Agenda packet, second session — Malibu City Council, February 24, 2025 (part 1 of 3)

PLEASE DOWNLOAD THE AGENDA DOCUMENT FOR

INSTRUCTIONS ON HOW TO PARTICIPATE IN THE MEETING
Meeting Agenda
CC250224_AGENDA_AMENDED.PDF
Item 1B2
Approve Warrants
CC250224_ITEM 1B2.PDF
Item 1B3
Approval of Minutes
CC250224_ITEM 1B3.PDF
Item 1B4
Annual Comprehensive Financial Report and Audit Management Letter for Fiscal Year 2023-24
CC250224_ITEM 1B4.PDF
Item 1B5
Amendment to Agreement with California Highway Patrol
CC250224_ITEM 1B5.PDF
Item 1B6
Professional Services Agreements for On-Call Construction Management Services CC250224_ITEM 1B6.PDF
Item 1B7
General Plan Safety Element Update
CC250224_ITEM 1B7.PDF
Item 1B8

1. Documents:

2. Documents:

3. Documents:

4. Documents:

5. Documents:

6. Documents:

7. Documents:

8. CC250224_ITEM 1B7.PDF
Item 1B8
Investment Report for the Month Ending January 31, 2025 CC250224_ITEM 1B8.PDF
Item 1B9
Confirmation of the Director of Emergency Services Order Relating to the Palisades Fire Recovery
CC250224_ITEM 1B9.PDF
Item 1B10
Professional Services Agreements for Rebuild Consulting Services CC250224_ITEM 1B10.PDF
Item 1B11
Emergency Public Works Agreement
CC250224_ITEM 1B11.PDF
Item 1B12
Letter to Governor Newsom Requesting Support for Addressing Environmental Impacts Post-Fire
CC250224_ITEM 1B12.PDF
Item 7A
Malibu Little League Fee Waiver
CC250224_ITEM 7A.PDF
Item 7B
Naming Rights for Public Facilities
CC250224ITEM 7B.PDF
Documents:

8. Documents:

9. Documents:

10. Documents:

11. Documents:

12. Documents:

13. Documents:

14. Documents:

Item 7B
Naming Rights for Public Facilities
CC250224_ITEM 7B.PDF
Item 7C
City Council Post-Disaster Additional Meetings and Communication CC250224_ITEM 7C.PDF
Item 8A
Council Appointments to the Malibu Arts Commission and Public Works Commission CC250224_ITEM 8A.PDF

14. Documents:

15. Documents:

16. Documents:

HOW TO VIEW THE MEETING: The meeting will be live streamed at www.malibucity.org/video and via Zoom Webinar.

HOW TO PARTICIPATE BEFORE THE MEETING: Members of the public are encouraged to submit email correspondence to [email protected] before the meeting begins.

HOW TO PARTICIPATE IN-PERSON DURING THE MEETING: Members of the public may speak during the meeting in-person or through the Zoom application. In order to participate in-person, each speaker must complete and submit to the Recording Secretary a Request to Speak form. In-person participants may also surrender their opportunity to speak on a particular item to defer one minute to another in-person speaker.

HOW TO PARTICIPATE REMOTELY DURING THE MEETING: Members of the public may speak during the meeting in-person or through the Zoom application. In order to participate remotely, you must be present in the Zoom Webinar during the item that you would like to speak on and use the Raise Hand feature to request to speak when the Mayor calls the item. When you join the Zoom Webinar you may see a pop-up asking you to enter an email address, but a valid email address is not required. Be advised that those participating via Zoom do so at their own risk; remote participants should not expect the meeting to be cancelled or continued due the inability of some members of the public to access the remote meeting.

Amended1 Malibu City Council
Regular Meeting Agenda
Monday, February 24, 2025
4:45 P.M. - CLOSED SESSION
City Hall – Council Chambers (call to order)
Westward Room (closed session)
23825 Stuart Ranch Road
5:30 P.M. – CITY COUNCIL REGULAR MEETING
City Hall – Council Chambers
23825 Stuart Ranch Road
Zoom Webinar Link:
https://us02web.zoom.us/j/89725923579
Four-fortyfive p.m. Convene for Purpose of Closed Session Call to Order – Mayor (Council Chambers)
Public Comment on Closed Session Items
1 See the addition of Closed Session, Consent Calendar Item Nos. 1.B.7., 1.B.8., 1.B.9., 1.B.10., 1.B.11., and 1.B.12, and New Business Item No. 7.C.

AMENDED City Council Regular Meeting Agenda Page - 2 - February 24, 2025 Recess to Closed Session (to be held in the Westward Room) This time has been set aside for the City Council to meet in a closed session to discuss matters pursuant to Government Code Section 54956.9, 54957, and 54957.6. Based on the advice of the City Attorney, discussion in open session concerning these matters would prejudice the position of the City in this litigation. The City Attorney will give an additional oral report regarding the Closed Session at the beginning of the next regular City Council meeting. At the conclusion of the Closed Session, the Council may continue any item listed on the Closed Session agenda to the Open Session agenda for discussion or to take formal action as it may deem appropriate.

Conference with Legal Counsel – Anticipated Litigation

1. Initiation of litigation pursuant to paragraph (4) of subdivision (d) of Government Code section 54956.9
Number of potential cases: (2)
Conference with Legal Counsel – Anticipated Litigation

1. Significant exposure to litigation pursuant to paragraph (2) and/or (3) of subdivision (d) of Section 54956.9
Number of Potential Cases: (1)
Personnel Matters pursuant to Government Code Section 54957:

1. Public Employee Performance Evaluation
Title: City Manager
Conference with Labor Negotiator pursuant to Government Code Section 54957.6:

1. City representative: Interim City Attorney Trevor Rusin Unrepresented employee: City Manager Steve McClary
Five-thirty p.m. Regular Session
Call to Order - Mayor
Roll Call - Recording Secretary
Pledge of Allegiance
Closed Session Report
Report on Posting of Agenda – February 14, 2025; Amended Agenda posted February 20, 2025 Approval of Agenda

1. Consent Calendar
Items in Consent Calendar Section A have already been considered by the Council at a previous meeting where the public was invited to comment, after which a decision was made. Resolutions concerning decisions made at previous meetings are for the purpose of memorializing the decision to assure the accuracy of the findings, the prior vote, and any conditions imposed. Items in Consent Calendar Section B have not been discussed previously by the Council. Members of the public may comment on the consent calendar as a whole. After public comment, the Council may remove items from the Consent Calendar for individual consideration before adopting the Consent Calendar.

AMENDED City Council Regular Meeting Agenda Page - 3 - February 24, 2025 A. Previously Discussed Items
None.

B. New Items

1. Waive Further Reading
Recommended Action: After the City Attorney has read the title, waive full reading of ordinances considered on this agenda for introduction on first reading and/or second reading and adoption.

Staff Contact: Interim City Attorney Rusin, 456-2489, ext. 228

2. Approve Warrants
Recommended Action: Allow and approve warrant demand numbers 74772-74842 on the register from the General Fund and direct the City Manager to pay out the funds to each of the claimants listed in Warrant Register No. 762 in the amount of the warrant appearing opposite their names, for the purposes stated on the respective demands in a total amount of $1,797,024.28. City of Malibu payroll check number 5498 and ACH deposits were issued in the amount of $947,032.88.

Staff Contact: Acting City Manager Toney, 456-2489, ext. 224

3. Approval of Minutes
Recommended Action: Approve the minutes for the November 25, 2024 Regular Meeting.

Staff Contact: City Clerk Pettijohn, 456-2489, ext. 228

4. Annual Comprehensive Financial Report and Audit Management Letter for Fiscal Year 2023-24
Recommended Action: Receive and file the Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2023-24.

Staff Contact: Acting City Manager Toney, 456-2489, ext. 224

5. Amendment to Agreement with California Highway Patrol Recommended Action: Authorize the Mayor to execute an amendment to an agreement with the California Highway Patrol (CHP) for traffic enforcement services.

Staff Contact: Public Safety Director Dueñas, 456-2489, ext. 313

AMENDED City Council Regular Meeting Agenda Page - 4 - February 24, 2025

6. Professional Services Agreements for On-Call Construction Management Services Recommended Action: Authorize the Mayor to execute Professional Services Agreements with Filippin Engineering and Z&K Consultants to provide On-Call Construction Management Services.

Staff Contact: Public Works Director DuBoux, 456-2489, ext. 339

7. General Plan Safety Element Update
Recommended Action: Authorize the Mayor to execute a professional services agreement with Atlas Planning Solutions to update the Safety Element of the General Plan.

Staff Contact: Public Safety Director Dueñas, 456-2489, ext. 313

8. Investment Report for the Month Ending January 31, 2025 Recommended Action: Receive the Investment Report for the month ending January 31, 2025.

Staff Contact: Acting City Manager Toney, 456-2489, ext. 224

9. Confirmation of the Director of Emergency Services Order Relating to the Palisades Fire Recovery
Recommended Action: Confirm the Order of the Director of Emergency Services dated February 13, 2025 directing law enforcement to set up and police resident-only access checkpoints at specified roads in response to the Palisades Fire recovery.

Staff Contact: Acting City Manager Toney, 456-2489, ext. 224

10. Professional Services Agreements for Rebuild Consulting Services Recommended Action: 1) Authorize the Mayor to execute individual Professional Services Agreements for Fire Recovery and Rebuild contract planning services from: A) 4Leaf, Inc., B) California Coastal Works, LLC, C) Interwest Group, Inc., and D) Michael Baker International, Inc.; and 2) Authorize the City Manager or designee to amend any of the approved agreements if necessary to receive reimbursement from FEMA or any other governmental agency.

Staff Contact: Interim Planning Director Tamuri, 456-24489, ext. 346

11. Emergency Public Works Agreement
Recommended Action: 1) Receive a report on the approval of emergency Public Works agreement with Stacy and Witbeck, Inc. for emergency repairs in order to immediately preserve public safety; and 2) Authorize the City Manager or designee to amend the approved agreements if necessary to receive reimbursement from FEMA or any other governmental agency.

Staff Contact: Public Works Director DuBoux, 456-2489, ext. 339 AMENDED City Council Regular Meeting Agenda Page - 5 - February 24, 2025

12. Letter to Governor Newsom Requesting Support for Addressing Environmental Impacts Post-Fire
Recommended Action: 1) Authorize the Mayor to execute a letter requesting a State Executive Order to assist with dangerous conditions post-fire; and 2) Direct staff to submit the letter to Governor Newsom’s office.

Staff Contact: Environmental Sustainability Director Bundy, 456-2489, ext. 229

2. Ceremonial/Presentations
A. Presentation of Commendation to Hans Laetz and Diane Laetz in Recognition of KBUU’s 10th Anniversary

3. Commission / Committee / City Manager Updates

4. Written and Oral Communications from the Public (Subsequent items to be heard after 6:30 p.m.) The Oral Communication portion of the agenda is for members of the public to present items, which are not listed on the agenda but are under the subject matter jurisdiction of the City Council. No action may be taken under, except to direct staff, unless the Council, by a two-thirds vote, determines that there is a need to take immediate action and that need came to the attention of the City after the posting of the agenda. Although no action may be taken, the Council and staff will follow up, at an appropriate time, on those items needing response.

A. Communications from the Public concerning matters which are not on the agenda but for which the City Council has subject matter jurisdiction. City Council may not act on these matters except to refer the matters to staff or schedule the matters for a future agenda.

B. City Council Subcommittee reports / Mayor and Councilmember meeting attendance, reports and inquiries

5. Ordinances and Public Hearings
For Public Hearings involving zoning matters the appellant and applicant will be given 15 minutes each to present their position to the City Council, including rebuttal time.

None.

6. Old Business
Old Business items have appeared on previous agendas with no final action having been taken.

None.

7. New Business
New Business items are appearing for the first time for formal action.

A. Malibu Little League Fee Waiver
Recommended Action: Consider whether to approve the request from Malibu Little League to waive the field use and snack shack equipment rental fees for the 2025 baseball and softball season.

Staff Contact: Community Services Director Riesgo, 456-2489, ext. 350

AMENDED City Council Regular Meeting Agenda Page - 6 - February 24, 2025 B. Naming Rights for Public Facilities
Recommended Action: Review and provide feedback on the proposed City Council Policy #52 Naming Rights for Public Facilities.

Staff Contact: Community Services Director Riesgo, 456-2489, ext. 350 C. City Council Post-Disaster Additional Meetings and Communication Recommended Action: Discuss and provide direction on scheduling additional City Council meetings, community meetings, and/or other meetings and implementing a framework for outreach, community engagement and updates related to the recent fires.

Staff Contact: Acting City Manager Toney, 456-2489, ext. 224

8. Council Items
City Council Items are items, which individual members of the City Council may bring up for action, to propose future agenda items or to suggest future staff assignments.

A. Council Appointments to the Malibu Arts Commission and Public Works Commission Recommended Action: 1) Mayor Pro Tem Riggins to make an appointment to the Malibu Arts Commission; and 2) Councilmember Uhring to make an appointment to the Public Works Commission.

Staff Contact: City Clerk Pettijohn, 456-2489, ext. 228 Adjournment
Future Meetings
Monday, March 4, 2025 3:00 p.m. Special City Council Meeting City Hall Council Chambers Monday, March 10, 2025 5:30 p.m. Regular City Council Meeting City Hall Council Chambers Monday, March 24, 2025 5:30 p.m. Regular City Council Meeting City Hall Council Chambers Guide to the City Council Proceedings and Decorum
Public Communications: Each speaker is limited to three (3) minutes. Members of the public may speak during the meeting in-person or through the Zoom application. In order to participate remotely, you must be present in the Zoom Webinar during the item that you would like to speak on and use the Raise Hand feature to request to speak when the Mayor calls the item. In order to participate in-person, each speaker must complete and submit to the Recording Secretary a Request to Speak form prior to the beginning of the item being announced by the Mayor. In-person participants may surrender their time by deferring one (1) minute to another in-person speaker, not to exceed a total of eight (8) minutes.

The speaker wishing to defer time must be present when the item is heard and their form must be submitted with the speaker form for the individual they are deferring time to. Speakers are taken in the order slips are submitted or hands are raised.

On specific agenda items Councilmembers may question any person addressing the City Council at the conclusion of all public testimony on that agenda item before the Council. Councilmembers shall not engage any member of the public in a dialogue with themselves other Councilmembers, city staff or other members of the public.

Role of the Presiding Officer: The presiding officer of the City Council, who shall be the Mayor, shall be responsible for maintaining the order and decorum of meetings. It shall be the duty of the presiding officer to ensure that these rules of procedure and decorum are followed at all times. The presiding officer shall maintain control of communication between Councilmembers, between the Council and the public, and chair each meeting in a fair and impartial manner. It AMENDED City Council Regular Meeting Agenda Page - 7 - February 24, 2025 shall be the duty of each Councilmember to support the presiding officer in maintaining the order and decorum of Council meetings.

Members of the Audience: Members of the audience shall not engage in disorderly or boisterous conduct, including clapping, whistling, stamping of feet, or other acts which disturb, disrupt, impede or otherwise disturb the orderly conduct of the City Council meeting. Persons addressing the City Council shall not engage in disorderly conduct which disrupts, or otherwise impedes the orderly conduct or Council meetings. Any person who so disrupts a Council meeting may, at the discretion of the presiding officer or a majority of the City Council, be subject to ejection from that meeting.

No new items will be taken-up after 10:30 p.m. without a two-thirds vote of the City Council.

City Council meetings are aired live and replayed on City of Malibu Government Access Channel 3 and are available on demand on the City’s website at www.malibucity.org/video. Copies of the staff reports or other written documentation relating to each item of business described above are on file in the office of the City Clerk, Malibu City Hall, 23825 Stuart Ranch Road, Malibu, California, and are available for public inspection during regular office hours, which are 7:30 a.m. to 5:30 p.m. Monday through Thursday and 7:30 a.m. to 4:30 p.m. Friday. Written materials distributed to the City Council within 72 hours of the City Council meeting are available for public inspection immediately upon distribution in the City Clerk's office at 23825 Stuart Ranch Road, Malibu, California (Government Code Section 54957.5.b.2). Copies of staff reports and written materials may be purchased for $0.10 per page.

The City Hall phone number is (310) 456-2489. To contact City Hall using a telecommunication device for the deaf (TDD), please call (800) 735-2929 and a California Relay Service operator will assist you. In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact Environmental Sustainability Director Yolanda Bundy, (310) 456-2489, ext. 229. Notification 48 hours prior to the meeting will enable the City to make reasonable arrangements to ensure accessibility to this meeting. [28 CFR 35.102-35.104 ADD Title II].

Requests to show an audio or video presentation during a Council meeting should be directed to the Media Team at [email protected]. Material must be submitted by 12:00 p.m. on the meeting day.

I hereby certify under penalty of perjury, under the laws of the State of California that the foregoing agenda was posted in accordance with the applicable legal requirements. Regular and Adjourned Regular meeting agendas may be amended up to 72 hours in advance of the meeting. Dated this 20th day of February 2025 at 4:45 p.m.

Kelsey Pettijohn, City Clerk

WARRANT REGISTER NO. 762
On February 24, 2025, the Malibu City Council allowed and approved warrant demand numbers 74772-74842 from the General Fund. The City Manager is hereby directed to pay out the funds named hereon to each of the claimants listed, the amount appearing opposite their name for the purpose stated on the respective demands, making a total of $1,797,024.28. City of Malibu payroll check number 5498 and ACH deposits were issued in the amount of $947,032.88.

PASSED, APPROVED and ADOPTED this 24th day of February 2025.

____________________________________________
Doug Stewart
Mayor

ATTEST:
____________________________________________
Kelsey Pettijohn
City Clerk

CERTIFICATE
In accordance with Government Code Sections 37202 and Malibu Municipal Code 3.08.050, I hereby certify that: (1) the claims or demands set forth in the warrant register(s) listed below and attached hereto and incorporated herein by this reference in the aggregate amount of $2,744,057.16 have been audited as to their accuracy; and (2) sufficient funds have been appropriated by the City Council and are available for the payment thereof.

EXECUTED this 13th day of February 2025, AT MALIBU, CALIFORNIA

______________________________________________
Joseph Toney
Acting City Manager
City Council Meeting
2-24-25
Item

1.B.2.

Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Accounts Payable
User:

Printed:
sflores
2/12/2025 9:05 AM
Checks by Date - Summary by Check Number
Check No Vendor No Vendor Name Check Date Void Checks Check Amount 74772 AETNA HEALTH AND HUMAN RESOURCE CENTER INC 01/24/2025 0.00 166.80 74773 BlueShie BLUE SHIELD OF CALIFORNIA 01/24/2025 0.00 1,482.02 74774 DELTADE DELTA DENTAL OF CALIFORNIA 01/24/2025 0.00 8,652.37 74775 STANDARD STANDARD INSURANCE COMPANY N2 01/24/2025 0.00 380.48 74776 USBANK2 US BANK 01/24/2025 0.00 1,165.41
74777 4LEAF 4LEAF INC 02/04/2025 0.00 16,053.85
74778 ADVANTAN MAP COMMUNICATIONS INC 02/04/2025 0.00 292.03 74779 AMERGLOB AMERICAN GLOBAL SECURITY INC 02/04/2025 0.00 3,150.00 74780 CIVICSO CIVIC SOLUTIONS INC 02/04/2025 0.00 11,095.00 74781 CLANTON CLANTON ENGINEERING INC 02/04/2025 0.00 2,547.50 74782 COTTON COTTON SHIRES & ASSOCIATES INC 02/04/2025 0.00 99,263.54 74783 CRPRINT CR PRINT 02/04/2025 0.00 1,998.77
74784 CSGCON CSG CONSULTANTS INC 02/04/2025 0.00 8,125.50 74785 ENHANCE2 ENHANCED LANDSCAPE MANAGEMENT LLC 02/04/2025 0.00 67,678.58 74786 HUBLEY ROGUE SERVICES AND SOLUTIONS 02/04/2025 0.00 19,884.00 74787 iRIS LORRIE FEINBERG 02/04/2025 0.00 9,652.50
74788 LACOANI LA CO ANIMAL CARE & CONTROL 02/04/2025 0.00 3,094.80 74789 LACOFIR LOS ANGELES COUNTY FIRE DEPARTMENT 02/04/2025 0.00 13,726.00 74790 LACOSHE LA CO SHERIFF'S DEPARTMENT 02/04/2025 0.00 890,759.35 74791 LAZPARKI LAZ KARP ASSOCIATES LLC 02/04/2025 0.00 45,445.43 74792 MALICOM MALIBU COMMUNITY LABOR EXCHANGE 02/04/2025 0.00 816.00 74793 MASTERCO MASTER COOLING CORPORATION 02/04/2025 0.00 2,032.90 74794 MRGLLC MUNICIPAL RESOURCE GROUP LLC 02/04/2025 0.00 18,000.00 74795 NEXTIVA NEXTIVA INC 02/04/2025 0.00 18,800.51
74796 QLESSINC QLESS INC 02/04/2025 0.00 11,200.00
74797 QUINTO QUINTO CONSULTING LP 02/04/2025 0.00 8,800.00 74798 RINCONC RINCON CONSULTANTS INC 02/04/2025 0.00 56,140.35 74799 TORO TORO ENTERPRISES INC 02/04/2025 0.00 61,638.94 74800 ULTMAINT ULTIMATE MAINTENANCE SERVICES INC02/04/2025 0.00 3,675.00 74801 USBANK4 US BANK N.A. 02/04/2025 0.00 79,540.63
74802 USLABS BUREAU VERITAS NORTH AMERICA INC02/04/2025 0.00 10,067.50 74803 USLABS BUREAU VERITAS NORTH AMERICA INC02/04/2025 0.00 3,850.00 74804 VENTTRA VENTURA TRANSIT SYSTEM, INC. 02/04/2025 0.00 7,989.00 74805 101ROOF 101 ROOFING AND CONSTRUCTION 02/04/2025 0.00 600.00 74806 AAAPROP AAA PROPANE SERVICES INC 02/04/2025 0.00 1,491.70 74807 ACMEVALL ACME VALLEY SECURITY SERVICES, INC. 02/04/2025 0.00 1,362.00 74808 AMABRI BRIDGET AMATO 02/04/2025 0.00 660.00
74809 APPLE APPLEONE 02/04/2025 0.00 1,855.71
74810 AT&TMOBI AT&T MOBILITY 02/04/2025 0.00 243.13
74811 BROCOU COURTNEY BROWN 02/04/2025 0.00 32.62
74812 BURNS BURNS PACIFIC CONSTRUCTION INC 02/04/2025 0.00 1,702.87 74813 CHEVRON2 WRIGHT EXPRESS FSC WEX BANK 02/04/2025 0.00 2,181.36 74814 CRPRINT CR PRINT 02/04/2025 0.00 650.98
74815 DAVLOREN LOREN DAVIS 02/04/2025 0.00 44.00
74816 EXCELOFF EXCEL OFFICE SERVICES 02/04/2025 0.00 438.44 74817 FRONTIER FRONTIER CALIFORNIA INC 02/04/2025 0.00 3,179.64 74818 GIINDUS GI INDUSTRIES 02/04/2025 0.00 67.79
AP Checks by Date - Summary by Check Number (2/12/2025 9:05 AM) Page 1 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Check No Vendor No Vendor Name Check Date Void Checks Check Amount 74819 GOVCONN GOVCONNECTION INC 02/04/2025 0.00 352.20
74820 GUTSTE STEVEN GUTIERREZ 02/04/2025 0.00 900.00
74821 HDSUPPLY HD SUPPLY INC 02/04/2025 0.00 438.08
74822 LACOCLE LA COUNTY REGISTRAR-RECORDER LA CO CLERK 02/04/2025 0.00 75.00 74823 LACOWAT LA CO MALIBU TREASURER-WATERWORKS 02/04/2025 0.00 998.53 74824 LIVESCAN PAIGE S APAR 02/04/2025 0.00 110.00
74825 MANKAT KATE MANISCO 02/04/2025 0.00 91.21
74826 SANTA Santa Monica - Malibu Unified School District 02/04/2025 0.00 262.74 74827 SPECTRUM CHARTER COMMUNICATIONS HOLDINGS LLC 02/04/2025 0.00 209.98 74828 STAPLES STAPLES CONTRACT & COMMERCIAL LLC 02/04/2025 0.00 101.90 74829 TONJOE JOSEPH TONEY 02/04/2025 0.00 1,584.04
74830 VIAWEST FLEXENTIAL COLORADO CORP 02/04/2025 0.00 3,659.77 74831 WILLSCOT WILLIAMS SCOTSMAN INC 02/04/2025 0.00 1,034.00 74832 AFLAC AFLAC-AMERICAN FAMILY LIFE ASSURANCE COMPANY 02/04/2025 0.00 1,278.18 74833 STANDARD STANDARD INSURANCE COMPANY N2 02/04/2025 0.00 9,328.25 74834 USBANK2 US BANK 02/04/2025 0.00 1,683.08
74835 BURNS BURNS PACIFIC CONSTRUCTION INC 02/11/2025 0.00 202,552.25 74836 CORTNATI CORT BUSINESS SERVICES CORP 02/11/2025 0.00 35,772.60 74837 DAVISPAR PARKER DAVIS 02/11/2025 0.00 22.40
74838 LKJPPRO LISA A BURNS 02/11/2025 0.00 17,000.00
74839 NASANA ANALISE NASH 02/11/2025 0.00 15.82
74840 SOLIDWA SOLID WASTE SOLUTIONS INC 02/11/2025 0.00 3,482.50 74841 TRIPEPIS TRIPEPI SMITH & ASSOCIATES 02/11/2025 0.00 13,977.50 74842 TRUNORTH TRUE NORTH COMPLIANCE SERVICES INC 02/11/2025 0.00 419.25 Report Total (71 checks): 0.00 1,797,024.28
AP Checks by Date - Summary by Check Number (2/12/2025 9:05 AM) Page 2 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 User:

