V. Prudent Investor Standard
The standard of prudence to be used for managing the City's investments shall be California Government Code Section 53600.3, the prudent investor standard, which states that, "When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law."
The City recognizes that market prices of securities will vary depending on economic and interest rate conditions at any point in time. It is further recognized that in a well -diversified investment portfolio, occasional measured losses may occur due to economic, bond market, or individual security credit events. These occasional declines in value must be considered within the context of the overall investment program objectives and the resultant long-term rate of return.
The Chief Financial Officer and other individuals assigned to manage the investment portfolio, acting within the intent and scope of this Policy and other written proceduresprocedures, and exercising due diligence, shall be relieved of personal responsibility and liability for an individual security's credit risk or market price changes, provided deviations from expectations are reported in a timely manner and appropriate action is taken to control adverse developments.
VI. Internal Controls
The Chief Financial Officer has established a system of internal controls to ensure compliance with the investment policies and procedures of the City, the Successor Agency, and the California Government Code. Such controls are designed to prevent losses of public funds arising from fraud, employee error, and misrepresentation by third parties, or imprudent actions by employees of the City.
Investment decisions are made by the Chief Financial Officer or his/her designee and executed by staff of the Finance Department. All wire transfers initiated by Finance Department staff members must be approved and transmitted by the Chief Financial Officer or his/her designee. Proper documentation obtained from confirmation and cash disbursement wire transfers is required for each investment transaction. Timely bank reconciliation is conducted to ensure proper handling of all transactions.
The investment portfolio and all related transactions are reviewed and balanced to appropriate general ledger accounts by Finance Department staff on a monthly basis . An independent analysis by an external auditor shall be conducted annually to review and perform procedure testing on the City's cash and investments. The Chief Financial Officer shall review and ensure compliance with investment processes and procedures.
VII. Ethics and Conflict of Interests
In accordance with California Government Code Sections 1090 et seq. and 87100 et seq., officers and employees of the City will refrain from any activity that could conflict with the proper execution of the investment program or which could impair their ability to make impartial investment decisions, and all investment personnel shall subordinate their personal investment transactions to those of the City. In addition, City Council members, the City Manager, and Chief Financial Officer shall comply with the reporting requirements of California Government Code Section 87203 and regulations of the Fair Political Practices Commission and file a Statement of Economic Interest annually.
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I VIII. Authorized Investments
All investments and deposits of the City shall be made in accordance with California Government Code Sections 16429.1, 53600-53609, and 53630-53686. Within the investments permitted by the Code, the City seeks to further restrict eligible investments to the guidelines listed below. In the event a discrepancy is found between the Policy and the Code, the more restrictive parameters will take precedence. Percentage holding limits and minimum credit quality listed in this section apply at the time the security is purchased.
Investments Type
Aggregate
Maximum
%of
Portfolio
Per Issuer
Maximum
% of
Portfolio
Maximum
Maturity
Credit Quality
A. US Treasury Bills, Bonds,
Notes
5 years TSY
B. Federal Agency or US
Government Sponsored
Enterprise obligations
75%, with
no more
than 20% of
securities
held being
callable
40%
5 years TSY
C. Medium-term notes 20% 5% 5 years A
D. Negotiable certificates of
deposit
15% 5% 5 years Short-term: A-1
Long-term: A
E. Non-negotiable certificates of
deposit
15% 5% 3 years FDIC insured;
collateralized
above FDIC limit
F. Prime commercial paper 25% 5% 270 days A or A-1;
depending on type
of commercial
entity, see policy
G. Eligible banker's acceptances 15% 5% 180 days A-1
H. Repurchase agreements 10% 5% 30 days
I. Local Agency Investment
Fund (LAIF)
State limit N/A N/A N/A
J. San Mateo County Pool 20% N/A N/A N/A
K. California Joint Powers
Authority (JPA) pooled
investment programs
20% N/A
L. Money Market Funds 2040% 1015% N/A AAA
M. Obligations of the State of
California or any local agency
within the State, and
registered treasury notes or
bonds of the other 49 states
20% 5% 5 years
Short-term: A-1
Long-term: A
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Any investment currently held at the time the policy is adopted that does not meet the new policy guidelines can be held until maturity and shall be exempt from the current policy. At the time of the investment's maturity or liquidation, such funds shall be reinvested only as provided in the current policy.
An appropriate risk level shall be maintained by primarily purchasing securities that are of high quality, liquid, and marketable. The portfolio shall be diversified by security type and institution to avoid incurring unreasonable and avoidable risks regarding specific security types or individual issuers. The authorized investments are described below.
A. United States Treasury notes, bonds, bills, or certificates of indebtedness, or those for which the full faith and credit of the United States are pledged for the payment of principal and interest.
There is no limitation on the percentage of the portfolio that can be invested in this category .
The maximum maturity shall not exceed five years.
B. Federal agency or United States government -sponsored enterprise ("GSE") obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government -sponsored enterprises. The aggregate investment in federal agency securities/GSEs shall not exceed 75 percent of the City's total portfolio, and the securities of any one federal agency /GSE shall not exceed 40 percent of the City's total portfolio. The maximum perc ent of agency callable securities in the portfolio shall be 20 percent. The maximum maturity shall not exceed five years.
C. Medium-term notes issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States and rated in a rating category of "A" or the equivalent or better by a Nationally Recognized Statistical Rating Organization (NRSRO) . The aggregate investment in medium - term notes shall not exceed 20 percent of the City's total portfolio, and no more than 5 percent of the City's total portfolio shall be invested in the medium -term notes of any one issuer. The maximum maturity shall not exceed five years.
D. Negotiable certificates of deposit or deposit notes issued by a nationally - or state-chartered bank, a savings association, or a federal association (as defined by Section 5102 of the Financial Code), or a state or federal credit union. Eligible negotiable certificates of deposit in amounts up to the FDIC insured limit do not require any credit ratings. Amounts above the FDIC insured limit must be issued by institutions that have long-term obligations rated in a rating category of "A" or its equivalent or better by at least one NRSRO, or have short-term obligations rated "A-1" or its equivalent or higher by an NRSRO. No more than 5 percent of the City's total portfolio shall be invested in the negotiable certificates of deposit of any one issuer, and the aggregate investment in negotiable certificates of deposit shall not exceed 15 percent of the City's total portfolio. The maximum maturity shall not exceed five years.
