DATE:
TO:
FROM:
CONTACT:
SUBJECT:
. Summary:
February 1, 2022
Honorable Mayor and Members of the City Council
Scott Post, Interim Fire Chief of
Scott Post, Interim Fire Chief
(858) 668-4462 or [email protected]
City of Poway
CITY COUNCIL
Resolution to Continue the Existence of a Local Emergency Within the City of Poway Due to the Novel Coronavirus (COVID-19) Global Pandemic The Novel Coronavirus (COVI D-19) global pandemic continues to cause unprecedented impacts on all economic and social segments of the United States. Federal, state, and county directives, mandates and orders to prevent, control and manage the spread of COVID-19 have, and continue to, impact Poway residents, businesses and visitors. On March 18, 2020, the City Council approved a resolution proclaiming a local emergency. The adopted resolution requires the City Council to either continue the emergency action or declare the emergency ended at each regular meeting. While the Council adopted the resolution permitting virtual meetings for the January 18, 2022 meeting, the City Council will return to hybrid meetings offering in person and virtual participation on February 1, 2022.
Recommended Action:.
It is recommended that the City Council approve a resolution continuing the Proclamation of Local Emergency authorizing the City Manager to take necessary actions to protect the public and welfare of the City from the serious and imminent threat of COVI D-19. This action requires a four-fifths (4/5) vote of the City Council.
Discussion:
The COVID-19 global pandemic continues to impact business, education, healthcare, military, and social segments of the United States. COVI D-19 has resulted in a swift economic slowdown and high unemployment rates. Federal, state, and county directives, mandates, orders and guidelines have been issued to prevent, control and manage the spread of COVID-19. While efforts are focused on re opening the economy and relaxing restrictions, impact on Poway residents, businesses and visitors continues. In response to the COVID-19 global pandemic, and its impact on Poway, the City Manager, serving as Director of Emergency Services for the City of Poway, proclaimed a local emergency on March 13, 2020. On March 18, 2020, the City Council approved Resolution No. 20-013 ratifying the City Manager's Proclamation of Local Emergency. The City Council approved to continue the emergency action in 2020 on April 7, April 21, May 5, May 19, June 2, June 16, July 7, July 21, August 4, September 1, September 15, October 6, October 20, November 17, December 1, and December 15. In 2021, the City Council approved to continue the emergency action on January 19, February 2, February 16, March 2, March 16, April 6, April 20, May 4, May 18, June 1, June 15, July 20, August 3, August 17, 1 of 5
February 1, 2022, Item # 2
September
7,
October
5,
October
19,
November
2, November
16,
December
7. In
2022,
the
City
Council
approved
to
continue
the
emergency
action
on
January
18. The
adopted
resolution
requires
the
City
Council
to
either
continue
the
emergency
action
or
declare
the
emergency
ended
at
each
regular
meeting.
Environmental
Review:
This
action
is
not
subject
to
review
under
the
California
Environmental
Quality
Act
(CEQA).
Fiscal
Impact:
As
of
January
14,
2022,
City
costs
to
respond
to
COVID-19
are
estimated
at
$1,046,044.
These
costs
specifically
relate
to
FEMA
eligible
expenditures.
The
total
fiscal
impact
is
unknown
at
this time.
Per
the
City
Council
adopted
General
Fund
Reserve
policy,
the
City
maintains
a
General
Fund
Reserve
of
45 percent
of
the
budgeted
annual
General
Fund
operating
expenditures,
or
$20,393,896
as
of
June
30,
2021,
net
of
the
$2,000,000
used
from
the
Extreme
Events/Public
Safety
reserve
the
City
Council
approved
on
April
16,
2020
to
fund
the
Poway
Emergency
Assistance
Recovery
Loan
(PEARL)
program.
The
PEARL
program
is
discussed
in
more
detail
below.
Within
that
45 percent,
$13,179,618
is
set
aside
for
Extreme
Events/Public
Safety.
Based
upon
the
City's
reserve
policy,
there
are
adequate
reserves
to
cover the
costs
to
respond
to
this
health
emergency.
Further,
staff
believes
some
of
the
costs
are
recoverable
under
State
and
Federal
Disaster
programs.
Amounts
recovered
under
these
programs
will
be
used
to
replenish
the
General
Fund
reserve.
Pursuant
to
the
reserve
policy,
staff
will
return
with
a
plan
to
replenish
any
General
Fund
reserves
not
replenished
under
a
State
or
Federal
Disaster
program.
Staff
will
recommend
applicable
budget
adjustments
prior
to
the
completion
of
the
current
fiscal
year.
In
addition
to
using
reserves
to
respond
to
COVID-19,
as
mentioned
above,
on
April
20,
2020,
the
City
Council
approved
$2,000,000
to
fund
the
PEARL
program
for
small
businesses.
The
PEARL
program's
goal
is
to
offer
financial
assistance
to
small
businesses
located
in
Poway
by
complementing
existing
state
and
federal
loan
programs
and
to
provide
a financial
br
idge
to
businesses to
survive
the
current
emergency.
The
PEARL
program
provides loans
of
up
to
$50,000
to
eligible
businesses.
As
of
January
14,
2022,
staff
has
received
80 applications
requesting
$2,912,165
in
loans.
Based
on
staff's
review,
35 loans
totaling
$1,385,326
have
been
approved
and
four
loans
totaling
$148,000
have
been
repaid.
The
reserve
fund
will
be
replenished
from
the
repayment
of
PEARL
loans
over
a
three-year
period
following
the
end
of
the
local
COVID-19
emergency.
This
period
falls
within
the
General
Fund
Reserve
Policy's
direction
to
fully
replenish
reserves
within
five
years
of
use.
Public
Notification:
None. Attachments: A.
Resolution
B.
Proclamation
of
Local
Emergency
Reviewed/
Approved
By:
Wendy
Kaserman
Assistant
City
Manager
2 of
5 Reviewed
By:
Alan
Fenstermacher
City
Attorney
February 1, 2022, Item # 2
RESOLUTION
NO.
22-
A
RESOLUTION
OF
THE
CITY
COUNCIL
OF
THE
CITY
OF
POWAY,
CALIFORNIA,
FINDING
AND
DECLARING
THE
CONTINUED
EXISTENCE
OF
AN
EMERGENCY
WITHIN
THE
CITY
DUE
TO
THE
NOVEL
CORONAVIRUS
(COVID-19)
GLOBAL
PANDEMIC
WHEREAS,
the
Novel
Coronavirus
(COVID-19)
global
pandemic
in
the
City
of
Poway,
commencing
on
or
about
January
24,
2020
that
creates
a
threat
to
public
health
and
safety;
WHEREAS,
Government
Code
section
8630
and
Poway
Municipal
Code
(PMC)
Section
2.12.060
empower
the
City
Manager,
acting
as
the
Director
of
Emergency
Services,
to
proclaim
the
existence
of
a
local
emergency
when
the
City
is
affected
by
a
public
calamity,
and
the
City
Council
is
not
in
session;
WHEREAS,
on
March
13,
2020,
the
City
Manager,
acting
pursuant
to
Government
Code
section
8630
and
PMC
section
2.12.060,
proclaimed
the
existence
of
a
local
emergency
based
on
conditions
of
extreme
peril
to
the
health
and
safety
of
persons
caused
by
the
Novel
Coronavirus
(COVID-19)
global
pandemic;
WHEREAS,
on
March
18,
2020,
the
City
Council,
acting
pursuant
to
Government
Code
section
8630
and
PMC
section
2.12.065,
ratified
the
existence
of
a
local
emergency
within
seven
(7)
days
of
a
Proclamation
of
Local
Emergency
by
the
City
Manager;
WHEREAS,
the
City
Council,
acting
pursuant
to
PMC
section
2.12.065,
approved
extending
the
emergency
declaration
during
regularly
scheduled
meetings
in
2020
on
April
7,
April
21,
May
5,
May
19,
June
2,
June
16,
July
7,
July
21,
August
4,
September
1,
September
15,
October
6,
October
20,
November
17,
December
1,
December
15,
and
in
2021
on
January
19,
February
2,
February
16,
March
2,
March
16,
April
6,
April
20,
May
4,
May
18,
June
1,
June
15,
July
20,
August
3,
August
17,
September
7,
October
5,
October
19,
November
2,
November
16,
December
7,
and
in
2022
on
January
18;
WHEREAS,
Public
Contract
Code
Section
20168
provides
that
the
City
Council
may
pass
by
four-fifths
(4/5)
vote,
a
resolution
declaring
that
the
public
interest
and
necessity
demand
the
immediate
expenditure
of
public
money
to
safeguard
life,
health,
or
property;
WHEREAS,
upon
adoption
of
such
resolution,
the
City
Manager
may
expend
any
sum
required
in
the
emergency
and
report
the
same
to
the
City
Council
in
accordance
with
Public
Contract
Code
Section
22050;
WHEREAS,
if
such
expenditure
is
ordered,
the
City
Council
shall
review
the
emergency
action
at
each
regular
meeting,
to
determine
if
there
is
a
need
to
continue
the
action
or
if
the
Proclamation
of
Local
Emergency
may
be
terminated;
and
WHEREAS,
such
the
Novel
Coronavirus
(COVID-19)
global
pandemic
constitute
an
emergency
within
the
terms
of
Public
Contract
Code
Sections
20168
and
22050
which
requires
that
the
City
Manager
be
able
to
act
quickly
and
without
complying
with
the
notice
and
bidding
procedures
of
the
Public
Contract
Code
to
safeguard
life,
health,
or
property.
NOW,
THEREFORE,
BE
IT
RESOLVED
by
the
City
Council
of
the
City
of
Poway
hereby
3 of
5 ATTACHMENT
A
February 1, 2022, Item # 2
Resolution
No.
22-
Page
2 finds
and
declares:
SECTION
1:
An
emergency
continues
to
exist
within
the
City
as
the
result
of
the
Novel
Coronavirus
(COVID-19)
global
pandemic;
and
(a)
The
continuing
threat
of
the
Novel
Coronavirus
(COVID-19)
global
pandemic
requires
that
the
City
be
able
to
expend
public
money
in
order
to
safeguard
life,
health,
or
property;
(b)
The
City
Manager,
as
the
City's
Personnel
Officer,
is
authorized
to
take
actions
necessary
to
alter
employee
leave
policies
and
ensure
a
safe
and
healthy
workforce
;
(c)
The
City
Manager
is
authorized
to
safeguard
life,
health,
or
property
without
complying
with
notice
or
bidding
procedures;
and
(d)
Once
such
expenditure
is
made,
the
City
Manager
shall
report
the
conditions
to
the
City
Council
at
each
regular
meeting,
at
which
time
the
City
Council
shall
either
continue
the
emergency
action
or
declare
the
emergency
ended.
SECTION
2:
This
Proclamation
of
Local
Emergency
and
all
subsequent
resolutions
in
connection
herewith
shall
require
a
four-fifths
(4/5)
vote
of
the
City
Council.
PASSED,
ADOPTED
AND
APPROVED
at
a
Regular
Meeting
of
the
City
Council
of
the
City
of
Poway,
California
on
the
1st
day
of
February
, 2022
by
the
following
vote,
to
wit:
AYES: NOES: ABSENT: DISQUALIFIED:
Steve
Vaus,
Mayor
ATTEST: Carrie
Gallagher,
CMC,
City
Clerk
4of
5 February 1, 2022, Item # 2
PROCLAMATION
OF
LOCAL
EMERGENCY
WHEREAS,
section
2.12 .060
of
the
Poway
Municipal
Code
empowers
the
Director
of
Emergency
Services
to
proclaim
the
existence
or
threatened
existence
of
a
local
emergency
when the
City
is
affected
or
likely
to
be
affected
by
a
public
calamity
and
the
City
Council
is
not
in
session;
WHEREAS,
the
City
Manager,
as
Director
of
Emergency
Services
of
the
City
of
Poway,
does
hereby
find
that conditions
of
extreme
peril
to
the
safety
of
persons
and
property
have
arisen
within
the
City
of Poway,
caused
by
the
Novel
Coronavirus
(COVID-19)
commencing
on
January
24,
2020;
WHEREAS,
that
the
City
Council
of
the
City
of
Poway
is
not
in
session
and
cannot
immediately
be
called
into
session;
and
WHEREAS,
this
Proclamation
of
Local
Emergency
will
be
ratified
by
the
City
Council
within
seven
days
of
being
issued
.
NOW,
THEREFORE,
IT
IS
HEREBY
PROCLAIMED
by
the
Director
of
Emergency
Services
for
the
City
of
Poway,
that
a
local
emergency
now
exists
throughout
the
City
and
that
said
local
emergency
shall
be
deemed
to
continue
to
exist
until
its
termination
is
proclaimed
by
the
City
Council; IT
IS
FURTHER
PROCLAIMED
AND
ORDERED
that
during
the
existence
of
said
local
emergency
the
powers,
functions
, and
duties
of
the
emergency
organization
of
this
City
shall
be
those
prescribed
by
state
law,
ordinances,
and
resolutions
of
this
City,
and
by
the
City
of
Poway
Emergency
Plan;
and
IT
IS
FURTHER
PROCLAIMED
AND
ORDERED
that
a
copy
of
this
Proclamation
of
Local
Emergency
be
forwarded
to
the
State
Director
of
the
Governor's
Office
of
Emergency
Services
with
a
request
that;
1. The
State
Director
find
the
Proclamation
of
Local
Emergency
acceptable
in
accordance
with
provisions
of
the
Natural
Disaster
Assistance
Act;
and
2. The
State
Director
forward
this
Proclamation,
and
request
for
a
State
Proclamation
and
Presidential
Declaration
of
Emergency,
to
the
Governor
of
California
for
consideration
and
action.
PASSED
AND
ADOPTED
by
the
Director
of
Emergency
Services
for
the
City
of
Poway
this
13th
day
of
March
2020.
Chr
~
Director
of
Emergency
Services
5 of
5 ATTACHMENT
B
February 1, 2022, Item # 2
February 1, 2022, Item #3
,->-. r
AGENDA REPORT CityofPoway
/-'I--{ . ~~-~ ·-
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
February 1, 2022
Honorable Mayor and Members of the City Council
Aaron Beanan, Director of Finance ~
Aaron Beanan, Director of Finance
(858) 668-4411 or [email protected]
City's Investment Report as of December 31, 2021
CITY COUNCIL
Quarterly reports of investments are required to be presented to the City Council per state code and the City's Investment Policy. For your information, attached is an investment portfolio report as of December 31, 2021.
Recommended Action:
It is recommended that the City Council accept and file the attached report.
Discussion:
Pursuant to Government Code Sec. 53646(b)(1) and the City's Investment Policy, the Director of Finance (i.e., Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information.
The City is in compliance with its adopted investment policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of December 31, 2021, was $123,998,906. It consisted of the following:
Investment Portfolio Total
Cash $213,218
Deposits at CalTRUST 23,187,170
Deposits at the Local Agency Investment Fund (LAIF) 33,912,075 U. 5. Treasury Notes 15,853,027
U. 5. Instrumentalities 29,733,396
Corporate Notes 21,100,020
Fair Value of Investment Portfolio as of December 31, 2021 $123,998,906 1 of 27
February 1, 2022, Item #3
It is the City's practice to keep funds (including those identified to pay for Capital Improvement Projects) invested and earning interest until they are needed. In addition to changing market conditions, reductions in the fair value of the Investment Portfolio can also be reflective of payments for large capital projects.
The attached portfolio report (Attachment B) and investment report (Attachment C) were prepared by the City's investment manager, Insight Investment, with input from the City's Finance Department. The portfolio report includes all investments while the investment report includes only those investments managed by Insight Investment.
All City funds, including the General Fund, Water Fund, Wastewater Fund and others -except those identified in Attachment D, are pooled and invested, with earned interest allocated quarterly based on the average daily cash balance in each fund. The funds on deposit at LAIF and CalTRUST earn interest at variable rates. The interest rate for the month ending December 31, 2021, is estimated at
0.21 % for LAIF, 0.16% for the CalTRUST short-term fund, and 0.41 % for the CalTRUST medium-term fund.
For fixed income securities, the difference between amortized cost and fair value is considered an unrealized gain or loss. A realized loss is when the principal of the security is redeemed before its maturity date at a fair value lower than its amortized cost value. The amortized cost value of the externally managed investment portfolio is $66,365,376; the fair value is $66,899,661 for an unrealized gain of $534,285 or 0.81 % of the total amortized cost value. The source of the fair value information for the U.S. Treasury Notes, the U.S. Instrumentalities, Corporate Notes, and Municipal Bonds is Interactive Data Corporation.
