AGENDA
SAN RAFAEL CITY COUNCIL - MONDAY, NOVEMBER 6, 2023
REGULAR MEETING AT 7:00 P.M.
San Rafael City Council Chambers
1400 Fifth Avenue, San Rafael, CA 94901
Watch Online:
Watch on Zoom Webinar: https://tinyurl.com/cc-2023-11-06 Watch on YouTube: www.youtube.com/cityofsanrafael
Listen by phone: (669) 444-9171
ID: 844-3204-9611#
One Tap Mobile: +16694449171,,84432049611# US
This meeting will be held in-person. This meeting is being streamed to YouTube at www.youtube.com/cityofsanrafael.
How to participate in the meeting:
• Provide them in-person at the meeting. You are welcome to come to the meeting and provide public comment in-person. Each speaker will have 2-minutes to provide public comment. • Submit your comments by email by 4:00 p.m. the day of the meeting.
If you experience technical difficulties during the meeting, please contact [email protected].
OPEN SESSION – THIRD FLOOR CONFERENCE ROOM – 5:00 P.M.
1. Mayor Kate to announce Closed Session items.
CLOSED SESSION – THIRD FLOOR CONFERENCE ROOM – 5:00 P.M.
2. Closed Session:
a. Conference with Labor Negotiators – Government Code Section 54957.6 Lead Negotiators: Timothy L. Davis and Allison B. Hernandez (Burke, Williams & Sorensen)
Agency Designated Representatives: Cristine Alilovich, Paul Navazio, Marissa Sanchez, Sylvia Gonzalez, Angela Nicholson, and Angela Robinson Piñon Employee Organizations: San Rafael Police Mid-Management Association; Public Employee Union, Local 1; San Rafael Firefighters’ Association; San Rafael Police Association; SEIU Local 1021; Western Council of Engineers; San Rafael Fire Chief Officers’ Association; San Rafael Police Mid-Management Association; San Rafael Fire Chief Officers’ Association; Unrepresented Mid-Management; Unrepresented Executive Management
b. CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION
Government Code section 54956.9(d)(1): 1 case
Shaleeta Boyd, et al. v. City of San Rafael, et al. (U.S. District Court, N.D. Cal., Case No. 23- cv-04085-EMC)
CITY MANAGER AND COUNCILMEMBER REPORTS:
(including AB 1234 Reports on Meetings and Conferences Attended at City Expense)
3. City Manager and Councilmember Reports:
2 CONSENT CALENDAR:
The opportunity for public comment on consent calendar items will occur prior to the City Council’s vote on the Consent Calendar. The City Council may approve the entire consent calendar with one action. In the alternative, items on the Consent Calendar may be removed by any City Council or staff member, for separate discussion and vote.
4. Consent Calendar Items:
a. Approval of Minutes
Approve Minutes of the Special and Regular City Council Meetings of October 2, 2023 and Special City Council Meetings of October 16, 2023 and October 23, 2023 (CC) Recommended Action - Approve minutes as submitted
b. Fire Commission Appointments
Appointment of John Chung and Brian Waterbury to Fill Two Four-Year Terms as Alternate Members to the End of October 2027 on the Fire Commission (CC) Recommended Action – Approve Appointments
c. Pickleweed Advisory Committee
Resolution Adopting New Bylaws for the Pickleweed Advisory Committee and Appointing Mydung Nguyen as an Alternate Member to the End of October 2027 on the Pickleweed Advisory Committee (CC)
Recommended Action – Adopt Resolution and Approve Appointment d. Proclamation in Recognition of Native American Heritage Month 2023 (CM) Recommended Action – Receive and file
e. City Quarterly Investment Report
Acceptance of City of San Rafael Quarterly Investment Report for the Quarter Ending September 30, 2023 (Fin)
Recommended Action – Accept Report
f. Professional Services Agreement for Labor Negotiations Services Professional Services Agreement with Burke, Williams & Sorensen, LLP for Labor Negotiation Services, In an Amount Not to Exceed $150,000 (HR) Recommended Action – Authorize the City Manager to Enter into Agreement g. Albert Park Netting and Fencing Project
Albert Park Netting and Fencing Project Bid Rejection (PW) Recommended Action – Reject the Bid for the Albert Park Netting and Fencing Project and Direct Staff to Develop Design Alternatives
h. Essential Facilities Construction Project – Fire Station 55 Site Improvements Authorize the City Manager to Approve Contract Amendments to the Construction Agreement with Michael Paul Company, Inc. for Miscellaneous Unforeseen Conditions Associated with the Fire Station 55 Site Work Project (PW) Recommended Action – Authorize the City Manager to Approve Contract Amendments 3 SPECIAL PRESENTATIONS
5. Special Presentations:
a. Presentation of Proclamation in Recognition of United Against Hate Week 2023 and Support for Not in Our Town (CM)
b. Presentation of Proclamation in Recognition of Mark Machado, Former Park and Recreation Commissioner, for 16 Years of Service (LR)
PUBLIC HEARINGS
6. Public Hearings:
a. Marin Sanitary Service Rates for 2024
Recommended Action - Removed from agenda
b. City Council Meeting Commencement Time
Consideration of An Ordinance Amending Section 2.04.10 of the San Rafael Municipal Code Concerning Regular Meetings (CC)
Recommended Action – Waive further reading of the Ordinance and refer to it by title only, and introduce the Ordinance
OPEN TIME FOR PUBLIC EXPRESSION
The public is welcome to address the City Council at this time on matters not on the agenda that are within its jurisdiction. Please be advised that pursuant to Government Code Section 54954.2, the City Council is not permitted to discuss or take action on any matter not on the agenda unless it determines that an emergency exists, or that there is a need to take immediate action which arose following posting of the agenda. Comments may be no longer than two minutes and should be respectful to the community.
SAN RAFAEL SUCCESSOR AGENCY:
1. Consent Calendar:
a. Successor Agency Quarterly Investment Report
Acceptance of Successor Agency Quarterly Investment Report for the Quarter Ending September 30, 2023 (Fin)
Recommended Action – Accept Report
ADJOURNMENT:
OPEN SESSION – COUNCIL CHAMBERS – FOLLOWING ADJOURNMENT
7. Mayor Kate to announce Closed Session items.
CLOSED SESSION – THIRD FLOOR CONFERENCE ROOM – FOLLOWING ADJOURNMENT
8. Closed Session:
a. Conference with Labor Negotiators – Government Code Section 54957.6 Lead Negotiators: Timothy L. Davis and Allison B. Hernandez (Burke, Williams & Sorensen)
Agency Designated Representatives: Cristine Alilovich, Paul Navazio, Marissa Sanchez, Sylvia Gonzalez, Angela Nicholson, and Angela Robinson Piñon 4 Employee Organizations: San Rafael Police Mid-Management Association; Public Employee Union, Local 1; San Rafael Firefighters’ Association; San Rafael Police Association; SEIU Local 1021; Western Council of Engineers; San Rafael Fire Chief Officers’ Association; San Rafael Police Mid-Management Association; San Rafael Fire Chief Officers’ Association; Unrepresented Mid-Management; Unrepresented Executive Management
b. CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION
Government Code section 54956.9(d)(1): 1 case
Shaleeta Boyd, et al. v. City of San Rafael, et al. (U.S. District Court, N.D. Cal., Case No. 23- cv-04085-EMC)
Any records relating to an agenda item, received by a majority or more of the Council less than 72 hours before the meeting, shall be available for inspection online and at City Hall, 1400 Fifth Avenue, and placed with other agenda-related materials on the table in front of the Council Chamber prior to the meeting. Sign Language interpreters may be requested by calling (415) 485-3066 (voice), emailing [email protected] or using the California Telecommunications Relay Service by dialing “711”, at least 72 hours in advance of the meeting. Copies of documents are available in accessible formats upon request. To request Spanish language interpretation, please submit an online form at https://www.cityofsanrafael.org/request-for-interpretation/.
Minutes subject to approval at the November 6, 2023 meeting
MINUTES
SAN RAFAEL CITY COUNCIL SPECIAL MEETING
MONDAY, OCTOBER 2, 2023 AT 5:00 P.M.
In-Person:
San Rafael City Hall
Third Floor Conference Room
1400 Fifth Avenue, San Rafael, CA 94901
Participate Virtually:
Watch on Zoom Webinar: https://tinyurl.com/ccsm-2023-10-02 Listen by phone: (669) 900-9128
ID: 825-2571-0612#
One Tap Mobile: +16699009128,,82525710612# US
Present: Councilmember Bushey
Councilmember Kertz
Councilmember Hill
Vice Mayor Llorens Gulati
Mayor Kate
Absent: None
Also Present: City Clerk Lindsay Lara
Mayor Kate called the meeting to order at 5:03 p.m. and requested City Clerk Lindsay Lara call the roll. All members of the City Council were present.
Mayor Kate invited public comment; however, there was none.
1. Boards, Commissions and Committees Interviews
Interview Applicants for Planning Commission and Design Review Board and Make Appointments (CC):
a. Design Review Board Interviews
Interview Applicants and Make an Appointment to Fill One Four-Year Term to the End of October 2027 on the Design Review Board Due to the Expiration of Term of Stewart Summers (CC)
Recommended Action – Appoint one applicant
The City Council interviewed the following applicants: Gerrod Herndon and Stewart Summers.
Maureen de Nieva-Marsh withdrew her application.
After discussion, there was consensus to appoint Stewart Summers to fill one four-year term to the end of October 2027 on the Design Review Board.
b. Planning Commission Interviews
Interview Applicants and Make Appointments to Fill One Four-Year Term as a District 2 Representative and One Four-Year Term as a District 3 Representative to the End of October 2027 on the Planning Commission Due to the Expiration of Terms of Shingai Samudzi and Kelly Shalk (CC)
Recommended Action – Appoint one applicant to District 2 Representative and one applicant to District 3 Representative
The City Council interviewed the following applicants: Gerrod Herndon, Pooja Rawat, Samina Saude, Danielle Mahoney, Losalini Reeves and Shingai Samudzi.
After discussion, there was consensus to appoint Samina Saude to fill one four-year term as a District 2 Representative and to appoint Shingai Samudzi to fill one four-year term as a District 3 Representative to the end of October 2027 on the Planning Commission.
ADJOURNMENT:
Mayor Kate adjourned the meeting at 6:28 p.m.
___________________________
LINDSAY LARA, City Clerk
APPROVED THIS _____DAY OF____________, 2023
_____________________________________
KATE COLIN, Mayor
Minutes subject to approval at the November 6, 2023 meeting
MINUTES
SAN RAFAEL CITY COUNCIL - MONDAY, OCTOBER 2, 2023
REGULAR MEETING AT 7:00 P.M.
In-Person:
San Rafael City Council Chambers
1400 Fifth Avenue, San Rafael, CA 94901
Participate Virtually:
Watch on Zoom Webinar: https://tinyurl.com/cc-2023-10-02 Watch on YouTube: www.youtube.com/cityofsanrafael
Listen by phone: (669) 444-9171
ID: 844-3204-9611#
One Tap Mobile: +16694449171,,84432049611# US
This meeting will be held in-person. The public may attend in-person or participate virtually using Zoom.
This meeting is being streamed to YouTube at www.youtube.com/cityofsanrafael.
How to participate in the meeting virtually:
• Submit public comment in writing before 4:00 p.m. the day of the meeting to [email protected].
• Join the Zoom webinar and use the 'raise hand' feature to provide verbal public comment. • Dial-in to Zoom's telephone number using the meeting ID and press *9 to raise your hand, and *6 to unmute yourself, then provide verbal public comment.
If you experience technical difficulties during the meeting, please contact [email protected].
OPEN SESSION – THIRD FLOOR CONFERENCE ROOM – 6:00 PM
Dial-in: (669) 900-9128, Meeting ID# 825-2571-0612#
1. Mayor Kate announced Closed Session items.
CLOSED SESSION – THIRD FLOOR CONFERENCE ROOM – 6:00 PM
2. Closed Session:
a. CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION
Government Code section 54956.9(d)(1): 2 cases
1. City of San Rafael v. Francisco Boulevard Investors, LLC (Marin Superior Court, Case No. CIV2202980)
2. Shaleeta Boyd, et al. v. City of San Rafael, et al. (U.S. District Court, N.D. Cal., Case No. 23-cv-04085-EMC)
Present: Councilmember Bushey
Councilmember Hill
Councilmember Kertz
Vice Mayor Llorens Gulati
Mayor Kate
Absent: None
Also Present: City Manager Cristine Alilovich
City Attorney Robert Epstein
2 City Clerk Lindsay Lara
Mayor Kate called the meeting to order at 7:02 p.m. and invited City Clerk Lindsay Lara to call the roll.
City Attorney Rob Epstein announced there was no reportable action in Closed Session.
Mayor Kate provided opening remarks, which included appreciation to City staff, comments on hate speech, moving Open Time for Public Expression to the end of the meetings, a future resolution changing the regular meeting start time to 6 p.m. and a land acknowledgment.
City Clerk Lindsay Lara informed the community that the in-person meeting would also be recorded and streamed live to YouTube and through Zoom, and members of the public would provide public comment either on the telephone or through Zoom. She explained the process for community participation on the telephone, through Zoom and in-person.
CITY MANAGER AND COUNCILMEMBER REPORTS:
(including AB 1234 Reports on Meetings and Conferences Attended at City Expense)
3. City Manager and Councilmember Reports:
City Manager Cristine Alilovich:
• Movies in the Park Update - Event starts at 5pm and movie to start 15 minutes after sunset.
o Friday, October 6, Monsters University at Terra Linda Park • Dia de los Muertos Car Procession to be held Saturday, October 21 at 3pm Applications to participate in the car procession due Friday, October 6 • Agism Awareness Day is Saturday, October 7
• Nightwork Street Paving Update
City Councilmember Reports:
• Vice Mayor Llorens Gulati reported on Coastal Clean-up Day, the League of California Cities Conference, Movies in the Park, a Marin Clean Energy Board retreat, a Marin County Council of Mayors & Councilmembers (MCCMC) meeting, the City employee bocce tournament and a celebration of Guatemala festival. • Councilmember Kertz reported on serving on a panel of the Aging Action Initiative, a Boost School ribbon-cutting, the Spirit of Marin Awards, an upcoming Movies in the Park, and speaking (as a member of Bay Area Network of Jewish Officials (BANJO)) at a MCCMC meeting.
