CITY COUNCIL MEETING AGENDA
TUESDAY MARCH 26, 2024 7:00 PM
SAN DIMAS COUNCIL CHAMBER
245 EAST BONITA AVENUE
A public agenda packet is available for review on the City’s website www.sandimasca.gov or by contacting the City Clerk’s Office at [email protected].
Members of the public may observe the City Council meeting live on the City of San Dimas website at www.sandimasca.gov or on KWST Channel 3. To view from the website, select the Watch City Council Meetings blue button from the home page.
7:00 PM
CITY COUNCIL
Mayor Emmett Badar, Mayor Pro Tem Ryan A. Vienna, Councilmember John Ebiner, Councilmember Eric Nakano, Councilmember Eric Weber
CALL TO ORDER AND FLAG SALUTE
RECOGNITION
Recognize EhlersDanlos Syndromes and HSD Awareness Month ORAL COMMUNICATIONS
(Members of the audience are invited to address the City Council on any item on this agenda or not on this agenda. Public comment will not be taken during each individual agenda item, except for public hearing items. Comments on public hearing items will be heard when that item is scheduled for discussion. Under the provisions of the Brown Act, the legislative body is prohibited from engaging in discussion on any item not appearing on the posted agenda. However, your concerns may be referred to staff or set for discussion at a later date. Each speaker will be limited to speaking once for up to (3) three minutes.)
CONSENT CALENDAR
(All items on the Consent Calendar are considered to be routine and will be enacted by one motion unless a member of the City Council requests separate discussion.) CC1. Adopt Resolution 202416, A Resolution of the City Council of the City of San Dimas, Approving Certain Demands for the Warrant Register of March 29, 2024 in the Amount of $315,453.75.
CC2. Approve the Minutes of the March 12, 2024 City Council Meeting CC3. Deny Claim Espinosa v. City of San Dimas 3050570
CC4. Deny Claim Ellis v. City of San Dimas 3050931
CC5. ReceiveandFiletheFebruary2024InvestmentReport
(All items on the Consent Calendar are considered to be routine and will be enacted by one motion unless a member of the City Council requests separate discussion.) CC1. Adopt Resolution 202416, A Resolution of the City Council of the City of San Dimas, Approving Certain Demands for the Warrant Register of March 29, 2024 in the Amount of $315,453.75.
CC2. Approve the Minutes of the March 12, 2024 City Council Meeting CC3. Deny Claim Espinosa v. City of San Dimas 3050570
CC4. Deny Claim Ellis v. City of San Dimas 3050931
CC5. Receive and File the February 2024 Investment Report CC6. Approve an Amendment to The Agreement between the City of San Dimas and the Humane Society of Pomona Valley Inc. dba Inland Valley Humane Society & S.P.C.A to Revert Back To Crediting Actual Revenues Earned as Opposed to a Guaranteed Revenue Credit to Offset Expenditures.
END OF CONSENT CALENDAR
RECOMMENDATION: Approve consent calendar with recommendations as presented in staff reports.
ORAL COMMUNICATIONS
(Members of the Audience (Speakers are limited to (3) minutes or as may be determined by the Chair.) CITY REPORTS
CR1. City Manager
CR2. City Attorney
CR3. Members of the City Council
Councilmembers’ Report on Meetings Attended at the Expense of the Local Agency (Pursuant to AB 1234 – G.C. §53232.3(d)
City Council Requests for Future Items, Comments and Updates CLOSED SESSION
1. CONFERENCE WITH LEGAL COUNSEL—ANTICIPATED LITIGATION Initiation of litigation pursuant to Government Code Section 54956.9(d)(4): One case.
ADJOURNMENT
Notice Regarding Americans with Disabilities Act: In compliance with the ADA, if you need assistance to participate in a city meeting, please contact the City Clerk’s Office at (909) 3946216. Early notification before the meeting you wish to attend will make it possible for the City to make reasonable arrangements to ensure accessibility to this meeting [28 CFR 35.10235.104 ADA Title II].
Notice Regarding Americans with Disabilities Act: In compliance with the ADA, if you need assistance to participate in a city meeting, please contact the City Clerk’s Office at (909) 3946216. Early notification before the meeting you wish to attend will make it possible for the City to make reasonable arrangements to ensure accessibility to this meeting [28 CFR 35.10235.104 ADA Title II].
Copies of documents distributed for the meeting are available in alternative formats upon request. Any writings or documents provided to the City Council regarding any item on this agenda will be made available for public review Monday through Thursday 7:30 a.m. to 5:30 p.m. and on Fridays from 7:30 a.m. to 4:30 p.m. at the Administration Counter at City Hall and San Dimas Library. In addition, most documents are posted on the City’s website at www.sandimasca.gov.
Posting Statement: I declare under penalty of perjury that on March 22, 2024, I posted a true and correct copy of this agenda on the bulletin board in the Civic Center Plaza of City Hall at 245 E. Bonita Ave., San Dimas Library 145 N. Walnut Ave., San Dimas Post Office 300 E. Bonita Ave., Von’s Via Verde Shopping Center 1160 Via Verde Ave., and on the City’s website www.sandimasca.gov/agendasminutes/ as required by law.
March 22, 2024
Debra Black
Debra Black, City Clerk Page 3
Ehlers-Danlos Syndrome and
Hypermobility Spectrum
Disorders Awareness
W HEREAS, Ehlers-Danlos syndromes (EDS) are a group of 13 heritable connective tissue disorders that together affect 1 in 5,000 people. Each type of EDS has its own set of symptoms, but some features are seen across all types of EDS, including joint hypermobility, skin hyperextensibility, and tissue fragility.
W HEREAS, Hypermobility spectrum disorders (HSD) are connective tissue disorders that cause joint hypermobility, instability, injury, and pain. Other symptoms, such as fatigue, headaches, GI problems, and autonomic dysfunction are also often seen as part of HSD.
W HEREAS, There is no cure for any type of EDS or HSD. The conditions are managed by addressing a person’s symptoms. EDS and HSD can cause a variety of symptoms in many different areas of the body, so people with these conditions often require multiple providers in different specialties to manage their care.
W HEREAS, Access to professionals who are knowledgeable about EDS and HSD is limited in San Dimas and California. Lack of awareness about EDS and HSD in San Dimas, California and across the world stands in the way of the diagnosis, management, and research of these conditions.
W HEREAS, Awareness about EDS and HSD by both medical professionals and the general public can help improve the lives of people living with EDS and HSD in San Dimas and California.
N
OW THEREFORE, I Mayor Emmett G. Badar, Mayor Pro Tem Ryan A. Vienna, Councilmembers John Ebiner, Eric Nakano, and Eric Weber hereby proclaim the month of May 2024 as Ehlers-Danlos Syndromes and Hypermobility Spectrum Disorders Awareness Month” in the City of San Dimas.
I
N WITNESS THEREOF, I, Mayor Emmett G. Badar, have hereunto set my hand and caused the seal of the City of San Dimas to be affixed this 26th day of March 2024.
RESOLUTION 2024-16
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN DIMAS, CALIFORNIA, APPROVING CERTAIN DEMANDS FOR MARCH 29, 2024 WHEREAS, the following listed demands have been audited by the Director of Administrative Services; and
WHEREAS, the Director of Administration Services has certified as to the availability of funds for payment thereto; and
WHEREAS, the register of audited demands has been submitted to the City Council for approval.
NOW, THEREFORE, BE IT FURTHER RESOLVED that the City Council of the City of San Dimas does hereby approve the Warrant Register of March 29, 2024 in the Amount of $315,453.75.