Printed: 02/12/2025 - 9:06AM
sflores
Transactions by Account
Batch: 00000.00.0000
Accounts Payable
Account Number Vendor Description GL Date Check No Amount PO No 100-0000-2021-00 BLUE SHIELD OF CALIFORNIA PR 16.01.2025 Vision Care-Cobra-Castellanos-Feb'25 01/24/2025 74773 9.68 100-0000-2021-00 BLUE SHIELD OF CALIFORNIA PR 16.01.2025 Vision Care-Cobra-Tang-Feb'2501/24/2025 74773 17.30 100-0000-2021-00 BLUE SHIELD OF CALIFORNIA PR 16.01.2025 Vision Care-Cobra-Woodrow-Feb'25 01/4/2025 74773 17.30 100-0000-2021-00 BLUE SHIELD OF CALIFORNIA PR 16.01.2025 Vision Care-Cobra-Grisanti-Feb'25 01/24/2025 74773 17.30 Vendor Subtotal: 61.58
100-0000-2021-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Cobra-Grisanti-Feb'25 01/24/2025 74774 97.04 100-0000-2021-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Cobra-Tang-Feb'25 01/24/2025 74774 97.04 100-0000-2021-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Cobra-Woodrow-Feb'25 01/24/2025 74774 50.06 100-0000-2021-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Cobra-Linden-Feb'25 01/24/2025 74774 50.06 100-0000-2021-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Cobra-OrtizBradley-Feb'25 01/24/2025 74774 107.11 100-0000-2021-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Cobra-Castellanos-Feb'25 01/24/2025 74774 50.06 Vendor Subtotal: 451.37
100-0000-3132-00 Santa Monica - Malibu Unified School District Ref - Customer Exempt from Malibu UUT Fees02/04/2025 74826 262.74 Vendor Subtotal: 262.74
100-0000-3202-00 LOS ANGELES COUNTY FIRE DEPARTMENT Fire District Film Permit Fees Oct to Dec '24 02/04/2025 74789 13,726.00 0000004417 Vendor Subtotal: 13,726.00
100-3001-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -141.86 Vendor Subtotal: -141.86
100-3007-5721-00 FRONTIER CALIFORNIA INC Phone - Civic Center STF - Jan '25 02/04/2025 74817 186.67 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 1 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: 186.67
100-3008-4203-00 BLUE SHIELD OF CALIFORNIA PR 16.01.2025 Vision Care-Ayala-Feb'25 01/24/2025 74773 -11.23 Vendor Subtotal: -11.23
100-3008-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -299.33 Vendor Subtotal: -299.33
100-4001-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -212.89 Vendor Subtotal: -212.89
100-4001-4213-00 HEALTH AND HUMAN RESOURCE CENTER INC PR 16.01.2025 Employee Assistance-Ekman 01/24/2025 74772 1.39 100-4001-4213-00 HEALTH AND HUMAN RESOURCE CENTER INC PR 16.01.2025 Employee Assistance-Rose 01/24/2025 74772 1.39 Vendor Subtotal: 2.78
100-4001-5721-00 FRONTIER CALIFORNIA INC Phone - Charmlee Park - Jan '25 02/04/2025 74817 82.15 Vendor Subtotal: 82.15
100-4002-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -19.28 Vendor Subtotal: -19.28
100-4002-4213-00 HEALTH AND HUMAN RESOURCE CENTER INC PR 16.01.2025 Employee Assistance-Senske 01/24/2025 74772 1.39 Vendor Subtotal: 1.39
100-4007-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -27.13 Vendor Subtotal: -27.13
100-4008-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -30.55 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 2 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: -30.55
100-4010-4202-00 CalPERS Health PR 16.01.2025 Health Insurance-Ingegneri-Feb'25 01/24/2025 0 -1,853.04 Vendor Subtotal: -1,853.04
100-4010-4203-00 BLUE SHIELD OF CALIFORNIA PR 16.01.2025 Vision Care-Ingegneri-Feb'25 01/24/2025 74773 -17.30 Vendor Subtotal: -17.30
100-4010-4204-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Ingegneri-Feb'25 01/24/2025 74774 -97.04 Vendor Subtotal: -97.04
100-4010-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -49.29 Vendor Subtotal: -49.29
100-4010-5100-00 AMERICAN GLOBAL SECURITY INCLas Flores - Security Svcs - Dec '24 02/04/2025 74779 1,050.00 0000004128 100-4010-5100-00 AMERICAN GLOBAL SECURITY INCEquestrian - Security Svcs - Dec '24 02/04/2025 74779 1,050.00 0000004128 100-4010-5100-00 AMERICAN GLOBAL SECURITY INCTrancas - Security Svcs - Dec '24 02/04/2025 74779 1,050.00 0000004128 Vendor Subtotal: 3,150.00
100-4010-5100-00 ENHANCED LANDSCAPE MANAGEMENT LLC City Parks Landscape Maint/Liners - Dec '24 02/04/2025 74785 25,262.45 0000004317 Vendor Subtotal: 25,262.45
100-4010-5100-00 ULTIMATE MAINTENANCE SERVICES INC City Parks Janitorial Svcs - Dec '24 02/04/2025 74800 3,675.00 0000004018 Vendor Subtotal: 3,675.00
100-4010-5130-00 ENHANCED LANDSCAPE MANAGEMENT LLC Bluffs Park - MP Field Renovations 02/04/2025 74785 24,635.00 0000004415 Vendor Subtotal: 24,635.00
100-4010-5721-00 FRONTIER CALIFORNIA INC Phone - 23641 PCH (median) - Jan '25 02/04/2025 74817 76.69 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 3 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No 100-4010-5721-00 FRONTIER CALIFORNIA INC Phone - Las Flores, Bluffs, Trancas - Jan '25 02/04/2025 74817 662.81 Vendor Subtotal: 739.50
100-7001-4202-00 CalPERS Health PR 16.01.2025 Health Insurance-Grisanti-Feb'2501/24/2025 0 2,527.46 Vendor Subtotal: 2,527.46
100-7002-4205-00 STANDARD INSURANCE COMPANY N2 PR 16.01.2025 Addl Life Insur-Tang 01/24/2025 74775 -4.20 Vendor Subtotal: -4.20
100-7002-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -64.99 Vendor Subtotal: -64.99
100-7002-5100-00 MAP COMMUNICATIONS INC Live Telephone Answering - Jan '25 02/04/2025 74778 292.03 0000004376 Vendor Subtotal: 292.03
100-7003-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -186.27 Vendor Subtotal: -186.27
100-7007-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -110.14 Vendor Subtotal: -110.14
100-7021-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -142.01 Vendor Subtotal: -142.01
100-7021-5100-00 STEVEN GUTIERREZ Parking Enforcement Hearings - Dec '24 02/04/2025 74820 900.00 0000004374 Vendor Subtotal: 900.00
100-7021-5106-00 LA CO ANIMAL CARE & CONTROLAnimal Control - Dec '24 02/04/2025 74788 3,094.80 0000004307 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 4 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: 3,094.80
100-7021-5115-00 LA CO SHERIFF'S DEPARTMENT Sheriff's Svcs - Lost Hills - Dec '24 02/04/2025 74790 867,269.00 0000004305 Vendor Subtotal: 867,269.00
100-7021-5122-00 LAZ KARP ASSOCIATES LLC Parking Enforcement - Dec '24 02/04/2025 74791 45,445.43 0000004318 Vendor Subtotal: 45,445.43
100-7021-5721-00 AT&T MOBILITY Phone Lines - EOC/PS 12/2/24 - 1/1/25 02/04/2025 74810 243.13 Vendor Subtotal: 243.13
100-7021-5721-00 FRONTIER CALIFORNIA INC Phone - Disaster, Tier, E911 - Jan '25 02/04/2025 74817 421.28 Vendor Subtotal: 421.28
100-7054-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -242.49 Vendor Subtotal: -242.49
100-7054-5100-01 QUINTO CONSULTING LP City Treasurer Svcs - Nov to Dec '24 02/04/2025 74797 4,400.00 0000003670 100-7054-5100-01 QUINTO CONSULTING LP City Treasurer Svcs - Sep to Oct '24 02/04/2025 74797 4,400.00 0000003670 Vendor Subtotal: 8,800.00
100-7054-5300-00 JOSEPH TONEY Reimb - 2024 ICMA Conf 9/21 - 9/25/24 02/04/2025 74829 1,584.04 Vendor Subtotal: 1,584.04
100-7058-4203-00 BLUE SHIELD OF CALIFORNIA PR 16.01.2025 Vision Care-Esparza-Feb'25 01/24/2025 74773 -28.53 Vendor Subtotal: -28.53
100-7058-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -109.52 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 5 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: -109.52
100-7058-5100-01 BRIDGET AMATO Staff Wellness 02/04/2025 74808 330.00 100-7058-5100-01 BRIDGET AMATO Staff Wellness 02/04/2025 74808 330.00 Vendor Subtotal: 660.00
100-7058-5320-00 PAIGE S APAR Fingerprinting - New Employees (2) 02/04/2025 74824 110.00 Vendor Subtotal: 110.00
100-7058-5320-00 MUNICIPAL RESOURCE GROUP LLCHR Support Svcs - Nov '24 02/04/2025 74794 9,000.00 0000004158 100-7058-5320-00 MUNICIPAL RESOURCE GROUP LLCHR Support Svcs - Dec '24 02/04/2025 74794 9,000.00 0000004158 Vendor Subtotal: 18,000.00
100-7059-4205-00 STANDARD INSURANCE COMPANY N2 PR 16.01.2025 Life Insur-Rounding 02/04/2025 74833 -0.07 Vendor Subtotal: -0.07
100-7059-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD-Rounding 02/04/2025 74833 -0.03 100-7059-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -16.63 Vendor Subtotal: -16.66
100-7059-4212-00 CalPERS Health PR 16.01.2025 Health Insur-ER Share of Retired Premiums 01/24/2025 0 32,474.55 Vendor Subtotal: 32,474.55
100-7059-5210-00 CalPERS Health PR 16.01.2025 Health Insur-Admin Fee-Active (0.24% of Premiums) 01/24/2025 0 393.77 100-7059-5210-00 CalPERS Health PR 16.01.2025 Health Insur-Admin Fee-Retired (0.24% of Premiums) 01/24/2025 0 87.16 Vendor Subtotal: 480.93
100-7059-5640-00 EXCEL OFFICE SERVICES Copier Maint 12/17/24 - 1/16/25 02/04/2025 74816 438.44 Vendor Subtotal: 438.44
AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 6 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No 100-7059-5721-00 FRONTIER CALIFORNIA INC Phone - Bluffs Park 2nd Public Wifi - Jan '25 02/04/2025 74817 213.92 100-7059-5721-00 FRONTIER CALIFORNIA INC Phone - City Hall Fac, Cable, Teleconference - Jan '25 02/04/2025 74817 608.49 Vendor Subtotal: 822.41
100-7059-5721-00 NEXTIVA INC City Hall Phone Svcs 12/18/24 - 1/17/25 02/04/2025 74795 5,085.68 0000003853 100-7059-5721-00 NEXTIVA INC City Hall Phone Svcs 1/18 - 2/17/25 02/04/2025 74795 5,109.89 0000003853 100-7059-5721-00 NEXTIVA INC City Hall Phone Svcs 10/18 - 11/17/24 02/04/2025 74795 4,302.47 0000003853 100-7059-5721-00 NEXTIVA INC City Hall Phone Svcs 11/18 - 12/17/24 02/04/2025 74795 4,302.47 0000003853 Vendor Subtotal: 18,800.51
100-7059-6160-00 CR PRINT Business Cards - City Staff 02/04/2025 74814 523.96 100-7059-6160-00 CR PRINT Business Cards - City Staff 02/04/2025 74814 127.02 Vendor Subtotal: 650.98
Subtotal for Section 1: 100 1,071,587.80
101-2001-4203-00 BLUE SHIELD OF CALIFORNIA PR 16.01.2025 Vision Care-Williams-Feb'25 01/24/2025 74773 -9.68 Vendor Subtotal: -9.68
101-2001-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -493.48 Vendor Subtotal: -493.48
101-2001-5100-00 CIVIC SOLUTIONS INC Contract Planning Svcs 12/9 - 12/31/24 02/04/2025 74780 11,095.00 0000004413 Vendor Subtotal: 11,095.00
101-2001-5100-00 CSG CONSULTANTS INC Planning Svcs 11/30 - 12/27/24 02/04/2025 74784 1,410.50 0000004418 Vendor Subtotal: 1,410.50
101-2001-5100-00 LORRIE FEINBERG DB Updates - Planning - Dec '24 02/04/2025 74787 3,037.51 0000004147 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 7 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: 3,037.51
101-2001-5210-00 LA COUNTY REGISTRAR-RECORDER LA CO CLERK CEQA Filing - 28211 Pacific Coast Hwy - WP 23-005 02/04/2025 74822 75.00 Vendor Subtotal: 75.00
101-2001-5401-00 CR PRINT Public Notice Postcard Mailings 02/04/2025 74783 457.27 0000004077 101-2001-5401-00 CR PRINT Public Notice Postcard Mailings 02/04/2025 74783 342.38 0000004077 101-2001-5401-00 CR PRINT Public Notice Postcard Mailings 02/04/2025 74783 649.83 0000004077 101-2001-5401-00 CR PRINT Public Notice Postcard Mailings 02/04/2025 74783 179.02 0000004077 101-2001-5401-00 CR PRINT Public Notice Postcard Mailings 02/04/2025 74783 370.27 0000004077 Vendor Subtotal: 1,998.77
101-2004-4202-00 CalPERS Health PR 16.01.2025 Health Insurance-Bellonby-Jan'25 01/24/2025 0 1,263.73 Vendor Subtotal: 1,263.73
101-2004-4203-00 BLUE SHIELD OF CALIFORNIA PR 16.01.2025 Vision Care-Bellonby-Feb'25 01/24/2025 74773 -9.68 Vendor Subtotal: -9.68
101-2004-4204-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Bellonby-Feb'25 01/24/2025 74774 -50.06 Vendor Subtotal: -50.06
101-2004-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -408.17 Vendor Subtotal: -408.17
101-2004-5100-00 CLANTON ENGINEERING INC Dark Sky Program - Through 12/25/24 02/04/2025 74781 2,547.50 0000004306 Vendor Subtotal: 2,547.50
101-2004-5100-00 COTTON SHIRES & ASSOCIATES INCB&S Admin - Dec '24 02/04/2025 74782 2,865.00 0000004314 101-2004-5100-00 COTTON SHIRES & ASSOCIATES INCGeo/Coastal Engr Counter Hours - Dec '24 02/04/2025 74782 16,831.91 0000004314 101-2004-5100-00 COTTON SHIRES & ASSOCIATES INCGeotech Reviews - Dec '24 02/04/2025 74782 33,345.25 0000004314 101-2004-5100-00 COTTON SHIRES & ASSOCIATES INCCoastal Engr Reviews - Dec '24 02/04/2025 74782 7,110.00 0000004314 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 8 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No 101-2004-5100-00 COTTON SHIRES & ASSOCIATES INCEH Counter Hours - Dec '24 02/04/2025 74782 9,082.50 0000004314 101-2004-5100-00 COTTON SHIRES & ASSOCIATES INCB&S Misc - Dec '24 02/04/2025 74782 1,241.50 0000004314 Vendor Subtotal: 70,476.16
101-2004-5100-00 CSG CONSULTANTS INC In-House Plan Check 11/30 - 12/27/24 02/04/2025 74784 6,715.00 0000004308 Vendor Subtotal: 6,715.00
101-2004-5100-00 LORRIE FEINBERG DB Updates - Building Safety - Dec '24 02/04/2025 74787 1,856.24 0000004147 Vendor Subtotal: 1,856.24
101-2004-5100-00 BUREAU VERITAS NORTH AMERICA INC Onsite Inspections - Dec '24 02/04/2025 74802 1,525.00 0000004398 101-2004-5100-00 BUREAU VERITAS NORTH AMERICA INC Onsite Plans Examiner - Dec '24 02/04/2025 74802 6,667.50 0000004398 Vendor Subtotal: 8,192.50
101-2004-5107-00 APPLEONE Temp Staff - S. Cordova 12/28/24 02/04/2025 74809 304.32 101-2004-5107-00 APPLEONE Temp Staff - S. Cordova 1/11/25 02/04/2025 74809 277.05 101-2004-5107-00 APPLEONE Temp Staff - S. Cordova 12/21/24 02/04/2025 74809 1,274.34 Vendor Subtotal: 1,855.71
101-2010-4204-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Garza-Jan'2501/24/2025 74774 -50.64 101-2010-4204-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Garza-Feb'2501/24/2025 74774 -50.64 Vendor Subtotal: -101.28
101-2010-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -64.48 Vendor Subtotal: -64.48
101-2010-5100-00 COTTON SHIRES & ASSOCIATES INCEH Reviews - Dec '24 02/04/2025 74782 13,668.50 0000004314 Vendor Subtotal: 13,668.50
101-2010-6160-00 STAPLES CONTRACT & COMMERCIAL LLC Office Supplies - Wastewater 02/04/2025 74828 101.90 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 9 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: 101.90
101-2012-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -160.61 Vendor Subtotal: -160.61
101-3003-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -108.17 Vendor Subtotal: -108.17
101-3003-5100-00 LORRIE FEINBERG DB Updates - Clean Water Program (EP) - Dec '24 02/04/2025 74787 33.75 0000004147 Vendor Subtotal: 33.75
101-3003-5100-00 RINCON CONSULTANTS INC On-Call Environmental Svcs T5 - Dec '24 02/04/2025 74798 19,047.75 0000004337 101-3003-5100-00 RINCON CONSULTANTS INC On-Call Environmental Svcs - Dec '24 02/04/2025 74798 16,766.00 0000004337 Vendor Subtotal: 35,813.75
Subtotal for Section 1: 101 158,735.91
102-3002-5100-02 4LEAF INC WF Planning Svcs - Dec '24 02/04/2025 74777 16,053.85 0000004387 Vendor Subtotal: 16,053.85
102-3002-5100-03 COTTON SHIRES & ASSOCIATES INCWF EH Reviews - Dec '24 02/04/2025 74782 3,635.50 0000003347 102-3002-5100-03 COTTON SHIRES & ASSOCIATES INCWF Counter Hours - Dec '24 02/04/2025 74782 3,025.88 0000003347 102-3002-5100-03 COTTON SHIRES & ASSOCIATES INCWF Geotech Reviews - Dec '24 02/04/2025 74782 8,457.50 0000003347 Vendor Subtotal: 15,118.88
102-3002-5100-03 BUREAU VERITAS NORTH AMERICA INC WF Plan Check - Dec '24 02/04/2025 74802 1,875.00 0000004398 Vendor Subtotal: 1,875.00
102-3101-5100-00 101 ROOFING AND CONSTRUCTIONFranklin Fire - City Hall Roof Inspection 02/04/2025 74805 600.00 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 10 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: 600.00
102-3101-5100-00 LORRIE FEINBERG DB Updates - Franklin Fire - Dec '24 02/04/2025 74787 4,725.00 0000004147 Vendor Subtotal: 4,725.00
102-3101-5100-00 TRIPEPI SMITH & ASSOCIATES FM 5548 Franklin Fire Communications Support - Dec '24 02/11/2025 74841 13,977.50 0000004209 Vendor Subtotal: 13,977.50
102-3101-5100-00 TRUE NORTH COMPLIANCE SERVICES INC FM 5548 Franklin Fire Plan Check - Dec '24 02/11/2025 74842 419.25 0000004319 Vendor Subtotal: 419.25
102-3101-5100-00 BUREAU VERITAS NORTH AMERICA INC Franklin Fire Inspections - Dec '24 02/04/2025 74803 2,275.00 0000004398 102-3101-5100-00 BUREAU VERITAS NORTH AMERICA INC Franklin Fire Onsite Plans Examiner - Dec '24 02/04/2025 74803 1,575.00 0000004398 Vendor Subtotal: 3,850.00
102-3101-5120-01 BURNS PACIFIC CONSTRUCTION INC FM 5548 Franklin Fire Debris Removal - Dec '2402/11/2025 74835 202,552.25 0000004401 Vendor Subtotal: 202,552.25
102-3101-5120-01 LISA A BURNS Franklin Fire Disposal Fees - Dec '24 02/11/2025 74838 17,000.00 0000004424 Vendor Subtotal: 17,000.00
102-3101-6160-00 BURNS PACIFIC CONSTRUCTION INC Franklin Fire - City Hall Generator Fuel - Dec '24 02/04/2025 74812 1,702.87 Vendor Subtotal: 1,702.87
102-3101-6160-00 LOREN DAVIS Reimb Franklin Fire - Starbucks for EOC Staff 12/13/24 02/04/2025 74815 44.00 Vendor Subtotal: 44.00
102-3101-6160-00 KATE MANISCO Reimb Franklin Fire - Food/Beverage for EOC Staff 12/12/24 02/04/2025 74825 91.21 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 11 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: 91.21
102-3102-5100-00 SOLID WASTE SOLUTIONS INC DR 4856 Palisades Fire Response - Jan '25 02/11/2025 74840 3,482.50 0000004074 Vendor Subtotal: 3,482.50
102-3102-5340-00 COURTNEY BROWN Mileage - Palisades Fire Roundtrip to DRC 02/04/2025 74811 32.62 Vendor Subtotal: 32.62
102-3102-5340-00 PARKER DAVIS Mileage - DR 4856 Palisades Fire 1/25 & 1/30/25 02/11/2025 74837 22.40 Vendor Subtotal: 22.40
102-3102-5340-00 ANALISE NASH Mileage - Palisades Fire Camarillo EOC 02/11/2025 74839 15.82 Vendor Subtotal: 15.82
102-3102-7600-00 CORT BUSINESS SERVICES CORP DR 4856 Office Furniture for Palisades Recovery Center 02/11/2025 74836 35,772.60 0000004422 Vendor Subtotal: 35,772.60
Subtotal for Section 1: 102 317,335.75
103-9050-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -32.07 Vendor Subtotal: -32.07
103-9050-5100-00 ENHANCED LANDSCAPE MANAGEMENT LLC City Hall Landscape Maint - Dec '24 02/04/2025 74785 1,062.92 0000004317 Vendor Subtotal: 1,062.92
103-9050-5100-00 MASTER COOLING CORPORATIONCity Hall HVAC Maint - Jan '25 02/04/2025 74793 2,032.90 0000004118 Vendor Subtotal: 2,032.90
103-9050-5610-00 ACME VALLEY SECURITY SERVICES, INC. Quarterly Alarm Monitoring - Dec'24 to Feb'2502/04/2025 74807 1,362.00 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 12 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: 1,362.00
103-9050-5721-00 FRONTIER CALIFORNIA INC Phone - City Hall Elevator - Jan '25 02/04/2025 74817 84.09 103-9050-5721-00 FRONTIER CALIFORNIA INC Phone - City Hall Septic, Irrigation, Fire - Jan '2502/04/2025 74817 409.79 Vendor Subtotal: 493.88
103-9050-5723-00 LA CO MALIBU TREASURER-WATERWORKS Water - City Hall Fireline 11/5/24 - 1/6/25 Acct#29153012 02/04/2025 74823 467.91 103-9050-5723-00 LA CO MALIBU TREASURER-WATERWORKS Water - City Hall 11/5/24 - 1/6/25 Acct#291530932/04/2025 74823 530.62 Vendor Subtotal: 998.53
103-9050-5725-00 GI INDUSTRIES Garbage - City Hall Green Waste - Jan '25 02/04/2025 74818 67.79 Vendor Subtotal: 67.79
103-9050-6160-00 AAA PROPANE SERVICES INC City Hall Propane 02/04/2025 74806 1,491.70 Vendor Subtotal: 1,491.70
103-9050-6160-00 HD SUPPLY INC City Hall - Janitorial Supplies 02/04/2025 74821 438.08 Vendor Subtotal: 438.08
Subtotal for Section 1: 103 7,915.73
203-3009-5145-00 VENTURA TRANSIT SYSTEM, INC.Dial-A-Ride - Dec '24 02/04/2025 74804 7,989.00 0000003330 Vendor Subtotal: 7,989.00
Subtotal for Section 1: 203 7,989.00
211-7021-5115-00 LA CO SHERIFF'S DEPARTMENT Sheriff's Svcs - Brulte - Dec '24 02/04/2025 74790 23,490.35 0000004305 Vendor Subtotal: 23,490.35
AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 13 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Subtotal for Section 1: 211 23,490.35
215-7070-5931-01 MALIBU COMMUNITY LABOR EXCHANGE CDBG Day Labor Exchange - Nov '24 02/04/2025 74792 816.00 0000004322 Vendor Subtotal: 816.00
215-7070-7800-00 WILLIAMS SCOTSMAN INC MCLE Restroom Trailer - Tank 1/21-2/17/25 02/04/2025 74831 1,034.00 Vendor Subtotal: 1,034.00
Subtotal for Section 1: 215 1,850.00
310-9002-7901-00 TORO ENTERPRISES INC Retention - Morning View Dr Improvements 9/1 - 11/25/24 02/04/2025 74799 61,638.94 0000004324 Vendor Subtotal: 61,638.94
Subtotal for Section 1: 310 61,638.94
500-7008-5100-00 ENHANCED LANDSCAPE MANAGEMENT LLC Legacy Park Landscape Maint/Liners - Dec '2402/04/2025 74785 16,718.21 0000004317 Vendor Subtotal: 16,718.21
Subtotal for Section 1: 500 16,718.21
515-3010-5656-00 RINCON CONSULTANTS INC CCWTF Water Quality Monitoring - Dec '24 02/04/2025 74798 20,326.60 0000004135 Vendor Subtotal: 20,326.60
Subtotal for Section 1: 515 20,326.60
601-3005-6500-00 WRIGHT EXPRESS FSC WEX BANKGas Receipts 12/24/24- 1/23/25 02/04/2025 74813 2,181.36 Vendor Subtotal: 2,181.36
Subtotal for Section 1: 601 2,181.36
AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 14 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No 602-7060-4204-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Shah-Feb'25 01/24/2025 74774 50.06 602-7060-4204-00 DELTA DENTAL OF CALIFORNIA PR 16.01.2025 Dental Insurance-Shah-Jan'25 01/24/2025 74774 50.06 Vendor Subtotal: 100.12
602-7060-4209-00 STANDARD INSURANCE COMPANY N2 PR 30.01.2025 STD/LTD 02/04/2025 74833 -141.40 Vendor Subtotal: -141.40
602-7060-5721-00 FRONTIER CALIFORNIA INC Phone - City Hall Fac Internet - Jan '25 02/04/2025 74817 433.75 Vendor Subtotal: 433.75
602-7060-5721-00 CHARTER COMMUNICATIONS HOLDINGS LLC City Hall Internet - Jan '25 02/04/2025 74827 209.98 Vendor Subtotal: 209.98
602-7060-6120-00 GOVCONNECTION INC Additional Adobe Acrobat Licenses 02/04/2025 74819 352.20 Vendor Subtotal: 352.20
602-7060-6120-00 ROGUE SERVICES AND SOLUTIONSAnnual Intranet Svc 12/26/24 - 12/26/25 02/04/2025 74786 19,884.00 0000004419 Vendor Subtotal: 19,884.00
602-7060-6120-00 QLESS INC Computer Software for Counter Svc 12/7/24 - 12/6/25 02/04/2025 74796 11,200.00 0000004416 Vendor Subtotal: 11,200.00
602-7060-7400-00 FLEXENTIAL COLORADO CORP Server Colocation - Jan '25 02/04/2025 74830 3,659.77 Vendor Subtotal: 3,659.77
Subtotal for Section 1: 602 35,698.42
715-0000-1015-00 US BANK N.A. AD 2015-1 CCWTF Phase 1 Interest Pymt 02/04/2025 74801 79,540.63 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 15 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: 79,540.63
Subtotal for Section 1: 715 79,540.63
900-0000-2022-00 CalPERS Health PR Batch 70016.01.2025 Health Insurance 01/24/2025 0 162,133.58 Vendor Subtotal: 162,133.58
900-0000-2022-02 AFLAC-AMERICAN FAMILY LIFE ASSURANCE COMPANY PR Batch 70016.01.2025 Health EE Deduction - AfterTax 02/04/2025 74832 32.28 900-0000-2022-02 AFLAC-AMERICAN FAMILY LIFE ASSURANCE COMPANY PR Batch 70030.01.2025 Health EE Deduction - AfterTax 02/04/2025 74832 32.28 900-0000-2022-02 AFLAC-AMERICAN FAMILY LIFE ASSURANCE COMPANY PR Batch 70030.01.2025 Health EE Deduction - Pre Tax 02/04/2025 74832 393.78 900-0000-2022-02 AFLAC-AMERICAN FAMILY LIFE ASSURANCE COMPANY PR Batch 70002.01.2025 Health EE Deduction - Pre Tax 02/04/2025 74832 393.78 900-0000-2022-02 AFLAC-AMERICAN FAMILY LIFE ASSURANCE COMPANY PR Batch 70002.01.2025 Health EE Deduction - AfterTax 02/04/2025 74832 32.28 900-0000-2022-02 AFLAC-AMERICAN FAMILY LIFE ASSURANCE COMPANY PR Batch 70016.01.2025 Health EE Deduction - Pre Tax 02/04/2025 74832 393.78 Vendor Subtotal: 1,278.18
900-0000-2023-00 BLUE SHIELD OF CALIFORNIA PR Batch 70016.01.2025 Vision Care 01/24/2025 74773 1,496.86 Vendor Subtotal: 1,496.86
900-0000-2024-00 DELTA DENTAL OF CALIFORNIA PR Batch 70016.01.2025 Dental Insurance 01/24/2025 74774 8,349.26 Vendor Subtotal: 8,349.26
900-0000-2025-00 STANDARD INSURANCE COMPANY N2 PR Batch 70016.01.2025 Life Insurance 02/04/2025 74833 1,184.87 Vendor Subtotal: 1,184.87
900-0000-2025-01 STANDARD INSURANCE COMPANY N2 PR Batch 70016.01.2025 Additional Life Insurance 01/24/2025 74775 384.68 Vendor Subtotal: 384.68
900-0000-2026-00 STANDARD INSURANCE COMPANY N2 PR Batch 70002.01.2025 STD/LTD 02/04/2025 74833 3,714.06 900-0000-2026-00 STANDARD INSURANCE COMPANY N2 PR Batch 70030.01.2025 STD/LTD 02/04/2025 74833 3,740.24 900-0000-2026-00 STANDARD INSURANCE COMPANY N2 PR Batch 70016.01.2025 STD/LTD 02/04/2025 74833 3,749.94 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 16 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: 11,204.24
900-0000-2027-00 HEALTH AND HUMAN RESOURCE CENTER INC PR Batch 70016.01.2025 Employee Assistance01/24/2025 74772 162.63 Vendor Subtotal: 162.63
900-0000-2040-00 CalPERS Retirement PR Batch 70016.01.2025 PERS EEShare/ERPaid01/24/2025 0 10,796.17 900-0000-2040-00 CalPERS Retirement PR Batch 70016.01.2025 PERS Addl Retiremnt Svc Credit 01/24/2025 0 1,781.60 900-0000-2040-00 CalPERS Retirement PR Batch 70030.01.2025 PERS Addl Retiremnt Svc Credit 02/04/2025 0 1,781.60 900-0000-2040-00 CalPERS Retirement PR Batch 70030.01.2025 PERS EEShare/ERPaid02/04/2025 0 10,803.75 Vendor Subtotal: 25,163.12
900-0000-2040-01 CalPERS Retirement PR Batch 70016.01.2025 PEPRA ER Contribution 01/24/2025 0 17,653.71 900-0000-2040-01 CalPERS Retirement PR Batch 70016.01.2025 PEPRA CC ER Contribution 01/24/2025 0 46.27 900-0000-2040-01 CalPERS Retirement PR Batch 70016.01.2025 PERS ERShare 01/24/2025 0 20,528.12 900-0000-2040-01 CalPERS Retirement PR Batch 70030.01.2025 PERS ERShare 02/04/2025 0 20,542.54 900-0000-2040-01 CalPERS Retirement PR Batch 70030.01.2025 PEPRA ER Contribution 02/04/2025 0 17,748.89 Vendor Subtotal: 76,519.53
900-0000-2040-02 CalPERS Retirement PR Batch 70016.01.2025 PEPRA CC EE Contribution 01/24/2025 0 46.67 900-0000-2040-02 CalPERS Retirement PR Batch 70016.01.2025 PEPRA EE Contribution 01/24/2025 0 17,804.78 900-0000-2040-02 CalPERS Retirement PR Batch 70030.01.2025 PEPRA EE Contribution 02/04/2025 0 17,900.78 Vendor Subtotal: 35,752.23
900-0000-2041-00 US BANK PR Batch 70016.01.2025 PARS - EE Share 01/24/2025 74776 963.42 900-0000-2041-00 US BANK PR Batch 70016.01.2025 PARS - ER Share 01/24/2025 74776 201.99 900-0000-2041-00 US BANK PR Batch 70030.01.2025 PARS - ER Share 02/04/2025 74834 291.76 900-0000-2041-00 US BANK PR Batch 70030.01.2025 PARS - EE Share 02/04/2025 74834 1,391.32 Vendor Subtotal: 2,848.49
900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70019.12.2024 457 Retirement - % of Salary 02/04/2025 0 1,515.65 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70019.12.2024 457 Retirement - ER02/04/2025 0 3,500.00 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70019.12.2024 457 Retirement - Flat Amount 02/04/2025 0 13,300.39 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70002.01.2025 457 Retirement - Flat Amount 02/04/2025 0 13,300.39 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70016.01.2025 457 Retirement - Flat Amount 02/04/2025 0 13,300.39 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 17 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70016.01.2025 457 Retirement - ER02/04/2025 0 3,500.00 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70016.01.2025 457 Retirement - % of Salary 02/04/2025 0 1,548.62 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70030.01.2025 457 Retirement - Flat Amount 02/04/2025 0 11,850.39 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70002.01.2025 457 Retirement - % of Salary 02/04/2025 0 1,600.28 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70005.12.2024 ER Contribution to ICMA 02/04/2025 0 3,500.00 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70002.01.2025 457 Retirement - ER02/04/2025 0 3,500.00 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70030.01.2025 457 Retirement - % of Salary 02/04/2025 0 1,864.08 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70030.01.2025 457 Retirement - ER02/04/2025 0 3,500.00 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70005.12.2024 ICMA Def Comp - Flat Amount 02/04/2025 0 13,300.39 900-0000-2042-00 EMPOWER RETIREMENT LLC PR Batch 70005.12.2024 ICMA Def Comp - % of Salary 02/04/2025 0 1,404.34 Vendor Subtotal: 90,484.92
900-0000-2042-01 EMPOWER RETIREMENT LLC PR Batch 70016.01.2025 457 Loan Program 02/04/2025 0 1,002.60 900-0000-2042-01 EMPOWER RETIREMENT LLC PR Batch 70019.12.2024 457 Loan Program 02/04/2025 0 1,002.60 900-0000-2042-01 EMPOWER RETIREMENT LLC PR Batch 70002.01.2025 457 Loan Program 02/04/2025 0 1,002.60 900-0000-2042-01 EMPOWER RETIREMENT LLC PR Batch 70005.12.2024 ICMA Loan Program02/04/2025 0 1,002.60 900-0000-2042-01 EMPOWER RETIREMENT LLC PR Batch 70030.01.2025 457 Retirement - ER02/04/2025 0 1,002.60 Vendor Subtotal: 5,013.00
900-0000-2043-00 EMPOWER RETIREMENT LLC PR Batch 70019.12.2024 401 Retirement - City Manager 02/04/2025 0 620.40 900-0000-2043-00 EMPOWER RETIREMENT LLC PR Batch 70019.12.2024 401 Retirement - Dept Heads 02/04/2025 0 875.00 900-0000-2043-00 EMPOWER RETIREMENT LLC PR Batch 70016.01.2025 401 Retirement - City Manager 02/04/2025 0 620.40 900-0000-2043-00 EMPOWER RETIREMENT LLC PR Batch 70016.01.2025 401 Retirement - Dept Heads 02/04/2025 0 875.00 900-0000-2043-00 EMPOWER RETIREMENT LLC PR Batch 70030.01.2025 401 Retirement - City Manager 02/04/2025 0 620.40 900-0000-2043-00 EMPOWER RETIREMENT LLC PR Batch 70002.01.2025 401 Retirement - City Manager 02/04/2025 0 620.40 900-0000-2043-00 EMPOWER RETIREMENT LLC PR Batch 70002.01.2025 401 Retirement - Dept Heads 02/04/2025 0 875.00 900-0000-2043-00 EMPOWER RETIREMENT LLC PR Batch 70005.12.2024 ICMA - Dept Heads 02/04/2025 0 875.00 900-0000-2043-00 EMPOWER RETIREMENT LLC PR Batch 70005.12.2024 ICMA - City Manager02/04/2025 0 620.40 Vendor Subtotal: 6,602.00
900-0000-2050-00 Federal Taxes from PR PR Batch 70016.01.2025 Federal Income Tax 01/24/2025 0 54,790.12 900-0000-2050-00 Federal Taxes from PR PR Batch 70030.01.2025 Federal Income Tax 02/04/2025 0 65,351.04 Vendor Subtotal: 120,141.16
900-0000-2051-00 State of California PR Taxes PR Batch 70016.01.2025 State Income Tax 01/24/2025 0 22,083.06 900-0000-2051-00 State of California PR Taxes PR Batch 70030.01.2025 State Income Tax 02/04/2025 0 26,776.69 AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 18 Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4 Account Number Vendor Description GL Date Check No Amount PO No Vendor Subtotal: 48,859.75
900-0000-2053-00 Federal Taxes from PR PR Batch 70016.01.2025 Medicare ER Share 01/24/2025 0 6,272.32 900-0000-2053-00 Federal Taxes from PR PR Batch 70016.01.2025 Medicare EE Share 01/24/2025 0 6,272.32 900-0000-2053-00 Federal Taxes from PR PR Batch 70030.01.2025 Medicare EE Share 02/04/2025 0 6,964.46 900-0000-2053-00 Federal Taxes from PR PR Batch 70030.01.2025 Medicare ER Share 02/04/2025 0 6,964.46 Vendor Subtotal: 26,473.56
Subtotal for Section 1: 900 624,052.06
Report Total: 2,429,060.76
AP-Transactions by Account (02/12/2025 - 9:06 AM) Page 19 Report Total: 2,429,060.76
Less: Clearing House: Electronic AP Proof List 00002.01.2025 (355,102.35) Less: Clearing House: Electronic AP Proof List 00003.01.2025 (276,934.13) Transactions by Account Total: 1,797,024.28
Docusign Envelope ID: 75E361B8-B1BA-4165-9A27-F93BC87DDCD4

Page 1 of 1 ends

Agenda Item # 1.B.3.

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: February 12, 2025 Meeting date: February 24, 2025 Subject: Approval of Minutes
RECOMMENDED ACTION: Approve the minutes for the November 25, 2024 Regular Meeting.

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: Staff has prepared draft minutes for the Council meetings on November 25, 2024.

ATTACHMENTS:

November 25, 2024 Regular Meeting
City Council Meeting
02-24-25
Item

1.B.3.
1 MINUTES

MALIBU CITY COUNCIL

REGULAR MEETING
NOVEMBER 25, 2024

COUNCIL CHAMBERS
5:30 P.M.

MEETING CALL TO ORDER
Mayor Stewart called the meeting to order at 4:30 p.m.

ROLL CALL
The following persons were recorded in attendance by the Recording Secretary:

PRESENT: Mayor Doug Stewart; Mayor Pro Tem Marianne Riggins; and Councilmembers Paul Grisanti, Bruce Silverstein and Steve Uhring.

PUBLIC COMMENT ON CLOSED SESSION
Mayor Stewart opened the floor to public comment.

Speakers: None.

RECESS TO CLOSED SESSION
At 4:31 p.m., the Council recessed to Closed Session to discuss the following items listed on the Closed Session agenda:

Conference with Legal Counsel – Anticipated Litigation

1. Initiation of litigation pursuant to paragraph (4) of subdivision (d) of Government Code section 54956.9
Number of potential cases: (1)
Conference with Legal Counsel – Existing litigation pursuant to Government Code Section 54956.9(d)(1):

1. Case Name: City’s Petition to Form Malibu USD from Territory in the Santa Monica-Malibu USD

REGULAR SESSION CALL TO ORDER
Mayor Stewart called the meeting to order at 5:31 p.m.

ROLL CALL
The following persons were recorded in attendance by the Recording Secretary:
2 Malibu City Council
Minutes of November 25, 2024

Page 2 of 11 ends

_________________________
PRESENT: Mayor Doug Stewart; Mayor Pro Tem Marianne Riggins; and Councilmembers Paul Grisanti, Bruce Silverstein and Steve Uhring.

ALSO PRESENT: Trevor Rusin, Interim City Attorney; Joseph Toney, Assistant City Manager; Alexis Brown, Deputy City Manager; Kelsey Pettijohn, City Clerk; Kristin Riesgo, Community Services Director; Yolanda Bundy, Environmental Sustainability Director; Susan Dueñas, Public Safety Director; Rob DuBoux, Public Works Director; Parker Davis, Media Technician; Christina Muñoz, Deputy City Clerk; Tracey Rossine, Environmental Programs Manager; Arthur Aladjadjian, Public Works Superintendent; and Travis Hart, Deputy Public Works Director

PLEDGE OF ALLEGIANCE
Norm Haynie led the Pledge of Allegiance.

CLOSED SESSION REPORT
Interim City Attorney Rusin reported that the meeting convened at 4:30 p.m., after which time the City Council recessed to a Closed Session pursuant to Government Code Section 54956.9 and 54956.9(d)(1), with all Councilmembers present. He stated the Council discussed the items on the Closed Session agenda and took no reportable action.

REPORT ON POSTING OF AGENDA
City Clerk Pettijohn reported that the agenda for the meeting was properly posted on November 13, 2024.

APPROVAL OF AGENDA
MOTION Councilmember Uhring moved, and Councilmember Silverstein seconded a motion to approve the agenda. The motion carried unanimously.

ITEM 1 CONSENT CALENDAR
Mayor Stewart opened the floor to public comment. As there were no public speakers present for the Consent Calendar, the Mayor returned the matter to the table for discussion.

Item Nos. 1.B.8. and 1.B.10. were pulled by the Council.

MOTION Councilmember Silverstein moved, and Councilmember Uhring seconded a motion to approve the Consent Calendar, pulling Item Nos. 1.B.8. and 1.B.10. The motion carried unanimously.

The Consent Calendar consisted of the following items:

A. Previously Discussed Items
None.
3 Malibu City Council
Minutes of November 25, 2024

Page 3 of 11 ends

_________________________
B. New Items

2. Approve Warrants
Recommended Action: Allow and approve warrant demand numbers 74190-74299 on the register from the General Fund and direct the City Manager to pay out the funds to each of the claimants listed in Warrant Register No. 758 in the amount of the warrant appearing opposite their names, for the purposes stated on the respective demands in a total amount of $2,924,435.21. City of Malibu payroll check number 5489 and ACH deposits were issued in the amount of $487,443.27.

3. Approval of Minutes
Recommended Action: Approve the minutes for the October 2, 2024 Special Meeting, the October 7, 2024 Special Meeting, the October 14, 2024 Special Meeting.

4. City’s Conflict of Interest Code
Recommended Action: Adopt Resolution No. 24-58 adopting the City’s Conflict of Interest Code and repealing Resolution No. 22-38.

5. Agreement with RTW Management, Inc. (Continued from November 12, 2024)
Recommended Action: 1) Authorize the Mayor to execute a Professional Services Agreement with RTW Management, Inc. to provide Dial-A-Ride Transportation Services through December 31, 2027; and 2) Appropriate $144,000 in Prop A funding to Account No. 203-3009-5145-00 (Proposition A Transportation Services - Dial-A-Ride Services).

6. Acceptance of Morning View Drive Rehabilitation and Drainage Improvements
Recommended Action: 1) Accept the work performed by Toro Enterprises, Inc. for the Morning View Drive Rehabilitation and Drainage Improvements Project, Specification No. 2104 as complete; and 2) Authorize the Public Works Director to submit for recordation a Notice of Completion.

7. Acceptance of Trancas Canyon Park Upper and Lower Slopes Repair Project
Recommended Action: 1) Accept the work performed by GMZ Engineering, Inc. for the Trancas Canyon Park Upper and Lower Slopes Repair Project, Specification No. 2092 as complete; and 2) Authorize the Public Works Director to submit for recordation a Notice of Completion.

9. Acceptance of Legacy Park Benches Renovation Project Recommended Action: 1) Accept the work performed by Blackpointe Group Construction & Management, Inc. for the Legacy Park Benches Renovation Project, Specification No. 2105 as complete; and 2) Authorize the Public Works Director to submit for recordation a Notice of Completion.

11. Award Las Flores Canyon Storm Drain Repair Project
4 Malibu City Council
Minutes of November 25, 2024

Page 4 of 11 ends

_________________________
Recommended Action: 1) Approve the award of bid and authorize the Mayor to execute an agreement with J & H Engineering General Contractors, Inc. (J & H) in the amount of $80,075 for the construction of the Las Flores Canyon Storm Drain Repair Project, Specification No. 2111; and 2) Authorize the Public Works Director to approve any potential change orders up to 20%.

12. Amendment to Professional Services with m6 Consulting, Inc.

Recommended Action: Authorize the Mayor to execute Amendment No. 1 to the Professional Services Agreement with m6 Consulting, Inc. (m6) for engineering design services for disaster projects in an amount of $26,900 for a total amount not to exceed $337,185 and extend the term of the agreement through July 12, 2026.

13. California Employer’s Retiree Benefit Trust Program Recommended Action: Adopt Resolution No. 24-59 to update the Delegation of Authority to Request Disbursements for the California Employers’ Retiree Benefit Trust Program (CERBT) and rescind Resolution No. 09-27.

14. Professional Services Agreement with Kimley Horn
Recommended Action: Authorize the Mayor to execute a professional services agreement with Kimley Horn to develop a Speed Safety System Use Policy and Impact Report.

15. Investment Report for the Month Ending October 31, 2024 Recommended Action: Receive the Investment Report for the month ending October 31, 2024.

16. Rejection of Bids for the Latigo Canyon Retaining Walls Rehabilitation Project
Recommended Action: 1) Reject all bids received for the Latigo Canyon Retaining Walls Rehabilitation Project, Specification 2087; and 2) Direct staff to readvertise for construction bidding after FEMA/ CalOES has authorized the additional funding.

The following items were pulled from the consent calendar for individual consideration:

8. Acceptance of Trancas Canyon Park Playground Resurfacing Project Recommended Action: 1) Accept the work performed by Robertson Industries, Inc. for the Trancas Canyon Park Playground Resurfacing Project, Specification No. 2109 as complete; and 2) Authorize the Public Works Director to submit for recordation a Notice of Completion.

The Council discussed the item and directed questions to staff.

MOTION Mayor Pro Tem Riggins moved, and Councilmember Grisanti seconded a motion to 1) accept the work performed by Robertson Industries, Inc. for the Trancas Canyon Park Playground Resurfacing Project, Specification No. 2109 as complete; and 2) authorize the Public Works Director to submit for recordation a Notice of Completion. The motion carried unanimously. 5 Malibu City Council
Minutes of November 25, 2024

Page 5 of 11 ends

_________________________

10. Professional Services Agreement for Bluffs Park Snack Shack Recommended Action: Authorize the Mayor to execute a Professional Services Agreement with Pacific Architecture and Engineering, Inc. (PAC) in an amount not to exceed $200,000 for engineering design services for the Bluffs Park Snack Shack project.

The Council discussed the item and directed questions to staff.

CONENSUS By consensus, the Council directed staff to include with the Subcommittee and Ad Hoc Committee appointment item in January 2025 an option to consider forming an ad hoc committee to address recreational use on all City properties and the development of the Malibu Bluffs Park snack shack.

