Malibu City Council
February 23, 2026

Agenda Item # 1.B.6.

Council Agenda Report
To: Mayor Silverstein and the Honorable Members of the City Council Prepared by: Christina Muñoz, Deputy City Clerk
Reviewed by: Kelsey Pettijohn, City Clerk
Approved by: Rob DuBoux, Interim City Manager
Date prepared: February 1, 2026 Meeting date: February 23, 2026 Subject: Amendment to Professional Services Agreement with Record Xpress of California, LLC (DBA Access)
RECOMMENDED ACTION: Authorize the Mayor to execute Amendment No. 3 to Professional Services Agreement with Record Xpress of California LLC, (DBA Access), for storage of the City’s offsite records, services and transportation pertaining to records management to extend the term of the Agreement to December 31, 2027, update the fee schedule, and increase the not to exceed amount to $90,000.

FISCAL IMPACT: Funding for this Agreement was included in the Adopted Budget for FY 2025-26 in Account No. 100-7059-5720 (Non-Departmental Services - Off-site Storage).

Additional funding for this account is included in the FY 2025-26 Mid-year Budget to account for the additional costs of adding a large volume of records to off-site storage during FY 2025-26.

STRATEGIC PLAN IMPLEMENTATION: N/A.

DISCUSSION: The City has utilized offsite records storage since 1999. In 2005, the City of Malibu entered into a Professional Services Agreement with Fortress Records Management, purchased by Access in 2010, to store the City’s offsite records and other records related services. Access is currently providing offsite records storage and the City has over 1,364 boxes in storage.

As part of the City’s ongoing efforts to create additional workspace in City Hall to support recovery efforts and other operations, more project files have been moved to offsite storage. Changing records storage providers at this time would not be practical or feasible, City Council Meeting
02-23-26
Item

1.B.6.
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Agenda Item # 1.B.6.
especially while the City continues to prioritize recovery efforts, as continuity of service is critical to ensure integrity of records. Relocating a large volume of records and procuring a new vendor would be operationally disruptive and could significantly delay staff’s ability to request and receive project files in a timely manner. To accommodate the increase in stored boxes, additional retrieval fees, and the annual 5% price increase allowed under the agreement over the two additional years, it is necessary to increase the not to exceed amount from $50,000 to $90,000.

ATTACHMENTS: Amendment No. 3 to Professional Services Agreement 2 AMENDMENT NO. 3 TO AGREEMENT FOR PROFESSIONAL SERVICES THIS AMENDMENT NO. 3 TO AGREEMENT FOR PROFESSIONAL SERVICES is made and entered into on February 11, 2026, by and between the CITY OF MALIBU, a municipal corporation, hereinafter referred to as City , and Record Xpress of California, LLC, a Delaware Limited Liability Company, hereinafter referred to as Consultant . City and The City and the Consultant agree as follows:

R E C I T A L S
A. On February 10, 2020, the City entered into an Agreement with Consultant for consulting retrieval of City files and containers, and additions of new City files and containers), media vault services, and transportation services pertaining to records management services ).

B. On December 13, 2021, the City entered into Amendment No. 1 to the Agreement to extend the term to December 31, 2023, and updating the fee schedule.

C. On February 28, 2024, the City entered into Amendment No. 2 to the Agreement to extend the term to December 31, 2025, and update the fee schedule.

D. Pursuant to Amendment No. 2 to the Agreement, Consultant increased the prices in Price Schedules A, B, C, and D by 5%.

E. The Parties desires to amend the Agreement to extend the term through December 31, 2027, and Consultant has submitted a proposal for this purpose that is acceptable to the City.

NOW THEREFORE, in consideration of their mutual promises, obligations and covenants hereinafter contained, the Parties hereto agree as follows:

1. Section 2.0 Term of Agreement, of the Agreement, is hereby extended to December 31, 2027, the Renewal Term.

2. Section 4.0 Compensation for Services, of the agreement is hereby amended to increase the total not to exceed amount to $90,000 per year.

3. During the Renewal Term, Consultant may amend pricing and services in the Price Schedule from time to time, but no more than once per year, in its reasonable discretion upon thirty (30) days prior notice to the City, provided that charges for Services shall not be increased more than five percent (5%) during any one year during the Renewal Term of the Agreement.

4. The Parties further agree to replace the existing Agreement Pricing Schedules as outlined in the original Schedules A, B, C, and D with Price Schedules listed in Exhibit A attached to this amendment.

5. The Parties agree that this Amendment No. 3 will be considered signed when the signature of a party is delivered physically or by facsimile transmission or scanned 3 Amendment No. 3 to Agreement for Professional Services Record Xpress of California, LLC

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and delivered via electronic mail. Such facsimile or electronic mail copies will be treated in all respects as having the same effect as an original signature.

6. All terms and conditions of the Agreement not amended by this Amendment No. 3 remain in full force and effect
This Amendment No. 3 is executed on ______________________, at Malibu, California, and effective as of December 31, 2025.

CONSULTANT:

Record Xpress of California, LLC,
a Delaware limited liability Company, ____________________________________ By: Dawn Leonard Title: Vice President, Retention
CITY:

City of Malibu,
a municipal corporation
___________________________________ _
Bruce Silverstein, Mayor
ATTEST:
____________________________________
KELSEY PETTIJOHN, City Clerk
(seal)
APPROVED AS TO FORM: _____________________________________ TREVOR RUSIN, Interim City Attorney 4 Amendment No. 3 to Agreement for Professional Services Record Xpress of California, LLC

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Exhibit A

PRICE SCHEDULE
Pricing is quoted in USD dollars and is exclusive of all taxes.

Schedule A
City Of Malibu
Record Center Storage
Product Name Price Unit of Measure Additional
Description
Container storage - (per cu/ft) $0.6186 Per Cubic Foot Per 30 Days File Tracking $0.0310 Per Per File
Minimum Monthly Storage $125.1574 Per Invoice Per
30 Days Per Month
Initial Onboarding - Add New Container (per cu/ft) $2.5000 Per Cubic Foot Record Center Services
Product Name Price Unit of Measure Additional
Description
Destruction - Certified Shred Container (per cu/ft) $7.3615 Per Cubic Foot Plus Retrieval Plus retrieval
Add New Container (per cu/ft) $3.4709 Per Cubic Foot
Shelve Container $4.7412 Per Cubic Foot
Refile Container (per cu/ft) $5.2662 Per Cubic Foot
Permanent Removal File $6.3239 Per Cubic Foot
Plus Retrieval Plus retrieval
Retrieve File - Destruction $5.3313 Per Item
Destruction by Certified Shred - File (Boxed or Open
Shelf) $5.2676 Per Item Plus Retrieval Plus retrieval
Add New File $3.0924 Per Item
Refile File $5.3315 Per Item
Retrieve Container - Permanent Removal (per cu/ft) $5.2213 Per Cubic Foot Permanent Removal - Account Termination - Container $12.8381 Per Cubic Foot
plus retrieval and
dock access
Plus retrieval
Permanent Removal Container (per cu/ft) $6.7122 Per Cubic Foot Plus Retrieval Plus retrieval
Retrieve Container (per cu/ft) $5.2213 Per Cubic Foot
Retrieve File $5.3315 Per Item
Retrieve Container - Destruction (per cu/ft) $5.2213 Per Cubic Foot Retrieve File - Permanent Removal $5.3313 Per Item
Transportation Services
Product Name Price Unit of Measure Additional
Description
Transportation Handling - Container (per cu/ft) $3.0336 Per Cubic Foot Same Day Delivery / Pickup $84.1277 Per Trip
Wait Time (Minimum 1/4 Hour) $22.5546 Each
Standard Delivery / Pickup $66.9913 Per Trip
Rush Delivery $179.8244 Per Trip
After Hours Emergency Delivery $302.9838 Per Trip
Transportation Handling - File $2.3210 Per Item
Additional Stops (Multiple locations/recipients) $5.7878 Per Trip 5 Amendment No. 3 to Agreement for Professional Services Record Xpress of California, LLC

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Additional Services
Product Name Price Unit of Measure Additional
Description
Metro Market Surcharge $25.0000 Per Month
Access Premier Protect $59.0000 Per Month
Audit/Viewing/Floor Space Utilization Fee $57.8776 Per Hour Cancelled Request (per item) $7.5182 Per Item
Access Classic | Services Portal + Access Classic | Metrics $12.1551 Per Month Retrieve File - Expedited (Priority Surcharge) $4.5110 Per Item Dock Access - (per cu/ft) $3.0082 Per Cubic Foot
Repacking of Damaged Container $6.4869 Each plus cost of new container
Plus cost of new
container
Minimum Work Order Charge $13.4745 Per Order
Phone/Email Reference (Order Entry Fee) $12.4140 Per Order Retrieve Container - Expedited (Priority Surcharge) $4.7732 Per Cubic Foot File Not Found $6.0147 Per Item
Index File/Container information $0.8022
Administration Charge (Summary) $83.7908 Per Invoice
Minimum Work Order Charge $15.9700
Dock Access $3.0072 Per Item
File Folder Level Indexing / Data Entry Performed by
Access $0.9260 Per Item
Labor - Container 2 $104.2451
Dock Access - File $1.8521 Per Item
Container Level Data Entry Performed by Access $1.0241 Per Item Information Security Surcharge $26.7412 Per Invoice
Labor (per hour) $57.8776 Per Hour
Administration Charge (Detailed by Department) $70.7667 Per Invoice Inter-File Document $6.8272 Per Item
Record Center Materials
Product Name Price Unit of Measure Additional
Description
Legal Transfile Box / 10 Boxes & Lids Bundle $8.4973 Per Item Microfiche or Check / Individual Box $3.4731 Per Item
Drawing Bags / Individual Bag $5.7884 Per Item
Access Storage Container (10x12x15) $5.7401 Per Item
Legal Transfile/ Individual Box & Lid $12.2904 Per Item

1.2 Box Lid (No Box) / Individual Lid Only $2.4172 Per Item

2.4 Letter Transfile Box / 10 Boxes & Lids Bundle $6.5663 Per Item X-Ray / 20 Box Bundle $167.8644 Per Item

1.2 Standard Box / 10 Boxes & Lids Bundle $40.9681 Per Item X-Ray Box / Individual Box $5.7884 Per Item
Schedule B
City Of Malibu
Shredding Schedule Service
Product Name Price Unit of Measure Additional
Description
Executive Console - Scheduled Rotation / Plant $39.3833 Per Trip 65 Gallon Bin - Scheduled Rotation / Plant $46.1000 Per Trip 95 Gallon Bin - Scheduled Rotation / Plant $66.1640 Per Trip Shredding Service Minimum - Plant $35.0000 Per Trip
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65 Gallon Bin - Initial Delivery $0.0000 Per Item
Media Shredinator - Unscheduled Rotation / Plant $4.9187 Shredding Per Item
Product Name Price Unit of
Measure
Additional
Description
Shred - per Standard Banker Box - 1.2 Cuft $7.9370 Per Item Pickup Direct Destruction - per order $2.3153
Shredding Media
Product Name Price Unit of Measure Additional
Description
Shredding Service Minimum Hard Drives $29.4455 Per Item Shredding Additional Services
Product Name Price Unit of Measure Additional
Description
Deliver Shred key $5.0000 Per Item
Project Management - Recurring Shred $250.0000 Per Hour Flat Rate Shred Service $1,102.5000 Per Invoice
One Time Shred Service Minimum $119.7000 Per Trip
Project Management - One-Time Shred $262.5000 Per Hour
Labor - Shredding (per hour) $267.3947 Per Hour
Shredding Transportation
Product Name Price Unit of Measure Additional
Description
Scheduled Shred Rotation - Plant $47.5615 Per Trip
Shred Rotation - Attempted Shred Service $39.3568 Per Trip Unscheduled Shred Rotation $23.1510 Per Trip
Metro Market Service Fee $0.0000 Per Trip
Tier 3 Transportation $27.7812 Per Trip
Tier 4 Transportation $34.7265 Per Trip
Tier 2 Transportation $20.8359 Per Trip
Schedule C
City Of Malibu
Media Vault Storage
Product Name Price Unit of Measure Additional
Description
Media Storage - Slotted Tape $0.6708 Per Item
Media Case Storage - Large $1.3841 Per Item
Media Storage - Miscellaneous Media container $51.5365
Media Case Storage - Small $29.4495 Per Item
Media Vault Services
Product Name Price Unit of Measure Additional
Description
Retrieve Tape Container - Expedited (Priority Surcharge) $4.4168 Per Item Add New Tape $4.4900 Per Item
Add New Media Case - Small $3.6807 Per Item
Permanent Removal Small Media Case $14.3056 Per Item
Retrieve Tape $5.4294 Per Item
Destruction - per Tape $9.0914 Per Item
7 Amendment No. 3 to Agreement for Professional Services Record Xpress of California, LLC

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Media Handling / Permanent Removal Account Closing -
per individual item $2.2085
Retrieve Tape - Expedited (Priority Surcharge) $4.4168 Per Item Retrieve Small Media Case $4.4168 Per Item
Media Handling / Permanent Removal Account Closing -
per small container $11.7783
Permanent Removal Tape $6.9523 Per Item
Transportation Services
Product Name Price Unit of Measure Additional
Description
Unscheduled Next Day Media Delivery / Pickup $105.1625 Per Trip After Hours Media Transportation $315.4876 Per Trip
Transportation Handling - Tape Container $2.9444 Per Item Transportation Handling - Tape $3.1205 Per Item
Rush Media Transportation $139.8660 Per Trip
Schedule D
City Of Malibu
Conversion Services Business Process
Product Name Price Unit of Measure Additional
Description
Third Party Shipping Fees $1.0000 Per Order
Minimum Monthly Invoice Charge $169.3176 Per Invoice
Conversion Services Scan on Demand
Product Name Price Unit of Measure Additional
Description
Scan on Demand - Next Day Digital Delivery - per file $11.5755 Per File Scan on Demand - Same Day Digital Delivery (per file) $17.3633 Per File Scan on Demand - Rush Digital Delivery (per file) $34.7265 Per File Scan on Demand - After Hours Delivery (per file) $46.3022 Per File Storage charges are billed in advance, services billed in arrears.

Retrievals are limited to 50 items per day or additional fees may apply.

Fuel Surcharges apply to transportation activity and/or secure destruction services and will fluctuate Any services not quoted will be charged at the standard rates which are available upon request. 8 Amendment No. 3 to Agreement for Professional Services Record Xpress of California, LLC

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9 Amendment No. 3 to Agreement for Professional Services Record Xpress of California, LLC

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10 Amendment No. 3 to Agreement for Professional Services Record Xpress of California, LLC

255-9
11 Amendment No. 3 to Agreement for Professional Services Record Xpress of California, LLC

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Agenda Item # 1.B.7.

Council Agenda Report
To: Mayor Silverstein and the Honorable Members of the City Council Prepared by: Kristin Riesgo, Community Services Director Approved by: Rob DuBoux, Interim City Manager
Date prepared: February 2, 2026 Meeting date: February 23, 2026 Subject: Professional Services Agreement with Managed Career Solutions RECOMMENDED ACTION: Authorize the City Manager to execute a Professional Services Agreement with Managed Career Solutions, a Social Purpose Corporation, for erosion remediation and mitigation work and trail clearance at Charmlee Wilderness Park.

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

Funding for the work, tools, and all supporting costs will be provided by the United States Department of Labor's (DOL) Disaster Recovery National Dislocated Worker Grant (NDWG), administered by the California Employment Development Department (EDD) and issued by the City of Los Angeles Economic and Workforce Development Department (EWDD) and/or the State of California's General Fund administered by the California Workforce Development Board and issued by the County of Los Angeles Department of Economic Opportunity through Assembly Bill (AB) 109.

STRATEGIC PRIORITY: N/A
DISCUSSION: Managed Career Solutions (MCS) has been awarded grant funding to complete maintenance-related work with the City of Malibu at Charmlee Wilderness Park.

City staff worked with MCS to plan a two-phase repair project. Phase 1 involves trail clearance, while Phase 2 encompasses erosion remediation and mitigation. The remediation and mitigation work is expected to take four to six months to complete.

The City has previously executed and completed four different maintenance-related agreements with MCS at Charmlee Wilderness Park, Legacy Park, and Trancas Field. All work was completed at no cost to the City, resulting in cost savings of more than $1.25 Million for trail improvements, removal of non-native invasive species, and erosion remediation.

City Council Meeting
02-23-26
Item

1.B.7.
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Agenda Item # 1.B.7.

Funding Background
The Malibu area and much of California experienced strong storms from January 31, 2024, through February 9, 2024. As in the previous year, a sequence of multiple atmospheric rivers inundated many residents with heavy rain, snow, and flooding. The National Weather Service recorded February 2024 as the fourth wettest February in Downtown Los Angeles since records began in 1877, with over 12.56 inches of rain.

The storms produced road erosion, collapsed hillsides, and debris flows damage to public spaces and essential transportation routes across the state. On April 13, 2024, President Joseph Biden announced a Major Disaster Declaration (Declaration) in the State of California for areas affected by these severe winter storms, tornadoes, flooding, landslides, and mudslides. The Declaration provides a broad range of federal assistance for individuals and public infrastructure impacted by the storms. Los Angeles was one of the many counties included in the Declaration identified as needing clean-up and repair activities for damage caused by the aforementioned weather event.

The DOL announced an initial award of $2.8 million in dislocated worker grant funding to support cleanup and recovery efforts for the storms. On August 23, 2024, the EWDD received a notice of award from the DOL for the first increment totaling $625,000 in NDWG funds to provide temporary jobs supporting needed disaster recovery efforts.

MCS responded to the City of Los Angeles Economic and Workforce Development Department's Request for Information and was selected as a responsive provider of services. The City contracted with MCS in Program Year 2024-25, subject to the availability of funds.

Once NDWG funding is expended, MCS will leverage additional funding, which will be made available through a special grant allocated to the Los Angeles County Department of Economic Opportunity (DEO) known as the Reentry Employment, Navigation, Engagement, and Wellbeing (RENEW) Program.

The RENEW program is funded by AB109 funds recommended by the LA Countywide Criminal Justice Coordinating Committee’s Public Safety Realignment Team and a Prison to Employment grant from the California Workforce Development Board. MCS was competitively procured by LA County DEO in program Year 2024-25 to provide work experience, employment, and workforce development services for program participants completing tasks related to trail clean-up.

ATTACHMENTS: Professional Services Agreement with Managed Career Solutions 2 Docusign Envelope ID: 8CE5BFDA-C7ED-47A8—86AF-80F9C5A184AB

AGREEMENT FOR PROFESSIONAL SERVICES
This Agreement is made and entered into as of February 23, 2026, by and between the City of Malibu, a municipal corporation (hereinafter referred to as the "City"), and Managed Career Solutions, a Califomia social purpose corporation (DBA Managed Career Solutions Rehab & FTI— LA & American Medical Careers) (hereinafter referred to as "Consultant”).

The City and the Consultant agree as follows:

R E C I T A L S
A. The City does not have the personnel able and/or available to perform the services required under this Agreement.

B. The City desires to contract for trail clearance, remediation, erosion control, and mitigation at Charmlee Wilderness Park (2577 Encinal Canyon Road, Malibu).

C. The Consultant warrants to the City that it has the qualifications, experience, and facilities to perform properly and timely the services under this Agreement.

D. The City desires to contract with the Consultant to perform the services described in Exhibit B of this Agreement.

E. The Consultant agrees to complete all work as described in Exhibit B of this Agreement at no cost to the City through funding as available from the United States Department of Labor's Disaster Recovery National Dislocated Worker Grant, administered by the Califomia Employment Development Department and issued by the City of Los Angeles Economic and Workforce Development Department and/0r the State of Califomia's General Fund administered by the Califomia Workforce Development Board and issued by the County of Los Angeles Department of Economic Opportunity through Assembly Bill 109.

NOW, THEREFORE, the City and the Consultant agree as follows:

1.0 SCOPE OF THE CONSULTANT’S SERVICES. The Consultant agrees to provide the services and perform the tasks set forth in the Scope of Work, attached to and made part of this Agreement, except that, to the extent that any provision in Exhibit B conflicts with this Agreement, the provisions of this Agreement govem. The Scope of Work may be amended from time to time by way of a written directive from the City.

2.0 TERM OF AGREEMENT. This Agreement will become effective on February 23, 2026, and will remain in effect for a period of two years from said date unless otherwise expressly extended and agreed to by both parties or terminated by either party as provided herein.

3.0 CITY AGENT. The City Manager, or their designee, for the purposes of this Agreement, is the agent for the City; whenever approval or authorization is required, Consultant understands that the City Manager, or their designee, has the authority to provide that approval or authorizatiOn.
3 Docusign Envelope ID: 8CE5BFDA—C7ED-47A8—86AF-80F9C5A184AB Agreement for Professional Services
Managed Career Solutions

4.0 COMPENSATION FOR SERVICES. The cost of services shall be $0. The Consultant acknowledges that the City is not obligated to provide any monetary compensation under this Agreement. No compensation shall be paid for any other expenses incurred, unless first approved by the City Manager, or their designee.

4.1 The Consultant shall not submit to the City any bills or invoices during the term of this Agreement.

5.0 CONFLICT OF INTEREST. The Consultant represents that it presently has no interest and shall not acquire any interest, direct or indirect, in any real property located in the City which may be affected by the services to be performed by the Consultant under this Agreement. The Consultant further represents that in performance of this Agreement, no person having any such interest shall be employed by it.

5.1 The Consultant represents that no City employee or official has a material financial interest in the Consultant’s business. During the term of this Agreement and/or as a result of being awarded this contract, the Consultant shall not offer, encourage or accept any financial interest in the Consultant’s business by any City employee or official.

5.2 If a portion of the Consultant’s services called for under this Agreement shall ultimately be paid for by reimbursement from and through an agreement with a developer of any land within the City or with a City franchisee, the Consultant warrants that it has not performed any work for such developer/franchisee within the last 12 months, and shall not negotiate, offer or accept any contract or request to perform services for that identified developer/franchisee during the term of this Agreement.

6.0 GENERAL TERMS AND CONDITIONS.

6.1 Termination. Either the City Manager or the Consultant may terminate this Agreement, without cause, by giving the other party ten (10) days written notice of such termination and the effective date thereof.

6.1.1 In the event of such termination, all finished or unfinished documents, reports, photographs, films, charts, data, studies, surveys, drawings, models, maps, or other documentation prepared by or in the possession of the Consultant under this Agreement shall be retumed to the City. If the City terminates this Agreement without cause, the Consultant shall prepare and shall be entitled to receive compensation pursuant to a close-out bill for services rendered and fees incurred pursuant to this Agreement through the notice of termination. If the Consultant terminates this Agreement without cause, the Consultant shall be paid only for those services completed in a manner satisfactory to the City.

6.1.2 If the Consultant or the City fail to fulfill in a timely and proper manner its obligations under this Agreement, or if the Consultant or the City violate any of the covenants, agreements, or stipulations of this Agreement, the Consultant or the City shall have the right to terminate this Agreement by giving written notice to the other party of such termination and specifying the effective date of such termination. The Consultant shall be entitled to receive 4 Docusign Envelope ID: 8CESBFDA-C7ED-47A8—86AF-80F9C5A184AB Agreement for Professional Services
Managed Career Solutions

compensation in accordance with the terms of this Agreement for any work satisfactorily completed hereunder. Notwithstanding the foregoing, the Consultants shall not be relieved of liability for damage sustained by Virtue of any breach of this Agreement and any payments due under this Agreement may be Withheld to off-set anticipated damages.

6.2 Non-Assignability. The Consultant shall not assign or transfer any interest in this Agreement without the express prior written consent of the City.

6.3 Non-Discrimination. The Consultant shall not discriminate as to race, creed, gender, color, national origin or sexual orientation in the performance of its services and duties pursuant to this Agreement, and will comply with all applicable laws, ordinances and codes of the Federal, State, County and City governments.

6.4 Insurance. The Consultant shall submit to the City certificates indicating compliance with the following minimum insurance requirements no less than one (l) day prior to beginning of performance under this Agreement. Consultant further agrees to comply with all provisions in the attached Exhibit A which is incorporated herein.

6.5 Indemnification. To the fullest extent permitted by law, Consultant shall indemnify, defend, and hold harmless City and any and all of its officials, employees, agents, and volunteers (“indemnified Parties”) from and against any and all claims, losses, liabilities, damages, costs, and expenses, including attomey’s fees and costs, to the extent they arise out of, pertain to or relate to the negligence, recklessness, or willful misconduct of the Consultant. Consultant’s duty to defend shall consist of reimbursement of defense costs incurred by City in direct proportion to the Consultant’s proportionate percentage of fault. Consultant’s percentage of fault, for both indemnity and defense, shall be determined, as applicable, by a court of law, jury, or arbitrator. In the event any loss, liability, or damage is incurred by way of settlement or resolution without a court, jury or arbitrator having made a determination of the Consultant’s percentage of fault, and the parties cannot mutually agree on Consultant’s percentage of fault, the parties agree to mediation with a neutral third-party to determine the Consultant’s proportionate percentage of fault for purposes of determining the amount of indemnity and defense cost reimbursement owed to the City.

6.5.1. Duty to defend. In the event the Indemnified Parties, individually or collectively, are made a party to any action, lawsuit, or other adversarial proceeding arising from the performance of the services encompassed by this Agreement, and upon demand by City, Consultant shall defend the Indemnified Parties at Consultant’s cost or at City’s option, to reimburse City for its costs of defense, including reasonable attorney’s fees and costs incurred in the defense of such matters to the extent the matters arise from, relate to or are caused by Consultant’s negligent acts, errors or omissions. Payment by City is not a condition precedent to enforcement of this provision. In the event of any dispute between Consultant and City, as to whether liability arises from the sole or active negligence or willful misconduct of the City or its officers, employees, or agents, Consultant will be obligated to pay for City’s defense until such time as a final judgment has been entered adjudicating the Indemnified Parties as solely or actively negligent or to have acted with willful misconduct. Consultant will not be entitled in the absence of such a determination to any reimbursement of defense costs including but not limited to attomey’s fees, expert fees, and costs of litigation.
5 Docusign EnveIOpe ID: 8CE5BFDA-C7ED-47A8-86AF—8OF9C5A184AB Agreement for Professional Services
Managed Career Solutions

6.6 Compliance with Applicable Law. The Consultant and the City shall comply with all applicable laws, ordinances and codes of the federal, state, county and city governments, including, without limitation, Malibu Municipal Code Chapter 5.36 Minimum Wage.

6.7 Independent Contractor. This Agreement is by and between the City and the Consultant and is not intended, and shall not be construed, to create the relationship of agency, servant, employee, partnership, joint venture or association, as between the City and the Consultant.

6.7.1. The Consultant shall be an independent contractor, and shall have no power to incur any debt or obligation for or on behalf of the City. Neither the City nor any of its officers or employees shall have any control over the conduct of the Consultant, or any of the Consultant’s employees, except as herein set forth, and the Consultant expressly warrants not to, at any time or in any manner, represent that it, or any of its agents, servants or employees are in any manner employees of the City, it being distinctly understood that the Consultant is and shall at all times remain to the City a wholly independent contractor and the Consultant's obligations to the City are solely such as are prescribed by this Agreement.

6.8 Copyright. No reports, maps or other documents produced in whole or in part under this Agreement shall be the subject of an application for copyright by or on behalf of the Consultant.

6.9 Legal Construction.
(a) This Agreement is made and entered into in the State of Califomia and shall in all respects be interpreted, enforced and governed under the laws of the State of Califomia. (b) This Agreement shall be construed without regard to the identity of the persons who drafted its various provisions. Each and every provision of this Agreement shall be construed as though each of the parties participated equally in the drafting of same, and any rule of construction that a document is to be construed against the drafting party shall not be applicable to this Agreement.
(c) The article and section, captions and headings herein have been inserted for convenience only and shall not be considered or referred to in resolving questions of Interpretation or construction.
(d) Whenever in this Agreement the context may so require, the masculine gender shall be deemed to refer to and include the feminine and neuter, and the singular shall refer to and include the plural.

6.10 Counterparts. This Agreement may be executed in counterparts and as so executed shall constitute an agreement which shall be binding upon all parties hereto.

6.11 Final Payment Acceptance Constitutes Release. The acceptance by the Consultant of the final payment made under this Agreement shall operate as and be a release of the City from all claims and liabilities for compensation to the Consultant for anything done, furnished or relating to the Consultant’s work or services. Acceptance of payment shall be any negotiation of the 6 Docusign Envelope ID: 8CE5BFDA—C7ED—47A8—86AF—80F9C5A1 84AB Agreement for Professional Services
Nlanaged Career SOIutions

City’s check or the failure to make a written extra compensation claim within ten (10) calendar days of the receipt of that check. However, approval or payment by the City shall not constitute, nor be deemed, a release of the responsibility and liability of the Consultant, its employees, sub-consultants and agents for the accuracy and competency of the information provided and/or work performed; nor shall such approval or payment be deemed to be an assumption of such responsibility or liability by the City for any defect or error in the work prepared by the Consultant, its employees, subconsultants and agents.

6.12 Corrections. In addition to the above indemnification obligations, the Consultant shall correct, at its expense, all errors in the work which may be disclosed during the City’s review of the Consultant’s report or plans. Should the Consultant fail to make such correction in a reasonably timely manner, such correction shall be made by the City, and the cost thereof shall be charged to the Consultant.

6.13 Files. All files of the Consultant pertaining to the City shall be and remain the property of the City. The Consultant will control the physical location of such files during the term of this Agreement and shall be entitled to retain copies of such files upon termination of this Agreement.

6.14 Waiver; Remedies Cumulative. Failure by a party to insist upon the performance of any of the provisions of this Agreement by the other party, irrespective of the length of time for which such failure continues, shall not constitute a waiver of such party's right to demand compliance by such other party in the future. No waiver by a party of a default or breach of the other party shall be effective or binding upon such party unless made in writing by such party, and no such waiver shall be implied from any omissions by a party to take any action with respect to such default or breach. No express written waiver of a specified default or breach shall affect any other default or breach, or cover any other period of time, other than any default or breach and/or period of time specified. All of the remedies permitted or available to a party under this Agreement, or at law or in equity, shall be cumulative and altemative, and invocation of any such right or remedy shall not constitute a waiver or election of remedies with respect to any other permitted or available right of remedy.

6.15 Mitigation of Damages. In all such situations arising out of this Agreement, the parties shall attempt to avoid and minimize the damages resulting from the conduct of the other party.

6.16 Partial Invalidity. If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions will nevertheless continue in full force without being impaired or invalidated in any way.

6.17 Attorneys' Fees. The parties hereto acknowledge and agree that each will bear his/her or its own costs, expenses and attorneys' fees arising out of and/or connected with the negotiation, drafting and execution of the Agreement, and all matters arising out of or connected therewith except that, in the event any action is brought by any party hereto to enforce this Agreement, the prevailing party in such action shall be entitled to reasonable attorneys' fees and costs in addition to all other relief to which that party or those parties may be entitled. 7 Docusign Envelope ID: BCESBFDA—C7ED-47A8—86AF—80F9C5A184AB Agreement for Professional Services
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6.18 Entire Agreement. This Agreement constitutes the whole agreement between the City and the Consultant, and neither party has made any representations to the other except as expressly contained herein. Neither party, in executing or performing this Agreement, is relying upon any statement or information not contained in this Agreement. Any changes or modifications to this Agreement must be made in writing appropriately executed by both the City and the Consultant.

6.19 Notices. Any notice required to be given hereunder shall be deemed to have been given by depositing said notice in the United States mail, postage prepaid, and addressed as follows:
authorized to enter into this Agreement on behalf of the party for whom he or she purports to sign.

The Parties agree that this Contract, agreements ancillary to this Contract, and related documents to be entered into in connection with this Contract will be considered signed when the signature of a party is delivered physically or by facsimile transmission or scanned and delivered via electronic mail. Such facsimile or electronic mail copies will be treated in all respects as having the same effect as an original signature.

7.0 PREVAILING WAGE.

7.1. Pursuant to Labor Code Section 1720 and 1771, and as specifled in Title 8, California Code of Regulations, Section 16000 et seq., Consultant must pay its workers prevailing wages. 1t is Consultant’s responsibility to interpret and implement any prevailing wage requirements and Consultant agrees to pay any penalty or civil damages resulting from a violation of the prevailing wage laws.

7.2. In accordance with Labor Code Section 1773.2, copies ofthe prevailing rate of per diem wages are available upon request from City’s Engineering Division or the website for State of Califomia Prevailing wage determination at http://www.dir.ca.gov/DLSR/PWD. Consultant must post a copy of the prevailing rate of per diem wages at the job site.

7.3. City directs Consultant’s attention to Labor Code Sections 1777.5, 1777.6 and 3098 conceming the employment of apprentices by Consultant or any subcontractor.

7.4. Labor Code Section 1777.5 requires Consultant or subcontractor employing tradesmen in any apprenticeship occupation to apply to the joint apprenticeship committee nearest the site of the public works project and which administers the apprenticeship program in that trade for a certificate CITY: Rob DuBoux CONSULTANT: Philip Starr, PsyD
Acting City Manager Executive Director
City of Malibu Managed Career Solutions, SPC
23825 Stuart Ranch Road 3333 Wilshire Blvd. #405
Malibu, CA 90265-4861 Los Angeles, CA 90010
TEL (310) 456-2489 TEL (213) 355-3512
FAX (310) 456-2760

6.20 Warranty of Authorized Signatories and Acceptance of Facsimile or Electronic Signatures. Each of the signatories hereto warrants and represents that he or she is competent and 8 Docusign Envelope ID: 8CE5BFDA-C7ED-47A8—86AF-80F9C5A184AB Agreement for Professional Services
Managed Career Solutions

of approval. The certificate must also f1x the ratio of apprentices to journeymen that will be used in the performance of the contract. The ratio of apprentices to joumeymen in such cases will not be less than one to f1ve except:
(a) When employment in the area of coverage by the joint apprenticeship committee has exceeded an average of 15 percent in the 90 days before the request for certificate, or
(b) When the number of apprentices in training in the area exceeds a ratio of one to five, or
(c) When the trade can show that it is replacing at least 1/30 of its membership through apprenticeship training on an annual basis state-wide or locally, or (d) When Consultant provides evidence that Consultant employs registered apprentices on all of his contracts on an annual average of not less than one apprentice to eightjoumeymen.
(e) CONTRACTOR is required to make contributions to funds established for the administration of apprenticeship programs if Consultant employs registered apprentices or journeymen in any apprenticeable trade on such contracts and if other contractors on the public works site are making such contributions. (f) CONTRACTOR and any subcontractor must comply with Labor Code Sections 1777.5 and 1777.6 in the employment of apprentices. (g) Information relative to apprenticeship standards, wage schedules and other requirements may be obtained from the Director of Industrial Relations, ex-officio the Administrator of Apprenticeship, San Francisco, Califomia, or from the Division of Apprenticeship Standards and its branch offices.

