000 95.21 4,965,249.23 99.6490 5,196,695.35 231,446.12 29,546.95 78,225 1.50
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 L 4,000,000 96.35 3,854,194.52 3,979,840.00 125,645.48 Acquired 08/10/23 L 5,330,000 95.31 5,080,154.94 5,303,136.80 222,981.86 Total 10.88 9,330,000 $95.75 $8,934,349.46 99.4960 $9,282,976.80 $348,627.34 $48,711.88 $163,275 1.76
US TREASURY
NOTES
CPN 3.125% DUE 08/15/25
DTD 08/15/22 FC 02/15/23
Moody AAA
CUSIP 91282CFE6
Acquired 11/30/23 L 1.70 1,465,000 97.59 1,429,755.44 99.3060 1,454,832.90 25,077.46 17,292.38 45,781 3.14
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 L 4,000,000 99.85 3,994,132.00 3,978,680.00 -15,452.00 Acquired 08/09/23 L 15,120,000 97.78 14,785,075.41 15,039,410.40 254,334.99 Total 22.29 19,120,000 $18,779,207.4 99.4670 $19,018,090.40 $238,882.99 $199,650.83 $669,200 3.52 $98.21 1
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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 TREAS STRIPS 02/26
INTEREST PMT
DUE 02/15/26
DTD 02/15/96
Moody NR , S&P NR
CUSIP 912833LY4
Acquired 01/24/24 S 276,000 95.42 263,386.65 263,199.12 -187.53
91.79 253,355.50
Acquired 10/08/24 S 5,275,000 95.63 5,044,535.35 5,030,345.50 -14,189.85
94.77 4,999,423.80
Total 6.20 5,551,000 $95.62 $5,307,922.00 95.3620 $5,293,544.62 -$14,377.38 N/A N/A N/A $94.62 $5,252,779.30
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 L 4.57 4,000,000 96.38 3,855,382.00 97.5840 3,903,360.00 47,978.00 22,994.50 90,000 2.30
US TREASURY
NOTES
CPN 3.750% DUE 04/15/26
DTD 04/15/23 FC 10/15/23
Moody AAA
CUSIP 91282CGV7
Acquired 04/02/24 S 2.33 2,000,000 98.53 1,970,772.62 99.3660 1,987,320.00 16,547.38 16,071.43 75,000 3.77
UNITED STATES TREAS SEC
INT PMT BD
DUE 05/15/26
DTD 11/15/96
Moody NR , S&P NR
CUSIP 912833LZ1
Acquired 10/22/24 S 4.70 4,255,000 94.69 4,029,467.35 94.3210 4,013,358.55 -16,108.80 N/A N/A N/A
93.98 3,999,109.60
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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 0.750% DUE 08/31/26
DTD 08/31/21 FC 02/28/22
Moody AAA
CUSIP 91282CCW9
Acquired 03/15/23 L 4.43 4,000,000 91.07 3,643,007.00 94.4340 3,777,360.00 134,353.00 10,193.37 30,000 0.79
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 L 4.51 4,000,000 96.45 3,858,132.00 96.2900 3,851,600.00 -6,532.00 25,549.46 100,000 2.59
US TREASURY
NOTES
CPN 2.625% DUE 05/31/27
DTD 05/31/22 FC 11/30/22
Moody AAA
CUSIP 91282CET4
Acquired 03/21/24 S 2.53 2,245,000 95.32 2,139,978.18 96.2670 2,161,194.15 21,215.97 5,180.77 58,931 2.72
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 L 2.16 1,894,000 98.59 1,867,461.42 97.1200 1,839,452.80 -28,008.62 20,110.67 59,188 3.21
US TREASURY
NOTES
CPN 1.250% DUE 04/30/28
DTD 04/30/21 FC 10/31/21
Moody AAA
CUSIP 91282CBZ3
Acquired 04/02/24 S 3.17 2,985,000 88.91 2,654,128.14 90.5940 2,704,230.90 50,102.76 6,390.54 37,313 1.37 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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 1.375% DUE 12/31/28
DTD 12/31/21 FC 06/30/22
Moody AAA
CUSIP 91282CDP3
Acquired 02/15/24 S 5.30 5,075,000 88.22 4,477,363.89 89.1720 4,525,479.00 48,115.11 189.62 69,781 1.54
US TREASURY
NOTES
CPN 2.875% DUE 04/30/29
DTD 04/30/22 FC 10/31/22
Moody AAA
CUSIP 91282CEM9
Acquired 04/30/24 S 1.73 1,565,000 92.50 1,447,763.07 94.1250 1,473,056.25 25,293.18 7,706.11 44,994 3.05
US TREASURY
NOTES
CPN 4.000% DUE 10/31/29
DTD 10/31/22 FC 04/30/23
Moody AAA
CUSIP 91282CFT3
Acquired 11/07/24 S 3.46 3,000,000 99.61 2,988,405.43 98.3170 2,949,510.00 -38,895.43 20,552.48 120,000 4.06 Total Government Bonds 86.05 75,700,000 $72,348,344.6 $73,432,061.72$1,083,717.08 $430,140.99 $1,641,688 2.24 4 $72,262,844.1
9 ^ Denotes bonds with a maturity date in the next 60 days. Please contact us for further investment opportunities or any assistance. 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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.
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 (%)
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 0.23 200,000 100.00 200,000.00 99.4860 198,972.00 -1,028.00 1,123.29 4,100 2.06
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 L 0.29 250,000 100.00 250,000.00 100.2080 250,520.00 520.00 3,595.89 13,125 5.23
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 L 0.29 250,000 100.00 250,000.00 100.2520 250,630.00 630.00 302.05 12,250 4.88
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 L 0.29 250,000 100.00 250,000.00 100.2480 250,620.00 620.00 1,262.33 12,125 4.83
AMERICAN COML BK & TR CD
OTTAWA IL ACT/365
FDIC INSD
CPN 5.000% DUE 06/06/25
DTD 12/06/23 FC 01/06/24
CUSIP 02519ACB1
Acquired 11/29/23 L 0.29 250,000 100.00 250,000.00 100.3270 250,817.50 817.50 890.41 12,500 4.98 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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 OF HOPE CD
LOS ANGELES CA ACT/365
FDIC INSD
CPN 4.400% DUE 07/14/25
DTD 01/12/24 FC 07/12/24
CUSIP 062683JQ1
Acquired 01/04/24 S 0.29 250,000 100.00 250,000.00 100.0860 250,215.00 215.00 5,213.70 11,000 4.39
FLAGSTAR BANK NA CD
TROY MI ACT/365
FDIC INSD
CPN 4.600% DUE 08/11/25
DTD 01/10/24 FC 07/10/24
CUSIP 33847GBY7
Acquired 01/04/24 S 0.29 250,000 100.00 250,000.00 100.2290 250,572.50 572.50 4,536.99 11,500 4.58
GOLDMAN SACHS BK USA CD
NEW YORK NY ACT/365
FDIC INSD
CPN 4.400% DUE 08/13/25
DTD 08/13/24 FC 08/13/25
CUSIP 38150VWM7
Acquired 08/05/24 S nc 0.29 250,000 100.00 250,000.00 100.1090 250,272.50 272.50 4,249.32 11,000 4.39
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 L 0.29 250,000 100.00 250,000.00 100.6490 251,622.50 1,622.50 3,702.74 12,750 5.06
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 L 0.30 250,000 100.00 250,000.00 100.7130 251,782.50 1,782.50 1,017.12 12,375 4.91 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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 (%)
SALLIE MAE BANK/SALT CD
SALT LAKE CTY UT ACT/365
FDIC INSD
CPN 4.750% DUE 12/15/25
DTD 12/13/23 FC 06/13/24
CUSIP 795451DG5
Acquired 12/07/23 L 0.29 250,000 100.00 250,000.00 100.5970 251,492.50 1,492.50 618.15 11,875 4.72
BANK OF AMERICA NA CD
CHARLOTTE NC ACT/365
FDIC INSD
CPN 4.950% DUE 01/05/26
DTD 07/03/24 FC 01/03/25
CUSIP 06051XFE7
Acquired 06/26/24 S 0.30 250,000 100.00 250,000.00 100.8160 252,040.00 2,040.00 6,170.54 12,375 4.90
ISRAEL DISCOUNT BK OF CD
NEW YORK NY ACT/365
FDIC INSD
CPN 4.450% DUE 02/09/26
DTD 08/07/24 FC 02/07/25
CUSIP 465076UQ8
Acquired 08/05/24 S 0.29 250,000 100.00 250,000.00 100.3630 250,907.50 907.50 4,480.48 11,125 4.43
DOLLAR BANK FSB PA CD
PITTSBURGH PA ACT/365
FDIC INSD
CPN 4.000% DUE 02/27/26
DTD 08/28/24 FC 02/28/25
CUSIP 25665QDE2
Acquired 08/20/24 S 0.29 250,000 100.00 250,000.00 99.8920 249,730.00 -270.00 3,452.06 10,000 4.00
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 0.23 200,000 100.00 200,000.00 97.0723 194,144.60 -5,855.40 153.43 4,000 2.06 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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 (%)
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 L 0.30 250,000 100.00 250,000.00 101.0560 252,640.00 2,640.00 3,390.41 12,500 4.94
BARCLAYS BANK/DELAWAR CD
WILMINGTON DE ACT/365
FDIC INSD
CPN 4.000% DUE 08/28/26
DTD 08/28/24 FC 02/28/25
CUSIP 06740KSW8
Acquired 08/20/24 S 0.29 250,000 100.00 250,000.00 99.8730 249,682.50 -317.50 3,452.06 10,000 4.00
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 01/29/25 @ 100.000
CUSIP 88241TMC1
Acquired 10/22/21 L 0.28 250,000 100.00 250,000.00 94.8320 237,080.00 -12,920.00 22.60 2,750 1.15
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 L 0.24 200,000 100.00 200,000.00 101.6870 203,374.00 3,374.00 1,274.79 9,900 4.86
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 0.28 250,000 100.00 250,000.00 94.6520 236,630.00 -13,370.00 189.04 2,875 1.21 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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 (%)
CALPRIVATE BANK CD
LA JOLLA CA ACT/365
FDIC INSD
CPN 4.050% DUE 02/16/27
DTD 08/14/24 FC 02/14/25
CUSIP 13135NCY4
Acquired 08/05/24 S 0.29 250,000 100.00 250,000.00 100.0700 250,175.00 175.00 3,883.56 10,125 4.04
VALLEY NATL BK WAYNE CD
WAYNE NJ ACT/365
FDIC INSD
CPN 4.600% DUE 03/11/27
DTD 03/11/24 FC 09/11/24
CUSIP 919853KW0
Acquired 03/05/24 S 0.30 250,000 100.00 250,000.00 101.2080 253,020.00 3,020.00 3,528.77 11,500 4.54
BRADESCO BANK CD
CORAL GABLES FL ACT/365
FDIC INSD
CPN 4.500% DUE 03/22/27
DTD 03/21/24 FC 09/21/24
CUSIP 10421AAT4
Acquired 03/05/24 S 0.30 250,000 100.00 250,000.00 101.0260 252,565.00 2,565.00 3,143.83 11,250 4.45
BNY MELLON NA CD
NEW YORK NY ACT/365
FDIC INSD
CPN 4.600% DUE 06/01/27
DTD 05/29/24 FC 11/29/24
CUSIP 05584CP59
Acquired 05/23/24 S 0.30 250,000 100.00 250,000.00 101.3500 253,375.00 3,375.00 94.52 11,500 4.53
EAGLEMARK SVGS BK CD
CARSON CTY NV ACT/365
FDIC INSD
CPN 4.700% DUE 07/02/27
DTD 07/03/24 FC 01/03/25
CUSIP 27004PFE8
Acquired 06/26/24 S 0.30 250,000 100.00 250,000.00 101.5970 253,992.50 3,992.50 5,858.90 11,750 4.62 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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 0.28 250,000 100.00 250,000.00 94.3630 235,907.50 -14,092.50 68.50 5,000 2.11
BEAL BANK USA CD
LAS VEGAS NV ACT/365
FDIC INSD
CPN 4.700% DUE 05/30/29
DTD 06/05/24 FC 12/05/24
CUSIP 07371DR66
Acquired 05/23/24 S 0.30 250,000 100.00 250,000.00 102.8010 257,002.50 7,002.50 1,834.93 11,750 4.57
BEAL BANK - PLANO TX CD
PLANO TX ACT/365
FDIC INSD
CPN 4.700% DUE 05/30/29
DTD 06/05/24 FC 12/05/24
CUSIP 07371BVU2
Acquired 05/23/24 S 0.30 250,000 100.00 250,000.00 102.8010 257,002.50 7,002.50 1,834.93 11,750 4.57
MORGAN STANLEY PVT BK CD
PURCHASE NY ACT/365
FDIC INSD
CPN 4.650% DUE 05/30/29
DTD 05/30/24 FC 11/30/24
CUSIP 61768E4J9
Acquired 05/23/24 S 0.30 250,000 100.00 250,000.00 102.5910 256,477.50 6,477.50 1,019.18 11,625 4.53 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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 (%)
TOYOTA FINL SGS BK CD
HENDERSON NV ACT/365
FDIC INSD
CPN 4.500% DUE 06/28/29
DTD 06/28/24 FC 12/28/24
CUSIP 89235MPR6
Acquired 06/26/24 S 0.30 250,000 100.00 250,000.00 102.0140 255,035.00 5,035.00 123.29 11,250 4.41 Total Certificates of Deposit 8.62 7,350,000 $7,350,000.00 $7,358,298.10 $8,298.10 $70,487.81 $307,625 4.18 Total Fixed Income Securities 94.68 $79,698,344.6 $80,790,359.82$1,092,015.18 $500,628.80 $1,949,313 2.41 4 $79,612,844.1
9 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.
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.
Although retail and government money market funds seek to preserve a net asset value (NAV) of $1.00 per share, in a negative interest rate environment, the fund's net asset value (NAV) may float to the nearest 1/100th of a cent (i.e., $0.9999). When the NAV is floating, the value of your investment will fluctuate and lose value.