MOTION Mayor Pro Tem Riggins moved, and Councilmember Grisanti seconded a motion to authorize the Mayor to execute a Professional Services Agreement with Pacific Architecture and Engineering, Inc. (PAC) in an amount not to exceed $200,000 for engineering design services for the Bluffs Park Snack Shack project. The motion carried unanimously.

ITEM 2 CEREMONIAL/PRESENTATIONS
A. Pacific Coast Highway Safety Update Presentation
Deputy City Manager Brown presented an update on Pacific Coast Highway (PCH) safety projects, including speed camera implementation, plans for PCH roundabouts at El Matador State Beach and Encinal Canyon Road, and the Caltrans PCH Master Plan Feasibility Study.

The Council directed questions to staff.

ITEM 3 COMMISSION / COMMITTEE / CITY MANAGER UPDATES
Assistant City Manager Toney announced City Hall would be closed Thursday and Friday for Thanksgiving. He stated the next Regular meeting on December 9 would include the City Council reorganization and be followed by a reception in the Mulipurpose Room. He announced the next City Manager Update would be distributed on December 2, 2024 and encouraged the public to sign up for notifications.

Sergeant Chris Soderlund, Los Angeles County Sheriff Department, reported on October crime statistics and stated there were 380 part one crimes, which is down from last year. He discussed an incident on November 13, 2024 where the special assignment deputies assisted with 13 search warrants in Los Angeles County as part of an investigation into Mexican cartels. He discussed the warrant served in Woodland Hills and the total volume of narcotics and weapons retrieved. He discussed an incident where deputies responded to a physical altercation between squirrel trappers and parents at Malibu High School (MHS). 6 Malibu City Council
Minutes of November 25, 2024

Page 6 of 11 ends

_________________________
Councilmember Grisanti discussed potential fines from Fish and Game for relocating squirrels.

In response to Councilmember Silverstein, Sergeant Soderlund confirmed none of the search warrants were served in Malibu. He confirmed he could compare crime statistics to multiple past years and discussed trends over the last five years ago.

He discussed “swatting” emails, and stated it was important to investigate them and treat them as real reports. He encouraged individuals to report those emails to the Sheriff’s Department.

In response to Mayor Pro Tem Riggins, Sergeant Soderlund stated California Highway Patrol and Sheriff’s Department officers could enforce the ban on trucks over three axels on PCH.

RECESS At 6:08 p.m., Mayor Stewart recessed the meeting. The meeting resumed at 6:30 p.m. with all Councilmembers present.

ITEM 4.A. PUBLIC COMMENTS
Guy discussed Councilmember Uhring’s comments at the last meeting and questioned why Councilmember Uhring wanted to know the name of the person who reported his property to code enforcement. He discussed the cost of potential litigation related to Councilmember Uhring and Councilmember Silverstein’s actions.

Will Spano discussed the Malibu Township Council and stated it tried to control the City. He discussed Councilmember Uhring’s previous role as President of the Malibu Township Council. He discussed Malibu Township Council members on City Commissions and their activity on Nextdoor.

ITEM 4.B. SUBCOMMITTEE REPORTS / COUNCIL COMMENTS
Councilmember Uhring stated he attended the last Library Speaker Series event and discussed how the program brought the community together. He commended Community Services Director Riesgo and Los Angeles County Community Library Manager Stallings for their work on the events. He discussed cell service outages during public safety power shutoff (PSPS) events. He discussed the item coming back in January to consider forming a body to address issues related to PSPS events.

He encouraged the community to look out for their neighbors during PSPS. He discussed Waste Management increasing rates and encouraged seniors to apply for the 10% senior discount. He discussed City Council Policy #43 and how it was being interpreted by staff. He discussed the General Municipal Election and the election results. He discussed Hans Laetz’s recent comments on Nextdoor.

Mayor Pro Tem Riggins stated she introduced the speaker at the last Library Speaker Series event, and commended Community Services Director Riesgo and 7 Malibu City Council
Minutes of November 25, 2024

Page 7 of 11 ends

_________________________
Los Angeles County Community Library Manager Stallings for their work on the events. She stated she attended the Los Angeles County Office of Education Board of Education (LACOE) hearing at MHS on the City’s petition to form the Malibu Unified School District. She stated she attended the ribbon cutting in Westlake Village for its new pickleball court and suggested using their recreation center as a model. She stated she attended the Los Angeles County Library Commission meeting. She stated she attended a Parks and Recreation Commission meeting where the Equestrian Park was discussed. She suggested conducting a flashvote survey targeted toward use of the Equestrain Park.

Assistant City Manager Toney requested the Council direct staff to bring back an item if they would like to consider doing a survey.

In response to Mayor Stewart, Mayor Pro Tem Riggins stated Trancas Riders and Ropers was still active. Community Services Director Riesgo stated Trancas Riders and Ropers recently contact City staff and intend to start using the facility again.

She stated the group was working on new programs and would contact the City again in January.

In response to Councilmember Grisanti, Community Services Director Riesgo stated the City did not pay fees for the use of the Equestrian Park but did pay for maintenance.

Mayor Stewart proposed bringing back update in January.

Councilmember Silverstein indicated support for the item Mayor Pro Tem Riggins requested.

In response to Mayor Pro Tem Riggins, Assistant City Manager Toney confirmed that staff could bring back an update.

CONSENSUS
By consensus, the Council directed staff to bring back an update on Equestrian Park use and options for possible outreach.

In response to Mayor Pro Tem Riggins, Public Safety Director Dueñas stated she could look into adding the evacuation zone numbers to the beacon boxes around th City.

Mayor Pro Tem Riggins discussed Councilmember Uhring’s comments on the election and stated she was not pro-development. She discussed her philosophy when considering development applications.

Councilmember Silverstein stated he had been preparing a list of proposals he hoped the City Council could consider over the next year. He stated he had been working with Councilmember-elect Haylynn Conrad on an item regarding a dedicated senior center. He discussed the need to improve the City’s evacuation 8 Malibu City Council
Minutes of November 25, 2024

Page 8 of 11 ends

_________________________
plan. He discussed allowing individuals on Zoom in public meetings to be on camera. He discussed his proposal to limit remote participation in hybrid meetings to residents. He discussed requiring remote participants to sign up to speak in advance. He discussed City Council Policy #43. He stated remote participants and Hans Laetz continue to spread misinformation. He discussed Jo Drummond’s residency in the City and his intent to appoint her to the Planning Commission. He stated he was not a member of the Malibu Township Council, but he appreciated the work they do. He discussed the City Council’s decision to prohibit league play at Trancas Park. He discussed Hans Laetz’s blog and reporting. He discussed different views on the environment and property rights among the Councilmembers.

In response to Mayor Pro Tem Riggins, Interim City Attorney Rusin stated there was a condition on the approval for Trancas Canyon Park prohibiting league play and there was a provision in the settlement agreement with Malibu Township Council that the City would not change that condition.

Councilmember Grisanti discussed Councilmember Uhring’s comments and the restrictions on league play at Trancas Canyon Park. He encouraged the public to participate in the upcoming Community Emergency Response Team (CERT) training course. He stated he attended a Las Virgenes-Malibu Council of Governments (COG) meeting with Mayor Stewart. He stated he attended the LACOE hearing at MHS. He discussed the emails sent to the residents attacking him during the election.

Mayor Stewart stated he attended the LACOE hearing at MHS. He stated he attended and Administration and Finance Subcommittee meeting. He discussed fund reserves and the costs of developing and maintaining the City’s community lands. He commended the Library Speaker Series organizers. He discussed the item coming back to form a group to address PSPS events. He discussed the 20 years it took to build the recreation facilities in Westlake Village and the challenges they faced. He discussed plans for roundabouts on PCH. He discussed the COG’s plans for using excess capacity in fiberoptic systems being installed throughout the COG. He discussed the recognition of Councilmember Grisanti leaving office at the COG meeting. He requested an update from Building Safety on soft structures in the City.

In response to Mayor Stewart, Environmental Sustainability Director Bundy stated the City had completed the first phase of the soft story retrofit project. She discussed plans for the project. She stated there were 43 sites being monitored by staff for potential landslides and discussed mediation steps being taken.

Mayor Stewart discussed the recently adopted Code of Conduct for elected and appointed officials. He discussed misinformation spread from inside and outside the city.

ITEM 5 ORDINANCES AND PUBLIC HEARINGS
9 Malibu City Council
Minutes of November 25, 2024

Page 9 of 11 ends

_________________________
None.

ITEM 6 OLD BUSINESS
None.

ITEM 7 NEW BUSINESS
A. Malibu Library Set Aside Funds for Fiscal Year (FY) 2025-26 Recommended Action: Approve Prioritized Funding List for FY 2025-26 as recommended by the Library Subcommittee.

Deputy City Manager Brown presented the staff report.

Mayor Stewart opened the floor to public comment. As there were no speakers present, Mayor Stewart returned the matter to the table for discussion.

The Council discussed the item and directed questions to staff.

MOTION Mayor Pro Tem Riggins moved, and Councilmember Grisanti seconded a motion to approve the Prioritized Funding List for FY 2025-26 as recommended by the Library Subcommittee. The motion carried unanimously.

B. Bonsall Drive and Busch Drive Speed Humps Request
Recommended Action: 1) Install speed humps on Bonsall Drive between Pacific Coast Highway to end Bonsall Drive, and Busch Drive between Harvester Road and Cuthbert Road; and 2) Direct staff to present the proposed project to Administrative & Finance Subcommittee seeking additional funding for the placement of rubberized molded speed humps during the current fiscal year.

Public Works Director DuBoux presented the staff report.

The Council directed questions to staff.

Mayor Stewart opened the floor to public comment.

Speakers: Quentin Lilly, Tiffany Murray, Jonathan Mone, Brian Spun, John Ferry As there were no other speakers present, Mayor Stewart returned the matter to the table for discussion.

MOTION Councilmember Grisanti moved, and Councilmember Silverstein seconded a motion to: 1) approve installing speed humps on Bonsall Drive between Pacific Coast Highway to end Bonsall Drive, and Busch Drive between Harvester Road and Cuthbert Road; and 2) direct staff to present the proposed project to Administrative & Finance Subcommittee seeking additional funding for the 10 Malibu City Council
Minutes of November 25, 2024

Page 10 of 11 ends

_________________________
placement of rubberized molded speed humps during the current fiscal year.

The Council discussed the item and directed questions to staff.

FRIENDLY AMENDMENT
Councilmember Silverstein moved to approve $100,000 spending up to $100,000 on the purchase of rubberized molded speed humps.

The maker of the motion accepted the amendment.

The Council discussed the item and directed questions to staff.

The motion carried unanimously.

C. Community Development Department Organizational Plan Recommended Action: 1) Receive and file the Community Development Department organizational plan; 2) Approve the creation of the Community Development Director position; and 3) Adopt Resolution No. 24-60 amending the Salary Ranges, Authorized Positions, and Class Descriptions for FY 2024-25.

Assistant City Manager Toney presented the staff report.

Mayor Stewart opened the floor to public comment.

Speakers: Jo Drummond, Will Spano
As there were no other speakers present, Mayor Stewart returned the matter to the table for discussion.

The Council discussed the item and directed questions to staff.

MOTION Councilmember Silverstein moved to: 1) receive and file the Community Development Department organizational plan; 2) approve the creation of the Community Development Director position; and 3) adopt Resolution No. 24-60, as amended to: a) become effective upon the start date of a new Community Development Director, b) add the at the beginning of the physical demands section of each class specification “subject to any reasonable accommodation that is required by the American with Disabilities Act or California Disabled Persons Act”, c) remove the word “customer” from the class specifications, and d) add to the Community Development Director, Assistant Community Development Director, and Planning Manager Class Specifications “shall strive to obtain certification from AICP”, amending the Salary Ranges, Authorized Positions, and Class Descriptions for FY 2024-25.

The Council discussed the motion.

Mayor Stewart seconded the motion.
11 Malibu City Council
Minutes of November 25, 2024

Page 11 of 11 ends

_________________________
The question was called and the motion carried 3-1-1, Mayor Pro Tem Riggins opposed and Councilmember Grisanti abstained.

ITEM 8 COUNCIL ITEMS
None.

ADJOURNMENT
Mayor Stewart adjourned the meeting at 9:10 p.m.

Approved and adopted by the City Council of the
City of Malibu on __________.
_________________________________
DOUG STEWART, Mayor
ATTEST:
_________________________________
KELSEY PETTIJOHN, City Clerk
(seal)
12

Page 1 of 3 ends

Agenda Item # 1.B.4.

Council Agenda Report
To: Mayor Uhring and the Honorable Members of the City Council Prepared by: Renée Neermann, Financial Controller
Approved by: Joseph D. Toney, Acting City Manager
Date prepared: February 10, 2025 Meeting date: February 24, 2025 Subject: Annual Comprehensive Financial Report and Audit Management Letter for Fiscal Year 2023-24
RECOMMENDED ACTION: Receive and file the Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2023-24.

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

WORK PLAN: This item was part of the day-to-day operations identified in the Adopted FY 2023-24 Strategic Priority Project list.

DISCUSSION: The City’s independent auditors from the firm of Lance, Soll and Lunghard, LLP, have concluded their annual financial audit of the City for the fiscal year ending June 30, 2024, and have approved the issuance of the ACFR.

The ACFR reflects total governmental, combined fund balances of $98.1 million at June 30, 2024, which is an increase of $9.7 million from the prior year’s ending balance of $88.4 million. In comparison, FY 2022-23 had a net increase to fund balance of $13.9 million. Following are the key elements of the net $4.2 million year-to-year decrease in activity:

Revenues increased by a net of $10.7 million from the prior year (see Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance, page 23):
• A net increase of $3.5 million in taxes primarily because of $3.1 million coming from the City’s transaction and use tax being in effect for all of FY 2023-24. The City recorded revenue from the transaction and use tax for approximately three months in FY 2022-23.

City Council Meeting
02-24-25
Item

1.B.4.
1

Page 2 of 3 ends

Agenda Item # 1.B.4.
• Intergovernmental revenues increased by $4.3 million. The most significant changes in intergovernmental revenues are grant-related. The City performed work on two largely grant-funded capital projects, PCH Median Improvements and PCH Signal Synchronization, and recognized grant revenue of $6.6 million for these projects. This is offset by a reduction of $2.3 million of ARPA grant money that was recognized in the prior fiscal year.
• Use of money and property increased by $3.0 million essentially due to higher interest income. Interest income increased due to changing interest rates throughout the fiscal year causing an increase to the fair value of investments as of June 30, 2024, which then resulted in unrealized gains being recognized as investment income for the year.

Expenditures increased by $14.9 million over the prior year (see Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance, page 23):
• Salaries and benefits increased city-wide by a 5.1% COLA adjustment and additional increases resulting from the City’s classification and compensation study. Additionally, staffing increased by 3.42 FTE during FY 2023-24. • Legislative and advisory costs increased due to an additional $353,000 community grant to the Malibu Education Foundation in addition to the existing $200,000 in annual community grants. The City also had higher professional services and legal costs related to the proposed separation from Santa Monica Unified School District for the establishment of an independent Malibu Unified School District. • General government costs increased due to new staff positions, new software costs, and initiatives for employee retention and recruitment. • Public safety costs increased by $1.6 million due to paying higher contracted fees for the Los Angeles County Sheriff Services.
• Community development costs increased due to an increased level of permits being submitted for review for building activities and events in the community.

Planning and building reviews are performed by contract services, resulting in higher professional services in the departments.
• Community services costs increased due to citizen participation in recreation programs returning to pre-pandemic levels.
2

Page 3 of 3 ends

Agenda Item # 1.B.4.
• Capital outlay increased due to work done on two large grant-funded projects, PCH Median Improvements and PCH Signal Synchronization, as well as work done on capitalized disaster-related projects such as irrigation and slope repairs at Trancas Park.

The General Fund is the chief operating fund of the City of Malibu and comprises approximately 83% of the governmental expenditures of the City in FY 2023-24. The unassigned balance of the General Fund totaled $74.0 million while the total fund balance was $95.3 million. Of that amount (see Governmental Funds Balance Sheet, page 21), $110,000 was prepaid items/advances to other funds; $69,000 was restricted for debt service; $194,000 was restricted for the Housing Element; $331,000 was restricted for Bluffs Park Improvements; $500,000 was restricted for City facilities; $7.3 million was committed for Capital Improvement Projects; $1.0 million was committed for deferred maintenance; $51,000 was committed for water quality settlement; $460,000 was assigned for Internal Services; $4.7 million was assigned for fire rebuild requirements; $6.5 million was assigned for contingencies; and $74.0 million was available as undesignated.

The City’s assets exceeded its liabilities at the close of the fiscal year by $246.1 million.

The 2023-24 Fiscal Year audit was conducted in accordance with generally accepted auditing standards. The auditors issued a management letter that had no major findings, indicating that the standards applicable to financial audits contained in the Government Auditing Standards have been adhered to by the City of Malibu.

ATTACHMENTS:

1. Lance, Soll, and Lunghard, LLP Audit Management Letter

2. Fiscal Year 2023-24 Annual Comprehensive Financial Report (ACFR) 3 LSLCPAS.COM
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
City of Malibu, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Malibu, California (the “City”), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2024, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.

Attachment 1
4 To the Honorable Mayor and Members of the City Council City of Malibu, California
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, budgetary comparison information, and required pension and other postemployment benefits schedules, as listed on the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying combining and individual fund financial statements and schedules (“supplementary information”) are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. 5 To the Honorable Mayor and Members of the City Council City of Malibu, California
The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information
Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 18, 2024 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

Irvine, California
December 18, 2024
6 Attachment 2
7 THIS PAGE INTENTIONALLY LEFT BLANK
8 CITY OF MALIBU, CALIFORNIA

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

FOR THE FISCAL YEAR
JULY 1, 2023 - JUNE 30, 2024
Prepared by:

City of Malibu
Management and Administrative Services Department
Joseph D. Toney, Assistant City Manager
9 CITY OF MALIBU, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Fiscal Year July 1, 2023 - June 30, 2024

TABLE OF CONTENTS

INTRODUCTORY SECTION
Letter of Transmittal ............................................................................................................ i City Officials ...................................................................................................................... iv Certificate of Achievement for Excellence in Financial Reporting .....................................v Organization Chart ............................................................................................................. vi

FINANCIAL SECTION
Independent Auditors’ Report ..............................................................................................1 Management’s Discussion and Analysis .............................................................................5 BASIC FINANCIAL STATEMENTS:

Statement of Net Position ......................................................................................19 Statement of Activities ...........................................................................................20 Balance Sheet – Governmental Funds ...................................................................21 Reconciliation of the Balance Sheet of Governmental Funds ...............................22 Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds .......................................................23 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities – Governmental Funds ...................................................................................24 Statement of Fund Net Position – Proprietary Funds ............................................25 Statement of Revenues, Expenses and Changes in
Fund Net Position – Proprietary Funds .....................................................26 Statement of Cash Flows – Proprietary Funds .......................................................27 Statement of Fiduciary Net Position ......................................................................28 Statement of Changes in Fiduciary Net Position ...................................................29 Notes to the Financial Statements ..........................................................................30

REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Proportionate Share of the Net Pension Liability ..........................................61 Schedule of Contributions - Defined Benefit Pension Plan ...............................................62 Schedule of Changes in the Net OPEB (Asset)/Liability and Related Ratios ...................63 Schedule of Contributions – OPEB Plan ...........................................................................64 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual & Next Year’s Budget - General Fund ...................................65 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual – Grants Special Revenue Fund ..............................................66 Note to Required Supplementary Information ...................................................................67 10 CITY OF MALIBU, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Fiscal Year July 1, 2023 - June 30, 2024

TABLE OF CONTENTS

SUPPLEMENTARY INFORMATION
Individual Fund Financial Statements and Schedules:

Governmental Funds:

Combining Balance Sheet – Non-major Governmental Funds .............................69 Combining Statement of Revenues, Expenditures and
Changes in Fund Balances – Non-major Governmental Funds .......................72 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual – Individual Non-major Governmental Funds .................75 Enterprise Fund:

Schedule of Revenues, Expenses and Changes in Fund Net Position - Budget Actual (Budgetary Basis) – Commercial Real Estate Rental ..........................93 Schedule of Revenues, Expenses and Changes in Fund Net Position - Budget Actual (Budgetary Basis) – Wastewater Treatment ........................................94 Fiduciary Funds:

Combining Statement of Fiduciary Net Position ...................................................95 Combining Statement of Changes in Fiduciary Net Position ................................96

STATISTICAL SECTION (UNAUDITED)
Statistical Section Index
Net Position by Component ...............................................................................................98 Changes in Net Position ...................................................................................................100 Fund Balances of Governmental Funds ...........................................................................102 Changes in Fund Balances of Governmental Funds ........................................................104 Assessed Value of Taxable Property ...............................................................................106 Direct and Overlapping Property Tax Rates ....................................................................107 Principal Property Tax Payers .........................................................................................108 Property Tax Levies and Collections ...............................................................................109 Ratio of Outstanding Debt by Type .................................................................................110 Direct and Overlapping Governmental Bonded Debt ......................................................111 Legal Debt Margin Information .......................................................................................112 Demographic and Economic Statistics ............................................................................113 Full-Time Equivalent Government Employees by Function/Program ............................114 Indicators of Demand or Level of Services .....................................................................115 Capital Asset Statistics by Function/Program..................................................................116 11 12

INTRODUCTORY SECTION
The Introductory Section of the Annual Comprehensive Financial Report provides general information on the City of Malibu, California’s structure and its personnel, as well as information useful in assessing the City’s financial condition. This section includes the following:
• Letter of Transmittal
• List of City Officials
• Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting
• City’s Organizational Chart
13 THIS PAGE INTENTIONALLY LEFT BLANK
14 City of Malibu
23825 Stuart Ranch Road, Malibu, California 90265-4861
(310) 456-2489 fax (310) 456-3356 www.malibucity.org
December 20, 2024
Honorable Mayor and City Council and Citizens of the City of Malibu, California:

The Annual Comprehensive Financial Report (ACFR) of the City of Malibu for the fiscal year July 1, 2023 through June 30, 2024, is hereby submitted. Responsibility for the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and belief, the information presented is accurate in all material aspects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds of the City of Malibu. All disclosures necessary to enable the reader to gain an understanding of the City’s financial activities have been included.

The financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) as promulgated by the Governmental Accounting Standards Board (GASB). This report consists of management’s representations concerning the finances of the City of Malibu, California.

Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this report. To provide a reasonable basis for making these representations, management of the City has established a comprehensive internal control framework that is designed both to protect the City’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City’s financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the City’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we attest that, to the best of our knowledge and belief, this financial report is complete and reliable in all material aspects.

The City’s financial statements have been audited by Lance, Soll & Lunghard LLP, a public accounting firm fully licensed and qualified to perform audits of state and local governments within the State of California. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditors concluded, based upon the audit, that there was reasonable basis for rendering an unmodified opinion that the City of Malibu, California’s financial statements for the fiscal year ended June 30, 2024, are fairly presented in conformity with GAAP.

GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. Malibu’s MD&A can be found immediately following the report of the independent auditors in the financial section of the ACFR.

Profile of the City of Malibu
The City of Malibu was incorporated as a general law city on March 28, 1991, and operates under the council/manager form of government. Located in northwest Los Angeles County, the City encompasses over 20 square miles along the Pacific Ocean. Malibu has a population of 15i
approximately 13,000 residents, but with its miles of public beaches, more than 15 million people visit the City each year. The City provides a full range of services, some of which are contracted through outside agencies and/or firms. These services include law enforcement, highways and roads, recreation areas, planning and zoning, building and environmental safety, emergency preparedness, and general administrative services.

The City of Malibu has a rich and diverse history. Originally settled by the Chumash Indians, they named the stretch of beach at the mouth of the Malibu Creek “Humaliwo” or “the surf sounds loudly”.

In 1802, Jose Tapia established a ranch in the area. Passed on through generations, it was eventually sold in 1891 to Fredrick Rindge. Seeking an ideal country home for his family, the private domain was guarded fiercely. Rindge’s widow, May, fought off an effort to route the Southern Pacific Railroad through Malibu by establishing her own private railroad. Later, the State of California succeeded in obtaining a right-of-way to build Pacific Coast Highway through the property. A final court battle in the late 1920s forced Rindge to begin leasing and then selling the property at the mouth of Malibu Creek.

As most of the purchasers were movie stars, the area became known as the Malibu Movie Colony.

Today, Malibu is a predominantly rural residential community that has become a haven for those seeking to escape the urban life of Los Angeles. Its small commercial sector consists of many quaint shops and restaurants that welcome locals and visitors alike. Programs and exhibits offered by the Los Angeles County Public Library, Pepperdine University, and the Weisman Museum of Art provide culturally enriching experiences.

Factors Affecting Financial Condition
Malibu's economy is heavily influenced by its climate. Visitors flock to the city's beaches in the summer, while the winter months bring rain and pounding surf that can cause landslides and make travel difficult. Since incorporating in 1991, Malibu has faced numerous disasters, including floods, fires, and an earthquake, which have put a significant strain on the city's finances. As a result, Malibu maintains a significant reserve in its General Fund with a Fund Balance policy of at least 50% of General Fund operating expenditures. In November 2018, the Woolsey Fire, the largest fire in Los Angeles County's history, destroyed nearly 480 structures in Malibu, and while the City is mostly recovered, there is still some remaining work.

Malibu's economy and finances continued to grow during FY 2023-24. The primary source of revenue is property taxes, and the real estate market has not slowed in the City. Previous economic forecasts had suggested a recession during the prior fiscal year, but the national economy continues to grow with inflation rates dropping to more normalized levels. Nevertheless, political turmoil both nationally and internationally could impact macro-economic forces. Despite these concerns, Malibu should remain on a solid foundation with the inelasticity of property tax.

Other Information
Budgetary Controls. The City of Malibu maintains a budget control system to ensure compliance with the spending limits incorporated in the annual operating budget adopted by the City Council.

Activities of the general fund and special revenue funds are included in the annual appropriated budget. Project-length financial plans are adopted for the capital project funds. Budgetary control is maintained at the fund level for administrative and operating expenditures and the project level for capital improvements. Only the City Council has the authority to increase total appropriations within any fund, subject to the appropriations limitations established by State law. The City also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. 16ii
Long-Term Financial Planning. The City prepares and adopts its budget on an annual basis. Each budget, however, considers future years’ spending needs and revenue availability. Capital projects are budgeted using a multi-year planning approach and other major expenditures are evaluated and budgeted based on expectations of revenues and expenditures in future fiscal years. The City maintains a strong General Fund reserve. As of June 30, 2024, the City had approximately $95.3 million in total General Fund reserves, which allows for flexibility in budget projections, and provides the City with funding in the event of an unexpected fiscal emergency in future years. The unassigned General Fund reserve is $74.0 million or 148.4% of Fiscal Year 2023-24 General Fund operating expenditures ($49.9 million) and exceeds the City’s goal of maintaining a minimum of 50% of the fund’s operating expenses.

Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Malibu for its ACFR for the fiscal year ended June 30, 2023. To be awarded a Certificate of Achievement, the City must publish an easily readable and efficiently organized ACFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

The Certificate of Achievement from the GFOA is valid for a period of one year. City staff believes that this current Annual Comprehensive Financial Report continues to meet the Certificate of Achievement Program’s requirements and will submit it to the GFOA to determine its eligibility for another certificate.

The preparation of this report could not have been accomplished without the efficient and dedicated services of the Management and Administrative Services Department staff. Special acknowledgment is given to the City’s Financial Controller, Renée Neermann; the staff of Governmental Financial Services; and the staff of Lance, Soll, & Lunghard LLP, the City’s independent auditors. I would also like to thank the City Manager, Mayor, and members of the City Council for their support in planning and conducting the operations of the City in a responsible and progressive manner.

Respectfully submitted,
Joseph D. Toney
Assistant City Manager
17iii

CITY OF MALIBU, CALIFORNIA

LIST OF CITY OFFICIALS
AT JUNE 30, 2024
_________________________________________________________________________

CITY COUNCIL

MAYOR STEVE UHRING

MAYOR PRO TEM DOUG STEWART

COUNCILMEMBER PAUL GRISANTI

COUNCILMEMBER MARIANNE RIGGINS

COUNCILMEMBER BRUCE LEE SILVERSTEIN

DEPARTMENT OFFICIALS
CITY MANAGER STEVE McCLARY

ASSISTANT CITY MANAGER JOSEPH TONEY

DEPUTY CITY MANAGER ALEXIS BROWN

CITY CLERK KELSEY PETTIJOHN

COMMUNITY SERVICES DIRECTOR KRISTIN RIESGO

ENVIRONMENTAL SUSTAINABILITY DIRECTOR YOLANDA BUNDY

PLANNING DIRECTOR RICHARD MOLLICA
PUBLIC SAFETY DIRECTOR SUSAN DUEÑAS
PUBLIC WORKS DIRECTOR ROB DuBOUX

INTERIM CITY ATTORNEY TREVOR RUSIN
18iv
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Malibu
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
19v
Fiscal Year 2023-24 Adopted Organizational Chart

CITY COUNCIL
City Treasurer
City Attorney City Commissions
City Committees
City Manager
Capital Projects
Engineering
Public Works
Street
Maintenance
Water Treatment
Facilities
Community Support
Cultural Arts
Parks Management
Recreation
Senior Services
Building Safety
Water Quality
Wastewater
Management
Environmental
Services
Code
Enforcement
Current Planning
Long Range
Planning
Administration
Human Resources
Media Operations
Finance/Accounting
Information Systems

ADMINISTRATION PUBLIC WORKS COMMUNITY SERVICES ENVIRONMENTAL

SUSTAINABILITY PLANNING PUBLIC SAFETY
City Clerk
Elections
Records
Management

CITY CLERK
Emergency
Services
LA County Fire
LA County Sheriff’s
Department
LA County Animal
Control
Volunteer Services
Homelessness
Services
Assistant City Manager
Deputy City Manager
Malibu Residents
20vi

FINANCIAL SECTION
The Financial Section of the Annual Comprehensive Financial Report contains the following:
• Independent Auditor’s Report
• Required Supplementary Information – Management Discussion and Analysis (MD&A)
21 THIS PAGE INTENTIONALLY LEFT BLANK
22 LSLCPAS.COM
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
City of Malibu, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Malibu, California (the “City”), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. 231
To the Honorable Mayor and Members of the City Council
City of Malibu, California
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying combining and individual fund financial statements and schedules (“supplementary information”) are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. 242
To the Honorable Mayor and Members of the City Council
City of Malibu, California
The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Irvine, California
December 18, 2024
253
264

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2024
As management of the City of Malibu, we offer readers of the City of Malibu’s financial statements this narrative overview and analysis of the financial activities for the fiscal year ended June 30, 2024. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found in the introductory section of this report.

Financial Highlights
Government-wide Statements:
 Assets and deferred outflows of resources exceed liabilities and deferred inflows of resources at the close of the year ended June 30, 2024, by $246.1 million (net position). Of this amount, $92.9 million (unrestricted net position) may be used to meet the government’s ongoing obligations to citizens and creditors.  The City’s total net position increased by $9.7 million as a result of revenues exceeding expenses.

Fund Level Statements:
 As of June 30, 2024, the City’s governmental funds reported a combined ending fund balance of $98.1 million, an increase of $9.7 million over the prior year. Of this amount, $65.6 million is available for spending at the government’s discretion (unassigned fund balance).
 As of June 30, 2024, the General Fund reported an ending fund balance of $95.3 million, an increase of $10.2 million over the prior year. Of this amount, $74.0 million is available for spending at the government’s discretion (unassigned fund balance).
 As of June 30, 2024, the City’s proprietary funds reported a combined ending net position of $73.8 million, a decrease of $1.5 million from the prior year. Of this amount, $4.8 million is available for spending at the government’s discretion (unrestricted net position).

Overview of the Financial Statements
This discussion and analysis is required supplementary information and serves as an introduction to the City’s basic financial statements which are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. Other required supplementary information (RSI) follows the notes to the financial statements. This report contains other supplementary information in addition to the basic financial statements and RSI.

Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business.
275

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
The statement of net position presents information on all of the City’s assets and deferred outflows of resources as well as on liabilities and deferred inflows of resources. The amount by which assets and deferred outflows of resources exceed liabilities and deferred inflows of resources is reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City of Malibu is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (for example, uncollected grants and earned but unused vacation leave).

Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include legislative and advisory, general government, public safety, community development, community services, and public works. Business-type activities are comprised of commercial real estate rental properties and wastewater services.

The government-wide financial statements are in this report’s financial section immediately following the Management’s Discussion and Analysis (MD&A).

Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories: governmental funds, enterprise funds, and fiduciary funds.

The fund financial statements can be found in the financial section of this report immediately following the government-wide financial statements.

Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements.

However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources and balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the governmentwide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.
286

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
The City of Malibu maintains several individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General Fund, the Grants Fund, and the Capital Improvements Fund, all of which are considered to be major funds. Data from all other governmental funds is combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided as supplementary information elsewhere in this report.

The City of Malibu adopts an annual appropriated budget for the governmental funds, excluding Capital Projects Funds. A budgetary comparison schedule is provided for each governmental fund which has an annual budget to demonstrate compliance with that budget. These budgetary comparison schedules are included as required supplementary information for major funds and as supplementary information for nonmajor funds.

Proprietary funds. Like the government-wide financial statements, the proprietary fund type provides both long-term and short-term financial information using the economic resources measurement focus. The City of Malibu reports two proprietary funds: the Commercial Real Estate Rental Fund and the Wastewater Treatment Fund. Both are major enterprise funds and, as such, information is presented separately for each fund in the proprietary fund statements. The fund statements provide detailed information about the net position, operating statements, and cash flows of each business-type activity. In addition, the City adopts an annual budget for these enterprise funds, and budgetary comparison schedules have been provided in the supplementary information section.

Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of these funds are not available to support the City’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The City reports three custodial funds to account for monies held by the City as an agent for property owners with special assessments.

Notes to the financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found in the financial section of this report following the fund financial statements.

Supplementary information. In addition to the basic financial statements and accompanying notes, this report presents certain required supplementary information.

Required supplementary information is found immediately following the notes to the financial statements. Optional supplementary information is presented as combining and individual statements for other funds. This optional supplementary information can be found immediately following the required supplementary information. 297

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
Government-wide Financial Analysis
City of Malibu Net Position
As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the City of Malibu, net position was $246.1 million at June 30, 2024, an increase of $9.7 million over the prior year’s ending net position. The excess of revenues over expenses will be analyzed in conjunction with the Statement of Activities.

The largest portion of the City’s net position ($146.7 million or 60%) reflects its net investment in capital assets (for example, land, infrastructure, buildings, and equipment).

The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending.

An additional portion of the City’s net position ($6.5 million or 2%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position ($92.9 million or 38%) may be used to meet the city’s ongoing obligations to citizens and creditors.