Also included with this report are recaps of the City's cash and investments held by fiscal agents, non managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at December 31, 2021, was $1,251,675. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $52,969 at December 31, 2021. The City's cash on hand at December 31, 2021 totaled $(309,458). The cash on hand represents the City's adjusted book balance, taking into consideration deposits in transit and uncashed checks. The adjusted book balance is used for reporting purposes only, the actual bank balance was a positive amount.
The December 31, 2021 balance of the City's Library Trust Fund was $258,913. Through the Fiscal Year 2021-22 period ending December 31, 2021, no transfer of interest earnings has been made to the General Fund. At the close of Fiscal Year 2021-22, 90% of the Library Trust Fund's interest earnings will be transferred to the General Fund to partially offset library operating expenses.
Environmental Review:
This action is not subject to review under the California Environmental Quality Act (CEQA).
Fiscal Impact:
The externally managed investment portfolio earned $132,480 interest during December 2021, as well as $122,151 interest during November 2021, and $131,044 during October 2021. Fees for investment services during this period totaled $8,369.
2 of27
February 1, 2022, Item #3
Public
Notification:
None. Attachments: A.
Investment
Statistics
B.
Investment
Portfolio
Report
prepared
by
Insight
Investment
C.
Investment
Report
Prepared
by
Insight
Investment
D.
City
of
Poway
Investments
and
Cash
with
Fiscal
Agent;
General,
Payroll,
and
Petty
Cash
Report
at
December
31,
2021
Reviewed/
Approved
By:
Wendy
Kaserman
Assistant
City
Manager
3 of27
Reviewed
By:
Alan
Fenstermacher
City
Attorney
Approved
By:
c~ City
Manager
February 1, 2022, Item #3
City of Poway
Investment Statistics
Separately Managed Investment Pools
Fair Value:
CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
Deposits at the Local Agency Investment Fund (LAIF)
Total Fair Value
Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:
Cash
U. S. Treasury Notes
U. S. Instrumentalities
Corporate Bonds
Total Fair Value
Amortized Cost Value:
Cash
U. S. Treasury Notes
U. S. Instrumentalities
Corporate Bonds
Total Amortized Cost Value
Unrealized Gain (Loss)
Accrued Interest Earned
Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Total Fair Value of Portfolio Assets
Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology
December
2020
11,451,341
11,811,550
12,421,930
35,684,821
0.57%
1 1
10,793,820
36,309,513
21,934,198
69,037,531
10,423,137
35,433,831
21,212,765
67,069,733
1,967,798
139,897
1.82%
1.93 2.11
104,722,352
1.40%
1.27 1.39
September
2021
11,461,249
11,814,225
22,195,881
45,471,355
0.22%
1 1
81,833
12,826,608
32,891,155
21,359,508
67,159,104
81,833
12,622,861
32,427,513
20,957,617
66,089,824
1,069,280
125,208
1.55%
1.61 1.78
112,630,459
1.01%
0.96 1.06
Coupon: A bond's coupon is the periodic interest payment made to the holder of the fixed income security during the life of the bond. Coupon payments can be made monthly, quarterly, or annually.
Book Yield: The Book Yield is that rate of return that will make the present value of the future cash flows of a fixed income security equal to the price paid for the security. This assumes that the security will be held to its maturity.
Current Yield: Annual rate of return on an investment expressed as a percentage. Current Yield of a fixed income security is the annualized earnings (coupon) divided by the bond's market value as of the valuation date.
One Year Total Yield: The One Year Total Yield or One Year Return represents the portfolio's percentage change over a year's time, factoring in interest payments, changes in market value and reinvestment of distributions.
December
2021
33,912,075
11,442,789
11,744,381
57,099,245
0.24%
1 213,218
15,853,027
29,733,396
21,100,020
66,899,661
213,218
15,789,778
29,480,781
20,881,599
66,365,376
534,285
132,480
1.43%
1.53 1.67
123,998,906
0.88%
0.83 0.90
Weighted Average Yield: The total yield
on a bond portfolio divided by the number of bonds contained in it, weighted for the size of each bond so that the yield of large holdings does not drown out the calculation of yields on small holdings.
Yield to Maturity: The Yield to Maturity (YTM) or Market Yield to Maturity of a fixed income security is that rate of interest that will make the present value of the future cash flows equal to the market value as of the valuation date, assuming the bond is held to maturity. 4of27 ATTACHMENT A
February 1, 2022, Item #3
City
of
Poway
Monthly
Investment
Portfolio
Report
December
31,
2021
Separately
Managed
Investment
Pools
%
Return
LAIF
$
33,912,075
59%
0.21%
CalTrust
-Short
$
11,442,789
20%
0.16%
CalTrust
-Medium
$
11,744,381
21%
0.41%
Total
Internally
Managed
$
57,099,245
46%
Weighted
Average
Yield
0.24% Days
Effective
Average
Duration
-Internal
1 Weighted
Average
Maturity
-Internal
1 Externally
Managed
Assets
%
Return
Cash
$
213,218
0%
0.01%
Treasury
Securities
$
15,853,027
24%
1.09%
Instrumentality
Securities
$
29,733
,396
44%
1.48%
Corporate
Notes
$
21,100,020
32%
1.62%
Total
Externally
Managed
$
66,899,661
54%
Weighted
Average
Yield
1.43% Years
Effective
Average
Duration
-External
1.53 Weighted
Average
Final
Maturity
-External
1.67 Total
Portfolio
Assets
%
Return
LAIF
$
CalTrust
-Short
$
CalTrust
-Medium
$
Cash
$
Treasury
Securities
$
Instrumentality
Securities
$
Corporate
Notes
$
Total
Portfolio
Assets
$
Weighted
Average
Yield
Effective
Average
Duration
-Total
Weighted
Average
Maturity
-Total
Portfolio
Change
2nd
Quarter
Beginning
Balance
2nd Quarter
Ending
Balance
Assets
values
shown
at
Market
5 of27
33,912,075
27%
0.21%
11,442,789
9%
0.16%
11,744,381
9%
0.41%
213,218
0%
0.00%
15,853,027
13%
1.09%
29,733,396
24%
1.48%
21,100,020
17%
1.62%
123,998,906
0.88% Years 0.83 0.90
$ $
CalTrust
-
CalTrust
-Short,
20%
Securities
33% 112,630,459 123,998,906
ATTACHMENT
B
Treasury
Securities,
24%
Instrumental
ity
Securities,
44%
CalTrust
-Short
CalTrust
-
13%
Medium
13% Cash 0%
February 1, 2022, Item #3
ATTACHMENT
C
February 1, 2022, Item #3
......
Contents 0 ....
N ......
Fixed income market review 3
Activity and performance summary 4
Recap of securities held 6
Maturity distribution of securities held 7
Securities held 8
GASB 40 - Deposit and investment risk disclosure 12
Detail of return and interest received 16
Transaction report 19
Additional information 20
February 1, 2022, Item #3
00 0 ....
N .....
FIXED INCOME MARKET REVIEW
As of December 31, 2021
Chart 1: The Fed's most significant recent upward policy rate forecast revision 2 5
~
"O
C
~ 2
::0 a.,
>
ii,
~ 1 5
0 :;:;;
0 <l)
0 a..
a.,
~
_g O 5
0 Q
VJ
~ 0
lJ.. 2021
.,
2022
., .,
., .,
2023
., .,
., , .,
Dec 2020 and t,larch 2021 l,1eetings - - - June 2021 f.1eetin - -
• September 2021 l.1eeting --- Decentier 2021 t,leeting Source: Bloomberg, December 31, 2021
Chart 2: Unemployment rate continues to descend
16 14
12 0
8 6
4 2
0 2016 2017 2018 2019 2020
--Unemployment rate (%)
Source: Bloomberg, December 31, 2021
., .,
2024
2021
CITY OF POWAY
Economic Indicators and Monetary Policy
The Federal Reserve (Fed) doubled its pace of 'tapering' to a rate of $30bn per month.
This puts the Fed on course to cease expanding its balance sheet in March 2022. It revised its dot plot to reflects a median expectation of three hikes in 2022 (Chart 1 ).
November's CPI report came in at 6.8% for headline inflation (the highest since 1982, but modestly lower than market fears of 7%+) with core inflation reaching 4.9% (the highest since 1991 ). Energy prices were a key factor, rising 33% pa. Regarding 'sticky' inflation categories, rents ran at ~0.4% in November, pushing owners' equivalent rent to 3.5% pa and medical prices showed a small but notable 2.1 % pa rise.
The US economy added 210,000 jobs in November, less than the 550,000 expected.
However, the unemployment rate fell unexpectedly to 4.2% from 4.6%. The participation rate increased to 61.8% from 61.6%. Wage data was close to expectations with average hourly earnings up 4.8% pa. Leisure and hospitality wages continue to advance faster than other sectors - up 12.35% pa.
The JOLTS report was further indicative of a tight labor market. Job openings rose
4.1 % to 11 m, close to July's record high. The number of layoffs declined 2.5% to
1.361 m, close to a record low.
On the political front, President Joe Biden failed to secure Democratic Senator Joe Manchin's approval for the 'American Families Plan', the last component of the $1.75trn 'Build Back Better' fiscal program, forcing Congress to return to the drawing board.
In response to the global spread of the more transmissible but potentially less severe Omicron Covid-19 variant, a number of countries enacted precautionary restrictions around the holiday period, although such measures were relatively modest in the US.
Risk assets enjoyed a strong end to the year.
Interest Rate Summary
Yields rose modestly across the curve. At the end of December, the 3-month US Treasury bill yielded 0.06%, the 6-month US Treasury bill yielded 0.19%, the 2-year US Treasury note yielded 0.74%, the 5-year US Treasury note yielded 1.27% and the 10- year US Treasury note yielded 1 .51 %.
February 1, 2022, Item #3
\0
0 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2021 - December 31, 2021
;::; I Amortized Cost Basis Activity Summary ....
Opening balance
Income received
Total receipts
Total dlsbunements
lnterportfolio transfers
Total lnterportfollo transfen
Realized gain (loss)
Change in accruals from security movement
Total amortization expense
Total 01D/MKT acaetlon Income
Return of capital
Closing balance
Ending fair value
Unrealized gain (loss)
171,812 .74
0.00 Comparative Rates of Return {%}
Fed Funds
Overnight Repo
Merrill Lynch 3m US Treas Bill
Merrill Lynch 6m US Treas Bill
ML 1 Yea.r US Treasury Note
ML 2 Year US Treasury Note
ML 5 Year US Treasury Note
* rates reflected are cumulative
*Twelve
month trailing
0.08 0.04
0.03 0.04
0.10 0.27
0.86 * Six
month trailing
0.04 0.02
· 0.02
0.02 O.Q7
0.19 0.50
66,241,461 .33
171,812 .74
0.00 0.00
0.00 0.00
(49,177.62)
1,279.09
0.00 66,365,375 .54
66,899,661 .18
534,285.64
* One month
0.01 0.00
0.00 0.01
0.03 0.06
0.10 Detail of Amortized Cost Basis Return
Interest Accretion Realized
earned (amortization) gain {loss)
Cash and Cash Equivalents 1,532.74 0.00 0.00
Corporate Bonds 55,223.20 (25,339.40) 0.00
Government Agencies 54,255.61 (15,754.98) 0.00
Government Bonds 21,468 .05 (6,804.15) 0.00
Total 132,479.60 (47,898.53) 0.00
Summary of Amortized Cost Basis Return for the Period
Interest earned
Accretion (amortization)
Realized gain (loss) on sales
Total income on portfolio
Average daily amortized cost
Period return (%)
YTD return(%)
Weighted average final maturity in days
CITY OF POWAY
Total
income
1,532.74
29,883.80
38,500.63
14,663.90
84,581.07
Total portfolio
132,479.60
(47,898.53)
0.00 84,581.07
66,318,893.49
0.13 1.76
608
4 February 1, 2022, Item #3
...a.
0 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2021 - December 31, 2021
~ I Fair Value Basis Activity Summary
-.J Opening balance 66,892,030.40
Income received
Total receipts
Total disbursements
lnterportfolio transfers
Total lnterportfollo transfers
Unrealized gain (loss) on security movements
Change in accruals from security movement
Return of capital
Change in fair value for the period
Ending fair value
171,812 .74
0.00 CQmJJarative Rates Qf Return {%}
*Twelve * Six
month trailing month trailing
Fed Funds 0.08 0.04
Overnight Repo 0.04 0.02
ICE Bofa 3 Months UST-BILL 0.05 0.02
ICE Bofa 6m US Treas Bill 0.09 0.03
ICE Bofa 1 Yr US Treasury Note (0.07) (0.16)
ICE BofA US Treasury 1-3 (0.55) (0.47)
ICE Bof A US Treasury 1-5 (1 .10) (0.69)
* rates reflected are cumulative
171,812.74
0.00 0.00
0.00 0.00
0.00 (164,181 .96)
66,899,661 .18
* One month
0.01 0.00
0.01 0.01
(0.11)
(0.25)
(0.28)
Detail Qf Fair Value Basis Return
Interest Change in
earned fair value
Cash and Cash Equivalents 1,532.74 0.00
Corporate Bonds 55,223.20 (42,310.80)
Government Agencies 54,255 .61 (67,414.12)
Government Bonds 21,468 .05 (54,457.04)
Total 132,479.60 (164,181 .96)
Summary of Fair Value Basis Return for the PeriQd
Interest earned
Change in fair value
Total income on portfolio
Average daily total value*
Period return (%)
YTD return (%)
Weighted average final maturity in days
* Total value equals market value and accrued interest
CITY OF POWAY
Total
income
1,532.74
12,912.40
(13,158.51)
(32,988.99)
(31,702.36)
Total portfolio
132,479 .60
(164,181 .96)
(31,702.36)
67,250,111 .53
(0.05)
(0.39)
608
5 February 1, 2022, Item #3
RECAP OF SECURITIES HELD
As of December 31 , 2021
..a.
..a.
0 Historical ....
N cost -.J
Cash and Cash Equivalents 213,217 .87
Corporate Bonds 21,319,597.00
Government Agencies 29,849,434.86
Government Bonds 15,820, 182.07
Amortized Fair value Unrealized Weighted
cost gain (loss) average
final
maturity (days)
213,217.87 213,217.87 0.00 1
20,881,598 .93 21,100 ,020.46 218,421.53 698
29,480,780.41 29,733,395.53 252,615.12 488
15,789,778.33 15,853,027.32 63,248.99 720
Portfolio diversification (%)
■ Cash and Cash Equivalents
■ Corpo rate Bonds
■ GovernmentAgencies
■ Government Bonds
Total
Percent
of
portfolio
0.32 31.72
44.42 23.54
0.32 31 .72
44.42 23.54
100.00
CITY OF POWAY
Weighted
average
effective
duration (years)
0.00 1.59
1.28 1.94
6 February 1, 2022, Item #3
...a.
N
0 ....
N .....
MATURITY DISTRIBUTION OF SECURITIES HELD
As of December 31, 2021
Maturity
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
35.00 30.00
E .s 25.00
+-' VI
20.00 0 u
~ 15.00 u ·;::
0 10.00 +-' VI
5:
Historic cost Percent
4,748,491.87 7.07
2,943,346.30 4.38
5,042 ,674.10 7.50
32,708,434 .12 48.67
19,709,981.43 29.33
2,049,503.98 3.05
0.00 0.00
0.00 0.00
67,202,431.80 100.00
Maturity distribution
~ # ~ # ~ ~ ~ ~ ~ ~ 0 ~ ~ ~ ~ ~ ~ ~ ,o o'1, o'"':J b-- (:, ~(:, ~ ~ ~ ~ ~ ~ ~ ~ v~ ~<;:) ~"lf o
q,<:::>
"
CITY OF POWAY
7 February 1, 2022, Item #3
SECURITIES HELD
CITY OF POWA Y
As of December 31, 2021
..a.
w
acusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % N Call date shares gain accrued Port .....