7.5. Consultant and its subcontractors must keep an accurate certified payroll records showing the name, occupation, and the actual per diem wages paid to each worker employed in connection with this Agreement. The record will be kept open at all reasonable hours to the inspection of the body awarding the contract and to the Division of Labor Law Enforcement. If requested by City, Consultant must provide copies of the records at its cost.

8.0 GENERAL TERMS AND CONDITIONS. (City and Consultant initials required at EITHER 8.1 or 8.2)

8.1 Disclosure Required. By their respective initials next to this paragraph, City and Consultant hereby acknowledge that Consultant is a “consultant” for the purposes of the California Political Reform Act because Consultant’s duties would require him or her to make one or more of the governmental decisions set forth in Fair Political Practices Commission Regulation 18700.3(a) or otherwise serves in a staff capacity for which disclosure would otherwise be required were Consultant employed by the City. Consultant hereby acknowledges his or her assuming-office, annual, and leaving-office financial reporting obligations under the California Political Reform Act 9 Docusign Envelope ID: 8CE5BFDA-C7ED-47 A8-86AF-80F9C5A 184AB Agreement for Professional Services
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and the City's Conflict of Interest Code and agrees to comply with those obligations at his or her expense. Prior to consultant commencing services hereunder, the City's Manager shall prepare and deliver to consultant a memorandum detailing the extent of Consultant's disclosure obligations in accordance with the City's Conflict of Interest Code.

City Initials ___
Consultant Initials

8.2 Disclosure not Required. By their initials next to this paragraph, City and Consultant hereby acknowledge that Consultant is not a "consultant" for the purpose of the California Political Reform Act because Consultant's duties and responsibilities are not within the scope of the definition of consultant in Fair Political Practice Commission Regulation 18700.3( a) and is otherwise not serving in staff capacity in accordance with the City's Conflict oflnterest Code.

City Initials __ _
Consultant Initials
This Agreement is executed on _______ , 2026, at Malibu, California, and effective as of February 23, 2026.

ATTEST:

KELSEY PETTIJOHN, City Clerk
(seal)
APPROVED AS TO FORM:

TREVOR RUSIN, Interim City Attorney

CITY OF MALIBU,
a municipal corporation:

ROB DUBOUX, Interim City Manager
MANAGED CAREER SOLUTIONS.,
a social purpose corporation:

By��fii��RR, PsyD,
Executive Director
10 Docusign Envelope ID: 8CESBFDA-C7ED—47A8—86AF—8OF9C5A184AB Agreement for Professional Services
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EXHIBIT A

INSURANCE LANGUAGE
Without limiting Consultant’s indemnification of City, and prior to commencement of work and/or services under this Agreement, Consultant shall obtain, provide, and maintain at its own expense during the term of this Agreement, policies of insurance of the type and amounts described below and in a form satisfactory to City.

General Liability Insurance. Consultant shall maintain commercial general liability insurance with coverage at least as broad as Insurance Services Office form CG 00 01, in an amount not less than $1,000,000 per occurrence, $2,000,000 general aggregate, for bodily injury, personal injury, and property damage. The policy must include contractual liability that has not been amended. Any endorsement restricting standard ISO “insured contract” language will not be accepted.

Automobile Liability Insurance. Consultant shall maintain automobile insurance at least as broad as Insurance Services Office form CA 00 01 covering bodily injury and property damage for all activities of the Consultant arising out of or in connection with Work to be performed under this Agreement, including coverage for any owned, hired, non-owned, or rented vehicles, in an amount not less than 1,000,000 combined single limit for each accident.

Professional Liability (Errors & Omissions) Insurance. Consultant shall maintain professional liability insurance that covers the Services to be performed in connection with this Agreement, in the minimum amount of $1,000,000 per claim and in the aggregate. Any policy inception date, continuity date, or retroactive date must be before the effective date of this agreement and Consultant agrees to maintain continuous coverage through a period no less than three years after completion of the services required by this agreement.

Workers’ Compensation Insurance. Consultant shall maintain Workers’ Compensation Insurance (statutory limits) and Employer’s Liability insurance (with limits of at least $1,000,000).

Consultant shall submit to Agency, along with the certificate of insurance, a Waiver of Subrogation endorsement in favor of City, its officers, agents, employees, and volunteers.

OTHER PROVISIONS OR REQUIREMENTS
Proof of Insurance. Consultant shall provide certificates of insurance and required endorsements to City as evidence of the insurance coverage required herein. Insurance certificates and endorsements must be approved by City’s Risk Manager prior to commencement of performance. Current certification of insurance shall be kept on file with City for the contract period and any additional length of time required thereafter. City reserves the right to require complete, certified copies of all required insurance policies, at any time.

Duration of Coverage. Consultant shall procure and maintain for the contract period, and any additional length of time required thereafter, insurance against claims for injuries to persons or damages to property, or financial loss which may arise from or in connection with the performance of the Work hereunder by Consultant, their agents, representatives, employees, or subconsultants. 11 Docusign Enveiope ID: 8CE5BFDA—C7ED-47A8—86AF-80F9C5A184AB Agreement for Professional Services
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Primary/Noncontributing. Coverage provided by Consultant shall be primary and any insurance or self-insurance procured or maintained by City shall not be required to contribute with it. The limits of insurance required herein may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess insurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of City before the City’s own insurance or self— insurance shall be called upon to protect it as a named insured.

City’s Rights of Enforcement. In the event any policy of insurance required under this Agreement does not comply with these specifications or is canceled and not replaced, City has the right but not the duty to obtain the insurance it deems necessary, and any premium paid by City will be promptly reimbursed by Consultant or City will withhold amounts sufficient to pay premium from Consultant payments. In the altemative, City may cancel this Agreement.

Acceptable Insurers. All insurance policies shall be issued by an insurance company currently authorized by the Insurance Commissioner to transact business of insurance or is on the List of Approved Surplus Line Insurers in the State of Califomia, with an assigned policyholders’ Rating of A— (or higher) and Financial Size Category Class VII (or larger) in accordance with the latest edition of Best’s Key Rating Guide, unless otherwise approved by the City’s Risk Manager.

Waiver of Subrogation. All insurance coverage maintained or procured pursuant to this agreement shall be endorsed to waive subrogation against City, its elected or appointed officers, agents, officials, employees, and volunteers or shall specifically allow Consultant or others providing insurance evidence in compliance with these specifications to waive their right of recovery prior to a loss. Consultant hereby waives its own right of recovery against City and shall require similar written express waivers and insurance clauses from each of its subconsultants.

Enforcement of Contract Provisions (Non Estoppel). Consultant acknowledges and agrees that any actual or alleged failure on the part of the City to inform Consultant of non-compliance with any requirement imposes no additional obligations on the City nor does it waive any rights hereunder.

Requirements Not Limiting. Requirements of specific coverage features or limits contained in this Section are not intended as a limitation on coverage, limits or other requirements, or a waiver of any coverage normally provided by any insurance. Specific reference to a given coverage feature is for purposes of clarification only as it pertains to a given issue and is not intended by any party or insured to be all inclusive, or to the exclusion of other coverage, or a waiver of any type. If the Consultant maintains higher limits than the minimums shown above, the City requires and shall be entitled to coverage for the higher limits maintained by the Consultant. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the City.

Notice of Cancellation. Consultant agrees to oblige its insurance agent or broker and insurers to provide the City with a thirty (30) day notice of cancellation (except for nonpayment for which a ten (10) day notice is required) or nonrenewal of coverage for each required coverage. If any of the Consultant’s insurers are unwilling to provide such notice, then Consultant shall have the responsibility of notifying the City immediately in the event of Consultant’s failure to renew any of the required insurance coverages, or insurer’s cancellation or non-renewal. 12 Docusign Envelope ID: 8CE5BFDA-C7ED-47A8—86AF-80F905A184AB Agreement for Professional Services
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Additional Insured Status. General liability, automobile liability, and umbrella/excess liability insurance policies shall provide or be endorsed to provide that City and its officers, officials, employees, agents, and volunteers shall be additional insureds under such policies.

Prohibition Of Undisclosed Coverage Limitations. None of the coverages required herein will be in compliance with these requirements if they include any limiting endorsement of any kind that has not been flrst submitted to City and approved of in writing.

Separation of Insureds. A severability of interests’ provision must apply for all additional insureds ensuring that Consultant’s insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the insurer’s limits of liability. The policy(ies) shall not contain any cross-liability exclusions.

Pass Through Clause. Consultant agrees to ensure that its subconsultants, subcontractors, and any other party who is brought onto or involved in the project/service by Consultant (hereinafter collectively “Subcontractor”), provide the same minimum insurance coverage and endorsements required of Consultant under this Agreement. Consultant agrees to monitor and review all such coverage and assumes all responsibility for ensuring that such coverage is provided in conformity with the requirements of this section. However, in the event Consultant’s Subcontractor cannot comply with this requirement, which proof must be submitted to the City, Consultant may still be able to utilize the Subcontractor provided Consultant shall be required to ensure that its Subcontractor provide and maintain insurance coverage and endorsements sufficient to the specific risk of exposure involved with Subcontractor’s scope of work and services, with limits less than required of the Consultant, but in all other terms consistent with the Consultant’s requirements under this Agreement. This provision does not relieve the Consultant of its contractual obligations under the Agreement and/or limit its liability to the amount of insurance coverage provided by its subcontractors. This provision is intended solely to provide Consultant with the ability to utilize a Subcontractor who may be otherwise qualified to perform the work or services but may not carry the same insurance limits as required of the Consultant under this Agreement given the limited scope of work or services provided by the subcontractor. Consultant agrees that upon request, all agreements with Subcontractors, and others engaged in the project and/or services, will be submitted to City for rev1ew.

City’s Right to Revise Specifications. The City reserves the right at any time during the term of the contract to change the amounts and types of insurance required by giving the Consultant ninety (90) days’ advance written notice of such change. If such a change results in substantial additional costs to the Consultant, the City and Consultant may renegotiate the Consultant’s compensation.

Self-Insured Retentions. Any self-insured retentions must be declared to and approved by the City.

City reserves the right to require that self-insured retentions be eliminated, lowered, or replaced by a deductible, or require proof of ability to pay losses and related investigations, claim administration, and defense expenses within the retention through confirmation from the underwriter.

Timely Notice Of Claims. Consultant shall give City prompt and timely notice of claims made or suits instituted that arise out of or result from Consultant’s performance under this Agreement, and that involve or may involve coverage under any of the required liability policies. 13 Docusign Envelope IDI 80E5BFDA—C7ED—47A8-86AF-8OF9C5A184AB Agreement for Professional Services
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Additional Insurance. The consultant shall also procure and maintain, at its own cost and expense, any additional kinds of insurance, which in its own judgment may be necessary for its proper protection and prosecution of the work.
14 Docusign Envelope ID: 8CESBFDA-C7ED-47A8—86AF-80F9C5A184AB Agreement for Professional Services
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EXHIBIT B
Scope 0f Work
Charmlee Wilderness Park
Trail Remediation, Erosion Control and Mitigation
l. Background : Charmlee Wildemess Park, located at 2577 Encinal Canyon Rd, Malibu, CA 90265, is owned by the City of Malibu. The park was heavily affected by the Winter storms in February 2024 and November 2025. The City of Malibu has continued to keep trails and park facilities open and plans to continue this improvement work through the work provided by the Consultant.

2. Scope ofWork
General Specifications
The Consultant shall provide skilled and adequately trained personnel, materials, tools, equipment, and transportation to perform trail remediation, erosion control, and mitigation at Charmlee Wildemess Park.

The Consultant shallbe responsible for providing all supplies and equipment to complete the services under this Agreement.

The Consultant shall not subcontract any portion of the Agreement or any additions made to the Agreement without first receiving approval from the Community Services Director.

All persons engaged in the scope of work shall be considered employees of the Consultant, with the supervisor being directly responsible for their work.

Location and Trails
The Consultant shall provide trail remediation, erosion control, and mitigation at Charmlee Wildemess Park located at 2577 Encinal Canyon Road, Malibu, CA 90265. The trails and priority areas are outlined in Attachments 1 through 4. o Charmlee Wilderness Park Blank Trail Map — a reference to all trails without markings (Attachment 1)
o Charmlee Wildemess Park Trail Clearance Priority Map — park trail sections and areas of priority from 1-4 (Attachment 2)
0 Charmlee Wildemess Park Trail Clearance Width Map — desired trail width, 6 feet to 12 feet (Attachment 3)
o Charmlee Wilderness Park Trail Remediation Priority Map — areas where trail remediation is needed, prioritized from 1-6 (Attachment 4) The Consultant will remove overgrown plant material on approximately 6 miles of trails, picnic areas, and other designated areas outlined in Attachments 1 through 4.

Tools and Clearance
The Consultant shall perform all work by following the best industry standards of landscape maintenance, workmanship, safety practices, and standards of cleanliness. All work shall be perfonned without the use of poisons, including pesticides, herbicides, insecticides, and rodenticides.
15 Docusign Envelope ID: 8CE5BFDA-C7ED-47A8-86AF—8OF9C5A184AB Agreement for Professional Services
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The Consultant may use mechanical methods or hand tools to perform trail remediation, erosion control and mitigation. All work must be completed following the City’s Earth-Friendly Management Program (Attachment 5).

Vehicles, including utility vehicles (UTVs or RTVs), cannot be used on the trails unless approved by the Community Services Director and/or their designee.

Debris and green waste will be removed by the Consultant and placed in the appropriate waste bins.

The Consultant will use existing materials to backfill trail erosion. The introduction of new materials for erosion control methods must be approved by the Community Services Director and/or their designee before installation.

The Consultant will secure and store all tools in the designated on—site storage area each day.

The City is not responsible for lost or stolen tools for the duration of the Agreement.

Hours and Access
The Consultant will coordinate priority areas and timelines with the Community Services Director and/or their designee. The timelines must be approved before work is performed and/or scheduled.

The Consultant may work at Charmlee Wildemess Park from 7:00 AM to 4:00 PM Monday through Saturday. The park will remain open to the public while the work is being performed.

The Consultant cannot work on legal holidays.

The Consultant will not have access to Charmlee Wildemess Park during red flag waming days, and access may be limited to weather threats decided by the Community Services Director and/or their designee.

The Consultant may park their vehicles in designated parking lots near the primary restroom and Nature Center. The Consultant cannot drive a vehicle through the park trails or other designated areas unless approved by the Community Services Director and/or their designee.

The Consultant shall adequately secure keys, other entry devices, and codes provided by the City. The Consultant shall maintain a record of the keys or codes issued to its employees. The Consultant shall not allow such items to be duplicated or removed from Charmlee Wildemess Park.

Reporting and Communication
The Consultants crew(s) shallwork under the supervision of a Contractor designated Lead Worker. All working employees must be at least eighteen (l8) years of age. All employees must be able to follow directions and physically capable of the duties assigned to them. 16 Docusign Envelope ID: 8CESBFDA-C7ED-47A8—86AF—8OF9C5A184AB Agreement for Professional Services
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EXHIBIT B
The Consultant will provide at least one satellite phone to the on—site Lead Worker/Supervisor.

The telephone number will be given t0 Community Services Director and/0r their designee.

At the request of the Community Services Director and/or their designee, the Consultant may be requested to provide copies of daily inspection forms, log-in sheets, or other reporting documents related to the Scope of Work.

The Consultant will report any park maintenance or safety concems to the Community Services Director and/or their designee via email or telephone by the next business day.

The Consultant will contact the Los Angeles County Sheriff Department Lost Hills Division to report crimes or illegal activity. The Consultant will remain on-site until Sheriff’s Deputies arrive and report the incident to the Community Services Director and/or their designee via email or telephone within 12 hours.

EXHIBIT B
17 Docusign Envel0pe lD' 8CESBFDA—C7ED—47A8—86AF-80F9C5A184AB Agreement for Professional Services
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Charmlee Wilderness Park Blank Trail Map
EXH lBlT B
ATTACHMENT l
I
18 Docusign Envelope ID: '8CE5BFDA—C7ED-47A8—86AF-8OF9C5A184AB Agreement for Professional Services
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Charmlee Wilderness Park Trail Clearance Priority Map

EXHIBIT B
19 Docusign Envelope ID: 8CE58FDA—C7ED-47A8-86AF-80F9C5A184AB Agreement for Professional Services
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ATTACHMENT 2
Charmlee Wilderness Park Trail Clearance Map

EXHIBIT B
ATTACHMENT 3
20 Docusign Envelope ID: 8CE5BFDA-C7ED-47A8—86AF-80F9C5A184AB Agreement for PrOfessional Services
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Charmlee Wilderness Park Remediation Priority Map

EXHIBIT B
ATTACHMENT 4
.
"
21

Agenda Item # 1.B.8.

Council Agenda Report
To: Mayor Silverstein and the Honorable Members of the City Council Prepared by: Renée Neermann, Financial Controller
Reviewed by: Christopher Smith, Assistant City Manager
Approved by: Rob DuBoux, Interim City Manager
Date prepared: January 6, 2026 Meeting date: February 23, 2026 Subject: Fiscal Year 2024-25 Fourth Quarter Financial Report RECOMMENDED ACTION: 1) Authorize bypassing the Administration and Finance Subcommittee; 2) Receive and file the Fiscal Year (FY) 2024-25 Fourth Quarter Financial Report.

FISCAL IMPACT: There is no fiscal impact associated with the recommended action. As of June 30, 2025, the budgeted General Fund Unassigned Reserve is $67.26 million.

STRATEGIC PLAN IMPLEMENTATION: N/A
DISCUSSION: The City’s Fourth Quarter Financial Report provides a summary of the City’s financial performance for the fourth quarter and close of the Fiscal Year ending June 30, 2025. The report reflects the immediate financial impacts associated with the Broad, Franklin, and Palisades Fires, as well as the City’s ongoing commitment to conservative fiscal management and long-term financial stability.

The City Council approves the Adopted Budget, typically in June, via resolution, and the Amended Budget includes the ongoing appropriation revisions that occur throughout the fiscal year, including the Mid-Year Budget Adjustments, which are included in this report.

While revenue sources were adversely affected by reduced economic activity following the fires, overall expenditures were significantly below budget due to project timing, staffing vacancies, and prudent cost controls. Despite these savings, the Fiscal Year concluded with reduced General Fund reserves, underscoring the importance of continued monitoring of revenue recovery.

City Council Meeting
02-23-26
Item

1.B.8.
1

Agenda Item # 1.B.8.

Revenues
Total General Fund revenue for FY 2024-25 was $53.88 million or 85.2% of the amended budget, which is approximately $9.3 million below the amended budget. This shortfall was driven by reduced economic activity following the Franklin and Palisades Fires, which affected tourism, local spending, and certain fee-based services. Total revenue of all funds received during the fiscal year is $72.61 million or 82.9% of the amended budgeted amount for the fiscal year.

The most significant General Fund revenue impacts included:
• Transient Occupancy Tax (hotel and short-term rental taxes):

Revenues totaled $5.89 million, or about 62% of the amended $9.5 million budget, reflecting reduced visitor activity following the fires and lost/damaged homes that functioned as short-term rentals.
• Sales and Use Tax:

Sales Tax revenues of $8.4 million were lower than the $8.9 million projected; however, this decline was partially offset by continued robust performance of the voter-approved Transactions and Use Tax of $3.86 million, which continues to exceed the November 2022 ballot measure original projections of $3.0 million per year.
• Licenses and Permits:

While construction-related activity remained relatively steady, several permit and program fees were lower than anticipated due to delayed projects and reduced recreation programming. Overall, revenue from Licenses and Permits ($3.75 million) was only slightly lower than the adopted and amended budget ($4.06 million) by $313,000.
• Service Charges:

Revenue from Service Charges of $3.99 million resulted in a significant shortfall from the adopted and amended budgets ($6.14 million) by -$2.15 million. The amended budget shortfall is due to permits/fees being generated less than projected at mid-year for Dark Sky, Exterior Elevated Elements, Building Plan Check, Environmental Health Review, Geo Soils Engineering, and recreational, community, and sports programming, which were largely impacted by the fires. • Revenue from Other Governments:

The budget assumed a level of federal revenue support to offset certain fire-related expenses; however, those funds have not yet been received. The timing and amount of any federal reimbursement remains uncertain, and receipt of financial assistance is not guaranteed and may take several years. 2

Agenda Item # 1.B.8.
• Other Revenue Sources:

Documentary Transfer Tax recorded $837,000, which represents 69.8%, or $363,000 less than the amended budget. Property Tax revenues came in overall at $19.83 million, which is $128,000 less than the amended budget amount. The City also received $2.95 million in Utility User’s Tax, which is $45,000 less than the amended budget.

Notably, despite economic challenges, revenues performed better than expected compared to projections made earlier in the year following the fires.

Expenditures
The Expenditure by Fund Report reflects any budget carryovers from FY 2023-24, as well as the appropriations approved by the City Council for FY 2024-25 in the Amended Budget column.

General Fund expenditures totaled $67.75 million, or approximately 71.7% of the amended budget. Spending was lower than budgeted primarily due to:
• Paused or delayed capital improvement projects
• Staffing vacancies across multiple departments
• Timing differences in project execution (professional services/contract execution) Budget Adjustments, Carryovers and Council Appropriations for the fiscal year total $21.75 million. Significantly, fire-related costs accounted for approximately $12 million in additional appropriations, corresponding to $4.67 million for disaster-related capital projects and $7.36 million in professional services and operating expenses to support rebuilding efforts.

Expenditures for all funds total $86.39 million or 71.5% of the amended budgeted amount.

Fund Balance and Financial Stability
As of June 30, 2025, the City’s Unassigned General Fund Balance is projected at $67.26 million. In FY 2025-26, Council approved the use of a $6.5 million General Fund Committed Reserve for Contingencies to mitigate expenses. Taking this into account, at the time of budget adoption, General Fund operating expenditures for the FY 2025-26 Adopted Budget were forecast at $72.34 million, representing a 7.6% deficit. Absent a rebound in revenues, this deficit was expected to require a drawdown of approximately $5.08 million from the Unassigned General Fund Balance. Use of the Reserve for Contingencies will assist the City to manage fire-related impacts and maintain service continuity, reflecting responsible financial stewardship and a strong financial position to address emergencies, economic uncertainty, and future priorities.

ATTACHMENTS: FY 2024-25 Q4 Financial Report
3 Object Description
2024-25
Adopted
Amended
Budget
Actual thru
06/30/2025
Percentage
Received
100, 101, 102 & 103 General Fund
3111 Current Year Secured Property Tax $ 16,572,995 $ 16,572,995 $ 16,285,594 98.3% 3112 Current Year Unsecured Property Tax 425,000 425,000 564,691 132.9% 3113 Homeowner's Exemption 60,000 60,000 59,977 100.0%
3114 Prior Year Secured Property Tax - - - 0.0%
3115 Prior Year Unsecured Property Tax - - 20,048 0.0%
3118 Property Tax In-Lieu 2,479,250 2,897,976 2,897,975 100.0% Revenue from Property Taxes 19,537,245 19,955,971 19,828,285 99.4% 3131 Documentary Transfer Tax 1,200,000 1,200,000 837,255 69.8% 3132 Utility User's Tax 3,000,000 3,000,000 2,954,988 98.5% 3133 Transient Occupancy Tax - Hotels and Motels 3,700,000 3,700,000 2,658,635 71.9% 3133-01 Transient Occupancy Tax - Private Rentals 5,800,000 5,800,000 3,230,228 55.7% 3134 Franchise Fees 750,000 750,000 775,435 103.4%
3137 Sales and Use Tax 8,900,000 8,900,000 8,410,510 94.5% 3138 Parking Occupancy Tax 450,000 450,000 439,182 97.6% Revenue From Other Taxes 23,800,000 23,800,000 19,306,233 81.1% 3201 Alarm Permits 30,000 30,000 16,883 56.3%
3202 Film Permits 450,000 450,000 310,037 68.9%
3203 Building Permits 1,200,000 1,200,000 1,085,967 90.5% 3203-01 Code Enforcement - Special Investigations 21,000 21,000 8,843 42.1% 3204 Wastewater Treatment System Permits 40,000 40,000 54,082 135.2% 3205 Plumbing Permits 170,000 170,000 190,034 111.8%
3207 Mechanical Permits 120,000 120,000 121,289 101.1%
3208 Electrical Permit Fees 280,000 280,000 312,181 111.5% 3209 Grading/Drainage Permit Fees 90,000 90,000 111,820 124.2% 3210 Miscellaneous Permits 10,000 10,000 4,408 44.1%
3418 OWTS Operating Permit Fees 450,000 450,000 470,364 104.5% 3420 Parking Permits 1,000 1,000 800 80.0%
3421 Planning Review Fees 1,200,000 1,200,000 1,062,147 88.5% Revenue From Licenses and Permits 4,062,000 4,062,000 3,748,855 92.3% 3250 Parking Citation Fines 2,050,000 2,050,000 2,008,193 98.0% Revenue From Fines and Forfeitures 2,050,000 2,050,000 2,008,193 98.0% 3316 Motor Vehicle In-Lieu Fees 13,000 13,000 16,927 130.2% 3318 Street Sweeping Reimbursements 50,000 50,000 51,776 103.6% 3313/3341 FEMA/OES Reimbursements 2,357,327 2,938,129 78,651 2.7% 3373 Proposition A Recreation - - - 0.0%
3383 Measure A Recreation - - - 0.0%
3381 LA County EWMP Reimbursement - - 658 0.0%
Revenue From Other Governments 2,420,327 3,001,129 148,012 4.9% 3408 Biology Review Fees 235,000 235,000 198,124 84.3%
3409 Document Retention Fees 20,000 20,000 22,578 112.9% 3410 Building Plan Check Fees 1,200,000 1,200,000 791,242 65.9% 3410-01 Administrative Plan Check Processing Fee 45,000 45,000 68,786 152.9% 3410-03 Building Plan Check Fees - Dark Sky 650,000 650,000 - 0.0% 3410-04 Building Plan Check Fees - Exterior Elevated Elements 500,000 500,000 - 0.0% 3411 Inspector Plan Check Fees 200,000 200,000 211,922 106.0% 3412 Geo Soils Engineering Fees 1,000,000 1,000,000 807,919 80.8% 3413 Other Plan Check Fees 35,000 35,000 47,795 136.6%
3414 Environmental Health Review Fees 550,000 550,000 364,738 66.3% 3415 Grading/Drainage Plan Review Fees 5,000 70,000 77,633 110.9% 3416 Code Enforcement Investigation Fees 80,000 80,000 59,670 74.6% 3419 Credit Card Fees 145,000 145,000 128,351 88.5%
3422 OWTS Practitioners Fees 8,000 8,000 7,150 89.4%
3425 CA Building Standards Surcharge 1,600 1,600 3,446 215.4% 3427 Technology Enhancement Fee 95,000 95,000 129,714 136.5%

REVENUES BY FUND
June 30, 2025
A1
Attachment 1
4 Object Description
2024-25
Adopted
Amended
Budget
Actual thru
06/30/2025
Percentage
Received

REVENUES BY FUND
June 30, 2025
General Fund (Continued)
3431 Public Works/Engineering Fees 375,000 375,000 392,045 104.5% 3432 WQMP Fees 35,000 35,000 27,254 77.9%
3434-01 Short-Term Rental Permit Fee 150,000 150,000 107,415 71.6% 3434-02 Short-Term Rental Violation Fines 2,000 2,000 14,312 715.6% 3435 Admin Permit Processing Fees 75,000 75,000 112,719 150.3% 3436 Electric Vehicle Charger Fees 4,000 4,000 6,005 150.1% 3441 Sale of Publications and Materials 50 50 - 0.0%
3444 Returned Check Service Fees 200 200 440 220.0%
3446 Vehicle Impound Release Fees 75,000 75,000 68,772 91.7% 3447 Election Fees 1,000 1,000 1,245 124.5%
3448 Subpoena Fees 3,000 3,000 1,050 35.0%
3449 False Alarm Service Charge 2,000 2,000 399 20.0%
3450 Residential Decals 500 500 625 125.0%
3461 Municipal Facility Use Fees 80,000 80,000 73,604 92.0% 3464 Sports Program Fees 52,000 52,000 15,385 29.6%
3464-01 Girls Youth Sports 7,000 7,000 - 0.0%
3466 Aquatics Program 202,000 202,000 106,337 52.6%
3467 Day Camp 75,000 75,000 64,706 86.3%
3468 Senior Adult Program 33,000 33,000 17,305 52.4%
3469 Skate Park 40,000 40,000 18,358 45.9%
3470 Recreation/Community Class Registration 85,000 85,000 40,815 48.0% 3471/3472 Special Events 7,500 7,500 3,775 50.3%
Revenue From Service Charges 6,073,850 6,138,850 3,991,634 65.0% 3501 Interest Earnings 3,500,000 3,500,000 3,381,983 96.6% 3505 City Hall Use Fees 20,000 20,000 18,820 94.1%
Use of Money and Property 3,520,000 3,520,000 3,400,803 96.6% 3342 Insurance Reimbursements - 10,000 26,500 265.0%
3600 Proceeds from Grants 300,000 554,490 683,517 123.3% 3602 Proposition A Transportation Funds Exchange - - - 0.0% 3901 Settlements - 90,000 661,161 0.0%
3902 Legal Fees - - - 0.0%
3904 TOT Private Rental Penalties - - 24,135 0.0%
3905 Miscellaneous Reimbursements 15,000 15,000 33,694 224.6% 3920 Donations - - - 0.0%
3940 Sale of Surplus Property - 2,655 5,852 0.0%
3930/3943 Miscellaneous Revenue 10,000 10,000 12,959 129.6% Miscellaneous Revenue 325,000 682,145 1,447,818 212.2%
Total General Fund 61,788,422 63,210,095 53,879,833 85.2% Special Revenue Funds
201 Gas Tax Fund
3315 Highway User's Fees 293,789 293,789 303,565 103.3% 3501 Interest Earnings 13,000 13,000 6,100 46.9%
Total Gas Tax Fund 306,789 306,789 309,665 100.9%
202 Traffic Safety Fund
3312 Fines & Forfeitures 200,000 200,000 255,236 127.6% 3501 Interest Earnings 39,000 39,000 16,145 41.4%
Total Traffic Safety Fund 239,000 239,000 271,381 113.5% A2
5 Object Description
2024-25
Adopted
Amended
Budget
Actual thru
06/30/2025
Percentage
Received

REVENUES BY FUND
June 30, 2025
203 Proposition A Fund
3371 Prop A Funds 295,667 295,667 286,250 96.8%
3501 Interest Earnings 158,000 158,000 32,601 20.6%
Total Proposition A Fund 453,667 453,667 318,851 70.3%
204 Proposition C Fund
3372 Prop C Funds 245,248 245,248 228,787 93.3%
3501 Interest Earnings 58,000 58,000 16,611 28.6%
Total Proposition C Fund 303,248 303,248 245,398 80.9%
205 Measure R Fund
3374 Measure R Funds 183,936 183,936 171,558 93.3%
3501 Interest Earnings 44,000 44,000 12,348 28.1%
Total Measure R fund 227,936 227,936 183,906 80.7%
206 Air Quality Management Fund
3377 AQMD Funds 15,000 20,000 14,157 70.8%
3501 Interest Earnings 24,000 24,000 7,836 32.7%
Total Air Quality Management Fund 39,000 44,000 21,993 50.0% 207 Solid Waste Management Fund
3311 Solid Waste Management Surcharge 120,000 120,000 78,468 65.4% 3434 Recycling Fees 18,150 18,150 15,986 88.1%
3501 Interest Earnings 3,000 3,000 386 12.9%
3600 Grant Proceeds 80,000 80,000 16,567 20.7%
Total Solid Waste Management Fund 221,150 221,150 111,407 50.4% 208 Parkland Development Fund
3135 Parkland Development Fees 20,000 20,000 14,904 74.5% 3501 Interest Earnings 26,000 26,000 8,404 32.3%
Total Park Development Fund 46,000 46,000 23,308 50.7%
209 Quimby Fund
3501 Interest Earnings 1,000 1,000 185 18.5%
Total Quimby Fund 1,000 1,000 185 18.5%
211 COPS (Brulte) Grant Fund
3600 Proceeds From Grants (Brulte) 175,000 194,663 194,663 100.0% Total COPS (Brulte) Fund 175,000 194,663 194,663 100.0% 212 Measure M Funds
3375 Measure M Funds 208,461 208,461 194,370 93.2%
3501 Interest Earnings 67,000 67,000 23,685 35.4%
Total Measure M Fund 275,461 275,461 218,055 79.2%
213 Road Maintenance and Rehabilitation Act (RMRA) Fund 3319 SB1 Annual Allocation 257,109 257,109 292,976 114.0% 3501 Interest Earnings 97,000 97,000 30,886 31.8%
Total RMRA Fund 354,109 354,109 323,862 91.5%
214 Art in Public Places Fund
3135 Art in Public Places Fees - - - 0.0%
3501 Interest Earnings 6,000 6,000 1,724 28.7%
Total Art in Public Places Fund 6,000 6,000 1,724 28.7% Special Revenue Funds (Continued)
A3
6 Object Description
2024-25
Adopted
Amended
Budget
Actual thru
06/30/2025
Percentage
Received