City of Malibu Changes in Net Position
The following is a summary of the government-wide Statement of Activities. This table illustrates the $9.7 million increase in the City’s net position resulting from revenues of $74.3 million exceeding expenses of $64.6 million. A discussion regarding significant changes in revenues and expenses follows the table.
30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 Current assets $ 118,760,485 $ 102,511,696 4,140,009 $ 4,016,747 $ 122,900,494 $ 106,528,443 Other long-term assets - - 30,415,086 30,974,888 30,415,086 30,974,888 Capital assets 130,220,482 129,067,940 82,962,489 85,247,039 213,182,971 214,314,979 Total assets 248,980,967 231,579,636 117,517,584 120,238,674 366,498,551 351,818,310 Deferred charge on refunding 1,222,777 1,329,392 365,900 408,174 1,588,677 1,737,566 Deferred outflows from OPEB 1,839,736 1,107,315 - - 1,839,736 1,107,315 Deferred outflows from pension 4,745,366 4,783,070 - - 4,745,366 4,783,070 Total deferred outflows 7,807,879 7,219,777 365,900 408,174 8,173,779 7,627,951 Long-term liabilities 65,584,694 64,278,999 10,514,605 11,187,680 76,099,299 75,466,679 Other liabilities 18,120,925 12,248,737 4,630,801 4,631,026 22,751,726 16,879,763 Total liabilities 83,705,619 76,527,736 15,145,406 15,818,706 98,851,025 92,346,442 Deferred inflows from leases - - 28,948,804 29,561,171 28,948,804 29,561,171 Deferred inflows from OPEB 509,830 622,546 - - 509,830 622,546 Deferred inflows from pension 284,316 493,698 - - 284,316 493,698 Total deferred inflows 794,146 1,116,244 28,948,804 29,561,171 29,742,950 30,677,415 Net investment in capital assets 77,662,887 75,848,115 69,033,784 70,687,533 146,696,671 146,535,648 Restricted 6,464,329 6,546,228 527 927 6,464,856 6,547,155 Unrestricted 88,161,865 78,761,090 4,754,963 4,578,511 92,916,828 83,339,601 Total net position $ 172,289,081 $ 161,155,433 $ 73,789,274 $ 75,266,971 $ 246,078,355 $ 236,422,404 Governmental Activities Business-type Activities Total
308

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
Governmental activities. Governmental activities increased the City’s net position by $11.1 million during the fiscal year in contrast to the prior year’s increase of $13.1 million, resulting in a net decrease of $2.0 million from the prior year. The following are key elements of this change over the prior year:
 During the current year, revenues increased by $11.6 million. The most significant changes were as follows:
• Operating contributions and grants decreased by $2.1 million. During FY 2022-23, the City recognized one-time ARPA grant revenue of $2.3 million while there was no ARPA revenue recognized in FY 2023-24.
• Capital contributions and grants increased by $7.0 million, mainly due to a large amount of work done on two grant-funded capital projects: PCH Median Improvements and PCH Signal Synchronization.
• Non-property taxes increased by $3.1 million due to having the City’s transaction and use tax in effect for all of FY 2023-24. The City recorded revenue from the transaction and use tax for approximately three months in FY 2022-23. • Other revenues increased by $3.5 million. The most significant item in this category is an increase of $3.0 million in investment earnings due to changes in interest rates and fair value measurements. In addition, the City recorded other revenue of $0.3 million for a Proposition A exchange.
 Expenses increased by $13.6 million over the prior year. The most significant changes were as follows:
• Salaries and benefits increased city-wide by a 5.1% COLA adjustment and additional increases resulting from the City’s classification and compensation study. Additionally, staffing increased by 3.42 FTE during FY 2023-24. 30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 Program revenues:

Charges for services $ 11,039,142 $ 11,548,406 $ 4,049,687 $ 3,996,961 $ 15,088,829 $ 15,545,367 Operating contributions and grants 3,071,398 5,212,991 - - 3,071,398 5,212,991 Capital contributions and grants 7,701,677 701,556 - - 7,701,677 701,556 General revenues:

Property taxes 18,468,377 17,858,262 - - 18,468,377 17,858,262 Other taxes 23,436,295 20,295,617 - - 23,436,295 20,295,617 Other revenues 6,432,957 2,898,363 116,112 95,923 6,549,069 2,994,286 Total revenues 70,149,846 58,515,195 4,165,799 4,092,884 74,315,645 62,608,079 Expenses:

Legislative and advisory 2,779,543 1,712,824 - - 2,779,543 1,712,824 General government 10,586,158 9,131,480 - - 10,586,158 9,131,480 Public safety 13,717,693 11,962,075 - - 13,717,693 11,962,075 Community development 10,558,458 8,762,655 - - 10,558,458 8,762,655 Community services 4,160,553 3,593,994 - - 4,160,553 3,593,994 Public works 15,197,534 8,198,618 - - 15,197,534 8,198,618 Interest on long-term debt 2,016,259 2,059,232 - - 2,016,259 2,059,232 Commercial real estate rental - - 2,578,579 2,490,154 2,578,579 2,490,154 Wastewater treatment - - 3,064,917 2,950,874 3,064,917 2,950,874 Total expenses 59,016,198 45,420,878 5,643,496 5,441,028 64,659,694 50,861,906 Increase/(decrease) in net position 11,133,648 13,094,317 (1,477,697) (1,348,144) 9,655,951 11,746,173 Net position - July 1 161,155,433 148,061,116 75,266,971 76,615,115 236,422,404 224,676,231 Net position - June 30 $ 172,289,081 $ 161,155,433 $ 73,789,274 $ 75,266,971 $ 246,078,355 $ 236,422,404 Governmental Activities Business-type Activities Total
319

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
• General government costs increased by $1.3 million, with the majority of that increase due to annual pension and OPEB adjustments resulting from updated actuarial valuations.
• Legislative and advisory costs increased by $1.1 million due to 1) an additional City grant made to the Malibu Education Foundation in addition to the existing $200,000 in annual grants made to community programs and 2) higher professional services and legal costs related to the proposed separation from Santa Monica Unified School District for the establishment of an independent Malibu Unified School District.
• Public safety costs increased by $1.8 million due to paying higher contracted fees for Los Angeles County Sheriff services.
• Community development costs increased by $1.8 million due to an increased level of permits being submitted for review for building activities and events in the community. Planning and building reviews are performed by contract services, resulting in higher professional services in this department. • Public works costs increased by $7.0 million, essentially due to two large grantfunded projects: PCH Median Improvements and PCH Signal Synchronization.

These projects are not on the City’s property, so the projects are not subject to capitalization as City assets.

Business-type activities. Business-type activities are financed primarily by fees charged to external parties for goods and services. The City reports two proprietary funds: the commercial real estate rental enterprise fund and the wastewater treatment enterprise fund. Business-type activities decreased the City’s net position by $1.47 million during the current year in contrast to the prior year’s decrease of $1.35 million.

Each proprietary fund had similar revenues and expenses to the prior year; however, the $200,000 increase in costs was marginally higher than the $73,000 increase in revenues.

Revenues by Source (Government-wide)
Operating Grants
& Contributions
4%
Charges for
Services
20%
Capital Grants
& Contributions
10%
Sales Tax
13% Utility Users
Tax 4%
Transient
Occupancy Tax
13%
Property Taxes
25%
Other
Taxes 2%
Other
9%
1032

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
Expenses and Program Revenues (Government-wide)
The previous two charts illustrate the City’s overall expenses and revenues by source (including both governmental and business-type activities). General revenues such as property, utility users, and sales taxes are not shown by program but are effectively used to support program activities citywide. In the current year, tax revenue was the largest single source of funds for the City (56%) followed by charges for services (20%); the remaining sources of funds were from grants and contributions (15%) and miscellaneous other revenues (9%).

Public works is the largest expense function, accounting for 24% of the total. Public safety is second at 21%, followed by general government at 17%, and community development at 16%. Community services accounted for 6%, wastewater services accounted for 5%, and commercial real estate rentals and legislative each accounted for 4%. The remaining expense function of interest on long-term debt accounted for the remaining 3% of costs.

Financial Analysis of the City’s Funds
At the end of the current fiscal year, the City’s governmental funds reported combined ending fund balances of $98.1 million, an increase of $9.7 million over the prior year’s ending balance of $88.4 million. In comparison, FY 2022-23 had a net increase to fund balance of $13.9 million. Following are the key elements of the net $4.2 million year-toyear decrease in activity:
 Revenues increased by $10.7 million over the prior year with the most significant changes occurring in the following categories:
• Taxes increased by $3.5 million with $3.1 million coming from the City’s transaction and use tax being in effect for all of FY 2023-24. The City recorded revenue from the transaction and use tax for approximately three months in FY 2022-23.
• Intergovernmental revenues increased by $4.3 million. The City receives many types of grants and similar types of intergovernmental funding. This revenue varies from year to year based on the projects and activities that are being -
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
Legislative and
Advisory
General
Government
Public Safety Community
Development
Community
Services
Public Works Interest on
long-term debt
Commercial
real estate
rental
Wastewater
treatment
Expenses
Program Revenues
1133

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
funded by grants. In the current year, the City did a large amount of work on two grant-funded capital projects, PCH Median Improvements and PCH Signal Synchronization, and has recognized grant revenue of $6.6 million. This is offset by a reduction of $2.3 million of ARPA grant money that was recognized in the prior year.
• Use of money and property increased by $3.0 million essentially due to higher interest income. Interest income increased due to changing interest rates throughout the fiscal year causing an increase in the fair value of investments as of June 30, which then resulted in unrealized gains being recognized as investment income for the year.
 Expenditures increased by $14.9 million over the prior year with the most significant changes occurring in the following categories:
• Salaries and benefits increased city-wide by a 5.1% COLA adjustment and additional increases resulting from the City’s classification and compensation study. Additionally, staffing increased by 3.42 FTE during FY 2023-24. • Legislative and advisory costs increased due to an additional City grant made to the Malibu Education Foundation in addition to the existing $200,000 in annual grants made to community programs. The City had higher professional services and legal costs related to the proposed separation from Santa Monica Unified School District for the establishment of an independent Malibu Unified School District.
• General government costs increased due to new staff positions, replacing carpets throughout city hall, adding fire suppression to the server room, new software costs, and initiatives for employee retention and recruitment. • Public safety costs increased due to paying higher contracted fees for Los Angeles County Sheriff services.
• Community development costs increased due to an increased level of permits being submitted for review for building activities and events in the community.

Planning and building reviews are performed by contract services, resulting in higher professional services in this department.
• Community services costs increased due to citizen participation in recreation programs returning to pre-pandemic levels.
• Capital outlay costs increased due to work done on two large grant-funded projects: PCH Median Improvements and PCH Signal Synchronization as well as work done on capitalized disaster-related projects such as irrigation and slope repairs at Trancas Park.

The governmental funds’ combined ending fund balance totals $98.1 million.

Approximately 67% ($65.6 million) of this amount constitutes unassigned fund balance which is available for spending at the City’s discretion. The remainder of the combined ending fund balances is non-spendable, restricted, committed, or assigned to indicate that it is not available for new spending because it has already been designated as 1) Nonspendable for prepaid items and long-term receivables ($0.1 million), 2) Restricted for 1234

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
special revenue funds, debt service, and other specific purposes ($5.0 million), 3) Committed for capital improvement projects, city facilities, and water quality improvements ($15.7 million), 4) Assigned for vehicle and technology replacement, working capital, next year’s operations, and fire rebuilding efforts ($11.7 million).

General Fund. The General Fund is the chief operating fund of the City of Malibu and comprises approximately 83% of the governmental expenditures of the City in the current year. At the end of the current fiscal year, the unassigned fund balance of the General Fund was $74.0 million while the total fund balance was $95.3 million. As a measure of the General Fund’s liquidity, it can be useful to compare unassigned fund balance to total fund expenditures. The General Fund’s unassigned fund balance represents 148% of the General Fund’s FY 2023-24 expenditures.

The General Fund’s fund balance increased in FY 2023-24 by $10.2 million, while the prior year’s fund balance increased by $13.0 million. Because the General Fund comprises such a large part of the overall governmental revenues and expenditures of the City, many of the reasons for this $2.8 million year-to-year change in the General Fund are similar to the reasons previously explained as changes in the overall governmental funds.  Revenues increased by $4.6 million with the most significant changes occurring in the following categories:
• Taxes increased by $3.5 million with $3.1 million coming from the City’s transaction and use tax being in effect for all of FY 2023-24. The City recorded revenue from the transaction and use tax for approximately three months in FY 2022-23.
• Intergovernmental revenues decreased by $1.8 million. The City receives many types of grants and similar types of intergovernmental funding. This revenue varies from year to year based on the projects and activities that are being funded by grants. In the prior year, the City recognized $2.3 million in ARPA monies and no such grant was received in the current year. This reduction is offset by a $0.3 million increase for a Proposition A exchange. • Use of money and property increased by $2.9 million essentially due to higher interest income. Interest income increased due to changing interest rates throughout the fiscal year causing an increase in the fair value of investments as of June 30, which then resulted in unrealized gains being recognized as investment income for the year.
 Expenditures increased by $6.9 million in the following categories:
• Salaries and benefits increased city-wide by a 5.1% COLA adjustment and additional increases resulting from the City’s classification and compensation study. Additionally, staffing increased by 3.42 FTE during FY 2023-24. • Legislative and advisory costs increased due to an additional City grant made to the Malibu Education Foundation in addition to the existing $200,000 in annual grants made to community programs. The City had higher professional services and legal costs related to the proposed separation from Santa Monica Unified School District for the establishment of an independent Malibu Unified School District.
1335

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
• General government costs increased due to new staff positions, replacing carpets throughout city hall, adding fire suppression to the server room, new software costs, and initiatives for employee retention and recruitment. • Public safety costs increased due to paying higher contracted fees for Los Angeles County Sheriff services.
• Community development costs increased due to an increased level of permits being submitted for review for building activities and events in the community.

Planning and building reviews are performed by contract services, resulting in higher professional services in this department.
• Public works and capital outlay costs increased due to work done on capitalized disaster-related projects such as irrigation and slope repairs at Trancas Park.

Grants Special Revenue Fund. This fund is used to account for grants received from other governmental agencies. The majority of funds received are transferred to the Capital Improvements Fund for capital project funding. The deficit fund balance at fiscal year-end is expected to be eliminated with grant revenue.

Capital Improvements Capital Projects Fund. This fund is used to account for the acquisition, construction, and repair of major facilities and is fully funded by monies transferred from other funds.

Commercial Real Estate Rental Enterprise Fund. This fund is used to account for the commercial real estate rental activity. All revenues and expenses are for the commercial real estate rental program. Activity does not vary much from year to year as the properties have long-term rental leases. Additional information on the rental leases can be found in the Lease Receivable Note (Note 6) of the notes to the financial statements.

Wastewater Treatment Enterprise Fund. This fund is used to account for the construction and operation of a wastewater treatment facility. Phase One of the construction was completed in early FY 2018-19, and customers in the civic center area are connected to the new facility. The City is currently designing Phase Two of the facility.

Budgetary Highlights
In preparing its budgets, the City attempts to estimate its revenues using realistic but conservative methods to budget its expenditure appropriations and activities prudently. As a result, the City Council adopts budget adjustments throughout the fiscal year to reflect both changed priorities and the availability of additional revenues to allow for expansion of existing programs. During the year, the City Council amended the originally adopted budget to re-appropriate prior year approved projects and expenditures in addition to increasing appropriations for various items as identified in the Notes to Required Supplementary Information.

General Fund. The General Fund had a $15.8 million positive net budget variance for revenues and expenditures when comparing actual amounts to the final budget for the current fiscal year. This amount reflects a positive variance of $1.4 million in revenues and $14.4 million in expenditures. The largest revenue variances are attributed to higher tax 1436

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
revenues, lower grant revenue, and a larger amount of investment income revenue. The positive expenditure variance resulted from expenditures coming in under the final budget in all categories except for legislative and advisory.

Capital Asset and Debt Administration
Capital assets. The City’s capital assets for governmental and business-type activities as of June 30, 2024, totaled $213.2 million (net of accumulated depreciation), a net decrease of $1.1 million. The capital assets include land, intangible assets, roadways, buildings, leasehold improvements, storm drains, vehicles, computers and other equipment, furniture, and construction in progress.

City of Malibu Capital Assets (net of depreciation)
Information on the City’s capital assets additions and deletions for governmental and business-type activities can be found in the Capital Assets Note (Note 3) of the notes to the financial statements.

Long-term debt. At the end of the current fiscal year, the City of Malibu had total debt outstanding of $76.1 million. There were additions to debt during the year for agreements for new lease assets.

City of Malibu Outstanding Debt
In conjunction with the Malibu Public Financing Corporation, in prior years the City issued certificates of participation (COP) for the Legacy Park acquisition and construction as well as for the acquisition and improvement of a civic center building and property acquisitions of Trancas Field, Sycamore Village Parcel, Island Parcel, and Point Dume Parcel. The debt service on the Legacy Park debt is expected to be funded within the enterprise fund through the collection of rent from commercial tenants. The debt service on the certificates of participation for the Civic Center and land acquisitions are budgeted for and paid from the General Fund.
30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 Land $ 69,556,508 $ 69,556,508 $ 17,325,848 $ 17,325,848 $ 86,882,356 $ 86,882,356 Right of Way 24,045,543 24,045,543 - - 24,045,543 24,045,543 Construction in Progress 2,907,175 1,616,394 3,704,755 3,685,017 6,611,930 5,301,411 Buildings 13,200,617 13,678,852 61,563,872 63,921,658 74,764,489 77,600,510 Lease Assets 164,910 92,157 - - 164,910 92,157
Equipment and Furniture 1,035,207 691,327 65,270 - 1,100,477 691,327 Vehicles 486,526 285,934 - - 486,526 285,934
Infrastructure 18,823,996 19,101,225 302,744 314,516 19,126,740 19,415,741 Total $ 130,220,482 $ 129,067,940 $ 82,962,489 $ 85,247,039 $ 213,182,971 $ 214,314,979 Governmental Activities Business-type Activities Total
30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 Employee compensated absences $ 821,673 $ 688,595 $ - $ - $ 821,673 $ 688,595 Lease liabilities 146,809 77,231 - - 146,809 77,231
Certificates of participation, net 53,195,826 54,467,181 10,514,605 11,187,680 63,710,431 65,654,861 Net OPEB liability 1,907,292 538,399 - - 1,907,292 538,399 Net pension liability 9,513,094 8,507,593 - - 9,513,094 8,507,593 Total $ 65,584,694 $ 64,278,999 $ 10,514,605 $ 11,187,680 $ 76,099,299 $ 75,466,679 Governmental Activities Business-type Activities Total
1537

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
The amount of general obligation debt a governmental entity may issue is limited by state statutes to a maximum of 15% of the entity’s total assessed valuation. The City of Malibu currently has no general obligation debt, and therefore, has no debt that is applicable to the limit. Additional information on the City’s long-term debt can be found in the LongTerm Debt Note (Note 4) of the notes to the financial statements.

Economic Factors and Next Year’s Budget
In FY 2024-25, the City projects stable revenue growth and consistent expenses, maintaining a conservative budget. The Council has also expressed interest in reviewing the Fund Balance Policy to further maintain prudent fiscal practices.

The City completed a Fee Study and intends to implement an updated fee schedule during FY 2024-25. During FY 2022-23, the City Council adopted an additional resolution extending the waiver of permit fees through December 30, 2024, specifically aiding Woolsey Fire-affected properties that were primary residences at the time of the fire.

Efforts to expedite the permitting process for these homes remain a priority, employing additional consultant resources for this purpose.

The FY 2024-25 budget maintained structural balance with $59.43 million in ongoing general fund revenue with $58.94 million in ongoing general fund appropriations. The overall budget is $85.9 million in revenue and $99.0 million in expenses, of which $17.1 million is one-time capital project expenditures. Staff will monitor the budget and provide any necessary adjustments to the City Council during the fiscal year.

General Fund Revenues. The City’s Adopted Budget for FY 2024-25 included conservative General Fund revenues growth. Historically over the past decade, Malibu’s Property Tax has grown over 6%, on average, year over year; and the budgeted amount has a steady growth of 5.5% and provides 32.4% of the General Fund Revenue. All other revenue is budgeted to have inflationary and modest growth with overall General Fund revenues of $61.8 million.

General Fund Expenditures. The City’s General Fund expenditures for FY 2024-25 are budgeted to be $77.3 million. This includes a total of $17.1 million in capital projects ($4.9 million is disaster capital). Funding was also maintained for critical budget items including debt service, property insurance, law enforcement services, and professional services for mandated activities.

Capital Improvements. The City has adopted a multi-year capital improvement program with the next fiscal year’s costs totaling $24.5 million. Major projects budgeted for FY 2024- 25 include:
 $8.6 million for PCH Signal Synchronization System
 $3.8 million for City Hall Solar Power Project
 $2.5 million for Skate Park
 $1.3 million for Annual Street Overlay
The City also plans to continue capital improvement projects related to restoration of City infrastructure damaged in the Woolsey Fire and the subsequent severe winter storms.

FEMA and CalOES will reimburse the City for much of the cost of these projects, but costs will be drawn against the General Fund until reimbursement is received. The City’s required match for these projects will come from the SCE Woolsey Fire settlement funds. 1638

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2024
Additional funding comes from California JPIA, the City’s insurance policy, for repairs when eligible. The major projects planned for FY 2024-25 include:
 $2,150,603 for Clover Heights Storm Drain Improvements  $1,089,001 for Trancas Canyon Park Improvements
 $900,000 for Latigo Canyon Road and Retaining Wall
 $774,403 for Westward Beach Road Shoulder Repairs
General Fund Reserve. The City Council remains committed to maintaining a strong unassigned General Fund reserve to provide a buffer against unforeseen expenditures.

The City is currently in a very healthy financial position. The City has a Budgeted projected FY 2024-25 General Fund Undesignated Reserve at year-end (June 30, 2025) of $69.45 million with an additional $6.5 million designated for contingencies.

Requests for Information
This financial report is designed to provide a general overview of the financial position of the City of Malibu for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the City of Malibu Management and Administration Department, 23825 Stuart Ranch Road, Malibu, California 90265. 1739
1840

BASIC FINANCIAL STATEMENTS
The City’s basic financial statements, including the accompanying notes, constitute the core of the ACFR’s financial section. The Basic Financial Statements include the following:
• Government-wide Financial Statements
• Fund Financial Statements
• Notes to Basic Financial Statements
Major funds reported in the Basic Financial Statements are defined in note 1 of the notes to the Basic Financial Statements.
41 THIS PAGE INTENTIONALLY LEFT BLANK
42 CITY OF MALIBU

STATEMENT OF NET POSITION
JUNE 30, 2024
Governmental Business-type
Activities Activities Total
ASSETS
Cash and cash equivalents $ 102,914,502 $ 3,865,174 $ 106,779,676 Accounts receivable, net of allowance for doubtful accounts 2,654,530 274,308 2,928,838 Interest receivable 541,447 - 541,447
Due from other governments 12,181,717 12,181,717 -
Prepaid expenses 109,568 - 109,568
Notes receivable 290,000 - 290,000
Restricted assets-cash and equivalents with fiscal agents 68,721 527 69,248 Due from tenants - 1,466,282 1,466,282
Lease receivable 28,948,804 - 28,948,804
Capital assets, non-depreciable 96,509,226 21,030,603 117,539,829 Capital assets, net of accumulated depreciation 33,711,256 61,931,886 95,643,142 Total assets 248,980,967 117,517,584 366,498,551

DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding 1,222,777 365,900 1,588,677 Deferred amount from OPEB 1,839,736 - 1,839,736
Deferred amount from pension 4,745,366 - 4,745,366
Total deferred outflows of resources 7,807,879 365,900 8,173,779

LIABILITIES
Accounts payable 8,319,920 336,498 8,656,418
Retention payable 437,737 - 437,737
Salaries and wages payable 469,391 - 469,391
Deposits 5,592,647 4,223,503 9,816,150
Other accrued liabilities 1,321,762 - 1,321,762
Interest payable 348,400 70,800 419,200
Unearned revenue 1,631,068 - 1,631,068
Noncurrent liabilities due within one year 1,842,968 693,075 2,536,043 Noncurrent liabilities due in more than one year 52,321,340 9,821,530 62,142,870 Net OPEB liability 1,907,292 - 1,907,292
Net pension liability 9,513,094 - 9,513,094
Total liabilities 83,705,619 15,145,406 98,851,025

DEFERRED INFLOWS OF RESOURCES
Deferred amount from leases 28,948,804 - 28,948,804
Deferred amount from OPEB 509,830 - 509,830
Deferred amount from pension 284,316 - 284,316
Total deferred inflows of resources 794,146 28,948,804 29,742,950

NET POSITION
Net investment in capital assets 77,662,887 69,033,784 146,696,671 Restricted for:

Debt service 68,721 527 69,248
Public works 4,470,402 - 4,470,402
Environmental sustainability 6,534 - 6,534
Community services 872,005 - 872,005
Housing 194,140 - 194,140
Bluffs Park 331,197 - 331,197
City facilities and operations 521,330 - 521,330
Unrestricted 88,161,865 4,754,963 92,916,828
Total net position $ 172,289,081 $ 73,789,274 $ 246,078,355 The notes to the financial statements are an integral part of this statement. 1943

CITY OF MALIBU

STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
Operating Capital
Charges for Grants and Grants and Governmental Business-type Expenses Services Contributions Contributions Activities Activities Total Governmental activities:

Legislative and advisory $ 2,779,543 $ - $ - $ (2,779,543) - $ $ (2,779,543) - $ General government 10,586,158 733,867 371,347 (9,480,944) - (9,480,944) - Public safety 13,717,693 1,268,178 402,827 (12,046,688) - (12,046,688) - Community development 10,558,458 7,915,247 68,213 (2,574,998) - (2,574,998) - Community services 4,160,553 513,680 12,010 (3,634,863) - (3,634,863) - Public works 15,197,534 608,170 2,217,001 7,701,677 (4,670,686) (4,670,686) - Interest on long-term debt 2,016,259 - - (2,016,259) - (2,016,259) - Total governmental activities 59,016,198 11,039,142 3,071,398 7,701,677 (37,203,981) (37,203,981) - Business-type activities:

Commercial real estate rental 2,578,579 1,769,622 - - (808,957) - (808,957) Wastewater treatment 3,064,917 2,280,065 - - (784,852) - (784,852) Total business-type activities 5,643,496 4,049,687 - - (1,593,809) - (1,593,809) Total $ 64,659,694 $ 15,088,829 $ 3,071,398 $ 7,701,677 (37,203,981) (1,593,809) (38,797,790) General revenues:

Taxes:

Property tax 18,468,377 18,468,377 -
Utility users tax 3,027,417 3,027,417 -
Transient occupancy tax 9,320,535 9,320,535 -
Franchise tax 839,881 839,881 -
Sales tax 9,744,035 9,744,035 -
Parking occupancy tax 504,427 504,427 -
Intergovernmental motor vehicle in lieu, unrestricted 13,265 - 13,265 Investment earnings, unrestricted 4,768,436 116,112 4,884,548 Other revenues 1,651,256 1,651,256 -
Total general revenues and transfers 48,337,629 116,112 48,453,741 Change in net position 11,133,648 (1,477,697) 9,655,951 Net position - beginning of year 161,155,433 75,266,971 236,422,404 Net position - end of year $ 172,289,081 $ 73,789,274 $ 246,078,355 The notes to the financial statements are an integral part of this statement.

Program Revenues
Net (Expense) Revenue and
Changes in Net Position
2044

CITY OF MALIBU

GOVERNMENTAL FUNDS

BALANCE SHEET
JUNE 30, 2024
Special Capital
Revenue Projects Fund Other
Fund Capital Governmental
General Grants Improvements Funds Totals
ASSETS
Cash and investments 94,543,279 $ -$ 3,909,724 $ 4,461,499 $ 102,914,502 $ Accounts receivable, net of allowance - 2,641,890 12,640 - 2,654,530 Interest receivable 541,447 - - 541,447 -
Due from other governments 7,335,011 4,639,482 207,224 - 12,181,717 Prepaid items 109,568 - - 109,568 -
Due from other funds 7,390,000 - - 7,390,000 -
Notes receivable 290,000 - - - 290,000
Restricted assets - cash with fiscal agent 68,721 - - - 68,721 Total assets 110,224,387 $ 7,335,011 $ 3,909,724 $ 4,681,363 $ 126,150,485 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES

LIABILITIES
Accounts payable $ 4,144,889 -$ 3,543,914 $ 631,117 $ 8,319,920 $ Retentions payable 71,927 - 365,810 - 437,737
Salaries and wages payable 469,391 - - - 469,391
Deposits payable 5,592,647 - - - 5,592,647
Other accrued liabilities 1,321,762 - - - 1,321,762
Unearned revenue 1,551,068 - 80,000 - 1,631,068
Due to other funds - 7,335,011 54,989 - 7,390,000
Total liabilities 13,151,684 7,335,011 3,909,724 766,106 25,162,525

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 1,765,103 1,119,556 3,014 - 2,887,673

FUND BALANCES
Nonspendable
Prepaid items 109,568 - - - 109,568
Restricted
Public works - - 2,276,118 - 2,276,118
Capital projects - - 671,128 - 671,128
Community services - - 647,789 - 647,789
Environmental sustainability - - 6,534 - 6,534
Special districts - - 313,688 - 313,688
Debt service and debt service reserve 68,721 - - 68,721 - Housing 194,140 - - 194,140 -
Bluffs Park 331,197 - - 331,197 -
City facilities 500,000 - - 500,000 -
Committed
Capital improvement projects - 7,289,797 7,313,628 - 14,603,425 City facilities 1,034,784 - - 1,034,784 -
Water quality - 51,077 - - 51,077
Assigned
Vehicle maintenance & replacement 329,512 - - 329,512 - Information technology replacement - 130,424 - 130,424 - Fire rebuild requirements 4,711,459 - - 4,711,459 -
Next fiscal year operations 6,500,000 - - - 6,500,000
Unassigned 74,033,090 (1,119,556) (7,289,797) (3,014) 65,620,723 Total fund balances 95,307,600 (1,119,556) - 3,912,243 98,100,287 Total liabilities, deferred inflows of
resources, and fund balances 110,224,387 $ 7,335,011 $ 3,909,724 $ 4,681,363 $ 126,150,485 $ The notes to the financial statements are an integral part of this statement. 2145

CITY OF MALIBU

GOVERNMENTAL FUNDS

RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF NET POSITION
JUNE 30, 2024
Fund Balances of Governmental Funds $ 98,100,287
Amounts reported for governmental activities in the statement of net position are different because:
130,220,482
2,887,673
Pension related debt and other post-employment benefit debt applicable to the City governmental activities are not due and payable in the current period and, accordingly, are not reported as fund liabilities. Deferred outflows and inflows of resources related to pensions and OPEB are only reported in the Statement of Net Position as the changes in these amounts affect only the government-wide statements for governmental activities.

Deferred outflows of resources for OPEB 1,839,736
Deferred outflows of resources for pensions 4,745,366
Deferred inflows of resources for OPEB (509,830)
Deferred inflows of resources for pensions (284,316)
Net OPEB liability (1,907,292)
Net pension liability (9,513,094)
Deferred charge on refunding 1,222,777
Interest payable (348,400)
Long-term liabilities (54,164,308)
Net Position of Governmental Activities $ 172,289,081
The notes to the financial statements are an integral part of this statement.

Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds.

Other long-term assets are not available to pay for current-period expenditures and, therefore, are deferred in the funds.

Liabilities and deferred charges related to long-term debt are not due and payable in the current period and, therefore, are not reported in the funds, as follows:
2246

CITY OF MALIBU

GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30, 2024
Capital
Special Projects Fund Other
Revenue Fund Capital Governmental
General Grants Improvements Funds Total

REVENUES
Taxes $ 42,718,571 $ - $ 526,070 - $ $ 43,244,641
Fines and forfeitures 1,268,178 - 240,963 - 1,509,141
Intergovernmental 1,803,185 6,597,229 2,139,134 - 10,539,548 Use of money and property 4,605,803 - 162,633 - 4,768,436 Charges for services 9,096,453 - 96,763 - 9,193,216
Other 214,747 - - 214,747 -
Total revenues 59,706,937 6,597,229 3,165,563 - 69,469,729

EXPENDITURES
Current:

Legislative and advisory 2,776,720 - - - 2,776,720
General government 8,204,651 - - 9,900 8,214,551
Public safety 13,418,753 - - 186,159 13,604,912
Community development 10,138,927 - - 409,382 10,548,309 Community services 3,276,505 - - 601,440 3,877,945
Public works 5,895,407 - - 388,523 6,283,930
Capital outlay 2,941,834 - 8,249,100 164,523 11,355,457 Debt service:

Principal 1,099,691 - - - 1,099,691
Interest 2,128,401 - - - 2,128,401
Total expenditures 49,880,889 - 8,249,100 1,759,927 59,889,916 Revenues over (under) expenditures 9,826,048 6,597,229 (8,249,100) 1,405,636 9,579,813

OTHER FINANCING SOURCES (USES)
Transfers in 938,020 8,249,100 - 410,212 9,597,332
Transfers out (721,508) (7,209,956) (1,665,868) - (9,597,332) Lease financing 109,269 - - 109,269 -
Total other financing sources (uses) 325,781 (7,209,956) 8,249,100 (1,255,656) 109,269 Net change in fund balance 10,151,829 (612,727) 149,980 - 9,689,082 FUND BALANCE - BEGINNING (506,829) 85,155,771 - 3,762,263 88,411,205 FUND BALANCE - ENDING $ (1,119,556) 95,307,600 $ - $ 3,912,243 $ 98,100,287 $ The notes to the financial statements are an integral part of this statement. 2347

CITY OF MALIBU

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
Net Change in Fund Balances - Total Governmental Funds $ 9,689,082 Cost of assets capitalized 2,895,303
Depreciation expense (1,695,633)
Governmental funds report as revenues those monies that become available in the current period but which were earned and reported as revenue in a prior period within the Statement of Activities. (2,207,556) Governmental funds exclude revenues for monies that are not available in the current year but which are earned and reported as revenue in the Statement of Activities. 2,887,673 Governmental funds report issuance of debt and lease financing as a financing source. However, this type of transaction has no effect within the Statement of Activities. (109,269) Governmental funds do not record interest expense until the payment is due. However, the statement of activities reports interest expense as the liability is incurred. The net change in interest payable is a reconciling item to the change in net position. 7,402
Governmental funds report the effect of premiums and discounts when debt is first issued and the loss on debt refunding when the refunding occurs. However, these amounts are deferred and amortized in the statement of activities. 104,740
Principal payment on long-term debt is reported as an expenditure in the governmental funds. However, this type of transaction has no effect within the Statement of Activities. 1,099,691 Some expenses reported in the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.

Change in net OPEB liability (523,756)
Change in net pension liability (833,823)
Change in compensated absences (133,078)
Loss on asset disposal (47,128)
Change in Net Position of Governmental Activities $ 11,133,648 The notes to the financial statements are an integral part of this statement.

Amounts reported for governmental activities in the Statement of Activities differ from the amounts reported in the Statement of Revenues, Expenditures, and Changes in Fund Balances because:

Governmental funds report capital outlays as expenditures. However, in the statement of activities, the costs of those assets is allocated over their estimated useful lives as depreciation expense. This activity is reconciled as follows:
2448

CITY OF MALIBU

PROPRIETARY FUNDS

STATEMENT OF FUND NET POSITION
JUNE 30, 2024
Business-Type Activities
Enterprise Funds
Commercial Real Wastewater
Estate Rental Treatment Totals
ASSETS
Current assets:

Cash and cash equivalents $ 1,153,329 $ 2,711,845 $ 3,865,174 Accounts receivable 147,087 127,221 274,308
Lease receivable 497,701 497,701 -
Total current assets 1,798,117 2,839,066 4,637,183
Noncurrent assets:

Retricted:

Cash and cash equivalents with fiscal agent 527 - 527
Due from tenants 1,466,282 1,466,282 -
Lease receivable 28,451,103 28,451,103
Capital assets, non-depreciable 15,404,922 5,625,681 21,030,603 Capital assets, net of accumulated depreciation 10,895,092 51,036,794 61,931,886 Total noncurrent assets 56,217,926 56,662,475 112,880,401 Total assets 58,016,043 59,501,541 117,517,584

DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding 365,900 365,900 -

LIABILITIES
Current liabilities:

Accounts payable 67,553 268,945 336,498
Deposits 443,503 3,780,000 4,223,503
Interest payable 70,800 - 70,800
Noncurrent liabilities due within one year:

Certificates of participation, net 693,075 693,075 -
Total current liabilities 1,274,931 4,048,945 5,323,876 Noncurrent liabilities:

Noncurrent liabilities due in more than one year:

Certificates of participation, net 9,821,530 9,821,530 - Total noncurrent liabilities 9,821,530 9,821,530 -
Total liabilities 11,096,461 4,048,945 15,145,406

DEFERRED INFLOWS OF RESOURCES
Deferred amount from leases 28,948,804 28,948,804 -

NET POSITION
Net investment in capital assets 16,151,309 52,882,475 69,033,784 Restricted for debt service 527 - 527
Unrestricted 2,184,842 2,570,121 4,754,963
Total net position $ 18,336,678 $ 55,452,596 $ 73,789,274 The notes to the financial statements are an integral part of this statement. 2549

CITY OF MALIBU

PROPRIETARY FUNDS

STATEMENT OF REVENUES, EXPENSES, AND

CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
Business-Type Activities
Enterprise Funds
Commercial
Real Estate Wastewater
Rental Treatment Totals

OPERATING REVENUES
Charges for sales and services:

Property-related income 1,611,534 $ - $ 1,611,534 $
Sewer service fees - 2,280,065 2,280,065
Other charges 158,088 - 158,088
Total operating revenues 1,769,622 2,280,065 4,049,687

OPERATING EXPENSES
Personnel services 110,341 97,380 207,721
Professional and contractual services 399,477 244,080 643,557 Repairs and maintenance 99,851 1,441,761 1,541,612
Utilities 180,448 221,037 401,485
Supplies 1,214 16,893 18,107
Total operating expenses 791,331 2,021,151 2,812,482
Operating income before depreciation 978,291 258,914 1,237,205 Depreciation expense 1,329,323 1,040,235 2,369,558
Operating loss (351,032) (781,321) (1,132,353)

NONOPERATING REVENUES (EXPENSES)
Investment and interest income 35,374 80,738 116,112
Interest expense (457,925) (3,531) (461,456)
Total nonoperating revenues (expenses) (422,551) 77,207 (345,344) Change in net position (773,583) (704,114) (1,477,697)
NET POSITION, BEGINNING 19,110,261 56,156,710 75,266,971 NET POSITION, ENDING $ 18,336,678 $ 55,452,596 $ 73,789,274 The notes to the financial statements are an integral part of this statement. 2650

CITY OF MALIBU

PROPRIETARY FUNDS

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2024
Business-Type Activities
Enterprise Funds
Commercial
Real Estate Wastewater
CASH FLOWS FROM OPERATING ACTIVITIES Rental Treatment Totals Receipts from customers $ 1,716,404 2,293,262$ 4,009,666$ Payments to suppliers (672,410) (1,840,068) (2,512,478) Payments to personnel (110,341) (97,380) (207,721)
Net cash provided by operating activities 933,653 355,814 1,289,467

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Repayment on noncapital advances from other funds - (186,113) (186,113)

CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES
Interest paid (437,000) (3,531) (440,531)
Principal payment (655,000) - (655,000)
Payments made for capital assets acquired - (85,008) (85,008) Net cash provided by/(used for) capital financing activities (1,092,000) (88,539) (1,180,539)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 35,374 80,738 116,112
Net increase/(decrease) in cash and cash equivalents (122,973) 161,900 38,927 CASH AND CASH EQUIVALENTS, BEGINNING 1,276,829 2,549,945 3,826,774 CASH AND CASH EQUIVALENTS, ENDNG $ 1,153,856 2,711,845$ 3,865,701$ Reconciliation of operating income to net cash provided by operating activities:

Operating loss $ (351,032) $ (781,321) $ (1,132,353)
Adjustments to reconcile operating loss to net
cash provided by/(used for) operating activities:

Depreciation expense 1,329,323 1,040,235 2,369,558
(Increase)/decrease in accounts receivable 88,581 13,197 101,778 (Increase)/decrease in due from tenants (52,565) - (52,565) Increase/(decrease) in accounts payable 8,580 83,703 92,283 Increase/(decrease) in unearned income (89,234) - (89,234) Total adjustments 1,284,685 1,137,135 2,421,820
Net cash provided by operating activities 933,653$ 355,814$ $ 1,289,467 Noncash activities:

Amortization of debt-related deferred items 24,199$ -$ 24,199$ The notes to the financial statements are an integral part of this statement. 2751

CITY OF MALIBU

FIDUCIARY FUNDS

STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2024
Custodial
Funds
ASSETS
Cash and cash equivalents 4,142,282 $
Cash and cash equivalents with fiscal agents 4,444,081
Due from other governments 54,007
Total assets 8,640,370

LIABILITIES
Accounts payable 3,483

NET POSITION
Restricted for individuals, other
organizations, and governments 8,636,887 $
The notes to the financial statements are an integral part of this statement. 2852

CITY OF MALIBU

FIDUCIARY FUNDS

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
Custodial
Funds

ADDITIONS
Collections from special assessments 2,698,970 $
Investment earnings 308,079
Total additions 3,007,049

DEDUCTIONS
Payments for administrative charges 56,256
Interest payments 897,054
Payments for special assessment debt 1,724,784
Total deductions 2,678,094
Net increase in net position 328,955
NET POSITION - BEGINNING 8,307,932
NET POSITION - ENDING $ 8,636,887
The notes to the financial statements are an integral part of this statement. 2953

CITY OF MALIBU, CALIFORNIA

NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2024

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Malibu (the City) conform to accounting principles generally accepted in the United States of America as applicable to governments. The Governmental Accounting Standards Board (GASB) is the standard-setting body for governmental accounting and financial reporting principles. The following is a summary of the significant policies.