E. Non-negotiable certificates of deposit with a maturity not exceeding three years from the date of trade settlement in state- or nationally-chartered banks or savings banks that are insured by the FDIC, subject to the limitations of California Government Code Section 53638. Amounts in excess of FDIC insurance coverage shall be secured in accordance with California Government Code Section 53652. No more than 5 percent of the City's total portfolio shall be invested in the deposits of any one bank. The aggregate investment in non- negotiable certificates of deposit shall not exceed 15 percent of the City's total portfolio. The maximum maturity shall not exceed three years.
F. Prime commercial paper with a maturity not exceeding 270 days from the date of trade settlement with the highest ranking or of the highest letter and number rating as provided for by an NRSRO. The entity that issues the commercial paper shall meet all of the following conditions.
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in either sub-paragraph A or sub-paragraph B below:
i. The entity shall (1) be organized and operating in the United States as a general corporation; (2) have total assets in excess of $500,000,000; and (3) have debt other than commercial paper, if any, that is rated in a rating category of "A" or the equivalent or better by an NRSRO.
ii. The entity shall (1) be organized within the United States as a special purpose corporation, trust, or limited liability company; (2) have program-wide credit enhancements, including, but not limited to, overcollateralization, letters of credit or surety bond; and (3) have commercial paper that is rated at least "A-1" or the equivalent by an NRSRO.
The City may purchase no more than 10 percent of the outstanding commercial paper of any one issuer, and the aggregate investment in commercial paper shall not exceed 25 percent of the City's total portfolio. No more than 5 percent of the City's total portfolio shall be invested in the commercial paper of any one issuer.
G. Eligible banker's acceptances with a maturity not exceeding 180 days from the date of trade settlement, rated at least "A-1" or the equivalent or better by an NRSRO, drawn on or accepted by a commercial bank whose deposits are insured by the FDIC, and whose senior long- term debt is rated in a rating category of "A" or the equivalent or better by an NRSRO at the time of purchase. No more than 5 percent of the City's total portfolio shall be invested in banker's acceptances of any one issuer, and the aggregate investment in banker's acceptances shall not exceed 15 percent of the City's total portfolio.
H. Repurchase agreements with a final termination date not exceeding 30 days collateralized by obligations of the U.S. Treasury, federal agencies and/or government -sponsored enterprises (described in sections A and B above). For the purpose of this section, the term collateral shall mean purchased securities under the terms of the City's approved master repurchase agreement. The purchased securities shall have a minimum market value including accrued interest of 102 percent of the dollar value of the funds borrowed. All collateral must be delivered to the City's custodian bank by book entry, physical delivery, or by a third- party custodial agreement. The market value of the collateral securities shall be marked-to-the-market at least quarterly, and the value of the underlying collateral must be brought back up to 102 percent no later than the next business day. Market value must be calculated each time there is a substitution of collateral. No more than 5 percent of the City's total portfolio shall be invested in repurchase agreements with any one counterparty, and the aggregate investment in repurchase agreements shall not exceed 10 percent of the City's total portfolio.
The City or its custodian shall have a perfected first security interest under the Uniform Commercial Code in all securities subject to the repurchase agreement.
The City may enter into repurchase agreements only with primary dealers of the Federal Reserve Bank of New York. Approved repurchase agreement counterparties shall have a short- term credit rating of at least "A-1" or the equivalent or better and a long-term credit rating in the rating category of "A" or the equivalent or better by a NRSRO. Repurchase agreement counterparties shall execute a City-approved master repurchase agreement with the City. The Chief Financial Officer shall maintain a copy of the City's approved master repurchase agreement along with a list of broker/dealers who have executed this agreement.
Reverse repurchase agreements will not be permitted.
I. The City may invest in the Local Agency Investment Fund (LAIF) established by the State Treasurer (per Government Code Section 16429.1) for the benefit of local agencies up to the maximum amount permitted by LAIF.
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J. The City may invest in the San Mateo County Investment Pool established by the San Mateo County Treasurer for the benefit of local agencies (as established in California Code Section 53684). No more than 20 percent of the market value of the City's total portfolio may be invested in this category.
K. The City may invest in other pooled investment programs which are California Joint Powers Authorities established to provide California public agencies with professional investment services (California Code Section 53601 (p)). No more than 20 percent of the market value of the City's total portfolio may be invested in this category.
L. Shares of beneficial interest issued by a diversified management company that are money market funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.). Provided that the money market funds are "no-load" (no commission or fee shall be charged on purchases or sales of shares); (2) have a constant daily net asset value per share of $1.00; (3) have a rating of "AAA" or the equivalent by at least two NRSROs or have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years' experience managing money market mutual funds with assets under management in excess of five hundred million dollars ($500,000,000). No more than 10 percent of the City's total portfolio shall be invested in any one issuer and the aggregate investment in money market funds shall not exceed 20 percent of the City's total portfolio.
M. Obligations of the State of California or any local agency within the State, including bonds payable solely out of revenues from a revenue- producing property owned, controlled, or operated by the State or any local agency or by a department, board, agency, or authority of the State or any local agency.
Registered treasury notes or bonds of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states, in addition to California.
Securities in this section must have a short-term rating of "A-1" or the equivalent or better by an NRSRO or a long-term rating in the category of "A" or the equivalent or better by an NRSRO.
No more than 5 percent of the City's total portfolio shall be invested in any one municipal issuer, and the aggregate investment in municipal bonds shall not exceed 20 percent of the City's total portfolio. The maximum maturity shall not exceed five years.
IX. Prohibited Investment Vehicles and Practices
State law notwithstanding, any investments not specifically described herein are prohibited, including, but not limited to, futures and options. In accordance with Government Code Section 53601.6, investment in inverse floaters, range notes, or mortgage derived interest -only strips is prohibited.
Investment in any security that could result in a zero-interest accrual if held to maturity is prohibited.
Trading securities for the sole purpose of speculating on the future direction of interest rates is prohibited. Purchasing or selling securities on -margin is prohibited. The use of reverse repurchase agreements, securities lending, or any other form of borrowing or leverage is prohibited. The purchase of foreign currency denominated securities is prohibited. Local governments that are not Qualified Institutional Buyers (QIB) as defined by the Securities and Exchange Commission are prohibited from purchasing Private Placement Securities. The SEC defines a QIB as having at least $100,000,000 in securities owned and invested.