• Councilmember Hill reported on the Cal Cities Conference, the California League of Cities Asian Pacific Islander Caucus and a MCCMC meeting. • Councilmember Bushey reported on Marin Transit, the San Rafael Sanitation District Strategic Plan interviews, meeting with the representative from the Northgate development proposal, a MCCMC meeting and the City employee bocce tournament. • Mayor Kate reported on a BayWAVE field trip, a ribbon-cutting for the Centertown Grand Reopening hosted by EAH Housing and BRIDGE Housing, a Transportation Authority of Marin (TAM) meeting and the upcoming Nationwide Emergency Alert Test on Wednesday, October 4.
3 Mayor Kate invited public comment.
Speaker: Name withheld
CONSENT CALENDAR:
Councilmember Bushey requested item 4.a be held from the Consent Calendar.
Mayor Kate invited public comment on all items on the Consent Calendar.
Speakers: Al Vetere, Name withheld
Vice Mayor Llorens Gulati moved and Councilmember Kertz seconded to approve the remainder of the Consent Calendar, Agenda Items 4b-4d.
4. Consent Calendar Items:
a. Approval of Minutes
Approve Minutes of the Regular City Council Meeting of September 18, 2023 (CC) Approved minutes as submitted
Councilmember Hill moved and Vice Mayor Llorens Gulati seconded to approve the minutes as submitted. Councilmember Bushey recused herself.
AYES: Councilmembers: Hill, Kertz, Llorens Gulati & Mayor Kate NOES: Councilmembers: None
ABSENT: Councilmembers: None
RECUSAL: Councilmembers: Bushey
b. Information Technology Services Agreement Renewal
Authorize the City Manager to Execute a General Service Agreement with Addendum with Xantrion, Inc., for Information Technology Services from November 1, 2023 Through October 31, 2024 In an Amount Not to Exceed $1,131,000 (DS) Authorized the City Manager to execute a general service agreement with addendum with Xantrion, Inc., for information technology services from November 1, 2023 through October 31, 2024 in an amount not to exceed $1,131,000
c. Proclamations
Proclamation Supporting Indigenous People’s Day 2023 (CM) Proclamation Supporting Cybersecurity Awareness Month (DS) Proclamation Supporting Fire Prevention Week 2023 (FD)
Received and filed
d. Special Event Street Closures
Resolution Authorizing the Temporary Closure of Fourth Street Between A Street and Lootens Place in San Rafael for the Mill Valley Film Festival Closing Party (PD) Resolution 15253 - Resolution Authorizing the Temporary Closure of Fourth Street Between A Street and Lootens Place in San Rafael for the Mill Valley Film Festival Closing Party AYES: Councilmembers: Bushey, Hill, Kertz, Llorens Gulati & Mayor Kate NOES: Councilmembers: None
ABSENT: Councilmembers: None
4 OTHER AGENDA ITEMS:
5. Other Agenda Items:
a. City Emergency Operations Plan Adoption
Resolution Adopting the City of San Rafael Emergency Operations Plan (FD) Quinn Gardner, Emergency Operations Director presented the Staff Report, and introduced Steven Torrence, Director of Emergency Management for Marin County who provided comments.
Staff responded to questions from the City Council.
Mayor Kate invited public comment.
Speakers: Al Vetere, Eva Chrysanthe
Councilmembers provided comments.
Vice Mayor Llorens Gulati moved and Councilmember Kertz seconded to adopt the resolution adopting the City of San Rafael Emergency Operations Plan.
AYES: Councilmembers: Bushey, Hill, Kertz, Llorens Gulati & Mayor Kate NOES: Councilmembers: None
ABSENT: Councilmembers: None
Resolution 15254 - Resolution Adopting the City of San Rafael Emergency Operations Plan.
OPEN TIME FOR PUBLIC EXPRESSION
• Al Vetere addressed the City Council regarding CARE Court.
SAN RAFAEL SUCCESSOR AGENCY:
1. Consent Calendar: - None.
ADJOURNMENT:
Mayor Kate adjourned the meeting at 8:33 p.m., in honor of Dianne Feinstein.
OPEN SESSION – COUNCIL CHAMBERS – FOLLOWING ADJOURNMENT
6. Mayor Kate announced Closed Session items.
CLOSED SESSION – THIRD FLOOR CONFERENCE ROOM – FOLLOWING ADJOURNMENT
7. Closed Session:
a. CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION
Government Code section 54956.9(d)(1): 2 cases
1. City of San Rafael v. Francisco Boulevard Investors, LLC (Marin Superior Court, Case No. CIV2202980)
2. Shaleeta Boyd, et al. v. City of San Rafael, et al. (U.S. District Court, N.D. Cal., Case No. 23-cv-04085-EMC)
5 ___________________________
LINDSAY LARA, City Clerk
APPROVED THIS _____DAY OF____________, 2023
_____________________________________
KATE COLIN, Mayor
Minutes subject to approval at the November 6, 2023 meeting
MINUTES
SAN RAFAEL CITY COUNCIL SPECIAL MEETING
MONDAY, OCTOBER 16, 2023 AT 5:00 P.M.
In-Person:
San Rafael City Hall
Third Floor Conference Room
1400 Fifth Avenue, San Rafael, CA 94901
Watch online:
Watch on Zoom Webinar: https://tinyurl.com/ccsp-2023-10-16 Listen by phone: (669) 900-9128
ID: 868-6585-5413#
One Tap Mobile: +16699009128,,86865855413# US
Present: Councilmember Bushey
Councilmember Kertz
Councilmember Hill
Vice Mayor Llorens Gulati
Mayor Kate
Absent: None
Also Present: City Clerk Lindsay Lara
Mayor Kate called the meeting to order at 5:04 p.m. and requested City Clerk Lindsay Lara call the roll. All members of the City Council were present.
Mayor Kate invited public comment; however, there was none.
1. Boards, Commissions and Committees Interviews
Interview Applicants for the Fire Commission, Park and Recreation Commission, Pickleweed Advisory Committee, and Make Appointments (CC):
a. Fire Commission Interviews
Interview Applicants and Make an Appointment to Fill One Unexpired Four-Year Term to the End of October 2025 on the Fire Commission Due to the Resignation of Nadine Atieh Hade (CC)
Recommended Action – Appoint one applicant
The City Council interviewed the following applicants: Brian Waterbury, Donna McCusker and John Chung. Gerrod Herndon withdrew his application.
After discussion, there was consensus to appoint Donna McCusker to fill one unexpired four-year term to the end of October 2025 on the Fire Commission, and Council recommended Staff return to a future City Council meeting to recommend appointment of John Chung as first Alternate Member and Brian Waterbury as second Alternate Member on the Fire Commission.
b. Park & Recreation Commission Interviews
Interview Applicants and Make Appointments to Fill Two Four-Year Terms to the End of October 2027 on the Park and Recreation Commission Due to the Expiration of Terms of Mark Machado and Cicily Emerson (CC)
Recommended Action – Appoint two applicants
The City Council interviewed the following applicants: Andrei Pasternak and Cicily Emerson. Gerrod Herndon, Danielle Mahoney, and Losalini Reeves withdrew their applications.
Mayor Kate declared a recess at 6:16 p.m.
Mayor Kate called the meeting back in session at 6:23 p.m.
Vice Mayor Llorens Gulati moved, and Councilmember Kertz seconded, to appoint Andrei Pasternak and Cicily Emerson to fill two four-year terms to the end of October 2027 on the Park & Recreation Commission.
AYES: Councilmembers: Bushey, Hill, Kertz, Llorens Gulati & Mayor Kate NOES: Councilmembers: None
ABSENT: Councilmembers: None
c. Pickleweed Advisory Committee Interviews
Interview Applicants and Make an Appointment to Fill One Four-Year Alternate Member Term to the End of October 2027 on the Pickleweed Advisory Committee (CC) Recommended Action – Appoint one applicant
Mayor Kate declared a recess at 6:27 p.m.
Mayor Kate called the meeting back in session at 6:30 p.m.
The City Council interviewed the following applicants: Darlin Ruiz. Gerrod Herndon withdrew his application, and Mydung Nguyen was not interviewed due to scheduling, but a subcommittee of the City Council interviewed her the week prior for the Police Accountability and Advisory Committee.
Mayor Kate declared a recess at 6:43 p.m.
Mayor Kate called the meeting back in session at 6:55 p.m.
Vice Mayor Llorens Gulati moved, and Councilmember Kertz seconded to appoint Darlin Ruiz to fill one four-year alternate member term to the end of October 2027 on the Pickleweed Advisory Committee, and recommended Staff return to a future City Council meeting to change the bylaws to allow for more than one Alternate Member, and an appointment of Mydung Nguyen as the second Alternate Member.
AYES: Councilmembers: Bushey, Hill, Kertz, Llorens Gulati & Mayor Kate NOES: Councilmembers: None
ABSENT: Councilmembers: None
ADJOURNMENT:
Mayor Kate adjourned the meeting at 7:04 p.m.
OPEN SESSION:
Mayor Kate announced Closed Session items.
CLOSED SESSION:
Closed Session:
a. CONFERENCE WITH LEGAL COUNSEL – EXISTING LITIGATION
Government Code section 54956.9(d)(1): 3 cases
a. California Newspapers Partnership v. City of San Rafael (Marin Superior Court, Case No. CV0000041)
b. Theo Emison v. City of San Rafael (Marin Superior Court, Case No. CV0000039) c. Shaleeta Boyd, et al. v. City of San Rafael, et al. (U.S. District Court, N.D. Cal., Case No. 23-cv-04085-EMC)
___________________________
LINDSAY LARA, City Clerk
APPROVED THIS _____DAY OF____________, 2023
_____________________________________
KATE COLIN, Mayor
Minutes subject to approval at the November 6, 2023 meeting
MINUTES
SAN RAFAEL CITY COUNCIL SPECIAL MEETING
MONDAY, OCTOBER 23, 2023 AT 6:30 P.M.
In-Person:
San Rafael City Hall
Third Floor Conference Room
1400 Fifth Avenue, San Rafael, CA 94901
Watch online:
Watch on Zoom Webinar: https://tinyurl.com/ccsp-2023-10-23 Listen by phone: (669) 900-9128
ID: 831-3594-8962#
One Tap Mobile: +16699009128,,83135948962#
Present: Councilmember Bushey
Councilmember Kertz
Vice Mayor Llorens Gulati
Mayor Kate
Absent: Councilmember Hill
Also Present: City Clerk Lindsay Lara
Mayor Kate called the meeting to order at 6:30 p.m. All members of the City Council were present, except for Councilmember Hill.
Mayor Kate invited public comment.
Speakers: Steve Bingham, Heidi Merchen
1. Police Accountability and Advisory Committee Interviews Interview Applicants and Make Appointments to Fill Four Four-Year Terms to the End of October 2027, Three Two-Year Terms to the End of October 2025, and Alternate Member(s) on the Newly Established Police Accountability and Advisory Committee (CC) The City Council interviewed the following applicants: Paula Kamena, Karla Valdez, Darlin Ruiz, Marilyn Alvarez, Mydung Nguyen, Daniel Alm, Daryoush Davidi, Fatai Tokolahi, Jenna Kerler, Salamah Locks, and William O’Connell. Isaac Campbell withdrew his application.
The City Council deliberated on applicants.
Vice Mayor Llorens Gulati moved, and Rachel Kertz seconded, to appoint Paula Kamena, Darlin Ruiz, Daryoush Davidi and Mydung Nguyen to four four-year terms to October 2027, and Marilyn Alvarez, Fatai Tokolahi and Daniel Alm to three two-year terms to October 2025, and Salamah Locks and Karla Valdez to two Alternate Member Terms to the end of October 2027.
AYES: Councilmembers: Bushey, Kertz, Llorens Gulati & Mayor Kate NOES: Councilmembers: None
ABSENT: Councilmembers: Hill
ADJOURNMENT:
Mayor Kate adjourned the meeting at 9:01 p.m.
___________________________
LINDSAY LARA, City Clerk
APPROVED THIS _____DAY OF____________, 2023
_____________________________________
KATE COLIN, Mayor
____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting:
Disposition:
Agenda Item No: 4.b
Meeting Date: November 6, 2023
SAN RAFAEL CITY COUNCIL STAFF REPORT
Department: City Clerk
Prepared by: Lindsay Lara, City Clerk City Manager Approval: ___________ TOPIC: FIRE COMMISSION APPOINTMENTS
SUBJECT: APPOINTMENT OF JOHN CHUNG AND BRIAN WATERBURY TO FILL TWO
FOUR-YEAR TERMS AS ALTERNATE MEMBERS TO THE END OF OCTOBER 2027 ON THE FIRE COMMISSION
RECOMMENDATION:
Appoint John Chung and Brian Waterbury to Fill Two Four-Year Terms to the End of October 2027 on the Fire Commission.
BACKGROUND:
On October 16, 2023, the City Council held interviews to make an appointment to fill the unexpired term of Nadine Atieh-Hade on the Fire Commission. Donna McCusker was appointed to fill the unexpired term, but the City Council provided a recommendation to Staff to appoint John Chung and Brian Waterbury as Alternate Members to the Fire Commission.