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 11/26/24 S nc 88,049.82000 1.00 88,049.82 88,049.82 0.00 Acquired 12/13/24 S nc 6,005.48000 1.00 6,005.48 6,005.48 0.00 Acquired 12/31/24 S nc 4,423,667.46000 1.00 4,423,667.46 4,423,667.46 0.00 Reinvestments S nc 24,354.49000 1.00 24,354.49 24,354.49 0.00 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
ACCOUNT NUMBER:
Mutual Funds
Open End Mutual Funds continued
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 (%) Total 5.32 4,542,077.25000 $1.00 $4,542,077.25 1.0000 $4,542,077.25 $0.00 $206,210 4.54 Client Investment (Excluding Reinvestments) $4,517,722.76 Gain/Loss on Client Investment (Including Reinvestments) $24,354.49 Total Open End Mutual Funds 5.32 $4,542,077.25 $4,542,077.25 $0.00 $206,210 4.54 Total Mutual Funds 5.32 $4,542,077.25 $4,542,077.25 $0.00 $206,210 4.54 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 12/02 Cash DIVIDEND FIDELITY FUNDS 24,354.49
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
112924 5,270,790.83000
AS OF 11/29/24
12/02 Cash INTEREST US TREASURY 29,465.63
NOTES
CPN 2.625% DUE 05/31/27
DTD 05/31/22 FC 11/30/22
113024 2,245,000
AS OF 11/30/24
CUSIP 91282CET4
12/02 Cash INTEREST STATE BANK OF INDIA CD 6,204.45
NEW YORK NY ACT/365
FDIC INSD
CPN 4.950% DUE 12/02/25
DTD 12/02/22 FC 06/02/23
120224 250,000
CUSIP 856285V81
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
ACCOUNT NUMBER:
Activity detail continued
Income and distributions
DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 12/05 Cash INTEREST BEAL BANK USA CD 5,891.10
LAS VEGAS NV ACT/365
FDIC INSD
CPN 4.700% DUE 05/30/29
DTD 06/05/24 FC 12/05/24
120524 250,000
CUSIP 07371DR66
12/05 Cash INTEREST BEAL BANK - PLANO TX CD 5,891.10
PLANO TX ACT/365
FDIC INSD
CPN 4.700% DUE 05/30/29
DTD 06/05/24 FC 12/05/24
120524 250,000
CUSIP 07371BVU2
12/06 Cash INTEREST AMERICAN COML BK & TR CD 1,027.40
OTTAWA IL ACT/365
FDIC INSD
CPN 5.000% DUE 06/06/25
DTD 12/06/23 FC 01/06/24
120624 250,000
CUSIP 02519ACB1
12/09 Cash INTEREST MANUF & TRADERS TR CO CD 6,208.90
BUFFALO NY ACT/365
FDIC INSD
CPN 4.900% DUE 12/09/24
DTD 12/07/22 FC 06/07/23
120924 250,000
CUSIP 564759RJ9
12/09 Cash INTEREST UBS BANK USA CD 236.30
SALT LAKE CTY UT ACT/365
FDIC INSD
CPN 1.150% DUE 12/08/26
DTD 12/08/21 FC 01/08/22
120824 250,000
AS OF 12/08/24
CUSIP 90348JX96
12/11 Cash DIVIDEND ALLSPRING 68.49
GOVERNMENT MONEY MARKET
SWEEP CLASS
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
ACCOUNT NUMBER:
Activity detail continued
Income and distributions
DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 12/13 Cash INTEREST SALLIE MAE BANK/SALT CD 5,953.77
SALT LAKE CTY UT ACT/365
FDIC INSD
CPN 4.750% DUE 12/15/25
DTD 12/13/23 FC 06/13/24
121324 250,000
CUSIP 795451DG5
12/16 Cash DIVIDEND ALLSPRING 0.02
GOVERNMENT MONEY MARKET
SWEEP CLASS
12/18 Cash INTEREST COMENITY BANK CD 328.77
WILMINGTON DE ACT/365
JUMBO CD FDIC INSURED
CPN 2.000% DUE 03/18/26
DTD 03/18/22 FC 04/18/22
121824 200,000
CUSIP 99000QQW7
12/23 Cash INTEREST WELLS FARGO BANK NA CD 1,006.85
SIOUX FALLS SD ACT/365
FDIC INSD
CPN 4.900% DUE 05/23/25
DTD 05/23/23 FC 06/23/23
122324 250,000
CUSIP 949764CT9
12/27 Cash INTEREST CELTIC BANK CD 410.96
SALT LAKE CTY UT ACT/365
FDIC INSD
CPN 2.000% DUE 12/27/27
DTD 12/27/19 FC 01/27/20
122724 250,000
CUSIP 15118RTH0
12/30 Cash INTEREST TEXAS EXCHANGE BK SSB CD 226.03
CROWLEY TX ACT/365
CALLABLE FDIC INSD
CPN 1.100% DUE 10/29/26
DTD 10/29/21 FC 11/29/21
122924 250,000
AS OF 12/29/24
CUSIP 88241TMC1
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
ACCOUNT NUMBER:
Activity detail continued
Income and distributions
DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 12/30 Cash INTEREST TOYOTA FINL SGS BK CD 5,640.41
HENDERSON NV ACT/365
FDIC INSD
CPN 4.500% DUE 06/28/29
DTD 06/28/24 FC 12/28/24
122824 250,000
AS OF 12/28/24
CUSIP 89235MPR6
12/31 Cash INTEREST US TREASURY 91,162.50
NOTES
CPN 4.250% DUE 12/31/24
DTD 01/03/23 FC 06/30/23
123124 4,290,000
CUSIP 91282CGD7
12/31 Cash INTEREST US TREASURY 34,890.63
NOTES
CPN 1.375% DUE 12/31/28
DTD 12/31/21 FC 06/30/22
123124 5,075,000
CUSIP 91282CDP3
12/31 Cash DIVIDEND ALLSPRING 2.15
GOVERNMENT MONEY MARKET
SWEEP CLASS
123124 7,613
Total Income and distributions: $218,969.95
Securities sold and redeemed
DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 12/05 Cash SALE -2,941,000.00000 FIDELITY FUNDS 1.0000 2,941,000.00
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
12/09 Cash REDEMPTION -250,000.00000 MANUF & TRADERS TR CO CD 250,000.00 BUFFALO NY ACT/365
FDIC INSD
CPN 4.900% DUE 12/09/24
DTD 12/07/22 FC 06/07/23
CUSIP 564759RJ9
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
ACCOUNT NUMBER:
Activity detail continued
Securities sold and redeemed
DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 12/10 Cash SALE -2,241,741.01000 FIDELITY FUNDS 1.0000 2,241,741.01
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
12/31 Cash REDEMPTION -4,290,000.00000 US TREASURY 4,290,000.00 NOTES
CPN 4.250% DUE 12/31/24
DTD 01/03/23 FC 06/30/23
CUSIP 91282CGD7
Total Securities sold and redeemed: $9,722,741.01
Securities purchased
DATE ACCOUNT TYPE TRANSACTION QUANTITY DESCRIPTION PRICE AMOUNT 12/02 Cash REINVEST DIV 24,354.49000 FIDELITY FUNDS -24,354.49
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
REINVEST AT 1.000
12/13 Cash PURCHASE 6,005.48000 FIDELITY FUNDS 1.0000 -6,005.48
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
12/31 Cash PURCHASE 4,423,667.46000 FIDELITY FUNDS 1.0000 -4,423,667.46
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
Total Securities purchased: -$4,454,027.43
Electronic funds transfer
DATE ACCOUNT TYPE TRANSACTION DESCRIPTION AMOUNT
12/06 Cash AUTO ACTIVITY ACH DIRECT DEPOSIT -3,000,000.00 TRACE # 121000240006540
FBO CITY OF MALIBU NA
TRANSFER TO
FIRST BANK
CHK XXXXXXXXXXXXX3702
12/11 Cash AUTO ACTIVITY ACH DIRECT DEPOSIT -2,500,000.00 TRACE # 121000240006088
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
ACCOUNT NUMBER:
Activity detail continued
Electronic funds transfer
DATE ACCOUNT TYPE TRANSACTION DESCRIPTION AMOUNT
FBO CITY OF MALIBU NA
TRANSFER TO
FIRST BANK
CHK XXXXXXXXXXXXX3702
Total Electronic funds transfer: -$5,500,000.00
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 12/01 BEGINNING BALANCE 426.23 12/16 TRANSFER FROM ALLSPRING -51.70
GOVERNMENT MONEY MARKET
12/02 TRANSFER TO ALLSPRING 11,891.09 12/17 TRANSFER TO ALLSPRING 0.01
GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
12/03 TRANSFER TO ALLSPRING 35,670.08 12/18 TRANSFER TO ALLSPRING 328.77
GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
12/06 TRANSFER TO ALLSPRING 11,782.20 12/24 TRANSFER TO ALLSPRING 1,006.85
GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
12/09 TRANSFER FROM ALLSPRING -57,972.60 12/30 TRANSFER TO ALLSPRING 410.96
GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
12/10 TRANSFER TO ALLSPRING 256,445.20 12/31 REINVEST DIV ALLSPRING 2.15
GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
12/11 TRANSFER FROM ALLSPRING -258,242.20 12/31 TRANSFER TO ALLSPRING 5,866.44
GOVERNMENT MONEY MARKET GOVERNMENT MONEY MARKET
12/12 TRANSFER TO ALLSPRING 51.70 12/31 ENDING BALANCE 7,615.18
GOVERNMENT MONEY MARKET
072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
ACCOUNT NUMBER:
Bank Deposits Through Teller December 1 - December 31
Wells Fargo Bank, N.A. (Member FDIC) Account number 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
12/01 BEGINNING BALANCE $0.00
12/31 ENDING BALANCE $0.00
Realized gain/loss
Realized Gain/Loss Summary
THIS PERIOD THIS PERIOD THIS PERIOD THIS YEAR THIS YEAR THIS YEAR
GAIN LOSS NET GAIN LOSS NET
Short term 0.00 0.00 0.00 0.00 0.00 0.00
Long term 0.00 0.00 0.00 0.00 0.00 0.00
Total Realized Gain/Loss $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 072 ANCA ANC9
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
ACCOUNT NUMBER:
Realized Gain/Loss Detail
Short term
ADJ PRICE/ DATE ADJ COST/
DESCRIPTION QUANTITY ORIG PRICE ACQUIRED CLOSE DATE PROCEEDS ORIG COST GAIN/LOSS FIDELITY FUNDS 2,941,000.00000 1.0000 10/31/24 12/05/24 2,941,000.00 2,941,000.00 nc 0.00
FIDELITY TREASURY ONLY
PORT INSTL CLASS SHS
CUSIP 31607A802
2,042,049.90000 1.0000 10/31/24 12/10/24 2,042,049.90 2,042,049.90 nc 0.00 18,619.05000 1.0000 11/01/24 12/10/24 nc 18,619.05 18,619.05 0.00 181,072.06000 1.0000 11/26/24 12/10/24 nc 181,072.06 181,072.06 0.00 Total Short term $5,182,741.01 $5,182,741.01 $0.00
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.
Long term
ADJ PRICE/ DATE ADJ COST/
DESCRIPTION QUANTITY ORIG PRICE ACQUIRED CLOSE DATE PROCEEDS ORIG COST GAIN/LOSS US TREASURY 4,290,000.00000 100.0000 10/02/23 12/31/24 4,290,000.00 4,290,000.00 0.00
98.8884 4,242,319.62
NOTES
CPN 4.250% DUE 12/31/24
DTD 01/03/23 FC 06/30/23
CUSIP 91282CGD7
MANUF & TRADERS TR CO CD 250,000.00000 100.0000 11/28/22 12/09/24 250,000.00 250,000.00 0.00 BUFFALO NY ACT/365
FDIC INSD
CPN 4.900% DUE 12/09/24
DTD 12/07/22 FC 06/07/23
CUSIP 564759RJ9
Total Long term $4,540,000.00 $4,540,000.00 $0.00
$4,492,319.62
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
CITY OF MALIBU
RUTH QUINTO
DECEMBER 1, 2024 - DECEMBER 31, 2024
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
Agenda Item # 1.B.12.
Council Agenda Report
To: Mayor Stewart and the Honorable Members of the City Council Prepared by: Joseph D. Toney, Acting City Manager
Date prepared: January 24, 2025 Meeting date: January 27, 2025 Subject: Professional Services Agreement with IEM International, Inc. for Emergency Operations Center Staffing and Recovery Operations Services
RECOMMENDED ACTION: Receive and file a report on an emergency professional services agreement with IEM International, Inc. for Emergency Operations Center Staffing and Recovery Operations Services.
FISCAL IMPACT: Funding for these services was not included in the Adopted Budget for FY 2024-25. The contract amount is $100,000 and will be charged to account 102-3101- 5100-00, Palisades Fire Professional Services. The existence of the local emergency may qualify the City for reimbursement of certain expenditures associated with disaster response.
STRATEGIC PRIORITY: This item supports the Public Safety and day-to-day operations identified in the Adopted FY 2024-25 Strategic Priority Project List. Responding to disasters like the Palisades Fire is the City’s most immediate and top priority as part of the city's fundamental operations.
DISCUSSION: On Tuesday, January 7, 2025, at approximately 10:33 a.m. PST a fire broke out in Pacific Palisades, north of Pacific Coast Highway (PCH) in between Temescal Canyon Road and Palisades Drive. The fire spread west, affecting areas within the jurisdiction of the City of Los Angeles, the County of Los Angeles, and the City of Malibu.
The fire combined with a historic Santa Ana Wind event and power outages created conditions of extreme peril to the safety of persons and property. The Acting Director of Emergency Services (Acting City Manager) proclaimed the existence of a local emergency on January 8, 2025, and the proclamation was ratified by the City Council on January 15, 2025. As of the date of this report, the fire has burned over 23,000 acres and is only 77% contained. According to CalFire, at least 6700 structures have been damaged or destroyed in the Palisades Fire.
City Council Meeting
01-27-25
Item
1.B.12.
Agenda Item # 1.B.12.
During the period since January 8, the City has activated its Emergency Operations Center (EOC), with daily and nightly shifts covered by a combination of City staff and staff from other cities in the Los Angeles region who are supporting the EOC through mutual aid requests. The EOC continues to be activated due to ongoing forecasted Particularly Dangerous Situation Red Flag conditions and anticipated upcoming rain events. The continued operation of the EOC will be necessary for a period of time to track, communicate, and address ongoing emergency conditions including regained access to power, gas, electricity, safe drinking water, internet, and reliable cell phone reception, and to plan and provide community recovery in the City of Malibu.