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X. Selection of Broker/Dealers
The Chief Financial Officer shall maintain a list of broker/dealers approved for investment purposes, and it shall be the policy of the City to conduct transactions only with those authorized firms. To be eligible, a firm must be licensed by the State of California as a broker/dealer as defined in Section 25004 of the California Corporations Code, and:
A. Be recognized as a Primary Dealer by the Federal Reserve Bank of New York, or B. Report voluntarily to the Federal Reserve Bank of New York, or C. Qualify under Securities and Exchange Commission (SEC) Rule 15c3-1 (Uniform Net Capital Rule).
Each authorized broker/dealer shall be required to submit and annually update a City- approved broker/dealer information request form. The Chief Financial Officer shall maintain a list of the broker/dealers that have been approved by the City, along with each firm's most recent broker/dealer information request form.
If the City has not engaged the support services of an outside investment advisor while in the process of executing a particular transaction, the authorized broker/dealer(s) shall provide certification of having received and reviewed this Policy. For transactions initiated through an investment advisor, the investment advisor may use their own list of approved broker/dealers and financial institutions, which it will maintain and review periodically.
The City may purchase commercial paper from direct issuers even though they are not on the approved broker/dealer list as long as they meet the criteria outlined in Item F of the Authorized Investments section of this Policy.
XI. Competitive Transactions
Each investment transaction shall be competitively transacted with authorized broker/dealers. At least three broker/dealers shall be contacted for each transaction, and their bid and offering prices shall be recorded.
If the City is offered a security for which there is no other readily available competitive offering, then the Chief Financial Officer will document quotations for comparable or alternative securities. When purchasing original issue instrumentality securities, no competitive offerings will be required as all dealers in the selling group offer those securities at the same original issue price.
XII. Selection of Banks
The Chief Financial Officer shall maintain a list of banks approved to provide depository and other banking services for the City. To be eligible for authorization, a bank shall qualify as a depository of public funds in the State of California as defined in California Government Code Section 53630.5, shall be a member of the FDIC, and shall secure all deposits exceeding FDIC insurance coverage in accordance with California Government Code Section 53652.
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XIII. Safekeeping and Custody
The Chief Financial Officer shall select a bank to provide safekeeping and custodial services for the City, in accordance with the provisions of Section 53608 of the California Government Code. A City- approved safekeeping agreement shall be executed with the custodian bank prior to utilizing that bank's safekeeping services. The custodian bank will be selected on the basis of its ability to provide satisfactory safekeeping services and the competitive pricing of those services.
The purchase and sale of securities and repurchase agreement transactions shall be settled on a delivery-versus-payment basis. All securities shall be perfected in the name of the City. Sufficient evidence to title shall be consistent with modern investment, banking, and commercial practices.
All investment securities will be delivered by either book entry or physical delivery and will be held by the City's custodian bank, its correspondent bank, or its Depository Trust Company (OTC) participant account.
XIV. Maximum Maturity
To the extent possible, investments shall be matched with anticipated cash flow requirements and known future liabilities.
The City will not invest in securities maturing more than five (5) years from the date of trade settlement, unless the City Council has by resolution granted authority to make such an investment, either specifically or as a part of an investment program approved by the City Council no less than three months prior to the investment.
XV. Risk Management and Diversification
Credit risk is the risk that a security or a portfolio will lose some or all its value due to a real or perceived change in the ability of the issuer to repay its debt. The City will mitigate credit risk by adopting the following strategies:
A. The diversification requirements included in the "Authorized Investments" section of this policy are designed to mitigate credit risk in the portfolio.
B. No more than 5 15 percent of the total portfolio may be deposited with or invested in securities issued by any single issuer unless otherwise specified in this policy.
C. The City may elect to sell a security prior to its maturity and record a capital gain or loss in order to manage the quality, liquidity, or yield of the portfolio in response to market conditions or the City's risk preferences.
D. If the credit ratings of any security owned by the City are downgraded to a level below the quality required by the Investment Policy, it will be the City's policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio. i. If a security is downgraded, the Chief Financial Officer will use discretion in determining whether to sell or hold the security based on its current maturity, the economic outlook for the issuer, and other relevant factors.
ii. If a decision is made to retain a downgraded security in the portfolio, its presence in the portfolio will be monitored and reported monthly to the City Council.
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XVI. Mitigating Market Risk in the Portfolio
Market risk is the risk that the portfolio value will fluctuate due to changes in the general level of interest rates. The City recognizes that over time, longer-term portfolios have the potential to achieve higher returns. On the other hand, longer-term portfolios have higher volatility of return. The City will mitigate market risk by providing adequate liquidity for short-term cash needs, and by making longer- t
erm investments only with funds that are not needed for current cash flow purposes.
The City further recognizes that certain types of securities, including variable rate securities, securities with principal paydowns prior to maturity, and securities with embedded options, will affect the market risk profile of the portfolio differently in different interest rate environments. Therefore, the City adopts the following strategies to control and mitigate its exposure to market risk:
A. The City will maintain a minimum of six months of budgeted operating expenditures in short-term investments to provide sufficient liquidity for expected disbursements.
B. The maximum stated final maturity of individual securities in the portfolio will be five (5) years, except as otherwise stated in this policy.
C. The duration of the portfolio will generally be approximately equal to the duration (typically, plus or minus 20 percent) of a market benchmark, an index selected by the City based on the City's investment objectives, constraints, and risk tolerances.
XVII. Portfolio Performance
The investment portfolio shall be designed to attain a market rate of return throughout budgetary and economic cycles, taking into account prevailing market conditions, risk constraints for eligible securities, and cash flow requirements. An appropriate benchmark or benchmarks will be established against which portfolio performance shall be compared on a regular basis. When comparing the performance of the City's portfolio, its rate of return will be computed net of all fees and expenses.
XVIII. Monthly Reporting
Monthly, the Chief Financial Officer shall submit to the City Council a report on the investment earnings and performance results of the City's investment portfolio. The report shall include the following information:
A. Investment type, issuer, date of purchase and maturity, par value, and dollar amount invested in all securities, investments, and monies held by the City; B. A description of the funds, investments, and programs; C. A market value as of the date of the report (or the most recent valuation as to assets not valued monthly) and the source of the valuation;
D. A statement of compliance with this Policy or an explanation for non-compliance; E. A statement of the City's ability to meet expenditure requirements for six months, and an explanation of why money will not be available if that is the case; and F. A statement of transactions made during the month.
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XIX. Investment Policy Adoption
The Investment Policy shall be adopted by resolution of the City Council. The Policy shall be reviewed
annually by the Chief Financial Officer, and any modifications made as a result must be approved by the City Council.