REVENUES BY FUND
June 30, 2025
215 Community Development Block Grant Fund
3320/3320-01 Proceeds From Grants 65,276 65,276 139,104 213.1% Total Comm. Dev. Block Grant Fund 65,276 65,276 139,104 213.1% 218 Measure W - LA County Stormwater Fund
3379 Measure W Annual Allocation 380,000 380,000 - 0.0% 3501 Interest Earnings 85,000 85,000 37,192 43.8%
Total Measure W - LA County Stormwater 465,000 465,000 37,192 8.0% 225 Grants Fund
3376 TDA 33,800 - - 0.0%
3600 Proceeds From Grants 10,758,587 11,133,587 7,259,680 65.2% Total Grants Fund 10,792,387 11,133,587 7,259,680 65.2% 290 Big Rock LMD Fund
3116 Big Rock Mesa Assessment 370,837 370,837 322,949 87.1% 3501 Interest Earnings 17,000 17,000 8,560 50.4%
Total Big Rock LMD Fund 387,837 387,837 331,509 85.5%
291 Malibu Road LMD Fund
3116 Malibu Road Assessment 67,238 67,238 64,607 96.1%
3501 Interest Earnings 8,000 8,000 2,868 35.9%
Total Malibu Road LMD Fund 75,238 75,238 67,475 89.7%
292 Calle Del Barco LMD Fund
3116 Calle Del Barco Assessment 85,673 85,673 68,043 79.4% 3501 Interest Earnings 14,000 14,000 4,987 35.6%
Total Calle Del Barco LMD Fund 99,673 99,673 73,030 73.3% 715 Civic Center Water Treatment Facility AD
3501 Interest Earnings 563,000 563,000 317,742 56.4%
3915 Civic Center Water Treatment Facility AD 2,587,519 2,587,519 2,299,036 88.9% Total Civic Ctr Water Treatment Facility AD 3,150,519 3,150,519 2,616,778 83.1% 517 Civic Center Water Treatment Facility - Phase Two
3501 Interest Earnings 341,000 341,000 99,115 29.1%
3950 CCWTF - Phase Two Construction - Bond Proceeds - - - 0.0% 2080 CCWTF - Phase Two Contributions - - - 0.0%
Total Civic Ctr Water Treatment Facility AD 341,000 341,000 99,115 29.1% 712 Carbon Beach Undergrounding CFD Fund
3915 Carbon Beach Undergrounding Assessment 231,507 231,507 196,791 85.0% 3501 Interest Earnings 28,000 28,000 8,323 29.7%
Total Carbon Beach Undergrounding CFD 259,507 259,507 205,114 79.0% 713 Broad Beach Assessment District
3915 Broad Beach Undergrounding Assessment 143,583 143,583 152,578 106.3% 3501 Interest Earnings 15,000 15,000 10,236 68.2%
Total Broad Beach Undergrounding AD 158,583 158,583 162,814 102.7% Total Special Revenue Funds 18,443,380 18,809,243 13,216,209 70.3% Special Revenue Funds (Continued)
A4
7 Object Description
2024-25
Adopted
Amended
Budget
Actual thru
06/30/2025
Percentage
Received

REVENUES BY FUND
June 30, 2025
500 Legacy Park Project Fund
3501 Interest Earnings 143,000 143,000 51,557 36.1%
3505 Proceeds from Rent 1,623,378 1,568,195 1,568,196 100.0% 3373 Prop A Recreation - - - 0.0%
3383 Measure A Recreation - - - 0.0%
3905 Miscellaneous Reimbursements 150,000 150,000 184,084 122.7% 3943 Other Miscellaneous Revenue - - 796 n/a
Total Legacy Park Project Fund 1,916,378 1,861,195 1,804,633 97.0% Total Legacy Park Project Fund 1,916,378 1,861,195 1,804,633 97.0% 515 Civic Center Wastewater Treatment Facility O&M
3501 Interest Earning 24,000 24,000 7,489 31.2%
3510 Sewer Service Fees 2,300,000 2,300,000 2,319,590 100.9% 3915 Contributions-Property Owners - - - 0.0%
Total CCWTF O&M 2,324,000 2,324,000 2,327,079 100.1%
Total CCWTF O&M Funds 2,324,000 2,324,000 2,327,079 100.1% 601 Vehicle Fund
3501 Interest Earnings 29,000 29,000 7,993 27.6%
3951 Vehicle Charges 150,000 150,000 150,000 100.0%
Total Vehicle Fund 179,000 179,000 157,993 88.3%
602 Information Technology Fund
3501 Interest Earnings 1,000 1,000 - 0.0%
3952 Information Technology Charges 1,243,336 1,243,336 1,228,419 98.8% Total Information Technology Fund 1,244,336 1,244,336 1,228,419 98.7% Total Internal Service Funds 1,423,336 1,423,336 1,386,412 97.4% Total Revenue - All Funds $ 85,895,516 $ 87,627,869 $ 72,614,166 82.9% Internal Service Funds
A5
8 Object Description
2024-25
Adopted
Amended
Budget
Actual thru
06/30/2025
Percentage
Received

REVENUES BY FUND
June 30, 2025
Total 2024-25 Adopted budget: $ 85,895,516
Account Description Amount
100-0000-3600-00 Hazardous Tree Removal Grant Proceeds from Grants 254,490 Budget Carryover 102-0000-3313-00 CalOES Disaster Funding OES Reimbursement 580,802 Budget Correction 206-0000-3377-00 Air Quality Management Fund - Purchase Electric Gator AQMD 5,000 Budget Correction 225-9059-3600-00 CIP 9059 - PCH Median Improvements Proceeds from Grants (85,000) Budget Correction 225-9097-3600-00 CIP 9097 - Bluffs Park South Walkway Proceeds from Grants (33,800) Budget Correction 211-0000-3600-00 COPS (Brulte) Grant Proceeds Proceeds from Grants 19,663 Budget Adjustment 225-0000-3600-00 Office of Traffic Safety Grant Proceeds from Grants 460,000 Council Appropriation 500-0000-3505-06 Super Care Drugs - Lease Amendment No. 3 Rent (41,167) Council Adjustment 500-0000-3505-01 Malibu Coast Animal Hospital - Lease Admendment No. 1 Rent (14,016) Council Adjustment 100-0000-3118-00 Motor Vehicle In-lieu Fee Adjustment MVLF 418,726 Mid-year Amendment 100-0000-3342-00 Bluffs Park Insurance Reimbursement Insurance Reimb 10,000 Mid-year Amendment 100-0000-3940-00 Sale of Surplus Property Surplus Property 2,655 Mid-year Amendment 100-0000-3901-00 Cross Creek Ranch/La Paz Settlement Reimbursements Settlement Reimb 90,000 Mid-year Amendment 101-0000-3415-00 Grading/Drainage Plan Review Fees Service Charges 65,000 Mid-year Amendment 100-0000-3941-00 Stormwater Treatment Facilities Funding Source Adj (40,000) Mid-year Amendment 101-0000-3941-00 Clean Water Program Funding Source Adj (142,469) Mid-year Amendment 218-0000-9100-00 Measure W LA County Stormwater Fund Funding Source Adj 40,000 Mid-year Amendment 218-0000-9100-00 Measure W LA County Stormwater Fund Funding Source Adj 142,469 Mid-year Amendment Total Amendments 1,732,353
Total Amendment Budget $ 87,627,869
Reconciliation of adopted to amended budget
A6
9 Adopted Budget Amended
Budget (1)
Actual thru
06/30/2025 % Spent
General Fund
Management and Administration
7001 City Council
Salaries & Benefits $ 96,642 $ 96,642 $ 84,265 87.2%
Operating 1,094,190 1,394,190 1,065,031 76.4%
Total City Council 1,190,832 1,490,832 1,149,296 77.1%
7002 Media Operations
Salaries & Benefits 404,470 404,470 288,223 71.3%
Operating 332,444 657,444 597,938 90.9%
Total Media 736,914 1,061,914 886,161 83.4%
7003 City Manager
Salaries & Benefits 803,689 829,459 864,337 104.2%
Operating 387,792 282,792 203,826 72.1%
Total City Manager 1,191,481 1,112,251 1,068,163 96.0%
7005 Legal Counsel
Salaries & Benefits - - - n/a
Operating 1,113,000 1,113,000 2,029,897 182.4%
Total Legal Counsel 1,113,000 1,113,000 2,029,897 182.4% 7054 Finance
Salaries & Benefits 1,003,385 1,003,385 903,721 90.1%
Operating 1,004,356 1,004,356 742,692 73.9%
Total Finance 2,007,741 2,007,741 1,646,413 82.0%
7058 Human Resources
Salaries & Benefits 431,518 431,518 439,332 101.8%
Operating 453,594 503,594 389,812 77.4%
Total Human Resources 885,112 935,112 829,144 88.7%
7059 Non Departmental Services
Salaries & Benefits 74,428 74,428 75,297 101.2%
OPEB/Retiree Health/Unfunded Liability 1,245,348 1,532,579 1,177,579 76.8% Operating 2,243,076 2,243,076 1,614,893 72.0%
Total Non Departmental Services 3,562,852 3,850,083 2,867,769 74.5% 103-9050 City Hall
Salaries & Benefits 157,394 157,394 165,259 105.0%
Operating 1,321,008 1,321,008 779,511 59.0%
Total City Hall 1,478,402 1,478,402 944,770 63.9%
9088 Vacant Land
Salaries & Benefits - - - 0.0%
Operating 502,700 502,700 321,012 63.9%
Total Vacant Land 502,700 502,700 321,012 63.9%
9050/9074/9088 Debt Service (City Hall / Trancas / Vacant Land) 3,174,326 3,174,326 3,174,325 100.0% 3,174,326 3,174,326 3,174,325 100.0%
Total Management & Administration 15,843,360 16,726,361 14,916,950 89.2% City Clerk
7007 City Clerk
Salaries & Benefits 520,580 529,904 497,878 94.0%
Operating 226,693 226,693 155,569 68.6%
Total City Clerk 747,273 756,597 653,447 86.4%
Total City Clerk 747,273 756,597 653,447 86.4%

EXPENDITURES BY FUND
June 30, 2025
A7
10 Adopted Budget Amended
Budget (1)
Actual thru
06/30/2025 % Spent

EXPENDITURES BY FUND
June 30, 2025
General Fund (Continued)
Public Safety
7021 Public Safety Services
Salaries & Benefits 824,560 824,560 737,250 89.4%
Operating 15,764,994 15,899,994 14,151,477 89.0%
Total Public Safety 16,589,554 16,724,554 14,888,727 89.0% Total Public Safety 16,589,554 16,724,554 14,888,727 89.0% Community Services
4001 General Recreation
Salaries & Benefits 662,541 662,541 641,498 96.8%
Operating 194,773 204,199 175,524 86.0%
Total General Recreation 857,314 866,740 817,022 94.3%
4002 Aquatics
Salaries & Benefits 308,559 308,559 239,533 77.6%
Operating 124,870 124,870 89,505 71.7%
Total Aquatics 433,429 433,429 329,038 75.9%
4003 Outdoor Recreation
Salaries & Benefits 39,177 39,177 41,312 105.4%
Operating 17,424 17,424 8,820 50.6%
Total Outdoor Recreation 56,601 56,601 50,132 88.6%
4004 Day Camps
Salaries & Benefits 63,664 63,664 49,982 78.5%
Operating 62,500 62,500 70,149 112.2%
Total Day Camps 126,164 126,164 120,131 95.2%
4005 Skate Park
Salaries & Benefits 39,690 39,690 25,088 63.2%
Operating 103,515 103,515 73,582 71.1%
Total Skate Park 143,205 143,205 98,670 68.9%
4006 Sports
Salaries & Benefits 98,601 98,601 69,475 70.5%
Operating 46,910 46,910 18,566 39.6%
Total Sports 145,511 145,511 88,041 60.5%
4007 Community Programs
Salaries & Benefits 93,945 93,945 58,375 62.1%
Operating 80,785 80,785 43,616 54.0%
Total Community Programs 174,730 174,730 101,991 58.4%
4008 Senior Adult Programs
Salaries & Benefits 112,079 112,079 108,372 96.7%
Operating 115,897 115,897 75,454 65.1%
Total Senior Adult Programs 227,976 227,976 183,826 80.6% 4010 Park Maintenance
Salaries & Benefits 315,922 315,922 288,723 91.4%
Operating 1,532,314 1,532,314 928,288 60.6%
Total Park Maintenance 1,848,236 1,848,236 1,217,011 65.8% 4011 Special Events
Salaries & Benefits 142,064 142,064 100,032 70.4%
Operating 184,032 184,032 52,008 28.3%
Total Special Events 326,096 326,096 152,040 46.6%
4012 Malibu Arts
Salaries & Benefits 155,364 155,364 131,720 84.8%
Operating 87,617 87,617 53,990 61.6%
Total Malibu Arts 242,981 242,981 185,710 76.4%
Total Community Services 4,582,243 4,591,669 3,343,612 72.8% A8
11 Adopted Budget Amended
Budget (1)
Actual thru
06/30/2025 % Spent

EXPENDITURES BY FUND
June 30, 2025
General Fund (Continued)
Environmental & Sustainability Development
2004 Building Safety & Sustainability
Salaries & Benefits 1,886,667 1,886,667 1,423,942 75.5% Operating 4,422,673 3,802,673 2,286,447 60.1%
Total Building Safety & Sustainability 6,309,340 5,689,340 3,710,389 65.2% 2010 Wastewater Management
Salaries & Benefits 280,509 280,509 240,255 85.6%
Operating 330,695 330,695 232,824 70.4%
Total Wastewater Management 611,204 611,204 473,079 77.4% 3003 Clean Water Program
Salaries & Benefits 544,730 1,164,730 333,458 28.6%
Operating 1,061,143 1,061,143 1,363,155 128.5%
Total Clean Water Program 1,605,873 2,225,873 1,696,613 76.2% Total Env. & Sustainability Development 8,526,417 8,526,417 5,880,081 69.0% Planning Deparment
2001 Planning
Salaries & Benefits 3,313,231 3,313,231 2,313,742 69.8% Operating 2,113,752 2,121,752 1,704,788 80.3%
Total Planning 5,426,983 5,434,983 4,018,530 73.9%
2012 Code Enforcement
Salaries & Benefits 692,024 698,024 701,000 100.4%
Operating 181,490 181,490 174,158 96.0%
Total Code Enforcement 873,514 879,514 875,158 99.5%
Total Planning Department 6,300,497 6,314,497 4,893,688 77.5% Public Works/Engineering
3001 Street Maintenance
Salaries & Benefits 492,640 492,640 468,869 95.2%
Operating 2,334,476 3,463,136 2,929,027 84.6%
Total Street Maintenance 2,827,116 3,955,776 3,397,896 85.9% 3005 Fleet Operations
Salaries & Benefits - - - 0.0%
Operating 185,000 330,000 257,101 77.9%
Total Fleet Operations 185,000 330,000 257,101 77.9%
3007 Stormwater Facilities
Salaries & Benefits - - - n/a
Operating 229,300 229,300 211,082 92.1%
Total Stormwater Facilities 229,300 229,300 211,082 92.1% 3008 Public Works
Salaries & Benefits 1,600,319 1,600,319 1,442,152 90.1% Operating 666,600 934,596 425,900 45.6%
Total Public Works 2,266,919 2,534,915 1,868,052 73.7%
Total Public Works /Engineering 5,508,335 7,049,991 5,734,131 81.3% A9
12 Adopted Budget Amended
Budget (1)
Actual thru
06/30/2025 % Spent

EXPENDITURES BY FUND
June 30, 2025
General Fund (Continued)
Disaster Response
3002 Woolsey Fire Rebuilds and Storm Response 1,856,000 1,871,000 680,415 36.4% 9200 Woolsey Fire & Storm Response CIP Projects 4,914,007 4,914,007 813,421 16.6% Total Woolsey Fire Response 6,770,007 6,785,007 1,493,836 22.0% 3100 Broad Fire - Salaries & Benefits - - 405 0.0%
3100 Broad Fire - Emergency Response/Recovery - - 53,532 0.0% Total Broad Fire Response - - 53,937 0.0%
3101 Franklin Fire - Salaries & Benefits - - 242,046 0.0% 3101 Franklin Fire - Emergency Response/Recovery - 1,602,199 1,225,226 76.5% 3101 Franklin Fire - CIP Projects - 11,000 246,341 2239.5% Total Franklin Fire Response - 1,613,199 1,713,613 106.2% 3102 Palisades Fire - Salaries & Benefits - 6,667 1,399,546 20993.2% 3102 Palisades Fire - Emergency Response/Recovery - 5,739,117 5,014,050 87.4% 3102 Palisades Fire - CIP Projects - 4,667,133 5,314,975 113.9% Total Palisades Fire Response - 10,412,917 11,728,571 112.6% General Fund CIP
9000 General Fund CIP 11,860,171 14,668,469 2,113,375 14.4% 9000 Case Crummer Reserved for CIP 282,486 379,906 331,196 87.2% Total General Fund CIP 12,142,657 15,048,375 2,444,571 16.2% Total General Fund 77,010,343 94,549,583 67,745,164 71.7% Special Revenue Funds
203-3009 Transportation Services 196,500 340,500 282,869 83.1% 207-3004 Solid Waste Management 517,074 517,074 337,397 65.3% 290-6002 Big Rock Mesa LMD 372,425 372,425 354,785 95.3% 291-6003 Malibu Road LMD 84,400 84,400 67,532 80.0%
292-6004 Calle del Barco LMD 84,040 84,040 57,119 68.0% 712-9048 Carbon Beach Undergrounding CFD 234,350 234,350 226,871 96.8% 713-9052 Broad Beach Undergrounding AD 140,521 140,521 136,681 97.3% 715-9049 Civic Center Wastewater Treatment Plant AD 2,321,017 2,321,017 2,311,434 99.6% 211-7021 Public Safety - Brulte 175,000 194,663 194,663 100.0% 215-7070 Community Development Block Grant 9,791 114,791 116,709 101.7% CCWTF Phase Two - - - 0.0%
Total Special Revenue Funds 4,135,118 4,403,781 4,086,060 92.8% A10
13 Adopted Budget Amended
Budget (1)
Actual thru
06/30/2025 % Spent

EXPENDITURES BY FUND
June 30, 2025
Capital Project Funds
310 Capital Improvement Fund
9002 Annual Street Overlay 1,300,000 1,300,000 1,233,131 94.9% 9059 PCH Median Improvements 85,000 - - 0.0%
9065 MCLE Office Trailer 55,485 275,752 136,164 49.4%
9066 PCH Signal Synchronization Imp. 8,600,000 8,600,000 7,554,773 87.8% 9075 Civic Center Way Treatment Facility Ph 2 54,877 326,355 - 0.0% 9078 City Hall Solar Power 3,800,000 4,000,000 35,159 0.9% 9090 Permanent Skate Park 2,500,000 5,384,308 1,798,654 33.4% 9097 Malibu Bluffs Park South Walkway 73,235 - - 0.0%
9098 Trancas Cyn Park Play Resurfacing 14,612 230,000 198,951 86.5% 9100 PCH/Trancas Right Turn Lane 513,587 513,587 57,234 11.1% 9101 PCH Crosswalk Improvements 200,000 290,000 - 0.0%
9102 PCH Median Imp at Paradise Cove/Zuma 1,000,000 1,000,000 91,537 9.2% 9103 Kanan Dume Biofilter 580,000 580,000 72,078 12.4%
9105 City Traffic Signals Backup Power 20,000 20,000 - 0.0% 9106 Malibu Canyon Road Traffic Study - 9,501 9,501 0.0% 9108 Harbor Vista Curb Return Modifications 100,000 100,000 1,733 1.7% 9109 PCH at Las Flores & Rambla Pacifico 160,000 655,000 16,627 2.5% 9110 Encinal Canyon 60" Storm Drain Repairs 900,000 1,000,000 134,762 13.5% 9111 Citywide Asphalt Concrete Berm Repairs 300,000 300,000 - 0.0% 9112 Bluffs & Equestrian Park Roof Replacements 400,000 400,000 136,492 34.1% 9113 Legacy Bench/Arbor Renovations - 7,871 7,871 0.0%
9114 PCH Ped Undercrossing at Malibu Seafood 200,000 600,000 720 0.1% 9115 Big Rock Dr & Tuna Canyon Resurfacing 675,000 675,000 - 0.0% 9116 Stuart Ranch Road Walkway 400,000 400,000 - 0.0%
9118 Legacy Park Arbors Renovations 150,000 150,000 312 0.2% 9119 Las Flores Storm Drain Repair 300,000 300,000 80,075 26.7% 9120 Pt. Dume Storm Drain Improvements - Ph 1 395,000 395,000 - 0.0% 9121 Charmlee Park Nature Center Renovations 500,000 500,000 - 0.0% 9122 Legacy Park Irrigation Improvements 225,000 225,000 - 0.0% 9123 Malibu Bluffs Park Snack Shack 200,000 200,000 28,253 14.1% 9124 Land Management System 750,000 750,000 - 0.0%
9125 PCH Quick Build Roundabouts - 2,000,000 148,652 7.4% CIP General Fund Expenses (funding offset) (11,860,171) (14,668,469) (2,113,375) 14.4% CIP Case Crummer Reserve (funding offset) (282,486) (379,906) (331,196) 87.2% Total Capital Project Funds 12,309,139 16,138,999 9,298,108 57.6% Legacy Park Project Fund
500 7004 Legacy Park Debt Service 1,091,901 1,091,901 1,088,511 99.7% 7008 Legacy Park - Salaries & Benefits 143,663 143,663 117,969 82.1% 7008 Legacy Park - Operations 817,300 907,300 691,373 76.2% Total Legacy Park Project Fund 2,052,864 2,142,864 1,897,853 88.6% Civic Center Wastewater Treatment Facility Fund
515 3010 CCWTF Sewer Svcs - Salaries & Benefits 98,360 98,360 93,404 95.0% 3010 CCWTF Sewer Svcs - Operations 2,107,095 2,132,095 2,037,734 95.6% Total CCWTF Fund 2,205,455 2,230,455 2,131,138 95.5%
A11
14 Adopted Budget Amended
Budget (1)
Actual thru
06/30/2025 % Spent

EXPENDITURES BY FUND
June 30, 2025
Internal Service Funds
3005 Vehicle 86,000 86,000 67,899 79.0%
7060 Information Technology
Salaries & Benefits 559,336 559,336 599,619 107.2%
Operating 684,000 684,000 562,894 82.3%
Total Information Technology 1,243,336 1,243,336 1,162,513 93.5% Total Internal Service Funds 1,329,336 1,329,336 1,230,412 92.6% Total All Funds $ 99,042,255 $ 120,795,018 $ 86,388,735 71.5% (1) The amended budget column includes the original budget amount plus encumbrance carryovers and any additional appropriations.

A12
15 Adopted Budget Amended
Budget (1)
Actual thru
06/30/2025 % Spent

EXPENDITURES BY FUND
June 30, 2025
Total 2024-25 Adopted budget: $ 99,042,255
Account Description Project Amount Comment
100-3008-5100-00 Public Works/Engineering - Professional Svcs Kimley Horn/MNS Engineers 67,295 Budget Carryover 100-3008-5100-00 CIP - Professional Services City Traffic Signal Backup Pwr 30,000 Budget Carryover 100-3008-5125-00 Public Works/Engineering - Traffic Engineering Green Fleet/SpeedHumps 45,701 Budget Carryover 100-4001-7800-00 Community Services/General Rec - Equipment Pool Office Trailer Expenses 6,026 Budget Carryover 310-9078-5100-00 CIP - Professional Services City Hall Solar Power Project 200,000 Budget Carryover 310-9098-5100-00 CIP - Professional Services Trancas Cnyn Park Playground 215,388 Budget Carryover 310-9110-5100-00 CIP - Professional Services Encinal Cnyn 60" Storm Drain 100,000 Budget Carryover 601-3005-7700-00 Fleet Operations Purchase of Fleet Vehicles 145,000 Budget Carryover 310-9059-5100-00 CIP - Professional Services PCH Median Improv-Meas R Hwy (85,000) Budget Correction 310-9097-5100-00 CIP - Professional Services Bluffs Park South Walkway - Gen Fd (62,505) Budget Correction 310-9097-5100-00 CIP - Professional Services Bluffs Park South Walkway - TDA (10,730) Budget Correction 211-7021-5115-00 Special Revenue Fund-Law Enforcement Svcs COPS (Brulte) Grant 19,663 Budget Correction 100-3001-5121-01 PW/Street Maintenance - Street Sweeping Sweeping Corporation of America 44,160 Council Appropriation 100-7002-5100-00 Media - Professional Services DUI Prevention & Traffic Safty 325,000 Council Appropriation 100-7021-5115-00 Public Safety - Law Enforcement Services DUI Prevention & Traffic Safty 135,000 Council Appropriation 203-3009-5145-00 Community Services - Dial-a-Ride Services Dial-a-Ride Program 144,000 Council Appropriation 310-9090-5100-00 CIP - Professional Services - Skate Park Restricted-Case Crummer Parcel 48,710 Budget Amendment 310-9090-5100-00 CIP - Professional Services - Skate Park General Fund - Committed - CIPs (48,710) Budget Amendment 100-4001-5107-00 Community Services - Contract Personnel Malibu Film Society-AV & Security 3,400 Budget Amendment 100-7003-5100-00 City Manager's Office - Professional Services Williams Scottsman - MCLE Trailer (105,000) Budget Amendment 215-7070-7800-00 CDBG - Equipment Williams Scottsman - MCLE Trailer 105,000 Budget Amendment 100-3001-5120-00 Street Maintenance Yard Rental Increase 49,500 Mid-year Amendment 100-3001-5123-00 Storm Response Addl expenses due to winter storms 900,000 Mid-year Amendment 100-3001-5123-01 Storm Drain System Maintenance Repair to existing storm drains 85,000 Mid-year Amendment 100-3001-5127-00 Weed Abatement Additional weed abatement 50,000 Mid-year Amendment 100-3008-5100-00 Public Works/Engineering - Professional Services Asset Management Assessment 125,000 Mid-year Amendment 100-7059-4217-00 Other Post Employment Benefits (OPEB) Per Bi-annual valuation 287,231 Mid-year Amendment 101-2001-6160-00 Planning Department - Operating Supplies To increase operating supply budget 5,000 Mid-year Amendment 101-2001-6400-00 Planning Department - Clothing & Emergency Gear Uniformed clothing for staff 3,000 Mid-year Amendment 101-2012-4104-00 Code Enforcement Division - Overtime Additional overtime 6,000 Mid-year Amendment 102-3002-5100-00 Woolsey Fire - Professional Services Updates to Development Database 15,000 Mid-year Amendment 100-7003-4101-00 City Manager - Salaries and Benefits Senior Management Analyst Position 13,421 Mid-year Amendment 100-7003-4101-00 City Manager - Salaries and Benefits Management Analyst Position 12,349 Mid-year Amendment 100-7007-4101-00 City Clerk - Salaries and Benefits Administrative Assistant 9,324 Mid-year Amendment 102-3101-5100-03 Franklin Fire - Professional Services - ESD Cotton Shires - Rebuild Prof Svcs 350,000 Mid-year Amendment 102-3101-5100-03 Franklin Fire - Professional Services - ESD Rincon - Rebuild Prof Svcs 190,000 Mid-year Amendment 102-3101-5100-03 Franklin Fire - Professional Services - ESD Clean Harbors - Rebuild Prof Svcs 150,000 Mid-year Amendment 102-3101-5100-03 Franklin Fire - Professional Services - ESD Bureau Veritas - Rebuild Prof Svcs 100,000 Mid-year Amendment 102-3101-5100-03 Franklin Fire - Professional Services - ESD True North - Rebuild Prof Services 100,000 Mid-year Amendment 102-3101-5100-03 Franklin Fire - Professional Services - ESD Solid Waste - Rebuild Prof Services 80,000 Mid-year Amendment 102-3101-5120-01 Franklin Fire - Debris Removal - Pworks Emergency response and clean-up 406,140 Mid-year Amendment 102-3101-5100-04 Franklin Fire - Professional Services - Pworks Updated GIS layers for rebuild 25,000 Mid-year Amendment 102-3101-5100-04 Franklin Fire - Professional Services - Pworks Rebuild Center Prof Svcs 25,000 Mid-year Amendment 102-3101-5120-01 Franklin Fire - Debris Removal - Pworks Hauling waste to Simi Valley Landfill 25,000 Mid-year Amendment 102-3101-5120-01 Franklin Fire - Debris Removal - Pworks Debris collection site 25,000 Mid-year Amendment 102-3101-5123-00 Franklin Fire - Storm Response - Pworks Emergency response and clean-up 15,059 Mid-year Amendment 102-3101-5120-01 Franklin Fire - Debris Removal - Pworks SCADA repairs due to power outage 11,000 Mid-year Amendment 102-9226-5100-00 Franklin Fire - CIP - Professional Services Malibu Canyon Rd Guardrails 11,000 Mid-year Amendment Reconciliation of adopted to amended budget
A13
16 Adopted Budget Amended
Budget (1)
Actual thru
06/30/2025 % Spent

EXPENDITURES BY FUND
June 30, 2025
102-3102-4101-00 Palisades Fire - Salaries and Benefits Rebuild Ctr - Office Asst/Recept 6,667 Mid-year Amendment 102-3102-5100-00 Palisades Fire - Professional Services Rebuild Ctr Custodial Services 7,600 Mid-year Amendment 102-3102-5100-02 Palisades Fire - Professional Services - Planning 4Leaf - Rebuild Prof Svcs 204,800 Mid-year Amendment 102-3102-5100-02 Palisades Fire - Professional Services - Planning Michael Baker - Rebuild Prof Svcs 159,200 Mid-year Amendment 102-3102-5100-02 Palisades Fire - Professional Services - Planning CA Coastal Works - Rebuild Prof Svcs 94,000 Mid-year Amendment 102-3102-5100-02 Palisades Fire - Professional Services - Planning Fee Waiver/Rebuild/Data Analysis 60,000 Mid-year Amendment 102-3102-5100-02 Palisades Fire - Professional Services - Planning MNS Engineers - Rebuild Prof Svcs 68,500 Mid-year Amendment 102-3102-5100-02 Palisades Fire - Professional Services - Planning Interwest Group - Rebuild Prof Svcs 43,200 Mid-year Amendment 102-3102-5100-03 Palisades Fire - Professional Services - ESD Cotton Shires - Rebuild Prof Svcs 1,000,000 Mid-year Amendment 102-3102-5100-03 Palisades Fire - Professional Services - ESD Rincon - Rebuild Prof Svcs 500,000 Mid-year Amendment 102-3102-5100-03 Palisades Fire - Professional Services - ESD Bureau Veritas - Rebuild Prof Svcs 450,000 Mid-year Amendment 102-3102-5100-03 Palisades Fire - Professional Services - ESD True North - Rebuild Prof Svcs 450,000 Mid-year Amendment 102-3102-5100-03 Palisades Fire - Professional Services - ESD Solid Waste Solutions - Rebuild Prof Svcs 80,000 Mid-year Amendment 102-3102-5100-03 Palisades Fire - Professional Services - ESD Iris Consulting - Rebuild Prof Svcs 50,000 Mid-year Amendment 102-3102-5100-04 Palisades Fire - Professional Services - Pworks Yeh and Associates - Rebuild Prof Svcs 200,000 Mid-year Amendment 102-3102-5100-04 Palisades Fire - Professional Services - Pworks Kimley Horn - Rebuild Prof Svcs 75,000 Mid-year Amendment 102-3102-5100-04 Palisades Fire - Professional Services - Pworks Infinity Technology - Updated GIS 25,000 Mid-year Amendment 102-3102-5100-04 Palisades Fire - Professional Services - Pworks MNS Engineers - Land surveying 25,000 Mid-year Amendment 102-3102-5120-01 Palisades Fire - Debris Removal Burns Pacific - Emergency response 1,000,000 Mid-year Amendment 102-3102-5120-01 Palisades Fire - Debris Removal LKJP Properties - Debris collection 50,000 Mid-year Amendment 102-3102-5120-01 Palisades Fire - Debris Removal Waste Management - Hauling 25,000 Mid-year Amendment 102-3102-5710-00 Palisades Fire - Facility Lease/Rental Rebuild Center Rent 61,017 Mid-year Amendment 102-9223-5100-00 Palisades Fire - CIP Professional Services Storm drain system- Big Rock 1,684,100 Mid-year Amendment 102-9224-5100-00 Palisades Fire - CIP Professional Services Retaining walls - Rambla Vista area 150,000 Mid-year Amendment 102-9225-5100-00 Palisades Fire - CIP Professional Services Guardrails throughout the burn area 833,033 Mid-year Amendment 102-9227-5100-00 Palisades Fire - CIP Professional Services Repairs to Las Flores Park 2,000,000 Mid-year Amendment 310-9065-5100-00 CIP - Professional Services MCLE Trailer 220,267 Mid-year Amendment 310-9101-5100-00 CIP - Professional Services PCH Crosswalk Improvmnts - Big Rock/20 90,000 Mid-year Amendment 310-9106-5100-00 CIP - Professional Services Malibu Canyon Road Traffic Study 9,501 Mid-year Amendment 310-9109-5100-00 CIP - Professional Services PCH at Las Flores & Rambla Pacifico Inte 495,000 Mid-year Amendment 310-9113-5100-00 CIP - Professional Services Legacy Park Benches Renovations 7,871 Mid-year Amendment 310-9114-5100-00 CIP - Professional Services PCH Pedestrian Undercrossing at Malibu S 400,000 Mid-year Amendment 500-7008-7300-00 Leasehold Improvements Malibu Animal Hospital Roof repairs 90,000 Mid-year Amendment 515-3010-5640-00 CCWTF Equipment Maintenance Replace failed pump at the CCWTF 25,000 Mid-year Amendment 101-2004-5100-00 Building & Safety Professional Services Rincon Consultants Amendment No. 1 (620,000) Budget Transfer 101-3003-5100-00 Clean Water Professional Services Rincon Consultants Amendment No. 1 620,000 Budget Transfer 100-7058-6170-00 Human Resources - Events Staff Lunch-Support Business Recvry 50,000 Council Appropriation 310-9090-5100-00 CIP - Professional Services (General Fund) Malibu Permanent Skate Park 2,499,776 Council Appropriation 310-9090-5100-00 CIP - Professional Services (Case/Crummer) Malibu Permanent Skate Park 48,710 Council Appropriation 310-9090-5100-00 CIP - Professional Services (600 Spring) Malibu Permanent Skate Park 150,000 Council Appropriation 310-9090-5100-00 CIP - Professional Services (OGALS Grant) Malibu Permanent Skate Park 185,822 Council Appropriation 310-912X-5100-00 CIP - Professional Services PCH Quick Build Roundabouts 2,000,000 Council Appropriation 100-7001-5930-004 Community Grants - Micro Business Small Business Micro Stabilization Grant 300,000 Council Appropriation 310-9075-5100-00 CIP - Professional Services CCWTF - Phase Two 271,478 Council Appropriation 102-3101-5100-00 Franklin Fire - Professional Services Clean Harbors On-Call Environ Services 100,000 Council Appropriation 102-3102-5100-00 Palisades Fire - Professional Services Clean Harbors On-Call Environ Services 50,000 Council Appropriation 102-3102-5100-00 Palisades Fire - Professional Services Covered 6 LLC Security Services 1,060,800 Council Appropriation 21,752,763
Total 2024-25 Current Amended Budget: $ 120,795,018
A14
17 Budget Audited Audited Transfers In/Out Other 2024-25 Audited Non-Current/ Budget Fund Balance Revenues Expenditures Fiscal Year Activity & Fund Balance Unavailable Fund Balance FUND July 1, 2024 6/30/2025 6/30/2025 2024-25 PY Non-current 6/30/2025 Revenue June 30, 2025 General Fund - Unassigned $ 67,902,620 $ 53,855,172 $ 50,228,157 $ (13,075,019) $ 9,531,298 $ 67,985,914 $ (730,061) $ 67,255,853 General Fund - Committed - Contingencies 6,500,000 - - - - 6,500,000 - 6,500,000 General Fund - Committed - CIPs 14,668,469 - 2,113,375 - (7,424,459) 5,130,635 - 5,130,635 General Fund - Assigned - SCE Settlement Woolsey F 4,711,459 - - (1,480,661) - 3,230,798 - 3,230,798 Committed - Deferred Maintenance 1,034,784 - 11,646 - - 1,023,138 - 1,023,138 Committed - Water Quality Settlement 51,076 - - - - 51,076 - 51,076 Restricted - Case (Crummer) Parcel 331,196 - 331,196 - - - - - Restricted - Housing Element Program 194,140 - 70,834 - - 123,306 - 123,306 Restricted - City Facilities - La Paz 500,000 - - - 50,000 550,000 - 550,000 Unassigned - FEMA Disaster Projects & CIP - 24,661 14,989,956 14,986,152 (1,433,684) (1,412,827) 1,412,827 - Total General Fund 95,893,744 53,879,833 67,745,164 430,472 723,155 83,182,040 682,766 83,864,806 201 Gas Tax Fund 3,283 309,665 - (225,000) - 87,948 - 87,948 202 Traffic Safety Fund 258,924 271,381 - (200,000) - 330,305 - 330,305 203 Proposition A Fund 647,789 318,851 282,869 - - 683,771 - 683,771 204 Proposition C Fund 255,222 245,398 - (290,000) - 210,620 - 210,620 205 Measure R Fund 191,690 183,906 - (220,000) - 155,596 - 155,596 206 Air Quality Management Fund 171,384 21,993 - (20,190) - 173,187 - 173,187 207 Solid Waste Management Fund 6,535 111,407 337,397 154,033 - (65,422) 68,433 3,011 208 Parkland Development In-Lieu Fund 181,998 23,308 - - - 205,306 - 205,306 209 Quimby Fund 4,093 185 - - - 4,278 - 4,278
211 COPS Brulte Grant Fund - 194,663 194,663 - - - - -
212 Measure M Fund 431,557 218,055 - (390,000) - 259,612 - 259,612 213 RMRA (SB1) Fund 588,502 323,862 - (280,000) - 632,364 - 632,364 214 Art in Public Places In-Lieu Fund 38,125 1,724 - - - 39,849 - 39,849 215 Community Development Block Grant Fund - 139,104 116,709 (29,202) (3,014) (9,821) 9,821 - 218 Measure W LA County Stormwater 822,469 37,192 - (172,856) - 686,805 - 686,805 225 Grants Fund - 7,259,680 - (8,055,365) (1,119,556) (1,915,241) 1,915,241 - 290 Big Rock LMD 163,087 331,509 354,785 - - 139,811 - 139,811 291 Malibu Road LMD 51,062 67,475 67,532 - - 51,005 - 51,005 292 Calle Del Barco LMD 99,540 73,030 57,119 - - 115,451 - 115,451 712 Carbon Beach Undergrounding CFD 515,014 205,114 226,871 - - 493,257 - 493,257 713 Broad Beach Assessment District 279,620 162,814 136,681 - - 305,753 - 305,753 715 CCWTF AD Phase One 7,842,254 2,616,778 2,311,434 - - 8,147,598 - 8,147,598 517 CCWTF Phase Two 392,376 99,115 - - 1,724,288 2,215,779 (1,761,276) 454,503 Total Special Revenue Funds 12,944,524 13,216,209 4,086,060 (9,728,580) 601,718 12,947,811 232,219 13,180,030 Capital Improvements Fund - - 9,298,108 9,298,108 - - - - Total Capital Improvement Funds - - 9,298,108 9,298,108 - - - - Legacy Park Project Fund 719,087 1,804,633 1,897,853 - 16,939,066 17,564,933 (16,781,097) 783,836 Total Legacy Fund 719,087 1,804,633 1,897,853 - 16,939,066 17,564,933 (16,781,097) 783,836 Civic Center Wastewater Treatment Facility 378,210 2,327,079 2,131,138 - 51,602,316 52,176,467 (51,602,314) 574,153 Total Civic Center Wastewater Treatment Fac. 378,210 2,327,079 2,131,138 - 51,602,316 52,176,467 (51,602,314) 574,153 601 Vehicle 329,512 157,993 67,899 - - 419,606 - 419,606 602 Information Technology 130,423 1,228,419 1,162,513 - - 196,329 - 196,329 Total Internal Service Funds 459,935 1,386,412 1,230,412 - - 615,935 - 615,935 Total All Funds $ 110,395,500 $ 72,614,166 $ 86,388,735 $ - $ 69,866,255 $ 166,487,186 $ (67,468,426) $ 99,018,760