ANALYSIS:
As expressed in the Board, Commission and Committee (BCC) Rules and Procedures, if more than one Alternate member exists, there shall be a pre-determined first and second Alternate, and they shall alternate between first and second Alternate member annually. First Alternates shall vote in the absence of one voting member, and Second Alternates shall vote in the absence of a second voting member. John Chung would be appointed as the first Alternate Member, and Brian Waterbury will would be appointed as the second Alternate Member through the end of December 2024.
FISCAL IMPACT:
There is no fiscal impact associated with this item.
ATTACHMENT:
1. Two (2) Applications
2. Bylaws
Boards, Commissions & Committees Application
1 / 3
Q1
Contact Information / Información del contacto
First and Last Name / Nombre y Apellido Brian J Waterbury Address / Dirección
City / Ciudad San Rafael
State / estado CA.
ZIP/Postal Code / Código postal 94901
Email Address / Dirección de correo electrónico
Phone Number / Número de teléfono
Q2
What district do you currently live in?¿En qué distrito vive actualmente?
District 1/Southern / Distrito 1/Sur
Q3
How long have you lived in San Rafael?
Since 1961
Q4
Business Information
Company Retired
Q5
How did you hear about this vacant position?
Other (please specify):
Deputy Fire Chief Robert Sennott
#40
INCOMPLETE
Collector: Web Link 1 (Web Link)
Started: Monday, September 18, 2023 12:21:48 PM
Last Modified: Monday, September 18, 2023 12:37:35 PM
Time Spent: 00:15:46
IP Address: 73.92.206.164
Boards, Commissions & Committees Application
2 / 3
Q6
What Board would you like to apply to?¿A cuál te gustaría aplicar?
Fire Commission
Q10
Do you participate in any civic activities? If so, what are they? Rotary Club of Terra Linda. San Rafael Elks Lodge 1108.
Q11
List any civic organizations of which you are a member:
Rotary Club of Terra Linda. San Rafael Elks Lodge 1108.
Q12
Education:
BPA. Bachelors in public administration from University of San Francisco.
Q13
Why are you interested in serving on a board or commission? My whole life has been devoted to community service, YMCA, Boy Scouts, Terra Linda Volunteer Fire Department, U.S. Navy, City of San Rafael Fire Department, Program manager Marin Medical Reserve Corps. I have the skills and experience to enhance the effectiveness of the Fire Commission.
Q14
Describe possible areas in which you may have a conflict of interest with the City:
Workers Comp claim adjusted.
Q15
Upload your resume.
SRFD%20Fire%20Commission.pdf (95.2KB)
3 / 3
BRIAN J. WATERBURY
Applicant
City of San Rafael Fire Commission
Brian Waterbury has more than 39 years of Fire Service experience and retired in 2005 Division Chief from the City of San Rafael Fire Department in the San Francisco Bay Area.
Chief Waterbury’s many administrative responsibilities included long range planning, budgeting, training, human resources, community relations, development and implementing policy and disaster preparedness.
Chief Waterbury is currently a member of the San Rafael Elks Lodge and Past President of the Rotary Club of Terra Linda, The American Legion and Veterans of Foreign Wars.
Brian firmly believes that the “Power of Disaster Preparedness and response lies not with Local, State or Federal Governments, but with the Community.” Brian has a bachelor’s degree in public administration from the University of San Francisco and has extensive coursework at the California State Training Institute and FEMA’s Center for Domestic Preparedness (CDP).
Boards, Commissions & Committees Application
1 / 3
Q1
Contact Information / Información del contacto
First and Last Name / Nombre y Apellido John Chung
Address / Dirección
City / Ciudad San Rafael
State / estado CA
ZIP/Postal Code / Código postal 94901
Email Address / Dirección de correo electrónico
Phone Number / Número de teléfono
Q2
What district do you currently live in?¿En qué distrito vive actualmente?
District 3/Eastern / Distrito 3/Este
Q3
How long have you lived in San Rafael?
26 years
Q4
Business Information
Company San Francsisco Fire Department (retired)
Address 698 Second Street
City/Town San Francisco
ZIP/Postal Code 94107
#39
COMPLETE
Collector: Web Link 1 (Web Link)
Started: Wednesday, September 13, 2023 11:37:21 AM
Last Modified: Wednesday, September 20, 2023 10:08:59 PM Time Spent: Over a day
IP Address: 73.71.105.24
Boards, Commissions & Committees Application
2 / 3
Q5
How did you hear about this vacant position?
Friend
Q6
What Board would you like to apply to?¿A cuál te gustaría aplicar?
Fire Commission
Q10
Do you participate in any civic activities? If so, what are they? Golf Coach - San Rafael High School (girls and boys team) Q11
List any civic organizations of which you are a member:
San Rafael High Athletic Boosters
Q12
Education:
BA Criminal Justice - San Francisco State University
Masters of Business Administration - San Francisco State University Q13
Why are you interested in serving on a board or commission? I have fire service experience and would like to serve the community in which i live Q14
Describe possible areas in which you may have a conflict of interest with the City:
none
Q15
Upload your resume.
John%20Chung.pdf (35.8KB)
3 / 3
John Chung
San Rafael, CA 94901
Work History
1/2021 to 6/2021 Training Officer – San Francisco Fire Department Train and test new recruit class to all aspects of firefighting. Includes hose leads, raising ladders, EMS, pump operations, equipment, and rescue 10/2008 to 10/2009 & 1/2011 to 1/2021- Lieutenant – Fire Suppression – San Francisco Fire Department
Company to officer on Engine and Truck companies. Respond to fires and other emergencies as dispatched. Train probationary firefighters, conduct inspections, conduct drills, and administrative duties. 10/2009 to 12/2010 – Captain – Bureau of Equipment – San Francisco Fire Department
Manage SFFD fleet and all equipment that goes on each apparatus. Write specifications for new apparatus, test new equipment, and purchasing.
Supervise crew of fire apparatus mechanics.
10/1991 – 10/2008 - Firefighter – San Francisco Fire Department Various roles, working 24 hour watches, such as EMT, apparatus operator, firefighter. Respond to calls as dispatched, under the supervision of a company officer.
Related experience:
Instructor – City College of San Francisco; Fire Academy and Fire Science (2008 – present)
State Fire Training Certification in Driver 1A (apparatus operation) and Driver 1B (pump operations)
Subject Matter Expert – Engine operations specializing in pump operations.
Fire Commission Bylaws
FIRE COMMISSION BYLAWS
ARTICLE I. NAME AND PURPOSE
Section 1.1. Name. The name of this body shall be the City of San Rafael Fire Commission, hereinafter referred to as the “Commission.” Section 1.2. Purpose. The purpose of the Fire Commission is to advise and support the goals and objectives of the San Rafael Fire Department as articulated by the Fire Chief.
Section 1.3. Commission Responsibility. The Commission’s authority is advisory only. The Fire Commission has no power to act on behalf of the City of San Rafael or any other entity.
Subject to the direction and control of the city council, as provided in Section 2.04.030 of the San Rafael Municipal Code, the powers and duties of the Fire Commission shall be:
1. To review and recommend concerning the future needs of the fire department in respect to long-range capital needs, including buildings, training facilities, and water mains and hydrant replacements;
2. To review the relationship of the fire department with other governmental agencies and private entities concerning topics which the commission feels present a true and pressing need for the city's fire service, i.e., mutual aid and the fire rating system of the Independent Insurance Office;
3. To recommend to the fire chief and the city council action concerning initial adoption and future amendments to the fire prevention code, the building code, and other such ordinances which pertain to the prevention of fires within the community;
4. To receive monthly reports from the department head concerning the general operations and functions of the department;
5. To perform such other duties as may be prescribed by the city council.
ARTICLE II. MEMBERSHIP
Section 2.1. Number of Members. The Commission shall consist of five (5) members, one of which may be a Councilmember. The City Council has the authority to appoint alternates as needed. The Chief of the fire department shall be an ex officio member of the Commission but shall not be entitled to vote as a member of the Commission.
Section 2.2. Eligibility. Commissioners shall be residents of the city of San Rafael.
Fire Commission Bylaws
Section 2.3. Appointment of Commissioners. Commissioners shall be appointed by the City Council. Appointments shall be published on the website for the City of San Rafael in accordance with Government Code Section 54973, as amended from time to time.
Section 2.4. Terms of Appointment. Each Commissioner shall serve a term of four (4) years. An effort will be made to ensure that the terms are staggered, and not all of the appointments expire in the same year.
Section 2.5. Term Limits. Commissioners shall be limited to two (2) consecutive fouryear terms. Additional terms may be served if there is a break between terms.
Section 2.6. Absence and Removal. An unexcused absence from two (2) consecutive Commission meetings without notification to the Staff Liaison shall be considered a voluntary resignation from the Commission. Previously dismissed Commissioners may be eligible for reappointment to the Commission. Commissioners shall be subject to removal by the affirmative vote of three members of the city council.
Section 2.7. Compensation. Commissioners serve without compensation.
ARTICLE III. MEETINGS
Section 3.1. Time and date of Regular Meeting. Notification of meeting place, date, and time shall be rendered to the public through posting on the City of San Rafael website.
The Commission shall meet once per month, unless there is no business to conduct, and shall be scheduled annually. The schedule for the upcoming year will be set by December of the previous year.
____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting:
Disposition:
Agenda Item No: 4.c
Meeting Date: November 6, 2023
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: City Clerk’s Office
Prepared by: Lindsay Lara, City Clerk City Manager Approval: ______________ TOPIC: PICKLEWEED ADVISORY COMMITTEE
SUBJECT: RESOLUTION ADOPTING NEW BYLAWS OF THE PICKLEWEED ADVISORY
COMMITTEE AND APPOINTING MYDUNG NGUYEN AS AN ALTERNATE MEMBER TO THE END OF OCTOBER 2027 ON THE PICKLEWEED ADVISORY COMMITTEE RECOMMENDATION:
Adopt a resolution adopting new bylaws for the Pickleweed Advisory Committee; and appointing Mydung Nguyen as an Alternate Member to the end of October 2027 to the Pickleweed Advisory Committee.
BACKGROUND:
In 1982, the Pickleweed Advisory Board was created through the Joint Use Agreement between the City and the Canal Community Alliance. The Agreement was amended in 1984, 1992, and 1997, but the Board remained constant as an advisory body charged with making recommendations regarding the nowAlbert J. Boro Community Center facility and Pickleweed Park’s use, programs, and policies. In 2006, the Agreement was terminated, and the City Council approved new “Community Use Policies” for the management of the then-Pickleweed Park Community Center as well as a set of “Guidelines and Policy” for governance of the Pickleweed Advisory Board. In 2019, the City Council adopted a resolution changing the name of the Pickleweed Advisory Board to the Pickleweed Advisory Committee and adopted new bylaws for Committee governance. In 2021, the City Council adopted a resolution approving new bylaws for the Committee governance to increase its membership from five to seven members due to the increased interest in civic participation and leadership among Canal residents.
In 2022, the City Clerk’s office amended bylaws for all board, commission, and committees (BCCs), and removed limitations on the number of Alternate Members each BCC may have to allow for flexibility for the City Council to appoint more Alternate Members, as needed. The Pickleweed Advisory Committee was not included in this round of updates because it had been recently amended to the recommended template. Staff recommends adopting new bylaws to bring the Pickleweed Advisory Committee bylaws to uniformity with our other BCCs.
On October 16, 2023, the City Council held interviews for the Pickleweed Advisory Committee and appointed Darlin Ruiz to serve as the Alternate Member on the Pickleweed Advisory Committee. The City Council was interested in appointing Mydung Nguyen as the Second Alternate Member but were unable to make the appointment because the Bylaws clearly state the Committee shall have one SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
Alternate Member. The City Council provided feedback to staff expressing a desire to remove the limitation of having only one Alternate Member on the Committee.
ANALYSIS:
Bylaws
When the Bylaws were amended in 2019, they indicated the Pickleweed Advisory Committee would have one (1) Alternate Member and included other sections in the Bylaws that are now covered in the Boards, Commissions, Committees Rules & Procedures document, adopted in 2023. Staff recommend adopting new bylaws to allow the City Council to appoint any number of Alternate Members, using the BCC Rules & Procedures guidelines of having a first and second Alternate that rotates annually. In addition to the administrative updates to the Bylaws.
Appointment
On October 16, 2023, the City Council held interviews for the appointment of an Alternate Member on the Pickleweed Advisory Committee. Darlin Ruiz was appointed to serve as the Alternate Member, but the City Council recommended the subsequent appointment of Mydung Nguyen at a future City Council meeting and recommended bringing an item reviewing the Bylaws for the Pickleweed Advisory Committee. Staff recommends that Mydung Nguyen be appointed as the 2nd Alternate Member to the Pickleweed Advisory Committee.
COMMUNITY OUTREACH:
As stated in the current bylaws, “All proposed amendments to the Bylaws shall be made available to the membership at least ten (10) days prior to the meeting at which the City Council will vote on the proposed changes.” Current Pickleweed Advisory Committee members were therefore sent the proposed draft bylaws and have been notified of the meeting date in which the City Council will consider adopting the proposed change.
FISCAL IMPACT:
There is no fiscal impact associated with this action.
RECOMMENDED ACTION:
Adopt a resolution adopting new bylaws for the Pickleweed Advisory Committee; and appointing Mydung Nguyen as an Alternate Member to the end of October 2027 to the Pickleweed Advisory Committee.
ATTACHMENTS:
1. Resolution
2. Exhibit A to Resolution: Pickleweed Advisory Committee Bylaws
3. Mydung Nguyen Application
RESOLUTION NO.