Policy History
Action Date Notes
Policy adoption by resolution December 8, 2020 Resolution No. 2020-97 Policy adoption by resolution September 12, 2023 Resolution No. 2023-103 Policy adoption by r esolution June 25, 2024 Resolution No. 2024 -XXX
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October 10, 2023June 25, 2024
I. Purpose
The Fund Balance Policy (“Policy”) of the City of San Bruno shall establish the foundation for designation of monies to reserve funds that support the City Council’s commitment to ensuring financial stability and sustainability of operations during times of fiscal constraint and emergency situations. The establishment of designated reserve funds is an important step towards developing and maintaining a long-term financial plan that provides reasonable funding resources for the City’s current and future needs.
II. Objectives
The Policy is intended to meet the following objectives:
A. Governmental Accounting Standards Board (GASB) Implementation - The Policy implements GASB Statement Number 54 (GASB 54) which is applicable to the City effective July 1, 2010. The purpose of GASB 54 is to provide greater clarity and transparency in financial reporting, making it easier for stakeholders to understand how restricted funds are being managed and ensuring that they are used for their designated purposes. This helps in promoting accountability and responsible financial management within the government.
B. Ensure financial stability - The establishment of a Policy ensures that financial resources are available to allow for the continuation of services in the event of significant economic downturn or catastrophic events. It provides assurances to residents and bondholders of City debt that the City is well prepared to deal with times of potential uncertainty. One of the many takeaways that have come from the tragic September 9, 2010 gas pipeline explosion in the Crestmoor Neighborhood is the potential financial exposure the City could face in a disaster situation. Funds set aside for City costs associated with the response and recovery to catastrophic events provide some assurances that the City is prepared when the unexpected may occur.
C. Ensure that one-time revenues are used for one-time expenditures – The City receives one-time revenues for a variety of reasons, including the sale of City property and agreements with developers to provide community benefit funding outside of established fees. Best practice is for one-time or non-recurring revenues to be utilized for one-time or non-recurring expenditures to ensure that ongoing financial commitments are not made that cannot be sustained over time. A typical use of one-time revenues is funding for capital improvement projects.
D. Establish funding for unfunded liabilities - The creation of reserve funds provides an opportunity for the City to evaluate its needs and the resources available to fund future and current liabilities. Examples of unfunded liabilities include unfunded pension and accrued leave liabilities.
III. Delegation of Authority
Management responsibility for compliance with the Policy belongs to the City Manager or their designee, who shall report to the City Council annually on this Policy. The City Manager or their designee, is responsible for ensuring that the Policy is implemented in the City’s general ledger, audited financial reports, and budgets.
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IV. Fund Balance Classifications
Effective July 1, 2010, GASB 54 requires that government financial statements categorize fund balance into one of five designations: non-spendable, restricted, committed, assigned, and unassigned.
A. The Non-Spendable Fund Balance category comprises resources that are temporarily unavailable for to be expended during the current period. This category includes funds loaned to another entity or funds extended as loans to other City funds, whether through formal agreements or year-end journal entries designed to address negative fund balances in other funds. The accounting treatment for informal loans necessitates recording them as either "interfund receivables due to" or "interfund payablesdue from" amounts. Specifically:
a. " Interfund payablesDue to=" Amounts: Indicate a liability on the financial statements of the receiving fund.
b. " I nterfund receivables Due from" Amounts: Indicate an asset on the financial statements of the fund providing the funds.
"In terfund receivables/ payables Due to/from" amounts shall be reported to City Council as part of the mid-year financial update or upon the issuance of the Annual Comprehensive Financial Report (ACFR)., in which the interfund amounts are termed as “due to/from other funds” for the short-term amounts and “advances to/from other funds” for the amounts that will be repaid over multiple years for better clarity.
B. Restricted fund balances report amounts constrained to specific purposes by their providers (such as grantors, bondholders, and higher levels of government), through constitutional provisions or by enabling legislation.
C. Committed fund balances are amounts constrained to specific purposes by the City Council either by ordinance, resolution, or minute order. Reported as committed, amounts cannot be used for any other purpose unless the City Council takes the same highest-level action to remove or change the constraint. The City’s General Fund Reserves are adopted through this policy by Resolution and are reported as a Committed fund balance in the financial statements.
D. Assigned fund balances are amounts the City intends to use for a specific purpose with intent expressed by the City Council, the City Manager, or a body to which the City Council delegates the authority.
E. Unassigned fund balances report the amounts that are available in the General Fund for any purpose authorized by City Council. Other funds may not have unassigned fund balances.
The order in which the City spends fund balances when there is more than one classification is available for a particular purpose shall be: restricted, assigned, committed, and unassigned.
V. General Fund
The General Fund is the primary operating fund of the City, accounting for all activities except those legally or administratively required to be accounted for in other funds. The General Fund includes activities such as public safety, parks and recreation services (except the RRecreation and Aquatics Center), community and economic development, public works and streets maintenance, legal and
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administrative services. The General Fund also accounts for reserves, Measure G funds, American Rescue Plan Act funds, and developer contributions not for a specific purpose.
VI. General Fund Reserves
The City shall establish reserve funds in accordance with the objectives listed above as outlined below. The funding levels outlined in this policy are goals and it is the City’s intent to maintain its reserves at the prescribed levels; compliance with this policy will be evaluated annually upon final closing of the City’s financial books for the fiscal year.
A. Contingency Reserve – The Contingency Reserve shall be established with a goal of maintaining a target fund balance of 10% of the budgeted General Fund expenditures and is intended to be used for non-fiscal emergencies and disasters. The Contingency Reserve can only be utilized through resolution of the City Council. While intended for non-financial emergencies or disasters, the Contingency Reserve can be utilized for other purposes at Council discretion.
B. Budget Stabilization Reserve – The Budget Stabilization Reserve is established to shield the General Fund from adverse economic fluctuations, ensuring minimal immediate impacts on service levels. This reserve aims to maintain a target balance of at least 20% of budgeted expenditures at the start of each fiscal year.
a. Use - Utilization of the Budget Stabilization Reserve will occur in response to budgeted revenue shortfalls stemming from economic volatility or unforeseen financial events. Reports on its use will be presented to the City Council through the mid-year financial report and/or during the budget adoption process for the ensuing fiscal year. b. R eplenishment - Should the Budget Stabilization Reserve be employed, causing it to dip below the 20% target, a strategic plan will be devised to restore the balance to the desired level. Depending on the situation, this restoration plan may span multiple fiscal years, aligning with the fund's role in a broader multi-year forecasting strategy.