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 213,217.87 213,217.87 213,217 .87 213,217.87 0.00 0.00 0.32 - - -- -Total cash and Cash Equivalents 213,217.87 213,217.87 213,217.87 213,217.87 0.00 0.00 0.32 Corporate Bonds
89233P7F7 TOYOTA MOTOR CREDIT CORP 2.625% 1 0JAN2023 2.625 01/10/2023 2,000,000 .00 2,001,380 .00 2,000 ,388.29 2,040 ,712 .60 40,324.31 24,937 .50 2.98 084670BR8 BERKSHIRE HATHAWAY INC 2.75% 15MAR2023 2.750 03/15/2023 1,000,000.00 1,021,370 .00 1,006,375 .30 1,021,102.23 14,726.93 8,097.22 1.52 {CALLABLE 15JAN23) 01/15/2023
931142DH3 WALMART INC 2.55% 11 APR2023 {CALLABLE 11 JAN23) 2.550 04/11/2023 1,000,000.00 1,015,270.00 1,004,521 .28 1,022,025.19 17,503.91 5,666.67 1.51 01/11/2023
037833AK6 APPLE INC 2.4% 03MA Y2023 2.400 05/03/2023 1,000,000 .00 1,007,920 .00 1,002,823 .14 1,023,929.54 21 I 106.40 3,866 .67 1.50 166764BK5 CHEVRON CORP 2.566% 16MAY2023 {CALLABLE 2.566 05/16/2023 1,500,000.00 1,552,215 .00 1,520,714.96 1,532,629.07 11,914 .11 4,811 .25 2.31 16MAR23) 03/16/2023
69353RFL7 PNC BANK NA 3.5% 08JUN2023 {CALLABLE 09MAY23) 3.500 06/08/2023 1,900,000.00 1 I 995,436.00 1,934,658.59 1,971,454 .02 36,795.43 4,248.61 2.97 05/09/2023
17325FAS7 CITIBANK NA 3.65% 23JAN2024 {CALLABLE 23DEC23) 3.650 01/23/2024 1,400,000.00 1,484,224.00 1,442,141 .55 1,472,854 .05 30,712.50 22,427 .22 2.21 12/23/2023
91159HHV5 US BANCORP 3.375% 05FEB2024 {CALLABLE 05JAN24) 3.375 02/05/2024 1 I 900,000.00 1 I 999,636 .00 1,946,937 .04 1,992,007 .35 45,070.31 26,006.25 2.98 01/05/2024
17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 3.625 03/04/2024 1,000,000 .00 1,070,370 .00 1,036,878.40 1,061 ,060 .14 24,181.74 11,781 .25 1.59 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 {CALLABLE 3.550 03/05/2024 2,350,000.00 2,488 ,495.00 2,427,682 .35 2,420,020 .01 {7,662.34) 26,881.39 3.70 05MAR23) 03/05/2023
8 February 1, 2022, Item #3
SECURITIES HELD
CITY OF POWA Y
As of December 31, 2021 ....
.i::.
acusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % N Call date shares gain accrued Port -...I
(loss) interest cost
Corporate Bonds
459200JY8 IBM CORP 3% 15MAY2024 3.000 05/15/2024 2,300,000.00 2,463,231.00 2,423,288.43 2,403,034.09 (20,254.34) 8,816.67 3.67 02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27 JUN2024 2.400 06/27/2024 1,000,000.00 1,012,410.00 1,006,800 .10 1,030,214.47 23,414.37 133.33 1.51 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 4.023 12/05/2024 2,000,000.00 2,207,640.00 2,128,389 .50 2,108,977.70 (19,411.80) 5,811.00 3.29 05DEC23) 12/05/2023
-· - --- . --
Total Corporate Bonds 20,350,000.00 21,319,597.00 20,881,598.93 21,100,020.46 218,421.53 153,485.03 31.72 Government Agencies
3135G0U92 FANNIE MAE 2.625% 11JAN2022 2.625 01/11/2022 1,500,000.00 1,513,185.00 1,500,162 .78 1,500,861.59 698.81 18,593.75 2.25 3137EADB2 FREDDIE MAC 2.375% 13JAN2022 2.375 01/13/2022 1,000,000 .00 1,018,089.00 1,000,285.73 1,000,648.95 363 .22 11,083.33 1.51 313378CR0 FEDERAL HOME LOAN BANK 2.25% 11 MAR2022 2.250 03/11/2022 2,000,000.00 2,004,000.00 2,000,281.47 2,008,110.86 7,829.39 13,750.00 2.98 3135G0V59 FANNIE MAE 2.25% 12APR2022 2.250 04/12/2022 2,900,000.00 2,943,346.30 2,905,478.71 2,916,941 .60 11,462.89 14,318.75 4.38 3133EA5E4 FEDERAL FARM CREDIT BANK 1.93% 18OCT2022 1.930 10/18/2022 2,000,000.00 2,015,820.00 2,004,556.16 2,025,959.30 21,403.14 7,827.22 3.00 31331K3A6 FEDERAL FARM CREDIT BANK 2.71% 13DEC2022 2.710 12/13/2022 1,000,000.00 1,028,921.06 1,007,980.63 1,024,228.96 16,248 .33 1,355.00 1.53 31331KAF7 FEDERAL FARM CREDIT BANK 4.09% 18JAN2023 4.090 01/18/2023 1,850,000.00 2,008,452.50 1,899,013.95 1,924,899.04 25,885.09 34,259.43 2.99 3133EKKT2 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 2.250 02/08/2023 1,000,000.00 1,017,480.00 1,005,314 .77 1,022,298.82 16,984.05 8,937.50 1.51 9 February 1, 2022, Item #3
SECURITIES HELD
CITY OF POWAY
As of December 31, 2021
..a,
U'I
acusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % N Call date shares gain accrued Port ....,
(loss) interest cost
Government Agencies
3133EJFK0 FEDERAL FARM CREDIT BANK 2.65% 08MAR2023 2.650 03/08/2023 1,000,000 .00 1,032 ,790 .00 1,011 ,522 .27 1,028 ,378.48 16,856 .21 8,318 .06 1.54 3137EAEN5 FREDDIE MAC 2. 75% 19JUN2023 2.750 06/19/2023 2,000 ,000 .00 2,067,740.00 2,025,396 .50 2,062 ,924.68 37,528.18 1,833.33 3.08 3135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,000 ,000.00 1,039,050 .00 1,015 ,911.19 1,036,977.87 21 ,066.68 8,704.86 1.55 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 17OCT2023 1.860 10/17/2023 2,000,000 .00 1,997,646 .00 1,999,003.90 2,050 ,471 .16 51 ,467 .26 7,646 .67 2.97 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 3.000 12/06/2023 1,000,000 .00 1,071,740.00 1,051,709 .18 1,048,127 .83 (3,581.35) 2,083.33 1.59 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 2.250 12/08/2023 1,000,000.00 1,014,600.00 1,006 ,490.96 1,029,237 .27 22,746.31 1,437 .50 1.51 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 1,750 ,000.00 1,820,547 .50 1,796,78 1.13 1,812 ,265 .53 15,484.40 17,743 .06 2.71 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 0.250 02/26/2024 1,250 ,000 .00 1,246,747 .50 1,247 ,398.00 1,237,190 .98 (10,207.02) 1,085 .07 1.86 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 0.300 03/28/2024 2,000 ,000 .00 1,998,500 .00 1,999,036 .57 1,977,588.56 (21,448 .01) 1,550 .00 2.97 (CALLABLE 12JAN22)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000 ,000 .00 2,007,920 .00 2,004 ,141 .36 2,044, 218 .66 40,077 .30 17,402 .78 2.99 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 0FEB2025 0.500 02/10/2025 1,000 ,000 .00 1,002,860 .00 1,000 ,315 .15 982 ,065 .39 (18,249 .76) 1,958.33 1.49 (CALLABLE 1 0FEB22) 02/10/2022
-Total Government Agencies 29,250,000.00 29,849,434.86 29,480,780.41 29,733,395.53 252,615.12 179,887.97 44.42 10 February 1, 2022, Item #3
SECURITIES HELD
CITY OF POWAY
As of December 31, 2021 ....
°' g.cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % N Call date shares gain accrued Port
"' (loss) interest cost
Government Bonds
912828XW5 USA TREASURY 1.75% 30JUN2022 1 . 7 50 06/30/2022 1,000,000 .00 998,515 .63 999,758 .61 1,007 ,578 .12 7,819.51 0.00 1.49 912828L57 USA TREASURY 1.75% 30SEP2022 1.750 09/30/2022 1,000 ,000.00 999,417.41 999 ,866 .01 1,010,664 .06 10,798 .05 4,423 .08 1.49 9128282D1 USA TREASURY 1.375% 31 AUG2023 1 .375 08/31/2023 2,000,000 .00 1,967,109.38 1,986,703 .79 2,023 ,828.12 37,124.33 9,267.96 2.93 912828T91 USA TREASURY 1.625% 31 OCT2023 1.625 10/31/2023 1,600 ,000 .00 1,640,630.36 1,636,339.19 1,627,062.50 (9,276 .69) 4,381 .22 2.44 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 1,900,000.00 1,925,679.69 1,911 ,253 .98 1,951,210 .93 39,956 .95 3,438 .53 2.87 9128285P1 USA TREASURY 2.875% 30NOV2023 2.875 11/30/2023 1,100,000.00 1,151,566.19 1, 149,308.85 1,145,160 .16 (4,148.69) 2,693.34 1.71 91282CBEO USA TREASURY 0.125% 15JAN2024 0.125 01/15/2024 1,900,000 .00 1,890 ,283.71 1,891 ,299 .72 1,876,324 .21 (14,975 .51) 1,090 .69 2.81 912828X70 USA TREASURY 2% 30APR2024 2.000 04/30/2024 2,000 ,000.00 2,036,015 .63 2,018,276 .27 2,054,609 .38 36,333 .11 6,740 .33 3.03 912828YH7 USA TREASURY 1.5% 30SEP2024 1 .500 09/30/2024 1,000 ,000 .00 1,032,304 .69 1,028,301.84 1,016,015 .62 (12,286.22) 3,791 .21 1.54 912828YM6 USA TREASURY 1 .5% 31 OCT2024 1.500 10/31/2024 1,100,000 .00 1,132,015.40 1, 129,375 .83 1,117,488 .28 (11 ,887 .55) 2,780 .39 1.68 912828YY0 USA TREASURY 1. 75% 31DEC2024 1.750 12/31/2024 1,000,000 .00 1,046,643 .98 1,039, 294.24 1,023 ,085 .94 (16,208 .30) 0.00 1.56 Total Government Bonds 15,600,000.00 15,820,182.07 15,789,778.33 15,853,027.32 63,248.99 38,606.75 23.54 11 February 1, 2022, Item #3
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 31, 2021
..a.
.....
~Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective N date rating rating shares cost hist cost value mkt value dur (yrs) .....
United States Treasury Note/Bond
912828XW5 USA TREASURY 1. 75% 1.750 06/30/2022 AA+ Aaa 1,000,000.00 998,515.63 1.49 1,007,578.12 1.51 0.50 912828L57 USA TREASURY 1.75% 1.750 09/30/2022 AA+ Aaa 1,000,000.00 999,417.41 1.49 1,010,664.06 1.51 0.74 9128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 2,000,000.00 1,967,109.38 2.93 2,023,828.12 3.03 1.64 912828T91 USA TREASURY 1.625% 1.625 10/31/2023 AA+ Aaa 1,600,000.00 1,640,630.36 2.44 1,627,062.50 2.43 1.81 912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 1,900,000.00 1,925,679.69 2.87 1,951,210.93 2.92 1.88 9128285P1 USA TREASURY 2.875% 2.875 11/30/2023 AA+ Aaa 1,100,000.00 1,151,566.19 1.71 1,145,160.16 1.71 1.87 91282CBEO USA TREASURY 0.125% 0.125 01/15/2024 AA+ Aaa 1,900,000.00 1,890,283.71 2.81 1,876,324.21 2.80 2.03 912828X70 USA TREASURY 2% 2.000 04/30/2024 AA+ Aaa 2,000,000.00 2,036,015.63 3.03 2,054,609.38 3.07 2.28 912828YH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.54 1,016,015.62 1.52 2.69 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.68 1,117,488.28 1.67 2.77 912828YYO USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000.00 1,046,643.98 1.56 1,023,085.94 1.53 2.93 Issuer total 15,600,000.00 15,820,182.07 23.54 15,853,027.32 23.70 1.94 Federal Farm Credit Banks Funding Corp
3133EA5E4 FEDERAL FARM CREDIT 1.930 10/18/2022 AA+ Aaa 2,000,000.00 2,015,820.00 3.00 2,025,959.30 3.03 0.79 31331K3A6 FEDERAL FARM CREDIT 2.710 12/13/2022 AA+ Aaa 1,000,000.00 1,028,921.06 1.53 1,024,228.96 1.53 0.94 31331KAF7 FEDERAL FARM CREDIT 4.090 01/18/2023 AA+ Aaa 1,850,000.00 2,008,452.50 2.99 1,924,899.04 2.88 1.02 3133EKKT2 FEDERAL FARM CREDIT 2.250 02/08/2023 AA+ Aaa 1,000,000.00 1,017,480.00 1.51 1,022,298.82 1.53 1.09 3133EJFKO FEDERAL FARM CREDIT 2.650 03/08/2023 AA+ Aaa 1,000,000.00 1,032,790.00 1.54 1,028,378.48 1.54 1.16 3133EKVB9 FEDERAL FARM CREDIT 1.860 10/17/2023 AA+ Aaa 2,000,000.00 1,997,646.00 2.97 2,050,471.16 3.06 1.77 3133EJ2B4 FEDERAL FARM CREDIT 3.000 12/06/2023 AA+ Aaa 1,000,000.00 1,071,740.00 1.59 1,048,127.83 1.57 1.89 3133EMRZ7 FEDERAL FARM CREDIT 0.250 02/26/2024 AA+ Aaa 1,250,000 .00 1,246,747.50 1.86 1,237,190.98 1.85 2.14 3133EMBE1 FEDERAL FARM CREDIT 0.300 03/28/2024 AA+ Aaa 2,000,000 .00 1,998,500 .00 2.97 1,977,588.56 2.96 1.97 Issuer total 13,100,000.00 13,418,097.06 19.97 13,339,143.13 19.94 1.42 12 February 1, 2022, Item #3
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 31, 2021
-00
acusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective N date rating rating shares cost hist cost value mkt value dur (yrs) ......