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL
ADOPTING NEW BYLAWS OF THE PICKLEWEED ADVISORY COMMITTEE WHEREAS, by Resolution No. 11884 the City Council approved policy changes on February 6, 2006 allowing for increased community use at the Albert J. Boro Community Center (formerly known as the Pickleweed Park Community Center) for little or no charge; and WHEREAS, the results of those changes created a more vital and inclusive community center by allowing valuable new programs and services to use the space and support needed to best serve the Canal neighborhood and its residents; and WHEREAS, by Resolution No. 12003 adopted July 17, 2006, the City Council established a Pickleweed Advisory Board under new “Guidelines and Policy” to assist staff with the review and implementation of the Community Center’s Use Policies and Procedures; and WHEREAS, by Resolution No. 14727 adopted October 7, 2019, the City Council expanded and amended the Pickleweed Advisory Board Guidelines and Policy by renaming the Board the “Pickleweed Advisory Committee” and adopting new bylaws; and WHEREAS, by Resolution No. 14901 adopted April 19, 2021, the City Council amended the Pickleweed Advisory Committee Composition by changing its membership from five to seven members and one (1) Alternate Member and adopting new bylaws; and WHEREAS, the City Council wishes to expand the Pickleweed Advisory Committee to meet community interest and representation by adopting revised Pickleweed Advisory Committee Bylaws set forth in Exhibit A attached and incorporated herein; NOW, THEREFORE, BE IT RESOLVED, that the City Council hereby adopts the City of San Rafael Pickleweed Advisory Committee Bylaws as set forth in Exhibit A.
I, LINDSAY LARA, Clerk of the City of San Rafael, hereby certify that the foregoing Resolution was duly and regularly introduced and adopted at a regular meeting of the City Council of the City of San Rafael, held on Monday, the 6th day of November 2023, by the following vote, to wit:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
__________________
LINDSAY LARA, City Clerk
EXHIBIT A: PICKLEWEED ADVISORY COMMITTEE BYLAWS
Pickleweed Advisory Committee Bylaws April November 162, 20231 1
PICKLEWEED ADVISORY COMMITTEE BYLAWS
ARTICLE I. NAME AND PURPOSE
Section 1.1. Name. The name of this body shall be the City of San Rafael Pickleweed Advisory Committee, hereinafter referred to as the "Pickleweed Advisory Committee," or the “Committee.”
Section 1.2. Purpose. The Pickleweed Advisory Committee provides valuable input in representing and advocating for Canal area resident’s needs and wishes for programs and services; and is a primary public networking resource between the Canal residents, representatives from governmental and non-profit agencies, and others. The Pickleweed Advisory Committee works in conjunction with the City of San Rafael.
Section 1.3. Committee Responsibility. The Pickleweed Advisory Committee’s responsibilities shall be in accord with these Bylaws, as amended from time-to-time by the City Council. The Pickleweed Advisory Committee’s authority is advisory only. The Pickleweed Advisory Committee has no power to act on behalf of the City of San Rafael or any other entity.
The duties of the Pickleweed Advisory Committee shall include the following:
1. The Advisory Committee shall be responsible for advising the Park and Recreation Commission, City Council and City Staff on all matters pertaining to the facilities, programs and services of the Albert J. Boro Community Center and Pickleweed Park;
2. As needed, make recommendations on policies and procedures governing the use of the Albert J. Boro Community Center and Pickleweed Park in accordance with the mission of the City of San Rafael;
3. Assist the City with reviewing and evaluating “Use Agreements for Co-Sponsored Programming” at the Albert J. Boro Community Center and Pickleweed Community Park;
4. Promote the use and support of the Albert J. Boro Community Center and Pickleweed Park within Canal area neighborhood, including working in cooperation with citizen and business organizations, foundations, school districts and other governmental agencies.
5. The Committee shall have no authority to direct, nor shall it direct, City staff, officials or volunteers;
Section 1.4. Brown Act. All meetings of the Pickleweed Advisory Committee shall be open and public, and all persons shall be permitted to attend any meeting of the Pickleweed Advisory Committee, except as otherwise provided in Government Code Section 54952.
Pickleweed Advisory Committee Bylaws April November 162, 20231 2 ARTICLE II. MEMBERSHIP
Section 2.1. Number of Members. The Pickleweed Advisory Committee shall consist of a total of ten (10) members as follows: seven (7) voting members, one (1) alternate member, one (1) non-voting representative from the Park and Recreation Commission and one (1) non-voting City staff member who will act as the Committee Chairperson. The City Council has the authority to appoint alternates as needed. The City staff member will typically be the Albert J. Boro site supervisor, but in all instances shall be appointed by the City Manager.
Section 2.2. Eligibility. The Committee shall be composed of seven (7) regular voting members which may include up to two (2) youth members, and the City Council has the authority to appoint alternates as needed.plus one (1) alternate member. Each shall have the same duties and responsibilities and shall consist of the following:
1. Members of the Committee shall be at least 18 years of age, except for the youth members who shall be a minimum age of a high school 9
th grade student
2. At least six (6) regular voting members of the Committee shall reside within the Canal neighborhood
3. One (1) member of the Committee must be a City of San Rafael resident but may reside outside of the Canal neighborhood.
Section 2.34. Appointment of Committee Members. With exception of the representative of the Park and Recreation Commission and City staff, all other regular voting members and alternate member(s) shall be appointed by the City Council.
Appointments shall be published on the website for the City of San Rafael in accordance with Government Code Section 54973, as amended from time to time. The representative from the Park and Recreation Commission will be selected by the Park and Recreation Commission on an annual basis.
Section 2.45. Terms of Appointment. With exception of the representative from the Park and Recreation Commission, each Committee Member shall serve a term of four (4) years. An effort will be made to ensure that the terms are staggered, and not all of the appointments expire in the same year.member shall serve a minimum term of four (4) years but not more than two consecutive terms. However, if there is a vacancy on the Committee, the City Council has the authority to extend a current Committee member’s term at their discretion. Members may also reapply to Committee following an absence of at least one term. An effort will be made to ensure that the terms are staggered, and not all of the appointments expire in the same year. A Committee member whose term is expiring should notify the Chairperson at least thirty (30) days before the end of his/her term whether he/she wishes to continue his/her membership.
The representative from the Park and Recreation Commission shall serve a term of one (1) year, but not more than two consecutive terms. However, if there is a vacancy, the Park and Recreation Commission has the authority to extend the current representative’s term at their discretion.
Pickleweed Advisory Committee Bylaws April November 162, 20231 3 Section 2.5. Term Limits. Committee Members shall be limited to two (2) consecutive four-year terms. Additional terms may be served if there is a break between terms.
Section 2.6. Resignation. All resignations from the Pickleweed Advisory Committee shall be submitted in writing to the Chairperson. The resigning Committee member should provide as much notice as possible.
Section 2.67. Absence and Removal. An unexcused absence from two (2) consecutive Commission meetings without notification to the Staff Liaison shall be considered a voluntary resignation from the Commission. Previously dismissed Commissioners may be eligible for reappointment to the Commission. Commissioners shall be subject to removal by the affirmative vote of three members of the city council.Attendance at any regularly scheduled meeting is a necessary part of being an effective Committee member. If a member is unable to attend a regularly scheduled meeting, the member should notify the Chairperson at least twenty-four (24) hours in advance of a regularly scheduled meeting to have an excused absence. An unexcused absence from two (2) consecutive Pickleweed Advisory Committee meetings without notification to the Chairperson, or six absences (whether excused or unexcused) in any term, shall result in immediate removal from membership on the Committee. Previously dismissed Committee members may be eligible for reappointment to the Committee in accordance with Section 2.4.
Section 2.8. Vacancies. Vacancies, no matter how arising, shall be published on the website for the City of San Rafael in accordance with Government Code Section 54973, as amended from time to time.
Section 2.9. Compensation. Committee members serve without compensation.
Section 2.10. Duties of the Chairperson. The Chairperson shall preside over all Pickleweed Advisory Committee meetings and shall be responsible for preparing agendas and meeting minutes. If the Chairperson is unable to attend a regularly scheduled meeting, the regularly scheduled meeting shall be cancelled and resumed at the next regularly scheduled meeting.
ARTICLE III. MEETINGS
Section 3.1. Time and date of Regular Meeting. Notification of meeting place, date, and time shall be rendered to the public through posting on the City of San Rafael website.
A minimum of five (5) meetings shall be scheduled annually, on a consistent day of the month; the schedule for the upcoming year will be set by November of the previous year; staff will contact the Committee one week prior to scheduled meetings to determine if a quorum will be present; lack of quorum will result in the cancellation of the scheduled meeting.
Section 3.2. Agenda. Items may be placed on the agenda by the Chairperson or at the request of a member if approved by the Chairperson. The Chairperson will be responsible for preparing an agenda item cover sheet and for the initial presentation at the meeting. Items to be included on the agenda should be submitted to the Chairperson Pickleweed Advisory Committee Bylaws April November 162, 20231 4 no later than two weeks before the scheduled Committee meeting; lack of agenda items will result in the cancellation of the scheduled meeting. Agenda packets for regular meetings will be provided to the Committee members at least three (3) business days before the scheduled meeting.
Section 3.3. Special Meetings. Special meetings may be called by the Chairperson.
Section 3.4. Quorum. Four (4) voting members of the Committee shall constitute a quorum for the transaction of business at any regular or special meeting of the Pickleweed Advisory Committee.
Section 3.5. Voting. A majority vote of those present and constituting a quorum shall be required to agree to any business of the Committee, including making any input that will be presented to the City Council, City Manager or Library and Recreation Director provided that any Committee member who abstains due to a legal conflict of interest shall not be counted in determining the existence of a quorum or a majority vote.
The Alternate Member serves only in the absence of a voting member. When a voting Committee member is absent from a regularly scheduled meeting, the Chair shall call upon an alternate to be seated at the table to participate in a voting role at the meeting.
If a regular voting Committee member arrives subsequently, that person shall not participate as a voting member.
Section 3.6. Public Participation. All meetings of the Pickleweed Advisory Committee shall be open to the public. Meetings will be accessible to all, with accommodations for accessibility issues made upon request. Any person who disrupts the meeting may be asked to leave and be removed.
ARTICLE IV. ADOPTION AND AMENDMENT
Section 4.1. Effective Date. The Bylaws shall become effective immediately upon a majority vote of approval by the City Council.
Section 4.2. Amendments. These Bylaws may be amended by majority vote of the City Council at any regular meeting of the City Council. All proposed amendments to the Bylaws shall be made available to the membership at least ten (10) days prior to the meeting at which the City Council will vote on the proposed changes. The effective date of the amendment shall become effective immediately upon a majority vote of approval by the City Council.
Boards, Commissions & Committees Application
1 / 3
Q1
Contact Information / Información del contacto
First and Last Name / Nombre y Apellido MyDung
Address / Dirección
City / Ciudad San Rafael
State / estado CA
ZIP/Postal Code / Código postal 94901
Email Address / Dirección de correo electrónico
Phone Number / Número de teléfono
Q2
What district do you currently live in?¿En qué distrito vive actualmente?
District 4/Northern / Distrito 4/Norte
Q3
How long have you lived in San Rafael?
10 Years +
Q4
Business Information
Respondent skipped this question
Q5
How did you hear about this vacant position?
Other (please specify):
FLYER
#40
COMPLETE
Collector: Web Link 1 (Web Link)
Started: Wednesday, September 20, 2023 11:09:28 PM
Last Modified: Thursday, September 21, 2023 12:03:58 AM Time Spent: 00:54:30
IP Address: 24.6.234.161
Boards, Commissions & Committees Application
2 / 3
Q6
What Board would you like to apply to?¿A cuál te gustaría aplicar?
Marin Commission on Aging,
Marin County Hazardous & Solid Waste Management
JPA Local Task Force Advisory Member
,
Pickleweed Advisory Committee,
Police Accountability Advisory Committee
Q10
Do you participate in any civic activities? If so, what are they? No
Q11
List any civic organizations of which you are a member:
N/A
Q12
Education:
HS Diplomas, College degree, AS degree in Medical Assistant Q13
Why are you interested in serving on a board or commission? Because I concern the living in community
Q14
Describe possible areas in which you may have a conflict of interest with the City:
N/A
Q15
Upload your resume.
Respondent skipped this question
Boards, Commissions & Committees Application
3 / 3
City of San Rafael
Proclamation in Recognition of
NATIVE AMERICAN HERITAGE MONTH, 2023
WHEREAS, November has been established as Native American Heritage Month by the United States and the State of California and is a time to remember and reflect on the diverse and rich cultures, histories, and traditions, of Native Americans, and to appreciate the past, present and ongoing contributions of Native Americans nationally, in our State and in Marin County; and
WHEREAS, Native American Heritage Month also must recognize the atrocities inflicted upon Native American tribes and tribal citizens; but also the various challenges faced by the Native Americans in the past and today; and
WHEREAS, the City of San Rafael acknowledges the Federated Indians of Graton Rancheria, is a sovereign nation and the only federally recognized Indian Tribe, comprised of Coast Miwok and Southern Pomo peoples, whose cultural and ancestral territory includes Marin County and the City of San Rafael, has a government-togovernment partnership with the National Park Service Point Reyes National Seashore and works in consultation with the Marin County Board of Supervisors, county staff, and the cities and towns in Marin County on issues of education, cultural resource protection, land management, environmental justice, and child welfare and social justice; and
and
WHEREAS, during the month of November, we honor the Federated Indians of Graton Rancheria in this, their ancestral homelands, and appreciate the Tribe’s continued contributions in strengthening the diversity of our community; and WHEREAS, we encourage everyone in our community to learn more about the Federated Indians of Graton Rancheria, as we pause to reflect on their past, present, and future engagement and accomplishments.
THEREFORE, BE IT RESOLVED that the Mayor and City Council of the City of San Rafael hereby proclaim November 2023, as Native American Heritage Month, and encourages all citizens to join in observing and recognizing the accomplishments, contributions, and sacrifices of Native Americans, here in our local community and throughout the United States.