PASSED, APPROVED AND ADOPTED this 26th, day of March 2024. _____________________________
Emmett G. Badar, Mayor
ATTEST:
_________________________________
Debra Black, City Clerk
I, Debra Black, City Clerk, hereby certify that Resolution 2024-16 was approved by vote of the City Council of the City of San Dimas at its regular meeting of March 26th, 2024 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Debra Black, City Clerk
CITY COUNCIL MEETING
ACTION MINUTES
MARCH 12, 2024 7:00 PM
REGULAR MEETING
Council Members Present: Mayor Emmett Badar, Mayor Pro Tem Ryan A. Vienna- Via Teleconference, Councilmember John Ebiner, Councilmember Eric Nakano, Councilmember Eric Weber
Staff: City Manager Chris Constantin, Assistant City Manager Brad McKinney, Director of Public Works Shari Garwick, Director of Administrative Services Michael O’Brien, Director of Community Development Luis Torrico, Director of Parks and Recreation Scott Wasserman, City Attorney Jeff Malawy, City Clerk Debra Black, Recreation Manager Joseph Jones, Recreation Coordinator Dominique Borba, Recreation Coordinator Orlando Soto Call to Order: 7:04 PM
CONSENT ITEMS COMMENTS/RECOMMENDATIONS
1. Adopt Resolution 2024-15, A Resolution
of the City Council of the City of San
Dimas, Approving Certain Demands for
the Prepaid Warrant Register of March
15, 2024, in the Amount of $276,796.99
and Warrant Register of February 29,
2024, in the amount of $423,110.19.
2. Approve Minutes of the February 26,
2024 Special Study Session Meeting,
February 27, 2024 Special Study
Session Meeting and February 27, 2024
Regular Meeting
3. Approve an Additional Budget
Appropriation of $25,205 from the
General Fund and Approve the City
Manager to Execute an Amendment to
the Agreement with Interwest Consulting
Group for an Amount not to Exceed
$513,050 Associated with Additional
Meetings Required to Complete the
Review Process and for Additional Time
and Work Needed to Finalize the Draft
Downtown Specific Plan Document for
Adoption.
4. Approve Grant Termination and
Reimbursement of $641,080.92 in
Items 5 and 8 were pulled for additional
discussion.
MOTION: Motion/seconded by
Councilmembers Weber/Nakano to approve
the consent calendar with the exception of
items 5 and 8. The motion carried 5-0.
Roll Call:
Badar: Yes
Vienna: Yes
Ebiner: Yes
Nakano: Yes
Weber: Yes
MOTION: Motion/seconded by
Councilmembers Ebiner/Nakano to approve
the consent calendar item 5. The motion
carried 5-0.
Roll Call:
Badar: Yes
Vienna: Yes
Ebiner: Yes
Approve Minutes of the March 12, 2024 Meeting Page 2
For the Meeting of March 26, 2024
Proposition A Grant Fund for the Walnut
Creek Habitat and Open Space
Development Project to Maintain the
City’s Good Standing with the Los
Angeles County Regional Park and Open
Space District and Authorize the City
Manager to Execute Such Agreements
as Necessary in a Form Approved by the
City Attorney.
5. Receive, File, and Authorize Submittal of
the 2023 Annual Housing Progress
Report to California State Department of
Housing and Community Development
for the 2021-2029 Housing Element.
6. Award Construction Contact 2024-02
Lone Hill Avenue Street Improvement
Project to Vance Corporation in the
Amount of $942,207.95, and Approve the
overall Project Budget of $1,188,208.00
including Construction, Engineering,
Inspection, Permits and Contingency and
Authorize the City Manager to execute
the Construction Contract with Vance
Corporation in a form approved by the
City Attorney.
7. Award Construction Contact 2024-01
East Via Vaquero - Street Improvement
Project to Sequel Contractor Inc and
Appropriate $50,000 from Fund 74
Measure R Funds and Approve Overall
Project Budget of $442,300 Including
Construction, Engineering and
Contingency and Authorize the City
Manager to execute the Construction
Contract with Sequel Contractor Inc in a
form approved by the City Attorney.
8. Adopt Ordinance 1306 Amending
Chapter 14.11 (Stormwater Management
and Discharge) & Chapter 14.13 (Low
Impact Development) of the San Dimas
Municipal Code to Implement Updates to
the Los Angeles Regional Water Quality
Control Board’s Municipal Separate
Storm Sewer System (MS4) Permit.
Nakano:Yes
Weber: Yes
MOTION: Motion/seconded by
Councilmembers Nakano/Weber to approve
the consent calendar item 8. Mayor Pro Tem
Vienna and Councilmember Weber withdrew
their votes. Councilmember Weber motioned
and Mayor Pro Tem Vienna seconded to hear
this item at a future Study Session. The
motion carried 5-0.
Roll Call:
Badar:
Vienna: Yes
Ebiner: Yes
Nakano: Yes
Weber: Yes
STAFF AND CITY COUNCIL REPORTS COMMENTS/RECOMMENDATIONS a. City Manager None
b. City Attorney None
c. Members of the City Council
Reports on Meetings Attended AB 1234
(G.C. §53232.3(d))
Councilmember Ebiner attended the
February 29, 2024 Homeless Symposium
Challenges and Opportunities.
Approve Minutes of the March 12, 2024 Meeting Page 3
For the Meeting of March 26, 2024
CITY COUNCIL REQUESTS FOR
FUTURE ITEMS
COMMENTS/RECOMMENDATIONS
None
CLOSED SESSION ITEMS COMMENTS/RECOMMENDATIONS
CONFERENCE WITH LEGAL COUNSELANTICIPATED LITIGATION
Significant exposure to litigation pursuant to
Government Code Section 54956.9(d)(2):
One Case
Following the closed session, the City
Attorney made a public announcement that
the City Council met and discussed the one
item on the closed session agenda, that the
City Council considered and gave direction to
staff on that item, and that no reportable
action was taken.
Adjourned: 9:50 PM
I, Debra Black, City Clerk attest that these draft minutes are accurate and reflective of the actions taken by the City Council.
________________________________
Debra Black, City Clerk
PO Box 2411, Tustin, CA 92781
T: 657-622-4200 | F: 866-254-4423 | www.carlwarren.com
CA License #2607296
February 20, 2024
TO: City of San Dimas
RE: Claimant : Gerardo E. Espinosa
Member : City of San Dimas
Date Rec’d by Mbr : 01/18/2024
Date of Event : 08/02/2023
CW File Number : CJP-3050570
Please allow this correspondence to acknowledge receipt of the captioned claim. Please take the following action:
CLAIM REJECTION: Send a standard rejection letter to the claimant.
Please include a Proof of Mailing with your rejection notice to the claimant. Please provide us with a copy of the Notice of Rejection and copy of the Proof of Mailing. If you have any questions, feel free to contact the assigned adjuster or the undersigned claims specialist.
Very truly yours,
Claudia Bray
Claudia Bray
Sr. Claims Examiner
Carl Warren & Company, LLC | A Venbrook Company
SAN
DIMAS
CLAIM AGAINST THE CITY OF SAN DIMAS
For damages to Persons or Personal Property)
Received by via D US MAIL O Inter -Office Mail , Over the Counter A claim must be filed with the City Clerk of the City of San Dimas within six ( 6) months after which the incident or event occurred. Be sure your claim is against the City of San Dimas, not another public entity. Where space is insufficient, please use additional paper and identify information by paragraph number. Completed claims must be mailed or delivered to the City Clerk, the City of San Dimas, 245 E. Bonita Avenue, San Dimas, CA 91773- 3002
TO THE HONORABLE MAYOR & CITY COUNCIL, THE CITY OF SAN DIMAS, CALIFORNIA The undersigned respectfully submits the following claim and information relative to damage to persona and/ or personal property:
1. Name of Claimant Gerardo Erick Espinosa In Pro Per
a. Address of Claimant
b. Telephone Number ( c. Date of Birth
e. Driver's License 2. Name, telephone and
post office address to which claimant desires notices tobesent If other than above: 3.
Occurrence or event
from which the claim arises: a. Date August 02,
2023 b. Time a.m./ p. m. c. Place ( exact & specific
location) Horsethief Canyon Park- 301 Horsethief Canyon Park Rd., San Dimas, CA 91773 d. How and under what circumstances did damage or injury occur? Specify the particular occurrence, event, act oromission you claim caused theinjury or damage Use additional paper if necessary) Please see attachmentA. What particular action by the City, or its employees, caused the alleged damage orinjury? Please see attachment
4. Give a description of the injury, property damage or loss, so far as is known at the time of this claim. If there were no injuries, state " no injuries".