A. REPORTING ENTITY
The City of Malibu was incorporated in 1991 under the general laws of the State of California. The City has a councilmanager form of government and is governed by an elected five-member council. The Mayor position is rotated among the five council members.

As required by generally accepted accounting principles, the accompanying financial statements include the financial activity of the City and its blended component unit, the Malibu Public Financing Corporation. The Corporation is a legally separate entity although in substance it is considered to be part of the City’s operations. The City is considered to be financially accountable for the Corporation which is governed by a board comprised entirely of the City’s council members. There is no requirement for separate financial statements of the Corporation. and separate financial statements for the Corporation are not prepared. The Corporation’s financial activity during the year consisted of paying debt service on the outstanding certificates of participation (see Note 4).

B. MEASUREMENT FOCUS, BASIS OF PRESENTATION, AND FINANCIAL STATEMENT PRESENTATION The accounts of the City are organized and operated based on funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds is maintained consistent with legal and managerial requirements. Separate financial statements are provided for governmental, proprietary, and fiduciary funds. Major individual governmental and enterprise funds are reported as separate columns in the fund financial statements.

Government-wide Financial Statements
The Government-wide Financial Statements include a Statement of Net Position and a Statement of Activities. These statements present summaries of the non-fiduciary activities of the City. Governmental activities, which are normally supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. For the most part, the effect of interfund activity has been removed from these statements except for transactions between the City’s governmental funds and the proprietary or fiduciary funds. Interfund services provided and used are not eliminated in the process of consolidation.

These statements are presented on an economic resources measurement focus and use the accrual basis of accounting.

Accordingly, the accompanying Statement of Net Position includes all of the City’s assets and liabilities, including capital assets, infrastructure, and long-term liabilities.

The Statement of Activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. The Statement of Activities demonstrates the degree to which the direct expenses of a function are offset by program revenues. Direct expenses are those that are identifiable with a specific function. The types of transactions reported as program revenues for the City are classified into three categories: 1) charges for services, 2) operating grants and contributions, and 3) capital grants and contributions. Charges for services include revenues from customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given 3054

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
function. Grants and contributions include revenues restricted to meeting a particular function's operational or capital requirements. Taxes and other items not properly included among program revenues are reported as general revenues.

Governmental Fund Financial Statements
Governmental Fund Financial Statements include a Balance Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances for all major governmental funds and aggregated non-major funds. An accompanying schedule is presented to reconcile and explain the difference in fund balance, as presented in these statements, to the net position, as presented in the Government-wide Financial Statements.

All governmental funds are accounted for on a spending or current financial resources measurement focus and use the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the Balance Sheet. The Statement of Revenues, Expenditures, and Changes in Fund Balances present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets.

Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period. Accordingly, revenues are recorded when received in cash, except that revenues subject to accrual are recognized when due. The primary sources susceptible to accrual are property tax, sales tax, transient occupancy tax, investment income, and grant revenues. Generally, revenues are subject to accrual if anticipated to be received within 180 days after year-end. The exception to this general rule is that property taxes are subject to accrual if received within 60 days after year-end.

Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. An exception to this general rule is principal and interest on general long-term liabilities which is recognized when due.

Proprietary Fund Financial Statements
Proprietary Fund Financial Statements include a Statement of Net Position, a Statement of Revenues, Expenses, and Changes in Fund Net Position, and a Statement of Cash Flows. The City has two Proprietary Funds which are accounted for using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Fiduciary Fund Financial Statements
Fiduciary Fund Financial Statements include a Statement of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position. The City’s Fiduciary Funds consist of three Custodial Funds which account for monies held by the City as an agent for property owners with special assessments. These statements are presented on an economic resources measurement focus and use the accrual basis of accounting.

Fund Classifications
The City reports the following major governmental funds:

The General Fund is the City’s primary operating fund. It accounts for all financial resources of the City, except those required to be accounted for in another fund.

The Grants Special Revenue Fund is used to account for projects funded by various grants received from other government agencies. The majority of funds received are transferred to the Capital Improvement Capital Projects Fund to finance the related capital project expenditures. The amount of activity in this fund varies from year to year, and this fund is consistently reported as a major governmental fund. The deficit fund balance is expected to be relieved by the receipt of grant monies.
3155

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
The Capital Improvements Capital Projects Fund is used to account for financial resources to be used for the acquisition, construction, or repair of major facilities. The amount of activity in this fund varies from year to year, and this fund is consistently reported as a major governmental fund.

The City reports two proprietary funds, both of which are reported as major proprietary funds.

The Commercial Real Estate Rental Fund accounts for the capital assets being leased to commercial customers (see Note 6). The lease revenue is used to pay the debt service requirements of the long-term liabilities of the fund (see Note 4).

The Wastewater Treatment Fund accounts for the capital assets and the related activity for processing wastewater. This fund also accounts for the construction of an expansion to the Civic Center Wastewater Treatment Facility.

C. STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
The legal level of budgetary control is at the fund level for governmental funds. The City does not present annual budget information on the Capital Projects Fund since the City approves project-length budgets. These project-length budgets authorize total expenditures throughout a project rather than year-by-year budgeting. For the year ended June 30, 2024, there were no major or nonmajor governmental funds with expenditures that exceeded appropriations.

At fiscal year-end, the following funds had deficit fund balances. The deficit fund balances are a result of unavailable grant revenues. Management expects to eliminate these deficit fund balances with future grant revenues.

D. PROPERTY TAX REVENUES
Property taxes are levied, based on the assessed values determined by the Los Angeles County Assessor, as of March 1st and become a lien on the real property on July 1st. Secured taxes are due annually in two installments on November 1st and February 1st, and become delinquent on December 10th and April 10th, respectively. Unsecured taxes are due annually on July 1st and become delinquent on August 31st. The lien date for secured and unsecured property taxes is March 1st of the preceding fiscal year. The total property tax levy is recognized as revenue to the extent that it results in current available resources. Current available resources are those property tax amounts received within 60 days past year-end.

California law limits ad valorem taxes on real property to 1% of value plus taxes necessary to pay indebtedness approved by the voters. Annual increases are limited to the cost of living, not to exceed 2% each year. Property may also be reassessed to full market value after a sale, transfer of ownership, or completion of new construction. The State is prohibited from imposing new ad valorem, sales, or transaction taxes on real property. Local government may impose special taxes (except on real property) with the approval of two-thirds of the qualified electors voting in a general or special election.

E. INVESTMENTS AND INTEREST INCOME ON INVESTMENTS
Investments are reported at fair value, which represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Changes in fair value that occur during a fiscal year are recognized as a component of investment earnings reported for the year, which may result in negative investment earnings in the accompanying financial statements.

Major Funds:

Grants Special Revenue Fund $ (1,119,556)
Nonmajor Funds:

Community Development Block Grant
Special Revenue Fund (3,014)
3256

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
Cash and investments of the City are managed on a pooled basis, and each fund’s share in this pool is displayed in the accompanying financial statements as cash and investments. Investment income from the pool is allocated quarterly to certain funds based on the average cash balances in relation to the pool’s total balance. The primary components of investment earnings are interest earnings and distributions, unrealized gains or losses from changes in fair value, and realized gains or losses from the liquidation or sale of investments. All investment income is recognized as revenue in the operating statement; however, only realized investment income is allocated to participating funds. All pooled investments are controlled by an investment policy that is adopted by the City Council and further controlled by State legislation.

F. CAPITAL ASSETS
Capital assets, which include land, right-to-use assets (resulting from lease or subscription agreements), intangible assets, buildings, equipment and furniture, vehicles, and infrastructure, are reported in the applicable governmental or business-type activities columns of the Government-wide Financial Statements. Non-infrastructure capital assets are defined by the City as individual assets with an initial, individual cost of more than $3,000 and an expected useful life of three years or more. Infrastructure capital assets are defined by the City as long-lived capital assets with an initial cost of more than $50,000 that are stationary and can be preserved for at least 35 years. The City has capitalized all infrastructure assets. The City has no intangible assets at fiscal year-end.

All purchased capital assets are valued at cost where historical cost records are available and at an estimated historical cost where no historical records exist. Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are reported at acquisition value at the date of acquisition. Rightto-use assets are valued at the present value of payments expected to be made over the term of the agreement.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as construction in progress as projects are constructed.

Capital assets are depreciated (amortized in the case of intangible assets) over their estimated useful lives using a straight-line method. Depreciation and amortization are charged as an expense against operations and accumulated amounts are reported on the respective statement of net position. Depreciation and amortization are recorded over the useful life of the assets as follows:

Right-to-use assets (lease and subscription) varies by agreement Buildings & Improvements 5-45 years
Furniture, Machinery, & Office Equipment 3-15 years
Vehicles 5-10 years
Walkways and ramps 45 years
Street network 35 years
Storm drain network 60 years
Bridges 65 years
G. COMPENSATED ABSENCES PAYABLE
Compensated absences include accrued vacation and sick leave that are available to employees in future years either in time off or in cash (upon leaving the employ of the City). The City accounts for compensated absences in accordance with GASB Code Section C60 whereby a liability for compensated absences is reported in governmental funds only if the liability has matured, such as would occur as a result of employee resignations and retirements. The general fund has been used in prior years to liquidate the compensated absences liability; the City expects to continue using the general fund to liquidate the compensated absences liability.

H. RESTRICTED ASSETS
Certain assets are classified as restricted because their use is limited by applicable debt covenants. Specifically, the assets are restricted for principal and interest payments due on long-term debt, are maintained by a trustee as a reserve requirement for debt, or are restricted for payments on projects for which the debt was issued. Other assets may be classified as restricted when monies are held by a fiscal agent to pay contract retentions on certain projects. 3357

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
I. FLOW ASSUMPTIONS OF RESTRICTED AND UNRESTRICTED RESOURCES When both restricted and unrestricted resources are available, it is the City’s policy to use restricted resources first, then to use unrestricted resources as they are needed. See Note 1 sections (O) and (P) for additional flow assumption information.

J. PREPAID ITEMS
Prepaid items are payments to vendors that reflect costs applicable to future periods, and they are reported in the government-wide and fund financial statements using the consumption method. In governmental funds, prepaid amounts are offset within fund balance to indicate that they are not spendable for appropriation and are not expendable financial resources.

K. DEFERRED OUTFLOWS/INFLOWS OF RESOURCES
The Statement of Net Position and the Governmental Funds’ Balance Sheet will sometimes report separate sections for deferred outflows of resources and deferred inflows of resources.

The separate financial statement element of deferred outflows of resources represents a consumption of net assets that applies to a future period(s) which will not be recognized as an outflow of resources (expense/expenditure) until that time. The City has items that qualify for reporting in this category: the deferred charge on refunding of longterm liabilities and components of the calculations for the net pension and OPEB liabilities.

The separate financial statement element of deferred inflows of resources represents an acquisition of net assets that applies to a future period(s) which will not be recognized as an inflow of resources (revenue) until that time. The City has items that qualify for reporting in this category: unavailable revenue, lease-related amounts for agreements where the City is the lessor, and components of the calculations for the net pension and OPEB liabilities. Unavailable revenue exists only under the modified accrual basis of accounting and, accordingly, is reported only in the governmental funds’ balance sheet. Governmental funds typically report unavailable revenues for grant receipts that have been earned but which are not received within the City’s defined availability period; these amounts are deferred and recognized as an inflow of resources in the period that the amounts become available.

L. CASH EQUIVALENTS
For purposes of the statement of cash flows, cash equivalents are defined as short-term, highly liquid investments that are both 1) readily convertible to known amounts of cash or so near their maturity that they present an insignificant risk of a change in value and 2) have an original maturity date of three months or less. Cash equivalents represent the proprietary and fiduciary funds’ share in the City’s cash and investment pool.

M. OPERATING AND NON-OPERATING REVENUES AND EXPENSES – PROPRIETARY FUNDS Operating revenues and expenses result from activities related to renting commercial real estate to customers in the Commercial Real Estate Rental Enterprise fund and from activities relating to the collection, treatment, and disposal of wastewater in the Wastewater Treatment Enterprise fund. All revenues and expenses that do not relate to these activities and are not capital in nature are reported as non-operating revenues and expenses.

N. CONTRACTUAL COMMITMENTS
Encumbrances represent commitments related to unperformed contracts for goods or services, such as purchase orders. While all operating appropriations and encumbrances lapse at year-end, valid outstanding encumbrances are re-appropriated and become part of the subsequent year’s budget. The City approves project-length budgets for capital projects, and unexpended capital improvement appropriations are carried forward until the project is complete.
3458

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
At June 30, 2024, the significant commitments, including continuing capital projects within enterprise funds, are as follows:

O. FUND BALANCE
In the governmental fund financial statements, fund balance is made up of the following categories:
• Nonspendable fund balance typically includes inventories, prepaid items, and other similar items that must be maintained intact pursuant to legal or contractual requirements. • Restricted fund balance includes amounts that can be spent only for specific purposes imposed by creditors, grantors, contributors, or laws or regulations of other governments or through enabling legislation. • Committed fund balance includes amounts that can be used only for the specific purposes determined by a resolution (formal action) of the City Council. The City Council has the authority to establish, modify, or rescind a fund balance commitment.
• Assigned fund balance is comprised of amounts designated by the City Council for specific purposes that do not meet the criteria to be classified as restricted or committed. In accordance with the City’s fund balance policy, the City Council may assign a designee, the City Manager, to make assignments of fund balance. • Unassigned fund balance is the residual classification that includes all spendable amounts not contained in other categories. The General Fund is the only fund that may report a positive unassigned fund balance. In all other governmental funds, when expenditures exceed the amounts available, it may be necessary to report a negative unassigned fund balance in that fund.

When expenditures are incurred for purposes for which both restricted and unrestricted (committed, assigned, or unassigned) fund balances are available, the City’s policy is to consider restricted fund balance to have been depleted before using any components of unrestricted fund balance. Further, when expenditures are incurred for purposes for which committed, assigned, or unassigned fund balances are available, the City’s policy is to first deplete committed fund balance, then assigned fund balance, and finally unassigned fund balance.

P. NET POSITION
In the government-wide, proprietary, and fiduciary fund financial statements, net position is classified into the following categories:
• Net Investment in Capital Assets: This category represents all capital assets, unspent debt proceeds, and required reserves, less accumulated depreciation and the outstanding principal of capital-related debt. The City’s capital assets do not represent a financial resource and, consequently, are not readily available for funding current obligations.
• Restricted Net Position: This category represents external restrictions imposed by creditors, grantors, contributors, or laws or regulations of other governments and restrictions imposed by law through constitutional provisions or enabling legislation.
• Unrestricted Net Position: This category represents the net position that is not restricted for any purpose.

When an expense is incurred for purposes for which both restricted and unrestricted resources are available, the City’s policy is to consider restricted net position to have been depleted before applying unrestricted net position.

Major Enterprise Fund:

Wastewater Treatment $ 1,727,398
Major Governmental Funds:

General Fund 7,863,685
Capital Improvements Capital Projects Fund 7,289,797
Nonmajor Governmental Funds 746,138
3559

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
Q. PENSIONS
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions and pension expense, information about the fiduciary net position of the City’s California Public Employees’ Retirement System (CalPERS) Plans (Plans) and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms.

Investments are reported at fair value. The net pension liability is recorded solely within Governmental Activities, and the liability is being liquidated by the General Fund.

R. OTHER POST-EMPLOYMENT BENEFITS (OEPB)
For purposes of measuring the net OPEB (asset)/liability and deferred outflows/inflows of resources related to OPEB and OPEB expense, information about the fiduciary net position of the City’s OPEB Plan (the assets of which are held by CalPERS as part of the California Employer’s Retiree Benefit Trust Program (CERBT)), and additions to/deductions from the OPEB Plans’ fiduciary net position have been determined on the same basis as they are reported by the Plan. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value. The OPEB (asset)/liability is recorded solely within Governmental Activities, and any liability will be liquidated by the General Fund.

S. LEASE RECEIVABLE
A lease receivable is initially measured at the present value of payments expected to be received during the lease term and is subsequently reduced by the principal portion of lease payments received. The related deferred inflow of resources is measured as the initial value of the lease receivable, adjusted for lease payments received at or before the lease commencement date, and is systematically recognized as revenue over the term of the lease.

T. ACCOUNTING PRONOUNCEMENTS
The City implemented all GASB statements that were effective for reporting periods beginning in FY 2023-24. These included Statement Number 99, Omnibus 2022, and Statement Number 100, Accounting Changes and Error Corrections. None of the newly effective GASB statements had a significant impact on the City.

2. CASH AND INVESTMENTS
Cash and investments are reported in the basic financial statements as follows:

At June 30, 2024, the pooled demand deposit bank balance was $19,192,745. The amount shown for pooled demand deposits is the amount after outstanding checks are subtracted and deposits in transit are added.

The City maintains a cash and investment pool which is available for use by all funds, and all funds participate in the pool. Interest income realized on pooled cash and investments is allocated quarterly to the various funds based on monthend cash balances.

Pooled Deposits & Investments:

Demand Deposits $ 17,575,491
Investments 93,345,377
Cash and Investments with Fiscal Agents:

Investments 4,513,329
Petty Cash 1,090
Total Cash and Investments $ 115,435,287
3660

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
Cash and investments consisted of the following at year-end:

INVESTMENTS AUTHORIZED BY THE CALIFORNIA GOVERNMENT CODE & MALIBU’S INVESTMENT POLICY The following table identifies the investment types that are authorized by the California Government Code and the City’s investment policy for pooled investments. The table also identifies certain provisions of either the California Government Code or the City’s investment policy (whichever is more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. A separate table addresses investments of debt proceeds that are held by fiscal agents.

INVESTMENTS AUTHORIZED BY DEBT AGREEMENTS
The investment of debt proceeds held by fiscal agents is governed by provisions of the debt agreements rather than the general provisions of the California Government Code or the City’s investment policy. The following table identifies the investment types that are authorized for investments held by the City’s fiscal agent. Unless indicated otherwise, the trust agreement does not specify a maximum maturity, a maximum percentage of the portfolio, or a maximum investment in a single issuer. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk.

Statement of Net Position:

Governmental Funds:

Unrestricted $ 102,914,502
Restricted 68,721
Proprietary Funds:

Unrestricted 3,865,174
Restricted 527
Fiduciary Funds:

Cash and cash equivalents 4,142,282
Cash and cash equivalents with fiscal agents 4,444,081
Total Cash and Investments $ 115,435,287
Authorized Maximum
by Malibu's Maximum Investment
Investment Type - Authorized by the Investment Maximum Percentage in a Single California Government Code Policy Maturity (1) of Portfolio (1) Issuer (1) Local Agency Bonds Yes 5 years None None
U.S. Treasury Obligations Yes 5 years None None
California State Treasury Obligations No 5 years None None U.S. Agency Securities Yes 5 years None None
Banker's Acceptances Yes 180 days 20% (2) 10% (2)
Commercial Paper Yes 270 days 15% (2) 5% (2)
Negotiable Certificates of Deposit Yes 5 years 30% None Repurchase Agreements Yes 1 year None None
Reverse Repurchase Agreements No 92 days 20% of base value None Supranationals No 5 years 30% None
Corporate Medium-Term Notes No 5 years 30% None
Mutual Funds No N/A 20% 10%
Money Market Mutual Funds Yes N/A 20% None
Mortgage Pass-Through Securities/CMO No 5 years 20% None County Investment Pools Yes N/A None None
Local Agency Investment Fund (LAIF) Yes N/A None None
Notes:
(1) Restrictions are in accordance with the California Government Code unless indicated otherwise. (2) The restriction is in accordance with the City's Investment Policy which is more restrictive than the California Government Code. 3761

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024

INVESTMENT IN STATE INVESTMENT POOL
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five members, in accordance with State statute. The State Treasurer’s Office audits the fund annually. The fair value of the City’s investment in this pool is reported in the accompanying financial statements at amounts based upon the City’s pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis.

INTEREST RATE RISK
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment.

Generally, the longer an investment has before maturity, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways the City manages its exposure to interest rate risk is by purchasing a combination of shortterm and long-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide cash flow and liquidity for operations. Information about the sensitivity of the fair values of the City’s investments to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investments by maturity:

Certificates of 2016 AD 2010 AD
Participation Limited 2008 CFD Limited
Series 2015, Obligation Special Obligation
Investment Type - Authorized by Trust Agreements 2016 & 2018 Bonds Tax Bonds Bonds Local Agency Bonds Allowed (4) Allowed Allowed
U.S. Treasury Obligations Allowed Allowed Allowed Allowed California State Treasury Obligations Allowed Not Allowed Allowed Not Allowed U.S. Agency Securities Allowed Allowed Allowed Allowed
Banker's Acceptances (1) Allowed (4) Allowed Allowed
Commercial Paper (2) Allowed Allowed Allowed Allowed
Repurchase Agreements Allowed Allowed Not Allowed Allowed Money Market Mutual Funds Allowed Allowed Allowed Allowed Local Agency Investment Fund (LAIF) Allowed Allowed Allowed Allowed Investment agreements Allowed Allowed Allowed Allowed
Certificates of deposit (3) Allowed Allowed Not Allowed Allowed County of Los Angeles Pooled Investment Fund Not Allowed Allowed Not Allowed Allowed (1) Maximum maturity allowed is 360 days.
(3) Maximum maturity allowed is 1 year.
(2) Maximum maturity allowed is 270 days except the 2010 & 2016 AD Limited Obligation Bonds which is 180 (4) Not specifically stated as being allowed, but this investment is allowed as it is in accordance with the City's investment policy.

Fair Value Less than 1 1 to 3 3 to 5
City's Pooled Investments:

Local Agency Investment Fund (LAIF) $ 2,181,435 $ 2,181,435 $ - $ - Money Market Mutual Funds 4,730,294 4,730,294 - -
U.S Treasury Notes 78,669,159 32,676,397 35,603,279 10,389,483 U.S Treasury Strips 255,568 - 255,568 -
Negotiable Certificates of Deposit 7,508,921 2,691,365 3,335,101 1,482,455 Investments held by fiscal agents:

Money market mutual funds 4,513,329 4,513,329 - -
Total Investments 97,858,706$ 46,792,820$ 39,193,948$ 11,871,938$ Investment Maturities in Years
3862

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024

CREDIT RISK
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment.

This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The minimum rating required by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating as of year-end for each investment type are as follows:

CUSTODIAL CREDIT RISK
Custodial credit risk for deposits is the risk that in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or collateral securities that are in the possession of an outside party.

The California Government Code and the City’s investment policy contain legal requirements that limit the exposure to custodial credit risk for deposits as follows: a financial institution must secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by public agencies. California law also allows financial institutions to secure deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. The City’s financial institutions also have insurance through the Federal Depository Insurance Corporation.

Custodial credit risk for investments is the risk that in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for investments. At year-end, the City had the following investments that were held by the counterparty’s trust department:

CONCENTRATION OF CREDIT RISK
The City diversifies its investments by security type and institution. The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. Investments guaranteed by the U.S. government, investments in mutual funds, and investments in external investment pools are excluded from the requirement to disclose all investments with more than a 5% concentration in a single security type or a single financial institution. At year-end, the City had no investments in any one issuer that represented 5% or more of the City’s pooled investments which required disclosure.

Minimum
Fair Legal
Investment Type Value Rating AAA Not Rated
City's Pooled Investments:

Local Agency Investment Fund (LAIF) $ 2,181,435 N/A $ - $ 2,181,435 Money Market Mutual Funds 4,730,294 N/A - 4,730,294
U.S Treasury Notes 78,669,159 None 78,669,159 -
U.S. Treasury Strips 255,568 None 255,568
Negotiable Certificates of Deposit 7,508,921 N/A - 7,508,921 Investments held by fiscal agents:

Money market mutual funds 4,513,329 N/A - 4,513,329
Total Investments $ 97,858,706 $ 78,669,159 $ 19,189,547 Fair Value
City's Pooled Investments:

Money Market Mutual Funds $ 4,730,294
U.S Treasury Notes 78,669,159
U.S Treasury Strips 255,568
Negotiable Certificates of Deposit 7,508,921
Investments held by fiscal agents:

Money market mutual funds 4,513,329
3963

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024

FAIR VALUE MEASUREMENTS
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. When available in an active market, quoted prices are used to determine fair value; these investments are classified within Level 1 of the fair value hierarchy. When quoted prices in active markets are not available, fair values are based on evaluated prices received by the City’s asset manager from a third-party service provider; these investments are classified within Level 2 of the fair value hierarchy. When neither quoted prices in an active market nor other evaluated prices are available, unobservable inputs are used. Unobservable inputs are classified within Level 3 of the fair value hierarchy; they are developed based on the best information available in the circumstances and may include the City’s own data.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The inputs used may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. The use of different methodologies or assumptions could result in a different fair value measurement at the reporting date. At June 30, 2024, the City’s investments are categorized in the following input levels:

3. CAPITAL ASSETS
Changes in capital assets during the year ended June 30, 2024, were as follows:

Fair Value
Investment Fair Value Level Input
City's Pooled Investments:

Local Agency Investment Fund (LAIF) $ 2,181,435 **
Money Market Mutual Funds 4,730,294 **
U.S Treasury Notes 78,669,159 Level 2 input
U.S Treasury Strips 255,568 Level 2 input
Negotiable Certificates of Deposit 7,508,921 Level 2 input Investments held by fiscal agents:

Money market mutual funds 4,513,329
Total Investments $ 97,858,706 **
** Investment is not subject to the fair value hierarchy.

Balances Balances
Business-type Activities July 1, 2023 Additions Deletions Reclassifications June 30, 2024 Cost:

Nondepreciable capital assets:

Land $ 17,325,848 $ - $ - $ - $ 17,325,848
Construction in progress 3,685,017 48,723 - (28,985) 3,704,755 Total nondepreciable assets 21,010,865 48,723 - (28,985) 21,030,603 Depreciable capital assets:

Buildings and other improvements 86,009,734 - - - 86,009,734 Equipment - 36,285 - 28,985 65,270
Infrastructure 444,000 - - - 444,000
Subtotal 86,453,734 36,285 - 28,985 86,519,004
Accumulated depreciation for:

Buildings and other improvements (22,088,076) (2,357,786) - - (24,445,862) Equipment - - - - -
Infrastructure (129,484) (11,772) - - (141,256)
Subtotal (22,217,560) (2,369,558) - - (24,587,118)
Net depreciable assets 64,236,174 (2,333,273) - 28,985 61,931,886 Total net capital assets $ 85,247,039 $ (2,284,550) $ - $ - $ 82,962,489 4064

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
Depreciation expense was charged to programs of the City as follows:

Balances Balances
Governmental Activities July 1, 2023 Additions Deletions Reclassifications June 30, 2024 Cost:

Nondepreciable capital assets:

Land $ 69,556,508 $ - $ - $ - $ 69,556,508
Right of way 24,045,543 - - - 24,045,543
Construction in progress 1,616,394 1,788,905 - (498,124) 2,907,175 Total nondepreciable assets 95,218,445 1,788,905 - (498,124) 96,509,226 Depreciable capital assets:

Lease assets 158,074 109,269 (31,619) - 235,724
Buildings and other improvements 23,351,112 384,032 (82,742) - 23,652,402 Equipment and furniture 1,983,562 353,807 (220,324) 114,220 2,231,265 Vehicles 654,493 259,290 - - 913,783
Infrastructure 40,999,169 - - 383,904 41,383,073
Subtotal 67,146,410 1,106,398 (334,685) 498,124 68,416,247 Accumulated depreciation for:

Lease assets (65,917) (36,516) 31,619 - (70,814)
Buildings and other improvements (9,672,260) (817,440) 37,915 - (10,451,785) Equipment and furniture (1,292,235) (121,846) 218,023 - (1,196,058) Vehicles (368,559) (58,698) - - (427,257)
Infrastructure (21,897,944) (661,133) - - (22,559,077)
Subtotal (33,296,915) (1,695,633) 287,557 - (34,704,991) Net depreciable assets 33,849,495 (589,235) (47,128) 498,124 33,711,256 Total net capital assets $ 129,067,940 $ 1,199,670 $ (47,128) $ - $ 130,220,482 Business-type Activities:

Commercial real estate rental $ 1,329,323
Wastewater treatment 1,040,235
Total depreciation expense $ 2,369,558
Governmental Activities:

Legislative and advisory $ 2,823
General government 577,675
Public safety 56,730
Community development 10,149
Community services 264,864
Public works 783,392
Total depreciation expense $ 1,695,633
4165

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024

4. LONG-TERM LIABILITIES
Changes in long-term liabilities during the year ended June 30, 2024, were as follows:

A. LEASE LIABILITIES:

Governmental Activities: The City has entered into agreements for copy machines and other equipment. In accordance with GASB Statement No. 87, the assets have been recorded at the present value of the future minimum payments. The interest rates for the agreements vary from 3.00% to 4.29% and all have fixed payment schedules. The assets are depreciated and are reported separately in the Capital Assets Note (Note 3).

The required annual principal and interest payments are as follows:

Balance Balance Due Within Long-Term
June 30, 2023 Additions Deletions June 30, 2024 One Year Amount Governmental Activities:

Lease liabilities $ 77,231 109,269$ $ (39,691) $ 146,809 $ (47,531) $ 99,278 Certificates of participation:
2015 Refunding Series B 4,335,000 - (135,000) 4,200,000 (140,000) 4,060,000 2016 Refunding 22,850,000 - (835,000) 22,015,000 (865,000) 21,150,000 2018 COP 23,495,000 - (90,000) 23,405,000 (95,000) 23,310,000 Unamortized premiums:
2015 Refunding Series B 339,652 - (20,795) 318,857 (20,795) 298,062 2016 Refunding 2,520,329 - (153,960) 2,366,369 (138,042) 2,228,327 2018 COP 927,200 - (36,600) 890,600 (36,600) 854,000
Compensated absences 688,595 809,812 (676,734) 821,673 (500,000) 321,673 Total $ 55,233,007 919,081$ $ (1,987,780) $ 54,164,308 $ (1,842,968) $ 52,321,340 Balance Balance Due Within Long-Term
June 30, 2023 Additions Deletions June 30, 2024 One Year Amount Business-Type Activities:

Certificates of participation:
2015 Refunding Series A $ 7,205,000 -$ (650,000) $ $ 6,555,000 $ (665,000) $ 5,890,000 2015 Refunding Series B 3,645,000 - (5,000) 3,640,000 (10,000) 3,630,000 Unamortized premium/discount:
2015 Refunding Series A (56,607) - 6,065 (50,542) 6,065 (44,477) 2015 Refunding Series B 394,287 - (24,140) 370,147 (24,140) 346,007 Total $ 11,187,680 -$ (673,075) $ $ 10,514,605 $ (693,075) $ 9,821,530 Year Ending Governmental Activities
June 30, Principal Interest Total
2025 47,531 $ $ 4,420 $ 51,951
2026 41,820 2,952 44,772
2027 24,980 1,689 26,669
2028 5,656 1,283 6,939
2029 6,115 1,031 7,146
2030-2033 20,707 1,377 22,084
Totals $ 146,809 $ 12,752 $ 159,561
4266

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
B. CERTIFICATES OF PARTICIPATION
2015 Refunding Series B (Governmental Activities and Business-Type Activities) In May 2015, the City issued $8,895,000 of tax-exempt refunding certificates of participation to refund 1) the 2006B outstanding certificates of participation (business-type activities used to finance a portion of the Legacy Park acquisition for the Commercial Real Estate Rental Enterprise Fund) in the amount of $4,130,000 and 2) the 2010C outstanding certificates of participation (governmental activities used to finance a portion of the City Hall renovations) in the amount of $5,890,000. The 2015 certificates were issued at a premium of $1,099,028 which is being amortized on a straight-line basis to interest expense through the year 2039. Both refunded series were paid in full by June 30, 2016, and there are no certificates outstanding.

The refunding of the 2006B Series resulted in a difference between the reacquisition price of the 2006B Series and the net carrying amount of the applicable portion of the 2015B Series of $107,412. This difference is reported as a deferred outflow of resources (business-type activities) and is being amortized on a straight-line basis to interest expense through July 1, 2036. At year-end, the unamortized amount was $63,284.

The refunding of the 2010C Series resulted in a difference between the reacquisition price of the 2010C Series and the net carrying amount of the applicable portion of the 2015B Series of $93,572. This difference is reported as a deferred outflow of resources (governmental activities) and is being amortized on a straight-line basis to interest expense through July 1, 2039. At year-end, the unamortized amount was $58,297.

Semi-annual interest payments are due on November 1 and May 1 beginning on November 1, 2015. Annual principal payments are due on November 1 in years 2015 through 2039. 2015 Refunding Series A (Business-Type Activities)
In May 2015, the City issued $11,940,000 of taxable refunding certificates of participation to refund the 2006A outstanding certificates of participation in the amount of $10,795,000. The 2006A certificates were issued to finance a portion of the acquisition of Legacy Park for the Commercial Real Estate Rental Enterprise Fund. The certificates were issued at a discount of $105,881 which is being amortized on a straight-line basis to interest expense through the year 2033.

The refunding resulted in a difference between the reacquisition price of the 2006A Series and the net carrying amount of the 2015A Series of $644,222. This difference is reported as a deferred outflow of resources and is being amortized on a straight-line basis to interest expense through July 1, 2032. At year-end, the unamortized amount was $302,616. The refunded series has been paid in full and there are no certificates outstanding.