Kate Colin
Mayor
____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting:
Disposition:
Agenda Item No: 4.e
Meeting Date: November 6, 2023
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: Finance
Prepared by: Paul Navazio, Finance Director City Manager Approval: _________ TOPIC: CITY QUARTERLY INVESTMENT REPORT
SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING SEPTEMBER 30, 2023
RECOMMENDATION: Accept the investment report for the quarter ending September 30, 2023.
BACKGROUND:
Pursuant to the State of California Government Code Section 53601 and the City’s investment policy, last approved by the City Council on June 21, 2022, staff provides the City Council with a quarterly report on the City's investment activities and liquidity. Included in the report are the cost of each investment, the interest rates (yield), maturity dates, and market value. Separate reports are prepared for the City and the Successor Agency to San Rafael Redevelopment Agency.
The City invests a portion of its pooled funds in the Local Agency Investment Fund (LAIF), a State-run investment pool. Beginning in March 2014, the City incorporated an investment strategy that added purchases of securities outside of LAIF with the assistance of an investment advisor. The City’s current investment advisor is Chandler Asset Management.
ANALYSIS:
As of September 30, 2023, the City’s Treasury consisted of investments with a total market value of $96,915,772, consisting of $51,292,954 in the City’s primary Local Agency Investment Fund (LAIF) account, and $45,622,818,092 in externally managed investments (which includes $986,700 of Pt. San Pedro Assessment District bonds). An additional $7,044,405 represent cash balances in the City’s various operating bank accounts, including Westamerica Bank ($5,464,319), Bank of the Marin ($933,450) and Bank of Montreal (formerly Bank of the West - $646,637).
The overall return on the total portfolio for the quarter ending September 30, 2023, was 3.40%, with a weighted average maturity of 0.99 years. The yield on the portfolio results from an effective yield of 3.61% for the City’s investments in the Local Agency Investment Fund and a yield of 3.15% for the externally managed investments. While the performance of the overall portfolio has improved over the prior quarter, the performance falls short of the established benchmark (1-year Treasury Bill) yield of 5.46%. This SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
unfavorable variance is typical of a rising interest environment and the performance of the portfolio is expected to continue to improve in the near-term as holdings mature and are reinvested at higher rates of return.
The City’s investment portfolio continues to maintain strong diversification and is experiencing growth of interest income as a result of higher market rates. All investments continue to comply with the City’s investment policy and California Government Code.
Economic Outlook:
As expected, at the September meeting, the Federal Open Market Committee voted to maintain the target Federal rate in the range of 5.25 - 5.50%. The Fed’s Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts.
The City will continue to monitor market trends and refine is investment strategy, as appropriate, to improve the performance of the investment portfolio while ensuring its primary goals of preservation of principal, liquidity and yield.
Attachment A is composed of three parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by Quarter summarizing the City’s investments; and (3) the City’s Investment Report from Chandler Asset Management for the period ending September 30, 2023, which includes a listing of all holdings as well as transaction activity details for the reporting period.
FISCAL IMPACT:
No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity, yield, and diversification. The portfolio remains conservatively invested and sufficient liquidity exists to meet daily operating and capital project requirements for the next six months.
Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest.
RECOMMENDED ACTION:
Accept investment report for the quarter ending September 30, 2023.
ATTACHMENTS:
Exhibit A:
1. Quarterly Investment Portfolio Report
2. Historical Activity by Quarter Report
3. Chandler Asset Management – Investment Report: Period Ending September 30, 2023 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3
TREASURER’S CERTIFICATION
I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT
LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD.
Paul Navazio
Finance Director
% Yield
LAIF 51,292,954 $ 100.0% 3.61%
Total Internally Managed 51,292,954 $ 52.9%
Weighted Average Yield 3.61%
Days
Effective Average Duration - Internal 1
Weighted Average Maturity - Internal 1
% Yield
Money Market Fund 74,981 $ 0.2% 4.95%
Treasury Securities 14,031,449 $ 30.8% 2.14%
Instrumentality Securities 11,497,923 $ 25.2% 2.86%
Corporate Notes 11,108,352 $ 24.3% 3.48%
Asset-Backed 4,112,279 $ 9.0% 4.97%
Negotiable CD 374,472 $ 0.8% 5.34%
CMO 3,135,264 $ 6.9% 4.57%
Supranational 301,398 $ 0.7% 4.53%
Pt. San Pedro Assessment District 986,700 $ 2.2% 5.25%
Total Externally Managed 45,622,818 $ 47.1%
Weighted Average Yield 3.15%
Years
Effective Average Duration - External 1.63
Weighted Average Maturity - External 1.92
Total Portfolio Assets % Yield
LAIF 51,292,954 $ 52.9% 3.61%
Money Market Fund 74,981 $ 0.1% 4.95%
Treasury Securities 14,031,449 $ 14.5% 2.14%
Instrumentality Securities 11,497,923 $ 11.9% 2.86%
Corporate Notes 11,108,352 $ 11.5% 3.48%
Asset-Backed 4,112,279 $ 4.2% 4.97%
Negotiable CD 374,472 $ 0.4% 5.34%
CMO 3,135,264 $ 3.2% 4.57%
Supranational 301,398 $ 0.3% 4.53%
Pt. San Pedro Assessment District 986,700 $ 1.0% 5.25%
Total Portfolio Assets 96,915,772 $ 100.0%
Weighted Average Yield 3.40%
Years
Effective Average Duration - Total 0.81
Weighted Average Maturity - Total 0.99
Based on Market Values
September 30, 2023
City of San Rafael
Quarterly Investment Portfolio Report
Externally Managed Assets
Internally Managed Assets
LAIF
100%
Money Market
Fund
0.2% Treasury
Securities
30.8%
Instrumentality
Securities
25.2%
Corporate Notes
24.3%
Asset-Backed
9.0%
Negotiable CD
0.8% CMO
6.9%
Supranational
0.7%
Pt. San Pedro
Assessment
District
2.2%
LAIF
52.9%
Money Market
Fund
0.1%
Treasury
Securities
14.5%
Instrumentality
Securities
11.9%
Corporate
Notes
11.5%
Asset-Backed
4.2%
Negotiable CD
0.4%
CMO
3.2%
Supranational
0.3%
Pt. San Pedro
Assessment
District
1.0%
Internally Managed Assets % Return % Return % Return % Return % Return LAIF 51,292,954 $ 100.0% 3.61% 50,929,996 $ 100.0% 3.26% 36,644,876 $ 100.0% 2.87% 27,557,309 $ 99.4% 2.17% 33,407,538 $ 99.5% 1.51% LAIF - Housing - $ 0.0% 0.00% - $ 0.0% 0.00% - $ 0.0% 0.00% 156,195 $ 0.6% 2.17% 155,665 $ 0.5% 1.51% Total Internally Managed 51,292,954 $ 52.9% $ 50,929,996 52.9% $ 36,644,876 44.6% $ 27,713,504 38.2% $ 33,563,203 43.0% Weighted Average Yield 3.61% 3.26% 2.87% 2.17% 1.51%
Externally Managed Assets % Return % Return % Return % Return Cash $ 74,981 0.2% 4.95% $ 844,916 1.9% 4.72% $ 2,967,302 6.5% 4.40% $ 2,947,890 6.6% 3.00% $ 94,380 0.2% 1.00% Treasury Securities 14,031,449 $ 30.8% 2.14% 15,306,595 $ 33.7% 1.75% 17,159,389 $ 37.8% 1.64% 18,206,234 $ 40.6% 1.17% 19,352,963 $ 43.5% 1.20% Instrumentality Securities 11,497,923 $ 25.2% 2.86% 11,496,767 $ 25.3% 2.72% 10,748,119 $ 23.7% 2.36% 9,984,055 $ 22.3% 1.27% 10,891,851 $ 24.5% 0.95% Corporate Notes 11,108,352 $ 24.3% 3.48% 10,100,915 $ 22.2% 2.41% 11,251,043 $ 24.8% 1.46% 12,590,810 $ 28.1% 0.92% 13,054,253 $ 29.4% 0.90% Asset Backed 4,112,279 $ 9.0% 4.97% 3,048,660 $ 6.7% 4.86% 1,862,018 $ 4.1% 5.02% - $ 0.0% 0.00% - $ 0.0% 0.00% Negotiable CD 374,472 $ 0.8% 5.34% 373,787 $ 0.8% 5.34% 375,224 $ 0.8% 5.34% - $ 0.0% 0.00% - $ 0.0% 0.00% Collateralized Mortgage Obligations (CMO) 3,135,264 $ 6.9% 4.57% 3,185,252 $ 7.0% 4.57% - $ 0.0% 0.00% - $ 0.0% 0.00% - $ 0.0% 0.00% Supranational 301,398 $ 0.7% 4.53%
Municipal/Assessment District 986,700 $ 2.2% 5.25% 1,075,200 $ 2.4% 5.25% 1,075,200 $ 2.4% 5.25% 1,075,200 $ 2.4% 5.25% 1,075,200 $ 2.4% 5.25% Total Externally Managed 45,622,818 $ 47.1% $ 45,432,092 47.1% $ 45,438,295 55.4% $ 44,804,189 61.8% $ 44,468,648 57.0% Weighted Average Yield 3.15% 2.72% 2.16% 1.34% 1.15%
Years Years Years Years Years
Effective Average Duration - External 1.63 1.63 1.56 1.12 1.56 Weighted Average Maturity - External 1.92 1.92 1.72 1.35 1.72 Total Portfolio Assets % Return % Return % Return % Return LAIF 51,292,954 $ 52.9% 3.61% 50,929,996 $ 52.9% 3.26% 36,644,876 $ 44.6% 2.87% 27,713,504 $ 38.2% 2.17% 33,563,203 $ 43.0% 1.51% Cash 74,981 $ 0.1% 4.95% 844,916 $ 0.9% 4.72% 2,967,302 $ 3.6% 4.40% 2,947,890 $ 4.1% 3.00% 94,380 $ 0.1% 1.00% Treasury Securities 14,031,449 $ 14.5% 2.14% 15,306,595 $ 15.9% 1.75% 17,159,389 $ 20.9% 1.64% 18,206,234 $ 25.1% 1.17% 19,352,963 $ 24.8% 1.20% Instrumentality Securities 11,497,923 $ 11.9% 2.86% 11,496,767 $ 11.9% 2.72% 10,748,119 $ 13.1% 2.36% 9,984,055 $ 13.8% 1.27% 10,891,851 $ 14.0% 0.95% Corporate Notes 11,108,352 $ 11.5% 3.48% 10,100,915 $ 10.5% 2.41% 11,251,043 $ 13.7% 1.46% 12,590,810 $ 17.4% 0.92% 13,054,253 $ 16.7% 0.90% Asset Backed 4,112,279 $ 4.2% 4.97% 3,048,660 $ 3.2% 4.86% 1,862,018 $ 2.3% 5.02% - $ 0.0% 0.00% - $ 0.0% 0.00% Negotiable CD 374,472 $ 0.4% 5.34% 373,787 $ 0.4% 5.34% 375,224 $ 0.5% 5.34% - $ 0.0% 0.00% - $ 0.0% 0.00% Collateralized Mortgage Obligations (CMO) 3,135,264 $ 3.2% 4.57% 3,185,252 $ 3.3% 4.57% - $ 0.0% 0.00% - $ 0.0% 0.00% - $ 0.0% 0.00% Supranational 301,398 $ 0.3% 4.53%
Municipal/Assessment District 986,700 $ 1.0% 5.25% 1,075,200 $ 1.1% 5.25% 1,075,200 $ 1.3% 5.25% 1,075,200 $ 1.5% 5.25% 1,075,200 $ 1.4% 5.25% Total Portfolio Assets 96,915,772 $ 100% $ 96,362,087 100% $ 82,083,170 100% $ 72,517,693 100% $ 78,031,850 100% Weighted Average Yield 3.40% 3.00% 2.47% 1.66% 1.30%
Years Years Years Years Years
Effective Average Duration - Total 0.81 0.76 0.80 0.69 0.79 Weighted Average Maturity - Total 0.99 0.89 0.71 0.84 0.87 Performance Recap
-The weighted average quarterly portfolio yield increased from 3.00% to 3.40% during the past quarter. Yields are rising as the Federal Reserve increases interest rates to combat inflation. -The effective average duration decreased, from 0.80 to 0.76 years since last quarter, this is a result of the decrease in effective average duration of the City's externally managed portfolio. -The total portfolio assets increased by approximately $0.55 million during the quarter. This is reflective of improved yields across most categories of holdings throughout the portfolio.
September 30, 2023
City of San Rafael
Historical Activity-By Quarter
June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending September 30, 2023
City of San Rafael
I ,,;.,.& CHANDLER
'-'-- ASSET MANAGEMENT
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of September 30, 2023
1 I
SECTION | Section 1 | Economic Update
2 Economic Update
▪
▪
▪
Recent economic data continues to suggest positive but below trend growth this year. Labor markets remain solid, and the U.S. consumer has demonstrated resiliency. Inflationary trends are subsiding, but core levels remain well above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward.
As anticipated at the September meeting, the Federal Open Market Committee voted unanimously to maintain the target Federal Funds at the range of 5.25 - 5.50%. The Fed’s Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. The Fed is continuing to focus on achieving price stability and bringing inflation down toward their 2% policy objective, while leaving the option open for the possibility of additional rate hikes in the future if needed.
The yield curve remained inverted in September. The 2-year Treasury yield increased 18 basis points to 5.05%, the 5-year Treasury yield rose 36 basis points to 4.61%, and the 10-year Treasury yield increased 46 basis points to 4.57%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month-end versus -76 basis points at August monthend. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -45 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists.
3 I
Employment
-400
-200
0 200
400
600
800
1,000 MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 336,000 jobs in September, exceeding consensus expectations of 170,000, and the last two months were revised upward by 119,000 jobs. The largest gains came from leisure and hospitality, bringing restaurant and bar employment back in-line with pre-pandemic levels. The pace of job growth has picked up recently, with the three-month moving average payrolls at 266,000 and the sixmonth moving average at 234,000. The unemployment rate was unchanged at 3.8%, and the labor participation rate was consistent with last month’s report at 62.8%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons declined slightly to 7.0% from the prior month at 7.1%. Average hourly earnings declined to
4.2% year-over-year in September from 4.3% in August. Employment remains strong by historical standards.