Please see attachment A
5. Give the name( s) of the City employee( s) causing the damage or injury:
6. Name and address of any other person injured:
Gerardo Erick Espinosa
7. Name and address ofthe owner of any damaged property:
8. Damages claims:
a. Amount claimed as of this date: $ TBD
b. Estimated amount of future costs: $ TBD
c. Total amount claimed: $ TBD
d. Basis for computation of amounts claimed ( attach copies of all bills, invoices, estimates, etc.)
9. Names and addresses of all witnesses, hospitals, doctors, etc.
Truno / D. 0. 1. D. C. Kaiser Permanente
Tan, Matthew Suen9 ( M. D.), M. D.- Kaiser Permanente
Jeudine, Getho Marcellus ( P. A.). P. A- Kaiser Permanente- Urgent care in Baldwin Park
10.Any additional information that might be helpful in considering this claim:
WARNING: IT IS A CRIMINAL OFFENSE TO FILE A FALSE CLAIM! ( Penal Code
11. 72; Insurance Code § 556. 1)
I have read the matters and statements made in the above claim and I know the same to be true of my own knowledge, except as to those matters stated upon information or belief as to such matters I believe the same to be true. I certify under penalty of perjury that the foregoing is TRUE AND CORRECT.
Signed this 17th day of January . 20 24, at Los Angeles, California In Pro Per
By Wilshire Law Firm
Claimant' s signature
goM
WW bqO
6pc¢J
a
has"
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
ATTACHMENT A
CLAIMANT GERARDO ERICK ESPINOSA, hereby presents the following information in support of his claims against the CITY OF SAN DIMAS:
I. BACKGROUND
On or about Wednesday, August 02, 2023, CLAIMANT was at Horsethief Canyon Park in the City of Saar Dimas, County of Los Angeles, State of California (" SUBJECT LOCATION") walking from the parking lot to the trail. Before getting to the trail, CLAIMANT' S foot sank into the ground, and he tripped over a large rock. As a result, CLAIMANT sprained his left ankle and during the fall, landed on his right elbow, both of which cause an excruciating pain.
II. LIABILITY
The surrounding area played a substantial role in causing the Subject Incident. It is further contended that the CITY OF SAN DIMAS and its employees, agents and contractors improperly and negligently controlled, designed, constructed, repaired, and maintained the area where the subject incident occurred, including the areas surrounding the location where the subject incident occurred. This failure to assist in preserving safety at or near the SUBJECT LOCATION led to the existence of dangerous conditions for individuals such as the CLAIMANT using the subject area with due care and in a reasonably foreseeable manner, including but not limited to the knowledge that there was weak ground and no handrails available to prevent a fall or injury. Furthermore, it is contested that the CITY OF SAN DIMAS was aware and had notice that Horsethief Canyon Park is a manmade park that would require maintenance to avoid any dangerous conditions and failed to do anything to improve and remedy said safety hazard or to warn those using the subject area of such dangers. 1 GOVERNMENT CLAIM OF GERARDO ERICK ESPINOSA AGAINST THE CITY OF SAN DIMAS Page 29 – 51 1 2
3 4
5 6
7 8
9 10
11 12
U o Im 13
3 0
Qom 14
CCU
M 15
m 3 F
Ms 16
17 18
19 20
21 22
23 24
25 26
27 28
IIl. DAMAGES
As a direct result of the SUBJECT INCIDENT, CLAIMANT sprained his left ankle and during the fall, landed on his right elbow, both of which cause an excruciating pain. Other incurred damages include but are not limited to all past and future medical expenses, current or future loss of earnings, past and future economic damages, loss ofproperty damages, and cost of suit in an amount to be determined to this date.
I DATED: 1/ 17/ 2024
By: C e-r
c( egpi4GU y
Claimant Gerardo Espinoza,
hi Pro Per
By Wilshire Law Firm
2 GOVERNMENT CLAIM OF GERARDO ERICK ESPINOSA AGAINST TIM CITY OF SAN DEMAS Page 30 – 51 PO Box 2411, Tustin, CA 92781
T: 657-622-4200 | F: 866-254-4423 | www.carlwarren.com
CA License #2607296
March 14, 2024
TO: City of San Dimas
ATTENTION: Brad McKinney
RE: Claim : Ellis vs. San Dimas
Claimant : Charity Ellis
Member : City of San Dimas
Date Rec’d by Mbr : 3/1/24
Date of Event : 7/11/23
CW File Number : 3050931 LMV
Please allow this correspondence to acknowledge receipt of the captioned claim. Please take the following action:
• CLAIM REJECTION: Send a standard rejection letter to the claimant.
Please include a Proof of Mailing with your rejection notice to the claimant. An exemplar copy of a Proof of Mailing is attached. Please provide us with a copy of the Notice of Rejection and copy of the Proof of Mailing. If you have any questions feel free to contact the assigned adjuster or the undersigned claims specialist.
Very Truly Yours,
CARL WARREN & CO.
Timothy M. Varon
Timothy M. Varon
Claims Supervisor
Claim Form
Print
Submitted by: Charity Ellis Charity Ellis
Submitted On: 2024- 03- 01 12: 14:06
Submission IP: ( 172. 251. 76. 65)
proxy- IP ( raw- IP)
Status: Open
Priority: Normal
Assigned To: Debra Black
Due Date: Open
Attachments
cellis 1564 cityclaim. pdf - 2024- 03- 01 12: 14:07 pm
RECEIVED
March 1, 2024
CITY OF SAN DIMAS
CITY CLERK
CLAIM AGAINST THE CITY OF SAN DIMAS
For damages to Persons or Personal Property) In
A claim must be filed with the City Clerk of the City of San Dimas within six ( 6) months after which the incident or event occurred. Be sure your claim is against the City of San Dimas, not another public entity. Where space is insufficient, please use additional paper and identify information by paragraph number. Completed claims must be mailed or delivered to the City Clerk, the City of San Dimas, 245 E. Bonita Avenue, San Dimas, CA 91773- 3002
TO THE HONORABLE MAYOR & CITY COUNCIL, THE CITY OF SAN DIMAS, CALIFORNIA The undersigned respectfully submits the following claim and information relative to damage to persona and/ or personal property:
Name of Claimant
Charity Ellis
a. Address of Claimant
b. Telephone Number
2. Name, telephone and post office address to which claimant desires notices to be sent If other than above:
Completed Line Work
Side view and identification of line positions
Top View
Top View Trench View
Neighbor’s
Line
Telecommunications Line
1564 Line
Edison Line (underneath sand)
Recommended position below new line
T
T
T
1564
1564
1564
1564
E
E
4Location: Repair Date: July 10 - Page 35 – 51 13, 2023 Page 1 of Old Line Work
Side view and identification of line positions
Telecommunications Line
1564 Line
Edison Line (underneath sand)
Recommended position below new line
Upon inspection, the positioning of the Edison line
on top of the main line) cracked line and caused
the main line to break
T
1564
E
T
1564
E
Old line pipes with
pressure cracks
Focused view
Top View
4Location: Repair Date: July 10 - 13, 2023 Page 36 – 51 Page 2 of Construction Images 1
Location:
Repair Date: July 10 - 13, 2023 Page 37 – 51 Page 3 of 4 Construction Images 2
4Location: Repair Date: July 10 - 13, 2023 Page 38 – 51 Page 4 of charity ellis <
Receipt from Western Supreme Rooter
Western Supreme Rooter <notifications@housecallpro. com> Thu, Jul 13, 2023 at 8:07 AM Reply-To: [email protected]
To:
Your receipt from Western Supreme Rooter
Invoice Number: 160237-2
Service Date: Jul 11, 2023
Customer Name: CHARITY ELLIS
Service Address:
Services qty unit price amount
Street Repair 1.0 $ 34,698.00 $ 34,698.00
CODE 3
CHARITY ELLIS
San Dimas, CA 91773
CHARITY
AARON
The existing sewer line was inspected going out towards the street, and discovered that the sewer line has partially collapsed, creating a very large belly from the curb and gutter to the middle of the street.