ESTIMATED BUDGET FUND BALANCES
June 30, 2025
A15
18

Agenda Item # 1.B.9.

Council Agenda Report
To: Mayor Silverstein and the Honorable Members of the City Council Prepared by: Christopher Smith, Assistant City Manager
Reviewed by: Renée Neermann, Financial Controller
Approved by: Rob DuBoux, Interim City Manager
Date prepared: January 2, 2026 Meeting date: February 23, 2026 Subject: Fiscal Year 2025-26 First Quarter Financial Report RECOMMENDED ACTION: 1) Authorize bypassing the Administration and Finance Subcommittee; 2) Receive and file the Fiscal Year (FY) 2025-26 First Quarter Financial Report.

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

STRATEGIC PLAN IMPLEMENTATION: N/A.

DISCUSSION: The attached report provides revenue and expenditure totals for the first quarter of FY 2025-26.

The FY 2025-26 Adopted Budget was developed using conservative budgeting assumptions. Due to the limited data available in the first quarter of the fiscal year, no meaningful revenue or expenditure trends have emerged to support revised projections.

Accordingly, staff has maintained projections at the adopted budget levels. Additional insight into fiscal year performance will be provided in the second quarter (mid-year) financial report.

Revenues
The Revenues by Fund Report reflects General Fund revenues Received of $6.28 million or 10.5% of the annual budgeted amount for the fiscal year. Total revenue for all funds received during the first quarter is $11.83 million or 14.5% of the annual budgeted amount for the fiscal year. Many revenue sources are received on a quarterly or annual basis and, as such, will be reflected when the year-end report is presented.

City Council Meeting
02-23-26
Item

1.B.9.
1

Agenda Item # 1.B.9.

The FY 2025–26 budget included estimates for potential federal revenue support to partially offset fire-related expenditures. To date, no federal funds have been received.

Based on historical experience with disaster assistance programs, the timing and amount of any federal reimbursement remain uncertain and may take multiple years to materialize.

Expenditures
The Expenditure by Fund Report does not yet reflect any budget carryovers from FY 2024- 25 as these will be included at mid-year. General Fund expenditures for the first quarter total $11.36 million or 12.7% of the annual budgeted amount. Several large General Fund expenditures occur in the beginning of the fiscal year, including insurance and CalPERS liability payments. Expenditures for all funds total $12.7 million or 11.5% of the annual budgeted amount.

Fund Balances
As of September 30, 2025, available financial data is insufficient to support reliable projections of fund balances; therefore, projected fund balance are not included in this report. Given the ongoing impacts of the fires, staff will continue to closely monitor revenues and expenditures and expect to provide projected impacts in future financial reports.

ATTACHMENTS: FY 2025-26 Q1 Financial Report
2 Object Description
2025-26
Adopted
Amended
Budget
Actual thru
09/30/2025
Percentage
Received
2025-26
Estimated
100, 101, 102 & 103 General Fund
3111 Current Year Secured Property Tax $ 16,000,000 $ 16,000,000 $ - 0.0% $ 16,000,000 3112 Current Year Unsecured Property Tax 500,000 500,000 423,969 84.8% 500,000 3113 Homeowner's Exemption 60,000 60,000 - 0.0% 60,000
3114 Prior Year Secured Property Tax - - - 0.0% -
3115 Prior Year Unsecured Property Tax 20,000 20,000 - 0.0% 20,000 3118 Property Tax In-Lieu 2,800,000 2,800,000 - 0.0% 2,800,000 Revenue from Property Taxes 19,380,000 19,380,000 423,969 2.2% 19,380,000 3131 Documentary Transfer Tax 800,000 800,000 118,759 14.8% 800,000 3132 Utility User's Tax 3,000,000 3,000,000 428,685 14.3% 3,000,000 3133 Transient Occupancy Tax - Hotels and Motels 2,500,000 2,500,000 336,354 13.5% 2,500,000 3133-01 Transient Occupancy Tax - Private Rentals 4,200,000 4,200,000 - 0.0% 4,200,000 3134 Franchise Fees 800,000 800,000 51,928 6.5% 800,000 3137 Sales and Use Tax 8,800,000 8,800,000 808,059 9.2% 8,800,000 3138 Parking Occupancy Tax 500,000 500,000 - 0.0% 500,000 Revenue From Other Taxes 20,600,000 20,600,000 1,743,785 8.5% 20,600,000 3201 Alarm Permits 30,000 30,000 5,423 18.1% 30,000
3202 Film Permits 300,000 300,000 47,611 15.9% 300,000
3203 Building Permits 1,200,000 1,200,000 260,286 21.7% 1,200,000 3203-01 Code Enforcement - Special Investigations 15,000 15,000 645 4.3% 15,000 3204 Wastewater Treatment System Permits 45,000 45,000 12,148 27.0% 45,000 3205 Plumbing Permits 170,000 170,000 35,070 20.6% 170,000 3207 Mechanical Permits 120,000 120,000 24,720 20.6% 120,000 3208 Electrical Permit Fees 250,000 250,000 77,601 31.0% 250,000 3209 Grading/Drainage Permit Fees 105,000 105,000 24,436 23.3% 105,000 3210 Miscellaneous Permits 8,000 8,000 860 10.8% 8,000
3418 OWTS Operating Permit Fees 400,000 400,000 119,383 29.8% 400,000 3420 Parking Permits 1,000 1,000 160 16.0% 1,000
3421 Planning Review Fees 1,200,000 1,200,000 353,914 29.5% 1,200,000 Revenue From Licenses and Permits 3,844,000 3,844,000 962,257 25.0% 3,844,000 3250 Parking Citation Fines 2,000,000 2,000,000 560,798 28.0% 2,000,000 Revenue From Fines and Forfeitures 2,000,000 2,000,000 560,798 28.0% 2,000,000 3316 Motor Vehicle In-Lieu Fees 15,000 15,000 16,414 109.4% 15,000 3318 Street Sweeping Reimbursements 50,000 50,000 - 0.0% 50,000 3313/3341 FEMA/OES Reimbursements 3,434,136 3,434,136 - 0.0% 3,434,136 3373 Proposition A Recreation - - - 0.0% -
3383 Measure A Recreation - - - 0.0% -
3381 LA County EWMP Reimbursement - - - 0.0% -
Revenue From Other Governments 3,499,136 3,499,136 16,414 0.5% 3,499,136 3408 Biology Review Fees 235,000 235,000 48,375 20.6% 235,000 3409 Document Retention Fees 20,000 20,000 5,458 27.3% 20,000 3410 Building Plan Check Fees 1,000,000 1,000,000 266,149 26.6% 1,000,000 3410-01 Administrative Plan Check Processing Fee 70,000 70,000 22,014 31.4% 70,000 3410-03 Building Plan Check Fees - Dark Sky 100,000 100,000 - 0.0% 100,000 3410-04 Building Plan Check Fees - Exterior Elevated Elements 100,000 100,000 - 0.0% 100,000 3411 Inspector Plan Check Fees 200,000 200,000 49,530 24.8% 200,000 3412 Geo Soils Engineering Fees 1,000,000 1,000,000 294,717 29.5% 1,000,000 3413 Other Plan Check Fees 30,000 30,000 12,212 40.7% 30,000 3414 Environmental Health Review Fees 400,000 400,000 127,846 32.0% 400,000 3415 Grading/Drainage Plan Review Fees 50,000 50,000 20,143 40.3% 50,000 3416 Code Enforcement Investigation Fees 80,000 80,000 18,860 23.6% 80,000 3419 Credit Card Fees 130,000 130,000 36,507 28.1% 130,000 3422 OWTS Practitioners Fees 8,000 8,000 3,300 41.3% 8,000 3425 CA Building Standards Surcharge 2,000 2,000 1,715 85.8% 2,000 3427 Technology Enhancement Fee 120,000 120,000 29,966 25.0% 120,000

REVENUES BY FUND
September 30, 2025
A1 Attachment 2
3 Object Description
2025-26
Adopted
Amended
Budget
Actual thru
09/30/2025
Percentage
Received
2025-26
Estimated

REVENUES BY FUND
September 30, 2025
General Fund (Continued)
3431 Public Works/Engineering Fees 375,000 375,000 125,754 33.5% 375,000 3432 WQMP Fees 35,000 35,000 8,890 25.4% 35,000
3434-01 Short-Term Rental Permit Fee 114,000 114,000 23,265 20.4% 114,000 3434-02 Short-Term Rental Violation Fines 10,000 10,000 - 0.0% 10,000 3435 Admin Permit Processing Fees 75,000 75,000 26,968 36.0% 75,000 3436 Electric Vehicle Charger Fees 5,000 5,000 740 14.8% 5,000 3441 Sale of Publications and Materials 50 50 103 206.0% 50 3444 Returned Check Service Fees 200 200 - 0.0% 200
3446 Vehicle Impound Release Fees 75,000 75,000 41,126 54.8% 75,000 3447 Election Fees 1,000 1,000 - 0.0% 1,000
3448 Subpoena Fees 3,000 3,000 350 11.7% 3,000
3449 False Alarm Service Charge 2,000 2,000 378 18.9% 2,000 3450 Residential Decals 500 500 35 7.0% 500
3461 Municipal Facility Use Fees 80,000 80,000 3,581 4.5% 80,000 3464 Sports Program Fees 50,000 50,000 7,950 15.9% 50,000 3466 Aquatics Program 150,000 150,000 42,474 28.3% 150,000 3467 Day Camp 70,000 70,000 13,312 19.0% 70,000
3468 Senior Adult Program 30,000 30,000 4,300 14.3% 30,000 3469 Skate Park 40,000 40,000 8,355 20.9% 40,000
3470 Recreation/Community Class Registration 80,000 80,000 16,250 20.3% 80,000 3471/3472 Special Events 7,500 7,500 260 3.5% 7,500
Revenue From Service Charges 4,748,250 4,748,250 1,260,883 26.6% 4,748,250 3501 Interest Earnings (General Fund - 101, 103, 104, 105) 3,500,000 3,500,000 1,241,550 35.5% 3,500,000 3505 City Hall Use Fees 20,000 20,000 4,886 24.4% 20,000 Use of Money and Property 3,520,000 3,520,000 1,246,436 35.4% 3,520,000 3342 Insurance Reimbursements 2,000,000 2,000,000 18,300 0.9% 2,000,000 3600 Proceeds from Grants 500,000 500,000 - 0.0% 500,000 3602 Proposition A Transportation Funds Exchange - - - 0.0% - 3901 Settlements - - 50,000 0.0% 50,000
3902 Legal Fees - - - 0.0% -
3904 TOT Private Rental Penalties 10,000 10,000 - 0.0% 10,000 3905 Miscellaneous Reimbursements 15,000 15,000 1,697 11.3% 15,000 3920 Donations - 10,000 - 0.0% 10,000
3940 Sale of Surplus Property 3,000 3,000 - 0.0% 3,000
3930/3943 Miscellaneous Revenue 10,000 10,000 192 1.9% 10,000 Miscellaneous Revenue 2,538,000 2,548,000 70,189 2.8% 2,598,000 Total General Fund 60,129,386 60,139,386 6,284,731 10.5% 60,189,386 Special Revenue Funds
201 Gas Tax Fund
3315 Highway User's Fees 305,347 305,347 53,919 17.7% 305,347 3501 Interest Earnings 6,000 6,000 1,816 30.3% 6,000
Total Gas Tax Fund 311,347 311,347 55,735 17.9% 311,347 202 Traffic Safety Fund
3312 Fines & Forfeitures 225,000 225,000 29,083 12.9% 225,000 3501 Interest Earnings 18,000 18,000 5,262 29.2% 18,000 Total Traffic Safety Fund 243,000 243,000 34,345 14.1% 243,000 A2
4 Object Description
2025-26
Adopted
Amended
Budget
Actual thru
09/30/2025
Percentage
Received
2025-26
Estimated

REVENUES BY FUND
September 30, 2025
203 Proposition A Fund
3371 Prop A Funds 274,739 274,739 72,433 26.4% 274,739
3501 Interest Earnings 38,000 38,000 11,048 29.1% 38,000 Total Proposition A Fund 312,739 312,739 83,481 26.7% 312,739 204 Proposition C Fund
3372 Prop C Funds 227,889 227,889 60,081 26.4% 227,889
3501 Interest Earnings 19,000 19,000 3,953 20.8% 19,000 Total Proposition C Fund 246,889 246,889 64,034 25.9% 246,889 205 Measure R Fund
3374 Measure R Funds 170,917 170,917 45,054 26.4% 170,917 3501 Interest Earnings 14,000 14,000 2,851 20.4% 14,000 Total Measure R fund 184,917 184,917 47,905 25.9% 184,917 206 Air Quality Management Fund
3377 AQMD Funds 14,000 14,000 - 0.0% 14,000
3501 Interest Earnings 9,000 9,000 2,692 29.9% 9,000
Total Air Quality Management Fund 23,000 23,000 2,692 11.7% 23,000 207 Solid Waste Management Fund
3311 Solid Waste Management Surcharge 120,000 120,000 8,058 6.7% 120,000 3434 Recycling Fees 18,000 18,000 - 0.0% 18,000
3501 Interest Earnings 1,000 1,000 - 0.0% 1,000
3600 Grant Proceeds 70,925 70,925 68,433 96.5% 70,925
Total Solid Waste Management Fund 209,925 209,925 76,491 36.4% 209,925 208 Parkland Development Fund
3135 Parkland Development Fees 15,000 15,000 4,968 33.1% 15,000 3501 Interest Earnings 10,000 10,000 3,315 33.2% 10,000 Total Park Development Fund 25,000 25,000 8,283 33.1% 25,000 209 Quimby Fund
3501 Interest Earnings 500 500 67 13.4% 500
Total Quimby Fund 500 500 67 13.4% 500
211 COPS (Brulte) Grant Fund
3600 Proceeds From Grants (Brulte) 175,000 175,000 - 0.0% 175,000 Total COPS (Brulte) Fund 175,000 175,000 - 0.0% 175,000 212 Measure M Funds
3375 Measure M Funds 193,706 193,706 51,098 26.4% 193,706 3501 Interest Earnings 27,000 27,000 4,544 16.8% 27,000 Total Measure M Fund 220,706 220,706 55,642 25.2% 220,706 213 Road Maintenance and Rehabilitation Act (RMRA) Fund 3319 SB1 Annual Allocation 281,678 281,678 23,743 8.4% 281,678 3501 Interest Earnings 36,000 36,000 9,952 27.6% 36,000 Total RMRA Fund 317,678 317,678 33,695 10.6% 317,678
214 Art in Public Places Fund
3135 Art in Public Places Fees - - - 0.0% -
3501 Interest Earnings 2,000 2,000 628 31.4% 2,000
Total Art in Public Places Fund 2,000 2,000 628 31.4% 2,000 Special Revenue Funds (Continued)
A3
5 Object Description
2025-26
Adopted
Amended
Budget
Actual thru
09/30/2025
Percentage
Received
2025-26
Estimated

REVENUES BY FUND
September 30, 2025
215 Community Development Block Grant Fund
3320/3320-01 Proceeds From Grants 148,436 148,436 - 0.0% 148,436 Total Comm. Dev. Block Grant Fund 148,436 148,436 - 0.0% 148,436 218 Measure W - LA County Stormwater Fund
3379 Measure W Annual Allocation 382,000 382,000 386,778 101.3% 382,000 3501 Interest Earnings 44,000 44,000 14,893 33.8% 44,000 Total Measure W - LA County Stormwater 426,000 426,000 401,671 94.3% 426,000 225 Grants Fund
3376 TDA - - - 0.0% -
3600 Proceeds From Grants 8,808,396 8,808,396 4,121,667 46.8% 8,808,396 Total Grants Fund 8,808,396 8,808,396 4,121,667 46.8% 8,808,396 290 Big Rock LMD Fund
3116 Big Rock Mesa Assessment 382,035 382,035 - 0.0% 382,035 3501 Interest Earnings 10,000 10,000 2,188 21.9% 10,000 Total Big Rock LMD Fund 392,035 392,035 2,188 0.6% 392,035 291 Malibu Road LMD Fund
3116 Malibu Road Assessment 69,269 69,269 - 0.0% 69,269 3501 Interest Earnings 3,000 3,000 836 27.9% 3,000
Total Malibu Road LMD Fund 72,269 72,269 836 1.2% 72,269 292 Calle Del Barco LMD Fund
3116 Calle Del Barco Assessment 94,965 94,965 - 0.0% 94,965 3501 Interest Earnings 6,000 6,000 1,813 30.2% 6,000
Total Calle Del Barco LMD Fund 100,965 100,965 1,813 1.8% 100,965 715 Civic Center Water Treatment Facility AD
3501 Interest Earnings 344,000 344,000 100,415 29.2% 344,000 3915 Civic Center Water Treatment Facility AD 2,573,173 2,573,173 - 0.0% 2,573,173 Total Civic Ctr Water Treatment Facility AD 2,917,173 2,917,173 100,415 3.4% 2,917,173 517 Civic Center Water Treatment Facility - Phase Two
3501 Interest Earnings 117,000 117,000 35,536 30.4% 117,000 3950 CCWTF - Phase Two Construction - Bond Proceeds - - - 0.0% - 2080 CCWTF - Phase Two Contributions - - - 0.0% -
Total Civic Ctr Water Treatment Facility AD 117,000 117,000 35,536 30.4% 117,000 712 Carbon Beach Undergrounding CFD Fund
3915 Carbon Beach Undergrounding Assessment 256,789 256,789 - 0.0% 256,789 3501 Interest Earnings 9,000 9,000 1,574 17.5% 9,000
Total Carbon Beach Undergrounding CFD 265,789 265,789 1,574 0.6% 265,789 713 Broad Beach Assessment District
3915 Broad Beach Undergrounding Assessment 140,397 140,397 4,971 3.5% 140,397 3501 Interest Earnings 11,000 11,000 2,568 23.3% 11,000 Total Broad Beach Undergrounding AD 151,397 151,397 7,539 5.0% 151,397 Total Special Revenue Funds 15,672,161 15,672,161 5,136,237 32.8% 15,672,161 Special Revenue Funds (Continued)
A4
6 Object Description
2025-26
Adopted
Amended
Budget
Actual thru
09/30/2025
Percentage
Received
2025-26
Estimated

REVENUES BY FUND
September 30, 2025
500 Legacy Park Project Fund
3501 Interest Earnings 60,000 60,000 16,528 27.5% 60,000 3505 Proceeds from Rent 1,561,176 1,535,478 379,220 24.7% 1,535,478 3600 Proceeds from Grants - - 2,000 0.0% 2,000
3373 Prop A Recreation - - - 0.0% -
3383 Measure A Recreation - - - 0.0% -
3905 Miscellaneous Reimbursements - - - 0.0% -
3943 Other Miscellaneous Revenue 65,740 65,740 - 0.0% 65,740 Total Legacy Park Project Fund 1,686,916 1,661,218 397,748 23.9% 1,663,218 Total Legacy Park Project Fund 1,686,916 1,661,218 397,748 23.9% 1,663,218 515 Civic Center Wastewater Treatment Facility O&M
3501 Interest Earning 5,000 5,000 4,762 95.2% 5,000
3510 Sewer Service Fees 2,400,000 2,400,000 - 0.0% 2,400,000 3915 Contributions-Property Owners - - - 0.0% -
Total CCWTF O&M 2,405,000 2,405,000 4,762 0.2% 2,405,000 Total CCWTF O&M Funds 2,405,000 2,405,000 4,762 0.2% 2,405,000 601 Vehicle Fund
3501 Interest Earnings 10,000 10,000 6,212 62.1% 10,000 3951 Vehicle Charges 144,000 144,000 - 0.0% 144,000
Total Vehicle Fund 154,000 154,000 6,212 4.0% 154,000
602 Information Technology Fund
3501 Interest Earnings 1,000 1,000 - 0.0% 1,000
3952 Information Technology Charges 1,756,262 1,756,262 - 0.0% 1,756,262 Total Information Technology Fund 1,757,262 1,757,262 - 0.0% 1,757,262 Total Internal Service Funds 1,911,262 1,911,262 6,212 0.3% 1,911,262 Total Revenue - All Funds $ 81,804,725 $ 81,789,027 $ 11,829,690 14.5% $ 81,841,027 Total 2024-25 Adopted budget: $ 81,804,725
Account Description Amount Comment Date
500-0000-3505-06 Super Care Drugs - One-time 50% Rent Reduction Budget Amendment (25,698) Council Action 8/11/2025 100-0000-3920-00 SCE Donation for 2025 Safety & Preparedness Fair Budget Amendment 10,000 Council Action 8/25/2025 Total Amendments (15,698)
Total Amendment Budget $ 81,789,027
Internal Service Funds
Reconciliation of adopted to amended budget
A5
7 Adopted Budget Amended
Budget (1)
Actual thru
09/30/2025 % Spent 2025-26
Estimated
General Fund
Management and Administration
7001 City Council
Salaries & Benefits $ 70,754 $ 70,754 $ 17,595 24.9% $ 70,754 Operating 709,292 709,292 496,032 69.9% 709,292
Total City Council 780,046 780,046 513,627 65.8% 780,046 7002 Media Operations
Salaries & Benefits 285,455 285,455 64,321 26.0% 285,455 Salaries & Benefits - Palisades Fire 13,217 13,217 13,217 13,217 Operating 653,567 953,567 58,582 6.1% 953,567
Total Media 952,239 1,252,239 136,120 10.9% 1,252,239
7003 City Manager
Salaries & Benefits 1,233,053 1,233,053 228,907 19.5% 1,233,053 Salaries & Benefits - Palisades Fire 14,971 14,971 14,971 14,971 Operating 507,367 507,367 42,273 8.3% 507,367
Total City Manager 1,755,391 1,755,391 286,151 16.3% 1,755,391 7005 Legal Counsel
Salaries & Benefits - - - n/a -
Operating 1,393,000 1,393,000 219,714 15.8% 1,393,000
Total Legal Counsel 1,393,000 1,393,000 219,714 15.8% 1,393,000 7054 Finance
Salaries & Benefits 1,118,998 1,118,998 167,149 15.1% 1,118,998 Salaries & Benefits - Franklin Fire 60 60 60 60
Salaries & Benefits - Palisades Fire 2,597 2,597 2,597 2,597 Operating 843,509 843,509 144,810 17.2% 843,509
Total Finance 1,965,164 1,965,164 314,616 16.0% 1,965,164 7058 Human Resources
Salaries & Benefits 524,773 524,773 134,319 25.6% 524,773 Operating 333,575 333,575 55,100 16.5% 333,575
Total Human Resources 858,348 858,348 189,419 22.1% 858,348 7059 Non Departmental Services
Salaries & Benefits 78,729 78,729 20,061 25.5% 78,729
OPEB/Retiree Health/Unfunded Liability 1,762,017 1,762,017 944,053 53.6% 1,762,017 Operating 2,564,377 2,564,377 1,292,631 50.4% 2,564,377 Total Non Departmental Services 4,405,123 4,405,123 2,256,745 51.2% 4,405,123 103-9050 City Hall
Salaries & Benefits 163,966 163,966 42,900 26.2% 163,966 Operating 1,410,865 1,410,865 343,656 24.4% 1,410,865
Total City Hall 1,574,831 1,574,831 386,556 24.5% 1,574,831 9088 Vacant Land
Salaries & Benefits - - - n/a -
Operating 502,700 502,700 12,108 2.4% 502,700
Total Vacant Land 502,700 502,700 12,108 2.4% 502,700
9050/9074/9088 Debt Service (City Hall / Trancas / Vacant Land) 3,299,701 3,299,701 - 0.0% 3,299,701 3,299,701 3,299,701 - 0.0% 3,299,701
Total Management & Administration 17,486,543 17,786,543 4,315,056 24.3% 17,786,543 City Clerk
7007 City Clerk
Salaries & Benefits 652,092 652,092 157,226 24.1% 652,092 Operating 203,963 203,963 52,641 25.8% 203,963
Total City Clerk 856,055 856,055 209,867 24.5% 856,055
Total City Clerk 856,055 856,055 209,867 24.5% 856,055

EXPENDITURES BY FUND
September 30, 2025
A6
8 Adopted Budget Amended
Budget (1)
Actual thru
09/30/2025 % Spent 2025-26
Estimated

EXPENDITURES BY FUND
September 30, 2025
General Fund (Continued)
Public Safety
7021 Public Safety Services
Salaries & Benefits 921,573 921,573 236,440 25.9% 921,573 Salaries & Benefits - Palisades Fire 2,792 2,792 2,792 2,792 Operating 15,743,421 15,743,421 1,137,429 7.2% 15,743,421 Total Public Safety 16,667,786 16,667,786 1,376,661 8.3% 16,667,786 Total Public Safety 16,667,786 16,667,786 1,376,661 8.3% 16,667,786 Community Services
4001 General Recreation
Salaries & Benefits 787,380 787,380 208,188 26.4% 787,380 Operating 233,834 235,850 37,998 16.1% 235,850
Total General Recreation 1,021,214 1,023,230 246,186 24.1% 1,023,230 4002 Aquatics
Salaries & Benefits 345,072 345,072 101,667 29.5% 345,072 Operating 124,520 124,520 9,509 7.6% 124,520
Total Aquatics 469,592 469,592 111,176 23.7% 469,592
4003 Outdoor Recreation
Salaries & Benefits 33,419 33,419 12,728 38.1% 33,419
Operating 14,550 14,550 526 3.6% 14,550
Total Outdoor Recreation 47,969 47,969 13,254 27.6% 47,969 4004 Day Camps
Salaries & Benefits 48,105 48,105 19,199 39.9% 48,105
Operating 60,000 60,000 24,982 41.6% 60,000
Total Day Camps 108,105 108,105 44,181 40.9% 108,105
4005 Skate Park
Salaries & Benefits 42,238 42,238 9,763 23.1% 42,238
Operating 89,485 89,485 6,420 7.2% 89,485
Total Skate Park 131,723 131,723 16,183 12.3% 131,723
4006 Sports
Salaries & Benefits 77,694 77,694 16,590 21.4% 77,694
Operating 48,845 48,845 856 1.8% 48,845
Total Sports 126,539 126,539 17,446 13.8% 126,539
4007 Community Programs
Salaries & Benefits 115,812 115,812 23,386 20.2% 115,812 Operating 81,700 81,700 6,872 8.4% 81,700
Total Community Programs 197,512 197,512 30,258 15.3% 197,512 4008 Senior Adult Programs
Salaries & Benefits 104,332 104,332 32,186 30.8% 104,332 Operating 166,435 166,435 21,469 12.9% 166,435
Total Senior Adult Programs 270,767 270,767 53,655 19.8% 270,767 4010 Park Maintenance
Salaries & Benefits 338,288 338,288 73,340 21.7% 338,288 Operating 1,409,682 1,429,682 165,098 11.5% 1,429,682
Total Park Maintenance 1,747,970 1,767,970 238,438 13.5% 1,767,970 4011 Special Events
Salaries & Benefits 117,907 117,907 25,544 21.7% 117,907 Operating 225,658 225,658 4,267 1.9% 225,658
Total Special Events 343,565 343,565 29,811 8.7% 343,565 4012 Malibu Arts
Salaries & Benefits 187,598 187,598 32,693 17.4% 187,598 Operating 93,302 93,302 11,208 12.0% 93,302
Total Malibu Arts 280,900 280,900 43,901 15.6% 280,900
Total Community Services 4,745,856 4,767,872 844,489 17.7% 4,767,872 A7
9 Adopted Budget Amended
Budget (1)
Actual thru
09/30/2025 % Spent 2025-26
Estimated