As the City shifts from emergency response to community recovery, supplemental staff services will be needed to allow City staff to return to their normal operating roles while continuing the important work in the EOC necessitated by the impacts of the Palisades Fire. Therefore, under the authority of the emergency declaration, the Acting City Manager executed a short-term professional services agreement with IEM International, Inc. for $100,000 on January 24, 2025, for Emergency Operations Center Staffing and Recovery Operations Services. Should the City require additional staff services to support EOC or community recovery, staff will return to the City Council at a future date for any additional requests prior to executing extended professional services agreements.
ATTACHMENTS: Executed Professional Services Agreement with IEM International, Inc.
AGREEMENT FOR PROFESSIONAL SERVICES
This Agreement is made and entered into as of Friday January 24, 2025 by and between the City of Malibu (hereinafter referred to as the "City"), and IEM International, Inc. (hereinafter referred to as "Consultant").
The City and the Consultant agree as follows:
R E C I T A L S
A. The City does not have the personnel able and/or available to perform the services required under this Agreement.
B. The City desires to contract out for consulting services for certain projects relating Disaster Recovery Services for Palisades Fire Recovery.
C. The Consultant warrants to the City that it has the qualifications, experience and facilities to perform properly and timely the services under this Agreement.
D. The City desires to contract with the Consultant to perform the services as described in Exhibit A of this Agreement.
NOW, THEREFORE, the City and the Consultant agree as follows:
1.0 SCOPE OF THE CONSULTANT’S SERVICES. The Consultant agrees to provide the services and perform the tasks set forth in the Scope of Work, attached to and made part of this Agreement, except that, to the extent that any provision in Exhibit A conflicts with this Agreement, the provisions of this Agreement govern. The Scope of Work may be amended from time to time by way of a written directive from the City.
2.0 TERM OF AGREEMENT. This Agreement will become effective on Friday, January 24, 2025 and will remain in effect for a period of 1 year from said date unless otherwise expressly extended and agreed to by both parties or terminated by either party as provided herein.
3.0 CITY AGENT. The City Manager, or his or her designee, for the purposes of this Agreement, is the agent for the City; whenever approval or authorization is required, Consultant understands that the City Manager, or his or her designee, has the authority to provide that approval or authorization.
4.0 COMPENSATION FOR SERVICES. The City shall pay the Consultant for its professional services rendered and costs incurred pursuant to this Agreement in accordance with the Scope of Work’s fee and cost schedule. The cost of services shall not exceed a total amount of $100,000 for the term of the agreement. No additional compensation shall be paid for any other expenses incurred, unless first approved by the City Manager, or his or her designee.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Agreement for Professional Services
IEM International, Inc.
4.1 The Consultant shall submit to the City, by no later than the 10th day of each month, its bill for services itemizing the fees and costs incurred during the previous month.
The City shall pay the Consultant all uncontested amounts set forth in the Consultant's bill within 30 days after it is received.
5.0 CONFLICT OF INTEREST. The Consultant represents that it presently has no interest and shall not acquire any interest, direct or indirect, in any real property located in the City which may be affected by the services to be performed by the Consultant under this Agreement. The Consultant further represents that in performance of this Agreement, no person having any such interest shall be employed by it.
5.1 The Consultant represents that no City employee or official has a material financial interest in the Consultant’s business. During the term of this Agreement and/or as a result of being awarded this contract, the Consultant shall not offer, encourage or accept any financial interest in the Consultant’s business by any City employee or official.
5.2 If a portion of the Consultant’s services called for under this Agreement shall ultimately be paid for by reimbursement from and through an agreement with a developer of any land within the City or with a City franchisee, the Consultant warrants that it has not performed any work for such developer/franchisee within the last 12 months, and shall not negotiate, offer or accept any contract or request to perform services for that identified developer/franchisee during the term of this Agreement.
6.0 GENERAL TERMS AND CONDITIONS.
6.1 Termination. Either the City Manager or the Consultant may terminate this Agreement, without cause, by giving the other party ten (10) days written notice of such termination and the effective date thereof.
6.1.1 In the event of such termination, all finished or unfinished documents, reports, photographs, films, charts, data, studies, surveys, drawings, models, maps, or other documentation prepared by or in the possession of the Consultant under this Agreement shall be returned to the City. If the City terminates this Agreement without cause, the Consultant shall prepare and shall be entitled to receive compensation pursuant to a close-out bill for services rendered and fees incurred pursuant to this Agreement through the notice of termination.
If the Consultant terminates this Agreement without cause, the Consultant shall be paid only for those services completed in a manner satisfactory to the City.
6.1.2 If the Consultant or the City fail to fulfill in a timely and proper manner its obligations under this Agreement, or if the Consultant or the City violate any of the covenants, agreements, or stipulations of this Agreement, the Consultant or the City shall have the right to terminate this Agreement by giving written notice to the other party of such termination and specifying the effective date of such termination. The Consultant shall be entitled to receive compensation in accordance with the terms of this Agreement for any work satisfactorily completed hereunder. Notwithstanding the foregoing, the Consultants shall not be relieved of liability for damage sustained by virtue of any breach of this Agreement and any payments due under this Agreement may be withheld to off-set anticipated damages.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Agreement for Professional Services
IEM International, Inc.
6.2 Non-Assignability. The Consultant shall not assign or transfer any interest in this Agreement without the express prior written consent of the City.
6.3 Non-Discrimination. The Consultant shall not discriminate as to race, creed, gender, color, national origin, or sexual orientation in the performance of its services and duties pursuant to this Agreement, and will comply with all applicable laws, ordinances and codes of the Federal, State, County and City governments.
6.4 Insurance. The Consultant shall submit to the City certificates indicating compliance with the following minimum insurance requirements no less than one (1) day prior to beginning of performance under this Agreement. Consultant further agrees to comply with all provisions in the attached Exhibit B which is incorporated herein.
6.5 Indemnification.
To the fullest extent permitted by law, Consultant shall indemnify and hold harmless City and any and all of its officials, employees, agents, and/or volunteers (“Indemnified Parties”) from and against any and all losses, liabilities, damages, costs, and expenses, including attorney’s fees and costs, caused in whole or in part by the negligent or wrongful act, error or omission of Consultant, its officers, agents, employees or subconsultants (or any agency or individual that Consultant shall bear the legal liability thereof) in the performance of services under this Agreement. Consultant’s duty to indemnify and hold harmless City shall not extend to the City’s sole or active negligence or willful misconduct.
6.5.1. Duty to defend:
In the event the Indemnified Parties, individually or collectively, are made a party to any action, lawsuit, or other adversarial proceeding arising from the performance of the services encompassed by this Agreement, and upon demand by City, Consultant shall defend the Indemnified Parties at Consultant’s cost or at City’s option, to reimburse City for its costs of defense, including reasonable attorney’s fees and costs incurred in the defense of such matters to the extent the matters arise from, relate to or are caused by Consultant’s negligent acts, errors or omissions. Payment by City is not a condition precedent to enforcement of this provision. In the event of any dispute between Consultant and City, as to whether liability arises from the sole or active negligence or willful misconduct of the City or its officers, employees, or agents, Consultant will be obligated to pay for City’s defense until such time as a final judgment has been entered adjudicating the Indemnified Parties as solely or actively negligent or to have acted with willful misconduct. Consultant will not be entitled in the absence of such a determination to any reimbursement of defense costs including but not limited to attorney’s fees, expert fees, and costs of litigation.
6.6 Compliance with Applicable Law. The Consultant and the City shall comply with all applicable laws, ordinances, and codes of the federal, state, county, and city governments, including, without limitation, Malibu Municipal Code Chapter 5.36 Minimum Wage.
6.7 Independent Contractor. This Agreement is by and between the City and the Consultant and is not intended, and shall not be construed, to create the relationship of agency, servant, employee, partnership, joint venture, or association, as between the City and the Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Agreement for Professional Services
IEM International, Inc.
Consultant.
6.7.1. The Consultant shall be an independent contractor and shall have no power to incur any debt or obligation for or on behalf of the City. Neither the City nor any of its officers or employees shall have any control over the conduct of the Consultant, or any of the Consultant’s employees, except as herein set forth, and the Consultant expressly warrants not to, at any time or in any manner, represent that it, or any of its agents, servants or employees are in any manner employees of the City, it being distinctly understood that the Consultant is and shall at all times remain to the City a wholly independent contractor and the Consultant's obligations to the City are solely such as are prescribed by this Agreement.
6.7.2. Consultant Authority and Status: Consultant shall have no authority to bind City in any manner, or to incur any obligation, debt or liability of any kind on behalf of or against City, whether by contract or otherwise, unless such authority is conferred in writing by the City Manager or their designee. Consultant shall no authority to make any final decisions on behalf of the City. All such final decisions shall be reviewed and approved by the City Manager or their designee.
6.7.3 Consultant shall not at any time or in any manner represent that Consultant or any of Consultant’s officers, employees, or agents are in any manner officials, officers, employees or agents of City. Neither Consultant, nor any of Consultant’s officers, employees or agents, shall obtain any rights to retirement, health care or any other benefits which may otherwise accrue to City’s employees. Consultant expressly waives any claim Consultant may have to any such rights.
6.8 Copyright. No reports, maps or other documents produced in whole or in part under this Agreement shall be the subject of an application for copyright by or on behalf of the Consultant.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Agreement for Professional Services
IEM International, Inc.
6.9 Legal Construction.
(a) This Agreement is made and entered into in the State of California and shall in all respects be interpreted, enforced, and governed under the laws of the State of California.
(b) This Agreement shall be construed without regard to the identity of the persons who drafted its various provisions. Each and every provision of this Agreement shall be construed as though each of the parties participated equally in the drafting of same, and any rule of construction that a document is to be construed against the drafting party shall not be applicable to this Agreement.
(c) The article and section, captions and headings herein have been inserted for convenience only and shall not be considered or referred to in resolving questions of interpretation or construction.
(d) Whenever in this Agreement the context may so require, the masculine gender shall be deemed to refer to and include the feminine and neuter, and the singular shall refer to and include the plural.
6.10 Counterparts. This Agreement may be executed in counterparts and as so executed shall constitute an agreement which shall be binding upon all parties hereto.
6.11 Final Payment Acceptance Constitutes Release. The acceptance by the Consultant of the final payment made under this Agreement shall operate as and be a release of the City from all claims and liabilities for compensation to the Consultant for anything done, furnished or relating to the Consultant’s work or services. Acceptance of payment shall be any negotiation of the City’s check or the failure to make a written extra compensation claim within ten (10) calendar days of the receipt of that check. However, approval or payment by the City shall not constitute, nor be deemed, a release of the responsibility and liability of the Consultant, its employees, sub-consultants and agents for the accuracy and competency of the information provided and/or work performed; nor shall such approval or payment be deemed to be an assumption of such responsibility or liability by the City for any defect or error in the work prepared by the Consultant, its employees, sub-consultants and agents.
6.12 Corrections. In addition to the above indemnification obligations, the Consultant shall correct, at its expense, all errors in the work which may be disclosed during the City’s review of the Consultant’s report or plans. Should the Consultant fail to make such correction in a reasonably timely manner, such correction shall be made by the City, and the cost thereof shall be charged to the Consultant.
6.13 Files. All files of the Consultant pertaining to the City shall be and remain the property of the City. The Consultant will control the physical location of such files during the term of this Agreement and shall be entitled to retain copies of such files upon termination of this Agreement.
6.14 Waiver; Remedies Cumulative. Failure by a party to insist upon the Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Agreement for Professional Services
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performance of any of the provisions of this Agreement by the other party, irrespective of the length of time for which such failure continues, shall not constitute a waiver of such party's right to demand compliance by such other party in the future. No waiver by a party of a default or breach of the other party shall be effective or binding upon such party unless made in writing by such party, and no such waiver shall be implied from any omissions by a party to take any action with respect to such default or breach. No express written waiver of a specified default or breach shall affect any other default or breach, or cover any other period of time, other than any default or breach and/or period of time specified. All of the remedies permitted or available to a party under this Agreement, or at law or in equity, shall be cumulative and alternative, and invocation of any such right or remedy shall not constitute a waiver or election of remedies with respect to any other permitted or available right of remedy.
6.15 Mitigation of Damages. In all such situations arising out of this Agreement, the parties shall attempt to avoid and minimize the damages resulting from the conduct of the other party.
6.16 Partial Invalidity. If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions will nevertheless continue in full force without being impaired or invalidated in any way.
6.17 Attorneys' Fees. The parties hereto acknowledge and agree that each will bear his/her or its own costs, expenses and attorneys' fees arising out of and/or connected with the negotiation, drafting and execution of the Agreement, and all matters arising out of or connected therewith except that, in the event any action is brought by any party hereto to enforce this Agreement, the prevailing party in such action shall be entitled to reasonable attorneys' fees and costs in addition to all other relief to which that party or those parties may be entitled.
6.18 Entire Agreement. This Agreement constitutes the whole agreement between the City and the Consultant, and neither party has made any representations to the other except as expressly contained herein. Neither party, in executing or performing this Agreement, is relying upon any statement or information not contained in this Agreement. Any changes or modifications to this Agreement must be made in writing appropriately executed by both the City and the Consultant.
6.19 Notices. Any notice required to be given hereunder shall be deemed to have been given by depositing said notice in the United States mail, postage prepaid, and addressed as follows:
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Agreement for Professional Services
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CITY: Joseph D Toney CONSULTANT: Keith Reynolds
Acting City Manager Manager of Contract Administration
City of Malibu IEM International, Inc.
23825 Stuart Ranch Road
Malibu, CA 90265-4861
TEL (310) 456-2489 x 224
FAX (310) 456-2760
P.O. Box 110265
Research Triangle Park, NC 27709-
5265
TEL (225) 952-8191 x8917
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6.20 Warranty of Authorized Signatories and Acceptance of Facsimile or Electronic Signatures. Each of the signatories hereto warrants and represents that he or she is competent and authorized to enter into this Agreement on behalf of the party for whom he or she purports to sign. The Parties agree that this Contract, agreements ancillary to this Contract, and related documents to be entered into in connection with this Contract will be considered signed when the signature of a party is delivered physically or by facsimile transmission or scanned and delivered via electronic mail. Such facsimile or electronic mail copies will be treated in all respects as having the same effect as an original signature.