Each certificate of participation represents a direct and proportionate interest in the semi-annual interest payments and annual principal payments due on the certificates. Installment payments for the issues are payable from any source of lawfully available funds of the City. There are no assets pledged as collateral for the debt, no required reserve, and no unused lines of credit. There are no finance-related consequences related to significant events of default or termination, and there are no acceleration clauses. The interest rate on the certificates is fixed and ranges from 0.55% to 4.00%. Semiannual interest payments are due on November 1 and May 1 beginning on November 1, 2015. Annual principal payments are due on November 1 in years 2015 through 2032.
2016 Refunding Series A (Governmental Activities)
In October 2016, the City issued $27,295,000 of tax-exempt refunding certificates of participation to 1) refund the 2009 Series A, 2009 Series B, and 2010 Series D outstanding certificates of participation in the amounts of $17,270,000, $595,000, and $440,000, respectively, and 2) to acquire real property known as Trancas Field in the amount of $11,300,000. The purpose of the 2009 Series A and B and the 2010 Series D certificates was to acquire and renovate the 4367

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
building which is being used as the current city hall. The 2016 certificates were issued at a premium of $3,553,165 which is being amortized on a straight-line basis to interest expense.

The refunding of the 2009 Series A, 2009 Series B, and 2010 Series D resulted in differences between the reacquisition price of the refunded certificates and the net carrying amount of the 2016 Series A certificates. These differences are reported as a deferred outflow of resources and are being amortized to interest expense using the straight-line method.

Semi-annual interest payments are due on May 1 and November 1 beginning on May 1, 2017. 2018 Series A (Governmental Activities)
In September 2018, the City issued $23,665,000 of tax-exempt certificates of participation to provide funds for the acquisition of three land parcels known as the Sycamore Village Parcel, the Island Parcel, and the Christmas Tree Lot.

The cost of the parcels totaled $42,500,000. In addition to the proceeds of the certificates, the City used general fund monies and grant monies to fund the acquisition. The certificates were issued at a premium of $1,104,105 which is being amortized on a straight-line basis to interest expense through the year 2049.

Semi-annual interest payments are due on May 1 and November 1 beginning on November 1, 2018. Annual principal payments are due on November 1 in years 2021 through 2048.

ANNUAL AMORTIZATION REQUIREMENTS – CERTIFICATES OF PARTICIPATION The annual requirements to amortize the certificates of participation as of June 30, 2024, are as follows:

COP 2009 COP 2009 COP 2010
Series A Series B Series D
Deferred loss at date of refunding $ 1,762,892 $ 129,899 $ 63,719 Amortized through date 7/1/2039 7/1/2024 7/1/2024
Unamortized amount at 6/30/24 $ 1,164,480 $ - $ -
Outstanding refunded certificates at 6/30/24 $ - $ 90,000 $ - 2016 COP Refunding of:

Year Ending
June 30, Principal Interest Total
Business-type Activities
2025 $ 675,000 $ 413,511 $ 1,088,726
2026 690,000 391,687 1,088,511
2027 705,000 368,908 1,081,687
2028 730,000 341,810 1,071,810
2029 760,000 311,811 1,071,810
2030-2034 4,075,000 1,063,340 1,071,810
2035-2037 2,560,000 174,783 1,071,810
Totals $ 10,195,000 $ 3,065,850 $ 7,546,164
4468

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024

5. LIMITED OBLIGATION LIABILITIES
Community Facilities District No. 2006-1 (Carbon Beach) The Community Facilities District No. 2006-1 of the City of Malibu (CFD) issued special tax bonds pursuant to the Mello-Roos Community Facilities Act of 1982 to finance the undergrounding of utilities along Pacific Coast Highway at Carbon Beach. Although the City collects and disburses funds for the CFD, the City has no obligation or duty to pay any delinquency out of any available funds of the City. These bonds are not included in the accompanying financial statements as neither the faith and credit nor the taxing powers of the City have been pledged to the payment of the obligations. The construction is complete, and debt service payments are the only activity on the bonds. The bond’s required reserve funds are recorded in the Carbon Beach CFD Custodial Fiduciary Fund. The original CFD Bonds were issued for $4,365,000 and were refunded in July 2011; in FY 2015-16, the July 2011 refunding bonds were also refunded, and in February 2016, refunding bonds were issued for $3,520,000. The bonds outstanding at June 30, 2024, total $2,580,000.

Assessment District No. 2010-1 (Broad Beach)
The City of Malibu Broad Beach Road Underground Utilities Assessment District 2010-1 (AD) issued limited obligation improvement bonds pursuant to the Improvement Bond Act of 1915 to finance the undergrounding of utilities in a portion of Broad Beach Road. Although the City collects and disburses funds for the AD, the City has no obligation or duty to pay any delinquency out of any available funds of the City. These bonds are not included in the accompanying financial statements as neither the faith and credit nor the taxing powers of the City have been pledged to the payment of the obligations. The construction is complete, and debt service payments are the only activity on the bonds. The bond’s required reserve funds are recorded in the Broad Beach AD Custodial Fiduciary Fund. The AD Bonds were originally issued for $2,238,285; bonds outstanding at June 30, 2024, total $1,420,000.

Assessment District No. 2015-1 (Civic Center Wastewater Treatment Facility) A. Bonds: The Assessment District No. 2015-1 of the City of Malibu (AD) issued limited obligation improvement bonds pursuant to the Improvement Bond Act of 1915 to finance a portion of the costs of constructing a wastewater treatment plant serving the City’s civic center. Although the City collects and disburses funds for the AD, the City has no obligation or duty to pay any delinquency out of any available funds of the City. These bonds are not included in the accompanying financial statements as neither the faith and credit nor the taxing powers of the City have been pledged to the payment of the obligations. The construction is complete, and debt service payments are the only activity on the bonds. The bond’s required reserve funds are recorded in the Civic Center Wastewater Treatment Facility AD Custodial Fiduciary Fund. The AD bonds were issued for $6,295,000 in May 2016; bonds outstanding at June 30, 2024, total $3,475,000.

B. State Revolving Fund Loan: The Assessment District No. 2015-1 obtained long-term financing through the State of California’s Revolving Fund Loan program. The loan proceeds were used to finance a portion of the costs to construct a wastewater treatment plant serving the City’s civic center. Although the City collects and disburses Year Ending
June 30, Principal Interest Total
Governmental Activities
2025 1,100,000 $ $ 2,074,325 $ 3,174,325
2026 1,285,000 2,014,700 3,299,700
2027 1,345,000 1,948,950 3,293,950
2028 1,410,000 1,880,075 3,290,075
2029 1,480,000 1,810,175 3,290,175
2030-2034 8,405,000 8,052,594 16,457,594
2035-2039 10,260,000 6,162,131 16,422,131
2040-2044 11,085,000 3,796,825 14,881,825
2045-2049 13,250,000 1,259,975 14,509,975
Totals $ 49,620,000 $ 28,999,750 $ 78,619,750
4569

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
funds for the Assessment District, the City has no obligation or duty to pay any delinquency out of any available funds of the City. These loans are not included in the accompanying financial statements as neither the faith and credit nor the taxing powers of the City have been pledged to the payment of the obligations. The construction is complete, and debt service payments are the only activity on the loan. The loan’s required reserve funds are recorded in the Civic Center Wastewater Treatment Facility AD Custodial Fiduciary Fund. The loan amount outstanding at June 30, 2024, totals $41,544,626.

6. LEASE RECEIVABLE
The City’s Commercial Real Estate Rental Enterprise Fund owns three commercial properties at the Legacy Park site; one of the properties is divided into two leasable spaces. As of June 30, 2024, the City has four non-cancelable tenant leases on the properties. A discount rate of 3.38% is used to calculate the net present value of the lease receivable for all agreements, and the discount is amortized as property-related revenue. The deferred inflow of resources is amortized over the term of the agreement using a systematic method to annually recognize revenue equal to the lease revenue recognized.

The following chart shows the lease receivable at year-end, the balance of the deferred inflow of resources at year-end, and the property-related revenues recognized during the fiscal year:

Office/Retail Building: This property is comprised of two spaces available to be leased. The property is valued at $1,141,105 for the land and $2,924,082 for the building. Due to accumulated depreciation, the building had a net book value of $292,409 as of June 30, 2024.
1) An original lease was signed on January 6, 2010, with an amended and extended lease commencing on September 1, 2019, for a five-year term, with options to extend the lease for two additional terms of five years each. The rent increases annually on September 1 by 2% during the first five-year term and by 3% during any option periods exercised. The monthly lease payment was $16,307 at the beginning of the year, increased according to the terms of the agreement, and was $16,633 per month at year-end. There are no contingent rental payments on this lease.
2) A lease was signed on May 14, 2012, for 1,145 square feet of the total 4,501 square feet of this building. The lease was effective on January 14, 2013, for a ten-year period with an option to extend for one, ten-year period.

The monthly rate increases by 3% on January 1 of each year of the lease term. The monthly lease payment was $4,411 at the beginning of the year, increased according to the terms of the agreement, and was $4,543 per month at year-end. There are no contingent rental payments on this lease.

Animal Hospital: The City assumed the existing lease upon purchase of the Legacy Park site in 2006; an extension to the lease was executed on April 10, 2013, which extends the lease through January 1, 2025. The lease includes a $25,000 annual rent reduction which is applied evenly to each month. The monthly lease payment increases by 2% annually on January 1, and there are no contingent rental payments on this lease. After the application of the rent reduction, the monthly lease payment was $23,791 at the beginning of the year, increased according to the terms of the agreement, and was $24,308 per month at year-end. This leased property is valued at $855,829 for the land and $2,303,900 for the building and its improvements. Due to accumulated depreciation, the building had a net book value of $809,618 as of June 30, 2024.

Office Building Animal Lumber
Lease #1 Lease #2 Hospital Yard Total
Balances at fiscal year-end:

Lease receivable $ 1,977,917 $ 409,823 $ 141,220 $ 26,419,844 $ 28,948,804 Deferred inflow of resources 1,977,917 409,823 141,220 26,419,844 28,948,804 Property-related revenue recognized
during the fiscal year:

Lease revenue 127,771 38,056 274,541 171,999 612,367
Amortization of present value discount 71,172 15,138 14,053 898,804 999,167 4670

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
Lumber Yard: The City executed a master lease agreement for the property in 2008 with the lease commencing on March 1, 2008, and continuing through 2044 with an option to extend to FY 2062-63. The lease has fixed increases effective every five years. The minimum monthly lease payments from January 1, 2023, through December 31, 2027, are $89,234. Additionally, the City receives a percentage rental income based on a formula by which the City receives 30% of the tenant’s income collected annually past $2.2 million. In FY 2023-24, the tenant’s income collected did not reach the minimum milestone, and the City received no payments from the tenant’s percentage income formula.

This leased property is valued at $3,138,040 for the land and $14,588,211 for the building. Due to accumulated depreciation, the building had a net book value of $3,647,052 as of June 30, 2024.

At year-end, the future minimum lease payments due to the City are as follows:

7. RETIREMENT BENEFITS
A. DEFINED BENEFIT PLAN

PLAN DESCRIPTION AND ELIGIBILITY
The City of Malibu’s defined benefit pension plan is part of the Miscellaneous Risk Pool of the Public Agency portion of the California Public Employees Retirement System (CalPERS), a cost-sharing multiple-employer defined benefit plan, which acts as a common investment and administrative agent for participating public employers within the State of California. All qualified permanent and probationary employees are eligible to participate in one of the City’s Plans. The City has a two-tiered plan depending on an employee’s entry date into the plan.

• Tier A is for employees who enter the plan prior to January 1, 2013, and it provides 2% of the final average compensation per year of service at age 55. The final average compensation is based on the final twelve months of compensation.
• Tier B is for employees who enter the plan on or after January 1, 2013, and it provides 2% of the final average compensation per year of service at age 62. The final average compensation is based on the final three years of compensation. This plan is in accordance with the Public Employees’ Pension Reform Act (PEPRA).

Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions, and membership information that can be found on the CalPERS website at www.calpers.ca.gov.

Year Ending Total
June 30, Principal Interest Payments
2025 $ 497,701 $ 978,325 $ 1,476,026
2026 376,312 961,647 1,337,959
2027 397,046 948,927 1,345,973
2028 445,491 935,508 1,380,999
2029 495,821 920,450 1,416,271
2030-2034 2,814,896 4,335,126 7,150,022
2035-2039 2,131,315 3,904,734 6,036,049
2040-2044 2,785,299 3,505,611 6,290,910
2045-2049 3,625,196 2,980,261 6,605,457
2050-2054 4,633,775 2,301,955 6,935,730
2055-2059 5,842,346 1,440,142 7,282,488
2060-2063 4,903,606 369,872 5,273,478
Totals $ 28,948,804 $ 23,582,558 $ 52,531,362
4771

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
For the information included in this report, the following timeframes are used:

BENEFITS PROVIDED
CalPERS provides service retirement and disability benefits, annual cost of living adjustments, and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 to 62 with statutorily reduced benefits. All members are eligible for non-industrial disability benefits after five years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

The Plans’ provisions and benefits in effect for the plan year ended June 30, 2024, are summarized as follows:

CONTRIBUTIONS
Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process.

The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability.

The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. The City’s contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contributions requirements are classified as plan member contributions. During the year, the employer contributions recognized as a reduction to the net pension liability totaled $1,372,946.

PENSION LIABILITIES, PENSION EXPENSES, & DEFERRED OUTFLOWS/INFLOWS OF PENSION-RELATED RESOURCES As of June 30, 2024, the City reported net pension liabilities totaling $9,513,094. The City’s net pension liability is measured as the proportionate share of the net pension liability measured as of June 30, 2023. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2022, rolled forward to June 30, 2023, using standard update procedures. The City’s proportionate share of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

Actuarial Valuation Date for Pension Liability: June 30, 2022 Measurement Date: June 30, 2023
Measurement Period: July 1, 2022 through June 30, 2023
Miscellaneous Risk Pool
Tier I Tier II - PEPRA
Prior to On or After
Hire date January 1, 2013* January 1, 2013
Benefit formula 2% at 55 2% at 62
Benefit vesting schedule 5 years of service 5 years of service Benefit payments monthly for life monthly for life
Retirement age 50 - 63 52-67
Monthly benefits, as a %
of eligible compensation 1.426% to 2.418% 1.0% to 2.5%
Required employee contribution rates 7% 8.25%
Required employer contribution rates:

Normal cost rate 13.260% 8.000%
Payment of unfunded liability $556,244 $0
* Closed to new entrants
4872

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
The City’s proportionate share of the net pension liability as of the June 30, 2023 and 2022 measurement dates was as follows:

For the year ended June 30, 2024, the City recognized pension expense of $2,344,122. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

The $1,510,299 deferred outflow of resources for the contributions made subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2025. Other amounts reported as deferred inflows and outflows of resources related to pensions will be recognized as a component of pension expense as follows:

ACTUARIAL METHODS AND ASSUMPTIONS
The collective total pension liability for the June 30, 2023 measurement period was determined by an actuarial calculation as of June 30, 2022, with update procedures used to roll forward the total pension liability to June 30, 2023. The June 30, 2023, total pension liability was based on the following actuarial methods and assumptions:

Miscellaneous
Risk Pool
Proportion - June 30, 2022 0.07365%
Proportion - June 30, 2023 0.07626%
Change - Increase (Decrease) 0.00261%
Deferred Deferred
Outflows of Inflows of
Resources Resources
Pension contributions subsequent to measurement date $ 1,510,299 $ - Differences between actual and expected experience 485,980 (75,387) Change in assumptions 574,348 -
Net differences between projected and actual
earnings on plan investments 1,540,256 -
Change in employer's proportion 633,983 -
Differences between the employer's contributions and
the employer's proportionate share of contributions 500 (208,929) Total $ 4,745,366 $ (284,316)
Fiscal Year Amount
2024-25 1,009,961 $
2025-26 674,309
2026-27 1,222,285
2027-28 44,196
Totals $ 2,950,751
4973

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
All other actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study; the Experience Study report can be obtained at the CalPERS website under Forms and Publications.

DISCOUNT RATE
The discount rate used to measure the total pension liability was 6.9% for each plan. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at statutorily required rates, actuarially determined. Based on those assumptions, the plans’ fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

LONG-TERM EXPECTED RATE OF RETURN
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the rounded single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both shortterm and long-term returns. The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses.

Miscellaneous Risk Pool
Valuation date June 30, 2022
Measurement date June 30, 2023
Actuarial cost method Entry-Age Normal Cost Method
Actuarial assumptions:

Discount rate 6.90%
Inflation 2.30%
Salary increases (1)
Mortality rate table (2)
Post retirement benefit increases (3)
Notes
(1) Varies by entry age and service
(2)
(3)
The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study. The rates incorporate Generational Mortality to capture ongoing mortality improvement using 80% of Scale MP 2020 published by the Society of Actuaries. For more details on this table, refer to the 2021 CalPERS Experience Study report that is available on the CalPERS website.

Contract COLA up to 2.3% until purchasing power protection allowance floor on purchasing power applies. 5074

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
The expected real rates of return by asset class are as follows:

SENSITIVITY OF THE PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TO CHANGES IN THE DISCOUNT RATE The following presents the City’s proportionate share of the net pension liability, calculated using the current discount rate as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:

PENSION PLAN FIDUCIARY NET POSITION
Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.

PAYABLE TO THE PENSION PLAN
At June 30, 2024, the City had no outstanding contributions due to the pension plan required for the year then ended.

B. DEFINED CONTRIBUTION PLANS
The City has established four defined contribution plans with each plan being for a specific group of employees. None of the plans meet the requirements of GASB Statement No. 84 for inclusion as a fiduciary activity in the City’s financial statements. Plan assets are held for the exclusive benefit of the plan participants and their beneficiaries and are not available to the creditors of the City. In a defined contribution pension plan, benefits depend solely on amounts contributed to the plan plus investment earnings. For each of the City’s plans:
• The plan was established by City Resolution and may be amended by the City Council. • Contributions by the City are funded by the General Fund. • All City and employee contributions are immediately deposited into an employee’s individual account. • Contributions and any interest earned immediately vest in full to the employee. • No separate financial statements are available.
• Plan investments are reported at fair value and are based on quoted market prices.

New Real Return
Strategic Years
Asset Class Allocation 1-10 *
Global equity, cap-weighted 30.00% 4.45%
Global equity, non-cap-weighted 12.00% 3.84%
Private equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed Securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
Total 100.00%
* Using an expected inflation of 2.3%
Current
1% Decrease Discount Rate 1% Increase

5.90% 6.90% 7.90%
Net Pension Liability $ 15,264,112 9,513,094$ 4,779,513$ 5175

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024

1. City Manager Plan: In March 2004, the City entered into a defined contribution pension plan with ICMA Retirement Corporation (ICMA) for benefits at retirement for the City Manager. This plan is a deferred compensation plan created in accordance with Internal Revenue Code Section 401(a). The plan requires the City to contribute six percent of the City Manager’s salary; the City Manager is not allowed to make contributions.

Terminated employees are not allowed to participate in the plan; all vested assets of terminated employees are removed and are under the control of the terminated employee. During FY 2023-24, the City contributed $15,744 on behalf of the City Manager, based on a salary of $262,400 for the covered period. There was one covered employee during the year.

2. Department Head Plan: In March 2004, the City entered into a defined contribution pension plan with ICMA for benefits at retirement for the City’s Department Heads. This plan is a deferred compensation plan created in accordance with Internal Revenue Code Section 401(a). The plan requires the City to contribute $3,000 annually (or a proportional amount based on the covered time period) on behalf of each member; members are not allowed to make contributions. Terminated employees are not allowed to participate in the plan; all vested assets of terminated employees are removed and are under the control of the terminated employee. During FY 2023-24, the City contributed a total of $23,750 on behalf of the covered employees. There were eight covered employees during the year.

3. Full-Time Employee Plan: In July 2006, the City entered into a defined contribution pension plan with ICMA for all of its full-time employees. This plan is a deferred compensation plan created in accordance with Internal Revenue Code Section 457. All full-time employees are eligible to participate from the date of employment. In this defined contribution plan, the City is required to match an employee’s contributions up to $50 per pay period. While the City Manager and Department Heads may contribute to this plan, the City does not match their contributions. During the year ended June 30, 2024, 77 employees participated in the plan. The City made employer contributions of $80,950, and employees contributed $348,345.

4. Part-Time Employee Plan: In January 2007, the City entered into a defined contribution pension plan with Public Agency Retirement System (PARS) for benefits at retirement for all of its part-time employees. This is an alternative retirement system for those not covered by a CalPERS retirement plan. All part-time employees are eligible to participate from the date of employment. Federal legislation requires contributions of at least 7.5% to a retirement plan. Plan members are required to contribute 6.2% of their salaries, and the City is required to contribute 1.3% of the members’ salaries. For the year ended June 30, 2024, the City’s covered payroll was $488,867 for the 37 employees participating in the plan. The City made employer contributions of $6,355, and employees contributed $30,310.

8. OTHER POST-EMPLOYMENT BENEFITS

PLAN DESCRIPTION
The City provides post-employment benefits to retired employees in the form of a contribution toward their medical premiums under the CalPERS health plan, which provides medical insurance benefits to eligible retirees in accordance with various labor agreements. Employees are eligible for retiree health benefits if they retire directly from the City under CalPERS (see Note 7A) and are enrolled in a CalPERS retiree health plan. The City participates in the California Employer’s Retiree Benefit Trust Program (CERBT). CERBT is administered by CalPERS and is an agent multipleemployer plan. The minimum required retiree contributions are established by CalPERS. Copies of the CalPERS’ annual financial report may be obtained from the CalPERS Executive Office, 400 P Street, Sacramento, CA 95814.

For this report, the following timeframes are used related to the OPEB Plan:

Actuarial Valuation Date for OPEB Liability: June 30, 2023 Measurement Date: June 30, 2023
Measurement Period: July 1, 2022 through June 30, 2023
5276

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024

ELIGIBILITY
As of the measurement date of June 30, 2023, the following current and former employees were covered by the benefit terms under the plan:

CONTRIBUTIONS
The benefit provisions and contribution requirements of plan members and the City are established and may be amended through agreements and memorandums of understanding between the City, its employees, and unions representing the City’s employees. Administrative costs of the OPEB plan are financed through investment earnings. The contribution required to be made under City Council and labor agreements is based on a pay-as-you-go basis (i.e., as medical insurance premiums become due). For the measurement period ending June 30, 2023, the City recognized contributions of $38,291 as a reduction to the net OPEB liability. The contributions consisted of $292,105 in benefit payments which were then reimbursed by the trust, $1,085 in administrative costs, and $37,206 for the estimated implied subsidy. The City’s contributions are funded by the General Fund.

NET OPEB LIABILITY
The total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2023, with a measurement date of June 30, 2023. Following is a summary of the principal assumptions and methods used to determine the total OPEB liability.

ACTUARIAL ASSUMPTIONS
The total OPEB liability in the June 30 2023 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:

Inactive employees currently receiving
benefit payments 30
Inactive employees entitled to but not
yet receiving benefit payments 10
Active employees 88
Total 128
OPEB Plan
Valuation date June 30, 2023
Measurement date June 30, 2023
Actuarial cost method Entry age normal, level percentage of payroll Actuarial assumptions:

Discount rate 6.25%
Long-term Expected Rate
of Return on Investments
Inflation 2.50%
Healthcare trend rates Non-Medicare: 8.50% for 2025, decreasing to an ultimate rate of 3.45% in 2076
Medicare (non-Kaiser): 7.50% for 2025, decreasing to an ultimate rate of 3.45% in 2076
Medicare (Kaiser): 6.25% for 2025, decreasing to an
ultimate rate of 3.45% in 2076
Mortality, Retirement, Disability
and Termination CalPERS 2000-2019 experience study
Mortality improvement Mortality projected fully generational with Scale MP-2021 Salary increases Aggregate: 2.75%
Merit: CalPERS 2000-2019 experience study

6.25%
5377

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
The long-term expected rate of return is an estimate and is presented as geometric means developed over a 20-year period.

The long-term expected real rates of return for each major asset class included in the OPEB plan’s target asset allocation, as of the June 30, 2023, measurement date, are summarized below:

DISCOUNT RATE
The discount rate used to measure the total OPEB liability was 6.25 percent. The projection of cash flows used to determine the discount rate, expected City contributions to keep sufficient plan assets to pay all benefits from the trust.

Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on the CERBT Trust investments was applied to all periods of the projected benefit payments to determine the total OPEB liability.

CHANGES IN THE NET OPEB (ASSET)/LIABILITY
The changes in the net OPEB (asset)/liability are as follows:

SENSITIVITY OF THE NET OPEB LIABILITY TO CHANGES IN THE DISCOUNT RATE The following presents the net OPEB liability of the City, as well as what the City’s net OPEB (asset)/liability would be if it were calculated using a discount rate that is one percentage point lower and one percentage point higher than the current discount rate. A one-percentage point higher discount rate results in a net OPEB asset while a one-percentage point lower discount rate results in a larger net OPEB liability.

Target Long-Term
Allocation Expected
CERBT Real Rate
Asset Class Strategy 1 of Return
Global equity 49.00% 4.56%
Fixed income 23.00% 1.56%
TIPS 5.00% -0.08%
Commodities 3.00% 1.22%
REITS 20.00% 4.06%
Total 100.00%
Total Plan Net OPEB
OPEB Fiduciary Liability/
Liability Net Position (Asset)
Balance at Measurement Date: 6/30/22 $ 8,722,727 $ 8,184,328 $ 538,399 Changes in the Year:

Service cost 535,369 - 535,369
Interest on the total OPEB liability 568,340 - 568,340
Actual vs expected experience 126,205 - 126,205
Assumption change 714,695 - 714,695
Contributions - employer - 38,291 (38,291)
Net investment income - 540,898 (540,898)
Benefit payments (329,311) (329,311) -
Administrative expenses - (3,473) 3,473
Net Changes 1,615,298 246,405 1,368,893
Balance at Measurement Date: 6/30/23 $ 10,338,025 $ 8,430,733 $ 1,907,292 Change of Assumptions: Update to medical trend.

Change of Benefit Terms: There were no changes of benefit terms.

Increase (Decrease)
5478

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024

SENSITIVITY OF THE NET OPEB LIABILITY TO CHANGES IN MEDICAL TREND RATES The following presents the net OPEB liability of the City, as well as what the City’s net OPEB (asset)/liability would be if it were calculated using medical trend rates that are one percentage point lower and one percentage point higher than the current medical trend rate. A one-percentage point higher medical trend rate results in a larger net OPEB liability while a one-percentage point lower medical trend rate results in a net OPEB asset.

OPEB EXPENSE AND DEFERRED OUTFLOWS/INFLOWS OF RESOURCES RELATED TO OPEB For the year ended June 30, 2024, the City recognized OPEB expense of $744,158. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

The $220,402 deferred outflow of resources for contributions made subsequent to the measurement date will be recognized as a reduction of the OPEB liability for the year ended June 30, 2025. All other amounts reported as deferred outflows and inflows of resources will be recognized as a component of OPEB expense as follows:

PAYABLE TO THE OPEB PLAN
At June 30, 2024, the City had no outstanding contributions due to the OPEB plan required for the year then ended.

Current
1% Decrease Discount Rate 1% Increase

5.25% 6.25% 7.25%
Net OPEB Liability/(Asset) $3,406,023 $1,907,292 $680,605 Current Healthcare
1% Decrease Cost Trend Rate 1% Increase
(5.5% Non-Medicare/ (6.5% Non-Medicare/ (7.5% Non-Medicare/

4.65%-3.60% Medicare) 5.65%-4.60% Medicare) 6.65%-5.60% Medicare) Net OPEB Liability/(Asset) $495,729 $1,907,292 $3,679,327 Deferred Deferred
Outflows of Inflows of
Resources Resources
OPEB contributions subsequent
to measurement date $ 220,402 $ -
Differences between expected
and actual experience 144,352 (415,876)
Changes in assumptions 903,343 (93,954)
Differences between projected
and actual earnings 571,639 -
Total 1,839,736$ $ (509,830)
Fiscal Year Amount
2024-25 142,931 $
2025-26 114,207
2026-27 407,816
2027-28 23,249
2028-29 88,443
Thereafter 332,858
Totals $ 1,109,504
5579

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024

9. DEVELOPER FEES

PARKLAND DEVELOPMENT
The City of Malibu charges Parkland Development fees when new residential units are constructed. In FY 2023-24, the fees were $4,968 for each detached single-family dwelling; $4,240 for each unit of an attached multi-family dwelling with fewer than five units; $3,159 for each unit of an attached multi-family dwelling with five or more units; $3,938 for each unit of a duplex, triplex, or quadplex; and $2,857 for each mobile home space. The fees are deposited in the Parkland Development In-Lieu special revenue fund, and they are used to acquire and upgrade parks. The State of California requires fees to be spent within five years of collection. During the current year, the City collected Parkland Development fees of $14,663 and earned interest of $5,673; there were no expenditures during the year. At June 30, 2024, the balance of fees on hand was $181,998.

ART IN PUBLIC PLACES
Property owners are subject to the City’s Art in Public Places ordinance when the total construction cost of certain commercial, institutional, and multi-family residential development projects exceeds two hundred and fifty thousand dollars ($250,000) or certain Capital Improvement Projects (CIP) exceed one million dollars ($1,000,000). When applicable, the property owner is required to acquire and install approved public art on the project site, or an alternative site within and acceptable to the City. In lieu of acquiring and installing public art, property owners may pay a public art contribution into the Public Art Fund, equal to at least one percent of the project’s total construction cost, or the total CIP cost, as applicable. The fees are deposited in the Art in Public Places In-Lieu special revenue fund, and they are used to incorporate public art throughout the City. During the current year, the City collected no Art in Public Places fees and earned interest of $1,237; there were no expenditures during the year. At June 30, 2024, the balance of fees on hand was $38,125.

10. INTERFUND TRANSACTIONS
During the normal course of operations, the City had a variety of transactions between funds.

LONG-TERM LOANS – ADVANCES TO/FROM OTHER FUNDS
During FY 2018-19 through 2020-21, the General Fund provided temporary funding to the Wastewater Treatment Facility Enterprise Fund for the cumulative excess of the facility’s operating costs over the rates. The City Council adopted Resolution No. 20-61 which approved an interfund loan agreement effective as of July 1, 2019. Interest on the loan accrues at the published quarterly apportionment rate of the State of California’s Local Agency Investment Fund, compounded annually. Funds to repay the loan were incorporated into the wastewater and recycled water rates beginning in FY 2021-22. The loan agreement calls for a repayment term of three years commencing in FY 2021-22 with the final payment in FY 2023-24. During FY 2023-24, the loan was paid in full.

SHORT-TERM LOANS – DUE TO/FROM OTHER FUNDS
Due to and from other funds are transactions that represent routine and temporary cash flow assistance from the General Fund to other funds in advance of receiving grant funds or other types of revenue. The composition of these short-term balances at June 30, 2024, is as follows:

Due from Due to
Other Funds Other Funds
Major Funds:

General Fund 7,390,000$ $ -
Grants Special Revenue Fund - 7,335,011
Nonmajor Governmental Funds - 54,989
Total 7,390,000$ 7,390,000$
5680

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024

TRANSFERS
Transactions that move resources from a fund receiving revenue to the fund through which the resources are expended are recorded as transfers. Transfers for the year ended June 30, 2024, are as follows:

The City uses the Capital Improvements Fund to account for all of its governmental capital projects. The funding sources for those projects are reported as transfers from various funds to the Capital Improvements Fund. All other interfund transfers were to move resources from one fund to the fund in which the expenditures being funded were recorded.

11. LIABILITY, WORKERS’ COMPENSATION, AND PURCHASED INSURANCE

DESCRIPTION OF SELF-INSURANCE POOL PURSUANT TO JOINT POWERS AGREEMENT The City is a member of the California Joint Powers Insurance Authority (Authority). The Authority is comprised of 126 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group-purchased insurance for property and other lines of coverage. The Authority began covering the claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee.

PRIMARY SELF-INSURANCE PROGRAMS OF THE AUTHORITY
Each member pays an annual contribution at the beginning of the coverage period. The total funding requirement for primary self-insurance programs is based on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool.

Primary Liability Program. Claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $500,000 to $50 million are distributed based on the outcome of cost allocation within the first and second loss layers.

The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Subsidence losses have a sub-limit of $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insurance, reinsurance, and excess insurance. Additional information concerning the coverage structure is available on the Authority’s website: https://cjpia.org/coverage/risk-sharing pools/.

Transfers Out
Governmental Fund Type
Grants
General Special Nonmajor
Fund Revenue Funds Total
Governmental Fund Type:

Major Funds:

General Fund $ - $ - $ 938,020 $ 938,020
Capital Improvements
Capital Projects Fund 311,296 7,209,956 727,848 8,249,100 Nonmajor Funds 410,212 - - 410,212
Total $ 721,508 $ 7,209,956 $ 1,665,868 $ 9,597,332
Major Funds
Transfers In
5781

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
Primary Workers’ Compensation Program. Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers.

For 2023-24, the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased through reinsurance policies, and employer’s liability losses from $5 million to $10 million are pooled among members.

Pollution Legal Liability Insurance. The City of Malibu participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City of Malibu. Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million.

Property Insurance. The City of Malibu participates in the all-risk property protection program of the Authority. This insurance protection is underwritten by several insurance companies. The City’s property is currently insured according to a schedule of covered property submitted by the City to the Authority. The City’s property currently has all-risk property insurance protection in the amount of $132,426,498. There is a $10,000 deductible per occurrence except for non-emergency vehicle insurance which has a $2,500 deductible.

Earthquake and Flood Insurance. The City of Malibu purchases earthquake and flood insurance on a portion of its property. Earthquake insurance is part of the property protection insurance program of the Authority. The City’s property currently has earthquake protection in the amount of $70,919,457. There is a deductible of 5% per unit of value with a minimum deductible of $100,000.

Crime Insurance. The City purchases crime insurance coverage in the amount of $1 million with a $2,500 deductible.

The fidelity coverage is provided through the Authority.

Special Event Tenant User Liability Insurance. The City further protects against liability damages by requiring tenant users of certain property to purchase low-cost tenant user liability insurance for certain activities on City property. The insurance premium is paid by the tenant user and is paid to the City according to a schedule. The City then pays for the insurance. The insurance is facilitated by the Authority.

ADEQUACY OF PROTECTION
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were no significant reductions in pooled or insured liability coverage in FY 2023-24.

12. COMMITMENTS AND CONTINGENCIES
A. The City has received State and Federal funds for specific purposes that are subject to review by the grantor agencies.

While unexpected, such audits could generate expenditure disallowances under the terms of the grants; the City is unable to determine the effect this may have on the financial condition of the City at this time.

B. The City is prone to natural disasters. The City is aware of the potential for disaster and attempts to maintain an adequate fund balance in the General Fund to cover the cost of these disasters. Council Policy No. 3 requires a minimum of 50% of the General Fund operating budget to be maintained in the General Fund Undesignated Reserve.

Based on the City’s history, there remains a potential for a call on future revenues and existing fund balances. 5882

CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2024
C. On November 9, 2018, the Woolsey Fire burned the western portion of the City of Malibu. Approximately 480 private structures were damaged or destroyed. The City remains committed to helping the residents rebuild and recover and has retained additional consultant services to aid that effort. The City anticipates that this higher level of service will continue to be necessary for the next several years. The City adopted Resolution No. 19-30 on June 24, 2019, which waived permit fees for all like-for-like and like-for-like plus 10% of Woolsey Fire rebuilds for FY 2019-

20. Council established that fee waivers will only apply to properties that were primary residences at the time of the Woolsey Fire. On June 22, 2020, Council adopted Resolution No. 20-32 extending the refund deadline for the Woolsey Fire fee waivers. On March 22, 2021, Council adopted Resolution No. 21-10 further extending the fee waiver deadlines; again, on November 8, 2021, with Resolution No. 21-62, and again on September 11, 2023, with Resolution 23-40, the fee waiver deadline was extended through December 30, 2024. At fiscal year-end, some eligible permittees had yet to request a refund of fees paid; a liability has been recorded for the estimated fees eligible to be refunded.

D. The Santa Monica College (SMC) Malibu Satellite Campus Project was completed and opened to students in February 2023. As part of the campus, there is a 5,700 square foot Sheriff’s substation. The City has been in discussion with Los Angeles County and the Los Angeles County Sheriff’s Department regarding the potential staffing for the substation. Unfortunately, the Sheriff has had difficulty filling vacancies in the Department and does not have adequate resources to open the substation at this time. Furthermore, there is an adjacent radio tower that is going through permitting for height adjustments, and this tower is needed for communications at the substation. Once these matters are resolved, plans will be reinitiated to open the substation.

13. SUBSEQUENT EVENTS
In November 2024, the Broad Fire damaged four private structures and some facilities at Malibu Bluffs Park, including the Michael Landon Community Center and some playground equipment. The City is assessing the cost estimate for damages and working with its insurance agency to determine next steps.

In December 2024, the Franklin Fire destroyed 9 single-family dwellings and 11 outbuildings within the city limit.

Additionally, there were 14 single-family dwellings, 7 commercial buildings, and 5 outbuildings that sustained damage.