Source: US Department of Labor Source: US Department of Labor 4 I
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---------·
---------·
I
I
I
I
I
I
I
I • I \
I \
Job Openings & Labor Turnover Survey
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) unexpectedly increased to 9.61 million in August from a revised
8.92 million in July. The level significantly surpassed the survey of Bloomberg economists’ expectations of 8.82 million and reflects approximately 1.5 job openings per available worker. Although JOLTS was an upside surprise, the quits rate remained at a benign 2.3% for August, well below its 3.0% peak in April 2022. Fewer quits can imply that workers are less confident in their ability to find another job in the current market. The current level of job openings remains elevated from a historical perspective.
Source: US Department of Labor
5 I
-
Inflation
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) increased in September by 0.4% month-over-month and 3.7% year-over-year, slightly higher than expected. Gains in shelter and energy costs accounted for a large part of the monthly increase. The Core CPI, which excludes volatile food and energy components, was up 0.3% month-over-month and 4.1% year-over-year, decelerating from 4.3% last month. The Personal Consumption Expenditures (PCE) index rose 0.4% month-over-month and 3.5% year-over-year in August, up from a 3.4% year-over-year gain in July. Core PCE, the Federal Reserve’s preferred inflation gauge, increased just 0.1% month-over-month and 3.9% year-over-year in August, down from a 4.3% increase in July. Personal income and spending remained relatively healthy, but the personal savings rate continued its declining trend to 3.9% in August from 4.1% in July. Inflation remains above the Fed's 2% target.
Source: US Department of Labor Source: US Department of Commerce 6 I
Consumer
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Retail Sales rose 0.6% in August, exceeding the consensus forecast. Sales of motor vehicles and higher gasoline prices drove greater than expected gains. However, Control Group Sales, which are used to calculate gross domestic product and exclude food services, auto dealers, building materials stores and gasoline stations, rose just 0.1%, the smallest advance in five months. On a year-over-year basis, retail sales growth decelerated to a 2.5% gain in August versus a downwardly revised 2.6% gain in July. The Conference Board’s Consumer Confidence Index dropped more than expected to 103.0 in September from an upwardly revised 108.7 in August, primarily due to significantly weaker future expectations for employment. While the consumer has been resilient, dwindling excess savings, rising credit card balances, and the resumption of student loan payments pose potential headwinds to future economic growth. 80 90
100
110
120
130
140
Index Level
Consumer Confidence
Source: US Department of Commerce Source: The Conference Board 7 I
Leading Indicators of Economic Activity
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) remained in negative territory for the seventeenth consecutive month at -0.4% in August due to weak new orders, deteriorating consumer expectations of business conditions, high interest rates, and tight credit conditions. The index declined 7.6% year-over-year. The consistent decline month-over-month continues to signal future contraction in the economy. The Chicago Fed National Activity Index (CFNAI) surprised to the downside at -0.16 in August from downwardly revised 0.07 in July. On a 3-month moving average basis, the CFNAI remained negative at -0.14 in August, indicating a rate of growth below the historical average trend.
Source: The Conference Board Source: Federal Reserve Bank of Chicago 8 I
■
Housing
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Starts of new homes slowed -11.3% to 1.283 million units at a seasonally adjusted annual rate in August after a downward revision to
1.447 million units in July. The slower starts came from both a 4.3% decline in single-family home starts and 26.3% decline in multi-family homes, continuing the reversal of strong multi-family homebuilding in the second half of 2022 and early 2023. Total starts of new homes are down 14.8% year-over-year. According to Freddie Mac, average 30-year fixed rate mortgage rates increased to 7.35% as of September 28th. Rising mortgage rates are prompting homebuilders to offer incentives to attract buyers and has caused homebuilder sentiment to reach a five-month low. According to the Case-Shiller 20-City Home Price Index, housing prices rose 0.1% year-over-year in July, improving from a 1.2% decline in June. Tight inventories and higher mortgage rates continue to impact affordability.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
9 I
■
■
■
Survey Based Measures
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index remained in contraction territory at 49.0 in September, up from 47.6 in August. This is the eleventh consecutive month of readings below 50.0, which is indicative of contraction in the manufacturing sector.
However, this is the highest reading since November 2022, as both employment and new orders improved, while prices paid subsided.
The ISM Services Index eased to 53.6 in September from the six-month high of 54.5 in August. The prices paid component continued to grow primarily due to high labor costs and an uptick in energy costs, but new orders reflected a significant slowdown.
Source: Institute for Supply Management
10 I
J,____ __ _____.>--·
Gross Domestic Product (GDP)
Components of GDP 9/22 12/22 3/23 6/23
1.1% 0.8% 2.5% 0.6%
-1.5% 0.6% -1.7% 0.9%
2.6% 0.3% 0.6% 0.0%
0.1% 0.6% 0.3% 0.1%
0.4% 0.3% 0.5% 0.5%
2.7% 2.6% 2.3% 2.1%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the third estimate, second quarter annualized GDP growth remained unchanged at 2.1%. A material decline in consumer spending was offset by improvement in business investment. Historically low unemployment, wage growth and savings built up during the pandemic has supported consumer spending at a level to keep economic growth intact, but there are signs the consumer is beginning to show signs of stress. The consensus estimate calls for 3.0% growth for the third quarter and 2.1% for the full year 2023. 11 I
Federal Reserve
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
At the September meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Nonetheless, the Fed conveyed a consensus view that another rate hike is possible later in the year, along with its commitment to keeping rates at their current level until inflation subsides closer to its 2% target, endorsing a data-dependent 'higher-forlonger' strategy. The Fed’s Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for or will tighten policy further to curb inflation. Since the Federal Reserve began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1 trillion to $8.024T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 I
■ I p I·
~
r ---. -"
/ -- ... _ I~
r
Bond Yields
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Sep-23
Jun-23
Sep-22
Yield (%)
At the end of September, the 2-year Treasury yield was 77 basis points higher, and the 10-Year Treasury yield was about 74 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month-end versus -76 basis points at August month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists. 13 I
I •• ,._ ----- .. ... :-: .............. .
.
. .
.... . . .. . ~ ------------------ ',,~------------------ . .
.
.
. . ........ ": .
--- I -----------------:__._·_··_·_·
___ ~r
Section 2| SECTION | Section 2 | Account Profile
14 Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.
Investment Objectives
Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs.
Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds.
As of September 30, 2023
15 I
Compliance As of September 30, 2023
Category Standard Comment
U.S. Treasuries No limit; 5 years max maturity Complies Federal Agencies No limit; 5 years max maturity; Federal Agency securities and Federal instrumentality (government sponsored enterprises) Complies
Supranational Obligations "AA" rated or higher by a NRSRO; 15% max; 5 years max maturity; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB Complies Municipal Securities
Special Assessment District Obligations issued by the City of San Rafael as Limited Obligation Improvement Bonds related to special assessment districts and special tax districts; Investments in such obligations requires the approval of the City Council and maturities may extend to 30 years
Complies
Corporate Medium Term Notes
"A" rated or higher by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity; Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S.
Complies
Asset-Backed, Mortgage-Backed,
Mortgage Pass-Through Securities, and
Collateralized Mortgage Obligations
"AA" rating category or better by a NRSRO; "A" issuer rated or better by a NRSRO; 20% max (combined); 5 years max maturity
Complies
Negotiable Certificates of Deposit (NCD) A-1 rated or equivalent; 30% max (aggregate CDs); 5% max per issuer; 5 years max maturity Complies Certificate of Deposit Placement Service
(CDARS) 30% max (aggregate CDs); 5% max per private sector entity Complies Time Deposits (Non-negotiable CD/TD) 30% max (aggregate CDs); 5% max per issuer; 5 years max maturity; FDIC insured/ Collateralized Complies Banker’s Acceptances
A-1 short-term debt rated or better by a NRSRO; or A rated or better by a NRSRO, if issuers have senior debt outstanding; 40% max; $2 million max per commercial bank; 180 days max maturity; Issued by FDIC insured commercial banks
Complies
Commercial Paper
25% max; 5% max per issuer; 270 days maturity; 10% max of the outstanding commercial paper of any single issuer; Issued by an entity that meets all of the following conditions in either (a) or (b): a. (i) organized and operating in the U.S. as general corporation; (ii) have total assets > $500 million; (iii) "A" rating or better by a NRSRO, if issuer has debt; b. (i) organized within the U.S. as a special purpose corporation, trust, or limited liability company; (ii) have programwide credit enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond; (iii) rated "A-1" or better by a NRSRO
Complies
San Rafael Consolidated
This portfolio is a consolidation of assets managed by Chandler Asset Management and assets managed internally by Client. Chandler relies on Client to provide accurate information for reporting assets and producing this compliance statement. 16 I
Compliance As of September 30, 2023
Category Standard Comment
Money Market Mutual Funds
10% max; Registered under Investment Company Act of 1940 that: 1) are "No load"; 2) have constant daily NAV per share of $1.00; 3) invest only in US Treasuries, US Agency securities and Federal Instrumentalities; and 4) AAA rating or better by two NRSROs
Complies
Local Agency Investment Fund (LAIF) Pursuant to California Government Code; Not used by investment adviser Complies Repurchase Agreements 1 year max maturity; 102% Collateralized by U.S. Treasuries, Federal Agency securities, or Federal Instrumentality securities; Not used by investment adviser Complies
Client Directive on Fossil Fuels Refrain from making direct investments in issuers whose primary business revenue is derived from the exploration , extraction, and processing of fossil fuels (per Client Directive) Complies * Maximum Maturity
5 years max maturity, unless the City Council has by resolution granted authority to make such an investment at least three (3) months prior to the date of investment Complies San Rafael Consolidated
This portfolio is a consolidation of assets managed by Chandler Asset Management and assets managed internally by Client. Chandler relies on Client to provide accurate information for reporting assets and producing this compliance statement.
Inherited security; Chevron (166764BW9)
17 I
Portfolio Characteristics
City of San Rafael
09/30/23 06/30/23
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 1.84 2.13 1.92
Average Modified Duration 1.75 1.75 1.63
Average Purchase Yield n/a 3.14% 2.65%
Average Market Yield 5.15% 5.39% 5.16%
Average Quality** AA+ AA/Aa1 AA/Aa1
Total Market Value 44,883,155 44,583,366
*ICE BofA 1-3 Yr US Treasury & Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.
As of September 30, 2023
18 I
City of San Rafael
Sector Distribution
ABS
9.2%
Agency
25.8%
CMO
7.0%
Corporate
25.0%
Money Market
Fund
0.2%
Negotiable CD
0.9%
US Treasury
31.4%
Supranational
0.7%
September 30, 2023 June 30, 2023
ABS
6.9%
Agency
26.0%
CMO
7.2%
Corporate
22.9%
Money Market
Fund
1.9%
Negotiable CD
0.9%
US Treasury
34.4%
As of September 30, 2023
19 I
Issue Name Investment Type % Portfolio
Government of United States US Treasury 31.38%
Federal Home Loan Bank Agency 13.72%
Federal Farm Credit Bank Agency 7.80%
Federal Home Loan Mortgage Corp CMO 7.00%
Federal National Mortgage Association Agency 4.23%
American Express ABS ABS 2.38%
Caterpillar Inc Corporate 2.25%
PNC Financial Services Group Corporate 2.00%
John Deere ABS ABS 1.94%
ChevronTexaco Corp Corporate 1.48%
Bank of Montreal Chicago Corporate 1.32%
Paccar Financial Corporate 1.32%
Toronto Dominion Holdings Corporate 1.27%
JP Morgan Chase & Co Corporate 1.26%
Bank of America Corp Corporate 1.25%
Florida Power and Light Corporate 1.22%
Royal Bank of Canada Corporate 1.22%
Deere & Company Corporate 1.12%
Citigroup Inc Corporate 1.11%
Pfizer Inc. Corporate 1.11%
Pepsico Inc Corporate 1.11%
JP Morgan ABS ABS 1.10%
Chubb Corporation Corporate 1.07%
Toyota Motor Corp Corporate 1.06%
Realty Income Corp Corporate 1.03%
Morgan Stanley Corporate 1.02%
Bank of America Credit Card Trust ABS 0.97%
BMW Vehicle Lease Trust ABS 0.96%
Westpac Banking Corp NY Negotiable CD 0.86%
Bank of New York Corporate 0.78%
Toyota ABS ABS 0.78%
Public Service El & Gas Corporate 0.70%
International Finance Corp Supranational 0.68%
Mercedes-Benz ABS 0.58%
Merck & Company Corporate 0.28%
Honda ABS ABS 0.27%
BMW ABS ABS 0.20%
First American Treasury MMF Class Y Money Market Fund 0.17% TOTAL 100.00%
Issuers
City of San Rafael – Account #11045
As of September 30, 2023
20 I
AAA AA A <A NR
09/30/23 8.8% 58.8% 23.5% 0.0% 8.9%
06/30/23 5.8% 63.8% 21.4% 0.0% 9.1%
Source: S&P Ratings
September 30, 2023 vs. June 30, 2023
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
AAA AA A <A NR
09/30/23 06/30/23
Quality Distribution
City of San Rafael
As of September 30, 2023
21 I
■ ■
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ September 30, 2023 June 30, 2023
September 30, 2023 vs. June 30, 2023
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 09/30/23 6.5% 6.1% 22.7% 23.9% 24.4% 13.8% 2.6% 0.0%
06/30/23 6.3% 8.5% 25.8% 23.1% 23.7% 5.9% 6.7% 0.0%
City of San Rafael
Duration Distribution As of September 30, 2023
22 I
■ ■
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
3 months Since Inception
City of San Rafael ICE BofA 1-3 Yr US Treasury & Agency Index Total Rate of Return Since Inception January 31, 2023
TOTAL RATE OF RETURN Latest 3 months Since Inception
City of San Rafael 0.70% 1.68%
ICE BofA 1-3 Yr US Treasury & Agency Index 0.74% 1.04%
Investment Performance
City of San Rafael
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
As of September 30, 2023
23 I
■ ■
Portfolio Characteristics
San Rafael Reporting
09/30/23
Portfolio
06/30/23
Portfolio
Average Maturity (yrs) 0.00 0.00
Modified Duration 0.00 0.00
Average Purchase Yield 3.61% 3.26%
Average Market Yield 3.61% 3.26%
Average Quality* NR/NR NR/NR
Total Market Value 51,726,198 51,283,108
*Portfolio is S&P and Moody’s, respectively.