Prior to starting we will meet with city inspector to go over the start of the job any changes to the scope of the work below would be discussed prior to starting.* Below is the recommended following:
Call 811 Dig Alert
1. Pull pubic works permit & Inspection fee's included up to ($1,200.00) in this estimate
2. Set up street and traffic control
Give plan according to WATCH
Drop off trench plates as needed for the street
3. From the front yard area Saw cut and demo street from the curb gutter to the saddle connection
Remove all dirt and asphalt off site
4. Install new Sewer line 4 inch Clay pipe USA made and or whatever city specs out. Once installed have inspector sign off prior to backfilling.
Install new ARC couplings and connections
Install sewer pipe in a bed of gravel in the street
Install new 1 sack slurry in the entire trench to backfill up for 100% compaction Install new slurry once slurry is cured we will prepare for aspahlt
Services qty unit price amount
Asphalt patch up the area that we demo ONLY.
Asphalt patch to city specs.
6/11
8amJob write up - Job write up 1.0 $ 0.00 $ 0.00
Subtotal $ 34,698.00
Amount Paid $ 34,698.00
Payment Method July 13, 2023
Misc 8:07am
Thank you for the opportunity to serve you. If you have any questions please feel free to reach out to us! 626.448.6455 or email us at Service@westernrooter. com Thank you. 626) 448-6455 | [email protected]
http://www.westernrooter.com
136 E SANTA CLARA ST , 1
ARCADIA, CA 91006
Terms & Conditions
Agenda Item Staff Report
To: Honorable Mayor and Members of City Council
For the Meeting of March 26, 2024
From: Chris Constantin, City Manager
Prepared by: Michael O'Brien, Director of Administrative Services Subject: Receive and File the February 2024 Investment Report ____________________________________________________________________________
SUMMARY
Monthly reporting for the City of San Dimas investment of idle funds and cash condition.
RECOMMENDATION
Staff recommends that the City Council:
• Receive and file Investment and Cash Condition report for the month of February 2024.
FISCAL IMPACT
There is no fiscal impact for the recommended action.
DISCUSSION/ANALYSIS
It is the policy of the City of San Dimas to invest public funds in a manner that will provide an optimal combination of security and investment return while meeting the daily cash flow demands of the City and conforming to all State and local statutes governing the investment of public funds.
The priority objectives of the City’s investment activities are as follows: Safety, liquidity and returns.
The City’s investment portfolio as of February 29, 2024 maintained liquid cash in the amount of $12,010,795.66 held between BMO Harris, the City and LAIF which amounts to just under 16% of the portfolio to provide the cash flow necessary for City payroll and operating expenditures as well as large capital project expenses and unforeseen emergencies that may occur come up throughout the year. The following chart displays the total investments and weighted average yield per investment category:
Receive and File the February 2024 Investment Report Page 2 For the Meeting of March 26, 2024
The City’s Banking Services Provider BMO Harris provides a fully collateralized checking account whose funds are used to make cash payments for City payroll and operational expenses. The city performs daily bank reconciliations to assure adequate cash is held in the checking account for upcoming expenditures. Cash held in the account earns income credits that accumulate at a rate of .55% which offsets banking service charges that are charged each quarter to the city.
Petty Cash is held at City facilities for cashiering purposes and to reimburse small dollar expenditures between $0.01 and $50.00.
The Local Agency Investment Fund (LAIF) is considered a Local Agency Investment Pool and acts much like a money market account. Funds can be deposited and withdrawn without penalty.
The pool invests funds in short-term securities and can produce returns at rates like money markets but is considered more secure.
CALTRUST is a public agency that provides investment funds that are liquid, short term, and medium term. The assets held by CALTRUST are managed by State Street Global Advisors.
Since the City first invested with CALTRUST in August of 2010, buying into the Medium-Term Fund. The City has made various contributions throughout the years as well as reinvested any accumulated interest earnings throughout the life of the fund.
In total the weighted average cost of investing in CALTRUST is $9.99. Currently due to increasing interest rates driving market rates down for assets already held, the share price of the fund as of February 29, 2024 was $9.74. Until interest rates decline to the point that share price would increase to $9.99 or above, the city would be recognizing a loss on sale. However, the City could pull out funds at any time if liquidity needs arose.
Beginning in the month of January 2024, the City opened a liquid fund with CALTRUST which is not subject to market rate adjustments due to the type of investments utilized. The fund yielded
5.48% for the month of February, out yielding LAIF by 1.36%. The City intends to take advantage of the high yielding short term investments until yields are no longer inverted.
WEIGHTED AVG.
YIELD TOTAL INVESTMENT
0.00% $2,005,877.46
0.00% $2,640.00
5.48% $2,099,134.74
4.12% $10,002,278.20
3.93% $14,133,880.78
3.83% $28,243,811.18
WEIGHTED AVG.
YIELD TOTAL INVESTMENT
4.70% $500,000.00
1.95% $3,314,492.50
5.29% $807,376.80
3.05% $2,966,000.00
3.26% $8,545,961.77
2.64% $737,350.00
4.24% $12,210,703.19
3.42% $17,623,876.00
4.02% $46,705,760.26
3.95% $74,949,571.44
COLLATERALIZED, POOLED AND PUBLIC AGENCY INVESTMENTS
INVESTMENTS PURCHASED THROUGH BROKERS
TOTAL OF ALL COLLATERALIZED,POOLED AND PUBLIC AGENCY ACCOUNTS
STIFEL TRESURY BILLS
CALTRUST INVESTMENT LIQUIDITY FUNDS
STIFEL NEGOTIABLE CD'S OF DEPOSIT
TOTAL BROKER ACCOUNTS
TOTAL OF ALL INVESTMENTS
BMO HARRIS - GENERAL ACCOUNT
SAN DIMAS PETTY CASH - IMPREST FUNDS
LOCAL AGENCY INVESTMENT FUND (LAIF) CA STATE TREASURER
CALTRUST INVESTMENT PROGRAM-MEDIUM TERM-SHARES
GREAT PACIFIC SECURITIES CORPORATE BONDS
TVI CORPORATE BONDS
TVI U.S.TRESURY BILLS
TVI NEGOTIABLE CERTIFICATES OF DEPOSIT
STIFEL GOVERNMENT SPONSORED ENTERPRISES (GSE) AGENCY BONDS
STIFEL COMMERCIAL & MUNICIPAL BONDS
Receive and File the February 2024 Investment Report Page 3 For the Meeting of March 26, 2024
The City Treasurer also utilizes Brokers to purchase investment securities such as Government Sponsored Enterprises (Agency Bonds), Corporate Bonds, U.S. Treasuries and Negotiable CD’s.
The investment policy and California Government Code Section 53600.3 allows the City to invest 30% of its portfolio in Certificates of Deposit and 20% of its portfolio in Corporate Bonds through Brokers. U.S. Treasuries and Government Sponsored Enterprises (Agency Bonds) have no investment limits; however, it is considered a best practice not to invest more than 5% in a single Government Sponsored Enterprises.
The following is a breakdown of the total invested in each type of investment along with its percentage of the portfolio:
Additionally, per the Investment Policy, the City has an established maturity matrix with the investment ranges as follows:
Maturity Range Guideline Portfolio Percentage
The Cities current investment maturity range is as follows:
The weighted average maturity for all City investments is 1.21 years, which is ideal in today’s rising interest rate environment. The short time to maturity of our investments will allow the city to reinvest the matured principal amounts into investments that are likely to be offered at higher yields.