This strategy aims to fortify fiscal sustainability and uphold consistent service levels.
C. One-Time Revenue Reserve – The One-Time Revenue Reserve shall be established to set aside one-time revenues until the point at which point they can be appropriated by City Council for one-time uses. One-time revenues that have a legal restriction for their use or are otherwise dedicated for a particular purpose will be held in a separate special revenue fund.
One-time revenues will be approved by Council, either through the budget adoption process or by a separate resolution, for inclusion into the One-Time Revenue Reserve. As a part of the annual budget process, this reserve will be reviewed along with existing unfunded capital projects for consideration of an appropriation from this reserve in the forthcoming budget. In general, the purpose of this reserve is for it to be used for projects and initiatives throughout the City that have no other identifiable funding source.
VII. Use of Unassigned Fund Balance
When recurring revenues exceed expenditures in a given year, the net increase in fund balance posts to unassigned fund balance unless City Council directs one of the following actionsthat all or a portion of unassigned fund balance be used in the following manner(s):
A. First, rReplenish or increase the an existing reserve Budget Stabilization and Contingency Reserves Reserves to their fully funded target, then,
B. Seek City Council approval of a Resolution to:
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Increase the Budget Stabilization Reserve if needed to respond to forecasted economic conditions and expected changes in revenues and expenditures in the near term, or C.B. Make additional discretionary payments against unfunded liabilities, including:
i. Pension
ii. Accrued Leave Liabilities
VIII. Special Revenue Funds
Special Revenue Funds are established to collect money that must be used for a specific project or purpose. This type of fund provides an extra level of accountability and transparency to taxpayers that demonstrates that their tax dollars will go toward an intended purpose. Special Revenue Fund balances are designated as “Restricted” fund balance.
A. In Lieu Fees – This is a legacy fund used to account for housing, underground utilities, and park in-lieu fees, the fund will close when the fund balance is fully exhausted. Accounts for funds received to substitute for standard fees utilized for particular purposes.
B. Area Agency on Aging - Accounts for grant funding of s for senior services.
C. Federal/State Grants - Accounts for activities for the City's grants not otherwise accounted for in a separate fund.
D. Gas Tax - Accounts for funds received and expended for street maintenance purposes as defined in sections 2103, 2105, 2106, 2107.5 of the Streets and Highway Code.
E. Police Asset Seizure – Accounts for state augmentation funds to be used for safety programs.
F. Police – Accounts for Police revenues to be used on special law enforcement programs.
G. SB322 Recycling/Litter Clean-up – Accounts for SB322 funds to be used on recycling and litter clean-up programs.
H. Restricted Revenues – Accounts for donations, bequests, and fees collected for specific purposes.
I. B equests – Accounts for funds bequeathed to the City.
J.I. Streets – Accounts for funds dedicated to street improvement and mitigation.
K.J. City of San Bruno as Successor Housing Agency – Accounts for housing assets and functions previously performed by the former Redevelopment Agency.
L. I mpact Fees – Accounts for funds from new development to pay for public facilities and infrastructure needed to accommodate growth in the City.
M.K. Measure A Transportation Tax – Accounts for funds received to be used for local transportation purposes. The revenues consist primarily of revenues received from Measure A sales tax passed to the City by San Mateo County.
N.L. D isaster Recovery – Accounts for funds from Pacific Gas and Electric Company (PG&E) Trust to rebuild the Crestmoor/ Glenview neighborhood.
M. M easure W Transportation Tax – Accounts for funds received to be used for local transportation purposes. The revenues consist primarily of revenues received from Measure W sales tax passed to the City by San Mateo County N. C ommunity Facilities Impact Fee - Accounts for funds received to be used for parkland acquisition and library, park, and recreation improvements, new development projects contribute to community amenities.
O. Public Safety Facilities Impact Fee - Accounts for funds to be utilized for police and fire capital facilities and equipment.
P. G eneral Government Facilities Impact Fee – Accounts for funds to be expended only for community facilities and equipment necessary to maintain general government functions.
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Q. Utilities Facilities Impact Fee - Accounts for funds to be expended directed toward capacity improvements for water, sewer, storm drainage, and telecommunications infrastructure and equipment.
R. Transportation Facility Impact Fee - Accounts for funds utilized by the City for the City’s transportation infrastructure.
S. Bayhill Area Development Impact Fee - Accounts for funds usedto be expended by the city to fund improvements to public infrastructure necessary to accommodate growth consistent with for infrastructure and improvement costs based on the Bayhill Specific Plan.
T. Affordable Housing Impact FeeFund - Accounts for affordable housing commercial linkage impact fees for commercial development projects and affordable housing in-lieu fees or other funds collected under the Affordable Housing Program Ordinance.
U. Community Benefit - Accounts for funds collected from developersproperty owners under negotiated agreements, desired to serve the City as a whole.
V. Community Development - Accounts for activities of the Community Development Department including the City’s planning and building permit operations.
W. Recreation & Aquatics – Accounts for the transactions activities of City recreation programs. of the newly constructed Recreation and Aquatics center.
IX. Capital Program Funds
Capital Program Funds report major capital acquisition and construction separately from the City’s ongoing operating activities. Capital Program Fund balances are designated “Restricted” fund balance.
A. Parks and Facilities Capital Improvement Fund Accounts for funds expended on the improvement and development of the City’s facilities, infrastructure, major equipment and technological upgrades used to deliver services to the community. Funding comes from the General Fund, grants, and other sources.
B. Street Improvement Capital Project Fund – The Street Improvement Capital Project Fund accounts for funds expended for transportation infrastructure such as street rehabilitation, streetlights, traffic signals and street medians.
X. Debt Service Funds
Debt Service Funds set aside resources to meet current and future long-term debt service requirements including principal and interest.
A. Debt Service Fund: General – Accounts for funds related to the 2011 and 2012 fire apparatus lease purchase and 2013 Pension Obligation Bond.
XI. Enterprise Funds
Enterprise funds account for City operations financed and operated in a manner similar to a private business enterprise. The intent of the City is that the cost of providing goods and services be financed primarily through user charges.
A. Water Fund - To account for water services provided to the citizens of San Bruno. All activities necessary to provide such services are accounted for in this fund, including, but
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not limited to, administration, operations, maintenance, capital improvement, and billing and collections.