As of September 30, 2023
24 I
San Rafael Reporting
Sector Distribution
LAIF
100.0%
September 30, 2023 June 30, 2023
LAIF
100.0%
As of September 30, 2023
25 I
Portfolio Characteristics
San Rafael Consolidated
09/30/23 06/30/23
Portfolio Portfolio
Average Maturity (yrs) 0.99 0.89
Modified Duration 0.81 0.76
Average Purchase Yield 3.39% 2.97%
Average Market Yield 4.44% 4.14%
Average Quality* AA/Aa1 AA/Aa1
Total Market Value 96,609,353 95,866,474
* Portfolio is S&P and Moody’s respectively.
As of September 30, 2023
26 I
San Rafael Consolidated
Sector Distribution
ABS
4.3%
Agency
12.0%
CMO
3.3%
Corporate
11.6%
LAIF
53.5%
Money Market
Fund
0.1%
Negotiable CD
0.4%
US Treasury
14.6%
Supranational
0.3%
September 30, 2023 June 30, 2023
ABS
3.2%
Agency
12.1%
CMO
3.3%
Corporate
10.6%
LAIF
53.5%
Money Market
Fund
0.9%
Negotiable CD
0.4%
US Treasury
16.0%
As of September 30, 2023
27 I
SECTION | Section 3 | Portfolio Holdings
28 Holdings Report
City of San Rafael - Account #11045
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
05593AAC3 BMW Vehicle Lease Trust 2023-1 A3
5.160% Due 11/25/2025
435,000.00 Various
5.11%
435,745.64
435,524.56
99.15 6.04%
431,323.38
374.10
0.96%
(4,201.18)
Aaa / AAA
AAA
2.16 1.03
43815JAC7 Honda Auto Receivables Owner 2023-1 A3
5.040% Due 04/21/2027
120,000.00 02/16/2023
5.10%
119,977.70
119,981.94
98.99 5.69%
118,782.72
168.00
0.27%
(1,199.22)
Aaa / NR
AAA
3.56 1.72
02582JJT8 American Express Credit Trust 2022-2 A
3.390% Due 05/17/2027
600,000.00 04/17/2023
4.65%
585,632.81
588,764.36
96.51 5.72%
579,041.40
904.00
1.29%
(9,722.96)
NR / AAA
AAA
3.63 1.53
58768PAC8 Mercedes-Benz Auto Receivables 2022-1 A3
5.210% Due 08/16/2027
260,000.00 02/15/2023
5.02%
261,340.63
261,084.52
99.34 5.76%
258,280.36
602.04
0.58%
(2,804.16)
Aaa / AAA
NR
3.88 1.35
89239HAD0 Toyota Auto Receivables Owner 20222-D A3
5.300% Due 09/15/2027
350,000.00 02/10/2023
4.82%
354,128.91
353,331.68
99.35 5.74%
347,732.35
824.44
0.78%
(5,599.33)
Aaa / NR
AAA
3.96 1.72
47800CAC0 John Deere Owner Trust 2023-A A3
5.010% Due 11/15/2027
880,000.00 Various
4.95%
882,243.24
882,016.60
98.83 5.72%
869,724.34
1,959.46
1.94%
(12,292.26)
Aaa / NR
AAA
4.13 1.79
05592XAD2 BMW Vehicle Owner Trust 2023-A A3
5.470% Due 02/25/2028
90,000.00 07/11/2023
5.54%
89,984.05
89,985.03
99.74 5.67%
89,763.30
82.05 0.20%
(221.73)
NR / AAA
AAA
4.41 1.88
05522RDF2 Bank of America Credit Card Tr 2022-A2 A2
5.000% Due 04/15/2028
440,000.00 04/18/2023
4.59%
444,812.50
443,972.87
98.96 5.59%
435,420.92
977.78
0.97%
(8,551.95)
Aaa / AAA
NR
4.55 1.95
161571HT4 Chase Issuance Trust 23-A1 A
5.160% Due 09/15/2028
495,000.00 09/07/2023
5.23%
494,862.79
494,864.79
99.63 5.35%
493,177.41
1,135.20
1.10%
(1,687.38)
NR / AAA
AAA
4.96 2.66
02582JKD1 American Express Credit Trust 2023-3 A
5.230% Due 09/15/2028
490,000.00 09/12/2023
5.29%
489,978.10
489,978.34
99.80 5.36%
489,033.23
854.23
1.09%
(945.11)
NR / AAA
AAA
4.96 2.66
TOTAL ABS 4,160,000.00 4.97%
4,158,706.37
4,159,504.69 5.65%
4,112,279.41
7,881.30
9.18%
(47,225.28)
Aaa / AAA
AAA
4.06 1.87
Agency
3133EMWV0 FFCB Note
0.350% Due 04/22/2024
1,000,000.00 05/03/2021
0.35%
1,000,000.00
1,000,000.00
97.13 5.61%
971,323.00
1,545.83
2.17%
(28,677.00)
Aaa / AA+
AA+
0.56 0.54
3130AMQQ8 FHLB Callable Note Qtrly 12/23/2021
0.350% Due 04/23/2024
1,000,000.00 06/23/2021
0.35%
1,000,000.00
1,000,000.00
97.11 5.63%
971,109.00
952.78
2.17%
(28,891.00)
Aaa / AA+
NR
0.56 0.55
3136G46B4 FNMA Callable Note Qtrly 01/26/2024
0.350% Due 04/26/2024
1,200,000.00 10/30/2020
0.36%
1,199,700.00
1,199,951.02
97.07 5.63%
1,164,810.00
1,808.33
2.60%
(35,141.02)
Aaa / AA+
AA+
0.57 0.56
3133EMYR7 FFCB Callable Note Cont 5/6/2022
0.375% Due 05/06/2024
1,000,000.00 05/06/2021
0.38%
1,000,000.00
1,000,000.00
96.95 5.62%
969,452.00
1,510.42
2.16%
(30,548.00)
Aaa / AA+
AA+
0.60 0.58
3135G0V75 FNMA Note
1.750% Due 07/02/2024
750,000.00 11/05/2019
1.65%
753,426.75
750,554.00
97.24 5.53%
729,271.50
3,244.79
1.63%
(21,282.50)
Aaa / AA+
AA+
0.76 0.73
As of September 30, 2023
29 I
Holdings Report
City of San Rafael - Account #11045
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3133EPBF1 FFCB Note
4.875% Due 08/21/2024
1,000,000.00 02/15/2023
4.98%
998,490.00
999,102.83
99.49 5.47%
994,873.00
5,416.67
2.23%
(4,229.83)
Aaa / AA+
AA+
0.89 0.86
3130AV7L0 FHLB Note
5.000% Due 02/28/2025
1,100,000.00 03/02/2023
5.07%
1,098,548.00
1,098,970.84
99.50 5.37%
1,094,504.40
5,041.67
2.45%
(4,466.44)
Aaa / AA+
NR
1.42 1.34
3130AWER7 FHLB Note
4.625% Due 06/06/2025
775,000.00 06/09/2023
4.67%
774,356.75
774,455.23
99.18 5.14%
768,619.43
10,852.69
1.74%
(5,835.80)
Aaa / AA+
NR
1.68 1.58
3130ATHT7 FHLB Note
4.375% Due 09/12/2025
1,300,000.00 10/06/2022
4.29%
1,303,159.00
1,302,098.14
98.72 5.07%
1,283,418.50
3,001.74
2.87%
(18,679.64)
Aaa / AA+
NR
1.95 1.84
3130ATUC9 FHLB Note
4.500% Due 12/12/2025
1,000,000.00 02/13/2023
4.32%
1,004,720.00
1,003,672.64
98.72 5.12%
987,231.00
13,625.00
2.23%
(16,441.64)
Aaa / AA+
NR
2.20 2.04
3130AWGR5 FHLB Note
4.375% Due 06/12/2026
525,000.00 06/28/2023
4.43%
524,165.25
524,237.97
98.59 4.94%
517,588.05
6,380.21
1.17%
(6,649.92)
Aaa / AA+
NR
2.70 2.48
3133EPSW6 FFCB Note
4.500% Due 08/14/2026
560,000.00 08/09/2023
4.58%
558,712.00
558,768.41
99.01 4.87%
554,456.56
3,290.00
1.24%
(4,311.85)
Aaa / AA+
AA+
2.87 2.65
3130ATUS4 FHLB Note
4.250% Due 12/10/2027
500,000.00 05/15/2023
3.66%
512,310.00
511,292.16
98.25 4.71%
491,267.00
6,552.08
1.11%
(20,025.16)
Aaa / AA+
NR
4.20 3.75
TOTAL Agency 11,710,000.00 2.86%
11,727,587.75
11,723,103.24 5.33%
11,497,923.44
63,222.21
25.76%
(225,179.80)
Aaa / AA+
AA+
1.43 1.33
CMO
3137BVZ82 FHLMC K063
3.430% Due 01/25/2027
700,000.00 06/07/2023
4.55%
674,542.97
676,678.82
94.62 5.26%
662,354.70
2,000.83
1.48%
(14,324.12)
NR / NR
AAA
3.32 2.93
3137F1G44 FHLMC K065 A2
3.243% Due 04/25/2027
450,000.00 06/08/2023
4.42%
431,736.33
433,159.14
93.83 5.18%
422,225.55
1,216.13
0.94%
(10,933.59)
NR / NR
AAA
3.57 3.20
3137FBBX3 FHLMC K068 A2
3.244% Due 08/25/2027
240,000.00 06/08/2023
4.38%
229,940.63
230,673.43
93.53 5.10%
224,475.60
648.80
0.50%
(6,197.83)
Aaa / NR
NR
3.90 3.51
3137FBU79 FHLMC K069 A2
3.187% Due 09/25/2027
500,000.00 06/09/2023
4.98%
476,601.56
478,232.27
92.91 5.22%
464,529.00
1,327.92
1.04%
(13,703.27)
NR / AAA
NR
3.99 3.53
3137FETN0 FHLMC K073 A2
3.350% Due 01/25/2028
670,000.00 05/24/2023
4.34%
643,932.81
645,833.06
93.02 5.19%
623,266.16
374.08
1.39%
(22,566.90)
NR / NR
AAA
4.32 3.83
3137FG6X8 FHLMC K077 A2
3.850% Due 05/25/2028
780,000.00 05/24/2023
4.65%
765,679.69
766,654.29
94.67 5.16%
738,412.74
500.50
1.65%
(28,241.55)
NR / NR
AAA
4.65 4.07
TOTAL CMO 3,340,000.00 4.57%
3,222,433.99
3,231,231.01 5.19%
3,135,263.75
6,068.26
7.00%
(95,967.26)
Aaa / AAA
AAA
4.01 3.54
As of September 30, 2023
30 I
Holdings Report
City of San Rafael - Account #11045
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Corporate
14912L5X5 Caterpillar Finance Serv Corp Note
3.750% Due 11/24/2023
1,000,000.00 05/05/2021
0.35%
1,086,390.00
1,005,000.06
99.76 5.29%
997,601.00
13,229.17
2.25%
(7,399.06)
A2 / A
A+
0.15 0.15
89236THU2 Toyota Motor Credit Corp Note
0.450% Due 01/11/2024
480,000.00 09/27/2021
0.51%
479,342.40
479,919.77
98.55 5.69%
473,041.44
480.00
1.06%
(6,878.33)
A1 / A+
A+
0.28 0.28
693475AV7 PNC Financial Services Callable Note Cont 12/23/2023
3.500% Due 01/23/2024
900,000.00 07/29/2019
1.99%
957,939.00
904,029.92
99.23 5.95%
893,102.40
5,950.00
2.00%
(10,927.52)
A3 / AA0.32
0.31 17325FAS7 Citibank Callable Note Cont 12/23/2023
3.650% Due 01/23/2024
500,000.00 05/19/2021
0.53%
541,470.00
504,828.99
99.31 5.84%
496,561.00
3,447.22
1.11%
(8,267.99)
Aa3 / A+
A+
0.32 0.31
713448CM8 Pepsico Inc. Callable Note Cont 12/01/2023
3.600% Due 03/01/2024
500,000.00 06/23/2021
0.78%
537,465.00
505,799.06
99.20 5.53%
496,018.00
1,500.00
1.11%
(9,781.06)
A1 / A+
NR
0.42 0.41
717081DM2 Pfizer Inc. Note
3.400% Due 05/15/2024
500,000.00 09/27/2021
0.55%
537,160.00
508,777.65
98.56 5.77%
492,818.00
6,422.22
1.11%
(15,959.65)
A1 / A+
A
0.62 0.60
166764BW9 Chevron Corp Callable Note Cont 4/11/2025
1.554% Due 05/11/2025
700,000.00 05/12/2022
3.20%
667,380.00
682,483.51
94.09 5.43%
658,606.20
4,230.33
1.48%
(23,877.31)
Aa2 / AANR1.61
1.55 78016FZT4 Royal Bank of Canada Note
4.875% Due 01/12/2026
550,000.00 07/19/2023
5.34%
544,197.50
544,658.63
98.14 5.75%
539,770.00
5,883.85
1.22%
(4,888.63)
A1 / A
AA2.292.11
46647PBH8 JP Morgan Chase & Co Callable Note Mthly 3/13/2025
2.005% Due 03/13/2026
600,000.00 04/05/2022
4.25%
577,518.00
586,023.01
94.17 6.27%
565,003.20
601.50
1.26%
(21,019.81)
A1 / AAA2.45
1.39 69371RS49 Paccar Financial Corp Note
4.450% Due 03/30/2026
600,000.00 03/28/2023
4.47%
599,634.00
599,695.78
98.43 5.13%
590,591.40
74.17 1.32%
(9,104.38)
A1 / A+