EXPENDITURES BY FUND
September 30, 2025
General Fund (Continued)
Environmental & Sustainability Development
2004 Building Safety & Sustainability
Salaries & Benefits 2,075,194 2,075,194 390,552 21.5% 2,075,194 Salaries & Benefits - Broad Fire 245 245 245 245
Salaries & Benefits - Franklin Fire 1,116 1,116 1,116 1,116 Salaries & Benefits - Palisades Fire 70,707 70,707 70,707 70,707 Operating 4,481,440 4,481,440 223,828 5.0% 4,481,440
Total Building Safety & Sustainability 6,628,702 6,628,702 686,448 10.4% 6,628,702 2010 Wastewater Management
Salaries & Benefits 334,161 334,161 44,981 13.6% 334,161 Salaries & Benefits - Franklin Fire 8 8 8 8
Salaries & Benefits - Palisades Fire 460 460 460 460
Operating 338,931 338,931 22,293 6.6% 338,931
Total Wastewater Management 673,560 673,560 67,742 10.1% 673,560 3003 Clean Water Program
Salaries & Benefits 554,851 554,851 85,668 16.3% 554,851 Salaries & Benefits - Franklin Fire 49 49 49 49
Salaries & Benefits - Palisades Fire 5,699 5,699 5,699 5,699 Operating 1,728,858 1,728,858 200,624 11.6% 1,728,858
Total Clean Water Program 2,289,457 2,289,457 292,040 12.8% 2,289,457 Total Env. & Sustainability Development 9,591,719 9,591,719 1,046,230 10.9% 9,591,719 Planning Deparment
2001 Planning
Salaries & Benefits 3,500,637 3,500,637 796,789 23.5% 3,500,637 Salaries & Benefits - Palisades Fire 34,884 34,884 34,884 34,884 Operating 2,306,660 2,306,660 51,849 2.2% 2,306,660
Total Planning 5,842,181 5,842,181 883,522 15.1% 5,842,181 2012 Code Enforcement
Salaries & Benefits 713,010 713,010 147,238 20.7% 713,010 Operating 215,950 215,950 27,042 12.5% 215,950
Total Code Enforcement 928,960 928,960 174,280 18.8% 928,960 Total Planning Department 6,771,141 6,771,141 1,057,802 15.6% 6,771,141 Public Works/Engineering
3001 Street Maintenance
Salaries & Benefits 526,884 526,884 134,895 25.7% 526,884 Salaries & Benefits - Palisades Fire 885 885 885 885
Operating 2,818,700 2,818,700 271,362 9.6% 2,818,700
Total Street Maintenance 3,346,469 3,346,469 407,142 12.2% 3,346,469 3005 Fleet Operations
Salaries & Benefits - - - n/a -
Operating 21,000 21,000 77,363 368.4% 21,000
Total Fleet Operations 21,000 21,000 77,363 368.4% 21,000 3007 Stormwater Facilities
Salaries & Benefits - - - n/a -
Operating 220,500 220,500 11,828 5.4% 220,500
Total Stormwater Facilities 220,500 220,500 11,828 5.4% 220,500 3008 Public Works
Salaries & Benefits 1,885,406 1,885,406 397,940 22.4% 1,885,406 Salaries & Benefits - Franklin Fire 439 439 439 439
Salaries & Benefits - Palisades Fire 29,821 29,821 29,821 29,821 Operating 646,946 646,946 40,762 6.3% 646,946
Total Public Works 2,562,612 2,562,612 468,962 18.3% 2,562,612 Total Public Works /Engineering 6,150,581 6,150,581 965,295 15.7% 6,150,581 A8
10 Adopted Budget Amended
Budget (1)
Actual thru
09/30/2025 % Spent 2025-26
Estimated

EXPENDITURES BY FUND
September 30, 2025
General Fund (Continued)
Disaster Response
3002 Woolsey Fire Rebuilds and Storm Response 1,061,000 1,061,000 46,577 4.4% 1,061,000 9200 Woolsey Fire & Storm Response CIP Projects 5,200,000 5,200,000 51,209 1.0% 5,200,000 Total Woolsey Fire Response 6,261,000 6,261,000 97,786 1.6% 6,261,000 3100 Broad Fire - Emergency Response/Recovery - - 323 0.0% - Total Broad Fire Response - - 323 0.0% -
3101 Franklin Fire - Emergency Response/Recovery 1,217,017 1,217,017 11,073 0.9% 1,217,017 3101 Franklin Fire - CIP Projects - - - 0.0% -
Total Franklin Fire Response 1,217,017 1,217,017 11,073 0.9% 1,217,017 3102 Palisades Fire - Salaries & Benefits 152,739 152,739 1,340 0.9% 152,739 3102 Palisades Fire - Emergency Response/Recovery 7,635,852 7,635,852 1,248,341 16.3% 7,635,852 3102 Palisades Fire - CIP Projects 3,192,271 3,192,271 30,524 1.0% 3,192,271 Total Palisades Fire Response 10,980,862 10,980,862 1,280,205 11.7% 10,980,862 General Fund CIP
9000 General Fund CIP 8,476,107 8,476,107 154,529 1.8% 8,476,107 9000 Case Crummer Reserved for CIP - - - 0.0% -
Total General Fund CIP 8,476,107 8,476,107 154,529 1.8% 8,476,107 Total General Fund 89,204,667 89,526,683 11,359,316 12.7% 89,526,683 Special Revenue Funds
203-3009 Transportation Services 571,468 571,468 94,064 16.5% 571,468 207-3004 Solid Waste Management 583,871 583,871 73,372 12.6% 583,871 290-6002 Big Rock Mesa LMD 389,177 389,177 6,507 1.7% 389,177 291-6003 Malibu Road LMD 83,371 83,371 2,527 3.0% 83,371 292-6004 Calle del Barco LMD 87,381 87,381 2,445 2.8% 87,381 712-9048 Carbon Beach Undergrounding CFD 238,276 238,276 4,096 1.7% 238,276 713-9052 Broad Beach Undergrounding AD 142,680 142,680 1,600 1.1% 142,680 715-9049 Civic Center Wastewater Treatment Plant AD 2,319,386 2,319,386 6,771 0.3% 2,319,386 211-7021 Public Safety - Brulte 175,000 175,000 24,695 14.1% 175,000 215-7070 Community Development Block Grant 60,454 60,454 30,295 50.1% 60,454 CCWTF Phase Two - - - 0.0% -
Total Special Revenue Funds 4,651,064 4,651,064 246,372 5.3% 4,651,064 A9
11 Adopted Budget Amended
Budget (1)
Actual thru
09/30/2025 % Spent 2025-26
Estimated

EXPENDITURES BY FUND
September 30, 2025
Capital Project Funds
310 Capital Improvement Fund
9002 Annual Street Overlay 800,000 800,000 66 0.0% 800,000 9115 Big Rock Drive and Tuna Canyon Resurfacing Deferred Deferred - n/a Deferred 9065 MCLE Office Trailer 900,000 900,000 - 0.0% 900,000 9066 PCH Signal Synchronization Imp. 4,155,904 4,155,904 102,968 2.5% 4,155,904 9075 Civic Center Way Treatment Facility Ph 2 670,000 670,000 - 0.0% 670,000 9078 City Hall Solar Power On Hold On Hold - n/a On Hold 9090 Permanent Skate Park 5,053,111 5,053,111 154,529 3.1% 5,053,111 9100 PCH/Trancas Right Turn Lane 1,130,000 1,130,000 - 0.0% 1,130,000 9101 PCH Crosswalk Improvements 290,000 290,000 - 0.0% 290,000 9102 PCH Median Imp at Paradise Cove/Zuma 221,670 221,670 - 0.0% 221,670 9103 Kanan Dume Biofilter 530,000 530,000 - 0.0% 530,000 9108 Harbor Vista Curb Return Modifications Deferred Deferred - n/a Deferred 9109 PCH at Las Flores & Rambla Pacifico 400,000 400,000 - 0.0% 400,000 9110 Encinal Canyon 60" Storm Drain Repairs 844,300 844,300 - 0.0% 844,300 9114 PCH Ped Undercrossing at Malibu Seafood 350,000 350,000 - 0.0% 350,000 9116 Stuart Ranch Road Walkway Deferred Deferred - n/a Deferred 9118 Legacy Park Arbors Renovations 150,000 150,000 - 0.0% 150,000 9120 Pt. Dume Storm Drain Improvements - Ph 1 Deferred Deferred - n/a Deferred 9121 Charmlee Park Nature Center Renovations 185,000 185,000 - 0.0% 185,000 9122 Legacy Park Irrigation Improvements Deferred Deferred - n/a Deferred 9123 Malibu Bluffs Park Snack Shack 425,000 425,000 - 0.0% 425,000 9124 Land Management System 75,000 75,000 - 0.0% 75,000 9125 PCH Quick Build Roundabouts 1,875,000 1,875,000 - 0.0% 1,875,000 9126 City Hall Audio Visual and Broadcast System 500,000 500,000 - 0.0% 500,000 CIP General Fund Expenses (funding offset) (8,476,107) (8,476,107) (154,529) 1.8% (8,476,107) CIP Case Crummer Reserve (funding offset) - - - 0.0% -
Total Capital Project Funds 10,078,878 10,078,878 103,034 1.0% 10,078,878 Legacy Park Project Fund
500 7004 Legacy Park Debt Service 1,085,419 1,085,419 - 0.0% 1,085,419 7008 Legacy Park - Salaries & Benefits 133,983 133,983 27,512 20.5% 133,983 7008 Legacy Park - Operations 923,007 923,007 193,405 21.0% 923,007 Total Legacy Park Project Fund 2,142,409 2,142,409 220,917 10.3% 2,142,409 Civic Center Wastewater Treatment Facility Fund
515 3010 CCWTF Sewer Svcs - Salaries & Benefits 112,015 112,015 28,977 25.9% 112,015 3010 CCWTF Sewer Svcs - Operations 2,196,222 2,196,222 344,997 15.7% 2,196,222 Total CCWTF Fund 2,308,237 2,308,237 373,974 16.2% 2,308,237 Internal Service Funds
3005 Vehicle 89,000 89,000 18,111 20.3% 89,000
7060 Information Technology
Salaries & Benefits 748,915 748,915 197,328 26.3% 748,915 Operating 1,096,500 1,096,500 183,384 16.7% 1,096,500
Total Information Technology 1,845,415 1,845,415 380,712 20.6% 1,845,415 Total Internal Service Funds 1,934,415 1,934,415 398,823 20.6% 1,934,415 Total All Funds $ 110,319,670 $ 110,641,686 $ 12,702,436 11.5% $ 110,641,686 (1) The amended budget column includes the original budget amount plus encumbrance carryovers and any additional appropriations.

A10
12 Adopted Budget Amended
Budget (1)
Actual thru
09/30/2025 % Spent 2025-26
Estimated

EXPENDITURES BY FUND
September 30, 2025
Reconciliation of adopted to amended budget
Total 2025-26 Adopted budget: $ 110,319,670
Account Description Project Amount Comment Date
100-4010-7300-00 Amend Budget to add Parkland Development FndngBluffs Park - Telescope installation 20,000 Council Appropriation 8/11/2025 100-7002-5100-00 Media Operations - Professional Services Tripepi Smith on-call communications svcs 300,000 Council Appropriation 8/11/2025 100-4001-5107-00 General Recreation - Contract Personnel Malibu Film Society - Audio-visual Consult 2,016 Council Appropriation 8/11/2025 322,016
Total 2025-26 Current Amended Budget: $ 110,641,686
A11
13

Agenda Item # 1.B.10.

Council Agenda Report
To: Mayor Silverstein and the Honorable Members of the City Council Prepared by: Renée Neermann, Financial Controller
Reviewed by: Christopher Smith, Assistant City Manager
Approved by: Rob DuBoux, Interim City Manager
Date prepared: February 12, 2026 Meeting date: February 23, 2026 Subject: Annual Comprehensive Financial Report and Audit Management Letter for Fiscal Year 2024-25
RECOMMENDED ACTION: Receive and file the Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2024-25.

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 2024-25 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, 2025, and have approved the issuance of the ACFR.

The ACFR reflects total governmental, combined fund balances of $85.6 million on June 30, 2025, which is a decrease of $12.5 million from the prior year’s ending balance of $98.1 million. In comparison, FY 2023-24 had a net increase to fund balance of $9.7 million. Following are the key elements of the decrease in activity:

Revenues decreased by a net of $3.7 million from the prior year (see Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance, page 21):
• A net decrease of $3.6 million in taxes primarily resulting from the impact of the Palisades Fire which affected a $3.4 million decrease in transient occupancy tax City Council Meeting
02-23-26
Item

1.B.10.

Agenda Item # 1.B.10.
and a $1.3 million decrease in sales tax. These decreases were offset by a $1.4 million increase in property taxes due to increased property value assessments. • Charges for services decreased by $1.4 million. The shortfall is due to permits/fees received at less than projected at mid-year for Dark Sky, Exterior Elevated Elements, Building Plan Check, Environmental Health Review, Geo Soils Engineering, and recreational, community, and sports programming, which were significantly impacted by the fires.
• Use of money and property increased by $0.6 million 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, 2025, which then resulted in unrealized gains being recognized as investment income for the year.
• Fines and forfeitures increased by $0.8 million due to additional parking enforcement resources.

Expenditures increased by $18.4 million over the prior year (see Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance, page 21):
• Public Works and Capital outlay costs each increased by $7.9 million. Much of this is resulting from the scale and prolonged duration of the Palisades Fire which resulted in significant fiscal impacts. In addition to emergency response expenditures, the extent of the disaster required the establishment of a dedicated Rebuild Center to centralize permitting, inspections, and recovery coordination.

The City also initiated urgent Capital Improvement Projects to restore and harden critical infrastructure. These activities represent substantial, multi-year financial commitments necessary to stabilize operations, support property owners, and advance long-term community recovery.
• Legislative and advisory costs increased by $0.9 million due to increased litigation costs in addition to higher 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 by $0.9 million, with much of this increase due to higher unfunded accrued liability payments made for retirement and other post-employment benefits.
• Public safety costs increased by $1.3 million due to the City’s commitment to increase safety on Pacific Coast Highway (PCH) by contracting with an outside

Agenda Item # 1.B.10.
firm to perform parking enforcement; starting regular patrols by the California Highway Patrol on Pacific Coast Highway; and increasing patrols by the Los Angeles County Sheriff Services for weekends and special events.

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 2024-25. The unassigned balance of the General Fund totaled $66.4 million while the total fund balance was $83.8 million. Of that amount (see Governmental Funds Balance Sheet, page 19), $95,000 was prepaid items/advances to other funds; $82,000 was restricted for debt service; $123,000 was restricted for the Housing Element; $550,000 was restricted for City facilities; $5.1 million was committed for Capital Improvement Projects; $1.0 million was committed for deferred maintenance; $51,000 was committed for water quality settlement; $616,000 was assigned for Internal Services; $3.2 million was assigned for fire rebuild requirements; $6.5 million was assigned for contingencies; and $66.4 million was available as undesignated.

The City’s assets exceeded its liabilities at the end of the fiscal year by $237.5 million (net position). Of this amount, $80.7 million (unrestricted net position) may be used to meet the government's ongoing obligations to citizens and creditors.

The 2024-25 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. Fiscal Year 2024-25 Annual Comprehensive Financial Report (ACFR)

ANNUAL COMPREHENSIVE

FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025

CITY OF MALIBU, CALIFORNIA
ATTACHMENT 1

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CITY OF MALIBU, CALIFORNIA

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

FOR THE FISCAL YEAR
JULY 1, 2024 - JUNE 30, 2025
Prepared by:

City of Malibu
Management and Administrative Services Department
Christopher Smith, Assistant City Manager
Renée Neermann, Financial Controller

CITY OF MALIBU, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Fiscal Year July 1, 2024 - June 30, 2025

TABLE OF CONTENTS

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

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

Statement of Net Position ......................................................................................17 Statement of Activities ...........................................................................................18 Balance Sheet – Governmental Funds ...................................................................19 Reconciliation of the Balance Sheet of Governmental Funds ...............................20 Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds .......................................................21 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities – Governmental Funds ...................................................................................22 Statement of Fund Net Position – Proprietary Funds ............................................23 Statement of Revenues, Expenses and Changes in
Fund Net Position – Proprietary Funds .....................................................24 Statement of Cash Flows – Proprietary Funds .......................................................25 Statement of Fiduciary Net Position ......................................................................26 Notes to the Financial Statements ..........................................................................27

REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Proportionate Share of the Net Pension Liability ..........................................60 Schedule of Contributions - Defined Benefit Pension Plan ...............................................61 Schedule of Changes in the Net OPEB (Asset)/Liability and Related Ratios ...................62 Schedule of Contributions – OPEB Plan ...........................................................................63 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual & Next Year’s Budget - General Fund ...................................64 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual – Grants Special Revenue Fund ..............................................65 Note to Required Supplementary Information ...................................................................66

CITY OF MALIBU, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Fiscal Year July 1, 2024 - June 30, 2025

TABLE OF CONTENTS

SUPPLEMENTARY INFORMATION
Individual Fund Financial Statements and Schedules:

Governmental Funds:

Combining Balance Sheet – Non-major Governmental Funds .............................67 Combining Statement of Revenues, Expenditures and
Changes in Fund Balances – Non-major Governmental Funds.......................70 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual – Individual Non-major Governmental Funds .................73 Enterprise Fund:

Schedule of Revenues, Expenses and Changes in Fund Net Position - Budget Actual (Budgetary Basis) – Commercial Real Estate Rental..........................91 Schedule of Revenues, Expenses and Changes in Fund Net Position - Budget Actual (Budgetary Basis) – Wastewater Treatment........................................92 Fiduciary Funds:

Combining Statement of Fiduciary Net Position...................................................93 Combining Statement of Changes in Fiduciary Net Position ................................94

STATISTICAL SECTION (UNAUDITED)
Statistical Section Index
Net Position by Component...............................................................................................96 Changes in Net Position.....................................................................................................98 Fund Balances of Governmental Funds...........................................................................100 Changes in Fund Balances of Governmental Funds........................................................102 Assessed Value of Taxable Property ...............................................................................104 Direct and Overlapping Property Tax Rates....................................................................105 Principal Property Tax Payers .........................................................................................106 Property Tax Levies and Collections...............................................................................107 Ratio of Outstanding Debt by Type .................................................................................108 Direct and Overlapping Governmental Bonded Debt......................................................109 Legal Debt Margin Information.......................................................................................110 Demographic and Economic Statistics............................................................................111 Full-Time Equivalent Government Employees by Function/Program............................112 Indicators of Demand or Level of Services .....................................................................113 Capital Asset Statistics by Function/Program..................................................................114

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

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City of Malibu
23825 Stuart Ranch Road, Malibu, California 90265-4861
(310) 456-2489 fax (310) 456-3356 www.malibucity.org
February 12, 2026
Honorable Mayor and City Council and Residents of the City of Malibu, California:

The Annual Comprehensive Financial Report (ACFR) of the City of Malibu for the fiscal year July 1, 2024, through June 30, 2025, is hereby submitted. Responsibility for the accuracy, completeness, and fairness of the data, including all disclosures, rests with the City of Malibu. 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 fairly present the financial position and results 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. In recognition that the cost of internal controls should not outweigh their benefits, the City has established a comprehensive internal control framework intended to provide reasonable, rather than absolute, assurance regarding the reliability of the financial statements. 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, 2025, 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. i
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 approximately 10,500 residents, but many are displaced as a result of the 2024 Franklin and 2025 Palisades Fires that destroyed or damaged 770 parcels.

Malibu is uniquely positioned along the Pacific Ocean with miles of coastline, which receives more than 15 million visitors a 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, 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 Native Americans. They named the stretch of beach at the mouth of the Malibu Creek “Humaliwo” or “the surf sounds loudly.” In 1802, José Tapia established a ranch in the area, which was passed on through generations. It was eventually sold in 1891 to Fredrick Rindge who was 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 ranch land. A final court battle in the late 1920s forced Rindge to begin leasing and then selling the land at the mouth of Malibu Creek. As many 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 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. However, as stated before, Malibu is a community in recovery, working to support residents in rebuilding their homes and supporting our local business community. This will be a multi-year recovery but Malibu’s unique oceanside location, which supports its property values, businesses and tourism will ensure Malibu’s long-term resilience.

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 winter of 2024-25, Malibu was impacted by the Franklin and Palisades Fires, which destroyed or damaged 770 parcels.  These fires came as the City continued to recover from previous natural disasters, including the 2018 Woolsey Fire, which destroyed 480 homes.  The destruction caused by these fires and the subsequent rebuild efforts, including extensive construction along the Pacific Coast Highway, further impacted access to the area, and thus, the local economy.

To spur recovery, the City used $15 million of General Fund monies in FY 2024-25 for disasterii related costs. In FY 2025-26, an additional $10.1 million to support operational costs and $8.4 million for disaster related capital projects was budgeted to address urgent rebuild efforts and community recovery needs. Amounts eligible for grant or insurance reimbursement have not been obligated to the City; however, the reimbursement process is ongoing and is expected to result in substantial recovery of these disaster-related costs.

As noted above, Malibu's economy and finances were impacted by the Franklin and Palisades Fires, and the subsequent five-month closure of the Pacific Coast Highway during the second half of FY 2024-25. These fires disrupted the lives of residents, local businesses, and visitors causing a reduction in the City’s sales tax and transit occupancy tax revenues. The City’s primary source of revenue, property taxes, however, remained steady.

As the City recovers, the City’s fundamentals remain strong.  The national economy continues to hold steady and inflation rates have dropped to more normalized levels. The City’s rebuild efforts will be a multi-year process, but through the opening of the Malibu Rebuild Center, streamlining processes, and waiving fees, the City now has 213 active single-family applications in various stages of permitting and construction. Upcoming major events in the Los Angeles region, including the Super Bowl, the FIFA World Cup, and the LA28 Summer Olympics will support tourism in the coming years.  The City’s resilient property tax revenues combined with the City’s comprehensive efforts to support rebuilding and economic recovery mean Malibu should remain financially resilient.

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.

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, 2025, the City had approximately $83.8 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 $66.4 million or 101.8% of Fiscal Year 2024-25 General Fund operating expenditures ($65.2 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, 2024. To be awarded a Certificate of Achievement, iii
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 ACFR 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 Interim 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,
Christopher Smith
Assistant City Manager
iv

CITY OF MALIBU, CALIFORNIA

LIST OF CITY OFFICIALS
AT JUNE 30, 2025
_________________________________________________________________________

CITY COUNCIL

MAYOR MARIANNE RIGGINS

MAYOR PRO TEM BRUCE LEE SILVERSTEIN

COUNCILMEMBER PAUL GRISANTI

COUNCILMEMBER DOUG STEWART

COUNCILMEMBER STEVE UHRING

DEPARTMENT OFFICIALS

INTERIM CITY MANAGER CANDACE BOND

INTERIM DEPUTY CITY MANAGER RICHARD ROJAS

CITY CLERK KELSEY PETTIJOHN

COMMUNITY DEVELOPMENT DIRECTOR YOLANDA BUNDY

COMMUNITY SERVICES DIRECTOR KRISTIN RIESGO
PUBLIC SAFETY DIRECTOR SUSAN DUEÑAS
PUBLIC WORKS DIRECTOR ROB DuBOUX

INTERIM CITY ATTORNEY TREVOR RUSIN
v
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, 2024
Executive Director/CEO
vi
Fiscal Year 2024-25 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
vii

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)

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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, (hereafter, the City) as of and for the year ended June 30, 2025, 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, 2025, 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 Auditors’ 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.
1 To the Honorable Mayor and Members of the City Council City of Malibu, California
Auditors’ 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 auditors’ report that includes our opinions.

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. 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 post-employment 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. 2 To the Honorable Mayor and Members of the City Council City of Malibu, California
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.

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 auditors’ 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 February 12, 2026, 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 City’s internal control over financial reporting and compliance.

Irvine, California
February 12, 2026
3 4

CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2025
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, 2025. We encourage readers to consider the information presented here in conjunction with additional information that is furnished in our letter of transmittal, which can be found in the introductory section of this report.

Financial Highlights
In the winter of 2024-25, Malibu was impacted by the Franklin and Palisades Fires, which destroyed over 700 homes. These fires came as the City continues to recover from previous natural disasters, including the 2018 Woolsey Fire, which destroyed 480 homes. The destruction caused by these fires requires extensive construction along Pacific Coast Highway (PCH), which impacts access to the area, and thus, has harmed the local economy in addition to requiring substantial outlays for rebuilds and repairs.

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, 2025, by $237.5 million (net position). Of this amount, $80.7 million (unrestricted net position) may be used to meet the government’s ongoing obligations to citizens and creditors.  The City’s total net position decreased by $8.6 million as a result of expenses exceeding revenues.

Fund Level Statements:
 As of June 30, 2025, the City’s governmental funds reported a combined ending fund balance of $85.6 million, a decrease of $12.5 million from the prior year. Of this amount, $58.3 million is available for spending at the government’s discretion (unassigned fund balance).
 As of June 30, 2025, the General Fund reported an ending fund balance of $83.8 million, a decrease of $11.5 million from the prior year. Of this amount, $66.4 million is available for spending at the government’s discretion (unassigned fund balance).
 As of June 30, 2025, the City’s proprietary funds reported a combined ending net position of $72.0 million, a decrease of $1.8 million from the prior year. Of this amount, $4.9 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. 5 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
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.

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 6 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

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 that 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. 7 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
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 $237.5 million at June 30, 2025, a decrease of $8.6 million from the prior year’s ending net position. The excess of expenses over revenues will be analyzed in conjunction with the Statement of Activities.

The largest portion of the City’s net position ($150.1 million or 63%) reflects its net investment in capital assets (for example, land, infrastructure, buildings, and equipment).

Capital assets are used to provide services to citizens, and, consequently, are not available for future spending.

An additional portion of the City’s net position ($6.8 million or 3%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position ($80.7 million or 34%) 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 $8.6 million decrease in the City’s net position resulting from expenses of $80.1 million exceeding revenues of $71.5 million. A discussion regarding significant changes in revenues and expenses follows the table.
30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 Current assets $ 113,996,393 $ 118,760,485 4,464,179 $ 4,140,009 $ 118,460,572 $ 122,900,494 Other long-term assets - - 30,395,421 30,415,086 30,395,421 30,415,086 Capital assets 134,811,592 130,220,482 80,314,747 82,962,489 215,126,339 213,182,971 Total assets 248,807,985 248,980,967 115,174,347 117,517,584 363,982,332 366,498,551 Deferred charge on refunding 1,141,280 1,222,777 323,626 365,900 1,464,906 1,588,677 Deferred outflows from OPEB 1,594,506 1,839,736 - - 1,594,506 1,839,736 Deferred outflows from pension 3,784,597 4,745,366 - - 3,784,597 4,745,366 Total deferred outflows 6,520,383 7,807,879 323,626 365,900 6,844,009 8,173,779 Long-term liabilities 64,891,519 65,584,694 9,821,530 10,514,605 74,713,049 76,099,299 Other liabilities 24,375,203 18,120,925 4,632,153 4,630,801 29,007,356 22,751,726 Total liabilities 89,266,722 83,705,619 14,453,683 15,145,406 103,720,405 98,851,025 Deferred inflows from leases - - 29,087,110 28,948,804 29,087,110 28,948,804 Deferred inflows from OPEB 397,114 509,830 - - 397,114 509,830 Deferred inflows from pension 105,385 284,316 - - 105,385 284,316 Total deferred inflows 502,499 794,146 29,087,110 28,948,804 29,589,609 29,742,950 Net investment in capital assets 83,057,037 77,662,887 67,036,843 69,033,784 150,093,880 146,696,671 Restricted 6,768,100 6,464,329 599 527 6,768,699 6,464,856 Unrestricted 75,734,010 88,161,865 4,919,738 4,754,963 80,653,748 92,916,828 Total net position $ 165,559,147 $ 172,289,081 $ 71,957,180 $ 73,789,274 $ 237,516,327 $ 246,078,355 Governmental Activities Business-type Activities Total
8 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
Governmental activities. Governmental activities decreased the City’s net position by $6.7 million during the fiscal year in contrast to the prior year’s increase of $11.1 million, resulting in a net decrease of $17.8 million from the prior year. The following are key elements of this change in comparison to the prior year:
 During the current year, revenues decreased by $2.8 million. The most significant changes were as follows:
• Property taxes increased by $1.4 million due to increased assessed valuations within the City.
• Other taxes decreased by 5.0 million, a result of the impact the Franklin and Palisades fires had on the community. Transient occupancy taxes decreased by $3.4 million and sales taxes decreased by $1.3 million.  Expenses increased by $15.0 million over the prior year. The most significant changes were as follows:
• Legislative and advisory costs increased by $1.0 million due to litigation costs in addition to higher 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 by $2.9 million, with the majority of that increase due to annual pension and OPEB adjustments resulting from updated actuarial valuations.
• Public safety costs increased by $1.3 million due to contracting with an outside agency to perform parking enforcement and starting regular police patrols on PCH in addition to the patrols already occurring for weekends and special events. 30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 Program revenues:

Charges for services $ 10,640,448 $ 11,039,142 $ 4,072,666 $ 4,049,687 $ 14,713,114 $ 15,088,829 Operating contributions and grants 2,561,949 3,071,398 - - 2,561,949 3,071,398 Capital contributions and grants 8,887,281 7,701,677 - - 8,887,281 7,701,677 General revenues:

Property taxes 19,828,285 18,468,377 - - 19,828,285 18,468,377 Other taxes 18,468,978 23,436,295 - - 18,468,978 23,436,295 Other revenues 6,911,714 6,432,957 158,161 116,112 7,069,875 6,549,069 Total revenues 67,298,655 70,149,846 4,230,827 4,165,799 71,529,482 74,315,645 Expenses:

Legislative and advisory 3,738,042 2,779,543 - - 3,738,042 2,779,543 General government 13,444,873 10,586,158 - - 13,444,873 10,586,158 Public safety 15,052,504 13,717,693 - - 15,052,504 13,717,693 Community development 10,512,888 10,558,458 - - 10,512,888 10,558,458 Community services 3,697,725 4,160,553 - - 3,697,725 4,160,553 Public works 25,626,808 15,197,534 - - 25,626,808 15,197,534 Interest on long-term debt 1,955,749 2,016,259 - - 1,955,749 2,016,259 Commercial real estate rental - - 2,576,378 2,578,579 2,576,378 2,578,579 Wastewater treatment - - 3,486,543 3,064,917 3,486,543 3,064,917 Total expenses 74,028,589 59,016,198 6,062,921 5,643,496 80,091,510 64,659,694 Increase/(decrease) in net position (6,729,934) 11,133,648 (1,832,094) (1,477,697) (8,562,028) 9,655,951 Net position - July 1 172,289,081 161,155,433 73,789,274 75,266,971 246,078,355 236,422,404 Net position - June 30 $ 165,559,147 $ 172,289,081 $ 71,957,180 $ 73,789,274 $ 237,516,327 $ 246,078,355 Governmental Activities Business-type Activities Total
9 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
• Public works costs increased by a net $10.4 million. The City’s disaster relief efforts increased by $13.3 million in FY 2024-25. This increase was offset by a reduction in grant-funded projects on PCH, which had the majority of the work done in the prior year.

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 $1.8 million during the current year in contrast to the prior year’s decrease of $1.5 million.

Each proprietary fund had similar revenues to the prior year, and the Commercial Real Estate Rental fund had similar costs. The $0.3 million increase in costs is attributable to higher depreciation expense for the wastewater treatment facility.

Revenues by Source (Government-wide)
Expenses and Program Revenues (Government-wide)
Charges for
Services
20%
Operating
Grants &
Contributions
4%
Capital Grants
&
Contributions
12%
Sales Tax
12%
Utility Users
Tax 4%
Transient
Occupancy Tax
8%
Property Taxes
28%
Other
Taxes 2%
Other
10%
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
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
10 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
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 (54%) followed by charges for services (20%); the remaining sources of funds were from grants and contributions (16%) and miscellaneous other revenues (10%).

Public works is the largest expense function, accounting for 32% of the total. Public safety is second at 19%, followed by general government at 17%, and community development at 13%. Community services and legislative and advisory each accounted for 5%, with wastewater services, commercial real estate rentals, and interest on long-term debt accounting for the remaining 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 $85.6 million, a decrease of $12.5 million from the prior year’s ending balance of $98.1 million. In comparison, FY 2023-24 had a net increase to fund balance of $9.7 million. The following are the key elements of the net $22.2 million yearto-year decrease in activity:
 Revenues decreased by $3.7 million from the prior year with the most significant changes occurring in the following categories:
• Taxes decreased by $3.6 million. Property taxes increased by $1.4 million due to increased property value assessments. However, as a result of the impact the Franklin and Palisades fires had on the community, transient occupancy taxes decreased by $3.4 million and sales taxes decreased by $1.3 million. • Charges for services decreased by $1.4 million due to the City waiving rebuild planning fees for homes that were destroyed by the Franklin and Palisades fires if certain conditions were met. Additionally, the City’s ability to offer community service programs, especially for seniors, was impacted by the fires, in addition to there being a lower demand over the summer for community service programs.
• Use of money and property increased by $0.6 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.
• Fines and forfeitures increased by $0.8 million as a result of the City contracting with an outside agency to perform parking enforcement.
 Expenditures increased by $18.4 million over the prior year with the most significant changes occurring in the following categories:
• Legislative and advisory costs increased by $0.9 million due to litigation costs in addition to higher costs related to the proposed separation from Santa Monica Unified School District for the establishment of an independent Malibu Unified School District.
11 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
• General government costs increased by $0.9 million, with much of this increase due to higher unfunded accrued liability payments made for retirement and other post-employment benefits.
• Public safety costs increased by $1.3 million due to contracting with an outside agency to perform parking enforcement and starting regular police patrols on PCH in addition to the patrols already occurring for weekends and special events.
• Public works and capital outlay costs each increased $7.9 million. The majority of this increased cost is due to the City’s disaster relief efforts as a result of the Franklin and Palisades fires.

The governmental funds’ combined ending fund balance totals $85.6 million.

Approximately 68% ($58.3 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 ($0.1 million), 2) Restricted for special revenue funds, debt service, and other specific purposes ($4.5 million), 3) Committed for capital improvement projects, city facilities, and water quality improvements ($12.4 million), 4) Assigned for vehicle and technology replacement, working capital, next year’s operations, and fire rebuilding efforts ($10.3 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 $66.4 million while the total fund balance was $83.8 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 102% of the General Fund’s FY 2024-25 expenditures.