7.0 GENERAL TERMS AND CONDITIONS. (City and Consultant initials required at EITHER 7.1 or 7.2)
7.1 Disclosure Required. By their respective initials next to this paragraph, City and Consultant hereby acknowledge that Consultant is a “consultant” for the purposes of the California Political Reform Act because Consultant’s duties would require him or her to make one or more of the governmental decisions set forth in Fair Political Practices Commission Regulation 18700.3(a) or otherwise serves in a staff capacity for which disclosure would otherwise be required were Consultant employed by the City. Consultant hereby acknowledges his or her assuming-office, annual, and leaving-office financial reporting obligations under the California Political Reform Act and the City’s Conflict of Interest Code and agrees to comply with those obligations at his or her expense. Prior to consultant commencing services hereunder, the City’s Manager shall prepare and deliver to consultant a memorandum detailing the extent of Consultant’s disclosure obligations in accordance with the City’s Conflict of Interest Code.
City Initials ______
Consultant Initials ______
7.2 Disclosure not Required. By their initials next to this paragraph, City and Consultant hereby acknowledge that Consultant is not a “consultant” for the purpose of the California Political Reform Act because Consultant’s duties and responsibilities are not within the scope of the definition of consultant in Fair Political Practice Commission Regulation 18700.3(a) and is otherwise not serving in staff capacity in accordance with the City’s Conflict of Interest Code.
City Initials ______
Consultant Initials ______
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This Agreement is executed on Friday, January 24 2025, at Malibu, California, and effective as of Friday, January 24 2025.
CONSULTANT:
_______________________________
By: KEITH RICHARDS, Manager of Contract Administration
CITY OF MALIBU:
___________________________________
JOSEPH D TONEY, Acting City Manager
ATTEST:
___________________________________
KELSEY PETTIJOHN, City Clerk
(seal)
APPROVED AS TO FORM:
___________________________________
TREVOR RUSIN, Interim City Attorney
-------------------
Keith Reynolds
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EXHIBIT A
SCOPE OF WORK
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 January 22, 2025
A Proposal for Malibu
COMPREHENSIVE DISASTER RECOVERY SERVICES
POC: Leigh Deskins, Manager of State
and Local Response and Recovery
[email protected] (919) 990-8191
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
i
TABLE OF CONTENTS
1.0 IEM’s Qualifications 1
1.1 Municipal References 1
2.0 Technical Approach 4
2.1 Emergency Operations Center and Joint Field Office Staff Augmentation 4
2.2 Crisis Communications 5
2.3 FEMA Individual Assistance Advisory Services 5
2.4 Resilient Community Planning Program Support 6
2.5 Long-Term Recovery Operations Implementation Support 7
2.6 FEMA Public Assistance Advisory Services 7
2.7 Financial / Grants Management Support and Information Technology 9
2.8 FEMA 404 and 406 Hazard Mitigation Expertise 10
2.9 HUD CDBG-DR, MIT, CV, ESG, and other HUD Program Support Services 10
2.10 FHWA / FTA Support 12
3.0 Proposed Staff 13
4.0 Cost Proposal 16
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Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
1 1.0 IEM’s Qualifications
Fueled by passion, grounded in science, and driven by innovation, IEM’s experts are dedicated to strengthening communities at every stage of a disaster or emergency. We deliver practical and cost-effective solutions that save lives, enhance efficiencies, and empower better decision-making when it matters most.
Founded in 1985, IEM International is a global homeland security and disaster management consulting firm dedicated to building a safe, secure, and resilient world. As the largest minority-and woman-owned business in emergency management and disaster recovery, we recognize the importance of a diverse workforce considering every community’s needs. IEM provides services and expertise at every stage of the emergency management cycle— preparedness, mitigation, response, and recovery. We integrate science, technology, and real-world experience to provide our clients with solutions that work and outcomes that matter.
Why IEM?
• Trusted, Tested Expertise: With four decades of experience in emergency management, disaster recovery, and homeland and public safety, IEM combines expert knowledge with the insights needed to address your organization’s unique needs.
• Innovative Solutions: From advanced analytics and dashboards to predictive modeling and cutting-edge technology deployments, IEM is at the forefront of innovation in emergency management. • Integrated Approach: Our holistic strategies encompass planning, response, recovery, and mitigation, ensuring all aspects of emergency management and public safety are addressed. • Proven Results: Partnering with agencies across the United States, IEM’s strategies enhance preparedness and resilience, reduce risks, and accelerate recovery times.
1.1 Municipal References
Los Angeles County, California
Contact Name and Title Kaleena Lopez, Emergency Management Coordinator Email [email protected]
Phone Office: 323-980-2853, Cell: 213-434-2411
Period of Performance June 2020-June 2024
Project Description IEM partnered with Los Angeles County to ensure its disaster recovery procedures complied with all relevant state and federal laws and guidelines, maximizing reimbursement for disaster expenses, and streamlining processing times. We aided in all financial reimbursement and reporting processes required by FEMA and California’s Office of Emergency Services, among others. IEM also oversaw programmatic, financial, and accounting components, ensuring all costs eligible for disaster grant funding were documented and successfully claimed. By supporting Los Angeles County, IEM ensured compliance with federal, state, and local requirements, maximizing funding eligibility from the state/FEMA’s Public Assistance Program and other support programs.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
2 Orange County, California
Contact Name and Title Kim Engelby, Budget & Finance Director Email [email protected]
Phone Office: 714-834-3530, Cell: 657-249-1323
Period of Performance May 2020-present
Project Description IEM is assisting Orange County, CA, in identifying the risks associated with the underlying costs and supporting documentation, determining the probability of FEMA acceptance, and forecasting the expected timing of FEMA reimbursements based on the current COVID-19 FEMA policy and reimbursement processing timelines. For each project the County submits to FEMA, IEM will assist with preparing and reviewing the application package. IEM has also developed and provided training to Financial Budget, Public Works, and Controller Auditor stakeholders on FEMA PA and CARES Act funding, FEMA Grants Portal, and FEMA Compliance.
Tustin, California
Contact Name and Title Nicole Bernard, Assistant City Manager Email [email protected]
Phone 714-573-3010
Period of Performance November 2023-present
Project Description IEM has supported the City of Tustin, California, in response to the Navy Hangar Fire Recovery.
IEM deployed three personnel within 24 hours of the initial request, followed by up to 15 total personnel supporting onsite or remotely. IEM's support to the City includes project management, vendor oversight, operational oversight, debris request review, remediation oversight, residential inspections, financial recovery, and contract administration technical support. While serving as the Incident Management Team (IMT), operational oversite is achieved though vendor briefing and direction out in the field, as well as utilization of technology such as tablets loaded with Smartsheet forms to feed information directly to the IMT. This real-time tracking of vendor progress allows the IMT to adjust priorities, cross-check/validate financial information, and achieve optimum results for the client.
Santa Clara County, California
Contact Name and Title Parastou Najaf, Senior Emergency Planning Coordinator Email [email protected]
Phone 408-808-7800
Period of Performance October 2022-August 2024
Project Description IEM led the planning effort on behalf of Santa Clara County and the 17 planning partners, including local jurisdictions and special districts. Plan participants relied upon IEM to update the plan in a timely and effective process despite the challenge of ongoing disaster events, including multiple atmospheric rivers hitting the area during the plan update process. During this update, IEM’s consistent communication, clear expectations, ability to work independently, and flexibility helped meet the plan participants’ unique needs. IEM also elicited significant stakeholder and public engagement. Our whole community, the multi-lingual public strategy, including both inperson and virtual engagement opportunities. Our survey received over 500 responses and was created in multiple languages. We also collaborated early with Cal OES to ensure we met State expectations and followed the new FEMA guidelines so the plan would be approved on time.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
3 State of Colorado
Contact Name and Title Christopher Hudak, State Disaster Recovery Manager Email [email protected]
Phone 303-877-8313
Period of Performance August 2022-December 2024
Project Description The Colorado Department of Public Safety sought professional disaster recovery services to manage state-level responsibilities for FEMA Individual Assistance (IA) programs, to include Mass Care/Emergency Services; Individuals and Households Program – Housing Assistance, Other Needs Assistance and Temporary Housing; Disaster Case Management; Crisis Counseling Assistance and Training Program; Disaster Legal Services; Disaster Unemployment Assistance; Voluntary Agency Coordination. IEM was selected to provide a cadre of IA specialists and subject matter experts to support all aspects of these functions for declared and non-declared events.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
4 2.0 Technical Approach
Quality Control and Project Management
At IEM, we believe project management is critical to the success of every project we undertake. IEM’s approach to project management has been honed through decades of providing high-quality, cost-effective services and excellent customer responsiveness to a variety of government and private-sector clients. IEM’s vast experience managing multiple large government contracts simultaneously allows us to customize our project management approach to meet our clients’ needs.
The IEM Project Management Guide (PMG) is used for all IEM projects and represents our project management methodology. The PMG combines IEM’s Core Values with the principles set forth in the Project Management Institute’s Guide to the Project Management Body of Knowledge (PMBOK® Guide).
Through IEM’s approach to Project Management, our customers benefit from:
• Consistent delivery of high-quality work across all deliverables. • Operational efficiencies that enable IEM to meet schedule and budget constraints. • A scalable process supporting the flexible and responsive performance of project teams. • Projects that produce meaningful outcomes and create value. • Quality delivery of services on individual programs to meet schedule and budget constraints. • Readily available metrics to track financial, resource, and schedule status. • Flexibility to react to unanticipated or planned changes in scheduling, sequencing, or content. • Robustness sufficient to keep IEM staff working at peak performance regardless of demand.
The foundation of our project management process is a well-developed and consistently maintained Project Management Plan. The Project Management Plan outlines objectives, activities, milestones, and dependencies to complete the project tasks within agreed-upon timelines. The Plan will first be reviewed at the kickoff meeting and maintained throughout the project life cycle.
IEM is proud to serve Malibu in this challenging time. We will be a partner in recovery, bringing experts and best practices to the City. Our approach is outlined in the following sections.
2.1 Emergency Operations Center and Joint Field Office Staff Augmentation
IEM has a robust response staff located throughout the country. Once Malibu finalizes a deployment need, IEM will provide the requested personnel within 48 hours of contract activation from our deep bench of response experts. Our team of experts will be available to the City 24 hours a day via the centralized managers’ email and telephone line. Our State and Local Response and Recovery team has led numerous deployments at the local and state levels and is prepared to address needs or concerns. Our 1-800 number will automatically route to the on-call Manager within our Response cadre, guaranteeing 24/7/365 continuity of service.
This early and easy communication to keep staff on standby has proven effective for past deployments. Our team can quickly respond to assist the City in establishing communications, coordination, reporting protocols, fulfilling Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
5 resource requirements, and building upon the capabilities to meet the immediate/mid/long-term operational requirements.
With a needs assessment concluded, our team will respond and deploy resources quickly, with personnel who have the capability to fully integrate at an EOC or alternate work sites throughout and to provide position-specific support to fill gaps and augment capabilities based on the type and severity of the incident. We can provide guidance and support on response actions, assist with documentation and tracking of resources, time, and expenses, liaise with stakeholders, and serve as trusted representatives on behalf of the City. IEM understands the level of support required during an emergency can quickly change and vary depending on the scope and severity of the event.
2.2 Crisis Communications
IEM’s experienced Public Information Officers (PIOs) and SMEs will bring a diverse communications background and real-world activation experience from local, state, and federal levels across multiple sectors to enable inter-agency collaboration, further streamline information sharing, message coordination, rumor control, and press and public event assistance that supports mutual aid assistance between participating agencies to maintain one voice when communicating to constituents.
Incidents can impact lives, relationships, and reputations in the briefest of moments. In today’s fast-paced environment, organizations may be judged in real time based on their actions – or lack thereof – in the initial hours of the response. Maintaining a positive public perception is critical to building and sustaining public trust – without which, we are unable to reasonably generate the outcomes we may want from the messaging we push out.
IEM’s priority will be to ensure all participating agencies have a clear understanding of the agreed upon chain of command, have access to the same information in a timely manner, and are equipped with prepared messaging by event type to swiftly push out public safety messaging with pre-packaged responses to address media, elected official, and public inquiries with real-time validation and review. IEM will assist Malibu by:
• Facilitating information sharing through the development and build out of a SharePoint site, or similar platform, using a partner infrastructure to improve situational awareness and collaboration. • Developing a contact list combining all participating agencies' respective contacts to establish a master contact sheet for responses and a mechanism to maintain this list. • Disseminating timely, consistent, accurate, relevant, and useful information throughout response and into recovery.
• Effectively managing rumor control to prevent or address misinformation to ensure and maintain the public’s trust and confidence in leadership and capabilities, and other needs as they arise.
2.3 FEMA Individual Assistance Advisory Services
As a dedicated disaster management firm, IEM places the recovery of individuals, families, and communities at the forefront of every recovery activity in which we have served. We have supported survivors and recovery authorities around the country through the conception and delivery of services that yield meaningful outcomes for postdisaster recovery and resiliency. Our team of Individual Assistance (IA) experts can help implement and manage programs to address Mass Care and Emergency Services, Individuals and Households Program, Disaster Case Management, Crisis Counseling Assistance, Disaster Unemployment Assistance, and other programs as available.
IEM recognizes that articulating the case for Federal Individual Assistance major disaster declarations is complex and nuanced as compared to Public Assistance. Our team of subject matter experts are well versed in the IA declaration process, appeals, add-ons, operations, unmet needs, and closeouts. IEM has served communities for many years by providing industry-leading subject matter expertise when it is needed before, during, and after disasters. IEM will bring the same capability to Malibu.
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6 IEM understands long-term recovery. Our experienced team knows disaster recovery spaces and is prepared to successfully support the programmatic casework necessary to help Malibu residents navigate the resources to access housing and satisfy unmet needs to move them out of congregate shelters and into temporary or more permanent housing. This initial contact and outreach are critical to the continuity, and ultimate effectiveness of any other social service or disaster recovery provided support. This includes support to disaster survivors in their individual recovery efforts, including:
• Partnering with case workers/navigators and survivors where those in need drive their transition to recovery. • Including goal-oriented planning, prioritization, timelines, resources, guidance, and tools. • Assessing survivors’ qualifications for assistance, unmet needs, and resource barriers. • Fulfilling needs through effective partnerships, program access, and resource alignment.