Federa l National Mortgage Association
3135G0U92 FANNIE MAE 2.625% 2.625 01/11/2022 AA+ Aaa 1,500,000.00 1,513,185 .00 2.25 1,500,861.59 2.24 0.03 3135G0V59 FANNIE MAE 2.25% 2.250 04/12/2022 AA+ Aaa 2,900 ,000.00 2,943,346.30 4.38 2,916,941.60 4.36 0.28 3135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000 .00 1,039,050.00 1.55 1,036,977.87 1.55 1.66 3135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 1,750,000 .00 1,820,547.50 2.71 1,812,265.53 2.7 1 2.03 3135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000 ,000 .00 2,007,920.00 2.99 2,044 ,218.66 3.06 2.43 Issuer total 9,150,000.00 9,324,048.80 13.87 9,311,265.25 13.92 1.20 Federal Home Loan Banks
313378CR0 FEDERAL HOME LOAN 2.250 03/11/2022 AA+ Aaa 2,000,000.00 2,004,000.00 2.98 2,008,110 .86 3.00 0.19 3130A3VCS FEDERAL HOME LOAN 2.250 12/08/2023 AA+ Aaa 1,000,000.00 1,014,600 .00 1.51 1,029,237.27 1.54 1.90 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 02/10/2022 AA+ Aaa 1,000,000.00 1,002,860.00 1.49 982,065.39 1.47 2.58 Issuer total 4,000,000.00 4,021,460.00 5.98 4,019,413.52 6.01 1.22 Federal Home Loan Mortgage Corp
3137EADB2 FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,000,000.00 1,018,089 .00 1.51 1,000,648.95 1.50 0.04 3137EAEN5 FREDDIE MAC 2.75% 2.750 06/19/2023 AA+ Aaa 2,000,000.00 2,067,740.00 3.08 2,062,924.68 3.08 1.44 Issuer total 3,000,000.00 3,085,829.00 4.59 3,063,573.63 4.58 0.98 Bank of America Corp
06051 GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 2,350,000 .00 2,488,495.00 3.70 2,420,020 .01 3.62 1.14 Issuer total 2,350,000.00 2,488,495.00 3.70 2,420,020.01 3.62 1.14 International Business Machines Corp
459200JY8 IBM CORP 3% 3.000 05/15/2024 A- A3 2,300,000.00 2,463,231 .00 3.67 2,403,034 .09 3.59 2.29 Issuer total 2,300,000.00 2,463,231.00 3.67 2,403 ,034.09 3.59 2.29 13 February 1, 2022, Item #3
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWA Y
As of December 31, 2021
-ID
~Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective N date rating rating shares cost hist cost value mktvalue dur (yrs) -.J JPMorgan Chase & Co
46647PAY2 JPMORGAN CHASE & CO 4.023 12/05/2024 12/05/2023 A- A2 2,000,000 .00 2,207,640.00 3.29 2,108,977.70 3.15 1.86 Issuer total 2,000,000.00 2,207,640.00 3.29 2,108,977.70 3.15 1.86 Toyota Motor Credit Corp
89233P7F7 TOY OT A MOTOR CREDIT 2.625 01/10/2023 A+ A1 2,000,000.00 2,001 ,380.00 2.98 2,040,712.60 3.05 1.00 Issuer total 2,000,000.00 2,001,380 .00 2.98 2,040,712.60 3.05 1.00 US Bancorp
91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,900,000 .00 1,999,636.00 2.98 1,992,007.35 2.98 1.94 Issuer total 1,900,000.00 1,999,636.00 2.98 1,992,007.35 2.98 1.94 PNC Bank NA
69353RFL7 PNC BANK NA 3.5% 3.500 06/08/2023 05/09/2023 A A2 1,900,000 .00 1,995,436.00 2.97 1,971,454 .02 2.95 1.33 Issuer total 1,900,000.00 1,995,436.00 2.97 1 , 971 ,454.02 2.95 1.33 Chevron Corp
166764BK5 CHEVRON CORP 2.566% 2.566 05/16/2023 03/16/2023 AA- Aa2 1,500,000 .00 1,552,215.00 2.31 1,532,629.07 2.29 1.21 Issuer total 1,500,000.00 1,552 ,215.00 2.31 1,532,629.07 2.29 1.21 Citibank NA
17325FA57 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 1,400,000.00 1,484,224.00 2.21 1,472,854.05 2.20 1.90 Issuer total 1,400,000.00 1,484,224.00 2.21 1 ,472,854.05 2.20 1.90 Cisco Systems Inc/Delaware
17275RAN2 CISCO SYSTEMS INC 3.625 03/04/2024 AA- A1 1,000,000.00 1,070,370.00 1.59 1,061,060 .14 1.59 2.08 Issuer total 1,000,000.00 1,070,370.00 1.59 1,061,060.14 1.59 2.08 14 February 1, 2022, Item #3
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 31, 2021
N
0 g_cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective N date rating rating shares -.J cost hist cost value mkt value dur (yrs) American Honda Finance Corp
02665WCZ2 AMERICAN HONDA 2.400 06/27/2024 A- A3 1,000,000.00 1,012,410.00 1.51 1,030,214.47 1.54 2.42 Issuer total 1,000,000.00 1,012,410.00 1.51 1,030,214.47 1.54 2.42 Apple Inc
037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 1,000,000.00 1,007,920.00 1.50 1,023,929.54 1.53 1.32 Issuer total 1,000,000.00 1,007,920.00 1.50 1,023,929.54 1.53 1.32 Walmart Inc
931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 1,000,000.00 1,015,270 .00 1.51 1,022,025 .19 1.53 1.03 Issuer total 1,000,000.00 1,015,270.00 1.51 1,022,025.19 1.53 1.03 Berkshire Hathaway Inc
084670BR8 BERKSHIRE HATHAWAY 2.750 03/15/2023 01/15/2023 AA Aa2 1,000,000.00 1,021,370.00 1.52 1,021,102.23 1.53 1.03 Issuer total 1,000,000.00 1,021,370.00 1.52 1,021 , 102.23 1.53 1.03 Cash and Cash Equivalents
INVESTED CASH 0.000 213,217.87 213,217.87 0.00 213,217 .87 0.32 0.00 Issuer total 213,217.87 213,217.87 0.00 213,217.87 0.32 0.00 15 February 1, 2022, Item #3
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period December 1, 2021 - December 31, 2021
N
~
~Cusip Description Accretion Realized gain Change in fair Interest earned Interest received N (amortization) (loss) value -.J
--
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 1,532 .74 1,532 .74 --
Total cash 0.00 0.00 0.00 1,532.74 1,532.74
Corporate Bonds
02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 (227.43) 0.00 (1,666 .24) 1,933 .33 12,000.00 037833AK6 APPLE INC 2.4% 03MAY2023 (175.35) 0.00 (121 .22) 2,066.67 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (5,483.46) 0.00 (7,072.66) 7,183.82 0.00 084670BR8 BERKSHIRE HATHAWAY INC 2.75% 15MAR2023 (CALLABLE 15JAN23) (510.02) 0.00 (3,112 .65) 2,368 .05 0.00 166764BK5 CHEVRON CORP 2.566% 16MAY2023 (CALLABLE 16MAR23) (1,425 .34) 0.00 (2,820 .81) 3,314.42 0.00 17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 (1,411.16) 0.00 (1,102.74) 3,121.53 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,773 .14) 0.00 (4,896.48) 4,400.28 0.00 459200JY8 IBM CORP 3% 15MA Y2024 (4,325.91) 0.00 (3,540.34) 5,941 .67 0.00 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 05DEC23) (5,541.99) 0.00 (4,271.28) 6,928 .50 40,230.00 69353RFL7 PNC BANK NA 3.5% 08JUN2023 (CALLABLE 09MAY23) (2,126.29) 0.00 (6,503.2 8) 5,726.39 33,250.00 89233P7F7 TOYOTA MOTOR CREDIT CORP 2.625% 10JAN2023 (31.48) 0.00 (3,770 .14) 4,520.83 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (1,942.22) 0.00 (3,677.26) 5,521.87 0.00 931142DH3 WALMART INC 2.55% 11 APR2023 (CALLABLE 11 JAN23) (365.61) 0.00 244.30 2,195.84 0.00 --Total Corporate Bonds (25,339.40) 0.00 (42,310.80) 55,223.20 85,480.00 Government Agencies
3135G0V75 FANNIE MAE 1.75% 02JUL2024 (137.74) 0.00 (6,105.74) 3,013 .89 0.00 3135G0V59 FANNIE MAE 2.25% 12APR2022 (1,611.39) 0.00 (5,839.64) 5,618.75 0.00 16 February 1, 2022, Item #3
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period December 1, 2021 - December 31, 2021
N
N
~Cusip Description Accretion Realized gain Change in fair Interest earned Interest received N (amortization) (loss) value -.J
Government Agencies
3135GOV34 FANNIE MAE 2.5% 05FEB2024 (1,858.85) 0.00 (9,486.45) 3,767.37 0.00 3135GOU92 FANNIE MAE 2.625% 11JAN2022 (393.38) 0.00 (3,502.17) 3,390.62 0.00 3135GOU43 FANNIE MAE 2.875% 12SEP2023 (779.96) 0.00 (4,717.16) 2,475.69 0.00 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 100.59 0.00 (3,042.76) 269.10 0.00 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 (CALLABLE 12JAN22) 35.78 0.00 (3,772.14) 516.67 0.00 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 170CT2023 46.19 0.00 1,582.04 3,203.34 0.00 3133EA5E4 FEDERAL FARM CREDIT BANK 1. 93% 180CT2022 (474.60) 0.00 (3,620.00) 3,323.89 0.00 3133EKKT2 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 (400.62) 0.00 (952.85) 1,937.50 0.00 3133EJFKO FEDERAL FARM CREDIT BANK 2.65% 08MAR2023 (807.63) 0.00 (1,167.67) 2,281.95 0.00 31331K3A6 FEDERAL FARM CREDIT BANK 2.71% 13DEC2022 (698.01) 0.00 (1,169.14) 2,333.61 13,550.00 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 (2,151.46) 0.00 (37.57) 2,583.33 15,000.00 31331KAF7 FEDERAL FARM CREDIT BANK 4.09% 18JAN2023 (3,889.99) 0.00 (5,126.97) 6,515.60 0.00 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 OFEB22) (236.37) 0.00 (1 ,773.16) 430.55 0.00 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 (278.98) 0.00 (4,159.76) 1,937.50 11,250.00 313378CRO FEDERAL HOME LOAN BANK 2.25% 11 MAR2022 (118.93) 0.00 (3,796.18) 3,875.00 0.00 3137EADB2 FREDDIE MAC 2.375% 13JAN2022 (659.38) 0.00 (2,025.66) 2,045.14 0.00 3137EAEN5 FREDDIE MAC 2.75% 19JUN2023 (1,440.25) 0.00 (8,701.14) 4,736.11 27,500.00 Total Government Agencies (15,754.98) 0.00 (67,414.12) 54,255.61 67,300.00 Government Bonds
91282CBEO USA TREASURY 0.125% 15JAN2024 362.03 0.00 (4,230.47) 200.06 0.00 17 February 1, 2022, Item #3
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period December 1, 2021 - December 31, 2021
N
w
g_cusip Description Accretion Realized gain Change in fair Interest earned Interest received N (amortization) (loss) value
"'
Government Bonds
9128282D1 USA TREASURY 1.375% 31 AUG2023 677.93 0.00 (7,109.38) 2,354.98 0.00 912828YH7 USA TREASURY 1 .5% 30SEP2024 (873.86) 0.00 (3,515.63) 1,277.47 0.00 912828YM6 USA TREASURY 1.5% 31 OCT2024 (879.86) 0.00 (3,910.15) 1,412.99 0.00 912828T91 USA TREASURY 1.625% 31 OCT2023 (1,683.87) 0.00 (6,125.00) 2,226.52 0.00 912828XW5 USA TREASURY 1.75% 30JUN2022 41.35 0.00 (1,757.82) 1,474.18 8,750.00 912828L57 USA TREASURY 1.75% 30SEP2022 15.22 0.00 (2,070.32) 1,490.39 0.00 912828YY0 USA TREASURY 1.75% 31 DEC2024 (1,111.42) 0.00 (4,101.56) 1,474.18 8,750.00 912828X70 USA TREASURY 2% 30APR2024 (665.76) 0.00 (8,281.24) 3,425.41 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (499.11) 0.00 (7,941.41) 3,438.53 0.00 9128285P1 USA TREASURY 2.875% 30NOV2023 (2,186.80) 0.00 (5,414.06) 2,693.34 0.00 Total Government Bonds (6,804.15) 0.00 (54,457.04) 21,468.05 17,500.00 18 February 1, 2022, Item #3
TRANSACTION REPORT
CITY OF POWAY
For the period December 1, 2021 - December 31, 2021
N
~
2_ Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total NSettle date shares gain(loss) .....
12/05/2021 46647PAY2 Income Corporate Bonds JPMORGAN CHASE & CO 12/05/2024 2,000,000.00 0.00 0.00 40,230.00 40,230 .00 12/05/2021
12/06/2021 3133EJ2B4 Income Government Agenc ies FEDERAL FARM CREDIT BANK 12/06/2023 1,000,000.00 0.00 0.00 15,000.00 15,000.00 12/06/2021
12/08/2021 3130A3VC5 Income Government Agenc ies FEDERAL HOME LOAN BANK 12/08/2023 1,000,000 .00 0.00 0.00 11,250.00 11,250.00 12/08/2021
12/08/2021 69353RFL7 Income Corporate Bonds PNC BANK NA 3.5% 08JUN2023 06/08/2023 1 , 900,000.00 0.00 0.00 33,250.00 33,250.00 12/08/2021
12/13/2021 31331 K3A6 Income Government Agencies
FEDERAL FARM CREDIT BANK 12/13/2022 1,000,000.00 0.00 0.00 13,550.00 13,550.00 12/13/2021
12/19/2021 3137EAEN5 Income Government Agencies FREDDIE MAC 2.75% 06/19/2023 2,000,000.00 0.00 0.00 27,500 .00 27,500.00 12/19/2021
12/29/2021 02665WCZ2 Income Corporate Bonds AMERICAN HONDA FINANCE 06/27/2024 1,000,000.00 0.00 0.00 12,000 .00 12,000.00 12/29/2021
12/31/2021 912828XW5 Income Government Bonds USA TREASURY 1.75% 06/30/2022 1,000,000.00 0.00 0.00 8,750.00 8,750.00 12/31/2021
12/31/2021 912828YY0 Income Government Bonds USA TREASURY 1.75% 12/31/2024 1,000,000.00 0.00 0.00 8,750.00 8,750.00 12/31/2021
12/31/2021 Income Cash and
Cash Equivalents Cash 0.00 0.00 0.00 1,532.74 1,532.74
19 February 1, 2022, Item #3
ADDITIONAL INFORMATION
CITY OF POWAY
As of December 31, 2021
N
U1Past performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not get o back the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates . Investment returns fluctuate due to changes ~in market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is for -.Jyour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness . This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not be duplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clients Investment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as Insight, Insight Group or Insight Investment. !NA is an investment adviser registered with the Securities and Exchange Commission (SEC). under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.
You may request , without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which is available without charge upon request.
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At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end of the five year period would be $38,022,447 . Actual fees for new accounts are dependent on size and subject to negotiation. lNA's investment advisory fees are discussed in Part 2A of its Form ADV.
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The ICE BofA 5-Year us Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctioned on or before the third business day before the last business day of the month.
The ICE BofA 1-3 us Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.
The ICE Bot A 1-5 us Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. 20 February 1, 2022, Item #3
N
CJ\
ADDITIONAL INFORMATION
As of December 31, 2021
CITY OF POWAY
~Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.
N -.Jlnsight is a group of wholly owned subsidiaries ofThe Bank of New York Mellon Corporation . BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures ofThe Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity) and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection therewith. © 2021 Insight Investment. All rights reserved.
21 February 1, 2022, Item #3
N -..J
City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash December 2021
2- ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: _::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::~ l"'art I N -..J
)>
-i -i )>
n
:I:
~ m
z
-i
C
Investments & Cash with Fiscal AS!ents
Settlement
INVESTMENT DESCRIPTION Date
1st Am Gov't Obligations Money Mkt Fd 12/31/21
Average/Total
Paying Agent or Uninvested Cash & DITs
Total Investments and Cash with Fiscal Agent
Non-Managed Investments
INVESTMENT DESCRIPTION
County Pool
Settlement
Date
Yield to I Days to
Maturity Maturity
0.01%) 11
I . . I
r= ~I II
F = -1 L
I -~
Yield to I Days to
Maturity
0.63%1
% of Total I
Face
Investment Value
100.00%1 $1,251,675.00
~ I~
=~11_ -
I
$1,251,675.00
Part II
Book
Value
$1,251,675.00
$1,251,675.00
$0.00
$1,251,675.00
% of Total Face I: Book
Investment Value I Value
100.00%) $52,968.65 1 $52,968.65 1
Market
Value
Unrealized
Gain(Loss
$1,251,67~QQ J $0.00
_____ 1 ____ _
s1,251,675.oo I so.oo
Market Unrealized
Value Gain(Loss) I
$52,874.00 I C ($94.65) 1
~ . I __ I" 1.·- I ___ 1, I
Average/Total
General Cash (Union Bank)
Payroll Cash (Union Bank)
Emergency Cash (Union Bank)
Grant Cash (Union Bank)
Flexible Benefits Cash (Union Bank)
Petty Cash
Total Cash
n- 0.63%1 N/A
Part Ill
· $52,968.65 J = $52,968.65 1
Book
Value
~-- $52,874.oo I ~-~~ ($94.65) 1
($368,008.00) 1 (1) -----------$20,000.00 ] - - -- - - - - ~ - . - -- $ 1 O,QQQ._QQJ
so.oo I
s20,ooo.oo I
ss,550.00 1
($309,458.00) 1
(1) Adjusted book balance is used for reporting purposes, the actual bank balance was a positive amount.