Specific details pertaining to the Cities investment names, CUSIP #’s, coupon and purchase Amount % of Portfolio
$2,008,517.46 3%
$10,002,278.20 13%
$16,233,015.52 22%
$8,545,961.77 11%
$4,551,842.50 6%
$13,018,079.99 17%
$20,589,876.00 27%
$74,949,571.44 100%
LOCAL AGENCY INVESTMENT FUND (LAIF)
TOTAL OF ALL INVESTMENTS
CALTRUST
GSE AGENCY BONDS
COMMERCIAL BONDS
U.S TREASURY BILLS
NEGOTIABLE CERTIFICATES OF DEPOSIT
INVESTMENTS BY TYPE
CHECKING ACCOUNTS/CASH ON HAND
Type
1 Day to 1 Year 30% - 100%
1 Year to 3 Years 5% - 60%
3 Years to 5 Years 0% - 40%
Amount % of Portfolio
$ 45,506,646.96 62%
$ 15,963,160.73 20%
$ 13,479,763.75 18%
$ 74,949,571.44 100%
1.21 3.95%
INVESTMENTS BY MATURITY
Maturity Range
1 Day to 1 Yr.
1 Yr. to 3 Yrs.
3 Yrs. to 5 Yrs.
Total
Weighted Average Maturity in Years
Weighted Average Yield
Receive and File the February 2024 Investment Report Page 4 For the Meeting of March 26, 2024
yields, maturity dates, par and book values are included in the Investment and Cash Condition Report attachment.
ALTERNATIVES
ENVIRONMENTAL REVIEW
Pursuant to CEQA guidelines Section 15061 (b)(3), CEQA does not apply to this item because there is no potential for causing a significant effect on the environment. Therefore, no additional environmental review is needed at this time.
Respectfully submitted,
Michael O'Brien
Director of Administrative Services
Attachments:
1. Investment and Cash Condition Report
CITY OF SAN DIMAS
MONTHLY CASH BALANCE INVESTMENT REPORT
FEBRUARY 2024
ENDING BALANCE
$2,005,877.46
$2,640.00
$10,002,278.20
$2,099,134.74
$14,133,880.78
CUSIP # COUPON
YIELD
PURCHASE
YIELD MATURITY PAR VALUE BOOK VALUE
NY LIFE GLOBAL - 5 YEAR BOND 64952WFF5 4.70% 4.70% 1/29/2029 $500,000.00 $500,000.00 $500,000.00
WELLS FARGO & CO MEDIUM TERM - 3 YEAR BOND 95001DC40 4.50% 4.50% 7/28/2025 $250,000.00 $250,000.00 CFI- 5 YEAR BOND 17298CK64 1.00% 1.00% 8/28/2025 $500,000.00 $500,000.00 BANK OF AMERICA - 5 YEAR BOND 06048WK25 0.75% 0.75% 10/30/2025 $250,000.00 $250,000.00 GOLDMAN SACHS GROUP - 5 YEAR BOND 38150EH4 0.80% 0.80% 11/24/2025 $290,000.00 $290,000.00 JP MORGAN BOND - 5 YEAR BOND 48128G3G3 1.20% 1.20% 4/30/2026 $285,000.00 $285,000.00 EXXON MOBILE CORP - 7 YEAR BOND 30231GBD3 2.28% 0.98% 8/16/2026 $250,000.00 $264,953.75 GOLDMAN SACHS GROUP - 5 YEAR BOND 38150AJ63 1.70% 1.70% 10/29/2026 $210,000.00 $210,000.00 MORGAN STANLEY FIN GLOBAL - 5 YEAR BOND 61766YGT2 1.35% 1.35% 11/18/2026 $250,000.00 $250,000.00 JP MORGAN CHASE BOND - 5 YEAR BOND 48128G5Y2 2.10% 2.10% 1/29/2027 $270,000.00 $270,000.00 BANK OF AMERICA - 5 YEAR BOND 06048WS84 2.75% 2.75% 3/2/2027 $250,000.00 $250,000.00 MORGAN STANLEY-FIN GLOBAL 5 YEAR BOND 61766YJQ5 3.25% 3.25% 4/13/2027 $250,000.00 $250,000.00 INTEL CORP - 5 YEAR BOND 458140BY5 3.75% 4.25% 8/5/2027 $250,000.00 $244,538.75 $3,314,492.50
UNITED STATES TREASURY BILLS - 4 MONTH 912797JK4 5.32% 5.32% 3/26/2024 $300,000.00 $295,025.40 UNITED STATES TREASURY BILLS - 4 MONTH 912797JN8 5.28% 5.28% 4/16/2024 $521,000.00 $512,351.40 $807,376.80
TEXAS EXCHANGE- 4 YEAR CD 88241THS2 0.65% 0.65% 6/21/2024 $249,000.00 $249,000.00 GENERAL ELECTRIC CU - 2 YEAR CD 369674BT2 3.25% 3.25% 6/28/2024 $249,000.00 $249,000.00 OCEANFIRST BANK - 2 YEAR CD 67523TBE2 3.25% 3.25% 7/1/2024 $246,000.00 $246,000.00 MORGAN STANLEY PRIVATE BANK - 5 YEAR CD 61760AR76 2.20% 2.20% 8/1/2024 $247,000.00 $247,000.00 AMERICAS CR - 2 YEAR CD 03065AAV5 3.65% 3.65% 9/27/2024 $249,000.00 $249,000.00 SYNCHRONY BK RETAIL - 3 YEAR CD 87164WQ68 3.30% 3.30% 8/26/2025 $245,000.00 $245,000.00 CAPITAL ONE BANK - 4 YEAR CD 14042TFH5 2.65% 2.65% 4/13/2026 $246,000.00 $246,000.00 TOYOTA FINANCIAL SAVINGS - 5 YEAR CD 89235MLC3 0.95% 0.95% 7/15/2026 $248,000.00 $248,000.00 GOLDMAN SACHS BANK USA NEW YORK - 5 YEAR CD 38149M4T7 2.65% 2.65% 4/13/2027 $246,000.00 $246,000.00 STATE BANK OF INDIA - 5 YEAR CD 856285N64 3.30% 3.30% 6/1/2027 $245,000.00 $245,000.00 CENTRAL BANK LITTLE ROCK ARK - 5 YEAR CD 152577BS0 5.30% 5.30% 6/30/2028 $248,000.00 $248,000.00 ENVISION C.U- 5 YEAR CD 29415AAQ8 5.40% 5.40% 7/14/2028 $248,000.00 $248,000.00 $2,966,000.00
FNMA - FEDL NAT MTG ASSN POOL BALLOON - 5 YEAR BOND 3138L8UV4 2.92% 4.85% 1/1/2025 $300,000.00 $272,755.79 FEDERAL NATIONAL MEETING ASSN- 5 YEAR BOND 3136G4A86 0.50% 0.55% 7/21/2025 $250,000.00 $249,375.00 FEDERAL FARM BANK BOND - 4 YEAR BOND 3133ENEH9 1.13% 1.13% 11/17/2025 $250,000.00 $250,000.00 FEDERAL HOME LOAN BANK -- 5 YEAR BOND 3130AL2G8 0.60% 0.75% 2/18/2026 $250,000.00 $248,250.00 FNMA - DISC BOND - 3YEAR 3138LDPW7 2.68% 4.58% 5/1/2026 $250,000.00 $228,805.98 FEDERAL HOME LOAN BK BD - 5 YEAR BOND 3130ANMH0 1.10% 1.42% 8/20/2026 $250,000.00 $246,400.00 FEDERAL HOME LOAN BK BD - 4 YEAR BOND 3130AUSR6 5.00% 5.03% 2/9/2027 $500,000.00 $499,500.00 FEDERAL FARM CREDIT BANK - 5 YEAR BOND 3133ENSZ4 2.75% 2.75% 4/1/2027 $250,000.00 $250,000.00 FEDERAL HOME LOAN BK (FHLMC) - 5 YEAR BOND 3134GXTZ7 3.50% 3.50% 5/26/2027 $250,000.00 $250,000.00 FEDERAL HOME LOAN BK BD - 5 YEAR BOND 3130ASF53 3.25% 3.41% 6/30/2027 $500,000.00 $499,250.00 FEDERAL HOME LOAN BK BD - 5 YEAR BOND 3130ASZ69 4.05% 4.08% 8/27/2027 $250,000.00 $249,625.00 FEDERAL HOME LOAN - 5 YEAR BOND 3135GALL3 5.15% 5.15% 1/11/2027 $500,000.00 $500,000.00 FEDERAL NATIONAL MEETING ASSN- 5 YEAR BOND 3140LBSE4 1.09% 4.38% 3/1/2028 $350,000.00 $306,250.00 FEDERAL HOME LOAN BK BD - 4.5 YEAR BOND 3133EPP90 5.50% 5.50% 6/21/2028 $1,000,000.00 $1,000,000.00 FEDERAL HOME LOAN - 5 YEAR BOND 3130AWMJ6 5.75% 5.75% 7/26/2028 $500,000.00 $500,000.00