2.4 Resilient Community Planning Program Support
IEM’s mitigation and planning staff understand how to develop a comprehensive resiliency program including identifying goals and strategies in plans which can become technically feasible, cost-effective projects. For over 39 years, IEM has provided training in emergency management and federal programs and offers exceptional subject matter expertise in training, education, instructional systems design and learning evaluations and best practices. We have built training and capacity building programs for clients from the City of Philadelphia to the State of Utah on topics ranging from grant application development, hazard mitigation planning, nature-based solutions, and more. IEM believes that a
jurisdiction should train as they would respond. To this end, IEM not only brings specialized personnel but leverages technology to ensure that students, with their varying experiences and preferred manners of learning, are reached and that the information provides a long-lasting capability for our clients.
From modeling software and GIS imaging to Program
implementation, IEM can add as much realism as necessary to meet all training objectives.
In March 2020, the Centralina Economic
Development District (CEDD) contracted IEM
to assess and evaluate emergency
management plans and resources of the
region’s nine counties to develop a
Comprehensive Emergency Master and
Hazard Mitigation Resiliency Roundtable
Master Plan and Disaster Management District
Roundtable plan. The overarching, initial goal
of the project was the assess the viability and
resiliency of emergency management
plans/resources and to chart the path for
establishing and maintaining a regional
approach to emergency management.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
7 2.5 Long-Term Recovery Operations Implementation Support IEM has strong capability to support the City in all aspects of its long-term recovery operations and strategy development. Our SMEs Bryan Koon, Tim Lagudi, Anne Bink, and Dora Pleasant, include a large group of former State Emergency Directors and Bureau Chiefs with personal experience overseeing short term and long-term recovery efforts. Together, they bring a wide range of experience and lessons learned from prior disasters to contribute to development of long-term recovery strategies. Using this experience, IEM will work with the disaster recovery coordinator and other mission support personnel to identify and implement recovery priorities, providing a solid framework to guide the recovery process. IEM can work with the City to develop strategies, as well as provide technical assistance and programmatic support to reinforce the overall objectives of Malibu’s recovery mission.
So much of long-term recovery implementation involves engaging and building effective working relationships with stakeholders of every type within the City’s Recovery Support Functions, including non-profits, small and large businesses, county and city officials, and state and federal resources. By identifying these resources, and obtaining their buy-in and participation, the City will experience a much more successful recovery experience.
Our approach to support recovery planning will be tailored to fit Malibu’s specific needs. We will provide scalable support which can be adjusted based on the evolving situation and as needed by the City. Our staff have experienced both long-term and short-term deployments and are able to provide extended support as needed.
2.6 FEMA Public Assistance Advisory Services
FEMA grant programs can be complicated, and navigating the complex world of policies, rules, requirements, etc., can be a daunting task and can also jeopardize funding. We are confident we will support Malibu’s disaster recovery operations to adeptly expedite financial recovery and mitigation to minimize impacts from future disasters. As a company, IEM has consistently demonstrated our capacity to perform the necessary tasks via our prior work experience for other state agencies, as well as local clients.
IEM will bring the City the necessary programmatic, scientific, technical, and grants management expertise and experience to successfully administer programs that support the City’s recovery, resiliency, and financial reimbursement goals following disasters and emergencies. We understand the frustration often felt with the intricacies of the FEMA PA program and will provide the City with an understanding of the sequencing of events that must occur while managing PA grants and subgrants to set appropriate expectations of the process upfront.
IEM will coordinate with the appropriate City staff to provide technical advisory services for each of the overarching tasks listed. An overview of our process in shown in the figure below.
For the State of Illinois, IEM supported the development of the State’s Recovery Strategic Plan for COVID-19, revising an early state product to be more inclusive of additional state level and Private Non-Profit (PNP) partners. IEM staff reorganized the plan to align with National Disaster Recovery Framework (NDRF) principles and utilized an objective-goal-task framework to drive strategic outcomes. IEM then developed a timeline for engaging these partners, created strategic communications and key reporting outcomes, and assisted the Recovery Support Function and Recovery Task Force throughout comprehensive planning sessions. IEM can also provide technical assistance and guide Malibu through developing a recovery management structure.
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8 We set up procedures that get our clients paid quickly and reduce risk, not processes that increase consultant hours for no purpose. IEM prides itself on its excellence in following the FEMA PA process as reflected in our reoccurring contracts with clients. Samples are available upon request. The table below outlines key PA advisory services our experienced PA specialists will provide to Malibu.
FEMA Public Assistance Advisory Services
Compliance with Federal Regulations: We pride ourselves on working expeditiously to connect applicants with resources, research, and real-world guidance to navigate the complicated grant application and management process. IEM is a national leader in providing comprehensive PA grant management services through the Robert T. Stafford Disaster Relief and Emergency Assistance Act, the Post-Katrina Emergency Management Reform Act of 2006, and the Sandy Recovery Improvement Act of 2013, as well as other related State and Federal grant regulations.
Formulation, Execution, and Closeout of FEMA PA Emergency and Permanent Work Project Worksheets: An effective cost estimate can also assist with the formulation and clarity of the PW as a whole. The costs identified should be properly reflected in the separation of damages and costs in DDD’s narrative and SOW. Our cost estimators ensure the narratives, SOW, and cost elements match, preventing accidental oversight and reducing the potential for reduced project funding. Making sure all parts of a PW are consistent allows for easy review and quick acceptance by FEMA reviewers.
Meet with City, State, and Federal Partners: We will attend meetings – virtually or in-person – with or on behalf of the City as required, as well as maintain records of agendas, meeting minutes, key decisions, participant lists and follow up items.
We will utilize standard forms as much as possible to ensure consistency across all records. Our team of subject matter experts will draft and provide communications support to ensure all stakeholders are well informed and receive timely and accurate information. While our goal is always to minimize the need for additional scrutiny, should the City receive any Requests for Information (RFI), IEM will assist in researching, drafting, and responding to all RFIs. We will do so with a full and comprehensive understanding of the grant requirements, the latest policy updates, and the intricacies of the submission materials.
Alternate and Improved Projects: IEM brings expertise and experience implementing improved projects in which applicants elect to perform work above and beyond what FEMA deems eligible in the scope of work. We also support alternate projects where applicants elect not to restore the function of the disaster-damaged facility and instead use the available funding for constructing other priority projects. Our team will identify and capture all eligible projects, capture their costs, prepare the cost estimates, reconcile invoices, and have them ready for closeout.
Section 428 Public Assistance Alternative Procedures: IEM has extensive experience with the Section 428 Alternative Procedures through scope development, education, outreach, and applicant support. IEM is well-versed in how the Section 428 pilot programs have been implemented across events and the importance of understanding disaster-specific guidance. IEM is committed to fully exploring Section 428 project opportunities during project development and increasing the applicant's awareness of this program.
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9 FEMA Public Assistance Advisory Services
Develop Process to Submit Grant Applications: We will assist the County in developing programmatic document control, establishing a file retention system, and tracking costs and data management processes to ensure disaster records are complete and ready for an audit. We can help organize the grant lifecycle documentation needed to close out grants in whatever local systems are preferred.
With extensive experience, we have created standard operating procedures (SOP) for our clients that have accelerated the processes to recover funding in record time. Our team transforms SOPs into practical documents and training materials, ensuring user and oversight entity comprehension. Our approach goes beyond mere documentation; we aim to make SOPs living documents and easily accessible references stored on platforms like SharePoint or OneDrive. Our track record includes accelerated recovery funding processes for subrecipients, emphasizing tangible results that empower our clients to execute their missions effectively.
Prepare Project Appeals, Arbitration, and prepare projects for audits and respond to audit findings: We have learned that the best way to resolve a dispute is to prevent it from occurring. However, when an appeal is unavoidable, our experienced team of specialists brings unprecedented success in appeals and arbitration. IEM has extensive experience in FEMA’s appeals and third-party arbitration procedures for PA determinations, resolving audits performed by the DHS OIG, resolving audits performed by the Governmental Accountability Office, and Single Audits. Our team supports clients and participates in any quality control plan or audit conducted by auditors. IEM staff’s in-depth process knowledge and day-to-day project collaboration with clients allow for hands-on assistance and rapid turnaround during project audits.
2.7 Financial / Grants Management Support and Information Technology
One of the ways in which IEM reduces costs for clients as well as impacts on the planet is to encourage the use of virtual operations rather than emphasizing all in-person, on-site work. Unless required by the client or by the specific scope of a task, such as damage assessments, we recommend most recovery work take place remotely.
Our staff report to an IEM Project Manager for the project(s) they are supporting and an IEM Project Executive to whom they report in the organization. Through this method, our staff work closely with many members of the division, sometimes on multiple projects during the same period. By allocating time to each project only when there is work that can be done, we ensure costs are not wasted on time spent waiting for responses from CalOES or FEMA.
We know how important recovering every dollar is for our clients, and our goal is to ensure our clients can maximize their funding. FEMA PA allows applicants to submit costs related to PA program delivery administrative tasks under Category Z: Management Costs. While our team will guide the City on the best methods to track internal direct and indirect administrative costs eligible under Category Z, completing project formulation and gathering required documentation, we will also ensure costs are tracked, documented, and eligible for submission under Category Z.
Whether our consultants work remotely or on-site, we utilize a task-tracking system called the Disaster Associated Response and Recovery Task Tracker (DARRTT) for our consultants’ time, ensuring all activities are tracked and allocated to the correct program, project and grant to ensure proper grant fund accounting, maintenance and reporting. This task-tracking system forms the backbone of our invoicing process and helps ensure accurate accounting while also allowing us to customize the level of detail provided in invoices. We also utilize our task tracking system and subsequent invoices to support the submission of FEMA PA Category Z—Management Costs.
Our DARRTT system replicates all the information required by an ICS 211 and 214 form, simplifying the formulation of Category Z projects. Each entry in DARRTT allows personnel to describe the task completed, including information specifically requested by the client. This benefit simplifies the activity reporting process and can be used to support activity reports.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
10 2.8 FEMA 404 and 406 Hazard Mitigation Expertise
The world watched as Malibu was decimated by the wildfires. Our only thought is to help in any way that we can help and support this beautiful area recapture its charm, whether through 404 or 406 mitigation. Our people are passionate about mitigation and building resilience against future disasters. To us, mitigation is much more than bricks, mortar, concrete, and drainage. Because most of our personnel have extensive governmental, charitable, and private sector emergency management experience, we know first-hand the suffering that can result from the occurrence of a catastrophic disaster. Every member of our team understands that mitigation initiatives save lives, minimize property losses, and foster community resiliency and post-disaster recovery when they are:
• Planned, executed, and managed correctly.
• Include sound risk analysis.
• Incorporate technical competency.
• Include proactive and recurring engagement with stakeholders. • Demonstrate an understanding and address the needs of the local community.
IEM brings knowledge, expertise, and experience in identifying, developing, evaluating, implementing, and managing hazard mitigation projects of all types, including Hazard Mitigation Grant Program (HMGP, 404) and PA Mitigation (406) projects, as well as other federal grants, which directly align with the needs of the community to recover from, and reduce or eliminate risk from, future events. We have supported hazard mitigation plans and projects nationwide and gained valuable insights into developing complex mitigation/resiliency projects including in Virginia, Florida, New York, Puerto Rico, and Louisiana. Through our technical assistance, we support State and local governments in developing, reviewing, and submitting thorough grant applications and BCAs.
Our team of mitigation subject matter experts comprises licensed engineers, Certified Floodplain Managers, code officials, grant writers, urban planners, HAZUS and data analysis experts, former State Hazard Mitigation Officers (SHMOs), and former FEMA staff. We have assembled a team of dedicated Benefit-Cost Analysis (BCA) Specialists who possess exceptional skills in helping clients identify and demonstrate cost-effective mitigation measures. Our grant writing team works diligently to find innovative solutions for complicated tasks, ensuring that every application is supported by meticulous documentation to pass review processes successfully.
Our proven track record of delivering results and ensuring compliance with federal regulations positions us as a trusted partner in achieving projects objectives and enhancing community resilience against all hazards, including wildfire. For all mitigation programs - including Section 404 HMGP, Section 406, and BRIC – IEM can perform the full lifecycle of activities, from public outreach and community engagement, project scoping and application development, benefit-cost analysis, environmental reviews, and grant management. Our emphasis on careful eligibility review, compliance, and quality control reduces the risk of claw-back of previously obligated funds.
Moreover, our knowledge of all the eligible funding streams allows us to help clients identify federal resources to pay for projects using strategies that combine federal programs together to provide the most complete solution possible.
2.9 HUD CDBG-DR, MIT, CV, ESG, and other HUD Program Support Services
IEM has the experience to address impacts that FEMA cannot or are the responsibility of another federal agencies and will support the City with both technical and programmatic advisory advice on HUD-funded program support services to enhance overall recovery efforts. Numerous funding sources with differing regulations and constraints will confound contractors with limited federal grant program experience. The City would benefit from a firm with extensive knowledge of combining and leveraging multiple streams of federal funding. IEM has decades of Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
11 experience in the full spectrum of emergency management with all funding streams that can potentially be used in conjunction with a federally supported recovery while ensuring no duplications of submission.
We will provide services in support of the City’s case management programs and compliance with all applicable federal, state, and local regulations, including HUD requirements, regulations, and guidance. We employ senior former HUD officials with knowledge of federal recovery programs designed to bring normalcy to communities faster. These world-class managers would be assigned to the City’s federally funded programs, as needed.
Understanding the grant lifecycle for HUD-funded programs is the foundation for providing any grantee with beneficiary analytics support to promote positive program outcomes and overall compliance in program delivery.
The IEM Team consists of professionals who have produced tremendously successful outcomes for disaster recovery, including programs involving grant management of HUD and other federally funded programs. These compliance and subject matter experts have provided support for every major CDBG-DR delivery in the nation.