February 1, 2022, Item #4
City of Poway
CITY COUNCIL
DATE: February 1, 2022
TO:
FROM:
Honorable Mayor and Members of the City Council
Aaron Beanan, Director of Finance ;{b t \
Eric Heidemann, Director of Public Works f J,rl
CONTACT:
SUBJECT:
Summary:
Will Wiley, Assistant Director of Public Works for Maintenance OperationcAfi'/ (858) 668-4705 or [email protected] "'r
Electing to Become Subject to the California Uniform Public Construction Cost Accounting Procedures of the Public Contract Code and Amending Poway Municipal Code, Title 3 (Revenue and Finance), Chapter 3.28 to Provide Informal Bidding Procedures for Public Projects Pursuant to the California Uniform Public Construction Cost Accounting Act
The California Uniform Public Construction Cost Accounting Act (CUPCCAA) was enacted in 1983 to promote uniformity on bidding procedures and accounting standards for public works projects performed by contract or by staff. CUPCCAA provides greater flexibility and efficiency in the award and execution of public works projects. Staff recommends the City Council adopt a resolution (Attachment A) electing to become subject to the CUPCCAA's bidding procedures for public works projects. The proposed Ordinance (Attachment B) implements bidding procedures to align with CUPCCAA. The Ordinance amends four sections of Chapter 3.28 of the Poway Municipal Code (PMC):
3.28.060 (Formal bidding procedures -public works projects}, 3.28.070 (Formal bidding procedure},
3.28.110 (Cooperative purchasing}, 3.28.120 (Award and execution of contracts}, and amends Chapter
3.28 by adding one new section, 3.28.150 (Informal bid procedures under the CUPCCAA).
Recommended Action:
It is recommended that the City Council:
1. Adopt a Resolution pursuant to the provisions of Public Contract Code Section 22030, the City of Poway will voluntarily become subject to the California Uniform Public Construction Cost Accounting Procedures; and
2. Introduce an Ordinance to amend Sections 3.28.060, 3.28.070, 3.28.110, 3.28.120 and add Section 3.28.150 to Chapter 3 of the PMC to implement an informal bid process for public projects for first reading by title only, waive further reading and schedule the adoption of the Ordinance for February 15, 2022.
1 of 11
February 1, 2022, Item #4
Discussion:
California Public Contract Code requires general law cities to competitively bid public works contracts for all public projects over $5,000 and award the work to the lowest responsible bidder. A public works project is defined as construction, alteration, demolition, installation, or repair work done under contract and paid in whole or in part out of public funds. In 1983, the California Legislature adopted informal bidding procedures via CUPCCAA to promote uniformity in bidding procedures and accounting standards for public works projects performed by contract or by an agency's staff.
Approximately 280 cities utilize CUPCCAA standards to perform public works projects, including 11 cities in San Diego County (Carlsbad, Coronado, Del Mar, Encinitas, Escondido, Imperial Beach, Lemon Grove, La Mesa, Oceanside, Solana Beach, and Vista). Procurement methods contained in CUPCCAA provide greater flexibility in the award and execution of public works projects, resulting in improved timelines of project completion, cost savings and simplified administration.
In lieu of the $5,000 threshold for the general bidding requirements, CUPCCAA provides informal bidding procedures for public works contracts that are less than $200,000. Key provisions of CU PC CAA are:
1. Level 1 Projects: Public projects of $60,000 or less may be performed by City employees or may be awarded by negotiated contract or purchase order without competitive bidding.
2. Level 2 Projects: Public projects of $200,000 or less may be awarded by informal bidding procedures (minimum of three quotes). The City is required to develop and maintain a contractor's list and send notices to all contractors from the applicable category of work to be bid, provide notices in construction trade journals or both.
3. Level 3 Projects: Public projects of more than $200,000 are required to be awarded by formal bidding procedures.
The City is required to adopt a resolution electing to be subject to CUPCCAA's terms (Attachment A) and is required to adopt an ordinance implementing CUPCCAA's informal bid procedures (Attachment B). The following summarizes the amendments to Chapter 3.28 of the PMC incorporating the necessary changes to implement and align the informal bidding procedures provided by CUPCCAA.
Informal Bid Procedures: The Ordinance adds Section 3.28.150 to Chapter 3.28, which provides that public projects of $60,000 or less may be awarded without competitive bidding or performed by City staff. This section also increases the dollar amount for which the City Council is required to award contracts for public works projects from $5,000 to $60,000.
For public projects greater than $60,000 but less than or equal to $200,000, Section 3.28.150 establishes informal competitive bidding procedures (minimum three quotes). This section further requires the City to maintain a list of qualified contractors identified by category of work (e.g., electrician, plumbing, masonry, etc.), and stipulates that notices inviting informal bids for these projects be sent to the respective contractors on the qualified contractor's list and to specified construction trade journals at least 1 O days in advance of a bid due date. The qualified contractor's list will be developed and updated by the Public Works Department; contractors will be notified annually to apply through the Public Works Department webpage. Resulting contracts must be awarded by the City Council.
Lastly, for all public projects more than $200,000 a formal competitive bidding will still be required, and the contract must be awarded by the City Council to the lowest responsible bidder, like the formal bidding procedures currently used by the City. The Ordinance also establishes guidelines for unique 2 of 11
February 1, 2022, Item #4
situations,
such
as
when
all
bids
exceed
the
estimated
amount
of
the
project
or
when
two
or
more
bids
are
identical.
The
Ordinance
provides
that
the
City
Manager
is
authorized
to
award contracts
for
public
projects
less
than
$60,000,
with
all
other
projects
going
to
the
City
Council
for
award.
Formal
Bidding
Procedures:
Section
3.28.060
and
3.28.070
amends
the
formal
bidding
procedure
and
dollar
threshold
for
which
the
City
administers
public
projects
from
$5,000
to
the
dollar
thresholds
and
procedures
provided
for
CUPCCAA.
Cooperative
Purchasing:
Section
3.28.11 O
eliminates
the
requirement
of
only
allowing
purchases
from
agencies
within
the
state
that
have
awarded
contracts
through
a
cooperative
purchasing
group
(U.S.
Communities,
Sourcewell,
Omnia
Partners,
etc.)
to
also
include
those
agencies
outside
the
state
for
specific
procurements,
such
as
heavy
or
unique
equipment
and/or
services
to avail
itself
to
a more
cost
effective
and
comprehensive
market.
This
section
also
allows
the
City
to
purchase
directly
off
a
contract
awarded
by
a public
agency
within
the
State
not
organized
through
a cooperative
purchasing
group,
a
procurement
method
known
as
piggybacking.
Award
and
Execution
of
Contracts:
Section
3.28.120
increases
the
dollar
amount
of
contracts
for
supplies,
services,
and
equipment
that
is
to
be
awarded
by
the
City
Council
from
$50,000
or
more
to
$60,000
or
more.
Additionally,
the
Ordinance
amendment
increases
the
City
Manager's
contract
authority
from
an
amount
less
than
$50,000
to
an
amount
less
than
$60,000,
for
supplies,
services
and
equipment.
Any
contract
$60,000
or
more
must
be
awarded
by
the
City
Council.
The
increased
contract
limits
are
provided
to
be
consistent
with
the
informal
bid
procedures
outlined
by
CUPCCAA
and
provided
in
Section
3.28.150,
above.
Attached
for
the
Council's
consideration
is
a
resolution
and
ordinance
electing
and
implementing
CUPCCAA's
informal
bidding
procedures.
The
new
procedures
will
give
the
City
more
flexibility
to
address
smaller
scale
public
works
projects
and
enable
staff
to
complete
these
projects
more
promptly.
For
larger projects
($60,000-$200,000),
the
revised
procedures
will
allow
the
City
to
utilize
informal
bidding
procedures
to
solicit
competitive
bids
more
quickly
while
still
streamlining
the
public
works
procurement
process.
Finally,
for
large
public
projects
(>$200,000),
the
City's
procedures
will
be
the
same
as
those
currently
utilized
by
the
City.
Environmental
Review:
This
action
is
not
subject
to
review
under
the
California
Environmental
Quality
Act
(CEQA).
Fiscal
Impact:
Informal
bidding
has
lower
administrative
and
supply
costs
than
formal
bidding
does.
As
such,
staff
anticipates
minor
cost
savings
from
adopting
the
Act.
These
cost
savings
cannot
be
quantified
because
they
will
vary
based
on
the
number
of
projects
that
qualify
for
informal
bidding.
Further,
staff
also
anticipates
productivity
savings
from
spending
less
time
managing
the
formal
bid
process
which
will
allow
staff
more
time
to
focus
on
other
projects
for
the
City.
Public
Notification:
None. 3
of
11 February 1, 2022, Item #4
Attachments:
A. Resolution
B. Ordinance
Reviewed/Approved By:
Wendy Kaserman
Assistant City Manager
4 of 11
Reviewed By:
Alan Fenstermacher
City Attorney
February 1, 2022, Item #4
RESOLUTION NO. 22-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
POWAY, CALIFORNIA, ELECTING TO BECOME SUBJECT TO
THE UNIFORM PUBLIC CONSTRUCTION COST ACCOUNTING
PROCEDURES OF THE PUBLIC CONTRACT CODE
WHEREAS, local agencies must competitively bid all public projects (as defined by Sections 20161 of the California Public Contract Code) in excess of $5,000 in accordance with the requirements applicable to cities set forth in the Public Contract Code, commencing with Section 20160;
WHEREAS, in 1983, the California Legislature adopted Assembly Bill 1666 which added Chapter 2, commencing with Section 22000, to Part 3 of Division 2 of the California Public Contract Code, which provides for a uniform cost accounting standard for construction work performed or contracted by local agencies and further provides for an alternative method for bidding public projects;
WHEREAS, California Public Contract Code Section 22030 provides that any city that wishes to avail itself of the alternative procedures for bidding and contracting for public projects must elect, by resolution, to become subject to the uniform construction cost accounting procedures set forth in the Public Contract Code and must notify the State Controller of its election;
WHEREAS, the City desires to become subject to the uniform construction cost accounting procedures set forth in the Public Contract Code, commencing with Section 22000; WHEREAS, California Public Contract Code Section 22034 requires each public agency that elects to become subject to the uniform construction cost accounting procedures to enact an informal bidding ordinance that complies with the requirements set forth in said Section 22034; and
WHEREAS, the City Council has introduced Ordinance No. __ which enacts procedures governing public works contracts and establishes, among other things, informal bidding procedures in accordance with the requirements of Section 22034 of the Public Contract Code.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway as follows:
SECTION 1: The City Council hereby elects under Public Contract Code Section 22030 to become subject to the uniform construction cost accounting procedures set forth in the Uniform Public Construction Cost Accounting Act, commencing with California Public Contract Code Section 22000 or any successor statute, and to the policies and procedures manual and cost accounting review procedures promulgated by the California Uniform Construction Cost Accounting Commission, as each may be amended from time to time.
SECTION 2: The City Clerk is hereby directed to notify the State Controller of the City Council's election to become subject to the uniform construction cost accounting procedures by transmitting a certified copy of this resolution forthwith. 5 of 11 ATTACHMENT A
February 1, 2022, Item #4
Resolution No. 21-
PASSED, ADOPTED AND APPROVED at a regular Meeting of the City Council of the City of Poway, California on the 1st day of February, 2022 by the following vote, to wit:
AYES:
NOES:
ABSENT:
DISQUALIFIED:
Steve Vaus, Mayor
ATTEST:
Carrie Gallagher, CMC, City Clerk
6 of 11
February 1, 2022, Item #4
ORDINANCE
NO.
AN
ORDINANCE
OF
THE
CITY
COUNCIL
OF
THE
CITY
OF
POWAY,
CALIFORNIA,
AMENDING
SECTIONS
3.28.060,
3.28.070, 3.28.110,
3.28.120
AND
ADDING
3.28.150
TO
CHAPTER
3.28 (PURCHASING)
OF
THE
POWAY
MUNICIPAL
CODE
WHEREAS,
Chapter
3.28 of
the
Poway
Municipal
Code
("PMC")
establishes
procedures
for
the
purchase
of
supplies,
equipment,
materials
and
services;
WHEREAS,
the
City
Council
of
the
City
of
Poway
is
currently
required
by
the
California
Public
Contract Code
to
competitively
bid
all
Public
Projects
in
excess
of
$5,000;
WHEREAS,
Public
Contract
Code,
Sections
22032,
et.
seq.
set
forth
informal
bidding
procedures
for
public
projects
over
$60,000
and
up
to
$200,000
upon
adoption
by
a
public
agency
of
the
California
Uniform
Public
Construction
Cost
Accounting
Act
("CUPCCAA")
procedures;
WHEREAS,
the
City
Council
has
determined
that
it
is
in
the
best
interest
of
the
City
of
Poway
to
adopt
these
procedures
for
informal
bidding
of
public
projects
in
accordance
with
CUPCCAA;
and
WHEREAS,
the
City
seeks
additional
Ordinance
amendments
to
four
sections
and
seeks
to
add
one
section
to
reflect
changes
in
procedures pursuant
to
the
adoption
of
CUPCCAA
and
subsequent
changes
in
purchasing
procedures.
NOW,
THEREFORE,
THE
CITY
COUNCIL
OF
THE
CITY
OF
POWAY
DOES
ORDAIN
AS
FOLLOWS:
SECTION
1:
The
above
recitations
are
true
and
correct.
SECTION
2:
The
City
Council
hereby
approves
this
Ordinance
and
amends
Sections
3.28.060,
3.28.070,
3.28110,
3.28.120
and
adds
Section
3.28.150
to
Chapter
3.28 of
the
PMC
as
specified
below.
Removals
are
indicated
with
strikethrough
and
additions
are
indicated
with
underline.
SECTION
3:
Section
3.28.060
of
the
Poway
Municipal
Code
is
hereby
amended
as
follows:
3.28.060
Formal
bidding
procedures
-
Public
works
projects
Contracts
for
public
projects
shall
be
administered
in
the
manner
provided
by
Section
2-04W
22032
et.
seq.
of
the Public
Contracts
Code
as
may
be
amended
from
time
to
time.
(Ord.
55 §
6,
1992)
SECTION
4:
Section
3.28.070
of
the
Poway
Municipal
Code
is
hereby
amended
as
follows:
3.28.070
Formal
bidding
procedure.
7 of
11 ATTACHMENT
B
February 1, 2022, Item #4
8 of 11
Except as otherwise provided in this chapter, any purchase which exceeds $50,000 $60,000 in value for supplies, services, and equipment, or the amount established by Public Contracts Code Section ~ 22032 and succeeding amendments for contracts on public works projects, will be by formal bid.
A. Notices inviting sealed bids shall be published at least twice, not less than five days apart, the first time being 10 days before the date of the opening of the bids, in a newspaper of general circulation in the City, or they shall be posted in at least three places in the City that have been designated by ordinance as the places for posting public notices.
B. Notices inviting bids shall include a general description of the articles to be purchased, where bid forms and specifications may be obtained, and the time, date and place for the opening of bids.
C. When deemed necessary by the Director of Finance, bidder's security may be prescribed in the public notice inviting bids. Bidders shall be entitled to return of bid security; provided, however, that a successful bidder shall forfeit the bid security upon the bidder's refusal or failure to execute the contract within 10 days after the notice of award of contract has been mailed. The City Council may, on refusal or failure of the successful bidder to execute the contract, award it to the next lowest responsible bidder. If the City Council awards the contract to the next lowest bidder, the amount of the lowest bidder's security shall be applied by the City to the contract price differential between the lowest bid and the second lowest bid, and the surplus, if any, shall be returned to the lowest bidder. If the City Council rejects all bids presented, due to the failure of the successful bidder to execute the contract, and readvertises, the amount of the lowest bidder's security may be used to offset the cost of receiving new bids and the surplus, if any, shall be returned to the lowest bidder.
D. Sealed bids together with bidder's security shall be submitted to the Director of Finance or designee. The bid shall be so identified on the envelope. Bids shall be opened in public at the date, time and place stated in the public notices inviting the bids. Any bid received after the scheduled time of the bid opening shall be returned to the bidder unopened. A tabulation of all bids received shall be available for public inspection during regular business hours for a period of not less than 30 calendar days after the bid opening.
E. At its sole discretion, the City Council may reject any and all bids presented and readvertise for bids pursuant to the procedure prescribed above. In the event no bids are received or, all bids are rejected, the City Council may, in accordance with Public Contracts Code Section 20167, and any amendments thereto, direct the Director of Finance or designee to proceed pursuant to paragraphs relating to open market procedure or competitive negotiations.
F. If two or more bids received are for the same total amount or unit price, quality and service being equal, the City Council may at its discretion accept the bid it chooses with or without further negotiations with the tie bidders.