B. Stormwater Fund - To account for storm drain system maintenance, street sweeping and other related activities to the citizens of San Bruno. Funding comes from customers connected to the City's sewer system due to extensive infiltration and intrusion to the City's sewer system and street sweeping charges.
C. Wastewater Fund - To account for sanitary sewer services provided to the citizens of San Bruno. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, treatment and capital improvement.
D. CityNet Fund - To account for operating and capital improvement costs to provide a full suite of video, data and voice services to residential and business customers.
E. Parking Fund – To account for costs to install and manage paid parking and contracted services for enhanced enforcement.
XII. Internal Service Funds
Internal Service Funds are used to finance and account for special activities and services performed by a designated department for other departments in the City on a cost reimbursement basis. The concept of major funds does not extend to internal service funds because they do not do business with outside parties. For the Statement of Activities, the net revenues or expenses of each internal service fund is eliminated by netting them against the operations of the other City departments, which generated them. The remaining balance sheet items are consolidated with these same funds in the Statement of Net Position.
A. Central Garage – To account for the cost of vehicle acquisition and disposal, preventative maintenance and repair, and support services for the City’s fleet.
B. Self-Insurance – To account for the City’s coverage for Workers’ Compensation and General Liability insurance.
C. Technology Development – To account for the cost of maintaining the City’s IT infrastructure, network and data security, business applications and management, and providing a centralized service desk.
D. Facilities Management – To account for the cost of custodial services, facility management and preventative maintenance, and repair services for the City’s facilities.
XIII. Fiduciary Funds
Fiduciary funds are used to report assets held for fiduciary activities, which may be carried out by primary governments or their component units. Fiduciary funds may be (1) held for legally established trust funds or similar arrangements, or (2) held outside of a trust exclusively for the benefit of individuals or organizations and used for activities that meet the criteria to be treated as fiduciary activities. Restricted for: Individuals, organizations, and other governments, Net position held in trust.
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A. Redevelopment Agency Obligation Retirement Trust Fund To account for the assets, liabilities, and activities of the former Redevelopment Agency of the City in a trustee capacity to pay for enforceable obligations of the former Redevelopment Agency. In accordance with Assembly Bill (AB) X1 26 and AB 1484, the San Bruno Redevelopment Agency was dissolved February 1, 2012.
B. Recology San Bruno Custodial Fund To account for funds billed, collected, and remitted to Recology San Bruno for waste management services within the City.
XIV. Policy Review
Annual Review - This reserve policy shall be reviewed by the City Council at a public meeting annually to ensure its consistency with the overall objectives, review target funding levels, appropriation and/or transfers between reserves. Amendments and modifications to the policy shall be approved by the City Council prior to implementation.
Mid-year Review – City staff shall report due to/from and unassigned balances for City Council review.
History
Action Date Notes
Adopted by resolution January 22, 2013 Resolution No. 2013-11 Adopted by resolution October 24, 2023 Resolution No. 2023-109 Adopted by resolution June 25, 2024 Resolution No. 2024-
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Award of Contract Policy
Resolution No. 2024-142024-XXX
February 13, 2024June 20, 2024
I. Purpose
The City of San Bruno Award of Contract Policy establishes efficient procedures for the acquisition of supplies, services, equipment, and technology at the lowest possible cost commensurate with quality needed, to exercise positive financial control over purchases, to clearly define authority for the purchasing function and to assure the quality of purchases. Approval of City budget appropriations by the City Council authorizes expenditure of City funds in accordance with that appropriation and the established level of city services. 1 2
II. Delegation of Authority
The City Manager is designated as the City’s purchasing officer3, responsible for developing and implementing administrative regulations aligned with this policy's purpose. The City Manager may delegate their authority at their sole discretion.
III. Award of Contract
The purchasing officer has the authority to issue purchase orders and award contracts including contract amendments for goods or services in accordance with Table 1. City Council approval is necessary for: (1) all contracts that do not conform to the City’s standard form of agreement, and (2) public projects over $250,000.
IV. Signing Authority
The purchasing officer’s signing authority adjusts each July 1 based on the annual change in the Construction Cost Index (CCI), as reported by Engineering News Record (ENR4), during the twelve- month period prior to the previous December. The Fiscal Year 2024 (FY24) base year signing authority and CCI is $92,000 and 15525.00, respectively, with the next update for FY26 effective July 1, 2025. Adjustments round up to the next increment of $1,000 and, if the CCI experiences a negative change in any year, the signing authority valuations will remain unchanged. Finance will issue a memo each June to document the purchasing officer’s revised signing authority for the upcoming fiscal year.
The purchasing officer is authorized to execute multi-year agreements, provided the contract does not exceed five full fiscal years and terminates on or before June 30th in the final year of the contract.
Additionally, the purchasing officer is allowed to sign contract amendments above his signing authority within 10% of the original amount for contingency purposes, provided that the new contract amount does not exceed $200,000.
1 San Bruno Municipal Code (SBMC) Section 2.12.060.i
2 SBMC Section 2.44.010
3 SBMC Section 2.44.020
4 https://www.enr.com/economics/historical_indices/SanFrancisco
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V. Standard Form Agreements
The purchasing officer may only execute standard form agreements approved by City Council unless City Council authorizes an exception to the standard form agreement in advance, except that the purchasing officer may modify the standard form agreements’ insurance requirements after considering recommendations of the City’s insurance provider upon consideration of the risks associated with the goods procured or services rendered. The City Manager may revise the standard form agreement from time to time as deemed necessary or useful by the City Manager, with the concurrence of the City Attorney.
VI. Exceptions
The following are exempt from award of contract, signing authority, and standard form agreement requirements:
1. Cooperative purchasing agreements5, Emergency procedures purchases6, and Sole/single source purchases7, in accordance with San Bruno Municipal Code Chapter 2.44.
2. Utility bill payments, payments to other governmental agencies, personnel and benefit expenditures (e.g., medical premiums, retirement payments, workers’ compensation insurance premiums, staff backfill, etc.), routine non-service-related purchases such as furniture, fixtures, equipment, and vehicles where only a purchase order is required.
3. D iscrete professional or contract services under $15,000 are exempt from the standard form agreement requirements provided sufficient available budgetary funds, and the department receives a purchase order.