The City of Malibu is actively focused on recovery at the time of issuance of this document. 5983
6084

SUPPLEMENTARY INFORMATION
Required Supplementary Information (RSI) is information that, although not part of the basic financial statements, is required by Governmental Accounting Standards Board and is considered to be an essential part of financial reporting. This information consists of additional data associated with the City’s defined benefit pension plan and OPEB plan, the related net pension and OPEB liabilities, and budget to actual schedules for the General and major special revenue funds.

Supplementary Information provides information on each individual fund that is not already provided in the basic financial statements. This section includes information on non-major governmental funds, budget to actual schedules for the Commercial Real Estate Rental and Wastewater Treatment enterprise funds, and combining schedules for fiduciary funds. Following are descriptions of the non-major special revenue funds that are included in this section.
• STATE GAS TAX - To account for monies received from the state gas tax allocations, which are required to be spent on construction, improvement, and maintenance of public streets and infrastructure.
• TRAFFIC SAFETY - To account for revenues collected from traffic violations that the City has identified for use on traffic safety-related expenditures including traffic control and street maintenance not included in the Gas Tax Fund. • PROPOSITION A - To account for revenues and expenditures associated with the ½ cent sales tax approved by taxpayers as Proposition A in 1980. These funds may only be expended for transportation-related services as approved by the Los Angeles County Metropolitan Transportation Authority (MTA). • PROPOSITION C - To account for revenues and expenditures associated with the ½ cent sales tax approved by taxpayers as Proposition C in 1990. These funds may only be expended for transportation-related services as approved by the MTA. • MEASURE R - To account for revenues and expenditures associated with the ½ cent sales tax approved by taxpayers as Measure R in 2008. These funds may only be expended for transportation-related services as approved by the MTA. • AIR QUALITY MANAGEMENT - To account for monies received from the South Coast Air Quality Management District which are used for generating alternative transportation programs to reduce the problem of poor air quality in Southern California.
85 • SOLID WASTE MANAGEMENT SURCHARGE - This fund accounts for monies received from fees generated by solid waste collections in the City. Funds are to be used for implementing the solid waste management process as defined in the Source Reduction and Recycling Element.
• PARKLAND DEVELOPMENT IN-LIEU - The City collects fees from developers, as a condition of approval, to be used for parkland and recreation facilities and programs.
• QUIMBY ACT PARKLAND DEDICATION - Similar to the Parkland Development funds, the City collects fees from the development of subdivisions.

Funds are restricted to the acquisition of parkland and/or construction of facilities for recreation purposes.
• BRULTE BILL GRANT - The City receives funding from the State of California as a supplemental grant for law enforcement. Malibu uses these funds for a variety of programs provided by the Sheriff’s Department.
• MEASURE M – To account for revenues and expenditures associated with the ½ percent sales tax approved by taxpayers as Los Angeles County Measure M in 2016. These funds may only be expended for transportation-related projects as approved by MTA.
• ROAD MAINTENANCE AND REHABILITATION (RMRA) – To account for revenues and expenditures associated with the increased fuel taxes and vehicle registration fees established by Senate Bill 1 Road Repair and Accountability Act of 2017 signed by the Governor. These funds may only be expended for transportation-related projects as approved by the California Transportation Commission.
• ART IN PUBLIC PLACES IN-LIEU – The City collects fees from developers as a condition of approval, to incorporate public art throughout the City. • COMMUNITY DEVELOPMENT BLOCK GRANT - To account for monies received and expended by the City as a participant in the Federal Community Development Block Grant Program.
• MEASURE W – To account for revenues and expenditures associated with the parcel tax of 2.5¢ per square foot of impermeable area approved by taxpayers as Los Angeles County Measure W in 2018. These funds may only be expended for projects that promote the safe, clean water program by increasing local water supply, improving water quality, and protecting public health. • BIG ROCK MESA/MALIBU ROAD/CALLE DEL BARCO LMDs - To
account for special assessments on property within district boundaries for the restricted purpose of providing landslide maintenance services. 86 CITY OF MALIBU

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF THE PROPORTIONATE SHARE OF THE NET PENSION LIABILITY

CALPERS MISCELLANEOUS PENSION PLAN

LAST TEN YEARS
Fiscal year ending June 30, 2024 2023 2022 2021 2020
Measurement date 6/30/2023 6/30/2022 6/30/2021 6/30/2020 6/30/2019 Plan's proportion of the net pension liability 0.07626% 0.07365% 0.05496% 0.06265% 0.05960% Plan's proportionate share of the net pension liability 9,513,094 $ $ 8,507,593 $ 2,972,243 $ 6,816,695 $ 6,106,999 Plan's covered payroll, measurement date $ 8,117,262 $ 7,353,661 $ 6,987,903 $ 7,337,369 $ 6,903,933 Plan's proportionate share of the net pension liability as a percentage of its covered payroll 117.20% 115.69% 42.53% 92.90% 88.46% Plan's proportionate share of the fiduciary net position as a percentage of the Plan's total pension liability 76.21% 76.68% 88.29% 75.10% 75.26% Plan's proportionate share of aggregate
employer contributions $ 1,372,268 $ 1,607,155 $ 1,281,843 $ 1,146,744 $ 965,341 Fiscal year ending June 30, 2019 2018 2017 2016 2015
Measurement date 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 Plan's proportion of the net pension liability 0.056440% 0.055919% 0.053280% 0.04904% 0.05209% Plan's proportionate share of the net pension liability 5,438,378 $ $ 5,545,643 $ 4,610,344 $ 3,366,039 $ 3,241,379 Plan's covered payroll, measurement date $ 6,243,134 $ 5,593,683 $ 5,624,392 $ 5,398,632 $ 5,398,632 Plan's proportionate share of the net pension liability as a percentage of its covered payroll 87.11% 99.14% 81.97% 62.35% 60.04% Plan's proportionate share of the fiduciary net position as a percentage of the Plan's total pension liability 75.26% 73.31% 74.06% 78.40% 83.03% Plan's proportionate share of aggregate
employer contributions $ 812,252 $ 740,151 $ 640,844 $ 428,499 $ 628,322 Notes to Schedule:

Benefit Changes: There were no changes in benefits.

Changes in Assumptions:

From Measurement Date June 30, 2015 to June 30, 2016: There were no changes in assumptions.

From Measurement Date June 30, 2016 to June 30, 2017: The discount rate was reduced from 7.65% to 7.15%.

From Mesurement Date June 30, 2018 through June 30, 2021: There were no changes in assumptions.

From Measurement Date June 30, 2022 through June 30, 2023: There were no changes in assumptions.

From Measurement Date June 30, 2014 to June 30, 2015: GASB 69 paragraph 68 states that the long-term expected rate of return should be determined net of pension plan investment expense but without reduction for pension plan administrative expense. The discount rate of 7.50% used for the June 30, 2014 measurement date was net of administrative expenses. The discount rate of 7.65% used for the June 30, 2015 measurement date is without reduction of administative expenses.

From Measurement Date June 30, 2017 to June 30, 2018: Demographic assumptions were changed in accordance with the CalPERS Experience Study and Review of Actuarial Assumptions December 2017. There were no changes in the discount rate. Inflation was reduced from 2.75% to 2.50%.

From Measurement Date June 30, 2021 through June 30, 2022: The discount rate was reduced from 7.15% to 6.90%. Inflation was reduced from 2.50% to 2.30%. Mortality assumptions were changed in accordance with the 2021 CalPERS Experience Study. 6187

CITY OF MALIBU

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CONTRIBUTIONS-DEFINED BENEFIT PENSION PLAN

CALPERS MISCELLANEOUS PENSION PLAN

LAST TEN YEARS
Fiscal year ending June 30, 2024 2023 2022 2021 2020
Valuation date 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 Contractually required contribution, actuarially determined 1,510,299 $ 1,372,946$ 1,218,844$ 1,120,551$ 1,043,190 $ Contributions in relation to the
actuarially determined contribution (1,510,299) (1,372,946) (1,218,844) (1,120,551) (1,043,190) Contribution deficiency (excess) -$ -$ -$ -$ -$
Covered payroll $ 8,117,262$ 7,353,661$ 6,987,903$ 7,337,369 9,354,492 $ Contributions as a percentage of covered payroll 16.15% 16.91% 16.57% 16.04% 14.22% Fiscal year ending June 30, 2019 2018 2017 2016 2015
Valuation date 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012 Contractually required contribution, actuarially determined 908,055$ 753,756$ 656,352$ 514,781$ 626,811$ Contributions in relation to the
actuarially determined contribution (908,055) (753,756) (656,352) (514,781) (626,811) Contribution deficiency (excess) -$ -$ -$ -$ -$
Covered payroll $ 6,243,134$ 5,593,683$ 5,624,392$ 5,398,632 6,903,933 $ Contributions as a percentage of covered payroll 13.15% 12.07% 11.73% 9.15% 11.61% Methods and Assumptions Used to Determine Contribution Rates:

Actuarial cost method: Entry Age (applies to all valuation dates) Amortization method: Level percentage of payroll, closed (applies to all valuation dates) Asset valuation method:

June 30, 2012 valuation date: 15-year smoothed market method All other valuation dates: Market value
Inflation:

June 30, 2012 through June 30, 2016 valuation dates: 2.75% June 30, 2017 valuation date: 2.625%
June 30, 2018 through June 30, 2020 valuation dates: 2.500% June 30, 2021 valuation date: 2.30%
Salary increases: Depending on age, service, and type of employment Investment rate of return, net of pension plan investment expense, including inflation:

June 30, 2012 through June 30, 2015 valuation date: 7.50% June 30, 2016 valuation date: 7.375%
June 30, 2017 valuation date: 7.25%
June 30, 2018 through June 30, 2020 valuation dates: 7.00% June 30, 2021 valuation date: 6.8%
Retirement age: 50 years for all plans with the exception of 52 for Miscellaneous PEPRA which is 2% at 62 years Mortality: Based on mortality rates resulting from the most recent CalPERS Experience Study adopted by the CalPERS Board. 6288

CITY OF MALIBU

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CHANGES IN THE NET OPEB (ASSET)/LIABILITY AND RELATED RATIOS LAST TEN YEARS*
Fiscal year ending June 30, 2024 2023 2022 2021 2020 2019 2018 Measurement date 6/30/2023 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 Total OPEB Liability:

Service cost 535,369$ 521,040$ 452,928$ 447,606$ 463,092$ 446,600$ 434,000$ Interest on total OPEB liability 568,340 521,619 484,049 449,255 465,728 419,700 377,000 Differences between expected
and actual experience 126,205 - 47,734 - (888,466) - -
Changes in assumptions 714,695 - 397,764 (130,481) (40,582) - - Benefit payments** (329,311) (289,603) (261,935) (250,569) (206,069) (195,683) (192,000) Net change in total OPEB liability 1,615,298 753,056 1,120,540 515,811 (206,297) 670,617 619,000 Total OPEB liability:

Beginning of year 8,722,727 7,969,671 6,849,131 6,333,320 6,539,617 5,869,000 5,250,000 End of year [a] 8,722,727 10,338,025 7,969,671 6,849,131 6,333,320 6,539,617 5,869,000 Plan Fiduciary Net Position:

Contributions - employer 38,291 848,722 262,524 773,180 760,595 761,538 720,000 Net investment income 540,898 (1,317,558) 1,940,965 281,616 342,290 352,724 389,000 Administrative expenses (3,473) (3,169) (3,251) (3,622) (1,576) (8,791) (3,000) Benefit payments** (329,311) (289,603) (261,935) (250,569) (206,069) (195,683) (192,000) Net change in plan
fiduciary net position 246,405 (761,608) 1,938,303 800,605 895,240 909,788 914,000 Plan fiduciary net position:

Beginning of year 8,184,328 8,945,936 7,007,633 6,207,028 5,311,788 4,402,000 3,488,000 End of year [b] 8,430,733 8,184,328 8,945,936 7,007,633 6,207,028 5,311,788 4,402,000 Net OPEB (asset)/liability:

End of year [a] - [b] $ 538,399 1,907,292 $ $ (976,265) $ (158,502) 126,292$ $ 1,467,000 1,227,829 $ Plan fiduciary net position as a
percentage of the total OPEB liability 81.55% 93.83% 112.25% 102.31% 98.01% 81.22% 75.00% Covered-employee payroll,
measurement date $ 7,351,866$ 6,936,621$ 7,203,853$ 6,769,722$ 6,133,000$ 5,486,000 8,104,391 $ Net OPEB (asset)/liability as a percentage
of covered-employee payroll 23.53% 7.32% -14.07% -2.20% 1.87% 20.02% 26.74% Notes to schedule:

Benefit Changes: There were no changes in benefits.

Changes in Assumptions:

From Measurement Date June 30, 2017 to June 30, 2018: There were no changes in assumptions.

From Measurement Date June 30, 2019 to June 30, 2020: PPACA high cost plan excise tax removed.

From Measurement Date June 30, 2021 to June 30, 2022: There were no changes in assumptions.

From Measurement Date June 30, 2022 to June 30, 2023: Update to medical trend. ** Benefit payments include refunds and the implied subsidy benefit payments * Fiscal Year 2017-18 was the first year of implementation; therefore, only seven years are shown.

From Measurement Date June 30, 2018 to June 30, 2019: Demographic assumptions were updated, PEMHCA waived retiree re-election change, and mortality improvement scale updated.

From Measurement Date June 30, 2020 to June 30, 2021: Discount rate, inflation assumptions, medical trends, payroll increase assumptions, and family coverage assumptions were updated; new rates were applied from the CalPERS Experience Study;and the mortality improvement scale was updated.
6389

CITY OF MALIBU

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CONTRIBUTIONS - OPEB PLAN
LAST TEN YEARS*
Fiscal year ending June 30, 2024 2023 2022 2021
Valuation date 6/30/2021 6/30/2021 6/30/2019 6/30/2019
Actuarially determined contribution $ 567,889 $ 545,330 $ 491,000 $ 483,000 Contribution in relation to the actuarially
determined contributions** (220,402) (38,291) (848,722) (262,524) Contribution deficiency/ (excess) $ 347,487 $ 507,039 $ (357,722) $ 220,476 Covered-employee payroll $ 9,210,488 $ 8,104,391 $ 7,351,866 $ 6,936,621 Contributions as a percentage
of covered-employee payroll 2.4% 0.5% 11.5% 3.8%
** Includes the implied subsidy of: $ 41,055 $ 37,206 $ 26,339 $ 26,599 Fiscal year ending June 30, 2020 2019 2018
Valuation date 6/30/2017 6/30/2017 6/30/2015
Actuarially determined contribution $ 625,000 $ 604,000 $ 614,000 Contribution in relation to the actuarially
determined contributions** (773,180) (760,595) (767,000) Contribution deficiency/ (excess) $ (148,180) $ (156,595) $ (153,000) Covered-employee payroll $ 7,203,853 $ 6,769,722 $ 6,133,000 Contributions as a percentage
of covered-employee payroll 10.7% 11.2% 12.5%
** Includes the implied subsidy of: $ 47,640 $ 36,193 $ 37,000 Methods and Assumptions Used to Determine Contribution Rates Actuarial cost method: Entry Age Normal, Level % of pay (All years) Amortization method: Level percentage of pay (All years) Amortization period in years (fiscal year): 21 (2018); 20 (2019); 19 (2020); 18 (2021); 17 (2022); 16 (2023); 15 (2024) Asset valuation method: Market value method; investment gains and losses spread over a 5-year rolling period Discount rate (fiscal year): 7.25% (2018); 6.75% (2019, 2020, 2021, 2022); 6.25% (2023, 2024) Inflation (fiscal year): 3.00% (2018); 2.75% (2019, 2020, 2021, 2022); 2.50% (2023, 2024) Medical trend: Rate decreasing to an ultimate rate in 2076 and later years Non-Medicare (fiscal year): 7.0%-5.0% (2018); 7.5%-4.0% (2019, 2020); 7.25%-4.0% (2021, 2022); 6.5%-3.75% (2023, 2024) Medicare (fiscal year): 7.2%-5.0% (2018); 6.5%-4.0% (2019, 2020); 6.3%-4.0% (2021, 2022); 4.6%-3.75% (2023, 2024) Mortality (fiscal year):
(2018) CalPERS 1997-2011 experience study. Mortality projected fully generational with Scale MP-2014, Modified (2019, 2020) CalPERS 1997-2015 experience study. Mortality projected fully generational with Scale MP-2017 (2021, 2022) CalPERS 1997-2015 experience study. Mortality projected fully generational with Scale MP-2019 (2023, 2024) CalPERS 2000-2019 experience study. Mortality projected fully generational with Scale MP-2021 * Fiscal Year 2017-18 was the first year of implementation; therefore, only seven years are shown. 6490

CITY OF MALIBU

GENERAL FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL

AND NEXT YEAR'S BUDGET
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget FY 2024-25
Budgeted Amounts Positive/ Original
Original Final Actual (Negative) Budget

REVENUES
Taxes 41,054,000 $ 41,054,000 $ 42,718,571 $ 1,664,571 $ 43,337,245 $ Fines and forfeitures 1,500,000 1,500,000 1,268,178 (231,822) 2,050,000 Intergovernmental 2,230,768 2,935,268 1,803,185 (1,132,083) 2,720,327 Use of money and property 2,554,000 2,554,000 4,605,803 2,051,803 3,520,000 Charges for services 9,645,200 9,645,200 9,096,453 (548,747) 10,135,850 Other 65,500 617,967 214,747 (403,220) 25,000
Total revenues 57,049,468 58,306,435 59,706,937 1,400,502 61,788,422

EXPENDITURES
Current:

Legislative and advisory 2,375,328 2,728,428 2,776,720 (48,292) 3,051,105 General government 10,715,753 10,831,253 8,204,651 2,626,602 10,365,201 Public safety 16,276,501 16,604,501 13,418,753 3,185,748 16,589,554 Community development 12,932,288 13,462,288 10,138,927 3,323,361 15,122,840 Community services 3,927,053 4,127,053 3,276,505 850,548 4,562,244 Public works 6,711,796 7,196,296 5,895,407 1,300,889 7,364,335 Capital outlay 4,489,846 6,071,501 2,941,834 3,129,667 - Debt service:

Principal 1,099,691 1,099,691 1,099,691 - 1,100,000
Interest 2,128,401 2,128,401 2,128,401 - 2,074,326
Total expenditures 60,656,657 64,249,412 49,880,889 14,368,523 60,229,605 Revenues over (under)
expenditures $ (3,607,189) $ (5,942,977) 9,826,048 $ 15,769,025 $ 1,558,817

OTHER FINANCING

SOURCES/(USES)
Transfers in 938,020
Transfers out (721,508)
Lease financing 109,269
Total other financing
sources/(uses) 325,781
Net change in fund balance 10,151,829
FUND BALANCE - BEGINNING 85,155,771
FUND BALANCE - ENDING $ 95,307,600
6591

CITY OF MALIBU

GRANTS SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Budgeted Amounts Positive/
Original Final Actual (Negative)

REVENUES
Intergovernmental $ 13,012,070 13,001,509 $ 6,597,229 $ (6,414,841) $

OTHER FINANCING USES
Transfers out (7,209,956)
Net change in fund balance (612,727)
FUND BALANCE - BEGINNING (506,829)
FUND BALANCE - ENDING $ (1,119,556)
6692

CITY OF MALIBU, CALIFORNIA

NOTE TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2024

1. BUDGETS AND BUDGETARY PRINCIPLES
General Budget Policies
The City Manager submits a proposed budget to the City Council by May 15th of each year. The City Council holds public hearings, modifies the City Manager’s recommendations, and adopts a final budget by resolution prior to June 30th of each year. The City Manager is authorized to transfer budgeted amounts between line items within a fund.

Any revisions or transfers that alter the total appropriations of any fund must be approved by the City Council.

Supplemental appropriations may be adopted by the City Council during the year.

Budgets are adopted consistent with generally accepted accounting principles and are used as a management control device. Annual appropriated budgets are adopted for the General Fund and generally for all Special Revenue funds.

The City maintains budgetary controls to ensure compliance with legal provisions embodied in the appropriated budget approved by the City Council. The annual budget indicates appropriations by fund, and the legal level of budgetary control (the level at which expenditures cannot legally exceed the appropriated amount) for the operating budget is within a fund.

Continuing Appropriations
Unexpended annual appropriations lapse at the end of the fiscal year; encumbered appropriations are re-budgeted in the next fiscal year. Unexpended capital improvement appropriations are carried forward until the improvements or programs are complete.

Budgetary Basis of Accounting
Budgets are adopted on a basis consistent with generally accepted accounting principles. The budgeted amounts presented are as originally adopted and as further amended by the City Council. Revenues with significant adjustments were to increase estimates for grant revenues.

Supplemental appropriations were required and approved by the City Council for the General Fund which increased the originally adopted budget of $60.7 million to $64.2 million. The majority of the budget amendments were for carryover appropriations from the prior year and higher public safety contracted costs. 6793
6894

CITY OF MALIBU

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
JUNE 30, 2024
Special Revenue Funds
Air
State Traffic Proposition Proposition Measure Quality
Gas Tax Safety A C R Management
ASSETS
Cash and investments -$ 237,901$ $ 1,117,577 236,761$ 177,803$ 167,847$ Receivables:

Accounts - - - - - -
Other governments 25,389 21,023 18,461 - 13,887 3,537
Total assets $ 25,389 258,924$ $ 1,117,577 255,222$ 191,690$ 171,384$

LIABILITIES, DEFERRED

INFLOWS OF RESOURCES,

AND FUND BALANCES

LIABILITIES
Accounts payable -$ -$ 469,788 $ -$ -$ -$
Unearned revenue - - - - - -
Due to other funds 22,106 - - - - -
Total liabilities 22,106 - 469,788 - - -

DEFERRED INFLOWS

OF RESOURCES
Unavailable revenue - - - - - -

FUND BALANCES
Restricted
Public works 3,283 258,924 - - - 171,384
Capital projects:

Public works - - 255,222 - 191,690 -
Community services - - - - - -
Community services - - 647,789 - - -
Environmental
sustainability - - - - - -
Special districts - - - - - -
Unassigned - - - - - -
Total fund balances 3,283 258,924 647,789 255,222 191,690 171,384 Total liabilities, deferred
inflows of resources,
and fund balances 25,389$ 258,924$ $ 1,117,577 255,222$ 191,690$ 171,384$ (Continued)
6995

CITY OF MALIBU

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
JUNE 30, 2024
(Continued)
Special Revenue Funds
Solid Waste Parkland Quimby Act Brulte Road Art in
Management Development Parkland Bill Measure Maintenance Public Places Surcharge In-Lieu Dedication Grant M RMRA/SB1 In-Lieu
ASSETS
Cash and investments 94,152$ 181,998$ 4,093$ -$ 415,812$ 540,204$ 38,125$ Receivables:

Accounts 12,640 - - - - - -
Other governments 447 - - - 15,744 48,298 -
Total assets 107,239$ 181,998$ 4,093$ -$ 431,556$ 588,502$ 38,125$

LIABILITIES, DEFERRED

INFLOWS OF RESOURCES,

AND FUND BALANCES

LIABILITIES
Accounts payable 20,705$ -$ -$ -$ -$ -$ -$
Unearned revenue 80,000 - - - - - -
Due to other funds - - - - - - -
Total liabilities 100,705 - - - - - -

DEFERRED INFLOWS

OF RESOURCES
Unavailable revenue - - - - - - -

FUND BALANCES
Restricted
Public works - - - - 431,556 588,502 -
Capital projects:

Public works - - - - - - -
Community services - 181,998 4,093 - - - 38,125
Community services - - - - - - -
Environmental
sustainability 6,534 - - - - - -
Special districts - - - - - - -
Unassigned - - - - - - -
Total fund balances 6,534 181,998 4,093 - 431,556 588,502 38,125 Total liabilities, deferred
inflows of resources,
and fund balances 107,239$ 181,998$ 4,093$ -$ 431,556$ 588,502$ 38,125$ 7096
Special Revenue Funds Total
Community Big Rock Malibu Calle Non-major
Development Measure Mesa Road del Barco Governmental
Block Grant W LMD LMD LMD Funds
$ 822,469$ - 232,083$ 62,158$ 132,516$ $ 4,461,499
- - - - - 12,640
39,898 - 12,678 4,942 2,920 207,224
$ 39,898 822,469$ 244,761$ 67,100$ 135,436$ $ 4,681,363 $ 7,015 -$ 81,675$ 16,038$ 35,896$ $ 631,117
- - - - - 80,000
32,883 - - - - 54,989
39,898 - 81,675 16,038 35,896 766,106
3,014 - - - - 3,014
822,469 - - - - 2,276,118
- - - - - 446,912
- - - - - 224,216
- - - - - 647,789
- - - - - 6,534
- 163,086 - 51,062 99,540 313,688
(3,014) - - - - (3,014)
(3,014) 822,469 163,086 51,062 99,540 3,912,243
$ 39,898 822,469$ 244,761$ 67,100$ 135,436$ $ 4,681,363 7197

CITY OF MALIBU

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
Special Revenue Funds
Air
State Gas Traffic Proposition Proposition Measure Quality Tax Safety A C R Management

REVENUES
Taxes -$ -$ -$ -$ -$ -$
Fines and forfeitures - 240,963 - - - -
Intergovernmental 295,849 - 283,354 235,035 176,222 14,140 Use of money and property 5,050 10,555 35,018 14,336 10,785 5,206 Charges for services - - - - - -
Total revenues 300,899 251,518 318,372 249,371 187,007 19,346

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community development - - - - - -
Community services - - 601,440 - - -
Public works - - - - - -
Capital outlay - - - - - -
Total expenditures - - 601,440 - - -
Revenues over
(under) expenditures 300,899 251,518 (283,068) 249,371 187,007 19,346

OTHER FINANCING

SOURCES/(USES)
Transfers in - - - - - -
Transfers out (300,000) (200,000) - (290,000) (220,000) - Total other financing
sources/(uses) (300,000) (200,000) - (290,000) (220,000) - Net change in fund balance 899 51,518 (283,068) (40,629) (32,993) 19,346 FUND BALANCE - BEGINNING 2,384 207,406 930,857 295,851 224,683 152,038 FUND BALANCE - ENDING 3,283$ 258,924$ 647,789$ 255,222$ 191,690$ 171,384$ 7298
Special Revenue Funds
Solid Waste Parkland Quimby Act Brulte Road Art in
Management Development Parkland Bill Measure Maintenance Public Places Surcharge In-Lieu Dedication Grant M RMRA/SB1 In-Lieu
$ 14,663 - $ -$ -$ -$ $ - $ -
- - - - - - -
15,448 - - 186,159 198,992 277,131 -
- 5,673 133 - 15,948 22,886 1,237
96,763 - - - - - -
112,211 20,336 133 186,159 214,940 300,017 1,237
- - - - - - -
- - - 186,159 - - -
409,382 - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
409,382 - 186,159 - - - -
(297,171) 20,336 133 - 214,940 300,017 1,237
322,380 - - - - - -
(25,209) - - - (152,000) (288,471) -
297,171 - - - (152,000) (288,471) -
20,336 - 133 - 62,940 11,546 1,237
6,534 161,662 3,960 - 368,616 576,956 36,888
$ 6,534 $ 181,998 4,093$ -$ 431,556$ $ 588,502 $ 38,125 (Continued)
7399

CITY OF MALIBU

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
(Continued)
Special Revenue Funds Total
Community Big Rock Malibu Calle Non-major
Development Measure Mesa Road del Barco Governmental
Block Grant W LMD LMD LMD Funds

REVENUES
Taxes - $ -$ 358,230$ 67,806$ 85,371$ $ 526,070
Fines and forfeitures - - - - - 240,963
Intergovernmental 67,171 389,633 - - - 2,139,134
Use of money and property 25,446 - 5,010 1,812 3,538 162,633 Charges for services - - - - - 96,763
Total revenues 67,171 415,079 363,240 69,618 88,909 3,165,563

EXPENDITURES
Current:

General government 9,900 - - - - 9,900
Public safety - - - - - 186,159
Community development - - - - - 409,382
Community services - - - - - 601,440
Public works - - 269,933 58,502 60,088 388,523
Capital outlay 87,832 - 41,720 14,971 20,000 164,523
Total expenditures 97,732 - 311,653 73,473 80,088 1,759,927 Revenues over
(under) expenditures (30,561) 415,079 51,587 (3,855) 8,821 1,405,636

OTHER FINANCING

SOURCES/(USES)
Transfers in 87,832 - - - - 410,212
Transfers out (60,285) (129,903) - - - (1,665,868)
Total other financing
sources/(uses) 27,547 (129,903) - - - (1,255,656)
Net change in fund balance (3,014) 285,176 51,587 (3,855) 8,821 149,980 FUND BALANCE - BEGINNING 537,293 - 111,499 54,917 90,719 3,762,263 FUND BALANCE - ENDING $ (3,014) 822,469$ 163,086$ 51,062$ 99,540$ $ 3,912,243 100 74

CITY OF MALIBU

STATE GAS TAX SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 309,286$ 309,286$ 295,849$ $ (13,437) Use of money and property 7,000 7,000 5,050 (1,950)
Total revenues 316,286$ 316,286$ 300,899 $ (15,387)

OTHER FINANCING USES
Transfers out (300,000)
Net change in fund balance 899
FUND BALANCE - BEGINNING 2,384
FUND BALANCE - ENDING 3,283$
Final Budget
Positive/
(Negative)
Variance with
101 75

CITY OF MALIBU

TRAFFIC SAFETY SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Fines and forfeitures 200,000$ 200,000$ 240,963$ 40,963$ Use of money and property 10,000 10,000 10,555 555
Total revenues 210,000$ 210,000$ 251,518 41,518$

OTHER FINANCING USES
Transfers out (200,000)
Net change in fund balance 51,518
FUND BALANCE - BEGINNING 207,406
FUND BALANCE - ENDING 258,924$
Final Budget
Positive/
(Negative)
Variance with
102 76

CITY OF MALIBU

PROPOSITION A SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 308,837$ 308,837$ 283,354$ $ (25,483) Use of money and property 29,000 29,000 35,018 6,018
Total revenues 337,837 337,837 318,372 (19,465)

EXPENDITURES
Current:

Community services 196,500 646,500 601,440 45,060
Revenues over (under) expenditures 141,337$ $ (308,663) (283,068) 25,595$ FUND BALANCE - BEGINNING 930,857
FUND BALANCE - ENDING 647,789$
Final Budget
Positive/
(Negative)
Variance with
103 77

CITY OF MALIBU

PROPOSITION C SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 256,172$ 256,172$ $ 235,035 $ (21,137) Use of money and property 9,000 9,000 14,336 5,336
Total revenues 265,172$ 265,172$ 249,371 $ (15,801)

OTHER FINANCING USES
Transfers out (290,000)
Net change in fund balance (40,629)
FUND BALANCE - BEGINNING 295,851
FUND BALANCE - ENDING $ 255,222
Final Budget
Positive/
(Negative)
Variance with
104 78

CITY OF MALIBU

MEASURE R SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 192,129$ 192,129$ 176,222$ $ (15,907) Use of money and property 9,000 9,000 10,785 1,785
Total revenues 201,129$ 201,129$ 187,007 $ (14,122)

OTHER FINANCING USES
Transfers out (220,000)
Net change in fund balance (32,993)
FUND BALANCE - BEGINNING 224,683
FUND BALANCE - ENDING 191,690$
Final Budget
Positive/
(Negative)
Variance with
105 79

CITY OF MALIBU

AIR QUALITY MANAGEMENT SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 15,000$ 15,000$ 14,140$ (860)$
Use of money and property 5,000 5,000 5,206 206
Total revenues 20,000$ 20,000$ 19,346 (654)$
FUND BALANCE - BEGINNING 152,038
FUND BALANCE - ENDING 171,384$
Final Budget
Positive/
(Negative)
Variance with
106 80

CITY OF MALIBU

SOLID WASTE MANAGEMENT SURCHARGE SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 5,000 $ 80,000 $ 15,448$ $ (64,552)
Use of money and property 3,000 3,000 - (3,000)
Charges for services 137,500 137,500 96,763 (40,737)
Total revenues 145,500 220,500 112,211 (108,289)

EXPENDITURES
Current:

Community development 459,341 459,341 409,382 49,959
Revenues over (under) expenditures $ (313,841) $ (238,841) (297,171) $ (158,248)

OTHER FINANCING SOURCES/(USES)
Transfers in 322,380
Transfers out (25,209)
Total other financing sources/(uses) 297,171
Net change in fund balance -
FUND BALANCE - BEGINNING 6,534
FUND BALANCE - ENDING 6,534$
Final Budget
Positive/
(Negative)
Variance with
107 81

CITY OF MALIBU

PARKLAND DEVELOPMENT IN-LIEU SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Taxes 20,000$ 20,000$ 14,663$ $ (5,337)
Use of money and property 5,000 5,000 5,673 673
Total revenues 25,000$ 25,000$ 20,336 $ (4,664)
FUND BALANCE - BEGINNING 161,662
FUND BALANCE - ENDING 181,998$
Final Budget
Positive/
(Negative)
Variance with
108 82

CITY OF MALIBU

QUIMBY ACT PARKLAND DEDICATION SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Use of money and property 100$ 100$ 133$ 33$
FUND BALANCE - BEGINNING 3,960
FUND BALANCE - ENDING 4,093$
Final Budget
Positive/
(Negative)
Variance with
109 83

CITY OF MALIBU

BRULTE BILL GRANT SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 165,000$ 186,159$ 186,159$ -$

EXPENDITURES
Current:

Public safety 165,000 186,159 186,159 -
Revenues over (under) expenditures -$ -$ - -$

FUND BALANCE - BEGINNING -
FUND BALANCE - ENDING -$
Final Budget
Positive/
(Negative)
Variance with
110 84

CITY OF MALIBU

MEASURE M SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 217,746$ 217,746$ 198,992$ $ (18,754) Use of money and property 16,000 16,000 15,948 (52)
Total revenues 233,746$ 233,746$ 214,940 $ (18,806)

OTHER FINANCING USES
Transfers out (152,000)
Net change in fund balance 62,940
FUND BALANCE - BEGINNING 368,616
FUND BALANCE - ENDING 431,556$
Variance with
Final Budget
Positive/
(Negative)
111 85

CITY OF MALIBU
ROAD MAINTENANCE RMRA/SB1 SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 265,471$ 265,471$ 277,131$ $ 11,660
Use of money and property 15,000 15,000 22,886 7,886
Total revenues 280,471$ 280,471$ 300,017 $ 19,546

OTHER FINANCING USES
Transfers out (288,471)
Net change in fund balance 11,546
FUND BALANCE - BEGINNING 576,956
FUND BALANCE - ENDING 588,502$
Variance with
Final Budget
Positive/
(Negative)
112 86

CITY OF MALIBU

ART IN PUBLIC PLACES IN-LIEU SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Use of money and property 1,000$ 1,000$ 1,237$ 237$
Total revenues 1,000$ 1,000$ 1,237 237$
FUND BALANCE - BEGINNING 36,888
FUND BALANCE - ENDING 38,125$
Variance with
Final Budget
Positive/
(Negative)
113 87

CITY OF MALIBU

COMMUNITY DEVELOPMENT BLOCK GRANT SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 66,000$ 66,000$ 67,171$ 1,171$

EXPENDITURES
Current:

General government 9,900 9,900 9,900 -
Capital outlay 91,200 91,200 87,832 3,368
Total expenditures 101,100 101,100 97,732 3,368
Revenues over (under) expenditures $ (35,100) $ (35,100) (30,561) 4,539$

OTHER FINANCING SOURCES/(USES)
Transfers in 87,832
Transfers out (60,285)
Total other financing sources/(uses) 27,547
Net change in fund balance (3,014)

FUND BALANCE - BEGINNING -
FUND BALANCE - ENDING (3,014)$
Final Budget
Positive/
(Negative)
Variance with
114 88

CITY OF MALIBU

MEASURE W SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental 390,000$ 390,000$ 389,633$ $ (367)
Use of money and property 30,000 30,000 25,446 (4,554)
Total revenues 420,000$ 420,000$ 415,079 $ (4,921)

OTHER FINANCING USES
Transfers out (129,903)
Net change in fund balance 285,176
FUND BALANCE - BEGINNING 537,293
FUND BALANCE - ENDING 822,469$
Variance with
Final Budget
Positive/
(Negative)
115 89

CITY OF MALIBU

BIG ROCK MESA LMD SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Taxes 356,470$ 356,470$ 358,230$ 1,760$
Use of money and property 3,000 3,000 5,010 2,010
Total revenues 359,470 359,470 363,240 3,770

EXPENDITURES
Current:

Public works 288,520 288,520 269,933 18,587
Capital outlay 82,000 82,000 41,720 40,280
Total expenditures 370,520 370,520 311,653 58,867
Revenues over (under) expenditures (11,050)$ (11,050)$ 51,587 62,637$ FUND BALANCE - BEGINNING 111,499
FUND BALANCE - ENDING 163,086$
Final Budget
Positive/
(Negative)
Variance with
116 90