The General Fund’s fund balance decreased in FY 2024-25 by $11.5 million, while the prior year’s fund balance increased by $10.1 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 $21.6 million year-to-year change in the General Fund are similar to the reasons previously explained as changes in the overall governmental funds.
 Revenues decreased by $4.0 million with the most significant changes occurring in the following categories:
• Taxes decreased by $3.6 million. Property taxes increased by $1.4 million due to increased property value assessments. However, as a result of the impact the Franklin and Palisades fires had on the community, transient occupancy taxes decreased by $3.4 million and sales taxes decreased by $1.3 million.
• Charges for services decreased by $1.4 million due to the City waiving rebuild planning fees for homes that were destroyed by the Franklin and Palisades fires if certain conditions were met. Additionally, the City’s ability to offer community service programs, especially for seniors, was impacted by the fires, in addition to there being a lower demand over the summer for community service programs.
12 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
• Use of money and property increased by $0.6 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.
• Fines and forfeitures increased by $0.8 million as a result of the City contracting with an outside agency to perform parking enforcement.  Expenditures increased by $15.3 million in the following categories:
• Legislative and advisory costs increased by $0.9 million due to litigation costs in addition to higher 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 by $0.9 million, with much of this increase due to higher unfunded accrued liability payments made for retirement and other post-employment benefits.
• Public safety costs increased by $1.3 million due to contracting with an outside agency to perform parking enforcement and starting regular police patrols on PCH in addition to the patrols already occurring for weekends and special events.
• Public works costs increased by $7.9 million and capital outlay costs increased by $4.3 million with the majority of these increased costs due to the City’s disaster relief efforts as a result of the Franklin and Palisades fires 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. 13 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
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 $6.7 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 negative variance of $7.6 million in revenues and a positive variance of $14.3 million in expenditures. The largest revenue variances are attributed to lower tax revenue, lower grant revenue, and lower charges for services, which are somewhat offset by 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, 2025, totaled $215.1 million (net of accumulated depreciation), a net increase of $1.9 million. The capital assets include land, intangible assets, roadways, buildings, leasehold improvements, storm drains, vehicles, computers and other equipment, furniture, and construction in progress. Due to the Franklin and Palisades fires, some of the City’s depreciable assets had a permanent write-down of value. This decline in value is offset by construction in progress due to the City’s efforts to begin rebuilding as soon as possible.

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.
30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 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 8,264,949 2,907,175 3,741,743 3,704,755 12,006,692 6,611,930 Buildings 13,001,033 13,200,617 58,897,442 61,563,872 71,898,475 74,764,489 Lease Assets 118,012 164,910 - - 118,012 164,910
Equipment and Furniture 968,940 1,035,207 58,741 65,270 1,027,681 1,100,477 Vehicles 683,766 486,526 - - 683,766 486,526
Infrastructure 18,172,841 18,823,996 290,973 302,744 18,463,814 19,126,740 Total $ 134,811,592 $ 130,220,482 $ 80,314,747 $ 82,962,489 $ 215,126,339 $ 213,182,971 Governmental Activities Business-type Activities Total
14 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
Long-term debt. At the end of the current fiscal year, the City of Malibu had total debt outstanding of $74.7 million.

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 is budgeted for and paid from the General Fund.

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 the winter of FY 2024-25, Malibu was impacted by the Franklin and Palisades Fires, which destroyed over 700 homes. These fires came as the City continued to recover from previous natural disasters, including the 2018 Woolsey Fire, which destroyed 480 homes. The destruction caused by these fires and the subsequent rebuild efforts, which include extensive construction along the Pacific Coast Highway, further impacts access to the area and thus affects the local economy.

In FY 2025-26, the City budget focuses on continued recovery from the disasters, with focused investments in the City’s rebuild efforts and infrastructure, stable revenue growth, safety improvements for the Pacific Coast Highway, and addressing homelessness, while maintaining a conservative operating budget. The budget sets forth a plan to rebuild the community and enhance services against a backdrop of continued economic uncertainty and global conflicts at the national and international levels.

The City’s 2025-2026 budget reflects the urgency of the City’s recovery:
• Combining an integrated Community Development department to streamline permit review, manage the rebuild center, and support residents in rebuilding their homes
• Providing grants for local businesses and non-profits to support economic and community recovery
30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 Employee compensated absences $ 1,258,294 $ 821,673 $ - $ - $ 1,258,294 $ 821,673 Lease liabilities 101,592 146,809 - - 101,592 146,809
Certificates of participation, net 51,900,389 53,195,826 9,821,530 10,514,605 61,721,919 63,710,431 Net OPEB liability 2,169,055 1,907,292 - - 2,169,055 1,907,292 Net pension liability 9,462,189 9,513,094 - - 9,462,189 9,513,094 Total $ 64,891,519 $ 65,584,694 $ 9,821,530 $ 10,514,605 $ 74,713,049 $ 76,099,299 Governmental Activities Business-type Activities Total
15 CITY OF MALIBU, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
June 30, 2025
• Investing in public safety improvements for red light cameras, speed cameras, traffic roundabouts, and public safety enforcement

These priorities continue the necessary work of helping our community recover from the Franklin and Palisades fires and their economic and community impacts, while still focusing on ensuring the long-term resilience and well-being of Malibu.

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 Management and Administration Department, 23825 Stuart Ranch Road, Malibu, California 90265.
16 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.

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CITY OF MALIBU

STATEMENT OF NET POSITION
JUNE 30, 2025
Governmental Business-type
Activities Activities Total
ASSETS
Cash and cash equivalents $ 93,331,208 $ 4,092,997 $ 97,424,205 Accounts receivable, net of allowance for doubtful accounts 1,468,803 370,583 1,839,386 Interest receivable 658,342 - 658,342
Due from other governments 18,146,345 - 18,146,345
Prepaid expenses 95,173 - 95,173
Deposits 14,882 - 14,882
Notes receivable 200,000 - 200,000
Restricted assets-cash and equivalents with fiscal agents 81,640 599 82,239 Due from tenants - 1,308,311 1,308,311
Lease receivable - 29,087,110 29,087,110
Capital assets, non-depreciable 101,867,000 21,067,591 122,934,591 Capital assets, net of accumulated depreciation 32,944,592 59,247,156 92,191,748 Total assets 248,807,985 115,174,347 363,982,332

DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding 1,141,280 323,626 1,464,906 Deferred amount from OPEB 1,594,506 - 1,594,506
Deferred amount from pension 3,784,597 - 3,784,597
Total deferred outflows of resources 6,520,383 323,626 6,844,009

LIABILITIES
Accounts payable 14,573,623 341,239 14,914,862
Retention payable 893,854 - 893,854
Salaries and wages payable 559,421 - 559,421
Deposits 5,000,712 4,223,503 9,224,215
Other accrued liabilities 1,494,358 - 1,494,358
Interest payable 339,284 67,411 406,695
Unearned revenue 1,513,951 - 1,513,951
Noncurrent liabilities due within one year 2,152,452 708,075 2,860,527 Noncurrent liabilities due in more than one year 51,107,823 9,113,455 60,221,278 Net OPEB liability 2,169,055 - 2,169,055
Net pension liability 9,462,189 - 9,462,189
Total liabilities 89,266,722 14,453,683 103,720,405

DEFERRED INFLOWS OF RESOURCES
Deferred amount from leases - 29,087,110 29,087,110
Deferred amount from OPEB 397,114 - 397,114
Deferred amount from pension 105,385 - 105,385
Total deferred inflows of resources 502,499 29,087,110 29,589,609

NET POSITION
Net investment in capital assets 83,057,037 67,036,843 150,093,880 Restricted for:

Debt service 81,640 599 82,239
Public works 5,076,832 - 5,076,832
Community services 933,205 - 933,205
Housing 123,306 - 123,306
City facilities and operations 553,117 - 553,117
Unrestricted 75,734,010 4,919,738 80,653,748
Total net position $ 165,559,147 $ 71,957,180 $ 237,516,327 The notes to the financial statements are an integral part of this statement. 17 CITY OF MALIBU

STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2025
Operating Capital
Charges for Grants and Grants and Governmental Business-type Expenses Services Contributions Contributions Activities Activities Total Governmental activities:

Legislative and advisory $ 3,738,042 $ 1,245 $ - $ (3,736,797) - $ $ (3,736,797) - $ General government 13,444,873 553,192 854,922 (12,036,759) - (12,036,759) - Public safety 15,052,504 2,283,229 194,663 (12,574,612) - (12,574,612) - Community development 10,512,888 6,897,540 4,134 (3,611,214) - (3,611,214) - Community services 3,697,725 355,189 - (3,342,536) - (3,342,536) - Public works 25,626,808 550,053 1,508,230 8,887,281 (14,681,244) (14,681,244) - Interest on long-term debt 1,955,749 - - (1,955,749) - (1,955,749) - Total governmental activities 74,028,589 10,640,448 2,561,949 8,887,281 (51,938,911) (51,938,911) - Business-type activities:

Commercial real estate rental 2,576,378 1,753,076 - - (823,302) - (823,302) Wastewater treatment 3,486,543 2,319,590 - - (1,166,953) - (1,166,953) Total business-type activities 6,062,921 4,072,666 - - (1,990,255) - (1,990,255) Total $ 80,091,510 $ 14,713,114 $ 2,561,949 $ 8,887,281 (51,938,911) (1,990,255) (53,929,166) General revenues:

Taxes:

Property tax 19,828,285 19,828,285 -
Utility users tax 2,954,988 2,954,988 -
Transient occupancy tax 5,888,863 5,888,863 -
Franchise tax 775,435 775,435 -
Sales tax 8,410,510 8,410,510 -
Parking occupancy tax 439,182 439,182 -
Intergovernmental motor vehicle in lieu, unrestricted 16,927 - 16,927 Investment earnings, unrestricted 5,388,558 158,161 5,546,719 Other revenues 1,506,229 1,506,229 -
Total general revenues 45,208,977 158,161 45,367,138
Change in net position (6,729,934) (1,832,094) (8,562,028) Net position - beginning of year 172,289,081 73,789,274 246,078,355 Net position - end of year $ 165,559,147 $ 71,957,180 $ 237,516,327 The notes to the financial statements are an integral part of this statement.

Program Revenues
Net (Expense) Revenue and
Changes in Net Position
18 CITY OF MALIBU

GOVERNMENTAL FUNDS

BALANCE SHEET
JUNE 30, 2025
Special Capital
Revenue Projects Fund Other
Fund Capital Governmental
General Grants Improvements Funds Totals
ASSETS
Cash and investments 86,341,676 $ - $ 3,145,706 $ $ 3,843,826 $ 93,331,208 Accounts receivable, net of allowance - 1,455,569 - 13,234 1,468,803 Interest receivable 658,342 - - - 658,342
Due from other governments 13,301,070 4,658,348 - 186,927 18,146,345 Prepaid items 95,173 - - - 95,173
Deposits 14,882 - - - 14,882
Due from other funds 13,308,312 - - - 13,308,312
Notes receivable 200,000 - - - 200,000
Restricted assets - cash with fiscal agent 81,640 - - - 81,640 Total assets $ 106,813,942 $ 3,145,706 13,301,070 $ $ 4,043,987 $ 127,304,705

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES

LIABILITIES
Accounts payable $ 11,840,898 $ 2,474,897 - $ $ 257,828 $ 14,573,623 Retentions payable 223,045 - 670,809 - 893,854
Salaries and wages payable 559,421 - - - 559,421
Deposits payable 5,000,712 - - - 5,000,712
Other accrued liabilities 1,494,358 - - - 1,494,358
Unearned revenue 1,445,518 - - 68,433 1,513,951
Due to other funds - 13,301,070 - 7,242 13,308,312
Total liabilities 20,563,952 13,301,070 3,145,706 333,503 37,344,231

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 2,452,010 1,915,240 - 9,822 4,377,072

FUND BALANCES
Nonspendable
Prepaid items 95,173 - - - 95,173
Restricted
Public works - - - 2,170,219 2,170,219
Capital projects - - - 615,649 615,649
Community services - - - 683,772 683,772
Special districts - - - 306,266 306,266
Debt service and debt service reserve 81,640 - - - 81,640 Housing 123,306 - - - 123,306
City facilities 550,000 - - - 550,000
Committed
Capital improvement projects - 6,153,133 5,130,635 - 11,283,768 City facilities 1,023,138 - - - 1,023,138
Water quality - 51,077 - - 51,077
Assigned
Vehicle maintenance & replacement 419,607 - - - 419,607 Information technology replacement - 196,329 - - 196,329 Fire rebuild requirements 3,230,798 - - - 3,230,798
Next fiscal year operations 6,500,000 - - - 6,500,000
Unassigned 66,396,277 (1,915,240) (6,153,133) (75,244) 58,252,660 Total fund balances 83,797,980 (1,915,240) - 3,700,662 85,583,402 Total liabilities, deferred inflows of
resources, and fund balances 106,813,942 $ 13,301,070 $ 3,145,706 $ 4,043,987 $ 127,304,705 $ The notes to the financial statements are an integral part of this statement. 19 CITY OF MALIBU

GOVERNMENTAL FUNDS

RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF NET POSITION
JUNE 30, 2025
Fund Balances of Governmental Funds $ 85,583,402
Amounts reported for governmental activities in the statement of net position are different because:
134,811,592
4,377,072
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 1,594,506
Deferred outflows of resources for pensions 3,784,597
Deferred inflows of resources for OPEB (397,114)
Deferred inflows of resources for pensions (105,385)
Net OPEB liability (2,169,055)
Net pension liability (9,462,189)
Deferred charge on refunding 1,141,280
Interest payable (339,284)
Long-term liabilities (53,260,275)
Net Position of Governmental Activities $ 165,559,147
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:
20 CITY OF MALIBU

GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30, 2025
Capital
Special Projects Fund Other
Revenue Fund Capital Governmental
General Grants Improvements Funds Total

REVENUES
Taxes $ 39,134,518 $ - $ 470,503 - $ $ 39,605,021
Fines and forfeitures 2,027,993 - - 255,236 2,283,229
Intergovernmental 831,529 7,259,681 - 1,841,997 9,933,207 Use of money and property 5,178,040 - - 210,518 5,388,558 Charges for services 7,740,486 - - 94,454 7,834,940
Other 764,301 - - - 764,301
Total revenues 55,676,867 7,259,681 - 2,872,708 65,809,256

EXPENDITURES
Current:

Legislative and advisory 3,737,455 - - - 3,737,455
General government 9,123,044 - - 9,791 9,132,835
Public safety 14,764,350 - - 194,663 14,959,013
Community development 10,176,173 - - 312,202 10,488,375 Community services 3,099,256 - - 282,868 3,382,124
Public works 13,817,143 - - 333,520 14,150,663
Capital outlay 7,256,139 - 11,742,680 252,835 19,251,654 Debt service:

Principal 1,145,217 - - - 1,145,217
Interest 2,078,805 - - - 2,078,805
Total expenditures 65,197,582 - 11,742,680 1,385,879 78,326,141 Revenues over (under) expenditures (9,520,715) 7,259,681 (11,742,680) 1,486,829 (12,516,885)

OTHER FINANCING SOURCES (USES)
Transfers in 876,163 - 11,742,680 260,995 12,879,838
Transfers out (2,865,068) (8,055,365) - (1,959,405) (12,879,838) Total other financing sources (uses) (1,988,905) (8,055,365) 11,742,680 (1,698,410) - Net change in fund balance (11,509,620) (795,684) - (211,581) (12,516,885) FUND BALANCE - BEGINNING (1,119,556) 95,307,600 - 3,912,243 98,100,287 FUND BALANCE - ENDING $ (1,915,240) 83,797,980 $ - $ 3,700,662 $ $ 85,583,402 The notes to the financial statements are an integral part of this statement. 21 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, 2025
Net Change in Fund Balances - Total Governmental Funds $ (12,516,885) Cost of assets capitalized 8,208,650
Depreciation expense (1,774,008)
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. (2,887,673) 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. 4,377,072 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. 9,116
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. 113,940
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. 1,145,217 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 (394,277)
Change in net pension liability (730,933)
Change in compensated absences (436,621)
Loss on asset disposal (1,843,532)
Change in Net Position of Governmental Activities $ (6,729,934) 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:
22 CITY OF MALIBU

PROPRIETARY FUNDS

STATEMENT OF FUND NET POSITION
JUNE 30, 2025
Business-Type Activities
Enterprise Funds
Commercial Real Wastewater
Estate Rental Treatment Totals
ASSETS
Current assets:

Cash and cash equivalents $ 1,235,384 $ 2,857,613 $ 4,092,997 Accounts receivable 139,367 231,216 370,583
Lease receivable 558,513 - 558,513
Total current assets 1,933,264 3,088,829 5,022,093
Noncurrent assets:

Retricted:

Cash and cash equivalents with fiscal agent 599 - 599
Due from tenants 1,308,311 - 1,308,311
Lease receivable 28,528,597 28,528,597
Capital assets, non-depreciable 15,404,922 5,662,669 21,067,591 Capital assets, net of accumulated depreciation 9,565,768 49,681,388 59,247,156 Total noncurrent assets 54,808,197 55,344,057 110,152,254 Total assets 56,741,461 58,432,886 115,174,347

DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding 323,626 - 323,626

LIABILITIES
Current liabilities:

Accounts payable 80,600 260,639 341,239
Deposits 443,503 3,780,000 4,223,503
Interest payable 67,411 - 67,411
Noncurrent liabilities due within one year:

Certificates of participation, net 708,075 - 708,075
Total current liabilities 1,299,589 4,040,639 5,340,228 Noncurrent liabilities:

Noncurrent liabilities due in more than one year:

Certificates of participation, net 9,113,455 - 9,113,455 Total liabilities 10,413,044 4,040,639 14,453,683

DEFERRED INFLOWS OF RESOURCES
Deferred amount from leases 29,087,110 - 29,087,110

NET POSITION
Net investment in capital assets 15,472,786 51,564,057 67,036,843 Restricted for debt service 599 - 599
Unrestricted 2,091,548 2,828,190 4,919,738
Total net position $ 17,564,933 $ 54,392,247 $ 71,957,180 The notes to the financial statements are an integral part of this statement. 23 CITY OF MALIBU

PROPRIETARY FUNDS

STATEMENT OF REVENUES, EXPENSES, AND

CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2025
Business-Type Activities
Enterprise Funds
Commercial
Real Estate Wastewater
Rental Treatment Totals

OPERATING REVENUES
Charges for sales and services:

Property-related income 1,568,196 $ - $ 1,568,196 $
Sewer service fees - 2,319,590 2,319,590
Other operating income 184,880 - 184,880
Total operating revenues 1,753,076 2,319,590 4,072,666

OPERATING EXPENSES
Personnel services 117,969 93,403 211,372
Professional and contractual services 384,261 270,241 654,502 Repairs and maintenance 108,819 1,526,034 1,634,853
Utilities 197,721 222,736 420,457
Supplies 574 18,723 19,297
Total operating expenses 809,344 2,131,137 2,940,481
Operating income before depreciation 943,732 188,453 1,132,185 Depreciation expense 1,329,324 1,355,406 2,684,730
Operating loss (385,592) (1,166,953) (1,552,545)

NONOPERATING REVENUES (EXPENSES)
Investment and interest income 51,557 106,604 158,161
Interest expense (437,710) - (437,710)
Total nonoperating revenues (expenses) (386,153) 106,604 (279,549) Change in net position (771,745) (1,060,349) (1,832,094) NET POSITION, BEGINNING 18,336,678 55,452,596 73,789,274 NET POSITION, ENDING $ 17,564,933 $ 54,392,247 $ 71,957,180 The notes to the financial statements are an integral part of this statement. 24 CITY OF MALIBU

PROPRIETARY FUNDS

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2025
Business-Type Activities
Enterprise Funds
Commercial
Real Estate Wastewater
CASH FLOWS FROM OPERATING ACTIVITIES Rental Treatment Totals Receipts from customers $ 1,918,767 2,215,595$ 4,134,362$ Payments to suppliers (678,328) (2,046,040) (2,724,368) Payments to personnel (117,969) (93,403) (211,372)
Net cash provided by operating activities 1,122,470 76,152 1,198,622

CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES
Interest paid (416,900) - (416,900)
Principal payment (675,000) - (675,000)
Payments made for capital assets acquired - (36,988) (36,988) Net cash provided by/(used for) capital financing activities (1,091,900) (36,988) (1,128,888)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 51,557 106,604 158,161
Net increase/(decrease) in cash and cash equivalents 82,127 145,768 227,895 CASH AND CASH EQUIVALENTS, BEGINNING 1,153,856 2,711,845 3,865,701 CASH AND CASH EQUIVALENTS, ENDNG $ 1,235,983 2,857,613$ 4,093,596$ Reconciliation of operating income to net cash provided by operating activities:

Operating loss $ (385,592) $ (1,552,545) (1,166,953) $
Adjustments to reconcile operating loss to net
cash provided by/(used for) operating activities:

Depreciation expense 1,329,324 1,355,406 2,684,730
(Increase)/decrease in accounts receivable 7,720 (103,995) (96,275) (Increase)/decrease in due from tenants 157,971 - 157,971 Increase/(decrease) in accounts payable 13,047 (8,306) 4,741 Total adjustments 1,508,062 1,243,105 2,751,167
Net cash provided by operating activities $ 1,122,470 $ 76,152 $ 1,198,622 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. 25 CITY OF MALIBU

FIDUCIARY FUNDS

STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2025
Custodial
Funds
ASSETS
Cash and cash equivalents 4,299,942 $
Cash and cash equivalents with fiscal agents 4,606,986
Due from other governments 48,652
Total assets 8,955,580

LIABILITIES
Accounts payable 8,975

NET POSITION
Restricted for individuals, other
organizations, and governments 8,946,605 $
The notes to the financial statements are an integral part of this statement. 26 CITY OF MALIBU, CALIFORNIA

NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the City of Malibu (the City) have been prepared in accordance with 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 balance or net position, 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 27 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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, current liabilities, and deferred inflows of resources 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.

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.

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 Other Governmental Funds column that is presented in these statements is the aggregated data for all non-major governmental funds. This data is comprised entirely of special revenue funds, which are used to account for the proceeds of specific revenue sources that are restricted or committed to expenditures for specific purposes.

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. Proprietary Funds are accounted for using the economic resources measurement focus and the accrual basis of accounting. Accordingly, all assets, deferred outflows of resources, liabilities, and deferred inflows of resources are included on the Statement of Net Position.

The Statement of Revenues, Expenses, and Changes in Net Position present increases (revenues) and decreases (expenses) in net position.
28 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
Under the accrual basis of accounting, revenues are recognized in the period in which they are earned and expenses are recognized in the period in which the 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.

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.

The City reports the following 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.

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.

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.

The following fund exceeded appropriation amounts for the year ended June 30, 2025:

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 Expenditures
in Excess of
Nonmajor Funds - Special Revenue Funds: Budget
Community Development Block Grant $ 1,919
Major Funds:

Grants Special Revenue Fund $ (1,915,240)
Nonmajor Funds - Special Revenue Funds:

Solid Waste Management Surcharge (65,422)
Community Development Block Grant (9,822)
29 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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. POOLED CASH AND INVESTMENTS
The City’s cash is comprised of cash on hand, demand deposits, and short-term investments with original maturity of three months or less from the date of acquisition. 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. All cash and investments, except assets held by fiscal agents, are held in the City’s investment pool, which has the general characteristic of a demand deposit account. 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. 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. 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. CASH EQUIVALENTS
For purposes of the statement of cash flows, cash equivalents are defined as short-term, highly liquid investments that are both readily convertible to known amounts of cash or so near their maturity that they present insignificant risk of changes in value because of changes in interest rates and have an original maturity date of three months or less. Cash equivalents represent the proprietary funds’ share in the cash and investment pool of the City.

G. 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.

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.

I. CAPITAL ASSETS
Capital assets, which include land, buildings, equipment and furniture, vehicles, lease and SBITA intangible assets, other intangible assets, and infrastructure, are reported in the applicable governmental or business-type activities columns of the Government-wide Financial Statements.
30 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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 more than one year. 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. Infrastructure assets include street, walkway, and storm drain networks and bridges. The City has capitalized all infrastructure assets.

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. 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.

The City established a threshold of $10,000 to recognize a right-to-use intangible asset, including subscription-based information technology arrangement (SBITA) assets and lease assets, in the government-wide financial statements and proprietary fund financial statements. SBITA and lease assets are recorded at the amount of the initial measurement of the SBITA or lease liability, adjusted by any payments made at or before the commencement of the agreement, less any incentives received at or before the commencement of the agreement’s term, in addition to any initial direct costs that were ancillary charges necessary to place the asset into service. SBITA and lease assets are amortized using the straight-line method over the life of the related agreement.

All other capital assets are depreciated over their estimated useful lives using the straight-line method. The following are used as guidelines for the estimated life of assets for depreciation purposes:

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
J. COMPENSATED ABSENCES PAYABLE
Compensated absences include accrued vacation and sick leave, and is accounted for in accordance with GASB Statement No. 101, whereby a liability is recognized for leave that is attributable to services already rendered, accumulated over time, and is more likely than not to be used for time off or otherwise compensated. Accordingly, the entire unpaid liability for compensated absences is reported as a long-term obligation only in the governmentwide financial statements.

K. DEFERRED OUTFLOWS/INFLOWS OF RESOURCES
Deferred outflows of resources represent a consumption of net assets that applies to future periods and 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 long-term liabilities and components of the calculations for the net pension and OPEB liabilities.

Deferred inflows of resources represent an acquisition of net assets that applies to future periods and 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 is a deferred inflow of resources that 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.
31 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
L. LEASE RECEIVABLE
The City is a lessor for leases of land and buildings and recognizes leases receivable and deferred inflows of resources in the financial statements. Variable payments based on future performance or usage of the underlying asset are not included in the measurement of the 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.

Key estimates and judgments include how the City determines the (1) discount rate to adjust the expected lease receipts to present value, (2) lease term, and (3) lease receipts. A lease will be remeasured if changes occur that are anticipated to significantly affect the amount of the receivable and related deferred inflow of resources. Accordingly, the City monitors changes in circumstances that would require a remeasurement of its leases.

M. 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.

At June 30, 2025, the significant commitments, including continuing capital projects, are as follows:

N. 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 and unspent debt proceeds, net of accumulated depreciation, capital related debt, deferred charges, and retentions payable. 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:

Commercial Real Estate Rental $ 401,237
Wastewater Treatment 599,661
Major Governmental Funds:

General Fund 15,970,102
Capital Improvements Capital Projects Fund 6,153,133
Nonmajor Governmental Funds 1,692,484
32 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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, it is the City’s policy that restricted resources will be applied first, followed by (in order of application) committed, assigned, and unassigned resources.

P. 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.

Q. OTHER POST-EMPLOYMENT BENEFITS (OPEB)
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.

R. USE OF ESTIMATES
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities, deferred inflows of resources, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. 33 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
S. ACCOUNTING PRONOUNCEMENTS
The City implemented all GASB statements that were effective for reporting periods beginning in FY 2024-25. None of the newly effective GASB statements had a significant impact on the City.

GASB Statement No. 101, Compensated Absences – This Statement will improve financial reporting by implementing a unified recognition and measurement model that will result in a liability for compensated absences that more appropriately reflects when a government incurs an obligation. Establishing the unified model will result in consistent application to any type of compensated absence and will eliminate potential comparability issues between governments that offer different types of leave. This Statement will also result in a more robust estimate of the amount of compensated absences that a government will pay or settle, which will enhance the relevance and reliability of information about the liability for compensated absences.

GASB Statement No. 102, Certain Risk Disclosures – This Statement will improve financial reporting by providing users of financial statements with essential information that currently is not often provided. The disclosures will provide users with timely information regarding certain concentrations or constraints and related events that have occurred or have begun to occur that make a government vulnerable to a substantial impact. As a result, users will have better information with which to understand and anticipate certain risks to a government’s financial condition.

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

At June 30, 2025, the pooled demand deposit bank balance was $13,138,152. 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.

Cash and investments consisted of the following at year-end:

Pooled Deposits & Investments:

Demand Deposits $ 10,875,228
Investments 90,847,829
Cash and Investments with Fiscal Agents:

Investments 4,689,225
Petty Cash 1,090
Total Cash and Investments $ 106,413,372
Statement of Net Position:

Governmental Funds:

Unrestricted $ 93,331,208
Restricted 81,640
Proprietary Funds:

Unrestricted 4,092,997
Restricted 599
Fiduciary Funds:

Cash and cash equivalents 4,299,942
Cash and cash equivalents with fiscal agents 4,606,986
Total Cash and Investments $ 106,413,372
34 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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.

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. 35 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025

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) $ 7,324,797 $ 7,324,797 $ - $ - Money Market Mutual Funds 2,154,910 2,154,910 - -
U.S Treasury Notes 64,926,988 26,502,263 14,628,820 23,795,905 U.S Treasury Strips 9,533,436 5,417,276 4,116,160 -
Negotiable Certificates of Deposit 6,907,698 2,699,963 2,682,440 1,525,295 Investments held by fiscal agents:

Money market mutual funds 4,689,225 4,689,225 - -
Total Investments 95,537,054$ 48,788,434$ 21,427,420$ 25,321,200$ Investment Maturities in Years
36 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025

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 AA1 Not Rated
City's Pooled Investments:

Local Agency Investment Fund (LAIF) $ 7,324,797 N/A $ - $ 7,324,797 Money Market Mutual Funds 2,154,910 N/A - 2,154,910
U.S Treasury Notes 64,926,988 None 64,926,988 -
U.S. Treasury Strips 9,533,436 None 9,533,436
Negotiable Certificates of Deposit 6,907,698 N/A - 6,907,698 Investments held by fiscal agents:

Money market mutual funds 4,689,225 N/A - 4,689,225
Total Investments $ 95,537,054 $ 64,926,988 $ 30,610,066 Fair Value
City's Pooled Investments:

Money Market Mutual Funds $ 2,154,910
U.S Treasury Notes 64,926,988
U.S Treasury Strips 9,533,436
Negotiable Certificates of Deposit 6,907,698
Investments held by fiscal agents:

Money market mutual funds 4,689,225
37 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025

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, 2025, the City’s investments are categorized in the following input levels:

3. CAPITAL ASSETS
Changes in capital assets during the year ended June 30, 2025, were as follows:

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

Local Agency Investment Fund (LAIF) $ 7,324,797 **
Money Market Mutual Funds 2,154,910 **
U.S Treasury Notes 64,926,988 Level 2 input
U.S Treasury Strips 9,533,436 Level 2 input
Negotiable Certificates of Deposit 6,907,698 Level 2 input Investments held by fiscal agents:

Money market mutual funds 4,689,225
Total Investments $ 95,537,054 **
** Investment is not subject to the fair value hierarchy.

Balances Balances
Business-type Activities June 30, 2024 Additions Deletions Reclassifications June 30, 2025 Cost:

Nondepreciable capital assets:

Land $ 17,325,848 $ - $ - $ - $ 17,325,848
Construction in progress 3,704,755 36,988 - - 3,741,743 Total nondepreciable assets 21,030,603 36,988 - - 21,067,591 Depreciable capital assets:

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

Buildings and other improvements (24,445,862) (2,666,430) - - (27,112,292) Equipment - (6,529) - - (6,529)
Infrastructure (141,256) (11,771) - - (153,027)
Subtotal (24,587,118) (2,684,730) - - (27,271,848)
Net depreciable assets 61,931,886 (2,684,730) - - 59,247,156 Total net capital assets $ 82,962,489 $ (2,647,742) $ - $ - $ 80,314,747 38 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
Depreciation expense was charged to programs of the City as follows:

Balances Balances
Governmental Activities June 30, 2024 Additions Deletions Reclassifications June 30, 2025 Cost:

Nondepreciable capital assets:

Land $ 69,556,508 $ - $ - $ - $ 69,556,508
Right of way 24,045,543 - - - 24,045,543
Construction in progress 2,907,175 7,338,881 - (1,981,107) 8,264,949 Total nondepreciable assets 96,509,226 7,338,881 - (1,981,107) 101,867,000 Depreciable capital assets:

Lease assets-equipment 235,724 3,582 (27,666) (43,789) 167,851 Buildings and other improvements 23,652,402 354,383 (3,545,294) 1,981,107 22,442,598 Equipment and furniture 2,231,265 142,891 (156,414) 43,789 2,261,531 Vehicles 913,783 271,568 (113,177) - 1,072,174
Infrastructure 41,383,073 97,345 (400,285) - 41,080,133 Subtotal 68,416,247 869,769 (4,242,836) 1,981,107 67,024,287 Accumulated depreciation for:

Lease assets-equipment (70,814) (43,728) 27,666 37,037 (49,839) Buildings and other improvements (10,451,785) (839,270) 1,849,490 - (9,441,565) Equipment and furniture (1,196,058) (168,247) 108,751 (37,037) (1,292,591) Vehicles (427,257) (74,328) 113,177 - (388,408)
Infrastructure (22,559,077) (648,435) 300,220 - (22,907,292) Subtotal (34,704,991) (1,774,008) 2,399,304 - (34,079,695) Net depreciable assets 33,711,256 (904,239) (1,843,532) 1,981,107 32,944,592 Total net capital assets $ 130,220,482 $ 6,434,642 $ (1,843,532) $ - $ 134,811,592 Business-type Activities:

Commercial real estate rental $ 1,329,324
Wastewater treatment 1,355,406
Total depreciation expense $ 2,684,730
Governmental Activities:

Legislative and advisory $ 587
General government 587,189
Public safety 85,367
Community development 24,513
Community services 281,332
Public works 795,020
Total depreciation expense $ 1,774,008
39 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025

4. LONG-TERM LIABILITIES
Changes in long-term liabilities during the year ended June 30, 2025, 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, 2024 Additions Deletions June 30, 2025 One Year Amount Governmental Activities:

Lease liabilities $ 146,809 -$ (45,217) $ $ 101,592 $ (43,015) $ 58,577 Certificates of participation:
2015 Refunding Series B 4,200,000 - (140,000) 4,060,000 (205,000) 3,855,000 2016 Refunding 22,015,000 - (865,000) 21,150,000 (850,000) 20,300,000 2018 COP 23,405,000 - (95,000) 23,310,000 (230,000) 23,080,000 Unamortized premiums:
2015 Refunding Series B 318,857 - (20,795) 298,062 (20,795) 277,267 2016 Refunding 2,366,369 - (138,042) 2,228,327 (138,042) 2,090,285 2018 COP 890,600 - (36,600) 854,000 (36,600) 817,400
Compensated absences 821,673 1,724,941 (1,288,320) 1,258,294 (629,000) 629,294 Total $ 54,164,308 1,724,941$ $ (2,628,974) $ 53,260,275 $ (2,152,452) $ 51,107,823 Balance Balance Due Within Long-Term
June 30, 2024 Additions Deletions June 30, 2025 One Year Amount Business-Type Activities:

Certificates of participation:
2015 Refunding Series A $ 6,555,000 -$ (665,000) $ $ 5,890,000 $ (685,000) $ 5,205,000 2015 Refunding Series B 3,640,000 - (10,000) 3,630,000 (5,000) 3,625,000 Unamortized premium/discount:
2015 Refunding Series A (50,542) - 6,065 (44,477) 6,065 (38,412) 2015 Refunding Series B 370,147 - (24,140) 346,007 (24,140) 321,867 Total $ 10,514,605 -$ (693,075) $ $ 9,821,530 $ (708,075) $ 9,113,455 Year Ending Governmental Activities
June 30, Principal Interest Total
2026 43,015 $ $ 2,988 $ 46,003
2027 26,099 1,701 27,800
2028 5,656 1,283 6,939
2029 6,115 1,031 7,146
2030 6,601 760 7,361
2031-2033 14,106 617 14,723
Totals $ 101,592 $ 8,380 $ 109,972
40 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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 $58,447.