Our team of experts will conduct comprehensive unmet needs assessments to effectively identify the specific types and locations of disaster recovery needs within the community, focusing on the three core aspects of recovery:
housing, infrastructure, and the economy. Our team also includes a full complement of seasoned HUD Technical Assistance service providers with expertise in researching HUD tools and libraries and accessing a wide network of federal grant professionals.
Our approach will involve engaging with community stakeholders, analyzing existing data, and utilizing advanced methodologies to ensure that all recovery needs are accurately captured and prioritized. By delivering actionable insights, we aim to support the city in developing targeted strategies that enhance resilience and facilitate a swift recovery process for all residents.
While HUD regulations provide the overarching
framework for all HUD programs, CDBG-DR rules are the
specific, tailored requirements that apply to the unique disaster recovery context of the CDBG-DR program.
IEM’s approach enforces compliance with overarching
CDBG-DR requirements, the specific rules outlined in the Allocations for Community Development Block Grant
Disaster Recovery and Implementation of the CDBG-DR
Consolidated Waivers and Alternative Requirements
Notice in the applicable Federal Register Notice, and all prevailing regulations, memorandums, and Community
Planning and Development (CPD) Notices. By effecting a
robust approach to compliance, we avoid issues other
deliveries have faced—including significant audit
findings, repayment of disallowed costs, and other
negative consequences that jeopardize community
recovery efforts.
Our overall approach to compliance with CDBGDR/MIT/CV rules aligns with ultimate closeout and reporting requirements. We know what is needed to successfully navigate the program from start to finish, and we design our processes and controls with that endgame in mind.
This approach ensures we are hitting all the necessary targets and building a comprehensive, well-documented record of the City's CDBG-DR activities. We pay close attention to requirements around beneficiary participation, accessibility, and low-to-moderate income (LMI) benefit, establishing ironclad procedures to verify eligibility and demonstrate national objective compliance. Rigorous monitoring and compliance checks ensuring program design are in full alignment with eligible CDBG activities identified at 24 CFR 570 and waivers outlined in applicable Federal Register notices are central to Team IEM’s approach implementing CDBG programs.
Tourism Program Expertise
Many of the waivers that come standard with CDBGDR Appropriations were put in place by IEM’s Jon Mabry who oversaw the Mississippi $5.4B CDBG-DR
Recovery. He worked with HUD to secure these
Waivers including a Waiver allowing CDBG-DR funds
to be used for Tourism Activities to promote
economic and community development. IEM has a
history of getting to Yes with HUD on Projects and
Programs that are important to revitalize communities.
He created a Tourism Program whereby CDBG-DR
Grants were made to increase the number of visitors to
the impacted areas to recover and sustain the small
businesses that rely on tourism, increase, and sustain
related jobs, and return the tax revenues to the
communities in which these businesses reside.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
12 2.10 FHWA / FTA Support
Emergency Relief (EF) funding has been authorized by Congress as part of the Federal Highway Administration’s (FHWA) Federal-aid highway program. These funds are available for repairing Federal-aid highways and roads on Federal lands that have been severely damaged by natural disasters over a large area, or by catastrophic failures from external causes (bridge collapsing). These roads include State, county, and city roads, or about one-quarter of the overall public road mileage. The FHWA can provide up to $100 million in ER funding to a State for each natural disaster or catastrophic failure that is eligible. Should a costly disaster exceed the $100 million cap, Congress can pass special legislation to lift the cap for that specific disaster. Additional funding appropriated through legislation to the Federal Transit Administration’s (FTA) Emergency Relief program enables the FTA to aid public transit operators following a major disaster or emergency – specifically to assist transit agencies in affected areas with rescue, recovery, and other transportation services.
IEM staff and resources stand ready to assist in the management of this funding as it applies to emergency or permanent repairs, and in helping to decipher this somewhat complex program to include the managerial assistance of the funding, to the extent the City desires. Our team can provide the following advisory and technical services:
1. Funding Consultation: Expert advice on the specific
eligibility requirements, funding opportunities, and application procedures related to FHWA and FTA disaster recovery
programs.
6. Training and Technical Assistance (TA) Sessions:
Conducting targeted training for City staff on grant
management, compliance issues, and reporting requirements related to FHWA and FTA funding to enhance your operational capabilities.
2. Project Management Guidance: Best practices in
project management to ensure effective execution of funded recovery initiatives, including milestone tracking and resource allocation.
7. Cost Estimation and Budget Development: Providing
technical expertise in formulating accurate cost estimates for recovery projects, ensuring that proposed budgets comply with federal guidelines.
3. Recovery Strategy Development: Formulating
comprehensive recovery strategies that align with FHWA and FTA guidelines, focusing on both immediate and long-term community resilience.
8. Regulatory Compliance Support: Assistance navigating federal regulations, ensuring adherence to environmental assessments, procurement standards, and reporting
obligations to facilitate funding approval.
4. Application Development Assistance: Assistance
creating funding applications, including drafting proposals, gathering required documentation, and presenting a strong rationale for the City's disaster recovery needs.
9. Monitoring and Reporting Frameworks: Establishing
systems for ongoing monitoring of funded projects, ensuring timely compliance with reporting deadlines and data accuracy.
5. Stakeholder Coordination: Facilitating communication among key stakeholders, including city officials and funding agencies, to promote a collaborative approach to disaster recovery.
10. Audit Preparation Support: Assistance organizing
documentation and preparing for audits related to federal funding, ensuring compliance, accountability, and transparency Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
13 3.0 Proposed Staff
Please see below for a summary of qualifications for our proposed staff.
Anne Bink
Project Executive and Subject Matter Expert
Ms. Bink is a seasoned professional with more than 20 years of experience in grants administration, including 10 years in emergency management.
Ms. Anne Bink is IEM’s Director of Mitigation and Resilience. In this role, she drives the strategic direction and operation of resilience programs and projects, including Hazard Mitigation planning and direct technical assistance. The portfolio that she oversees includes clients such as the Governor’s Office of Homeland Security and Emergency Preparedness, Utah’s Department of Public Safety, Montana Disaster and Emergency Services, Galveston, Texas, and Rensselaer County, New York. Before IEM, she worked at FEMA as Associate Administrator for the Office of Response and Recovery. In this role, she oversaw a $200 billion portfolio of disaster recovery grants, including PA, HMGP, and IA grant programs. At the New York State Division of Homeland Security and Emergency Services, she served as Deputy Commissioner of Disaster Recovery Programs. In this role, Ms. Bink oversaw a $20 billion portfolio of disaster recovery grants, including Public Assistance and Hazard Mitigation grant programs.
Charlie Axton
Recovery Subject Matter Expert
Mr. Axton has responded to many major disasters, such as Hurricanes Floyd, Ivan, Katrina, Rita, Gustav, Ike, Irma, and Maria, as well as the Salt Lake City Tornado.
Mr. Charlie Axton, IEM’s Director of Response and Recovery, has over 27 years of experience in disaster recovery and response. Mr. Axton served in multiple roles with FEMA to provide management and oversight during Presidentially declared disasters, including hurricanes, earthquakes, floods, and tornadoes, and has responded to many major disasters, such as Hurricane Floyd and the Salt Lake City Tornado. Mr. Axton currently works as a Manager of State and Local Response & Recovery, supporting the State of Illinois in response and recovery efforts from COVID-19. He supported COR3 after Hurricane Maria in project formulation for $10.5B in eligible 428 funding, including eligible BBA funding, for PREPA. He also served as project manager for the Illinois vaccination operation, supporting nearly 6,000 successful vaccination PODs.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
14 Chris Smith
Subject Matter Expert
Mr. Smith led the largest business division in FEMA with approximately 1700 full-time employees, 4000 contract employees, and 3000 reservists across 10 FEMA regions.
Chris Smith, IEM’s Director of Individual Assistance and Disaster Housing, has over 15 years of experience in emergency operations, planning, management, and response. Previously, he served as a local emergency manager, a state emergency management director, and a FEMA senior executive. Most recently, at FEMA, Chris led the Individual Assistance Division for almost seven years and 175 Presidential Disaster Declarations. During this time, Chris was responsible for all Individual Assistance activities, including the administration of all FEMA call centers, comprising almost 1000 staff across four distinct facilities. Beginning in 2021, he was responsible for the 4000 agent COVID Funeral Assistance Call Center which facilitated the distribution of $2.7B to 431,000 individuals.
Gigi Honorato
Senior Program Consultant
Ms. Honorato’s bilingual skills have been critical while supporting nine declared disasters since 2016.
Gigi Honorato is an emergency management professional with over five years of experience providing grants management to disaster recovery programs across the United States. While at FEMA, she supported both Public Assistance (PA) and Individual Assistance Programs in roles ranging from site inspector and home damage assessor to project specialist. Mrs. Honorato has experience in recovery from multiple disaster types, from hurricanes, floods, and snow damages to earthquakes, which assisted in the reimbursement of millions across the United States.
Eric Leath
Senior Program Consultant
Mr. Leath has more than 20 years of experience in Emergency Management and Homeland Security.
Mr. Leath is a seasoned Emergency Manager and Public Safety Official with over two decades of experience.
He has developed and conducted dozens of discussion- and operations-based exercises and written afteraction reports and improvement plans. While with NCEM, Mr. Leath participated in a national workgroup 2006 that laid the groundwork for the Homeland Security Exercise and Evaluation Program (HSEEP). He has taught HSEEP and ICS for several years in both NC and CO. He has activated numerous times in an EOC, and the field as a Logistics Specialist. Mr. Leath built the emergency management program for the Auraria Higher Education Center and managed it for six years, leading the campus through several emergencies and large events. With the Texas School Safety Center, Mr. Leath helped develop the first K-12 School District Emergency Operations Plans (EOPs) and accompanying hazard- and function-specific annex templates that followed the CPG 101 format and met compliance with the Texas Education Code 37.108. As a volunteer with the American Red Cross, he honed his disaster response skills at small incidents with the Disaster Action Team (DAT) and large events like Logistics Specialist for the Raleigh, NC, mega-shelter receiving evacuees from Hurricane Katrina.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
15 Samantha Dosen
Program Consultant
Ms. Dosen provided community outreach and engagement for a regional hospital, school district, and local government, including multi-agency county-wide coordinated messaging for COVID-19 education and vaccine information.
Samantha Dosen, IEM Senior Communication Specialist, has over 12 years of experience in communication, emergency preparedness, and marketing to large communities. She has expertise in crisis communication, public relations, stakeholder relationship management, and HTML/SEO. Samantha has an M.A. in Communications and Public Relations from Kent State University and a B.S. in Mass Communications from Colorado State University-Pueblo. She has certifications and training in crisis management and incident command. Samantha has worked in various marketing and communication roles, including Communications and PR Manager for the Pueblo West Metropolitan District and Digital Communications Manager for School District 49. She has experience in brand development, website design, graphic design, social media strategy, and event planning. As Communications Manager at IEM, Samantha oversees communication and outreach efforts for state-wide HAF programs, coordinating partnerships, hosting webinars, and managing program reporting. She is skilled in managing communication objectives, media responses, and marketing materials.
Andrew Martinez
Administrative Specialist
In his role as Project Manager for EIDL, he worked and collaborated with 12 other IEM Project Managers and several SBA Team Leads to ensure the performance met expectations of the SBA.
Mr. Martinez is an IEM Project Manager in Disaster Recovery. He has managed over 70 contracted legal assistants, paralegals, and attorneys in coordination with the U.S. Small Business Administration’s COVID-19 EIDL program. Serving as Project Manager of this program, he has worked and collaborated with 12 other IEM project managers, and several SBA team leads to ensure the contractors were performing to meet the expectations of the SBA. He served as a point of contact for the contractors, managing their schedules, providing assistance with the distribution and return of governmentfurnished equipment, and ensuring contractors were up to date with the latest policies and procedures.
In addition, he participated in bi-weekly project management meetings with the goal of process improvement and team building.
As a former Business Analyst for Upshot Capital Advisors, LLC, Mr. Martinez has skills in research and reporting. He conducted research projects and created reports on various local commercial real estate topics and best practices. In his role as a Business Analyst, he created a complex organizational matrix of internal operations to aid in future company expansion. He also identified locations of future property investments and created a centralized map for land acquisition analysis. In addition, he managed the company website, including the investor portal, and organized SharePoint presence.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
16 4.0 Cost Proposal
IEM’s Cost Proposal is below. Travel will be billed at cost, using applicable GSA rates for hotel and per diem.
Position Hourly Rate
Project Executive, Incident Commander, and/or Subject Matter Expert (SME) $ 225.00 Project Manager $ 180.00
EOC Specialist $ 120.00
Senior Program Consultant (PA, HM, IA) $ 155.00
Program Consultant (PA, HM, IA) $ 135.00
Program Specialist (PA, HM, IA) $ 105.00
Insurance Analyst $ 120.00
Administrative Specialist $ 70.00
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Comprehensive Disaster Recovery Services
17 P.O. Box 110265 • Research Triangle Park, NC 27709 • (919) 990-8191 or (800) 977-8191 • www.iem.com Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Agreement for Professional Services
IEM International, Inc.
EXHIBIT B
INSURANCE LANGUAGE
Without limiting Consultant’s indemnification of City, and prior to commencement of work and/or services under this Agreement, Consultant shall obtain, provide, and maintain at its own expense during the term of this Agreement, policies of insurance of the type and amounts described below and in a form satisfactory to City.
General Liability Insurance. Consultant shall maintain commercial general liability insurance with coverage at least as broad as Insurance Services Office form CG 00 01, in an amount not less than $1,000,000 per occurrence, $2,000,000 general aggregate, for bodily injury, personal injury, and property damage. The policy must include contractual liability that has not been amended. Any endorsement restricting standard ISO “insured contract” language will not be accepted.
Automobile Liability Insurance. Consultant shall maintain automobile insurance at least as broad as Insurance Services Office form CA 00 01 covering bodily injury and property damage for all activities of the Consultant arising out of or in connection with Work to be performed under this Agreement, including coverage for any owned, hired, non-owned, or rented vehicles, in an amount not less than 1,000,000 combined single limit for each accident.
Professional Liability (Errors & Omissions) Insurance. Consultant shall maintain professional liability insurance that covers the Services to be performed in connection with this Agreement, in the minimum amount of $1,000,000 per claim and in the aggregate. Any policy inception date, continuity date, or retroactive date must be before the effective date of this agreement and Consultant agrees to maintain continuous coverage through a period no less than three years after completion of the services required by this agreement.