5 SBMC Section 2.44.110
6 SBMC Section 2.44.120.a
7 SBMC Section 2.44.120.b
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VII. Table 1: Award Authority and Bid Requirements Summary
Category Standard Form
Agreement Amount Bid
requirement
Approving
Authority
Budgeted and
pass-through
expenditures
Unmodified8
$30,000 or less Informal Bid Chief Financial
Officer
$30,001 to $100,000 Informal Bid
City Manager $100,001 to budgeted
authority or pass-through
reimbursement agreement
RFP/RFQ
Modified
$100,000 or less Informal Bid
City Council
Greater than $100,000 RFP/RFQ
Public Projects9 10
Unmodified
$200,000 or less Informal Bid
City Manager
$200,001 to $250,000 Formal Bid
N/A Greater than $250,000 Formal Bid City Council
VIII. Policy Adoption
History
Action Date Notes
Policy adoption by Resolution February 13, 2024 Resolution No. 2024-14 Policy adoption by Resolution June 25, 2024 Resolution No. 2024-XXX
8 City Manager may modify the “amount” and “approving authority” administratively at their discretion. 9 SBMC Section 2.44.070
10 Public Project limits for informal bids are set by Public Contract Code (PCC) Section 22000, et seq. under the California Uniform Public Construction Cost Accounting Act (UPCCAA)
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Debt Management Policy
Resolution No. 2017-932024-XXX
October 10, 2017June 25, 2024
I. Purpose
The purpose of the Debt Management Policy is to organize and formalize debt issuance and management related policies and procedures for the City of San Bruno and the San Bruno Public Financing Authority. The debt policies and procedures are subject to and limited by applicable provisions of Federal and state law and to prudent debt management principles.
II. Scope
This Debt Policy intends to comply with Government Code Section 8855(i), adopted effective on October 10, 2017, and readopted on June 25, 2024, will apply to all future debt considerations and issuances for which the City Council acts as the legislative body for the City and the Public Financing Authority.
III. Objectives
• Maintain cost-effective access to the capital markets through prudent fiscal management policies and practices
• Ensure debt service commitments are made through effective planning and cash management • Ensure compliance with all applicable Federal and state securities laws • Achieve the highest practical credit ratings within the context of the City's financing needs and financing capabilities
• Ensure all debt is structured to protect both current and future taxpayers, ratepayers, and constituents of the City
• Ensure that the City's debt is consistent with the City's planning goals and objectives and capital improvement program or budget.
IV. Delegation of AuthorityAssignment of Responsibility This Policy governs issuance and management of all future debt issued by the City and the Public Financing Authority. This Policy will be reviewed and updated periodically as necessary with changes approved by the City Council. The City Council is responsible for overall policy direction of this Policy, as well as the authorization of each debt financing. The Finance DirectorCity Manager’s designee will be responsible for implementation of the Policy, as well as its day-to-day administration.
The City recognizes this Policy provides guidance and structure for the decisions and management of the City's debt. However, changes in capital markets, city programs, and other unforeseen circumstances may arise that are not addressed in this Policy. In these cases, management flexibility is appropriate and modifications or exceptions may be necessary to achieve the City’s goals.
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V. Debt Issuance
1. Purpose of Debt Issuance
The City's debt management program will consider debt issuance when public policy, generational equity, and economic efficiency provide a benefit to the City.
The City will utilize debt obligations and will give due consideration to all available funding sources, including available cash reserves, available current revenues, potential future revenue sources, potential grants, and all other financing sources legally available to be used for such purposes. Expenditure of bond proceeds are expected to fund major, non-recurring expenses, including financing of costs related to capital project planning and design, environmental, land acquisition, real property, and equipment acquisition; the construction or renovation of buildings, permanent structures, and infrastructure; financing costs related to the debt issuance, capitalized interest, necessary or financially prudent debt service reserves, or other costs as permitted by law. Refunding or refinancing existing debt obligations are acceptable uses of bond proceeds.
2. Types of Debt
The City will evaluate the use of appropriate financial alternatives available as permitted. These alternatives will be considered in order to secure the most cost advantageous financing alternative available while limiting the City's risk exposure. Types of debt may include, but are not limited to:
• Lease revenue bonds
• Certificates of Participation
• Revenue bonds
• Land-secured financing, i.e., special tax and assessment bonds • General Obligation bonds
• Refunding/refinancing existing debt
• Lease purchase transactions
• Short term notes
The City will also consider the advantages of negotiated or competitive bond sale and recognizes that a standard, all-purpose approach to debt financing does not serve the best interest of the City. The City will consider the unique combination of factors such as the type of debt needed, funding stream, and market conditions to structure each debt issuance.
3. Debt Structuring Practices
The maximum term of any debt issuance will not exceed the useful life of the assets funded from the financing. Capitalized interest and deferral of principal may be considered but not required during construction of a debt-funded project. Fixed rate debt is preferred, but the City may consider the appropriateness of variable rate debt when considering financial market conditions and risk factors.
4. Financing Options
In general, debt may be issued to fund new projects or to refinance existing debt.
• New Debt
New debt issuances are used to generate funding for capital projects. These funds will be used for necessary land acquisitions, capital construction, equipment related financing costs, and other necessary expenses.
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• Refinancing Existing Debt
Periodic reviews of the City's outstanding debt will be undertaken by the Finance Department to determine refunding opportunities.
Refunding bonds are issued to retire all or a portion of an outstanding bond issue, typically to secure lower interest rates and to reduce overall debt service costs. Alternatively, some refunding is undertaken for reasons other than to achieve cost savings, such as to restructure debt service payments, to change the type of debt instruments being used, or to eliminate undesirable covenants.
A present value savings analysis will be prepared to identify the economic effects of any refunding being considered by the City. The savings from any particular refunding should generally be at least 3% of the refunded principal amount, net of all transaction expenses.
This 3% savings target may be waived by the City upon a finding that such a refunding is in the City's best overall financial interest and shall not be applicable for refunding transactions that are not solely undertaken to achieve cost savings.
5. Integration with City Capital Improvement Plan and Budgets The City is committed to long-term financial planning, maintaining appropriate reserves levels, and employing prudent practices in governance, management, and budget administration. T h e City maintains a multi-year Capital Improvement Program to establish and monitor priorities for projects. The City strives to integrate its debt issuances with the goals of the CIP by timing the issuance of debt to ensure that projects are available when needed in furtherance of the City's public purposes and in a timely manner to avoid having to make unplanned expenditures for capital improvements or equipment from its General Fund budget.