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 $54,432.

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 2.000% to 5.000%.

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 $265,179. 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 41 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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 refunded series has been paid in full and there are no certificates outstanding. 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. The differences for the 2009 Series B and Series D are fully amortized. The difference for the 2009 Series A is reported as a deferred outflow of resources and is being amortized to interest expense using the straight-line method through July 1, 2039. At year-end, the unamortized amount was $1,086,848.

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 rates on the certificates are fixed and range from 2.000% to 5.000%.

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.

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 rates on the certificates are fixed and range from 3.125% to 5.000%.

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, 2025, are as follows:

Year Ending
June 30, Principal Interest Total
Governmental Activities
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 1,555,000 1,744,250 3,299,250
2031-2035 8,740,000 7,705,525 16,445,525
2036-2040 10,685,000 5,727,400 16,412,400
2041-2045 11,230,000 3,281,038 14,511,038
2046-2049 10,790,000 813,313 11,603,313
Totals $ 48,520,000 $ 26,925,426 $ 75,445,426
42 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025

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, 2025, total $2,450,000.

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, 2025, total $1,365,000.

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, 2025, total $3,380,000.

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 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 Year Ending
June 30, Principal Interest Total
Business-type Activities
2026 $ 690,000 $ 391,687 $ 1,081,687
2027 705,000 368,908 1,073,908
2028 730,000 341,810 1,071,810
2029 760,000 311,811 1,071,811
2030 790,000 280,612 1,070,612
2031-2035 4,095,000 883,765 4,978,765
2036-2037 1,750,000 73,746 1,823,746
Totals $ 9,520,000 $ 2,652,339 $ 12,172,339
43 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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, 2025, totals $40,069,985.

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, 2025, 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 $146,204 as of June 30, 2025.
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. During the fiscal year, the lease was amended to provide for a rent reduction, with all other terms remaining the same. The monthly lease payment was $16,633 at the beginning of the year and was $12,849 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 $4,543 at the beginning of the year, increased according to the terms of the agreement, and was $4,679 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 with various extensions signed to continue the lease through December 31, 2029. The most recent lease extension was signed during FY 2024-25. The lease includes a $25,000 annual rent reduction which is applied evenly to each month. The lease payment increases by CPI on January 1 annually, subject to a minimum and maximum range of 0% to 4%, respectively. There are no contingent rental payments on this lease. After the application of the rent reduction, the monthly lease payment was $22,500 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 $694,422 as of June 30, 2025.

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

Lease receivable $ 1,366,986 $ 368,885 $ 1,109,207 $ 26,242,032 $ 29,087,110 Deferred inflow of resources 1,366,986 368,885 1,109,207 26,242,032 29,087,110 Property-related revenue recognized
during the fiscal year:

Lease revenue 111,773 40,938 235,400 177,812 565,923
Interest 49,982 13,852 45,448 892,991 1,002,273
44 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
30% of the tenant’s income collected annually past $2.2 million. In FY 2024-25, 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 $2,917,642 as of June 30, 2025.

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.

For the information included in this report, the following timeframes are used:

Year Ending Total
June 30, Principal Interest Payments
2026 $ 558,513 $ 983,145 $ 1,541,658
2027 597,446 964,266 1,561,712
2028 651,036 944,074 1,595,110
2029 706,637 922,069 1,628,706
2030 602,931 897,806 1,500,737
2031-2035 2,466,242 4,217,342 6,683,584
2036-2040 2,217,162 3,833,208 6,050,370
2041-2045 2,941,422 3,411,468 6,352,890
2046-2050 3,812,806 2,857,729 6,670,535
2051-2055 4,858,729 2,145,334 7,004,063
2056-2060 6,111,547 1,242,670 7,354,217
2060-2063 3,562,639 204,131 3,766,770
Totals $ 29,087,110 $ 22,623,242 $ 51,710,352
Actuarial Valuation Date for Pension Liability: June 30, 2023 Measurement Date: June 30, 2024
Measurement Period: July 1, 2023 through June 30, 2024
45 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025

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, 2025, 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 $1,510,299.

PENSION LIABILITIES, PENSION EXPENSES, & DEFERRED OUTFLOWS/INFLOWS OF PENSION-RELATED RESOURCES As of June 30, 2025, the City reported net pension liabilities totaling $9,462,189. The City’s net pension liability is measured as the proportionate share of the net pension liability measured as of June 30, 2024. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2023, rolled forward to June 30, 2024, 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.

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 13.31% 8.18%
Payment of unfunded liability $700,747 $12,687
* Closed to new entrants
46 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
The City’s proportionate share of the net pension liability as of the June 30, 2024 and 2023 measurement dates was as follows:

For the year ended June 30, 2025, the City recognized pension expense of $2,423,364. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

The $1,692,431 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, 2026. 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, 2024 measurement period was determined by an actuarial calculation as of June 30, 2023, with update procedures used to roll forward the total pension liability to June 30, 2024. The June 30, 2024, total pension liability was based on the following actuarial methods and assumptions:

Miscellaneous
Risk Pool
Proportion - June 30, 2023 0.07626%
Proportion - June 30, 2024 0.07802%
Change - Increase (Decrease) 0.00176%
Deferred Deferred
Outflows of Inflows of
Resources Resources
Pension contributions subsequent to measurement date $ 1,692,431 $ - Differences between actual and expected experience 818,093 (31,921) Change in assumptions 243,198 -
Net differences between projected and actual
earnings on plan investments 544,727 -
Change in employer's proportion 415,532 -
Differences between the employer's contributions and
the employer's proportionate share of contributions 70,616 (73,464) Total $ 3,784,597 $ (105,385)
Fiscal Year Amount
2025-26 768,127 $
2026-27 1,334,114
2027-28 71,211
2028-29 (186,671)
Totals $ 1,986,781
47 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
All other actuarial assumptions used in the June 30, 2023, 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, 2023
Measurement date June 30, 2024
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. 48 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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, 2025, 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 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% 4.54%
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 $ 15,741,034 9,462,189$ 4,293,775$ 49 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025

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 2024-25, the City contributed $11,835 on behalf of the City Manager, based on a salary of $197,242 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 2024-25, the City contributed a total of $20,500 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, 2025, 77 employees participated in the plan. The City made employer contributions of $90,100, and employees contributed $369,448.

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, 2025, the City’s covered payroll was $446,533 for the 30 employees participating in the plan. The City made employer contributions of $6,805, and employees contributed $27,685.

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, 2024
Measurement Period: July 1, 2023 through June 30, 2024
50 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025

ELIGIBILITY
As of the measurement date of June 30, 2024, 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, 2024, the City recognized contributions of $220,402 as a reduction to the net OPEB liability. The contributions consisted of $332,167 in benefit payments which were then reimbursed by the trust, $1,201 in administrative costs, a contribution to the trust of $178,146, and $41,055 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, 2024. 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 32
Inactive employees entitled to but not
yet receiving benefit payments 9
Active employees 90
Total 131
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%
51 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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 6/30/24 $ 10,338,025 $ 8,430,733 $ 1,907,292 Changes in the Year:

Service cost 728,853 - 728,853
Interest on the total OPEB liability 680,017 - 680,017
Actual vs expected experience - - -
Assumption change - - -
Contributions - employer - 220,402 (220,402)
Net investment income - 930,677 (930,677)
Benefit payments (373,222) (373,222) -
Administrative expenses - (3,972) 3,972
Net Changes 1,035,648 773,885 261,763
Balance at 6/30/25 $ 11,373,673 $ 9,204,618 $ 2,169,055 Change of Assumptions: There were no changes of assumptions.

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

Increase (Decrease)
52 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025

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, 2025, the City recognized OPEB expense of $946,199. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

The $551,922 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, 2026. 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, 2025, 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) $3,818,068 $2,169,055 $820,018 Current
Healthcare Cost
1% Decrease Trend Rate 1% Increase
Net OPEB Liability/(Asset) $520,175 $2,169,055 $4,252,029 Deferred Deferred
Outflows of Inflows of
Resources Resources
OPEB contributions subsequent
to measurement date $ 551,922 $ -
Differences between expected
and actual experience 125,141 (321,358)
Changes in assumptions 780,697 (75,756)
Differences between projected
and actual earnings 136,746 -
Total 1,594,506$ $ (397,114)
Fiscal Year Amount
2025-26 $ 33,931
2026-27 327,540
2027-28 (57,027)
2028-29 8,168
2029-30 136,305
Thereafter 196,553
Totals $ 645,470
53 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025

9. DEVELOPER FEES

PARKLAND DEVELOPMENT
The City of Malibu charges Parkland Development fees when new residential units are constructed. In FY 2024-25, 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 $14,904 and earned interest of $8,404; there were no expenditures during the year. At June 30, 2025, the balance of fees on hand was $205,306.

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 $1,724; there were no expenditures during the year. At June 30, 2025, the balance of fees on hand was $39,849.

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

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, 2025, is as follows:

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, 2025, are as follows:

Due from Due to
Other Funds Other Funds
Major Funds:

General Fund $ 13,308,312 $ -
Grants Special Revenue Fund - 13,301,070
Nonmajor Governmental Funds - 7,242
Total $ 13,308,312 $ 13,308,312
54 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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 composed 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 California JPIA began covering 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 also have a $50 million per occurrence limit. The coverage structure is composed of a combination of pooled selfinsurance, reinsurance, and excess insurance. Additional information concerning the coverage structure is available on the Authority’s website: https://cjpia.org/coverage/risk-sharing-pools/.

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

Major Funds:

General Fund $ - $ - $ 876,163 $ 876,163
Capital Improvements
Capital Projects Fund 2,604,073 8,055,365 1,083,242 11,742,680 Nonmajor Funds 260,995 - - 260,995
Total $ 2,865,068 $ 8,055,365 $ 1,959,405 $ 12,879,838
Major Funds
Transfers In
55 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
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 2024-25 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 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. 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 participates in the all-risk property protection program of the Authority. This insurance protection is underwritten by several insurance companies. City property is currently insured according to a schedule of covered property submitted by the City to the Authority. City property currently has all-risk property insurance protection in the amount of $119,451,814. 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 purchases earthquake and flood insurance on a portion of its property. The earthquake insurance is part of the property protection insurance program of the Authority. City property currently has earthquake protection in the amount of $74,440,428. 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 agency 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 2024-25.

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.

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 Fiscal 56 CITY OF MALIBU, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
June 30, 2025
Year 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 proposed 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 undergoing permitting for height adjustments, and this tower is necessary for communications at the substation. Once these matters are resolved, plans will be reinitiated to open the substation.

E. In the winter of 2024-25, Malibu was impacted by the Franklin and Palisades Fires, which damaged or destroyed over 700 parcels. These fires came as the City continues to recover from previous natural disasters, including the 2018 Woolsey Fire, which destroyed 480 homes. The destruction caused by these fires requires extensive construction along the Pacific Coast Highway, which impacts access to the area, and thus, has harmed the local economy in addition to requiring substantial outlays for rebuilds and repairs. In addition, the City is committed to helping residents rebuild and recover and has budgeted additional costs for this purpose. It is expected that higher levels of service will be necessary for the next several years. To spur recovery, the City used $15 million of General Fund monies in FY 2024-25 for disaster-related costs. In FY 2025-26, an additional $10.1 million to support operational costs and $8.4 million for disaster related capital projects was budgeted to address urgent rebuild efforts and community recovery needs. Amounts eligible for grant or insurance reimbursement have not been obligated to the City; however, the reimbursement process is ongoing and is expected to result in substantial recovery of these disaster-related costs.

13. SUBSEQUENT EVENTS
On July 14, 2025, the City Council adopted Resolution 25-29 waiving planning and building permit fees for projects rebuilding like-for-like or like-for like plus 10% structures damaged or destroyed by the Broad, Franklin, and/or Palisades Fires, subject to certain requirements and limitations, and where the property owner demonstrates that the property was used as the primary residence. If a fee is determined to be eligible for the waiver, it is applied at the time the fee is assessed, streamlining the process and eliminating the need to process refunds. 57 58

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.
• 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. 59 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, 2025 2024 2023 2022 2021
Measurement date 6/30/2024 6/30/2023 6/30/2022 6/30/2021 6/30/2020 Plan's proportion of the net pension liability 0.07802% 0.07626% 0.07365% 0.05496% 0.06265% Plan's proportionate share of the net pension liability $ 9,462,189 $ 9,513,094 $ 8,507,593 $ 2,972,243 $ 6,816,695 Plan's covered payroll, measurement date $ 9,354,492 $ 8,117,262 $ 7,353,661 $ 6,987,903 $ 7,337,369 Plan's proportionate share of the net pension liability as a percentage of its covered payroll 101.15% 117.20% 115.69% 42.53% 92.90% Plan's proportionate share of the fiduciary net position as a percentage of the Plan's total pension liability 78.08% 76.21% 76.68% 88.29% 75.10% Plan's proportionate share of aggregate
employer contributions $ 1,414,900 $ 1,372,268 $ 1,607,155 $ 1,281,843 $ 1,146,744 Fiscal year ending June 30, 2020 2019 2018 2017 2016
Measurement date 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 Plan's proportion of the net pension liability 0.05960% 0.056440% 0.055919% 0.053280% 0.04904% Plan's proportionate share of the net pension liability $ 6,106,999 $ 5,438,378 $ 5,545,643 $ 4,610,344 $ 3,366,039 Plan's covered payroll, measurement date $ 6,903,933 $ 6,243,134 $ 5,593,683 $ 5,624,392 $ 5,398,632 Plan's proportionate share of the net pension liability as a percentage of its covered payroll 88.46% 87.11% 99.14% 81.97% 62.35% Plan's proportionate share of the fiduciary net position as a percentage of the Plan's total pension liability 75.26% 75.26% 73.31% 74.06% 78.40% Plan's proportionate share of aggregate
employer contributions $ 965,341 $ 812,252 $ 740,151 $ 640,844 $ 428,499 Notes to Schedule:

Benefit Changes: There were no changes in benefits.

Changes in Assumptions:

From Fiscal Year June 30, 2016 to June 30, 2017: There were no changes in assumptions.

From Fiscal Year June 30, 2017 to June 30, 2018: The discount rate was reduced from 7.65% to 7.15%.

From Fiscal Year June 30, 2019 through June 30, 2022: There were no changes in assumptions.

From Fiscal Year June 30, 2023 through June 30, 2025: There were no changes in assumptions.

From Fiscal Year 6/30/15 to 6/30/16: 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 7.65% used for the June 30, 2015 measurement date is without reduction of pension plan administative expense.

From Fiscal Year June 30, 2018 to June 30, 2019: 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 Fiscal Year June 30, 2022 through June 30, 2023: 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. 60 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, 2025 2024 2023 2022 2021
Valuation date 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 Contractually required contribution, actuarially determined $ 1,692,431 $ 1,510,299 $ 1,372,946 $ 1,218,844 $ 1,120,551 Contributions in relation to the
actuarially determined contribution (1,692,431) (1,510,299) (1,372,946) (1,218,844) (1,120,551) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 10,017,791 $ 9,354,492 $ 8,117,262 $ 7,353,661 $ 6,987,903 Contributions as a percentage of covered payroll 16.89% 16.15% 16.91% 16.57% 16.04% Fiscal year ending June 30, 2020 2019 2018 2017 2016
Valuation date 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 Contractually required contribution, actuarially determined $ 1,043,190 $ 908,055 $ 753,756 $ 656,352 $ 514,781 Contributions in relation to the
actuarially determined contribution (1,043,190) (908,055) (753,756) (656,352) (514,781) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 7,337,369 $ 6,903,933 $ 6,243,134 $ 5,593,683 $ 5,624,392 Contributions as a percentage of covered payroll 14.22% 13.15% 12.07% 11.73% 9.15% 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: Market value of assets
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 through June 30, 2022 valuation dates: 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 through June 30, 2022 valuation dates: 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. 61 CITY OF MALIBU

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CHANGES IN THE NET OPEB (ASSET)/LIABILITY AND RELATED RATIOS LAST TEN FISCAL YEARS*
Fiscal year ending June 30, 2025 2024 2023 2022
Measurement date 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Total OPEB Liability:

Service cost $ 728,853 $ 535,369 $ 521,040 $ 452,928
Interest on total OPEB liability 680,017 568,340 521,619 484,049 Differences between expected & actual experience - 126,205 - 47,734 Changes in assumptions - 714,695 - 397,764
Benefit payments (373,222) (329,311) (289,603) (261,935) Net change in total OPEB liability 1,035,648 1,615,298 753,056 1,120,540 Total OPEB liability - beginning of year 10,338,025 8,722,727 7,969,671 6,849,131 Total OPEB liability - end of year [a] 11,373,673 10,338,025 8,722,727 7,969,671 Plan Fiduciary Net Position:

Contributions - employer 220,402 38,291 848,722 262,524 Net investment income 930,677 540,898 (1,317,558) 1,940,965 Administrative expenses (3,972) (3,473) (3,169) (3,251) Benefit payments (373,222) (329,311) (289,603) (261,935) Net change in plan fiduciary net position 773,885 246,405 (761,608) 1,938,303 Plan fiduciary net position - beginning of year 8,430,733 8,184,328 8,945,936 7,007,633 Plan fiduciary net position - end of year [b] 9,204,618 8,430,733 8,184,328 8,945,936 Net OPEB (asset)/liability - end of year [a]-[b] 2,169,055$ 1,907,292$ $ 538,399 $ (976,265) Plan fiduciary net position as a % of total OPEB liability 80.93% 81.55% 93.83% 112.25% Covered-employee payroll, measurement date 9,210,488$ 8,104,391$ 7,351,866$ 6,936,621$ Net OPEB (asset)/liability as a % of covered-employee payroll 23.55% 23.53% 7.32% -14.07% Fiscal year ending June 30, 2021 2020 2019 2018
Measurement date 6/30/2020 6/30/2019 6/30/2018 6/30/2017 Total OPEB Liability:

Service cost $ 447,606 $ 463,092 $ 446,600 $ 434,000
Interest on total OPEB liability 449,255 465,728 419,700 377,000 Differences between expected & actual experience - (888,466) - - Changes in assumptions (130,481) (40,582) - -
Benefit payments (250,569) (206,069) (195,683) (192,000) Net change in total OPEB liability 515,811 (206,297) 670,617 619,000 Total OPEB liability - beginning of year 6,333,320 6,539,617 5,869,000 5,250,000 Total OPEB liability - end of year [a] 6,849,131 6,333,320 6,539,617 5,869,000 Plan Fiduciary Net Position:

Contributions - employer 773,180 760,595 761,538 720,000 Net investment income 281,616 342,290 352,724 389,000
Administrative expenses (3,622) (1,576) (8,791) (3,000) Benefit payments (250,569) (206,069) (195,683) (192,000) Net change in plan fiduciary net position 800,605 895,240 909,788 914,000 Plan fiduciary net position - beginning of year 6,207,028 5,311,788 4,402,000 3,488,000 Plan fiduciary net position - end of year [b] 7,007,633 6,207,028 5,311,788 4,402,000 Net OPEB (asset)/liability - end of year [a]-[b] $ (158,502) $ 126,292 1,227,829$ 1,467,000$ Plan fiduciary net position as a % of total OPEB liability 102.31% 98.01% 81.22% 75.00% Covered-employee payroll, measurement date 7,203,853$ 6,769,722$ 6,133,000$ 5,486,000$ Net OPEB (asset)/liability as a % of covered-employee payroll -2.20% 1.87% 20.02% 26.74% Notes to schedule:
* Fiscal Year 2017-18 was the first year of implementation; therefore, only eight years are shown.

Benefit Changes: There were no changes in benefits.

Changes in Assumptions - there were no changes in assumptions except for the following:

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

From Measurement Date June 30, 2022 to June 30, 2023: Update to medical trend.

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.
62 CITY OF MALIBU

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CONTRIBUTIONS - OPEB PLAN
LAST TEN FISCAL YEARS*
Fiscal year ending June 30, 2025 2024 2023 2022
Valuation date 6/30/2023 6/30/2021 6/30/2021 6/30/2019
Actuarially determined contribution $ 928,518 $ 567,889 $ 545,330 $ 491,000 Contribution in relation to the actuarially
determined contributions** (551,922) (220,402) (38,291) (848,722) Contribution deficiency/ (excess) $ 376,596 $ 347,487 $ 507,039 $ (357,722) ** Includes the implied subsidy of: $ 63,668 $ 41,055 $ 37,206 $ 26,339 Covered-employee payroll $ 10,018,207 $ 9,210,488 $ 8,104,391 $ 7,351,866 Contributions as a % of covered-employee payroll 5.5% 2.4% 0.5% 11.5% Fiscal year ending June 30, 2021 2020 2019 2018
Valuation date 6/30/2019 6/30/2017 6/30/2017 6/30/2015
Actuarially determined contribution $ 483,000 $ 625,000 $ 604,000 $ 614,000 Contribution in relation to the actuarially
determined contributions** (262,524) (773,180) (760,595) (767,000) Contribution deficiency/ (excess) $ 220,476 $ (148,180) $ (156,595) $ (153,000) ** Includes the implied subsidy of: $ 26,599 $ 47,640 $ 36,193 $ 37,000 Covered-employee payroll $ 6,936,621 $ 7,203,853 $ 6,769,722 $ 6,133,000 Contributions as a % of covered-employee payroll 3.8% 10.7% 11.2% 12.5% 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); 15.2 (2025) 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, 2025) Inflation (fiscal year): 3.00% (2018); 2.75% (2019, 2020, 2021, 2022); 2.50% (2023, 2024, 2025) 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);

8.5%-3.45% (2025)
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)

7.5%-3.45% (2025)
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, 2025) 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 eight years are shown. 63 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, 2025
Variance with
Final Budget FY 2025-26
Budgeted Amounts Positive/ Original
Original Final Actual (Negative) Budget

REVENUES
Taxes $ 43,337,245 $ 43,755,971 $ 39,134,518 $ (4,621,453) $ 39,980,000 Fines and forfeitures 2,050,000 2,050,000 2,027,993 (22,007) 2,000,000 Intergovernmental 2,720,327 3,555,619 831,529 (2,724,090) 3,499,136 Use of money and property 3,550,000 3,550,000 5,178,040 1,628,040 3,520,000 Charges for services 10,135,850 10,200,850 7,740,486 (2,460,364) 8,592,250 Other 25,000 127,655 764,301 636,646 2,538,000
Total revenues 61,818,422 63,240,095 55,676,867 (7,563,228) 60,129,386

EXPENDITURES
Current:

Legislative and advisory 2,955,924 3,265,248 3,737,455 (472,207) 3,029,101 General government 10,469,229 11,052,230 9,123,044 1,929,186 12,013,798 Public safety 16,409,817 16,544,817 14,764,350 1,780,467 16,667,786 Community development 14,232,612 14,246,612 10,176,173 4,070,439 16,362,861 Community services 3,881,734 3,885,134 3,099,256 785,878 4,745,854 Public works 6,972,457 15,732,096 13,817,143 1,914,953 16,217,189 Capital outlay 6,698,007 11,527,166 7,256,139 4,271,027 - Debt service:

Principal 1,145,217 1,145,217 1,145,217 - 2,014,701
Interest 2,078,805 2,078,805 2,078,805 - 1,285,000
Total expenditures 64,843,802 79,477,325 65,197,582 14,279,743 72,336,290 Revenues over (under)
expenditures $ (3,025,380) $ (16,237,230) (9,520,715) $ 6,716,515 $ (12,206,904)

OTHER FINANCING

SOURCES/(USES)
Transfers in 876,163
Transfers out (2,865,068)
Total other financing
sources/(uses) (1,988,905)
Net change in fund balance (11,509,620)
FUND BALANCE - BEGINNING 95,307,600
FUND BALANCE - ENDING $ 83,797,980
64 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, 2025
Variance with
Final Budget
Budgeted Amounts Positive/
Original Final Actual (Negative)

REVENUES
Intergovernmental $ 10,792,387 $ 11,133,587 $ 7,259,681 $ (3,873,906)

OTHER FINANCING USES
Transfers out (8,055,365)
Net change in fund balance (795,684)
FUND BALANCE - BEGINNING (1,119,556)
FUND BALANCE - ENDING $ (1,915,240)
65 CITY OF MALIBU, CALIFORNIA

NOTE TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2025

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 $64.8 million to $79.5 million. The most significant budget amendments were to increase budgets in response to three fires that occurred during the fiscal year. Other budget amendments were for carryover appropriations from the prior year.
66 CITY OF MALIBU

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
JUNE 30, 2025
Special Revenue Funds
Air
State Traffic Proposition Proposition Measure Quality
Gas Tax Safety A C R Management
ASSETS
Cash and investments $ 62,255 $ 311,693 $ 720,433 $ 210,620 $ 155,596 $ 169,490 Receivables:

Accounts - - - - - -
Other governments 25,693 18,612 10,429 - - 3,697
Total assets $ 87,948 $ 330,305 $ 730,862 $ 210,620 $ 155,596 $ 173,187

LIABILITIES, DEFERRED

INFLOWS OF RESOURCES,

AND FUND BALANCES

LIABILITIES
Accounts payable $ - $ - $ 47,090 $ - $ - $ -
Unearned revenue - - - - - -
Due to other funds - - - - - -
Total liabilities - - 47,090 - - -

DEFERRED INFLOWS

OF RESOURCES
Unavailable revenue - - - - - -

FUND BALANCES
Restricted
Public works 87,948 330,305 - - - 173,187
Capital projects:

Public works - - - 210,620 155,596 -
Community services - - - - - -
Community services - - 683,772 - - -
Special districts - - - - - -
Unassigned - - - - - -
Total fund balances 87,948 330,305 683,772 210,620 155,596 173,187 Total liabilities, deferred
inflows of resources,
and fund balances $ 87,948 $ 330,305 $ 730,862 $ 210,620 $ 155,596 $ 173,187 (Continued)
67 CITY OF MALIBU

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
JUNE 30, 2025
(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 $ 8,381 $ 205,306 $ 4,278 $ - $ 259,611 $ 580,735 $ 39,849 Receivables:

Accounts 13,234 - - - - - -
Other governments 1,226 - - - - 51,628 -
Total assets $ 22,841 $ 205,306 $ 4,278 $ - $ 259,611 $ 632,363 $ 39,849

LIABILITIES, DEFERRED

INFLOWS OF RESOURCES,

AND FUND BALANCES

LIABILITIES
Accounts payable $ 19,830 $ - $ - $ - $ - $ - $ -
Unearned revenue 68,433 - - - - - -
Due to other funds - - - - - - -
Total liabilities 88,263 - - - - - -

DEFERRED INFLOWS

OF RESOURCES
Unavailable revenue - - - - - - -

FUND BALANCES
Restricted
Public works - - - - 259,611 632,363 -
Capital projects:

Public works - - - - - - -
Community services - 205,306 4,278 - - - 39,849
Community services - - - - - - -
Special districts - - - - - - -
Unassigned (65,422) - - - - - -
Total fund balances (65,422) 205,306 4,278 - 259,611 632,363 39,849 Total liabilities, deferred
inflows of resources,
and fund balances $ 22,841 $ 205,306 $ 4,278 $ - $ 259,611 $ 632,363 $ 39,849 68 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
$ - $ 686,805 $ 222,584 $ 86,175 $ 120,015 $ 3,843,826
- - - - - 13,234
18,509 - 49,425 - 7,708 186,927
$ 18,509 $ 686,805 $ 272,009 $ 86,175 $ 127,723 $ 4,043,987 $ 11,267 $ - $ 132,199 $ 35,170 $ 12,272 $ 257,828
- - - - - 68,433
7,242 - - - - 7,242
18,509 - 132,199 35,170 12,272 333,503
9,822 - - - - 9,822
- 686,805 - - - 2,170,219
- - - - - 366,216
- - - - - 249,433
- - - - - 683,772
- - 139,810 51,005 115,451 306,266
(9,822) - - - - (75,244)
(9,822) 686,805 139,810 51,005 115,451 3,700,662
$ 18,509 $ 686,805 $ 272,009 $ 86,175 $ 127,723 $ 4,043,987 69 CITY OF MALIBU

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
Special Revenue Funds
Air
State Gas Traffic Proposition Proposition Measure Quality Tax Safety A C R Management

REVENUES
Taxes $ - $ - $ - $ - $ - $ -
Fines and forfeitures - 255,236 - - - -
Intergovernmental 303,565 - 286,250 228,787 171,558 14,157 Use of money and property 6,100 16,145 32,601 16,611 12,348 7,836 Charges for services - - - - - -
Total revenues 309,665 271,381 318,851 245,398 183,906 21,993

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community development - - - - - -
Community services - - 282,868 - - -
Public works - - - - - -
Capital outlay - - - - - -
Total expenditures - - 282,868 - - -
Revenues over
(under) expenditures 309,665 271,381 35,983 245,398 183,906 21,993

OTHER FINANCING

SOURCES/(USES)
Transfers in - - - - - -
Transfers out (225,000) (200,000) - (290,000) (220,000) (20,190) Total other financing
sources/(uses) (225,000) (200,000) - (290,000) (220,000) (20,190) Net change in fund balance 84,665 71,381 35,983 (44,602) (36,094) 1,803 FUND BALANCE - BEGINNING 3,283 258,924 647,789 255,222 191,690 171,384 FUND BALANCE - ENDING $ 87,948 $ 330,305 $ 683,772 $ 210,620 $ 155,596 $ 173,187 70 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
$ - $ 14,904 $ - $ - $ - $ - $ -
- - - - - - -
16,567 - - 194,663 194,370 292,976 -
387 8,404 185 - 23,685 30,885 1,724
94,454 - - - - - -
111,408 23,308 185 194,663 218,055 323,861 1,724
- - - - - - -
- - - 194,663 - - -
312,202 - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
312,202 - - 194,663 - - -
(200,794) 23,308 185 - 218,055 323,861 1,724
154,033 - - - - - -
(25,195) - - - (390,000) (280,000) -
128,838 - - - (390,000) (280,000) -
(71,956) 23,308 185 - (171,945) 43,861 1,724
6,534 181,998 4,093 - 431,556 588,502 38,125
$ (65,422) $ 205,306 $ 4,278 $ - $ 259,611 $ 632,363 $ 39,849 (Continued)
71 CITY OF MALIBU

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
(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 $ - $ - $ 322,949 $ 64,607 $ 68,043 $ 470,503
Fines and forfeitures - - - - - 255,236
Intergovernmental 139,104 - - - - 1,841,997
Use of money and property - 37,192 8,560 2,868 4,987 210,518 Charges for services - - - - - 94,454
Total revenues 139,104 37,192 331,509 67,475 73,030 2,872,708

EXPENDITURES
Current:

General government 9,791 - - - - 9,791
Public safety - - - - - 194,663
Community development - - - - - 312,202
Community services - - - - - 282,868
Public works - - 238,785 45,051 49,684 333,520
Capital outlay 106,919 - 116,000 22,481 7,435 252,835
Total expenditures 116,710 - 354,785 67,532 57,119 1,385,879 Revenues over
(under) expenditures 22,394 37,192 (23,276) (57) 15,911 1,486,829

OTHER FINANCING

SOURCES/(USES)
Transfers in 106,962 - - - - 260,995
Transfers out (136,164) (172,856) - - - (1,959,405)
Total other financing
sources/(uses) (29,202) (172,856) - - - (1,698,410)
Net change in fund balance (6,808) (135,664) (23,276) (57) 15,911 (211,581) FUND BALANCE - BEGINNING (3,014) 822,469 163,086 51,062 99,540 3,912,243 FUND BALANCE - ENDING $ (9,822) $ 686,805 $ 139,810 $ 51,005 $ 115,451 $ 3,700,662 72 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 293,789 $ 293,789 $ 303,565 $ 9,776 Use of money and property 13,000 13,000 6,100 (6,900)
Total revenues $ 306,789 $ 306,789 309,665 $ 2,876

OTHER FINANCING USES
Transfers out (225,000)
Net change in fund balance 84,665
FUND BALANCE - BEGINNING 3,283
FUND BALANCE - ENDING $ 87,948
Final Budget
Positive/
(Negative)
Variance with
73 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Fines and forfeitures $ 200,000 $ 200,000 $ 255,236 $ 55,236 Use of money and property 39,000 39,000 16,145 (22,855) Total revenues $ 239,000 $ 239,000 271,381 $ 32,381

OTHER FINANCING USES
Transfers out (200,000)
Net change in fund balance 71,381
FUND BALANCE - BEGINNING 258,924
FUND BALANCE - ENDING $ 330,305
Final Budget
Positive/
(Negative)
Variance with
74 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 295,667 $ 295,667 $ 286,250 $ (9,417) Use of money and property 158,000 158,000 32,601 (125,399) Total revenues 453,667 453,667 318,851 (134,816)

EXPENDITURES
Current:

Community services 196,500 340,500 282,868 57,632
Revenues over (under) expenditures $ 257,167 $ 113,167 35,983 $ (77,184) FUND BALANCE - BEGINNING 647,789
FUND BALANCE - ENDING $ 683,772
Final Budget
Positive/
(Negative)
Variance with
75 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 245,248 $ 245,248 $ 228,787 $ (16,461) Use of money and property 58,000 58,000 16,611 (41,389) Total revenues $ 303,248 $ 303,248 245,398 $ (57,850)

OTHER FINANCING USES
Transfers out (290,000)
Net change in fund balance (44,602)
FUND BALANCE - BEGINNING 255,222
FUND BALANCE - ENDING $ 210,620
Final Budget
Positive/
(Negative)
Variance with
76 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 183,936 $ 183,936 $ 171,558 $ (12,378) Use of money and property 44,000 44,000 12,348 (31,652) Total revenues $ 227,936 $ 227,936 183,906 $ (44,030)