Workers’ Compensation Insurance. Consultant shall maintain Workers’ Compensation Insurance (statutory limits) and Employer’s Liability insurance (with limits of at least $1,000,000).
Consultant shall submit to Agency, along with the certificate of insurance, a Waiver of Subrogation endorsement in favor of City, its officers, agents, employees, and volunteers.
Umbrella or Excess Liability Insurance. Consultant shall obtain and maintain an umbrella liability insurance policy with limits that will provide bodily injury, personal injury, and property damage liability coverage, including commercial general liability, automobile liability, and employer’s liability. Such policy or policies shall include the following terms and conditions:
• A drop-down feature requiring the policy to respond if any primary insurance that would otherwise have applied proves to be uncollectible in whole or in part for any reason, other than bankruptcy or insolvency of said primary insurer;
• “Pay on behalf of” wording as opposed to “reimbursement”; • Concurrency of effective dates with primary policies.
Should Consultant obtain and maintain an excess liability policy, such policy shall be excess Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Agreement for Professional Services
IEM International, Inc.
over commercial general liability, automobile liability, and employer’s liability policies. Such policy or policies shall include wording that the excess liability policy follows the terms and conditions of the underlying policies.
OTHER PROVISIONS OR REQUIREMENTS
Proof of Insurance. Consultant shall provide certificates of insurance and required endorsements to City as evidence of the insurance coverage required herein. Insurance certificates and endorsements must be approved by City’s Risk Manager prior to commencement of performance. Current certification of insurance shall be kept on file with City for the contract period and any additional length of time required thereafter. City reserves the right to require complete, certified copies of all required insurance policies, at any time.
Duration of Coverage. Consultant shall procure and maintain for the contract period, and any additional length of time required thereafter, insurance against claims for injuries to persons or damages to property, or financial loss which may arise from or in connection with the performance of the Work hereunder by Consultant, their agents, representatives, employees, or subconsultants.
Primary/Noncontributing. Coverage provided by Consultant shall be primary and any insurance or self-insurance procured or maintained by City shall not be required to contribute with it. The limits of insurance required herein may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess insurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of City before the City’s own insurance or self- insurance shall be called upon to protect it as a named insured.
City’s Rights of Enforcement. In the event any policy of insurance required under this Agreement does not comply with these specifications or is canceled and not replaced, City has the right but not the duty to obtain the insurance it deems necessary, and any premium paid by City will be promptly reimbursed by Consultant or City will withhold amounts sufficient to pay premium from Consultant payments. In the alternative, City may cancel this Agreement.
Acceptable Insurers. All insurance policies shall be issued by an insurance company currently authorized by the Insurance Commissioner to transact business of insurance or is on the List of Approved Surplus Line Insurers in the State of California, with an assigned policyholders’ Rating of A- (or higher) and Financial Size Category Class VII (or larger) in accordance with the latest edition of Best’s Key Rating Guide, unless otherwise approved by the City’s Risk Manager.
Waiver of Subrogation. All insurance coverage maintained or procured pursuant to this agreement shall be endorsed to waive subrogation against City, its elected or appointed officers, agents, officials, employees, and volunteers or shall specifically allow Consultant or others providing insurance evidence in compliance with these specifications to waive their right of recovery prior to a loss. Consultant hereby waives its own right of recovery against City and shall require similar written express waivers and insurance clauses from each of its subconsultants.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Agreement for Professional Services
IEM International, Inc.
Enforcement of Contract Provisions (Non Estoppel). Consultant acknowledges and agrees that any actual or alleged failure on the part of the City to inform Consultant of non-compliance with any requirement imposes no additional obligations on the City nor does it waive any rights hereunder.
Requirements Not Limiting. Requirements of specific coverage features or limits contained in this Section are not intended as a limitation on coverage, limits or other requirements, or a waiver of any coverage normally provided by any insurance. Specific reference to a given coverage feature is for purposes of clarification only as it pertains to a given issue and is not intended by any party or insured to be all inclusive, or to the exclusion of other coverage, or a waiver of any type. If the Consultant maintains higher limits than the minimums shown above, the City requires and shall be entitled to coverage for the higher limits maintained by the Consultant. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the City.
Notice of Cancellation. Consultant agrees to oblige its insurance agent or broker and insurers to provide the City with a thirty (30) day notice of cancellation (except for nonpayment for which a ten (10) day notice is required) or nonrenewal of coverage for each required coverage. If any of the Consultant’s insurers are unwilling to provide such notice, then Consultant shall have the responsibility of notifying the City immediately in the event of Consultant’s failure to renew any of the required insurance coverages, or insurer’s cancellation or non-renewal.
Additional Insured Status. General liability, automobile liability, and umbrella/excess liability insurance policies shall provide or be endorsed to provide that City and its officers, officials, employees, agents, and volunteers shall be additional insureds under such policies.
Prohibition Of Undisclosed Coverage Limitations. None of the coverages required herein will be in compliance with these requirements if they include any limiting endorsement of any kind that has not been first submitted to City and approved of in writing.
Separation of Insureds. A severability of interests’ provision must apply for all additional insureds ensuring that Consultant’s insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the insurer’s limits of liability. The policy(ies) shall not contain any cross-liability exclusions.
Pass Through Clause. Consultant agrees to ensure that its subconsultants, subcontractors, and any other party who is brought onto or involved in the project/service by Consultant (hereinafter collectively “Subcontractor”), provide the same minimum insurance coverage and endorsements required of Consultant under this Agreement. Consultant agrees to monitor and review all such coverage and assumes all responsibility for ensuring that such coverage is provided in conformity with the requirements of this section. However, in the event Consultant’s Subcontractor cannot comply with this requirement, which proof must be submitted to the City, Consultant may still be able to utilize the Subcontractor provided Consultant shall be required to ensure that its Subcontractor provide and maintain insurance coverage and endorsements sufficient to the specific risk of exposure involved with Subcontractor’s scope of work and services, with limits less than required of the Consultant, but in all other terms consistent with Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1 Agreement for Professional Services
IEM International, Inc.
the Consultant’s requirements under this Agreement. This provision does not relieve the Consultant of its contractual obligations under the Agreement and/or limit its liability to the amount of insurance coverage provided by its subcontractors. This provision is intended solely to provide Consultant with the ability to utilize a Subcontractor who may be otherwise qualified to perform the work or services but may not carry the same insurance limits as required of the Consultant under this Agreement given the limited scope of work or services provided by the subcontractor. Consultant agrees that upon request, all agreements with Subcontractors, and others engaged in the project and/or services, will be submitted to City for review.
City’s Right to Revise Specifications. The City reserves the right at any time during the term of the contract to change the amounts and types of insurance required by giving the Consultant ninety (90) days’ advance written notice of such change. If such a change results in substantial additional costs to the Consultant, the City and Consultant may renegotiate the Consultant’s compensation.
Self-Insured Retentions. Any self-insured retentions must be declared to and approved by the City. City reserves the right to require that self-insured retentions be eliminated, lowered, or replaced by a deductible, or require proof of ability to pay losses and related investigations, claim administration, and defense expenses within the retention through confirmation from the underwriter.
Timely Notice Of Claims. Consultant shall give City prompt and timely notice of claims made or suits instituted that arise out of or result from Consultant’s performance under this Agreement, and that involve or may involve coverage under any of the required liability policies.
Additional Insurance. The consultant shall also procure and maintain, at its own cost and expense, any additional kinds of insurance, which in its own judgment may be necessary for its proper protection and prosecution of the work.
Docusign Envelope ID: 35890983-6439-4FDA-9660-63990DEDABA1
Agenda Item # 7.A.
Council Agenda Report
To: Mayor Stewart and Honorable Members of the City Council Prepared by: Tyler Eaton, Principal Planner
Reviewed by: Maureen Tamuri, AIA, AICP, Interim Planning Director Approved by: Joseph D. Toney, Acting City Manager
Trevor Rusin, Interim City Attorney
Date prepared: January 23, 2025 Meeting date: January 27, 2025 Subject: Amendment to the Malibu Local Coastal Program and Malibu Municipal Code Title 17 (Zoning) Modifying Standards and Procedures to Facilitate the Rebuilding of Structures Damaged or Destroyed by the 2025 Palisades Fire, 2024 Franklin Fire, and 2024 Broad Fire RECOMMENDED ACTION: 1) Adopt Resolution No. 25-06 initiating a Local Coastal Program (LCP) amendment and zoning text amendment to consider changes to the Malibu LCP and Title 17 (Zoning) of the Malibu Municipal Code (MMC) to facilitate the rebuilding of homes damaged or destroyed by the 2025 Palisades Fire, 2024 Franklin Fire, and 2024 Broad Fire and provide relief for victims of the fires; and 2) Bypass the Zoning Ordinance Revisions and Code Enforcement Subcommittee (ZORACES) and direct the Planning Commission to schedule a public hearing regarding the same.
FISCAL IMPACT: There is no fiscal impact associated with the recommended action.
DISCUSSION: Pursuant to LCP Section19.2.1(A) and MMC Section 17.74.040, a change in the text of the Malibu LCP or the Zoning Ordinance (MMC Title 17) must be initiated by the Council through a resolution. The resolution gives notice that the Council desires to initiate changes to the LCP and municipal code and directs staff to bring forward proposed changes to the Planning Commission for a public hearing at which it will make a recommendation to the City Council on the proposed changes.
In this resolution, the City Council is announcing its intent to consider changes to MMC Title 17 and to the LCP to adopt provisions to facilitate the rebuilding of homes damaged or destroyed by the 2025 Palisades Fire, 2024 Franklin Fire, and 2024 Broad Fire and provide relief for victims of the fires.
City Council Meeting
01-27-25
Item
7.A.
Agenda Item # 7.A.
As of current count, the recent fires have destroyed or damaged structures on over 700 properties in Malibu, leaving residents with an urgent need to rebuild and often without a place to stay. The City will see a substantial increase in applications to rebuild and requests related to making properties safe, and Staff is seeking to provide ways to expedite this process, particularly for those who are rebuilding homes within 10% of the size of the home that was damaged or destroyed.
The Governor of California issued Executive Order N-4-25 to help facilitate the rebuild process for the recent fires in Los Angeles County, including the Palisades Fire, which has affected Malibu. The Executive Order states that the California Environmental Quality Act and California Coastal Act were suspended to the extent that they would normally apply to properties and facilities that are in substantially the same location as and do not exceed 10% of the footprint and height of, properties and facilities that were legally established and existed immediately before the Palisades Fire. The Malibu LCP defines how the Coastal Act applies within the City. Under it, the City issues Coastal Development Permits (CDP) on its own accord, except that the California Coastal Commission retains appeal jurisdiction over certain areas within the City, such as the coastline and waterways.
Local Coastal Program Amendment
The LCP currently allows structures destroyed by a natural disaster to be replaced in-kind plus a 10 percent increase in height, floor area, or bulk to be exempt from a CDP. However, current LCP provisions, such as a replacement onsite wastewater treatment system (OWTS) greater than 10 percent in capacity, require processing via a De Minimis Waiver (DMW). A DMW is a waiver of the CDP process. DMWs can only be issued if the City can make a finding that the development is not within the CCC’s appeal jurisdiction. The entire coastline of Malibu is within the CCC’s appeal jurisdiction. Over 300 properties on the eastern Malibu coastline have been affected potentially leading to the replacement of hundreds of OWTS along the coast. OWTS replacements greater than 10 percent in capacity, which staff anticipates most will be, thus are not eligible for a DMW under the current LCP. Additionally, necessary shoreline protection devices needed to protect an OWTS from contaminating coastal waters will potentially require a CDP. An LCP amendment is recommended to ensure a streamlined process and help facilitate the rebuild process.
In addition, properties along the coast may be required to meet Federal Emergency Management Agency (FEMA) flood zone standards. Current FEMA standards may require rebuild structures to raise their finished floors to an elevation greater than was present before the fires. Coupled with the LCP exemption criteria to stay within the same “bulk” or massing and height, it may make it hard for property owners to get back the same square footage they had before the fire. Staff is exploring options to allow property owners to rebuild a like-for-like plus 10% home without a CDP while still meeting current FEMA flood zone standards.
Agenda Item # 7.A.
Another specific challenge area for rebuilds involves geologic safety requirements. An LCP amendment may be needed to allow relief for residents in geologic hazard areas to facilitate relocating their structures to safer areas on their properties without requiring a CDP.
Staff has already begun discussions with CCC staff and State leadership in order to facilitate a potential LCP Amendment that will help Malibu residents and stakeholders get back to their properties in an expeditious manner. If relief can be provided or needs to be provided through application of the Governor’s order, state level legislation, or other measures, staff will also pursue these options if they can benefit and speed relief to residents.
Zone Text Amendment
Many of the destroyed structures were legally constructed, but do not conform to current zoning, building, and other codes. Both the LCP and MMC currently allow replacement structures that were destroyed by a natural disaster to retain their nonconforming conditions; this is done under the MMC with a Planning Verification (PV). A rebuild plus 10 percent increase is exempt from a CDP but is not currently allowed under a PV. An applicant would have to obtain an Administrative Plan Review (APR) for a rebuild that seeks a 10 percent increase. In 2019, the City Council adopted Ordinance 445 which allowed structures destroyed in the 2018 Woolsey Fire to be replaced in-kind plus a 10 percent increase with a PV; similar provisions were made for properties affected by the 1993 Malibu/Topanga fire. In order to expedite the processing of rebuilds that do not increase in size by more than 10%, a ZTA is proposed to allow all structures destroyed by a natural disaster, not just those destroyed in the 2018 Woolsey Fire, the ability to rebuild plus 10 percent under a PV. Instead of code changes speaking directly to specific fire events, this type of change would limit the amount of code changes needed in the future, should another major event take place, and thus will provide expedited relief to those impacted by future natural disasters.
SUMMARY
By adopting the attached resolution, the Council will initiate LCP and MMC amendments to expedite the ability to rebuild in Malibu and the processing of permits that will be brought forward to the Planning Commission, and then the City Council. These amendments will focus particularly on those seeking to rebuild within 10% of the size of the previously existing home. The proposed amendments will include, but not be limited to, amendments related to the above discussed issues. The City Council will determine the final form of these amendments, after receiving a recommendation from the Planning Commission and holding public hearings. Any required companion amendments to storm water (MMC Title 13, Chapter 13.04) and wastewater (MMC Title 15) or any other sections will also be
Agenda Item # 7.A.
brought forward by as necessary. Amendments to these chapters do not require an initiation resolution by the Council.