5.48%
INVESTMENTS HELD WITH GREAT PACIFIC SECURITIES:
INVESTMENT HELD WITH STIFEL:
TVI CD'S INVESTMENTS SUBTOTAL :
TVI CORPORATE BONDS INVESTMENTS SUBTOTAL:
CALTRUST INVESTMENT PROGRAM-MEDIUM TERM-SHARES: $9.75 per share 3.93%
CALTRUST LIQUIDITY FUND
INVESTMENTS HELD WITH TVI:
PACIFIC SECURITIES CORPORATE BONDS INVESTMENTS SUBTOTAL:
SUMMARY OF BANK BALANCES YIELD
4.122%
BMO HARRIS - GENERAL ACCOUNT
SAN DIMAS PETTY CASH - IMPREST FUNDS
LOCAL AGENCY INVESTMENT FUND (LAIF) CA STATE TREASURER
INVESTMENTS
TVI TRESURY BILLS INVESTMENT SUBTOTAL:
Attachment 1
FEDERAL FARM CR - 5 YEAR BOND 3130AY6S0 5.42% 5.42% 12/21/2028 $500,000.00 $500,000.00 FEDERAL HOME LOAN - 5 YEAR BOND 3133EPX59 5.43% 5.43% 1/23/2029 $500,000.00 $500,000.00 FEDERAL HOME LOAN - 5 YEAR BOND 3134H1RV7 5.35% 5.38% 2/8/2029 $500,000.00 $499,375.00 FEDERAL HOME LOAN - 5 YEAR BOND 3135GAN31 5.20% 5.23% 2/14/2029 $500,000.00 $499,375.00 FEDERAL HOME LOAN - 5 YEAR BOND 3134H1UZ4 5.00% 5.14% 2/26/2029 $500,000.00 $497,000.00 FEDERAL HOME LOAN - 5 YEAR BOND 3134H1UF8 5.75% 5.75% 2/28/2029 $500,000.00 $500,000.00 $8,545,961.77
BANK OF AMERICA - 5 YEAR BOND 06048WP20 1.25% 1.25% 9/24/2026 $250,000.00 $250,000.00 APPLE INC - 10 YEAR CORPORATE BOND 037833CR9 3.20% 3.30% 5/11/2027 $250,000.00 $248,850.00 SADDLEBACK VALLEY - 7.75 YEAR BOND (MUNICIPAL BOND) 786318LF0 2.40% 3.41% 8/1/2027 $250,000.00 $238,500.00 $737,350.00
U.S TREASURY BILL - 2 WEEK 912797JH1 5.16% 5.16% 3/12/2024 $249,000.00 $248,579.19 U.S TREASURY BILL - 3 MONTH 912797LL9 5.27% 5.27% 3/21/2024 $1,700,000.00 $1,678,002.00 U.S TREASURY BILL - 4 MONTH 912797JN8 5.28% 5.28% 4/16/2024 $890,000.00 $875,226.00 U.S TREASURY BILL - 3 MONTH 912796CX5 5.30% 5.30% 4/18/2024 $1,600,000.00 $1,579,200.00 U.S TREASURY BILL - 4 MONTH 912797JK4 5.30% 5.30% 5/23/2024 $1,000,000.00 $983,050.00 U.S TREASURY BILL - 6 MONTH 912797HR1 5.30% 5.30% 5/23/2024 $3,000,000.00 $2,925,000.00 U.S TREASURY BILL - 5 MONTH 912797FS1 5.20% 5.20% 6/13/2024 $800,000.00 $783,632.00 U.S TREASURY BILL - 6 MONTH 912796ZW2 5.24% 5.24% 6/20/2024 $1,000,000.00 $974,600.00 U.S TREASURY BILL - 6 MONTH 912797GP6 5.47% 5.47% 6/25/2024 $2,200,000.00 $2,163,414.00 $12,210,703.19
UKRAINIAN FCU - 1 YEAR CD 90372WAB6 5.05% 5.05% 5/8/2024 $248,000.00 $248,000.00 LOCAL GOVT FEDRL CR UN- 1 YEAR CD 53955LAC1 5.15% 5.15% 5/17/2024 $248,000.00 $248,000.00 APPLE BANK FOR SVGS NEW YORK - 2 YEAR CD 03784JTK0 3.20% 3.20% 7/22/2024 $246,000.00 $246,000.00 AUSTIN TELCO FED CR - 2 YEAR CD 052392BM8 3.40% 3.40% 8/12/2024 $249,000.00 $249,000.00 AMERICAS CHRISTIAN CR - 2 YEAR CD 03062CAD4 3.40% 3.40% 8/30/2024 $248,000.00 $248,000.00 FIRST TECH FCU - 18 MONTH CD 33715LEX4 5.25% 5.25% 10/15/2024 $248,000.00 $248,000.00 DART BANK - 2.5 YEAR CD 237412AR2 3.00% 3.00% 12/20/2024 $249,000.00 $249,000.00 DIRECT FEDERAL CREDIT UNION - 2.5 YEAR CD 5460FDD5 3.00% 3.00% 12/23/2024 $249,000.00 $249,000.00 TECHNOLOGY CREDIT UNION - 2 YEAR CD 87868YAG8 5.00% 5.00% 1/21/2025 $249,000.00 $249,000.00 VERIDIAN CREDIT UNION - 2 YEAR CD 92348DAB5 4.75% 4.75% 1/21/2025 $249,000.00 $249,000.00 EVOLVE FEDL CR UN - 1 YEAR 30053QAB1 5.30% 5.30% 4/12/2024 $249,000.00 $249,000.00 SAFRA NATL BANK OF NY - 3 YEAR CD 78658RHM6 2.00% 2.00% 3/24/2025 $248,000.00 $248,000.00 LIVE OAK BANK- 5 YEAR CD 538036LD4 1.40% 1.40% 3/31/2025 $249,000.00 $249,000.00 MEDALLION BANK - 5 YEAR CD 58404DGR6 1.60% 1.60% 3/31/2025 $248,000.00 $248,000.00 CLEARPATH FEDERAL CU BURBANK- 2 YEAR CD 18507MAA9 5.15% 5.15% 4/28/2025 $248,000.00 $248,000.00 DISCOVER BK - 3 YEAR CD 254673B70 2.80% 2.80% 4/28/2025 $247,000.00 $247,000.00 UTAH COMMUNITY CU - 2 YEAR CD 917352AB2 4.80% 4.80% 4/28/2025 $248,000.00 $248,000.00 FLAGSTAR BANK - 5 YEAR CD 33847E3D7 1.15% 1.17% 4/29/2025 $248,000.00 $247,876.00 HSBC BANK - 5 YEAR CALLABLE CD 44329ME33 1.30% 1.30% 5/7/2025 $248,000.00 $248,000.00 INSTITUTION FOR SVGS - 3 YEAR CD 45780PBL8 3.10% 3.10% 5/20/2025 $249,000.00 $249,000.00 CARTER FEDERAL C.U 3 YEAR CD 14622LAC6 3.00% 3.00% 6/23/2025 $249,000.00 $249,000.00 HUGHES FED CR - 2 YEAR CD 444425AA0 5.25% 5.25% 6/30/2025 $248,000.00 $248,000.00 MID AMERICAN CU - 2 YEAR CD 59522NAE4 5.25% 5.25% 6/30/2025 $248,000.00 $248,000.00 MERITRUST CR UN - 3 YEAR CD 59001PAS8 3.35% 3.35% 7/8/2025 $249,000.00 $249,000.00 CREDIT UNION OF TEXAS - 3 YEAR CD 22551KAB8 3.30% 3.30% 7/22/2025 $246,000.00 $246,000.00 TVA CMNTY CR UN - 3 YEAR CD 87305MAB6 3.25% 3.25% 8/4/2025 $249,000.00 $249,000.00 RESOURCE ONE CR UN - 3 YEAR CD 76124YAE6 3.30% 3.30% 8/18/2025 $249,000.00 $249,000.00 IDEAL CREDIT UNION - 3 YEAR CD 45157PAY6 4.00% 4.00% 8/29/2025 $249,000.00 $249,000.00 ALABAMA CREDIT UNION - 3 YEAR CD 01025RAB5 3.60% 3.60% 9/22/2025 $249,000.00 $249,000.00 UNIVERSITY CREDIT UNION - 3 YEAR CD 914242AA0 4.00% 4.00% 9/26/2025 $249,000.00 $249,000.00 BARCLAYS BANK - 4 YEAR CD 06740KNT0 1.00% 1.00% 12/15/2025 $248,000.00 $248,000.00 US ALLIANCE FED C.U - 4 YEAR CD 90352RCD5 1.35% 1.35% 1/28/2026 $249,000.00 $249,000.00 FARMERS & MERCHANTS BANK- 3.5 YEAR CD 3078115EL9 3.20% 3.20% 2/5/2026 $249,000.00 $249,000.00 STIFEL COMMERCIAL & MUNICIPAL BONDS SUBTOTAL:
STIFEL TRESURY BILLS INVESTMENT SUBTOTAL:
STIFEL GOVERNMENT SPONSORED ENTERPRISES (GSE) AGENCY BONDS INVESTMENTS SUBTOTAL:
CFG COMMUNITY BANK - 3.5 YEAR CD 12527CFL1 3.80% 3.80% 3/11/2026 $245,000.00 $245,000.00 ALASKA US FEDERAL CREDIT UNION - 3 YEAR CD 011852AH3 5.15% 5.15% 3/23/2026 $248,000.00 $248,000.00 CMNTY CAPITAL BANK- 4 YEAR CD 20033A2Z8 2.60% 2.60% 4/14/2026 $249,000.00 $249,000.00 BAXTER CR UN - 4 YEAR CD 07181JAD6 3.05% 3.05% 6/22/2026 $249,000.00 $249,000.00 CATHOLIC & COMMUNITY CR UNION - 3 YEAR CD 14919NAA8 5.30% 5.30% 6/22/2026 $248,000.00 $248,000.00 INSPIRE FEDERAL CREDIT UNION - 3 YEAR CD 457731AQ0 5.00% 5.00% 6/30/2026 $248,000.00 $248,000.00 NEW YORK COMMUNITY BANK - 5 YEAR CD 649447UZ0 0.70% 0.70% 7/1/2026 $249,000.00 $249,000.00 SALLIE MAE BK SALT LAKE CITY UT - 5 YEAR CD 795451AB9 1.00% 1.00% 7/21/2026 $248,000.00 $248,000.00 FIRST STATE BANK - 4 YEAR CD 33650TAH3 3.60% 3.60% 9/16/2026 $249,000.00 $249,000.00 QUORUM FED CR - 4 YEAR CD 74909LAB6 3.85% 3.85% 9/23/2026 $249,000.00 $249,000.00 PENTAGON FEDERAL CR UN - 5 YEAR CD CUSIP #70962LAS1 70962LAS1 0.90% 0.90% 9/29/2026 $249,000.00 $249,000.00 ONPATH FEDERAL CREDIT UN - 4 YEAR CD 68283MAF3 3.25% 3.25% 9/30/2026 $249,000.00 $249,000.00 HAWAII CENTRAL FCU - 3 YEAR CD 419700AG4 5.50% 5.50% 10/27/2026 $248,000.00 $248,000.00 BANK UNITED NA - 5 YEAR CD 066519RW1 1.35% 1.35% 12/8/2026 $248,000.00 $248,000.00 BANK HAPOALIM BM - 5 YEAR CD 06251A3K4 1.35% 1.35% 12/16/2026 $248,000.00 $248,000.00 CONNEXUS CREDIT UNION - 5 YEAR CD 20825WAR1 1.25% 1.25% 12/23/2026 $249,000.00 $249,000.00 AMERANT BANK - 5 YEAR CD 02357QAQ0 1.60% 1.60% 2/16/2027 $248,000.00 $248,000.00 PIMA CREDIT UNION- 4.5 YEAR CD 722000AA4 5.15% 5.15% 2/17/2027 $248,000.00 $248,000.00 METRO CREDIT UNION - 5 YEAR CD 59161YAP1 1.70% 1.70% 2/18/2027 $249,000.00 $249,000.00 BEAL BANK PLANO TEXAS - 5 YEAR CD 07371AZQ9 2.05% 2.05% 3/3/2027 $248,000.00 $248,000.00 BEAL BANK USA LAS VEGAS - 5 YEAR CD 07371CK81 2.05% 2.05% 3/3/2027 $248,000.00 $248,000.00 MORGAN STANLEY- 5 YEAR CD 61773TDN0 3.00% 3.00% 4/29/2027 $246,000.00 $246,000.00 GENERATION BANK ROGERS AR CD - 5 YEAR CD 37149CAV9 3.10% 3.10% 5/6/2027 $249,000.00 $249,000.00 DEPARTMENT OF COMMERCE - 5 YEAR CD 24951TAT2 3.25% 3.25% 5/13/2027 $249,000.00 $249,000.00 TRUSTONE FINL CR UN - 5 YEAR CD 89841MAF4 3.40% 3.40% 7/19/2027 $249,000.00 $249,000.00 BMO HARRIS BANK - 5 YEAR CD 05600XHE3 3.55% 3.55% 7/27/2027 $247,000.00 $247,000.00 THIRD FEDL S&L ASSN - 5 YEAR CD 88413QDM7 3.40% 3.40% 7/27/2027 $245,000.00 $245,000.00 CMNTY COMMERCE BANK CLAREMONT- 5 YEAR CD 20367GBH1 3.30% 3.30% 8/10/2027 $249,000.00 $249,000.00 ST VINCENT MED CTR CR - 5 YEAR CD 85279AAA0 3.50% 3.50% 8/12/2027 $249,000.00 $249,000.00 PITTSBURG CITY HALL FCU - 5 YEAR CD 72500MAA3 3.60% 3.60% 8/16/2027 $249,000.00 $249,000.00 SHARONVIEW FCU - 5 YEAR CD 819866BL7 3.50% 3.50% 8/16/2027 $249,000.00 $249,000.00 GHS FEDERAL CREDIT UNION - 5 YEAR CD 36266LAA4 3.80% 3.80% 9/15/2027 $249,000.00 $249,000.00 ROGUE CREDIT UNION - 5 YEAR CD 77535MAG8 5.20% 5.20% 12/23/2027 $249,000.00 $249,000.00 PACIFIC WESTERN BANK - 5 YEAR CD 69506YXD6 5.65% 5.65% 3/22/2028 $243,000.00 $243,000.00 NEW ORLEANS FIREMANS FCU - 5 YEAR CD 647608AH1 5.00% 5.00% 7/17/2028 $248,000.00 $248,000.00 NUMERICA CREDIT UNION - 5 YEAR CD 67054NBK8 5.10% 5.10% 7/31/2028 $248,000.00 $248,000.00 GREEN STATE CREDIT UNION- 5 YEAR CD 39573LEL8 5.00% 5.00% 8/29/2028 $248,000.00 $248,000.00 ALLIANT CREDIT UNION- 5 YEAR CD 01882MAH5 5.35% 5.35% 11/15/2028 $248,000.00 $248,000.00 $17,623,876.00
$46,705,760.26
$74,949,571.44
Amount % of Portfolio Amount % of Portfolio
$2,008,517.46 3% 45,506,646.96 $ 62%
$10,002,278.20 13% 15,963,160.73 $ 20%
$16,233,015.52 22% 13,479,763.75 $ 18%
$8,545,961.77 11% $ 100% 74,949,571.44
$4,551,842.50 6%
$13,018,079.99 17% 1.21
$20,589,876.00 27% 3.95%
$74,949,571.44 100%
Michael O'Brien Administrative Services Director/City Treasurer Prepared by: Jennifer Legaspi
INVESTMENTS BY TYPE INVESTMENTS BY MATURITY
CHECKING ACCOUNTS/CASH ON HAND
Type
TOTAL CD's/GSE BONDS/ CORPORATE BONDS/TREASURY BILLS
TOTAL OF ALL INVESTMENTS
STIFEL CD'S INVESTMENT SUBTOTAL:
Maturity Range
1 Day to 1 Yr.
1 Yr. to 3 Yrs.
3 Yrs. to 5 Yrs.
Total
The above investments have met the requirements as stated in the City's Annual Investment Policy.
CALTRUST
GSE AGENCY BONDS
COMMERCIAL BONDS
U.S TREASURY BILLS
NEGOTIABLE CERTIFICATES OF DEPOSIT
LOCAL AGENCY INVESTMENT FUND (LAIF)
TOTAL OF ALL INVESTMENTS
Weighted Average Maturity in Years
Weighted Average Yield
Agenda Item Staff Report
To: Honorable Mayor and Members of City Council
For the Meeting of March 26, 2024
From: Chris Constantin, City Manager
Prepared by: Michael O'Brien, Director of Administrative Services Subject: Approve an Amendment to The Agreement between the City of San Dimas and the Humane Society of Pomona Valley Inc. dba Inland Valley Humane Society & S.P.C.A to Revert Back To Crediting Actual Revenues Earned as Opposed to a Guaranteed Revenue Credit to Offset Expenditures.
____________________________________________________________________________
SUMMARY
The Humane Society of Pomona Valley Inc. dba Inland Valley Humane Society & S.P.C.A contacted the City to inform us that they would be requesting an amendment to the current agreement per the provisions of the contract in order to revert back to a model that no longer utilizes a guaranteed revenue offset of expenditures in order to align all city contracts to an actual revenue generated model.
RECOMMENDATION
Staff recommends that the City Council:
• Approve the contract amendment.
FISCAL IMPACT
The total value of the agreement is approximately $280,000 a year. The CEO for Inland Valley Humane Society (IVHS) has stated that the revenues generated by City residents has been greater than the guaranteed contracted rate and this change would benefit the City. However, if there were to be a drop in licenses purchased, the revenues could fall below the guaranteed rate of $80,000 per year.
Based on historical activity, it is likely that the revenues will come back above the $80,000 amount. However, if the licensing activity level reduces, the overall cost of the agreement will increase.
Approve Amendment to the agreement between the City of San Dimas and The Humane Society of Pomona Valley Inc. Page 2
For the Meeting of March 26, 2024
BACKGROUND
The City entered into a new agreement with IVHS in 2021 after conducting an analysis of options for animal services through LA County and other organizations. The conclusion of that analysis determined that IVHS was the best option for the City based on pricing, location of facilities and services provided. The City has contracted with IVHS since March 25th 1968.
DISCUSSION/ANALYSIS
Based on the past revenue collections, the contract amendment is likely to result in cost savings for the City with no change to the operations or service levels. However, actual amounts will not be known until IVHS completes the service year.
ALTERNATIVES
The council could elect to reject the amendment and direct staff to seek an alternative for animal control services. Cities currently serviced by IVHS have met and discussed alternatives which included changing the relationship between IVHS and cities as well as alternative service models.
At this time, it does not appear there is a viable approach given the need to ensure continuity of service. If the City Council desires staff to consider alternatives, it will be some time before one can be identified, analyzed and considered.
ENVIRONMENTAL REVIEW
Pursuant to CEQA guidelines Section 15061 (b)(3), CEQA does not apply to this item because there is no potential for causing a significant effect on the environment. Therefore, no additional environmental review is needed at this time.
Respectfully submitted,
Michael O'Brien
Director of Administrative Services
Attachments:
1. Amendment to the current agreement
CITY OF SAN DIMAS – AMENDMENT NO. 1 TO AGREEMENT NO. X
CITY OF SAN DIMAS
AMENDMENT NO. 1 TO ANIMAL SHELTER AND
ANIMAL CONTROL SERVICES AGREEMENT
BETWEEN THE CITY OF SAN DIMAS AND
INLAND VALLEY HUMANE SOCIETY & S.P.C.A.
THIS AMENDMENT NO. 1 to that certain Animal Shelter and Animal Control Services Agreement dated July 1, 2021 is entered into in the State of California by and between the CITY OF SAN DIMAS, a California general law municipal corporation, hereinafter called “City”, and THE HUMANE SOCIETY OF POMONA VALLEY, INC. dba INLAND VALLEY HUMANE SOCIETY & S.P.C.A., a nonprofit corporation, hereinafter called “Humane Society.”
City and the Humane Society agree to amend Agreement dated July 1, 2021 as follows:
1. Section 5, subsection (b). the “Guaranteed Revenue Credits” section shall be deleted and replaced, in its entirety, as follows:
(b) Revenue Credits: Humane Society shall receive and retain all payments collected for dog and cat licenses and related late fees, impound fees, kennel care fees and court fines collected on behalf of City as a result of City’s animal control program (“Service Fees”). Any Service Fees collected by Humane Society in connection with City’s animal control program shall be automatically remitted to Humane Society. All Service Fees will be credited to the City against the Annual Fee set forth in Paragraph 5(a) above, and subsequently calculated in Paragraph 5(d) below.
2. Section 13 shall be replaced in its entirety to read as follows:
Termination: After the completion of the initial Term, either Party, at any time, may terminate this Agreement without cause upon the giving of no less than one hundred eighty (180) days prior written notice to the other Party of the intent to terminate. This notice shall include the date of termination which shall be no less than one hundred eighty (180) days following the date of the notice. In the event of such a termination, Humane Society shall be paid for all work performed under the Agreement through the date of termination, less any Service Fee credits as described in Section 5(b). In the event that the Agreement is terminated, Humane Society will cooperate with City in transferring the animals sheltered and animal control services to any other consultant or provider chosen by City to perform the animal shelter and animal control services. The additional expenses of transferring the animals and animal control services include, but are not limited to, the actual cost of identification and relocation of animals, transfer of records, including medical records, and other costs related to the transfer of the responsibility for animal sheltering and animal care services from Humane Society.
If termination is initiated, revenue will be credited to the City based on actual receipts for the service period.
3. This Amendment will take effect July 1, 2024.
All other provisions of the agreement remain in effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Agreement No. X to be executed on the day and year last written below:
[Signatures on next page.]
Attachment 1
CITY OF SAN DIMAS – AMENDMENT NO. 1 TO AGREEMENT NO. X
CITY OF SAN DIMAS THE HUMANE SOCIETY OF POMONA
VALLEY, INC. dba INLAND VALLEY
HUMANE SOCIETY & S.P.C.A.
Chris Constantin
City Manager
Nikole Bresciani
President/CEO
(Date) Date
Attest:
Debra Black
City Clerk
(Date)
(Signature)
(Date) (Printed Name/Title)
Approved as to form:
Jeff Malawy
City Attorney
(Date)
(Date)