G. The City shall have authority to require performance and labor and materials security before entering a contract in such amount as it finds reasonably necessary to protect the best interests of the City. If the City requires security, the form and the amount of the security shall be described in the notice inviting bids. The notice inviting bids may February 1, 2022, Item #4
provide that security may be posted in the form of a surety bond, a letter of credit drawn on an institution located in San Diego County and approved by the City Attorney, or a cash deposit. (Ord. 811 § 7, 2017; Ord. 675 § 6, 2008; Ord. 260 §§ 1, 3, 1988; Ord. 188 § 1, 1986; Ord. 55 § 7, 1982)
SECTION 5: Section 3.28.110 of the Poway Municipal Code is hereby amended as follows:
3.28.110 Cooperative purchasing.
Purchase of supplies, services and equipment by contract, arrangement and agreement for the cooperative purchasing programs with the State, the County and any other public or municipal corporation of the State may be made by the Director of Finance when the administering agency has made their purchase in a competitive manner. In addition, the City Council. City Manager. or purchasing agent at their prescribed authorization levels. may buy directly from a vendor at a price established by another public agency of the State when the other public agency has made its purchase in a competitive manner. (Ord. 811 § 8, 2017; Ord. 675 § 9, 2008; Ord. 260 § 1, 1988; Ord. 55 § 11, 1982) SECTION 6: Section 3.28.120 of the Poway Municipal Code is hereby amended as follows:
3.28.120 Award and execution of contracts.
Except in emergency situations, all contracts for supplies, services and equipment in an estimated amount of $50,000 $60,000 or more and public works projects in an estimated amount of $5,000 $60,000 or more shall be awarded by the City Council. Contracts for supplies, services.I. aoo equipment and public projects pursuant to the processes set forth in 3.28.150 in an amount less than $50,000 $60,000 shall be executed by the City Manager or the City Manager's designee. No contract shall be approved by the City Council or City Manager unless the expenditure is consistent with the City's adopted budget. (Ord. 675 § 10, 2008; Ord. 55 § 12, 1982)
SECTION 7: Article Ill of the Poway Municipal Code is hereby amended to include the addition of 3.28.150 as follows:
3.28.150 Informal bid procedures under the California Uniform Public Construction Cost Accounting Act.
9 of 11
A. Informal Bid Procedures. A public works construction project as defined in Section 20161 of the Public Contract Code may be performed by contract acquired by informal procedures as set forth in Section 22032, et seq., of the Public Contract Code.
B. Contractors List. A list of contractors shall be developed and maintained in accordance with the provisions of Section 22034 of the Public Contract Code and criteria promulgated from time to time by the California Uniform Construction Cost Accounting Commission. Such list will be maintained by the public works director or designee.
C. Notice Inviting Bids. When a public works construction project is to be performed which is subject to the provisions of this section, a notice inviting informal bids shall be mailed to all contractors for the category of work to be bid, as shown on the list February 1, 2022, Item #4
developed
in
accordance
with
subsection
B.
of
this
section,
and
to
all
construction
trade
journals
as
specified
by
the
California
Uniform
Public
Construction
Cost
Accounting
Commission
in
accordance
with
Section
22036
of
the
Public
Contract
Code.
Additional
contractors
and/or
construction
trade
journals
may
be
notified
at
the
discretion
of
the
public
works
director:
provided
however:
1. If there
is
no
list
of
qualified
contractors
maintained
by
the
public
works
director
for
the
particular
category
of
work
to
be
performed,
the
notice
inviting
bids
shall
be
sent
only
to
the
construction
trade
journals
specified
by
the
commission.
2. If the
producer
or
service
is
proprietary
in
nature
such
that
it can
be
obtained
only
from
a
certain
contractor
or
contractors,
the
notice
inviting
informal
bids
may
be
sent
exclusively
to
such
contractor
or
contractors.
D.
Award
of
Contract.
Award
of
contract
to
the
successful
responsive,
responsible
low
bidder
will
be
executed
in
accordance
with
this
chapter.
SECTION
8:
This
Ordinance
shall
be
codified.
EFFECTIVE
DA
TE:
This
Ordinance
shall
take
effect
and
be
in
force
thirty
(30)
days
after
its
adoption.
CERTIFICATION/PUBLICATION:
The
City
Clerk
shall
certify
the
adoption
of
this
Ordinance
and
cause
it
or
a
summary
of
it,
to
be
published
with
the
names
of
the
City
Council
members
voting
for
and
against
the
same
in
the
Poway
News
Chieftain,
a
newspaper
of
general
circulation
in
the
City
of
Poway
within
fifteen
(15)
days
after
its
adoption
and
shall
post
a
certified
copy
of
this
Ordinance
in
the
Office
of
the
City
Clerk
in
accordance
with
Government
Code
§
36933. 10
of
11 February 1, 2022, Item #4
INTRODUCED
AND
FIRST
READ
at
a
Regular
Meeting
of
the
City
Council
of
the
City
of
Poway,
California,
held
the
1st
day
of
February,
2022,
and
thereafter
.
PASSED
AND
ADOPTED
at
a
Regular
Meeting
of
said
City
Council
held
the
15th
day
of
February,
2022,
by
the
following
vote,
to
wit:
AYES: NOES: ABSENT: DISQUALIFIED:
Steve
Vaus,
Mayor
ATTEST
:
Carrie
Gallagher,
CMC,
City
Clerk
11 of
11 February 1, 2022, Item #5
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
AGENDA REPORT CityofPoway
February 1, 2022
Honorable Mayor and Members of the City Council
Alan
Fenstermacher, City Attorney
Alan Fenstermacher, City Attorney
(714) 641-3452 or [email protected]
Post 2020 Census Redistricting Process -Fourth Public Hearing
CITY COUNCIL
In 2017, following receipt of a letter threatening to sue the City of Poway for alleged violations of the California Voting Rights Act, the City Council made the decision to transition to by-district elections for the four City Council seats. The Mayor remains an at-large position (directly elected by the entire city).
The City Council adopted the current district map on October 3, 2017 using 2010 U.S. Census data combined with 2018 demographic estimates. The seven public hearings from the 2017 process may be viewed on the City's redistricting webpage www.poway.org/redistricting under the Where Can I Find Out More? header, the corresponding staff reports are also available on the City's website. The City began the transition to by-district elections with the 2018 election and completed the full transition to by-district elections in 2020.
Following each federal decennial census, California Elections Code sections 21601 and 21602 require cities with by-district elections to analyze population and demographic changes to assess whether or not changes are needed to their adopted district maps to maintain compliance with the criteria set forth in Elections Code. As described in much greater detail in the Discussion section below, the City is required to hold a specific number of public hearings to provide opportunities for the public to provide input to the process and potential changes to the district map. The City held the first three required public hearings on November 16, December 7 and January 18. February 1 is the fourth and final required public hearing. The public hearings will begin at 7:15 p.m. The public has the option to attend the meeting in person or virtually via Zoom.
The City has engaged the services of National Demographics Corporation (NOC), which is the consultant the City used in 2017 when it converted to by-district elections. This staff report includes NDC's analysis of the City's 2020 U.S. Census data and the adopted district election map and corresponding demographics. NOC found that the City's current population deviation -the difference between the most populous and least populous districts -is well within the threshold where a map is considered "presumptively constitutional," and therefore, the City is not required to redraw the map to comply with the federal equal population requirement. Additionally, as described in more detail later in this report, at the time of adoption, the current City Council districts also contemplated and to 1 of 10
February 1, 2022, Item #5
the degree possible given Poway's geography and demographics, incorporated all of the criteria that was ultimately signed into law in 2019 in the FAIR MAPS Act, which were permissive factors at the time, that the City Council specifically took into account. Therefore, the current City Council districts are in full compliance with all the criteria established in California Elections Code.
The Discussion section below describes changes in state legislation since the City converted to by district elections, and the required elements of the redistricting process.
Recommended Action:
Based upon City Council input from prior public hearings, it is recommended that the City Council direct staff to prepare an ordinance for City Council consideration on February 1 to adopt a new City Council district map that maintains the current City Council district boundaries.
Discussion:
As described at the beginning of this report, the City of Poway's first by-district election was in 2018 with full conversion to by-district elections occurring in 2020. The current district map is attached for reference (Attachment A). The seven public hearings from the 2017 process may be viewed on the City's redistricting webpage www.poway.orstredjstrjcti□E under the Where Can I Find Out More? header, the corresponding staff reports are also available on the City's website.
Per California Elections Code, the City Council is required to update Council districts following the certification of the results of the 2020 decennial federal census, by ordinance, before April 17, 2022 (at least 205 days before the City's next regular election [i.e., November 8, 2022), where a City does not have a regular election occurring after January 1, 2022 and before July 1, 2022). (Elec. Code §§ 21601; 21602(a)(3).)
Public Engagement
Assembly Bill (AB) 849, enacted in 2019, known as the "Fair and Inclusive Redistricting for Municipalities and Political Subdivision" (FAIR MAPS) Act requires cities to take additional steps to increase public engagement in the redistricting process. It increases the number of required public hearings to four; provides for translated website materials and live translation services when requested in advance; mandates a dedicated redistricting webpage; and establishes noticing requirements. The FAIR MAPS Act also requires cities to make an asserted effort to alert media outlets and community groups about the process.
The following requirements apply to the four public hearings, some requirements regarding drawing maps may not be directly applicable should the City Council indicate a preference to keep the current City Council district boundaries:
2 of 10
• At least one public hearing shall be held before the council draws a draft map or maps of the proposed new council boundaries.
• At least two public hearings shall be held after the council has drawn a draft map or maps of the proposed new council boundaries.
• At least one public hearing or public workshop shall be held on a Saturday, on a Sunday, or after 6 p.m. on a weekday, Monday through Friday.
February 1, 2022, Item #5
• The council may have City staff or a consultant conduct one or more public workshops in lieu of holding one of the four required public hearings. • If a public hearing is consolidated with a regular or special meeting of the council that includes other substantive agenda items, the public hearing shall begin at a fixed time regardless of its order on the agenda, except that the Council may first conclude any item being discussed or acted upon, including any associated public comment, when that time occurs.
• The time of the public hearing shall be noticed to the public. • The council may establish an advisory redistricting commission to hold the required hearings instead of the council.
• Public hearing buildings shall be accessible to persons with disabilities.
The City established a redistricting webpage on the City's website, the webpage address is www.poway.org/redistrlcting. Additionally, City staff is notifying the Poway News Chieftain about each public hearing, as well as publishing notices of the public hearings in Spanish in the El Latino Newspaper San Diego. Information about the first three public hearings, and the remaining public hearing dates is posted on the redistricting webpage. Also available are links to the City Council meetings from 2017 when the current district map was being developed.
Data and Map Analysis
Anticipating the City would be going through the redistricting process following the release of the 2020 U.S. Census data, the adopted FY 2021-22 budget includes funds for a demographer to assist with the process. The City has engaged the services of NDC, the demographer used in 2017 when the City initially transitioned to by-district elections, to work on the 2021 redistricting process.
Prior to the first public hearing, NDC completed an initial analysis of the changes from the 201 o U.S.
Census to the 2020 U.S. Census and impacts on each of the districts in the currently adopted district map. Their findings are attached (Attachment B). Notably, NDC found that the City's current maximum population deviation, the difference between the most populous district and least populous district - is 7.95%. This value is well within the 10% threshold where a map is considered "presumptively constitutional," and therefore the districts do not need to be redrawn to comply with the federal equal population requirement. As described below, this is not the only requirement the map must comply with, however based on the relatively minor changes from 2010 to 2020, the City of Poway does have options relative to redistricting that many other cities do not have. The City's 201 0 population was 47,811 and the 2020 California Adjusted Census population for Poway is 48,984. The City's 2020 U.S.
Census population is 48,841, however for redistricting purposes, the State of California adjusts population numbers to account for things like prisoner population and individuals living in group homes.
New Substantive Requirements for Redistricting
A bit of legal context will be helpful to Council's understanding of the redistricting process before it.
Since the City adopted its voting districts, there has been a material change in the law. The FAIR MAPS 3 of 10
February 1, 2022, Item #5
Act. mentioned earlier in this report, now requires stricter geographic continuity of districts.
As before, the council districts must be "substantially equal in population," now based on the results of the 2020 U.S. Census. (Elec. Code § 21601(a) ["Following each decennial federal census, and using that census as a basis, the council shall, by ordinance or resolution, adopt boundaries for any or all of the council districts of the city so that the council districts shall be substantially equal in population as required by the United States Constitution"]; see also, subdiv. (a)(1 ).) The districts are also required to comply with the United States Constitution, the California Constitution, and the federal Voting Rights Act of 1965. (Id., subdiv. (a)(2).)
What is different is the stricter priority given to previously permissive factors, such as contiguity, communities of interest, following natural barriers, and compactness, which are now mandatory "to the extent practicable." Accordingly, the council must adopt district boundaries using the following criteria, in the following order of priority:
(1} To the extent practicable, council districts shall be geographically contiguous.
Areas that meet only at the points of adjoining corners are not contiguous. Areas that are separated by water and not connected by a bridge, tunnel, or regular ferry service are not contiguous. [emph. added.]
(2) To the extent practicable, the geographic integrity of any local neighborhood or local community of interest shall be respected in a manner that minimizes its division. A "community of interest" is a population that shares common social or economic interests that should be included within a single district for purposes of its effective and fair representation. Communities of interest do not include relationships with political parties, incumbents, or political candidates. (3) Council district boundaries should be easily identifiable and understandable by residents. To the extent practicable, council districts shall be bounded by natural and artificial barriers, by streets, or by the boundaries of the city. (4) To the extent practicable, and where it does not conflict with the preceding criteria in this subdivision, council districts shall be drawn to encourage geographical compactness in a manner that nearby areas of population are not bypassed in favor of more distant populations.
The Council may not adopt council district boundaries for the purpose of favoring or discriminating against a political party. (Id., subdiv. (d}.}
In addition to NDC's analysis, the City Attorney's Office has analyzed the current district map and determined it is in compliance with the FAIR MAPS Act criteria described above. While the FAIR MAPS Act criteria described above is now mandatory, the criteria existed in 2017 when the City of Poway went through the comprehensive process of developing and evaluating multiple district map options.
The criteria strongly influenced the district map that was ultimately adopted. The current districts are geographically contiguous and to the extent practicable without splitting census tracts, there was a concerted effort to keep communities of interest together. When the City Council discussed the attributes of the districts, they expressed a desire to have two districts that represented both north and south Poway, they also wanted three of the four districts to include Poway Road in order to give 4 of 10
February 1, 2022, Item #5
the majority of Poway residents City Council representation on votes for future development projects along the Poway Road Corridor. So, while NDC's analysis shows there hasn't been significant deviations in the districts since they were adopted 2017, the current City Council districts also contemplated and incorporated the FAIR MAPS Act criteria. The City Council may recall that prior to Rutan & Tucker being selected to serve as Poway's City Attorney, Rutan & Tucker was originally hired in 2017 as Special Counsel to assist the City with the transition to by-district elections based on their expertise and experience representing other cities going through the transition to by-district elections.
Next Steps
Public Engagement
The February 1 public hearing is the fourth and final public hearing prior to the City Council considering adoption of a new City Council district map. The public has the option of attending the hearing in person or via Zoom. A link to the staff report will be posted on line when the full City Council agenda packet is posted on February 25. Following the hearing, the City will post a link on the www.poway.org/redjstrjctjng webpage to the video from the City Council meeting.
Since the hearing is being held in conjunction with regular City Council meetings, the start time for the hearing needs to be set at a time certain, so members of the public know exactly what time the hearings on this item will begin. The hearing will begin at 7:15 p.m. The information is posted on the City's redistricting webpage, information about each hearing will be emailed to the e-newsletter distribution list and provided to the Poway News Chieftain. Public hearing notices are being posted in English In the Poway News Chieftain, as well as in Spanish in the El Latino Newspaper San Diego.
District Map
As previously described, both NDC and the City Attorney's Office have determined the current City Council District Map meets all required criteria prescribed in California Elections Code. As the February 1 City Council meeting is the fourth and final required public hearing, staff is seeking direction from the City Council in order to bring forward a new district map for adoption. The new map will be utilized beginning with the November 2022 General Election.
Based on City Council direction and public comments received at the prior public hearings, staff Is recommending the City Council direct staff to prepare an ordinance for City Council consideration on February 1 to adopt a new City Council district map that maintains the currently adopted City Council district boundaries. The City Council has a few options in terms of developing the new district map.