OTHER FINANCING USES
Transfers out (220,000)
Net change in fund balance (36,094)
FUND BALANCE - BEGINNING 191,690
FUND BALANCE - ENDING $ 155,596
Final Budget
Positive/
(Negative)
Variance with
77 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 15,000 $ 20,000 $ 14,157 $ (5,843)
Use of money and property 24,000 24,000 7,836 (16,164)
Total revenues $ 39,000 $ 44,000 21,993 $ (22,007)

OTHER FINANCING USES
Transfers out (20,190)
Net change in fund balance 1,803
FUND BALANCE - BEGINNING 171,384
FUND BALANCE - ENDING $ 173,187
Final Budget
Positive/
(Negative)
Variance with
78 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 80,000 $ 80,000 $ 16,567 $ (63,433) Use of money and property 3,000 3,000 387 (2,613)
Charges for services 138,150 138,150 94,454 (43,696)
Total revenues 221,150 221,150 111,408 (109,742)

EXPENDITURES
Current:

Community development 491,880 491,880 312,202 179,678
Revenues over (under) expenditures $ (270,730) $ (270,730) (200,794) $ (289,420)

OTHER FINANCING SOURCES/(USES)
Transfers in 154,033
Transfers out (25,195)
Total other financing sources/(uses) 128,838
Net change in fund balance (71,956)
FUND BALANCE - BEGINNING 6,534
FUND BALANCE - ENDING $ (65,422)
Final Budget
Positive/
(Negative)
Variance with
79 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Taxes $ 20,000 $ 20,000 $ 14,904 $ (5,096)
Use of money and property 26,000 26,000 8,404 (17,596)
Total revenues $ 46,000 $ 46,000 23,308 $ (22,692)
FUND BALANCE - BEGINNING 181,998
FUND BALANCE - ENDING $ 205,306
Final Budget
Positive/
(Negative)
Variance with
80 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Use of money and property $ 1,000 $ 1,000 $ 185 $ (815) FUND BALANCE - BEGINNING 4,093
FUND BALANCE - ENDING $ 4,278
Final Budget
Positive/
(Negative)
Variance with
81 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 175,000 $ 194,663 $ 194,663 $ -

EXPENDITURES
Current:

Public safety 175,000 194,663 194,663 -
Revenues over (under) expenditures $ - $ - - $ -

FUND BALANCE - BEGINNING -
FUND BALANCE - ENDING $ -
Final Budget
Positive/
(Negative)
Variance with
82 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 208,461 $ 208,461 $ 194,370 $ (14,091) Use of money and property 67,000 67,000 23,685 (43,315) Total revenues $ 275,461 $ 275,461 218,055 $ (57,406)

OTHER FINANCING USES
Transfers out (390,000)
Net change in fund balance (171,945)
FUND BALANCE - BEGINNING 431,556
FUND BALANCE - ENDING $ 259,611
Variance with
Final Budget
Positive/
(Negative)
83 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 257,109 $ 257,109 $ 292,976 $ 35,867 Use of money and property 97,000 97,000 30,885 (66,115) Total revenues $ 354,109 $ 354,109 323,861 $ (30,248)

OTHER FINANCING USES
Transfers out (280,000)
Net change in fund balance 43,861
FUND BALANCE - BEGINNING 588,502
FUND BALANCE - ENDING $ 632,363
Variance with
Final Budget
Positive/
(Negative)
84 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Use of money and property $ 6,000 $ 6,000 $ 1,724 $ (4,276) Total revenues $ 6,000 $ 6,000 1,724 $ (4,276)
FUND BALANCE - BEGINNING 38,125
FUND BALANCE - ENDING $ 39,849
Variance with
Final Budget
Positive/
(Negative)
85 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 65,276 $ 65,276 $ 139,104 $ 73,828

EXPENDITURES
Current:

General government 9,791 9,791 9,791 -
Capital outlay - 105,000 106,919 (1,919)
Total expenditures 9,791 114,791 116,710 (1,919)
Revenues over (under) expenditures $ 55,485 $ (49,515) 22,394 $ 71,909

OTHER FINANCING SOURCES/(USES)
Transfers in 106,962
Transfers out (136,164)
Total other financing sources/(uses) (29,202)
Net change in fund balance (6,808)
FUND BALANCE - BEGINNING (3,014)
FUND BALANCE - ENDING $ (9,822)
Final Budget
Positive/
(Negative)
Variance with
86 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Intergovernmental $ 380,000 $ 380,000 $ - $ (380,000)
Use of money and property 85,000 85,000 37,192 (47,808) Total revenues $ 465,000 $ 465,000 37,192 $ (427,808)

OTHER FINANCING USES
Transfers out (172,856)
Net change in fund balance (135,664)
FUND BALANCE - BEGINNING 822,469
FUND BALANCE - ENDING $ 686,805
Variance with
Final Budget
Positive/
(Negative)
87 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Taxes $ 370,837 $ 370,837 $ 322,949 $ (47,888)
Use of money and property 17,000 17,000 8,560 (8,440)
Total revenues 387,837 387,837 331,509 (56,328)

EXPENDITURES
Current:

Public works 286,424 286,424 238,785 47,639
Capital outlay 86,000 86,000 116,000 (30,000)
Total expenditures 372,424 372,424 354,785 17,639
Revenues over (under) expenditures $ 15,413 $ 15,413 (23,276) $ (38,689) FUND BALANCE - BEGINNING 163,086
FUND BALANCE - ENDING $ 139,810
Final Budget
Positive/
(Negative)
Variance with
88 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Taxes $ 67,238 $ 67,238 $ 64,607 $ (2,631)
Use of money and property 8,000 8,000 2,868 (5,132)
Total revenues 75,238 75,238 67,475 (7,763)

EXPENDITURES
Current:

Public works 61,899 61,899 45,051 16,848
Capital outlay 22,500 22,500 22,481 19
Total expenditures 84,399 84,399 67,532 16,867
Revenues over (under) expenditures $ (9,161) $ (9,161) (57) $ 9,104 FUND BALANCE - BEGINNING 51,062
FUND BALANCE - ENDING $ 51,005
Final Budget
Positive/
(Negative)
Variance with
89 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, 2025
Budgeted Amounts
Original Final Actual

REVENUES
Taxes $ 85,673 $ 85,673 $ 68,043 $ (17,630)
Use of money and property 14,000 14,000 4,987 (9,013)
Total revenues 99,673 99,673 73,030 (26,643)

EXPENDITURES
Current:

Public works 64,039 64,039 49,684 14,355
Capital outlay 20,000 20,000 7,435 12,565
Total expenditures 84,039 84,039 57,119 26,920
Revenues over (under) expenditures $ 15,634 $ 15,634 15,911 $ 277 FUND BALANCE - BEGINNING 99,540
FUND BALANCE - ENDING $ 115,451
Final Budget
Positive/
(Negative)
Variance with
90 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, 2025
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 $ 1,623,379 $ 1,568,196 $ 1,568,196 $ - $ 1,568,196 $ - Other operating income 150,000 150,000 184,880 - 184,880 34,880 Total operating revenues 1,773,379 1,718,196 1,753,076 - 1,753,076 34,880

OPERATING EXPENSES
Personnel services 143,662 143,662 117,969 - 117,969 25,693 Professional and
contractual services 467,400 467,400 384,261 - 384,261 83,139 Repairs and maintenance 120,000 210,000 108,819 - 108,819 101,181 Utilities 223,100 223,100 197,721 - 197,721 25,379
Supplies 6,800 6,800 574 - 574 6,226
Total operating expenses 960,962 1,050,962 809,344 - 809,344 241,618 Operating income
before depreciation 812,417 667,234 943,732 - 943,732 276,498 Depreciation expense - - 1,329,324 (1,329,324) - -
Operating income/(loss) 812,417 667,234 (385,592) 1,329,324 943,732 276,498

NONOPERATING

REVENUES (EXPENSES)
Investment and interest income 143,000 143,000 51,557 - 51,557 (91,443) Interest expense (416,901) (416,901) (437,710) - (437,710) (20,809) Principal payments on debt (675,000) (675,000) - (675,000) (675,000) - Total nonoperating
revenues (expenses) (948,901) (948,901) (386,153) (675,000) (1,061,153) (112,252) Change in net position $ (136,484) $ (281,667) (771,745) $ 654,324 $ (117,421) $ 164,246 NET POSITION - BEGINNING 18,336,678
NET POSITION - ENDING $ 17,564,933
91 CITY OF MALIBU

WASTEWATER TREATMENT ENTERPRISE FUND

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

BUDGET AND ACTUAL (BUDGETARY BASIS)
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Actual Final Budget
Budgeted Amounts Budgetary (Budgetary Positive/
Original Final Actual Adjustments Basis) (Negative)

OPERATING REVENUES
Charges for sales and services:

Sewer service fees $ 2,300,000 $ 2,300,000 $ 2,319,590 $ - $ 2,319,590 $ 19,590

OPERATING EXPENSES
Personnel services 98,361 98,361 93,403 - 93,403 4,958
Professional and
contractual services 318,610 318,610 270,241 - 270,241 48,369 Repairs and maintenance 1,509,944 1,534,944 1,526,034 - 1,526,034 8,910 Utilities 235,876 235,876 222,736 - 222,736 13,140
Supplies 42,665 42,665 18,723 - 18,723 23,942
Total operating expenses 2,205,456 2,230,456 2,131,137 - 2,131,137 99,319 Operating income
before depreciation 94,544 69,544 188,453 - 188,453 118,909 Depreciation expense - - 1,355,406 (1,355,406) - -
Operating income/(loss) 94,544 69,544 (1,166,953) 1,355,406 188,453 118,909

NONOPERATING

REVENUES (EXPENSES)
Investment and interest income 24,000 24,000 106,604 - 106,604 82,604 Income/(loss) before
capital activities 118,544 93,544 (1,060,349) 1,355,406 295,057 201,513 Change in net position $ 118,544 $ 93,544 $ (1,060,349) $ 1,355,406 $ 295,057 $ 201,513 NET POSITION - BEGINNING 55,452,596
NET POSITION - ENDING $ 54,392,247
92 CITY OF MALIBU

FIDUCIARY FUNDS

COMBINING STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2025
Custodial Funds
Civic Center
Carbon Wastewater Total
Beach Broad Treatment Custodial
CFD Beach AD Facility AD Funds
ASSETS
Cash and cash equivalents $ 249,655 $ 134,383 $ 3,915,904 $ 4,299,942 Cash and cash equivalents with fiscal agents 219,330 165,166 4,222,490 4,606,986 Due from other governments 27,564 8,953 12,135 48,652
Total assets 496,549 308,502 8,150,529 8,955,580

LIABILITIES
Accounts payable 3,292 2,750 2,933 8,975

NET POSITION
Restricted for individuals, other
organizations, and governments $ 493,257 $ 305,752 $ 8,147,596 $ 8,946,605 93 CITY OF MALIBU

FIDUCIARY FUNDS

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2025
Custodial Funds
Civic Center
Carbon Wastewater Total
Beach Broad Treatment Custodial
CFD Beach AD Facility AD Funds

ADDITIONS
Collections from special assessments $ 196,791 $ 152,577 $ 2,299,036 $ 2,648,404 Investment earnings 8,323 10,236 317,742 336,301
Total additions 205,114 162,813 2,616,778 2,984,705

DEDUCTIONS
Payments for administrative charges 22,683 5,160 23,957 51,800 Interest payments 74,188 76,521 717,837 868,546
Payments for special assessment debt 130,000 55,000 1,569,641 1,754,641 Total deductions 226,871 136,681 2,311,435 2,674,987
Net increase in net position (21,757) 26,132 305,343 309,718 NET POSITION - BEGINNING 515,014 279,620 7,842,253 8,636,887 NET POSITION - ENDING $ 493,257 $ 305,752 $ 8,147,596 $ 8,946,605 94 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.

THIS PAGE INTENTIONALLY LEFT BLANK
95 CITY OF MALIBU
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Fiscal
2016 2017 2018 2019 2020 2021
Governmental activities
Net investment in capital assets $ 47,850 $ 48,132 $ 48,033 $ 66,651 $ 70,790 $ 75,398 Restricted 3,109 1,339 1,447 4,206 5,181 5,613
Unrestricted 23,870 30,394 35,743 24,395 42,408 50,728
Total net position $ 74,829 $ 79,865 $ 85,223 $ 95,252 $ 118,379 $ 131,739 Business-type activities
Net investment in capital assets $ 34,153 $ 62,921 $ 77,438 $ 78,127 $ 77,083 $ 74,340 Restricted 3,323 3,985 4,350 3,403 3,440 -
Unrestricted 6,802 6,264 6,336 9,234 8,113 3,678
Total net position $ 44,278 $ 73,170 $ 88,124 $ 90,764 $ 88,636 $ 78,018 Primary government
Net investment in capital assets $ 82,003 $ 111,053 $ 125,471 $ 144,778 $ 147,873 $ 149,738 Restricted 6,432 5,324 5,797 7,609 8,621 5,613
Unrestricted 30,672 36,658 42,079 33,629 50,521 54,406
Total net position $ 119,107 $ 153,035 $ 173,347 $ 186,016 $ 207,015 $ 209,757 Source: City of Malibu, Finance Department
96 Year
2022 2023 2024 2025
$ 75,315 $ 75,848 $ 77,663 $ 83,057
5,994 6,546 6,463 6,768
66,752 78,761 88,162 75,734
$ 148,061 $ 161,155 $ 172,288 $ 165,559
$ 73,112 $ 70,688 $ 69,034 $ 67,037
- 1 1 1
3,503 4,578 4,755 4,919
$ 76,615 $ 75,267 $ 73,790 $ 71,957
$ 148,427 $ 146,536 $ 146,697 $ 150,094
5,994 6,547 6,464 6,769
70,255 83,339 92,917 80,653
$ 224,676 $ 236,422 $ 246,078 $ 237,516
97 CITY OF MALIBU
Changes in Net Position- Last Ten Fiscal Years
(accrual basis of accounting) (amounts expressed in thousands) Fiscal
2016 2017 2018 2019 2020 2021
Expenses
Governmental activities:

Legislative and advisory $ 1,757 $ 1,538 $ 1,529 $ 1,825 $ 1,638 $ 2,036 General government 5,395 5,506 6,268 6,664 6,810 7,459
Public safety 6,860 7,437 7,985 8,372 9,072 9,909
Community development 5,240 5,622 5,878 6,373 6,478 5,988 Community services 2,667 2,497 2,952 3,173 2,773 2,592
Public works 4,746 4,405 5,392 8,798 10,041 10,385
Interest on long-term debt 1,110 1,197 1,229 2,008 2,162 2,135 Total governmental activites expenses 27,775 28,202 31,233 37,213 38,974 40,504 Business type activities:

Commercial real estate rental 2,293 2,243 2,180 2,423 2,576 2,512 Wastewater treatment - 1,368 1,252 1,173 2,957 11,551
Total business type activites expenses 2,293 3,611 3,432 3,596 5,533 14,063 Total primary government expenses $ 30,068 $ 31,813 $ 34,665 $ 40,809 $ 44,507 $ 54,567 Program Revenues
Governmental activities:

Charges for services
Legislative and advisory $ 63 $ 1 $ 1 $ 1 $ - $ 2
General government 757 704 775 633 431 725
Public safety 768 761 933 956 1,381 1,581
Community development 4,920 4,759 5,310 5,109 6,389 6,489 Community services 556 566 532 694 388 285
Public works 491 544 517 571 558 576
Operating grants 1,120 1,270 1,887 1,822 2,166 4,811
Capital grants and contributions 55 373 1,217 9,311 7,415 6,521 Total governmental activites program revenues 8,730 8,978 11,172 19,097 18,728 20,990 Business-type activities
Charges for services:

Commercial real estate rental 2,183 1,786 1,920 1,583 1,513 1,515 Wastewater treatment - 269 210 1,088 1,607 1,611
Operating grants - - 185 293 101 123
Capital grants and contributions 9,309 30,694 16,370 1,318 - - Total business-type activities program revenues 11,492 32,749 18,685 4,282 3,221 3,249 Total primary government program revenues $ 20,222 $ 41,727 $ 29,857 $ 23,379 $ 21,949 $ 24,239 Net (Expense)/Revenue
Governmental activities $ (19,045) $ (19,224) (20,061)$ (18,116)$ (20,246)$ (19,514)$ Business-type activities 9,199 29,138 15,253 686 (2,312) (10,814) Total primary government net expenses $ (9,846) $ 9,914 $ (4,808) (17,430)$ (22,558)$ (30,328)$ General Revenues and Other Changes in Net Position
Governmental activities:

Taxes
Property $ 11,134 $ 11,911 $ 12,749 $ 13,659 $ 14,280 $ 15,106 Utility users 2,389 2,376 2,316 2,094 2,164 2,362
Transient occupancy 2,620 3,287 4,677 4,550 4,951 7,904 Franchise 778 708 722 666 663 698
Sales 3,071 3,737 3,542 3,710 3,788 4,337
Parking occupancy 391 427 420 385 392 545
Motor vehicle in lieu 5 6 7 6 10 9
Investment earnings 188 171 391 999 1,182 42
Other 2,481 1,147 1,108 1,936 1,248 1,854
Transfers (9,907) 490 529 140 233 18
Extraordinary item - - - - 14,461 -
Total governmental activities 13,150 24,260 26,461 28,145 43,372 32,875 Business-type activities
Investment earnings 11 55 148 300 232 51
Other - 189 82 1,794 186 162
Transfers 9,907 (490) (529) (140) (233) (18)
Total business-type activites 9,918 (246) (299) 1,954 185 195 Total primary government $ 23,068 $ 24,014 $ 26,162 $ 30,099 $ 43,557 $ 33,070 Changes in Net Position
Governmental activities $ (5,895) $ 5,036 $ 6,400 $ 10,029 $ 23,126 $ 13,361 Business activities 19,117 28,892 14,954 2,640 (2,127) (10,619) Total primary government $ 13,222 $ 33,928 $ 21,354 $ 12,669 $ 20,999 $ 2,742 Source: City of Malibu, Finance Department
98 Year
2022 2023 2024 2025
$ 1,862 $ 1,713 $ 2,780 $ 3,738
5,562 9,131 10,586 13,445
11,174 11,962 13,718 15,052
6,846 8,763 10,558 10,513
3,147 3,594 4,161 3,697
8,188 8,199 15,197 25,627
2,101 2,059 2,016 1,956
38,880 45,421 59,016 74,028
2,455 2,490 2,579 2,576
2,942 2,951 3,065 3,487
5,397 5,441 5,644 6,063
$ 44,277 $ 50,862 $ 64,660 $ 80,091
$ - $ 2 $ - $ 1
869 856 734 553
1,733 1,720 1,268 2,283
7,092 7,684 7,915 6,898
618 637 514 355
595 649 608 550
2,366 5,213 3,071 2,562
313 702 7,702 8,887
13,586 17,463 21,812 22,089
1,538 1,575 1,770 1,753
2,211 2,260 2,280 2,320
160 - - -
- - - -
3,909 3,835 4,050 4,073
$ 17,495 $ 21,298 $ 25,862 $ 26,162
(25,294)$ (27,958)$ (37,204)$ (51,939)$
(1,488) (1,606) (1,594) (1,990)
(26,782)$ (29,564)$ (38,798)$ (53,929)$
$ 16,055 $ 17,858 $ 18,468 $ 19,828
2,655 3,058 3,028 2,955
10,338 9,531 9,321 5,889
751 817 840 775
5,789 6,406 9,744 8,411
496 484 505 439
15 11 13 17
(454) 1,812 4,768 5,389
5,967 1,075 1,651 1,506
4 - - -
- - - -
41,616 41,052 48,338 45,209
21 96 116 158
68 162 - -
(4) - - -
85 258 116 158
$ 41,701 $ 41,310 $ 48,454 $ 45,367
$ 16,322 $ 13,094 $ 11,134 $ (6,730)
(1,403) (1,348) (1,478) (1,832)
$ 14,919 $ 11,746 $ 9,656 $ (8,562)
99 CITY OF MALIBU
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal
2016 2017 2018 2019
General Fund
Nonspendable $ 284 $ 591 $ 520 $ 862
Restricted 2,310 20 262 2,824
Committed 2,545 2,624 3,171 1,826
Assigned 2,238 2,311 1,977 4,927
Unassigned 23,468 28,852 34,970 21,890
Total General Fund 30,845 34,398 40,900 32,329
All Other Governmental Funds
Nonspendable - - - -
Restricted 798 1,319 1,426 1,395
Committed 16 1,987 1,973 1,384
Assigned - - - -
Unassigned (93) (2,034) (2,065) (1,540)
Total All Other Governmental Funds 721 1,272 1,334 1,239 Total All Governmental Funds $ 31,566 $ 35,670 $ 42,234 $ 33,568 Source: City of Malibu, Finance Department
100
Year
2020 2021 2022 2023 2024 2025
$ 350 $ 606 $ 400 $ 222 $ 110 $ 95
1,742 1,145 1,108 1,099 1,094 755
1,651 971 1,510 2,448 8,400 6,205
15,234 10,005 13,926 13,561 11,671 10,347
30,687 45,267 55,163 67,826 74,033 66,396
49,664 57,994 72,107 85,156 95,308 83,798
1 - - - - -
2,623 2,272 2,936 3,762 3,916 3,776
964 1,197 1,656 1,186 7,290 6,153
- - - - - -
(1,158) (1,869) (2,138) (1,692) (8,414) (8,144)
2,430 1,600 2,454 3,256 2,792 1,785
$ 52,094 $ 59,594 $ 74,561 $ 88,412 $ 98,100 $ 85,583
101

CITY OF MALIBU
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal
2016 2017 2018 2019
Revenues
Taxes $ 22,119 $ 23,747 $ 25,748 $ 26,095
Fines and forfeitures 768 761 933 956
Intergovernmental 2,060 1,664 3,114 10,461
Investment income 188 171 391 999
Charges for services 6,358 6,064 6,684 6,484
Other 1,696 305 185 1,058
Total Revenues 33,189 32,712 37,055 46,053
Expenditures
Legislative and advisory 1,754 1,535 1,526 1,822
General government 4,698 4,971 5,383 5,701
Public safety 6,841 7,420 7,973 8,250
Community development 5,239 5,610 5,862 6,357
Community services 2,595 2,381 2,653 2,879
Public works 3,082 3,225 2,949 6,423
Capital outlay 1,567 12,176 2,601 45,099
Debt Service
Issuance of debt financing - 1,613 - 331
Principal 587 607 807 848
Interest 1,130 1,258 1,300 1,943
Total Expenditures 27,493 40,796 31,054 79,653
Excess of revenues over/(under) expenditures 5,696 (8,084) 6,001 (33,600) Other Financing Sources/(Uses)
Transfers in 4,340 1,448 3,175 2,870
Transfers out (6,322) (958) (2,646) (2,730)
Long term debt issued/refunding payments 99 11,698 34 24,794 Total other financing sources (1,883) 12,188 563 24,934 Extraordinary items - - - -
Net change in fund balances $ 3,813 $ 4,104 $ 6,564 $ (8,666) Debt service as a percentage of noncapital expenditures 6.4% 6.5% 7.0% 7.7% Source: City of Malibu, Finance Department
102
Year
2020 2021 2022 2023 2024 2025
$ 27,298 $ 33,020 $ 38,194 $ 39,697 $ 43,245 $ 39,605
1,381 1,582 1,733 1,721 1,509 2,283
3,641 9,533 3,181 6,223 10,540 9,933
1,182 42 (454) 1,812 4,768 5,389
7,250 7,542 8,623 9,243 9,193 7,835
652 265 4,339 65 215 764
41,404 51,984 55,616 58,761 69,470 65,809
1,634 2,033 1,858 1,709 2,777 3,737
5,637 6,160 6,666 7,063 8,215 9,133
9,046 9,811 11,116 11,765 13,605 14,959
6,471 5,982 6,839 8,752 10,548 10,488
2,516 2,337 2,879 3,275 3,878 3,382
7,148 6,466 5,555 5,933 6,284 14,151
3,454 8,611 2,576 3,246 11,355 19,252
- - - - - -
860 881 1,003 1,051 1,100 1,145
2,271 2,244 2,212 2,172 2,128 2,079
39,037 44,525 40,704 44,966 59,890 78,326
2,367 7,459 14,912 13,795 9,580 (12,517)
2,210 8,054 2,214 1,850 9,597 12,880
(1,977) (8,037) (2,211) (1,850) (9,597) (12,880)
- 24 52 55 109 -
233 41 55 55 109 -
15,926 - - - - -
$ 18,526 $ 7,500 $ 14,967 $ 13,850 $ 9,689 $ (12,517)

8.3% 8.0% 8.0% 7.4% 5.4% 4.6%
103

CITY OF MALIBU
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
(amounts expressed in thousands)
City
Fiscal Year Taxable Total
Ended SBE Assessed Direct Rate
June 30 Residential Commercial Industrial Vacant Others Unsecured Nonunitary Value (Note 1) (Note 2) 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 2025 21,585,844 1,022,338 75,003 1,489,764 153,131 182,582 - 24,508,662 0.06882 Notes:

Source: Los Angeles County Assessor 2015/16 - 2024/25 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
104

CITY OF MALIBU
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 0.00700 Santa Monica Community College Dist 0.06010 0.05886 0.06845 0.06270 0.07883 0.07854 0.06487 0.07093 0.07309 0.07031 Santa Monica-Malibu Unified 0.07066 0.07006 0.07397 0.06171 0.08100 0.07443 0.08264 0.08050 0.06851 0.06585 Total Direct & Overlapping Tax Rates 1.13426 1.13242 1.14592 1.12791 1.16333 1.15647 1.15101 1.15493 1.14510 1.14316 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) 0.06759 0.06777 0.06793 0.06810 0.06821 0.06830 0.06842 0.06859 0.06873 0.06882 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 taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of 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 all 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 2015/16 - 2024/25 Tax Rate Table 105

CITY OF MALIBU
Principal Property Tax Payers
Current Year and Nine Years Ago
(amounts expressed in thousands)
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 $ 199,545 0.81%
Lawrence F Giliberti Cotrustee 2 193,800 0.79%
Blue Heaven Paradise LLC 3 184,151 0.75%
HRL Laboratories LLC 4 172,355 0.70% 2 $ 104,933 0.76%
Carbonview Limited LLC 5 136,180 0.56% 4 90,135 0.65%
Malibu Realty LLC 6 125,677 0.51% 3 90,918 0.66%
22310 PCH LLC 7 114,899 0.47% 0.00%
Malibu Family Estate LLC 8 102,000 0.42% 0.00%
22108 PCH LLC 9 96,715 0.39% 0.00%
28060 Sea Lane LLC 10 92,259 0.38% 0.00%
Jamestown Premier Malibu Villa 1 122,398 0.88%
Goldman Sachs Trust 5 76,333 0.55%
KW Malibu Colony Plaza LLC 6 69,361 0.50%
Glimcher Properties LP 7 67,232 0.48%
Point Dume Limited 8 62,268 0.45%
2XMD Partners LLC 9 60,767 0.44%
Pacific Malibu Dume LLC 10 60,264 0.43%
$ 1,417,581 5.78% $ 804,609 5.80%
Source: HdL Coren & Cone / Los Angeles County Assessor 2024/25 Combined Tax Rolls and the SBE Non Unitary Tax Roll
2025 2016
106

CITY OF MALIBU
Property Tax Levies and Collections
Last Ten Fiscal Years
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 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% 2025 17,235,106 16,481,744 95.63% 388,589 16,870,333 97.88% ** Property taxes are levied and collected by the County of Los Angeles on behalf of the City.

Data on total collections by fiscal year is not available to the cities within the County of Los Angeles; consequently, some years may show a percent of levy collected that is greater than 100% of the levy.

Total Collections to Date**
107

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 2016 $ 23,885 $ 72 $ 506 $ 15,025 $ 57 $ 464 $ 40,009 5.346% 0.288% 3,121$ 2017 32,305 46 3,908 14,455 48 446 51,208 6.602% 0.345% 4,004 2018 31,540 38 3,734 13,880 39 428 49,659 6.158% 0.315% 3,908 2019 54,385 36 4,633 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% 6,467 2022 51,700 53 3,999 11,485 - 356 67,593 6.869% 0.345% 6,368 2023 50,680 77 3,787 10,850 - 337 65,731 7.648% 0.306% 6,187 2024 49,620 147 3,576 10,195 - 320 63,858 N/A 0.276% 6,011 2025 48,520 102 3,380 9,520 - 302 61,824 N/A 0.252% 5,830 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
108

CITY OF MALIBU
Direct Governmental and Overlapping Bonded Debt
As of June 30, 2025
Percent
Total Debt Applicable City's Share of
Overlapping Tax and Assessment Debt: 6/30/2025 To City (1) Debt 6/30/2025 Metropolitan Water District $ 17,155,000 0.602% $ 103,273 Santa Monica Community College District 666,066,899 31.430% 209,344,826 Santa Monica-Malibu Unified School District 492,430,000 31.374% 154,494,988 Santa Monica-Malibu Unified School District
School Facilities Improvement District No. 2 157,520,000 90.066% 141,871,963 City of Malibu Community Facilities District No. 2006-1 2,450,000 100.000% 2,450,000 City of Malibu Broad Beach Assessment District 1,365,000 97.861% 1,335,803 City of Malibu Assessment District No. 2015-1 3,380,000 100.000% 3,380,000 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 512,980,853 Direct and Overlapping Governmental Debt:

Los Angeles County General Fund Obligations 3,036,637,390 1.166% 35,407,192 Los Angeles Superintendent of Schools COP 2,331,775 1.166% 27,188 Santa Monica-Malibu Unified School District COP 36,115,000 31.374% 11,330,720 City of Malibu Certificates of Participation 48,520,000 100.000% 48,520,000 City of Malibu COPs Deferred/Discounts/Premiums 3,380,389 100.000% 3,380,389 City of Malibu Lease Liabilities 101,592 100.000% 101,592 TOTAL DIRECT AND OVERLAPPING GOVERNMENTAL DEBT $ 98,767,081 SUBTOTAL DIRECT DEBT (2) $ 52,001,981
SUBTOTAL GROSS OVERLAPPING DEBT $ 559,745,953
SUBTOTAL NET OVERLAPPING DEBT $ 559,745,953
GROSS COMBINED TOTAL DEBT (3) $ 611,747,934
NET COMBINED TOTAL DEBT $ 611,747,934
2024-25 Assessed Valuation $ 24,508,661,786
Ratios to 2024-25 Assessed Valuation:

Overlapping Tax and Assessment Debt 2.09%
Total Direct Debt ($52,001,981) 0.21%
Net Combined Total Debt 2.50%
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
109

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

Assessed value $ 24,508,662
Debt limit (15% of assessed value) 3,676,299
Debt applicable to limit (see Note) -
Legal debt margin - Current Year $ 3,676,299
Debt Legal Debt as
Fiscal Debt Applicable Debt Percentage
Year Limit to Limit Margin of Limit
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%
2025 3,676,299 - 3,676,299 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.
110

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
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 10,730 12,970,073 977,061,793 75,332 9.30%
2022 10,614 12,870,137 987,908,883 76,760 4.60%
2023 10,624 12,799,100 1,035,420,068 80,898 4.70%
2024 10,623 N/A N/A N/A 5.60%
2025 10,604 N/A N/A N/A 5.60%
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.
111

CITY OF MALIBU
Full-Time Equivalent City Government Employees by Function/Program Last Ten Fiscal Years
Function/Program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General Government
Management and Administrative Services 17.93 21.93 23.43 22.43 20.25 19.00 20.00 22.00 23.00 27.00 City Clerk
City Clerk and Records Management 2.00 2.00 2.00 2.00 2.00 3.00 3.00 3.00 3.00 4.50 Community Services
Recreation and Park Maintenance 19.44 19.37 20.81 21.37 21.27 17.67 22.77 22.69 22.69 23.28 Environmental Sustainability
Building Safety and Permit Services 15.50 15.50 17.50 18.50 18.00 17.00 20.00 21.00 21.00 21.50 Planning
Planning and Code Enforcement 19.50 19.50 21.00 21.25 22.50 20.00 23.00 26.00 29.00 30.00 Public Safety
Emergency Preparedness 1.00 1.00 2.00 3.00 3.50 3.00 4.50 4.50 4.50 5.50 Public Works
Public Works and Engineering 7.00 9.00 9.00 9.00 10.00 10.00 11.00 12.00 12.00 12.00 Source: City of Malibu, Finance Department
112

CITY OF MALIBU
Indicators of Demand or Level of Service
Last Ten Fiscal Years
Function/Program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Recreation
Use of Facilities (hours) 15,220 15,665 16,829 16,484 14,930 17,945 16,635 20,423 21,224 19,434 Visitors Served 150,160 139,822 172,358 100,175 126,603 146,096 128,564 181,140 185,690 158,091 Police
Physical arrests 975 812 1,047 779 924 1,080 772 550 676 N/A Parking violations 11,302 12,936 15,225 17,305 28,354 29,929 24,985 15,382 18,192 N/A Traffic violations 19,214 7,294 8,365 7,711 10,173 7,974 7,628 6,028 7,569 N/A Community Development
Permits Issued 1,972 1,798 1,719 2,338 2,523 2,444 2,276 2,166 2,336 2,563 In-house Plan Checks 636 620 457 442 946 681 829 649 762 830 Off-site Plan Checks 335 274 433 660 387 646 521 679 716 960 Public Works
In-house Plan Checks 592 493 851 995 1,155 1,148 886 972 1,653 789 Encroachment Permits Issued 396 150 153 217 208 291 278 261 345 269 Source: City of Malibu, Various Departments
NOTES:

N/A - Information is not available or not required for these years. 113

CITY OF MALIBU
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Function/Program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 10
Fire Personnel* 54 54 54 54 54 54 54 54 54 54
Paramedic Squads* 2 2 2 2 2 2 2 2 2 2
Police
Police Vehicles 15 15 15 15 15 15 15 17 17 17
Sworn Personnel** 24 24 24 24 24 24 24 28 28 28
Non-Sworn Personnel** 1 1 1 1 1 1 1 1 1 1
Community Service
Parks and Park Trails 5 5 5 5 5 5 5 5 5 5
Park Acreage 18 18 18 18 20 20 20 20 20 20
Open Space Acreage 588 588 588 588 588 588 588 588 588 588 Vacant Land 0 35 35 66 67 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 6 6 6 6 6 6 6
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
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