ATTACHMENT: Resolution No. 25-06
ATTACHMENT 1
RESOLUTION NO. 25-06
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MALIBU
INITIATING A LOCAL COASTAL PROGRAM AMENDMENT AND ZONING
TEXT AMENDMENT TO CONSIDER CHANGES TO THE MALIBU LOCAL
COASTAL PROGRAM AND TITLE 17 (ZONING) OF THE MALIBU
MUNICIPAL CODE TO FACILITATE THE REBUILDING OF STRUCTURES DAMAGED OR DESTROYED BY THE 2025 PALISADES FIRE, 2024
FRANKLIN FIRE, AND 2024 BROAD FIRE AND PROVIDE RELIEF FOR
VICTIMS OF THE FIRES
The Planning Commission of the City of Malibu does hereby find, order and resolve as follows:
SECTION 1. Recitals.
A. The 2024 Broad Fire has damaged and destroyed structures on at least 4 properties in Malibu leaving residents with an urgent need to rebuild.
B. The 2024 Franklin Fire has damaged and destroyed structures on at least 38 properties in Malibu leaving residents with an urgent need to rebuild.
C. The 2025 Palisades Fire has destroyed structures on over 700 properties in Malibu leaving residents with an urgent need to rebuild. The Governor of California has declared the event a State of Emergency and the President of the United States has declared the event a Federal Emergency.
D. In the interest of augmenting the speed and ease with which rebuilding can be accomplished, and with consideration of the number of applications to rebuild that will be submitted and the myriad restrictions and procedures regulating the approval process for rebuilding homes, amendments to the City's Local Coastal Program (LCP) and Malibu Municipal Code (MMC) zoning code are necessary.
SECTION 2. Initiation.
Pursuant to LCP Local Implementation Plan (LIP) Chapter 19 and MMC Chapter 17.74, the City Council hereby initiates amendments to the LCP and MMC Title 17 (Zoning) to facilitate the rebuilding of structures damaged or destroyed by the 2025 Palisades Fire, 2024 Franklin Fire, and 2024 Broad Fire and provide relief for victims of the fires and directs staff to issue a Notice of Availability consistent with LIP section 19.3.1.
SECTION 3. Planning Commission Hearing.
The Planning Commission is hereby directed to conduct a duly noticed public hearing in accordance with the provisions of LIP Chapter 19 and MMC Chapter 17.74. Following the public hearing, the Planning Commission shall recommend to the City Council whether it should approve, modify or deny the proposed amendment(s). The Planning Commission's recommendation shall be made by resolution carried by the affirmative vote of not less than the majority of the entire Planning Commission.
SECTION 4. The City Clerk shall certify to the passage and adoption of this resolution and enter it into the book of original resolutions.
Resolution No 25-06
______________________
SECTION 5. The City Council shall certify the adoption of this resolution.
PASSED, APPROVED AND ADOPTED this 27th day of January, 2025. _______________________________________
DOUG STEWART, Mayor
ATTEST:
____________________________________
KELSEY PETTIJOHN, City Clerk
APPROVED AS TO FORM:
____________________________________
TREVOR RUSIN, Interim City Attorney
Agenda Item # 7.B.
Council Agenda Report
To: Mayor Stewart and the Honorable Members of the City Council Prepared by: Alexis Brown, Deputy City Manager
Approved by: Joseph D. Toney, Acting City Manager
Date prepared: January 24, 2025 Meeting date: January 27, 2025 Subject: Formation of Palisades Fire Ad Hoc Committee
RECOMMENDED ACTION: Appoint an Ad Hoc Committee of the City Council to participate in upcoming events and meetings, provide input and feedback to Staff, and bring forward any needed recommendations to the full City Council related to the Palisades Fire.
FISCAL IMPACT: Minimal fiscal impact is anticipated. Potential costs include travel and incidental expenses associated with participation in events, which are expected to be absorbed within the current budget for Council operations. Some costs may be included in the City’s recovery expenses.
STRATEGIC PRIORITY: This item was not included in the Adopted FY 2024-25 Strategic Priority Project List. At the Council’s direction, this project can be brought back at a future Strategic Planning meeting for prioritization.
DISCUSSION: The Palisades Fire has had a devastating impact on Malibu, requiring significant coordination with multiple agencies, stakeholders, and community members to address recovery, preparedness, and safety concerns. Numerous events—such as town halls, forums, and stakeholder meetings—are being planned to provide updates, gather input, and to further develop recovery strategies.
Participation by more than two councilmembers in such events requires noticing these as public meetings under the Brown Act, which places considerable strain on staff resources and creates logistical challenges. Additionally, the time-sensitive nature of the Palisades Fire discussions necessitates a more agile approach to ensure the City is able to respond effectively and efficiently.
City Council Meeting
01-27-25
Item
7.B.
Agenda Item # 7.B.
To address these challenges and expedite decision-making, staff recommends forming an ad hoc committee to represent the City at events, provide input and feedback to Staff, and bring forward any needed recommendations to the full City Council related to the Palisades Fire. Ad hoc committees, by design, are temporary and not subject to Brown Act noticing requirements. This allows for more flexibility and responsiveness in participating in critical discussions without the administrative burden of scheduling and noticing a public meeting for each event.
ALTERNATIVES:
Assign One Councilmember as the City’s Representative to attend all events and meeting related to the Palisades Fire.
ATTACHMENTS:
None.
Agenda Item # 8.B.
Council Agenda Report
To: Mayor Stewart and the Honorable Members of the City Council Prepared by: Kelsey Pettijohn, City Clerk
Approved by: Joseph D. Toney, Acting City Manager
Date prepared: December 2, 2024 Meeting date: January 27, 2025 Subject: City Council Subcommittees, Ad Hoc Committees and Outside Agency Appointments
RECOMMENDED ACTION:
1) Review current City Council Subcommittees, determine whether to retain each Subcommittee, and affirm, modify or make new appointments, as necessary;
2) Confirm which City Council Ad Hoc Committees have completed assigned tasks and dissolve such Committees, or determine to retain the Committee and affirm, modify or make new appointments, as necessary; 3) Consider establishing a Mobilehome Park Rent Control Regulations Ad Hoc Committee and appoint members;
4) Consider establishing a Use of Public Parks and Property Ad Hoc Committee and appoint members;
5) Consider creation of new City Council Ad Hoc Committees and appoint members; and
6) Affirm Outside Agency appointments and/or make appointments, as necessary.
FISCAL IMPACT: There is no fiscal impact associated with the recommended action.
STRATEGIC PRIORITY: This item is part of the day-to-day operations identified in the Adopted FY 2024-25 Strategic Priority Project List.
DISCUSSION: The reorganization of, and appointment to, City Council Subcommittees, Ad Hoc Committees, and Outside Agencies occurs after the City’s General Municipal Election held in November of even-numbered years.
City Council Meeting
01-27-25
Item
8.A.
Agenda Item # 8.B.
The following are the current appointments to City Council Subcommittees. The Council should affirm or modify appointments and make any necessary appointments to fill vacancies. City Council Subcommittees are standing committees with a continuing subject matter jurisdiction and meet on an as-needed basis. Meetings of City Council Subcommittees are open and public pursuant to the Ralph M. Brown Act and pursuant to a posted agenda.
City Council Subcommittee Members
Administration & Finance Subcommittee Stewart / Silverstein Environmental Sustainability Subcommittee Uhring / Riggins Library Subcommittee Silverstein / Riggins
Parks and Recreation Subcommittee Vacant / Vacant
Public Safety Subcommittee Grisanti / Stewart
Public Works Subcommittee Grisanti / Stewart
Zoning Ordinance Revisions & Code
Enforcement Subcommittee (ZORACES) Uhring / Riggins
The following are the current appointments to City Council Ad Hoc Committees. Pursuant to the Ralph M. Brown Act, Ad Hoc Committees may be used only to perform a single limited task and are not permitted to have continuing jurisdiction over a subject matter area or particular issue. Ad Hoc Committees are not required to hold public meetings and will meet on an as-needed basis with staff and other stakeholders. They can consist only of two members of the City Council.
On October 28, 2024, the Council directed staff to bring back an item to consider forming an Ad Hoc Committee to consider changes to the Mobilehome Park Rent Control Regulations and directed the City Attorney to review the current regulations. Should the Council choose to formally establish a Mobilehome Park Rent Control Regulations Ad Hoc Committee it should select two members to serve on it and provide direction on the report/recommendation the ad hoc is to provide.
On November 25, 2024, the Council directed staff to bring back an item to consider forming an Ad Hoc Committee to evaluate current and potential future recreational and other use of City properties, including the Malibu Bluffs Park snack shack. Should the Council choose to formally establish a Use of Public Parks and Property Ad Hoc Committee it
Agenda Item # 8.B.
should select two members to serve on it and provide direction on the report/recommendation the ad hoc is to provide.
In an effort to formally dissolve those Ad Hoc Committees that have completed assigned tasks, staff requests Council review the following list and determine if the tasks have been completed. If so, the Ad Hoc Committee should be dissolved. If the task has not been completed, the Council should retain the Ad Hoc Committee and affirm or modify appointments and make any necessary appointments to fill vacancies.
Ad Hoc Committee Date Established Purpose Members
City Council Policy
Review Ad Hoc1
April 8, 2019 To review the City Council
Policies and bring back
any recommended
revisions to the Council.
Silverstein/
Stewart
Development
Services Ad Hoc2
January 9, 2022 To receive updates on the
Development Services
Review
Uhring / Riggins
Sweetwater Mesa /
Primrose Properties
Ad Hoc
December 28,
2022
To explore options related
to properties for sale at:
APN 4453-005-013
APN 4453-005-018
APN 4453-005-111
APN 4453-005-114
APN 4453-005-117
APN 4453-005-118
APN 4459-004-001
APN 4459-004-004
APN 4459-005-003
APN 4459-005-013
APN 4459-005-001
Riggins /
Stewart
1 Originally formed to review the City Council Policies and has subsequently been assigned work related to the Top Workplace Culture priority. To better serve the scope of work that is needed, staff recommends dissolving the City Council Policy Review Ad Hoc and establishing a Policy and Culture Ad Hoc to complete the review of the City Council Policies and work with staff to make recommendations to the City Council on the Top Workplace Culture projects identified in the Strategic Workplan 2 The Comprehensive Development Services Review Report was completed and presented to the Council on August 28, 2023.
Council may consider disbanding the Development Services Ad Hoc.
Agenda Item # 8.B.
Ad Hoc Committee Date Established Purpose Members
Road Race Policy
Ad Hoc3
January 9, 2023 To review the Road Race
Policy and provide
recommendations to the
Council regarding
proposed races
Grisanti /
Riggins
School District
Separation Ad Hoc
October 9, 2017 To monitor the petition for
school unification and
make recommendations
to the Council with respect
to any action required by
the City regarding
separation from the Santa
Monica-Malibu Unified
School District.
Grisanti /
Riggins
School Safety Ad
Hoc4
June 27, 2022 To research school safety
issues, review and
provide input on requests
for proposals, and report
and provide
recommendations to the
City Council on these
issues
Silverstein /
Grisanti
Sheriff’s Substation
Ad Hoc
January 9, 2022 To examine alternative
staffing levels and
services to be provided in
conjunction with the
planned Sheriff’s
Substation
Grisanti /
Stewart
Short-term Rental
Ad Hoc
January 9, 2023 To examine options for
short-term rental
regulations in the City and
bring a recommendation
to the City Council
Silverstein /
Riggins
3 The Request for Proposals process has been completed and agreements have been awarded for the two allowable road races.
Council may consider disbanding the Road Race Ad Hoc.
4 The Comprehensive School Safety Assessment report has been completed and the full report was provided to the Santa Monica-Malibu Unified School District. Council may consider disbanding the School Safety Ad Hoc
Agenda Item # 8.B.
Following are outside agencies on which the Council has appointments that should be affirmed and/or updated by the Council as noted. Outside agency appointments with positions designated by titles cannot be changed. All appointments are delegate/alternate unless otherwise noted.
Outside Agency Regular Meeting
Date/Schedule Delegate/Alternate
California Contract Cities
Association
Third Wednesday
of each month at
6:00 p.m.
Silverstein / Uhring
California Joint Powers
Insurance Authority (CJPIA)
Annual meeting in
July Riggins / Silverstein
Clean Power Alliance of
Southern California
First Thursday of
each month at 2:00
p.m.
Riggins / Uhring
Las Virgenes – Malibu Council of
Governments (COG)
Third Tuesday of
each month at 8:30
a.m.
Grisanti / Stewart
Los Angeles International Airport
(LAX) Community Noise
Roundtable
Third Wednesday
of each oddnumbered month at
1:30 p.m.
Rick Mullen / Public Works
Director
League of California Cities, Los
Angeles County Division
As needed Mayor / Mayor Pro Tem
Los Angeles County City
Selection Committee
As needed Mayor
Malibu Public Facilities Authority
(a Joint Powers Authority
between City of Malibu and
Santa Monica College)
Annual meeting the
second Wednesday
of September at
1:00 p.m.
Mayor and Mayor Pro Tem
(two-person appointment)
Metropolitan Transportation
Authority, North County Sector
As needed Mayor
Pacific Coast Highway (PCH)
Taskforce
As needed Uhring and Stewart (twoperson appointment)
Santa Monica Bay Restoration
Commission5
Third Thursday of
each month at 9:30
a.m.
Uhring
5 Appointed by Las Virgenes-Malibu Council of Governments.
Agenda Item # 8.B.
Santa Monica Mountains
Conservancy Advisory
Committee6
Fourth Monday of
each month at 6:30
p.m.
Lloyd Ahern
Southern California Association
of Governments (SCAG)7
Regional representative -
Dave Shapiro, City of
Calabasas *
ATTACHMENTS: None.
6 Santa Monica Mountains Conservancy meets on the fourth Monday of each month, which conflicts with Regular City Council meetings. There is no provision for an alternate appointment. 7 Appointed by Las Virgenes-Malibu Council of Governments.