Staff is seeking direction from the City Council as to which option they want to pursue. City Council direction is particularly Important with the third public hearing, as following the fourth public hearing on February 1st, the City Council is tentatively scheduled to adopt the district election map that will utilized beginning with the November 2022 General Election.
Environmental Review:
This action is not subject to review under the California Environmental Quality Act Fiscal impact:
The adopted FY 2021-22 budget includes $5,000 for the 2021 Redistricting Process. The cost of the work the demographer has done to date falls within the budgeted funds. s of 10
February 1, 2022, Item #5
Public Notification:
A notice about the fourth public hearing on the 2021 Post Census Redistricting Process was published in the Poway News Chieftain and El Latino Newspaper San Diego on Thursday, January 27, 2022.
Notice of this public hearing is also posted on the City of Poway website.
Attachments:
A. Current City Council District Map
B. NDC City of Poway Redistricting Memo
Reviewed/ Approved
By:
Wendy Kaserman
Assistant City Manager
6 of 10
Reviewed By:
Alan Fenstermacher
City Attorney
Approved By:
February 1, 2022, Item #5
City of Poway
2017 Districting
"1
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·'
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Council
Preferred
Plan 133
2018 Elections: 1 & 3
2020 Elections: 2 & 4
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ATTACHMENT A
Map layers
CJ Plan 133
Water Area
Streets
Landmark Area
River
National Demographics Corporation, September 5, 2017
February 1, 2022, Item #5
~
NOC ·.:1rion3J Demogr3phics Corpo1 at1on
To:
From:
Alan Fenstermacher, City Attorney
Shannon Kelly and Douglas Johnson, NDC
cc:
Date: 10/30/2021
Re: City of Poway Redistricting
Redistricting Overview:
Every 10 years, local governments use new data from the Census to evaluate and potentially redraw their district lines to reflect how local populations have changed. Cities must ensure that their district boundaries continue to be in population balance. Redistricting is the process of adjusting City Council voting districts so that each district has substantially the same number of residents. Cities with voting districts are required to update their district election map following the release of the U.S. Census data. Cities that experience little or no change in district populations have the option to maintain existing district boundaries as long as they comply with all state and federal redistricting criteria.
Poway's Districting History
Poway transitioned from an at-large to a by-district election process for Councilmembers in November 2018. The Mayor remains elected at-large. At the time, the City retained National Demographic Corporation (NDC) to develop voting district maps and facilitate public hearings.
In October 2017, the City Council approved the current district election map.
At the time of this effort, the most recently available population data was from the 2010 U.S.
Census data with 2018 demographic estimates. This was standard for all jurisdictions that went through the transition to district elections in that timeframe. Now, however, the City must evaluate its voting districts based on the 2020 state-adjusted Census data.
Poway Current Snapshot
On September 27, 2021, the State of California posted its adjusted 2020 U.S. Census data. For California cities, these figures are the final numbers that must be used to determine if district boundaries need to be adjusted. NOC processed these numbers for the current Poway election districts (Attachment). NOC found that the City's current population deviation -the difference between the
most populous and least populous districts -is 7.95%. This value is within the 10% threshold where a map is considered "presumptively constitutional," and thus the districts do not need to be redrawn to comply with the federal equal population requirement. 8 of 10 ATTACHMENT B
February 1, 2022, Item #5
California Fair Maps Act
In October 2019, the California legislature approved AB 849, the Fair and Inclusive Redistricting for Municipal and Political Subdivisions (FAIR MAPS) Act, which requires cities to ensure maps comply with set redistricting criteria. The act further outlines the specified steps a jurisdiction must take to encourage public participation of its residents and the deadlines for the adoption of new boundaries by a governing body.
Specifically, the Fair Maps Act sets out criteria that all cities must use to evaluate their district maps, and the order in which they must be evaluated. They are:
1. Geographically contiguous
2. Undivided neighborhoods and "communities of interest" (Socio-economic geographic areas that should be kept together)
3. Easily identifiable boundaries
4. Compact
(Do not bypass one group of people to get to a more distant group of people) Additionally, the legislation prohibits the discrimination against or favoring of any political party in the mapping process.
Poway's Next Steps
While the current Poway map is considered balanced from an equal population standpoint, the City Council must review the Fair Maps criteria. If the City Council finds the current districts meet the requirements of the Act, then the election district lines may be retained at the conclusion of the required public hearings and outreach.
Please be aware that Poway should still conduct the four public hearings required by state law.
The City has the option to consider alternative maps during those hearings, but may elect to focus only on the existing map. If this is the path that you decide to take, you can follow the "balanced" option in your NOC contract.
The final election district map must be approved by April 17, 2022, to comply with election laws. 2 9 of 10
February 1, 2022, Item #5
Poway -Current Districts (2020 Adjusted)
Dis1ric1 1 2 3 4 Total
2020 2020 Census (Raw) 11,938 11,716 12,688 12,582 48,924 Deviation from ideal -293 -515 457 351 972
% Dcviatio,1 -2.40% -4.21% 3.74% 2.87% 7.95%
%lliso 20% 10% 18% 26% 18%
2020 Total Pop %NH Whire 54% 73% 62% 48% 59%
% NI l Black 2% 1% 2% 3% 2%
% Asian-American 20% 12% 15% 19% 17%
Total 8 459 8,597 9,332 8,140 34,529
% lliso 12% 5% 14% 16% 12%
Cirizen Voting Age Pop % NI I White 70% 83% 69% 64% 72% o/o NI-I Black 2% 2% 4% 1 o/o 2%
% Asian/Pac.Isl. 14% 9% ·12% 18% 13%
Total 8,033 9,245 8,409 7,296 32,983
% Latino est. 13% 6% 11% 17% 11%
Voter Registration (Nov % Spanish-Surnamed 12% 5% 10% 16% 11% % t\sian-Sumamcd 7% 6% 5% 7% 6% 2020) % Filipino-Surnamed 3% 1% 2% 3% 2% o/o N f I White est. 76% 86% 79% 73% 79%
%NH Black 2% 2% 4% 1 o/o 2%
Total 5,295 6,737 5,731 4,389 22,152
% Latino est. 11% 4% 8% 12% 8%
Voter Turnout (Nov % Spanish-Surnamed 10% 4% 7% 11% 8%
o/o Asia,1-Suniamcd 5% 4% 4% 5% 4% 2018) % Filipino-Sumamed 2% 1% 2% 2% 2% % NI I White est. 81% 89% 83% 80% 84%
% NI I Black 2% 2% 4% 1 o/o 2¾
Total 7,023 8 403 7 432 6 213 29,071
¾ Latino est. 12% 5% 10% 16% 11%
Voter Turnout (Nov % Spanish-Surnamed 11% 5% 9% !5% 10% % Asian-Surnamed 6% 6% 5% 7% 6% 2020)
% Filioino-Sumamcd 3% 1% 2% 3% 2%
% NH White csr. 77% 87% 80% 74% 80%
% N 11 Black est. 2% 2% 4% 1% 2%
ACS Poo. Est. Tora! 12,016 11,604 13,056 13,104 49,780
a11c0-19 25% 25% 24% 28% 26¾
Age a2c20-60 51% 46% 50¾ 54% 51¾
al!c60olus 24% 29¾ 26% 17% 24¾
Immigration immi11.ranrs 24¾ 14% 14% 29% 20¾
naturalized 66% 77% 63% 54¾ 63%
cn11.lish 76% 85% 78¾ 58% 74¾
Language spoken ar home soanish 10¾ 5% 11% 21% 12%
asian-lan11. 8% 5% 7% 11% 8%
other Jang 6% 6% 4% 10% 7%
Language J,Juency Speaks Eng. "Less 10¾ 4% !0% 18% 10% than Verv Well" Education (among those hs•l!tad 33% 25¾ 38¾ 39% 34%
bachelor 31¾ 39¾ 27% 26% 31% age 25+) gcaduatcdc1-'Iee 16% 26% 17% 12% 18% Child iri I louschold child-underl 8 40% 34% 34¾ 42¾ 38% Pcrof Pop. Afl.c 16+ cmoloved 63% 58% 60% 71¾ 63%
income 0-25k 11% 3% 10% 15% 10%
income 25-50k 11% 8% 14% 15% 12%
I louschold Income income S0-75k 14% 10% 15% 15% 13¾
income 75-200k 47% 44¾ 43¾ 45¾ 45%
income 200k-olus 18% 35¾ 18% 11¾ 20%
sin11.lc familv 83% 99% 74¾ 75¾ 82%
Housing Stats mulri-familv 17% 1% 26¾ 25¾ 18¾
rented 23¾ 8% 31¾ 39% 25¾
owned 77% 92¾ 69¾ 61% 75%
Toial porul:ation d~,,. frolll the Cab(ornia ad1us1,1,c111 ro rhc :!020 Dcccnni:11 Ccnsm1i. Sum,.mc-ba!icd Voter Rcg1stra1,on and Turnout d:1~ from the Ca~fornll Statewide Database. Lruioo voter rcgi:nration :md mrnom daa a,c Sp:1n1sh-surn:1mc counti 11d111stcd using Cc11su!I Po1)ulauo11 Department u11dcccount cstunatcs, NI I \Vh1tc and NI-I Blick rcgistr.111011 Jnd turnout counu; estimated b)' NOC.
Citizen Voting Agt Pop. /\gc, lmmigt1rioo, a11d other de11\0gt1phic11 from 1hc 2015-2019 /\mcrtcan Commu,,11y S\1t'VCY aod Spcc~l T:1bulacioo 5-ycac data,
10 of 10
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
AGENDA RE PO RT City of Poway
February 1, 2022
Honorable Mayor and Members of the City Council
Alan Fenstermacher, City Attorney
Alan Fenstermacher, City Attorney
(714) 641-3452 or [email protected]
CITY COUNCIL
Introduction of Ordinance Adopting the Post 2020 Census Redistricting City Council District Map
In 2017, following receipt of a letter threatening to sue the City of Poway for alleged violations of the California Voting Rights Act, the City Council made the decision to transition to by-district elections for the four City Council seats. The Mayor remains an at-large position (directly elected by the entire city).
The City Council adopted the current district map on October 3, 2017 using 2010 U.S. Census data combined with 2018 demographic estimates.
Following each federal decennial census, California Elections Code sections 21601 and 21602 require cities with by-district elections to analyze population and demographic changes to assess whether or not changes are needed to their adopted district maps to maintain compliance with the criteria set forth in Elections Code. The City engaged the services of National Demographics Corporation (NDC}, which is the consultant the City used in 2017 when it converted to by-district elections. NDC found that the City's current population deviation - the difference between the most populous and least populous districts - is well within the threshold where a map is considered "presumptively constitutional," and therefore, the City is not required to redraw the map to comply with the federal equal population requirement. Additionally, at the time of adoption, the current City Council districts also contemplated and to the degree possible given Poway's geography and demographics, incorporated all of the criteria that was ultimately signed into law in 2019 in the FAIR MAPS Act, which were permissive factors at the time, that the City Council specifically took into account. Therefore, the current City Council district boundaries are in full compliance with all the criteria established in California Elections Code.
After complying with the public engagement requirements of California Elections Code, including holding the required public hearings, advertising the hearings in both English and Spanish, and maintaining a dedicated webpage with information about the redistricting process, the City Council directed staff to prepare an ordinance to adopt a new City Council district map that maintains the current City Council district boundaries. The new map will be used beginning with the November 2022 General Election.
1 of 5 February 1, 2022, Item #6
Recommended Action:
It is recommended that the City Council take public input, close the public hearing, introduce the Ordinance (Attachment A) by title only, waive further reading, and schedule adoption for February 15, 2022.
Discussion:
As described at the beginning of this report, the City of Poway's first by-district election was in 2018 with full conversion to by-district elections occurring in 2020.
Per California Elections Code, the City Council is required to update Council districts following the certification of the results of the 2020 decennial federal census, by ordinance, before April 17, 2022 (at least 205 days before the City's next regular election [i.e., November 8, 2022], where a City does not have a regular election occurring after January 1, 2022 and before July 1, 2022). (Elec. Code §§ 21601; 21602(a)(3).)
Public Engagement
Assembly Bill (AB) 849, enacted in 2019, known as the "Fair and Inclusive Redistricting for Municipalities and Political Subdivision" (FAIR MAPS) Act requires cities to take additional steps to increase public engagement in the redistricting process. It increases the number of required public hearings to four; provides for translated website materials and live translation services when requested in advance; mandates a dedicated redistricting webpage; and establishes noticing requirements. The FAIR MAPS Act also requires cities to make an asserted effort to alert media outlets and community groups about the process. The City has met these requirements and held four public hearings on November 16, 2021, December 7, 2021, January 18, 2022 and February 1, 2022.
Data and Map Analysis
Prior to the first public hearing on November 16, NDC completed an analysis of the changes from the 201 O U.S. Census to the 2020 U.S. Census and impacts on each of the districts in the currently adopted district map. Notably, NDC found that the City's current maximum population deviation, the difference between the most populous district and least populous district - is 7.95%. This value is well within the 10% threshold where a map is considered "presumptively constitutional," and therefore the districts do not need to be redrawn to comply with the federal equal population requirement. In addition to NDC's analysis, the City Attorney's Office analyzed the current district map and determined it is in compliance with the FAIR MAPS Act.
City Council Direction
Throughout the public hearing process and after considering public comments, the City Council discussed its options relative to the district map boundaries and determined that based on the minimal changes from the 201 O to 2020 Census, the fact that current district boundaries meet all federal and state requirements, the current district map was just adopted in 2017 and the City didn't fully transition to by-district elections until 2020, the City should move forward with a adopting a new map that maintains the current City Council district boundaries. This direction is reflected in the attached Ordinance.
2 of 5 February 1, 2022, Item #6
Environmental Review:
This action is not subject to review under the California Environmental Quality Act Fiscal Impact:
None
Public Notification:
A notice about this public hearing was published in the Poway News Chieftain and El Latino Newspaper San Diego on Thursday, January 27, 2022.
Notice of this public hearing is also posted on the City of Poway website.
Attachments:
A. Ordinance
Reviewed/Approved By:
Wendy Kaserman
Assistant City Manager
3 of 5
Reviewed By:
Alan Fenstermacher
City Attorney
Approved By:
c{t{&;2
City Manager
February 1, 2022, Item #6
ORDINANCE NO. 852
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
POWAY, CALIFORNIA, ADOPTING BOUNDARIES FOR CITY
COUNCIL DISTRICTS PURSUANT TO THE FAIR MAPS ACT
(GOVERNMENT CODE 21601 et seq.)
WHEREAS, on September 19, 2017, following six public hearings regarding adopting a by-district method of election and choosing a voting district map, the City introduced for first reading, and on October 3, 2017 adopted, Ordinance No. 809 (i) amending Poway Municipal Code (PMC) to transition from an at large method of election to a by-district method of election and (ii) adopting a City Council voting district map, attached to Ordinance No. 809 as Exhibit A (Plan 133);
WHEREAS, the City is required by state law to undertake a redistricting process following the results of the decennial census, pursuant to the Fair Maps Act generally, and Government Code section 21601 et seq. specifically;
WHEREAS, following the 2020 census results, which showed minimal changes in the City's population, the voting district map adopted in 2017 remains in full compliance with all applicable law, including substantially equal population and all the other factors set forth in Government Code section 21601;
WHEREAS, the City Council has held all the hearings required by Government Code section 21607.1 and has complied with all outreach requirements set forth in Government Code section 21608; and
WHEREAS, the City Council has determined, based on analysis from City staff, the City Attorney, a third party demographer, and public comment, that it is in the best interest of the City to re-adopt the existing voting district map (Ex. A to Ordinance No. 809), which is attached hereto as Exhibit A.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF POWAY DOES ORDAIN AS FOLLOWS:
SECTION 1: The above recitations are true and correct.
SECTION 2: The map attached hereto as Exhibit A is hereby adopted as the City Council voting district map for the City of Poway.
SECTION 3: In interpreting this Ordinance or resolving any ambiguity, this Ordinance shall be interpreted in a manner that effectively accomplishes its stated purposes.
EFFECTIVE DATE: This Ordinance shall take effect and be in force thirty (30) days after its adoption.