6. Policy Goals
The City is committed to long-term financial planning, maintaining appropriate reserves levels and employing prudent practices in governance, management and budget administration. It is a policy goal of the City to protect taxpayers, ratepayers and constituents by utilizing conservative financing methods and techniques so as to obtain the highest practical credit ratings (if applicable) and the lowest practical borrowing costs.
The City will comply with applicable state and federal law as it pertains to the maximum term of debt and the procedures for levying and imposing any related taxes, assessments, rates, and charges.
When refinancing debt, it shall be the policy goal of the City to realize, whenever possible, and subject to any overriding non-financial policy considerations, (i) minimum net present value debt service savings equal to or greater than 3.0% of the refunded principal amount, and (ii) present value debt service savings equal to or greater than 100% of any escrow fund negative arbitrage.
7. Consultants
The City will, when appropriate and given the specific requirements of the financing, secure the services of independent financial advisors, underwriters, disclosure counsel, bond counsel, appraisal services, and other service providers.
8. Investment of Bond Proceeds
Bond proceeds will be invested according to the City-adopted Investment Policy or the Bond Fiscal Agreement, if applicable.
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9. Ongoing Administration and Internal Controls
When issuing debt, in addition to complying with the terms of this Debt Policy, the City will comply with any other applicable policies regarding initial bond disclosure, continuing disclosure, post- issuance compliance, and investment of bond proceeds.
The City will accurately account for all debt-related activity. These records will be designed to ensure that the City maintains compliance with all debt covenants, as well as state and Federal laws. The City will maintain a system of reporting interest earnings that relates to and complies with Internal Revenue Code requirements relating to rebate, yield limits and arbitrage.
10. Compliance
• Initial Disclosure
In accordance with Senate Bill 1029, the City will submit a report of final sale to the California Debt and Investment Advisory Commission, not later than 21 days following the sale of the debt. A copy of the final Official Statement shall accompany the report of final sale. In the event that the Official Statement has not yet been finalized, the City will provide documentation to satisfy the requirements of SB1029, as necessary.
• Ongoing Disclosure
The City will maintain compliance with the regulations set forth in Government Code Section 8855(i), Rule 15(c) 2-12 - Securities and Exchange Commission Rule 15(c) 2-12, Continuing Disclosure ("Rule 15(c) 2-12") and SB 029.
Section 8855(i), Rule 15(c) 2-12. The City will file an annual report and annual financial information with the Municipal Securities Rulemaking Board's Electronic Municipal Market Access System (EMMA). The reports will be made timely and in accordance with Rule 15(c)- 12 as amended.
SB 1029. The City will submit an annual report for any issue of debt whose final sale occurred on or after January 21, 2017. The annual report will cover the reporting period July through June 30 and will be submitted no later than seven months following the end of the reporting period.
11. Adoption by Legislative Body
In accordance with SB1029, the City and the San Bruno Public Finance Authority will adopt this policy. In implementing this policy from time to time, interpretations and variations may be made at the discretion of the City Manager in the best interests of the City.
VI. Policy Adoption
History
Action Date Notes
Policy adoption by resolution October 10, 2017 Resolution No. 2017-93 Policy adoption by resolution June 25, 2024 Resolution No. 2024-XXX
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RESOLUTION NO. 2024 -
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN BRUNO AMENDING THE FISCAL YEAR 2023-24 AMENDED ADOPTED BUDGET
WHEREAS, the City Council is the legislative body for the City of San Bruno and the San Bruno Public Financing Authority, and serves as the Board of Directors of the Successor Agency to the San Bruno Redevelopment Agency; and
WHEREAS, the City prepares and adopts its budgets with the intent of funding priorities, capital improvements, and general governmental business through a planned program of services adopted in the annual budget and recorded in the City’s financial system; and WHEREAS, the City Council approved Resolution No. 2023-84 adopting the Fiscal Year 2023-24 (FY24) Operating and Capital Budget on June 27, 2023; and WHEREAS, the City Council may amend the adopted budget as necessary to account for changing conditions, account reconciliation, changes in budgeting practices, and new budget requests; and
WHEREAS, the City Council approved Resolution No. 2024-18 on February 27, 2024 amending the City Council Adopted Fiscal Year 2023-24 Budget to include capital project and purchase order carryover appropriations from Fiscal Year 2022-23, audit adjustments for the Fiscal Year Ended June 30, 2023, and budget modifications; and WHEREAS, the City Council, being fully advised and informed and having fully reviewed the recommended budget amendment, finds and determines that the budget amendment should be adopted and that the requisite journal entries be posted to the City’s financial accounting and budgeting system;
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of San Bruno hereby amends the Fiscal Year 2023-24 amended adopted budget, as summarized in Exhibit A, and authorizes City staff to post administrative budget amendments to reconcile year-end fund balances to comply with the City Council adopted Fund Balance Policy. ---oOo---
I hereby certify that foregoing Resolution No. 2024 -
was introduced and adopted by the San Bruno City Council at a regular meeting on June 25, 2024, by the following vote:
AYES:
NOES:
ABSENT:
_________________________
Lupita Huerta, City Clerk
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ATTACHMENT 5
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Exhibit A
Fiscal Year 2023-24 Year-End Budget Amendment
Fund Revenue Expense
Net Revenue /
(Expenditure)
00 1 General Fund $3,082,778 $ 24,502,990 $ (21,420,212) 00 2 Contingency Reserve 1,200,000 1,200,000 00 3 One-Time Revenue 11,000,000 11,000,000 00 4 Contingency Reserve 10,000,000 10,000,000 00 6 ARPA Fund 1,904,195 3,082,778 (1,178,583) 13 1 In-Lieu Fees 197,055 197,055 13 3 Restricted Revenues 2,086,760 (2,086,760) 13 6 Emergency Disaster Reserve 630,000 (630,000) 14 0
Developer In-Lieu
Undergrounding 75,000 (75,000) 14 1 Community Development 2,086,760 2,086,760 16 1 Public Safety Impact Fee 125,000 125,000 19 0 Disaster Recovery Fund 13,260 (13,260) 20 1 Parks And Facilities Capital 68,078 68,078 20 7 Technology Capital 1,836,117 1,836,117 - 30 2 Lease Debt Service 15,000 15,000 62 1 Stormwater Fund 630,000 630,000 - 64 1 CityNet Services Fund 68,078 (68,078) 70 1 Central Garage 100,000 100,000 70 2 Facility Maintenance Fund 50,000 50,000 Total Budget Amendment
$32,294,983
$32,924,983
$(630,000)
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