CITY OF MALIBU

MALIBU ROAD LMD SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Taxes 62,356$ 62,356$ 67,806$ 5,450$
Use of money and property 3,000 3,000 1,812 (1,188)
Total revenues 65,356 65,356 69,618 4,262

EXPENDITURES
Current:

Public works 62,441 62,441 58,502 3,939
Capital outlay 15,000 15,000 14,971 29
Total expenditures 77,441 77,441 73,473 3,968
Revenues over (under) expenditures (12,085)$ (12,085)$ (3,855) 8,230$ FUND BALANCE - BEGINNING 54,917
FUND BALANCE - ENDING 51,062$
Final Budget
Positive/
(Negative)
Variance with
117 91

CITY OF MALIBU

CALLE DEL BARCO LMD SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Budgeted Amounts
Original Final Actual

REVENUES
Taxes 87,050$ 87,050$ 85,371$ (1,679)$
Use of money and property 3,000 3,000 3,538 538
Total revenues 90,050 90,050 88,909 (1,141)

EXPENDITURES
Current:

Public works 63,631 63,631 60,088 3,543
Capital outlay 20,000 20,000 20,000 -
Total expenditures 83,631 83,631 80,088 3,543
Revenues over (under) expenditures 6,419$ 6,419$ 8,821 2,402$ FUND BALANCE - BEGINNING 90,719
FUND BALANCE - ENDING 99,540$
Final Budget
Positive/
(Negative)
Variance with
118 92

CITY OF MALIBU

COMMERCIAL REAL ESTATE RENTAL ENTERPRISE FUND

SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION

BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Actual Final Budget
Budgeted Amounts Budgetary (Budgetary Positive/
Original Final Actual Adjustments Basis) (Negative)

OPERATING REVENUES
Charges for sales and services:

Property-related income 1,611,564 $ 1,611,564 $ 1,611,534 $ -$ 1,611,534 $ (30) $ Other operating income 150,000 150,000 158,088 - 158,088 8,088 Total operating revenues 1,761,564 1,761,564 1,769,622 - 1,769,622 8,058

OPERATING EXPENSES
Personnel services 119,637 119,637 110,341 - 110,341 9,296 Professional and
contractual services 521,500 521,500 399,477 - 399,477 122,023 Repairs and maintenance 120,000 120,000 99,851 - 99,851 20,149 Utilities 223,900 223,900 180,448 - 180,448 43,452
Supplies 6,800 6,800 1,214 - 1,214 5,586
Total operating expenses 991,837 991,837 791,331 - 791,331 200,506 Operating income
before depreciation 769,727 769,727 978,291 - 978,291 208,564 Depreciation expense - 1,329,323 - (1,329,323) - -
Operating income/(loss) 769,727 769,727 (351,032) 1,329,323 978,291 208,564

NONOPERATING

REVENUES (EXPENSES)
Investment and interest income 31,000 31,000 35,374 - 35,374 4,374 Interest expense (437,001) (437,001) (457,925) - (457,925) (20,924) Principal payments on debt (655,000) (655,000) (655,000) - (655,000) - Total nonoperating
revenues (expenses) (1,061,001) (1,061,001) (422,551) (655,000) (1,077,551) (16,550) Change in net position $ (291,274) (291,274) $ (773,583) 674,323$ $ (99,260) $ 192,014 NET POSITION - BEGINNING 19,110,261
NET POSITION - ENDING $ 18,336,678
119 93

CITY OF MALIBU

WASTEWATER TREATMENT ENTERPRISE FUND

SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION

OPERATING REVENUES
Charges for sales and services:

Sewer service fees 2,300,000 $ 2,300,000 $ 2,280,065 $ - $ 2,280,065 $ (19,935) $

OPERATING EXPENSES
Personnel services 94,476 94,476 97,380 - 97,380 (2,904) Professional and
contractual services 287,500 287,500 244,080 - 244,080 43,420 Repairs and maintenance 1,417,000 1,426,000 1,441,761 - 1,441,761 (15,761) Utilities 222,000 222,000 221,037 - 221,037 963
Supplies 42,000 42,000 16,893 - 16,893 25,107
Total operating expenses 2,062,976 2,071,976 2,021,151 - 2,021,151 50,825 Operating income
before depreciation 237,024 228,024 258,914 - 258,914 30,890 Depreciation expense - - 1,040,235 (1,040,235) - -
Operating income/(loss) 237,024 228,024 (781,321) 1,040,235 258,914 30,890

NONOPERATING

REVENUES (EXPENSES)
Investment and interest income 81,000 81,000 80,738 - 80,738 (262) Interest expense (2,000) (2,000) (3,531) - (3,531) (1,531) Total nonoperating
revenues (expenses) 79,000 79,000 77,207 - 77,207 (1,793) Income/(loss) before
capital activities 316,024 307,024 (704,114) 1,040,235 336,121 29,097 Change in net position $ 307,024 316,024 $ (704,114) $ 1,040,235 $ 336,121 $ 29,097 $ NET POSITION - BEGINNING 56,156,710
NET POSITION - ENDING $ 55,452,596
120 94

CITY OF MALIBU

FIDUCIARY FUNDS

COMBINING STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2024
Custodial Funds
Civic Center
Carbon Wastewater Total
Beach Broad Treatment Custodial
CFD Beach AD Facility AD Funds
ASSETS
Cash and cash equivalents 286,450$ 119,170$ $ 3,736,662 $ 4,142,282 Cash and cash equivalents with fiscal agents 219,319 158,047 4,066,715 4,444,081 Due from other governments 10,723 3,108 40,176 54,007
Total assets 516,492 280,325 7,843,553 8,640,370

LIABILITIES
Accounts payable 1,478 705 1,300 3,483

NET POSITION
Restricted for individuals, other
organizations, and governments 515,014$ 279,620$ $ 7,842,253 $ 8,636,887 121 95

CITY OF MALIBU

FIDUCIARY FUNDS

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2024
Custodial Funds
Civic Center
Carbon Wastewater Total
Beach Broad Treatment Custodial
CFD Beach AD Facility AD Funds

ADDITIONS
Collections from special assessments 236,217$ 136,563$ $ 2,326,190 $ 2,698,970 Investment earnings 6,600 9,941 291,538 308,079
Total additions 242,817 146,504 2,617,728 3,007,049

DEDUCTIONS
Payments for administrative charges 22,656 8,539 25,061 56,256 Interest payments 76,788 79,168 741,098 897,054
Payments for special assessment debt 130,000 55,000 1,539,784 1,724,784 Total deductions 229,444 142,707 2,305,943 2,678,094
Net increase in net position 13,373 3,797 311,785 328,955 NET POSITION - BEGINNING 501,641 275,823 7,530,468 8,307,932 NET POSITION - ENDING 515,014$ 279,620$ $ 7,842,253 $ 8,636,887 122 96

STATISTICAL SECTION
(UNAUDITED)
This part of the City of Malibu’s Annual Comprehensive Financial Report presents detailed information as a context for understanding what the information says about the government’s overall financial health.

Contents
Financial Trends
These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time.

Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local revenue source - property tax.

Debt Capacity
These schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future.

Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place.

Data on the largest employers in the City is not currently available.

Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs.

Sources: Unless otherwise noted, the information in these schedules is derived from the Annual Comprehensive Financial Reports for the relevant year. 123

THIS PAGE INTENTIONALLY LEFT BLANK
124
125 97

CITY OF MALIBU
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Fiscal
2015 2016 2017 2018 2019 2020
Governmental activities
Net investment in capital assets $ 56,421 $ 47,850 $ 48,132 $ 48,033 $ 66,651 $ 70,790 Restricted 3,128 3,109 1,339 1,447 4,206 5,181
Unrestricted 21,174 23,870 30,394 35,743 24,395 42,408
Total net position $ 80,723 $ 74,829 $ 79,865 $ 85,223 $ 95,252 $118,379 Business-type activities
Net investment in capital assets $ 22,931 $ 34,153 $ 62,921 $ 77,438 $ 78,127 $ 77,083 Restricted 11 3,323 3,985 4,350 3,403 3,440
Unrestricted 2,220 6,802 6,264 6,336 9,234 8,113
Total net position $ 25,162 $ 44,278 $ 73,170 $ 88,124 $ 90,764 $ 88,636 Primary government
Net investment in capital assets $ 79,352 $ 82,003 $111,053 $125,471 $144,778 $147,873 Restricted 3,139 6,432 5,324 5,797 7,609 8,621
Unrestricted 23,394 30,672 36,658 42,079 33,629 50,521
Total net position $105,885 $119,107 $153,035 $173,347 $186,016 $207,015 Source: City of Malibu, Finance Department
126 98
Year
2021 2022 2023 2024
$ 75,398 $ 75,315 $ 75,848 $ 77,663
5,613 5,994 6,546 6,463
50,728 66,752 78,761 88,162
$131,739 $148,061 $161,155 $172,288
$ 74,340 $ 73,112 $ 70,688 $ 69,034
- - 1 1
3,678 3,503 4,578 4,755
$ 78,018 $ 76,615 $ 75,267 $ 73,790
$149,738 $148,427 $146,536 $146,697
5,613 5,994 6,547 6,464
54,406 70,255 83,339 92,917
$209,757 $224,676 $236,422 $246,078
127 99

CITY OF MALIBU
Changes in Net Position- Last Ten Fiscal Years
(accrual basis of accounting) (amounts expressed in thousands) Fiscal
2015 2016 2017 2018 2019 2020
Expenses
Governmental activities:

Legislative and advisory $ 1,769 $ 1,757 $ 1,538 $ 1,529 $ 1,825 $ 1,638 General government 4,917 5,395 5,506 6,268 6,664 6,810
Public safety 6,667 6,860 7,437 7,985 8,372 9,072
Community development 4,882 5,240 5,622 5,878 6,373 6,478 Community services 2,509 2,667 2,497 2,952 3,173 2,773
Public works 5,827 4,746 4,405 5,392 8,798 10,041
Interest on long-term debt 1,182 1,110 1,197 1,229 2,008 2,162 Total governmental activites expenses 27,753 27,775 28,202 31,233 37,213 38,974 Business type activities:

Commercial real estate rental 2,624 2,293 2,243 2,180 2,423 2,576 Wastewater treatment - - 1,368 1,252 1,173 2,957
Total business type activites expenses 2,624 2,293 3,611 3,432 3,596 5,533 Total primary government expenses $ 30,377 $ 30,068 $ 31,813 $ 34,665 $ 40,809 $ 44,507 Program Revenues
Governmental activities:

Charges for services
Legislative and advisory $ 20 $ 63 $ 1 $ 1 $ 1 $ -
General government 747 757 704 775 633 431
Public safety 801 768 761 933 956 1,381
Community development 3,876 4,920 4,759 5,310 5,109 6,389 Community services 631 556 566 532 694 388
Public works 504 491 544 517 571 558
Operating grants 1,359 1,120 1,270 1,887 1,822 2,166
Capital grants and contributions 4,262 55 373 1,217 9,311 7,415 Total governmental activites program revenues 12,200 8,730 8,978 11,172 19,097 18,728 Business-type activities
Charges for services:

Commercial real estate rental 2,030 2,183 1,786 1,920 1,583 1,513 Wastewater treatment - - 269 210 1,088 1,607
Operating grants - - - 185 293 101
Capital grants and contributions - 9,309 30,694 16,370 1,318 - Total business-type activities program revenues 2,030 11,492 32,749 18,685 4,282 3,221 Total primary government program revenues $ 14,230 $ 20,222 $ 41,727 $ 29,857 $ 23,379 $ 21,949 Net (Expense)/Revenue
Governmental activities $ (15,553) $ (19,045) $ (19,224) $ (20,061) $ (18,116) $ (20,246) Business-type activities (594) 9,199 29,138 15,253 686 (2,312) Total primary government net expenses $ (16,147) $ (9,846) $ 9,914 $ (4,808) $ (17,430) $ (22,558) General Revenues and Other Changes in Net Position
Governmental activities:

Taxes
Property $ 10,349 $ 11,134 $ 11,911 $ 12,749 $ 13,659 $ 14,280 Utility users 2,577 2,389 2,376 2,316 2,094 2,164
Transient occupancy 1,984 2,620 3,287 4,677 4,550 4,951 Franchise 795 778 708 722 666 663
Sales 3,489 3,071 3,737 3,542 3,710 3,788
Parking occupancy 366 391 427 420 385 392
Motor vehicle in lieu 6 5 6 7 6 10
Investment earnings 108 188 171 391 999 1,182
Other 1,506 2,481 1,147 1,108 1,936 1,248
Transfers 505 (9,907) 490 529 140 233
Extraordinary item - - - - - 14,461
Total governmental activities 21,685 13,150 24,260 26,461 28,145 43,372 Business-type activities
Investment earnings 10 11 55 148 300 232
Other - - 189 82 1,794 186
Transfers (505) 9,907 (490) (529) (140) (233)
Total business-type activites (495) 9,918 (246) (299) 1,954 185 Total primary government $ 21,190 $ 23,068 $ 24,014 $ 26,162 $ 30,099 $ 43,557 Changes in Net Position
Governmental activities $ 6,132 $ (5,895) $ 5,036 $ 6,400 $ 10,029 $ 23,126 Business activities (1,089) 19,117 28,892 14,954 2,640 (2,127) Total primary government $ 5,043 $ 13,222 $ 33,928 $ 21,354 $ 12,669 $ 20,999 Source: City of Malibu, Finance Department
100 128
Year
2021 2022 2023 2024
$ 2,036 $ 1,862 $ 1,713 $ 2,780
7,459 5,562 9,131 10,586
9,909 11,174 11,962 13,718
5,988 6,846 8,763 10,558
2,592 3,147 3,594 4,161
10,385 8,188 8,199 15,197
2,135 2,101 2,059 2,016
40,504 38,880 45,421 59,016
2,512 2,455 2,490 2,579
11,551 2,942 2,951 3,065
14,063 5,397 5,441 5,644
$ 54,567 $ 44,277 $ 50,862 $ 64,660
$ 2 $ - $ 2 $ -
725 869 856 734
1,581 1,733 1,720 1,268
6,489 7,092 7,684 7,915
285 618 637 514
576 595 649 608
4,811 2,366 5,213 3,071
6,521 313 702 7,702
20,990 13,586 17,463 21,812
1,515 1,538 1,575 1,770
1,611 2,211 2,260 2,280
123 160 - -
- - - -
3,249 3,909 3,835 4,050
$ 24,239 $ 17,495 $ 21,298 $ 25,862
$ (19,514) $ (25,294) $ (27,958) $ (37,204)
(10,814) (1,488) (1,606) (1,594)
$ (30,328) $ (26,782) $ (29,564) $ (38,798)
$ 15,106 $ 16,055 $ 17,858 $ 18,468
2,362 2,655 3,058 3,028
7,904 10,338 9,531 9,321
698 751 817 840
4,337 5,789 6,406 9,744
545 496 484 505
9 15 11 13
42 (454) 1,812 4,768
1,854 5,967 1,075 1,651
18 4 - -
- - - -
32,875 41,616 41,052 48,338
51 21 96 116
162 68 162 -
(18) (4) - -
195 85 258 116
$ 33,070 $ 41,701 $ 41,310 $ 48,454
$ 13,361 $ 16,322 $ 13,094 $ 11,134
(10,619) (1,403) (1,348) (1,478)
$ 2,742 $ 14,919 $ 11,746 $ 9,656
101 129

CITY OF MALIBU
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal
2015 2016 2017 2018
General Fund
Nonspendable $ 540 $ 284 $ 591 $ 520
Restricted 2,365 2,310 20 262
Committed 3,335 2,545 2,624 3,171
Assigned 1,291 2,238 2,311 1,977
Unassigned 20,284 23,468 28,852 34,970
Total General Fund 27,815 30,845 34,398 40,900
All Other Governmental Funds
Nonspendable - - - -
Restricted 764 798 1,319 1,426
Committed 503 16 1,987 1,973
Assigned - - - -
Unassigned (1,329) (93) (2,034) (2,065)
Total All Other Governmental Funds (62) 721 1,272 1,334 Total All Governmental Funds $ 27,753 $ 31,566 $ 35,670 $ 42,234 Source: City of Malibu, Finance Department
102 130
Year
2019 2020 2021 2022 2023 2024
$ 862 $ 350 $ 606 $ 400 $ 222 $ 110
2,824 1,742 1,145 1,108 1,099 1,094
1,826 1,651 971 1,510 2,448 8,400
4,927 15,234 10,005 13,926 13,561 11,671
21,890 30,687 45,267 55,163 67,826 74,033
32,329 49,664 57,994 72,107 85,156 95,308
- 1 - - - -
1,395 2,623 2,272 2,936 3,762 3,916
1,384 964 1,197 1,656 1,186 7,290
- - - - - -
(1,540) (1,158) (1,869) (2,138) (1,692) (8,414)
1,239 2,430 1,600 2,454 3,256 2,792
$ 33,568 $ 52,094 $ 59,594 $ 74,561 $ 88,412 $ 98,100
103 131

CITY OF MALIBU
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal
2015 2016 2017 2018
Revenues
Taxes $ 20,735 $ 22,119 $ 23,747 $ 25,748
Fines and forfeitures 801 768 761 933
Intergovernmental 5,758 2,060 1,664 3,114
Investment income 108 188 171 391
Charges for services 5,382 6,358 6,064 6,684
Other 363 1,696 305 185
Total Revenues 33,147 33,189 32,712 37,055
Expenditures
Legislative and advisory 1,778 1,754 1,535 1,526
General government 4,225 4,698 4,971 5,383
Public safety 6,666 6,841 7,420 7,973
Community development 5,023 5,239 5,610 5,862
Community services 2,298 2,595 2,381 2,653
Public works 2,757 3,082 3,225 2,949
Capital outlay 6,902 1,567 12,176 2,601
Debt Service
Issuance of debt financing 418 - 1,613 -
Principal 556 587 607 807
Interest 1,201 1,130 1,258 1,300
Total Expenditures 31,824 27,493 40,796 31,054
Excess of revenues over/(under) expenditures 1,323 5,696 (8,084) 6,001 Other Financing Sources/(Uses)
Transfers in 7,665 4,340 1,448 3,175
Transfers out (7,160) (6,322) (958) (2,646)
Long term debt issued/refunding payments 82 99 11,698 34 Other - - - -
Total other financing sources 587 (1,883) 12,188 563
Extraordinary items - - - -
Net change in fund balances $ 1,910 $ 3,813 $ 4,104 $ 6,564 Debt service as a percentage of noncapital expenditures 6.4% 6.4% 6.5% 7.0% Source: City of Malibu, Finance Department
104 132
Year
2019 2020 2021 2022 2023 2024
$ 26,095 $ 27,298 $ 33,020 $ 38,194 $ 39,697 $ 43,245
956 1,381 1,582 1,733 1,721 1,509
10,461 3,641 9,533 3,181 6,223 10,540
999 1,182 42 (454) 1,812 4,768
6,484 7,250 7,542 8,623 9,243 9,193
1,058 652 265 4,339 65 215
46,053 41,404 51,984 55,616 58,761 69,470
1,822 1,634 2,033 1,858 1,709 2,777
5,701 5,637 6,160 6,666 7,063 8,215
8,250 9,046 9,811 11,116 11,765 13,605
6,357 6,471 5,982 6,839 8,752 10,548
2,879 2,516 2,337 2,879 3,275 3,878
6,423 7,148 6,466 5,555 5,933 6,284
45,099 3,454 8,611 2,576 3,246 11,355
331 - - - - -
848 860 881 1,003 1,051 1,100
1,943 2,271 2,244 2,212 2,172 2,128
79,653 39,037 44,525 40,704 44,966 59,890
(33,600) 2,367 7,459 14,912 13,795 9,580
2,870 2,210 8,054 2,214 1,850 9,597
(2,730) (1,977) (8,037) (2,211) (1,850) (9,597)
24,794 - 24 52 55 109
- - - - - -
24,934 233 41 55 55 109
- 15,926 - - - -
$ (8,666) $ 18,526 $ 7,500 $ 14,967 $ 13,850 $ 9,689

7.7% 8.3% 8.0% 8.0% 7.4% 5.7%
105 133
City
Fiscal Year Taxable Total
Ended SBE Assessed Direct Rate
June 30 Residential Commercial Industrial Vacant Others Unsecured Nonunitary Value (Note 1) (Note 2) 2015 11,160,366 $ 628,123 $ 62,408 $ 827,167 $ 103,250 $ 94,771 $ -$ $ 12,876,085 0.06737 2016 12,002,314 708,495 63,655 886,735 116,709 96,722 - 13,874,630 0.06759 2017 12,878,350 741,654 64,625 923,983 121,756 91,240 - 14,821,609 0.06777 2018 13,751,499 806,138 65,918 916,682 128,755 108,163 - 15,777,156 0.06793 2019 14,657,850 849,808 67,236 1,120,869 125,915 104,025 - 16,925,704 0.06810 2020 15,332,215 875,520 68,581 1,197,529 134,577 111,122 - 17,719,544 0.06821 2021 16,120,507 911,318 69,953 1,158,981 145,240 120,926 - 18,526,924 0.06830 2022 17,019,898 944,224 70,677 1,264,984 141,540 125,331 - 19,566,655 0.06842 2023 18,743,104 1,010,692 72,091 1,335,449 144,321 140,355 - 21,466,012 0.06859 2024 20,282,701 1,060,910 73,533 1,438,391 151,785 148,478 - 23,155,798 0.06873 Notes:

Source: Los Angeles County Assessor 2014/15 - 2023/24 Combined Tax Rolls Note 1: In 1978, the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed as a result of new construction activity or at the time it is sold to a new owner. At that point, the property is re-assessed based upon the added value of the construction or at the purchase price (market value) or economic value of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.

Note 2: Total Direct Rate is the weighted average of all individual direct rates applied by the City.

Secured

CITY OF MALIBU
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
(amounts expressed in thousands)
106 134
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Basic Levy (1) 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 Overlapping Rates (2):

Metropolitan Water District 0.00350 0.00350 0.00350 0.00350 0.00350 0.00350 0.00350 0.00350 0.00350 0.00350 Santa Monica Community College Dist 0.05873 0.06010 0.05886 0.06845 0.06270 0.07883 0.07854 0.06487 0.07093 0.07309 Santa Monica-Malibu Unified 0.07636 0.07066 0.07006 0.07397 0.06171 0.08100 0.07443 0.08264 0.08050 0.06851 Total Direct & Overlapping Tax Rates 1.13859 1.13426 1.13242 1.14592 1.12791 1.16333 1.15647 1.15101 1.15493 1.14510 City's Share of 1% Levy Per Prop 13 (Note 3) 0.07044 0.07044 0.07044 0.07044 0.07044 0.07044 0.07044 0.07044 0.07044 0.07044 Total Direct Rate (Note 4) 0.06737 0.06759 0.06777 0.06793 0.06810 0.06821 0.06830 0.06842 0.06859 0.06873 Notes:

Note 1: In 1978, California voters passed Proposition 13 which set the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxin agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage o assessed property values for the payment of any voter approved bonds Note 2: Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapping rates apply to a city property owners.

Note 3: City's Share of 1% Levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the city The Education Revenue Augmentation Fund (ERAF) portion of the City's Levy has been subtracted where known Note 4: Total Direct Rate is the weighted average of all individual direct rates applied by the City and excludes revenues derived from aircraft.

Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rate areas. Challenges to recognized enforceable obligations are assumed to have been resolved during 2012/13. For the purposes of this report, residual revenue is assumed to be distributed to the City in the same proportions as general fund revenue.

Source: HdL Coren & Cone / Los Angeles County Assessor 2014/15 - 2023/24 Tax Rate Table

CITY OF MALIBU
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
107 135
Taxpayer
Taxable
Assessed
Value
Percent of
Total City
Taxable
Assessed
Value
Taxable
Assessed
Value
Percent of
Total City
Taxable
Assessed
Value
27600 PCH LLC 1 195,633 $ 0.84%
Blue Heaven Paradise LLC 2 180,540 0.78%
HRL Laboratories LLC 3 157,362 0.68% 1 103,691$ 0.81%
Carbonview Limited LLC 4 133,388 0.58% 3 88,339 0.69%
Malibu Realty LLC 5 123,213 0.53% 2 89,137 0.69%
22310 PCH LLC 6 112,646 0.49%
Malibu Family Estate 7 100,000 0.43%
22108 PCH LLC 8 94,819 0.41%
28060 Sea Lane LLC 9 90,450 0.39%
33064 Pacific 10 88,179 0.38%
Jamestown Premier Malibu Villa 4 78,897 0.61%
Goldman Sachs Trust 5 74,838 0.58%
KW Malibu Colony Plaza LLC 6 68,003 0.53%
Glimcher Properties LP 7 66,062 0.51%
2XMD Partners LLC 8 59,576 0.46%
Carlyle CP Malibu Limited Partnership 9 59,084 0.46%
Wavebreak LLC 10 52,272 0.41%
$ 1,276,230 5.51% 739,899 $ 5.75%
Source: HdL Coren & Cone / Los Angeles County Assessor 2023/24 Combined Tax Rolls and the SBE Non Unitary Tax Roll

CITY OF MALIBU
2024 2015
Principal Property Tax Payers
Current Year and Nine Years Ago
(amounts expressed in thousands)
108 136
Fiscal Collected within the Collections
Year Taxes Levied Fiscal Year of Levy in
Ended for the Percent Subsequent Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy 2015 8,699,487 $ 8,512,581 $ 97.85% 185,697 $ 8,698,278 $ 99.99% 2016 9,425,908 9,208,295 97.69% 188,989 9,397,284 99.70% 2017 10,081,189 9,737,073 96.59% 336,303 10,073,376 99.92% 2018 10,816,065 10,401,173 96.16% 407,388 10,808,561 99.93% 2019 11,640,316 11,289,896 96.99% 278,968 11,568,864 99.39% 2020 12,236,702 11,821,468 96.61% 286,286 12,107,753 98.95% 2021 12,850,881 12,367,279 96.24% 364,736 12,732,015 99.08% 2022 13,560,723 12,504,053 92.21% 740,632 13,244,685 97.67% 2023 14,849,370 14,405,574 97.01% 801,152 15,206,726 102.41% 2024 16,185,610 15,667,094 96.80% 372,573 16,039,667 99.10% Source: County of Los Angeles Assessor
City of Malibu, Finance Department
Total Collections to Date

CITY OF MALIBU
Property Tax Levies and Collections
Last Ten Fiscal Years
109 137

CITY OF MALIBU
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
(amounts expressed in thousands, except per capita)
Certificates Unamortized Certificates Unamortized Total Percent of Percent of Fiscal of Lease (Discounts) of Loans (Discounts) Primary Personal Assessed Per Year Participation Liabilities Premiums Participation Payable Premiums Government Income Valuation Capita 2015 24,445 $ $ - 527$ $ 15,615 $ - 482$ $ 41,069 5.680% 0.319% 3,208 $ 2016 23,885 72 506 15,025 57 464 40,009 5.346% 0.288% 3,121 2017 32,305 3,908 46 14,455 48 446 51,208 6.602% 0.345% 4,004 2018 31,540 3,734 38 13,880 39 428 49,659 6.158% 0.315% 3,908 2019 54,385 4,633 36 13,300 410 - 72,764 8.554% 0.430% 6,219 2020 53,545 17 4,421 12,710 - 392 71,085 7.777% 0.401% 6,621 2021 52,680 24 4,210 12,105 - 374 69,393 7.096% 0.375% 6,507 2022 51,700 53 3,999 11,485 - 356 67,593 6.869% 0.345% 6,348 2023 50,680 77 3,787 10,850 - 337 65,731 7.636% 0.306% 6,178 2024 49,620 147 3,576 10,195 - 320 63,858 N/A 0.276% 6,012 Notes:

N/A - Information is not available or not required for these years.

Source: City of Malibu, Finance Department
Personal Income for Malibu is not available, but it is estimated by prorating the personal income of the Los Angeles-Long BeachSanta Ana Area based on the Malibu population.

Business-type
Activities
Governmental
Activities
110 138

CITY OF MALIBU
Direct Governmental and Overlapping Bonded Debt
As of June 30, 2024
Percent
Total Debt Applicable City's Share of
Overlapping Tax and Assessment Debt: 6/30/2024 To City (1) Debt 6/30/2024 Metropolitan Water District 18,210,000 $ 0.598% 108,896 $ Santa Monica Community College District 689,453,241 31.065% 214,178,649 Santa Monica-Malibu Unified School District 513,360,000 31.009% 159,187,802 Santa Monica-Malibu Unified School District
School Facilities Improvement District No. 2 90, 025,000 90.037% 81,055,809 City of Malibu Community Facilities District No. 2006-1 2,580,000 100.000% 2,580,000 City of Malibu Broad Beach Assessment District 1,420,000 97.377% 1,382,753 City of Malibu Assessment District No. 2015-1 3,475,000 100.000% 3,475,000 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 461,968,909 Direct and Overlapping Governmental Debt:

Los Angeles County General Fund Obligations 2,479,229,730 1.155% 28,635,103 Los Angeles Superintendent of Schools COP 2,857,300 1.155% 33,002 Santa Monica-Malibu Unified School District COP 24,143,969 31.009% 7,486,803 City of Malibu Certificates of Participation 49,620,000 100.000% 49,620,000 City of Malibu COPs Deferred/Discounts/Premiums 3,575,826 100.000% 3,575,826 City of Malibu Lease Liabilities 146,809 100.000% 146,809 TOTAL DIRECT AND OVERLAPPING GOVERNMENTAL DEBT $ 89,497,543 SUBTOTAL DIRECT DEBT (2) $ 53,342,635
SUBTOTAL GROSS OVERLAPPING DEBT $ 498,123,817
SUBTOTAL NET OVERLAPPING DEBT $ 498,123,817
GROSS COMBINED TOTAL DEBT (3) $ 551,466,452
NET COMBINED TOTAL DEBT $ 551,466,452
2023-24 Assessed Valuation $ 23,155,798,056
Ratios to 2023-24 Assessed Valuation:

Overlapping Tax and Assessment Debt 2.00%
Total Direct Debt ($53,342,635) 0.23%
Net Combined Total Debt 2.38%
Note 1: The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value.

Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.

Note 2: Excludes Refunding Certificate of Participation 2015A and a portion of Refunding Certificate of Participation 2015B which are supported by enterprise revenue.

Note 3: Excludes tax and revenue anticipation notes, enterprise revenue, and mortgage revenue obligations.

Source: California Municipal Statistics
111 139

CITY OF MALIBU
Legal Debt Margin Information
Last Ten Fiscal Years
(amounts in thousands)
Legal Debt Margin Calculation for the Current Year:

Assessed value 23,155,798 $
Debt limit (15% of assessed value) 3,473,370
Debt applicable to limit (see Note) -
Legal debt margin - Current Year $ 3,473,370
Debt Legal Debt as
Fiscal Debt Applicable Debt Percentage
Year Limit to Limit Margin of Limit
2015 1,931,413 $ - $ 1,931,413 $ 0%
2016 2,081,195 - 2,081,195 0%
2017 2,223,241 - 2,223,241 0%
2018 2,366,573 - 2,366,573 0%
2019 2,538,856 - 2,538,856 0%
2020 2,657,932 - 2,657,932 0%
2021 2,779,039 - 2,779,039 0%
2022 2,934,998 - 2,934,998 0%
2023 3,216,902 - 3,216,902 0%
2024 3,473,370 - 3,473,370 0%
Source: City of Malibu, Finance Department
Note: The City's Certificates of Participation are not general obligation debt and, consequently, are excluded from the calculation.
112 140

CITY OF MALIBU
Demographic and Economic Statistics
Last Ten Fiscal Years
Personal Per Capita
City Income Personal Unemployment
Year Population Population (in thousands) Income Rate
2015 12,804 13,256,931 723,002,680 $ 54,538$ 6.40%
2016 12,818 13,295,906 748,381,829 56,287 5.20%
2017 12,788 13,309,287 775,685,639 58,282 4.60%
2018 12,707 13,285,814 806,414,541 60,697 4.50%
2019 11,700 13,236,839 851,030,974 64,293 4.20%
2020 10,736 13,178,547 917,713,888 69,637 16.60%
2021 10,665 12,970,073 977,061,793 75,332 9.30%
2022 10,648 12,870,137 987,908,883 76,760 4.50%
2023 10,640 12,799,100 1,035,420,068 80,898 4.70%
2024 10,621 N/A N/A N/A 5.50%
Note (1)
Note (2) N/A - Information is not available for those years Sources: Unemployment Rates from the Bureau of Labor Statistics Personal Income from the Bureau of Economic Analysis
City Population from the State Department of Finance
Los Angeles-Long Beach-Anaheim
CA Metropolitan Statistical Area (Note 1)
The personal income and unemployment rates are not available for the City of Malibu exclusively. Therefore, the City is disclosing information for the Metropolitan Service Area that includes Malibu.
113 141

CITY OF MALIBU
Full-Time Equivalent City Government Employees by Function/Program Last Ten Fiscal Years
Function/Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 General Government
Management and Administrative Services 17.43 17.93 21.93 23.43 22.43 20.25 19.00 20.00 22.00 23.00 City Clerk
City Clerk and Records Management 2.00 2.00 2.00 2.00 2.00 2.00 3.00 3.00 3.00 3.00 Community Services
Recreation and Park Maintenance 19.44 19.37 20.81 21.37 21.27 17.67 22.77 22.69 22.69 19.39 Environmental Sustainability
Building Safety and Permit Services 15.50 15.50 15.50 17.50 18.50 18.00 17.00 20.00 21.00 21.00 Planning
Planning and Code Enforcement 19.50 19.50 21.00 21.25 22.50 20.00 23.00 26.00 29.00 20.50 Public Safety
Emergency Preparedness 1.00 1.00 1.00 2.00 3.00 3.50 3.00 4.50 4.50 4.50 Public Works
Public Works and Engineering 7.00 9.00 7.00 9.00 9.00 10.00 10.00 11.00 12.00 12.00 Source: City of Malibu, Finance Department
114 142

CITY OF MALIBU
Indicators of Demand or Level of Service
Last Ten Fiscal Years
Function/Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Recreation
Use of Facilities (hours) 15,378 15,220 15,665 16,829 16,484 14,930 17,945 16,635 20,423 21,224 Visitors Served 165,477 150,160 139,822 172,358 100,175 126,603 146,096 128,564 181,140 185,690 Police
Physical arrests 1,037 975 812 1,047 779 924 1,080 772 550 676 Parking violations 8,535 11,302 12,936 15,225 17,305 28,354 29,929 24,985 15,382 18,192 Traffic violations 22,140 19,214 7,294 8,365 7,711 10,173 7,974 7,628 6,028 7,569 Community Development
Permits Issued 1,793 1,972 1,798 1,719 2,338 2,523 2,444 2,276 2,166 2,336 In-house Plan Checks 608 636 620 457 442 946 681 829 649 762 Off-site Plan Checks 191 335 274 433 660 387 646 521 679 716 Public Works
In-house Plan Checks 492 592 493 851 995 1,155 1,148 886 972 1,653 Encroachment Permits Issued 187 396 150 153 217 208 291 278 261 345 Source: City of Malibu, Various Departments
115 143

CITY OF MALIBU
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Function/Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Fire Protection
Fire Stations 4 4 4 4 4 4 4 4 4 4
Fire Engines 6 6 6 6 6 6 6 6 6 6
Other Fire Vehicles 9 9 9 9 9 9 9 9 9 9
Fire Personnel* 54 54 54 54 54 54 54 54 54 54
Paramedic Squads* 2 2 2 2 222222
Police
Police Vehicles 15 15 15 15 15 15 15 15 17 17
Sworn Personnel** 24 24 24 24 24 24 24 24 28 28
Non-Sworn Personnel** 1 1 1 1 111111
Community Service
Parks and Park Trails 5 5 5 5 555555
Park Acreage 18 18 18 18 18 20 20 20 20 20
Open Space Acreage 588 588 588 588 588 588 588 588 588 588 Vacant Land 0 0 35 35 66 67 67 67 67 67
Community Centers 1 1 1 1 1 1 1 1 1 1
Swimming Pools*** 1 1 1 1 1 1 1 1 1 1
Public Works
Miles of Streets 74 74 74 74 74 74 74 74 74 74
Miles of Sidewalks 12 12 12 12 12 12 12 12 12 12
Number of Intersections 270 270 270 270 270 270 270 270 270 270 Total Traffic Signals 5 5 5 5 666666
Miles of Storm Drains 5 5 5 5 5 5 5 5 5 5
* Fire services provided by contract with Los Angeles County Fire Department ** Police services provided by contract with Los Angeles County Sheriff's Department ***Swimming Pool owned by other entities but operated by City of Malibu Source: City of Malibu, Finance Department
116 144

Page 1 of 2 ends

Malibu City CouncilFebruary 24, 2025

Malibu City Council
February 24, 2025