CERTIFICATION/PUBLICATION: The City Clerk shall certify the adoption of this Ordinance and cause it or a summary of it, to be published with the names of the City Council members voting for and against the same in the Poway News Chieftain, a newspaper of general circulation in the City of Poway within fifteen (15) days after its adoption and shall post a certified copy of this Ordinance in the Office of the City Clerk in accordance with Government Code § 36933.
INTRODUCED AND FIRST READ at a Regular Meeting of the City Council of the City of Poway, California, held the 1st day of February 2022, and thereafter 4 of 5 ATTACHMENT A February 1, 2022, Item #6
PASSED AND ADOPTED at a Regular Meeting of said City Council held the 15th day of February, 2022 by the following vote, to wit:
AYES:
NOES:
ABSENT:
DISQUALIFIED:
Steve Vaus, Mayor
ATTEST:
Carrie Gallagher, CMC, City Clerk
5 of 5 February 1, 2022, Item #6
February 1, 2022 Item #7
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
AGENDA REPORT CityofPoway
February 1, 2022
Honorable Mayor and Members of the City Councl ~
Robert Manis, Director of Development Services T"I
Austin Silva, Senior Planner ~<;
858-668-4658/[email protected]
CITY COUNCIL
Tentative Tract Map 22-001 -Del Norte Professional Office Buildings Condo Conversion; a request to convert two existing commercial office buildings into office condominiums
Tentative Tract (TTM) 22-001 is a request to convert two existing commercial office buildings into 19 commercial office condominium units on property located at 15644 Pomerado Road (Del Norte Professional Building) in the Commercial Office (CO) zone. The purpose of the conversion is to sell the office condominiums individually rather than selling the entire property.
Recommended Action:
It is recommended that the City Council take public input, close the public hearing and adopt the Resolution (Attachment A).
Discussion:
The project applicant is Strom Entitlement Permitting PM, LLC and the property owners are Del Norte Professional Building LLC and 12036 Saticoy Street LLC. The project site is a 1.87-acre property developed with two commercial office buildings totaling approximately 23,275 square feet and a surface level parking lot. The existing buildings are leased for commercial and medical uses. The project site is located at 15644 Pomerado Road, north of Monte Vista Road and south of Bernardo Heights Parkway (Attachment 8). Single-family homes in the City of San Diego are located to the west, office buildings are located to the north and south, and the Pomerado Hospital is located to the east of the site.
The commercial office buildings on site contain 19 suites that would be converted into ownership units each with their own assessor's parcel number as a part of a tentative map (Attachment C). The purpose of the conversion is to sell the office condominiums individually rather than selling the entire property. Each condominium unit will be individually owned. The remaining parking and landscape areas will be owned and maintained in common by the owners of the 19 suites. 1 of9
February 1, 2022 Item #7
The easterly office building was approved and constructed prior to the City's incorporation. The City does not have any building permit records for the construction of this building. In October 2004, the City Council approved DR 04-06 that allowed for the construction of a second office building located west of the original building. The 19 office suites are located within both buildings. There are no changes to the buildings proposed at this time and only minor exterior site improvements will be required. The site is in good condition with surface and landscape improvements maintained as originally approved.
Pursuant to Chapter 16.08.020(A), a tentative and final map shall be required for all divisions of land when determined by the Director of Development Services that such land may be divided into five or more condominiums. Tentative maps and final maps are subject to City Council approval.
Environmental Review:
The proposed project is Categorically Exempt as a Class 1 Categorical Exemption from the California Environmental Quality Act (CEQA) pursuant to Section 15301 (k) of the CEQA Guidelines, in that the project involves the subdivision of two existing commercial office buildings and no expansion of the use is proposed.
Fiscal Impact:
None.
Public Notification:
A public notice was published in the Poway News Chieftain and mailed to property owners and occupants located within 500 feet of the project site.
Attachments:
A. Resolution
B. Zoning and Location Map
C. Tentative Map
Reviewed/ Approved By:
Wendy Kaserman
Assistant City Manager
2 of9
Reviewed By:
Alan Fenstermacher
City Attorney
App roved By:
l.Z
City Manager
February 1, 2022 Item #7
RESOLUTION NO. 22-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
POWAY, CALIFORNIA, APPROVING TENTATIVE TRACT MAP
22-001 FOR THE CONVERSION OF TWO EXISTING
COMMERCIAL OFFICE BUILDINGS INTO COMMERCIAL
OFFICE CONDOMINIUMS; ASSESSOR PARCEL NUMBER
275-461-12
WHEREAS, on February 1, 2022, the City Council considered Tentative Tract Map (TTM) 22-001; a request to convert two existing commercial office buildings into 19 commercial office condominium units on property located at 15644 Pomerado Road in the Commercial Office (CO) zone;
WHEREAS, on February 1, 2022, the City Council held a duly advertised public hearing to receive testimony from the public, both for and against, relative to this matter; WHEREAS, the City Council has read and considered the agenda report for the proposed project, including the attachments, and has considered all other evidence presented at the public hearing; and
WHEREAS, the approved tentative map is incorporated by reference herein as Exhibit A to this Resolution available on file in the Development Services Department.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway as follows:
SECTION 1: The above recitals are true and correct.
SECTION 2: The project is Categorically Exempt as a Class 1 Categorical Exemption from the California Environmental Quality Act (CEQA) pursuant to Section 15301 (k) of the CEQA Guidelines, in that the project involves the subdivision of two existing commercial office buildings and no expansion of the use is proposed.
SECTION 3: The findings, in accordance with the State Subdivision Map Act (Government Code Section 66410 et. seq.) for TTM22-001, are made as follows:
A. The TTM, together with its design and improvements, is consistent with the General Plan in that it will allow for the ownership of commercial office units in two existing commercial office buildings and is consistent with the Commercial Office (CO) General Plan land use designation.
B. The site is physically suitable for the type of development proposed in that the subdivision will occur in two existing commercial office buildings that adhere to the development standards for the CO zone.
C. The site is physically suitable for the density of the development proposed in that the subdivision will occur in two existing commercial office buildings that adhere to the development standards for the CO zone.
D. The design of the TTM is not likely to cause substantial environmental damage. 3 of 9 ATTACHMENT A
February 1, 2022 Item #7
Resolution No. 22-
Subdivision will occur in two existing commercial office buildings and no substantial changes are proposed to the exterior of the site.
E. The Map is not likely to cause serious public health problems because City water, sewer, and drainage system improvements have already been connected and/or installed at the site for the two existing commercial office buildings.
F. The design of the Map will not conflict with any easement acquired by the public at large, now of record, for access through or use of the property within the proposed subdivision.
G. The Map will not create any unmitigated adverse significant impacts on the environment.
SECTION 4: The findings in accordance with Government Code Section 66020 for the public improvements are made as follows:
A. The design and improvements of the TTM are consistent with all elements of the Poway General Plan, as well as City Ordinances, because all necessary services and facilities are available.
SECTION 5: The City Council hereby approves TTM22-001, as shown on the approved tentative map incorporated herein by reference and stamped as "Exhibit A" dated February 1, 2022 (Exhibit A hereinafter) on file with the Development Services Department, except as noted herein and subject to the following conditions:
A. The applicant shall defend, indemnify, and hold harmless the City, its agents, officers, and employees from any and all claims, actions, proceedings, damages, judgments, or costs, including reasonable attorney's fees, collectively the "Claims" against the City or its agents, officers, or employees, relating to the issuance of any aspect of the project approval set forth in this resolution, including, but not limited to, any action to attack, set aside, void, challenge, or annul this development approval (including but not limited to TTM22-001) and any environmental document or decision made pursuant to CEQA. The City may elect to conduct its own defense, participate in its own defense, or obtain independent legal counsel in defense of any claim related to this indemnification. In the event of such election, applicant shall pay all of the costs related thereto, including without limitation reasonable attorney's fees and costs. In the event of a disagreement between the City and applicant regarding litigation issues, the City shall have the authority to control the litigation and make litigation-related decisions, including, but not limited to, settlement or other disposition of the matter. However, the applicant shall not be required to pay or perform any settlement unless such settlement is approved by applicant. Notwithstanding the foregoing, no indemnity shall be required for claims resulting from the exclusive gross negligence or willful misconduct of the City.
B. This approval is based on the existing site conditions and proposed project details represented on the approved tentative map stamped "Exhibit A" and on file at the Development Services Department. If actual conditions and details vary from representations on Exhibit A, the approved tentative map must be changed to reflect the existing site conditions and proposed project details. Any substantial changes to the approved tentative map must be approved by the Director of Development Services and may require approval of the City Council if the Director of Development Services finds that the proposed changes do not substantially conform to approved tentative map. 4of9
February 1, 2022 Item #7
Resolution No. 22-
C. The developer is required to comply with the Poway Noise Ordinance (Chapter 8.08 PMC) requirements that govern construction activity and noise levels.
D. Prior to Final Map approval, the applicant shall (1) submit in writing that all conditions of approval have been read and understood; and (2) the property owner shall execute a Covenant Regarding Real Property notarizing and recording said document. In order for the City to prepare the Covenant the applicant must first submit a legal description of the subject site.
E. The conditions for the project shall remain in effect for the life of the subject property, and shall run with the land and be binding upon future owners, successors, heirs, and transferees of the current property owner.
F. Prior to Final Map approval, unless other timing is indicated, the following conditions shall be complied with:
1. The final map, together with the supporting data and documentation, sha!! be submitted to Engineering Division for review and approval. The appropriate map checking fee shall be paid by the applicant.
2. The final map shall conform to City standards and procedures, the City Subdivision Ordinance, the latest edition of the Subdivision Map Act, and the Land Surveyors' Act, and all other applicable laws, regulations and ordinances. 5 of9
3. All construction drawings or technical reports accepted by the City shall become the property of the City. Once accepted, these plans may be freely used, copied or distributed by the City to the public or other agencies as the City may deem appropriate. An acknowledgement of this requirement from the design consultant shall be included on all construction drawings at the time of plan submittal.
4. The applicant shall measure the existing buildings and prepare three-dimensional condo plans to be reviewed by the Title Company. A copy of the condo plans, and the Covenants, Conditions, and Restrictions (CC&R) are required to be provided to the City of Poway. The CC&R shall describe maintenance responsibilities for all common areas including the parking lot and landscaping.
5. The applicant shall conduct a field survey of the existing driveways that access the parcels on Pomerado Road and update any driveways that do not meet current ADA standards. Public improvement plans and a Right-of-Way Permit with appropriate fees and deposits shall be required for any work to be done within the public right-of-way.
6. The applicant will be required to install trash treatment control devices inside all existing and proposed private storm drain grated inlet structures onsite for the entire parcel. Please call out the device on an exhibit and submit to the engineering division in Development Services. Prior to Final Map approval, a recorded Storm Water Trash Management Facilities Maintenance Agreement, perpetual maintenance of facilities and an easement granted to the City will be required. Acceptable devices can be found at:
https://www.waterboards.ca.gov/water issues/programs/stormwater/docs/trash impl ementation/2fcslist. pdf.
February 1, 2022 Item #7
Resolution
No.
22-
Page
4 7.
A
mylar
copy
of
the
Final
Tract
map
shall
be
provided
to
the
City
within
three
months
of
its
recordation.
A
cash
deposit
to
the
City,
in
an
amount
equivalent
to
$100.00
per
sheet
of
the
Tract
Map,
for
the
mylar
reproduction
of
the
recorded
Tract
Map
shall
be
posted.
8. A
monumentation
bond
in
an
amount
acceptable
to
the
City
Engineer
shall
be
posted.
9. The
formation
of
an
office
owner's
association
(OOA)
with
maintenance
responsibilities
of
common
areas
or
recordation
of
a
maintenance
agreement
is
required,
unless
the
project
site
is
under
single
ownership
(Single-Owner
hereinafter)
to
the
satisfaction
of
the
Director
of
Development
Services.
Maintenance
shall
include
the
on-going
maintenance
of
the
parking
and
other
proposed
paved
areas,
fencing,
walls,
and
landscape and
irrigation
(private
and
within
the
public
right-of-way
along
the
property's
frontage).
10. Prior
to
start
of
any
work
within
a
City-held
easement
or
right-of-way,
a
Right-of-Way
Permit
shall
be
obtained
from
the
Engineering
Division
of
the
Development
Services
Department.
All
appropriate
fees
shall
be
paid
prior to
permit
issuance.
11. A
Comprehensive
Sign
Program
applicable
to
all
commercial/office
units
on
the
property
shall
be
approved
to
the
satisfaction
of
the
Director
of
Development
Services.
12. All
landscaping
shall
be
kept
in
a thriving
condition
and
adhere
to
the
City's
Landscape
and
Irrigation
Design
Manual.
Landscape
and
trees
and
irrigation
shall
be
provided
to
the
satisfaction
of
the
Director
of
Development
Services.
G.
The
following
requirements
shall
be
completed
to
the
satisfaction
of
the
Safety
Services
Department
prior
to
Final
Map
approval:
6 of9
1. Permanent
access
roadways
for
fire
apparatus
shall
be
designated
as
"Fire
Lanes"
with
appropriate
signage
and
curb
markings
as
approved
on
plan.
2. Designated
parking
spaces
shall
not
allow
parked
vehicles
to
obstruct
required
exit
pathways,
disable
access
pathways,
exit
doors
and
access
doors
to
fire
protection
systems
shall
be
removed.
3. Building
shall
display
the
approved
numbers
and/or
addresses
in
a
location
plainly
visible
and
legible
from
the
street
or
roadway
fronting
the
property
from
either
direction
of
approach.
The
suite
number
for
each
business
shall
be
plainly
visible
on
all
doors.
4. The
building
address
shall
also
be
displayed
on
the
roof
in
a
manner
satisfactory
to
the
Fire
Code
Official,
and
meeting
Sheriff
Department-ASTREA
criteria.
5. The
building
with
suites
303, 304,
400
and
401
is
equipped
with
a fire
sprinkler
system.
A
new
Knox
Box
shall
be
installed
adjacent
to
the
sprinkler
riser
room.
6. The
building's
fire
sprinkler
system
shall
meet
Poway
Municipal
Code
(PMC)
requirements.
The
system
shall
be
serviced
and
certified
for
operation.
The
entire
system
is
to
be
monitored
by
a
central
monitoring
company
and
backflow
valve
assemblies
with
tamper
switches
shall
be
monitored.
February 1, 2022 Item #7
Resolution No. 22-
7. The building's dedicated function sprinkler monitoring system shall meet PMC requirements. The system shall be completely monitored by a U.L. listed central station alarm company or proprietary remote station.
8. The building's dry standpipe system shall be serviced and certified for operation.
Additional signage approved by the Fire Department shall be installed.
9. A 2A 1 0BC fire extinguisher(s) are required for office areas every 3,000 square feet and 75 feet of travel distance.
SECTION 6: The approval of TTM22-001 shall expire February 1, 2024, at 5:00 p.m., unless prior to that time the final map is recorded or a request for a time extension is submitted to the Development Services Department and a time extension is subsequently granted by the City Council. The final map conforming to this conditionally approved TTM shall be filed with the City so that the City may approve the final map before this approval expires.
SECTION 7: The parties are hereby informed that the time within which judicial review of this decision must be sought is governed by Section 1094.6 of the California Code of Civil Procedure.
PASSED, ADOPTED AND APPROVED at a Regular Meeting of the City Council of the City of Poway, California on the 1st day of February, 2022 by the following vote, to wit:
AYES:
NOES:
ABSENT:
DISQUALIFIED:
Steve Vaus, Mayor
ATTEST:
Carrie Gallagher, CMC, City Clerk
7 of9
February 1, 2022 Item #7
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8 of9
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Item:
TTM22-001
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February 1, 2022 Item #7
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LEGEND:
PROLCTSOONDMY
DISTIIGSPOTll.EVATlONS . .. . .. .... .. . .......... ... ... .. .. . ~SnNGCOnCIJR . ........ .... . .... ..... .. .......... ... . .. . [»sTNQOJRll;(JJTl[R , ..
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POMERAI)() ROAD
/IOT Jl1SCAII
PREPARED BY:
NAME: ALVAIJE £/ICINEERIIC
ADDRESS· 289J6 OUJ TO#N FRa/T STREIT. l205
lllEf!M. CA 92590
PHONE f· (951) 587-2020 FAX.· (951) 587-2626
PROJECT ADDRESS:
156# POMCRADO ROAD
fl}~
PROJECT NAME:
L56# POMCRADO ROAD TfNTAT/',f: MAP
SHEET Tm..E:
TENTAT/',f: MAP