NR
2.50 2.33
00440EAV9 Chubb INA Holdings Inc Callable Note Cont 2/3/2026
3.350% Due 05/03/2026
500,000.00 03/09/2023
5.09%
475,060.00
479,452.22
94.85 5.51%
474,253.00
6,886.11
1.07%
(5,199.22)
A3 / A
A
2.59 2.40
341081GR2 Florida Power and Light Callable Note Cont 4/15/2026
4.450% Due 05/15/2026
550,000.00 05/18/2023
4.65%
547,030.00
547,390.00
97.85 5.33%
538,200.85
9,042.15
1.22%
(9,189.15)
A1 / A
A+
2.62 2.40
24422EWX3 John Deere Capital Corp Note
4.750% Due 06/08/2026
500,000.00 06/05/2023
4.72%
500,470.00
500,420.68
98.66 5.29%
493,284.50
7,454.86
1.12%
(7,136.18)
A2 / A
A+
2.69 2.45
06406RBQ9 Bank of NY Mellon Corp Callable Note Cont 4/26/2026
4.947% Due 04/26/2027
350,000.00 04/19/2023
5.26%
350,497.00
350,443.25
97.61 5.96%
341,629.75
7,454.85
0.78%
(8,813.50)
A1 / A
AA3.572.32
As of September 30, 2023
31 I
Holdings Report
City of San Rafael - Account #11045
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
74456QBS4 Public Service El & Gas Callable Note Cont 2/15/2027
3.000% Due 05/15/2027
337,000.00 04/18/2023
4.48%
318,673.94
320,696.47
92.58 5.28%
311,977.75
3,819.33
0.70%
(8,718.72)
A1 / A
NR
3.62 3.33
89115A2M3 Toronto-Dominion Bank Note
5.156% Due 01/10/2028
575,000.00 07/12/2023
5.29%
571,929.50
572,077.32
97.60 5.80%
561,194.83
6,670.58
1.27%
(10,882.49)
A1 / A
AA4.283.74
756109AU8 Realty Income Corp Callable Note Cont 10/15/2027
3.650% Due 01/15/2028
500,000.00 04/10/2023
4.87%
474,240.00
476,787.86
92.12 5.75%
460,580.50
3,852.78
1.03%
(16,207.36)
A3 / ANR4.30
3.85 06051GGF0 Bank of America Corp Callable Note 1/20/2027
3.824% Due 01/20/2028
600,000.00 07/12/2023
5.91%
567,738.00
569,281.73
92.86 6.24%
557,184.00
4,525.07
1.25%
(12,097.73)
A1 / AAA4.31
3.01 06368LGV2 Bank of Montreal Callable Note Cont 1/1/2028
5.203% Due 02/01/2028
600,000.00 09/05/2023
5.48%
593,520.00
593,616.72
97.61 5.83%
585,650.40
5,203.00
1.32%
(7,966.32)
A2 / AAA4.34
3.79 58933YBH7 Merck & Co Callable Note Cont 4/17/2028
4.050% Due 05/17/2028
130,000.00 05/08/2023
4.07%
129,894.70
129,902.60
96.23 4.97%
125,094.06
1,959.75
0.28%
(4,808.54)
A1 / A+
NR
4.63 4.09
61744YAK4 Morgan Stanley Callable Note 1X 7/22/2027
3.591% Due 07/22/2028
500,000.00 08/10/2023
5.88%
465,070.00
465,999.40
91.24 6.21%
456,190.00
3,441.38
1.02%
(9,809.40)
A1 / AA+4.81
3.45 TOTAL Corporate 11,472,000.00 3.48%
11,522,619.04
11,327,284.63 5.67%
11,108,352.28
102,128.32
24.98%
(218,932.35)
A1 / A
A+
2.24 1.88
Money Market Fund
31846V807 First American Treasury MMF Class Y
74,981.20 Various
4.95%
74,981.20
74,981.20
1.00 4.95%
74,981.20
0.00 0.17%
0.00 Aaa / AA+
AAA
0.00 0.00
TOTAL Money Market Fund 74,981.20 4.95%
74,981.20
74,981.20 4.95%
74,981.20
0.00 0.17%
0.00 Aaa / AA+
AAA
0.00 0.00
Negotiable CD
96130ASC3 Westpac Banking Corp NY Yankee CD
5.380% Due 02/16/2024
375,000.00 02/16/2023
5.34%
375,141.03
375,053.47
99.86 5.56%
374,471.63
12,721.46
0.86%
(581.84)
P-1 / A-1+
F-1
0.38 0.37
TOTAL Negotiable CD 375,000.00 5.34%
375,141.03
375,053.47 5.56%
374,471.63
12,721.46
0.86%
(581.84)
Aaa / AAA
AA
0.38 0.37
As of September 30, 2023
32 I
Holdings Report
City of San Rafael - Account #11045
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Supranational
45950KDD9 International Finance Corp Note
4.500% Due 07/13/2028
305,000.00 07/06/2023
4.53%
304,661.45
304,676.27
98.82 4.78%
301,397.65
2,973.75
0.68%
(3,278.62)
Aaa / AAA
NR
4.79 4.21
TOTAL Supranational 305,000.00 4.53%
304,661.45
304,676.27 4.78%
301,397.65
2,973.75
0.68%
(3,278.62)
Aaa / AAA
NR
4.79 4.21
US Treasury
912828U57 US Treasury Note
2.125% Due 11/30/2023
650,000.00 10/31/2019
1.67%
661,529.52
650,463.96
99.45 5.39%
646,451.65
4,641.91
1.45%
(4,012.31)
Aaa / AA+
AA+
0.17 0.17
91282CBA8 US Treasury Note
0.125% Due 12/15/2023
1,200,000.00 10/07/2021
0.33%
1,194,566.52
1,199,489.97
98.95 5.22%
1,187,437.20
442.62
2.65%
(12,052.77)
Aaa / AA+
AA+
0.21 0.21
91282CBV2 US Treasury Note
0.375% Due 04/15/2024
1,000,000.00 05/03/2021
0.33%
1,001,175.22
1,000,214.77
97.32 5.48%
973,164.00
1,731.56
2.17%
(27,050.77)
Aaa / AA+
AA+
0.54 0.53
91282CCC3 US Treasury Note
0.250% Due 05/15/2024
1,000,000.00 05/17/2021
0.35%
996,878.35
999,352.27
96.81 5.51%
968,086.00
944.29
2.16%
(31,266.27)
Aaa / AA+
AA+
0.62 0.61
912828D56 US Treasury Note
2.375% Due 08/15/2024
1,000,000.00 12/28/2021
0.91%
1,038,011.16
1,012,617.65
97.36 5.51%
973,555.00
3,033.29
2.18%
(39,062.65)
Aaa / AA+
AA+
0.88 0.85
9128282Y5 US Treasury Note
2.125% Due 09/30/2024
1,000,000.00 08/25/2021
0.44%
1,051,800.23
1,016,702.37
96.80 5.46%
967,969.00
58.06 2.16%
(48,733.37)
Aaa / AA+
AA+
1.00 0.97
912828YM6 US Treasury Note
1.500% Due 10/31/2024
1,000,000.00 12/28/2021
0.97%
1,014,925.23
1,005,694.02
95.91 5.44%
959,063.00
6,277.17
2.15%
(46,631.02)
Aaa / AA+
AA+
1.09 1.04
912828YV6 US Treasury Note
1.500% Due 11/30/2024
700,000.00 09/10/2021
0.48%
722,889.06
708,284.40
95.68 5.37%
669,730.60
3,528.69
1.50%
(38,553.80)
Aaa / AA+
AA+
1.17 1.12
91282CAJ0 US Treasury Note
0.250% Due 08/31/2025
1,200,000.00 06/30/2022
3.15%
1,095,937.50
1,137,095.21
91.25 5.10%
1,094,953.20
255.49
2.44%
(42,142.01)
Aaa / AA+
AA+
1.92 1.87
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
500,000.00 07/15/2022
3.12%
456,445.31
472,894.35
91.00 5.04%
455,000.00
3.42 1.01%
(17,894.35)
Aaa / AA+
AA+
2.00 1.95
9128285N6 US Treasury Note
2.875% Due 11/30/2025
500,000.00 07/15/2022
3.11%
496,212.61
497,572.26
95.66 5.01%
478,320.50
4,830.94
1.08%
(19,251.76)
Aaa / AA+
AA+
2.17 2.04
91282CGE5 US Treasury Note
3.875% Due 01/15/2026
1,000,000.00 02/06/2023
4.13%
992,929.69
994,484.76
97.65 4.97%
976,484.00
8,213.32
2.19%
(18,000.76)
Aaa / AA+
AA+
2.30 2.14
91282CBQ3 US Treasury Note
0.500% Due 02/28/2026
500,000.00 07/15/2022
3.09%
455,839.84
470,615.48
90.03 4.92%
450,156.50
212.91
1.00%
(20,458.98)
Aaa / AA+
AA+
2.42 2.35
91282CBW0 US Treasury Note
0.750% Due 04/30/2026
500,000.00 09/30/2022
4.17%
443,595.43
459,378.36
90.08 4.88%
450,410.00
1,569.29
1.01%
(8,968.36)
Aaa / AA+
AA+
2.58 2.49
As of September 30, 2023
33 I
Holdings Report
City of San Rafael - Account #11045
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
9128286X3 US Treasury Note
2.125% Due 05/31/2026
500,000.00 09/30/2022
4.14%
465,958.71
475,263.50
93.21 4.87%
466,035.00
3,570.70
1.05%
(9,228.50)
Aaa / AA+
AA+
2.67 2.52
91282CCJ8 US Treasury Note
0.875% Due 06/30/2026
500,000.00 09/30/2022
4.15%
443,595.43
458,675.10
89.98 4.81%
449,883.00
1,105.64
1.00%
(8,792.10)
Aaa / AA+
AA+
2.75 2.65
91282CHY0 US Treasury Note
4.625% Due 09/15/2026
900,000.00 09/25/2023
4.81%
895,429.69
895,450.75
99.51 4.80%
895,570.20
1,829.67
2.00%
119.45
Aaa / AA+
AA+
2.96 2.73
91282CGC9 US Treasury Note
3.875% Due 12/31/2027
1,000,000.00 02/06/2023
3.84%
1,001,445.31
1,001,254.54
96.92 4.68%
969,180.00
9,792.80
2.18%
(32,074.54)
Aaa / AA+
AA+
4.25 3.83
TOTAL US Treasury 14,650,000.00 2.14%
14,429,164.81
14,455,503.72 5.18%
14,031,448.85
52,041.77
31.38%
(424,054.87)
Aaa / AA+
AA+
1.64 1.55
TOTAL PORTFOLIO 46,086,981.20 3.14%
45,815,295.64
45,651,338.23 5.39%
44,636,118.21
247,037.07
100.00%
(1,015,220.02)
Aa1 / AA
AA+
2.13 1.75
TOTAL MARKET VALUE PLUS ACCRUALS 44,883,155.28
As of September 30, 2023
34 I
Holdings Report
San Rafael Reporting - Account #11046
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
LAIF
90LAIF$00 Local Agency Investment Fund State Pool
51,292,953.97 Various
3.61%
51,292,953.97
51,292,953.97
1.00 3.61%
51,292,953.97
433,243.56
100.00%
0.00 NR / NR
NR
0.00 0.00
TOTAL LAIF 51,292,953.97 3.61%
51,292,953.97
51,292,953.97 3.61%
51,292,953.97
433,243.56
100.00%
0.00 NR / NR
NR
0.00 0.00
TOTAL PORTFOLIO 51,292,953.97 3.61%
51,292,953.97
51,292,953.97 3.61%
51,292,953.97
433,243.56
100.00%
0.00 NR / NR
NR
0.00 0.00
TOTAL MARKET VALUE PLUS ACCRUALS 51,726,197.53
As of September 30, 2023
35 I
SECTION | Section 4 | Transactions
36 Transaction Ledger
City of San Rafael - Account #11045
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/13/2023 45950KDD9 305,000.00 International Finance Corp Note
4.5% Due: 07/13/2028
99.889 4.53% 304,661.45 0.00 304,661.45 0.00
Purchase 07/14/2023 06051GGF0 600,000.00 Bank of America Corp Callable Note 1/20/2027
3.824% Due: 01/20/2028
94.623 5.91% 567,738.00 11,089.60 578,827.60 0.00
Purchase 07/14/2023 89115A2M3 575,000.00 Toronto-Dominion Bank Note
5.156% Due: 01/10/2028
99.466 5.29% 571,929.50 329.41 572,258.91 0.00
Purchase 07/18/2023 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due: 02/25/2028
99.982 5.54% 89,984.05 0.00 89,984.05 0.00
Purchase 07/21/2023 78016FZT4 550,000.00 Royal Bank of Canada Note
4.875% Due: 01/12/2026
98.945 5.34% 544,197.50 670.31 544,867.81 0.00
Purchase 08/14/2023 3133EPSW6 560,000.00 FFCB Note
4.5% Due: 08/14/2026
99.770 4.58% 558,712.00 0.00 558,712.00 0.00
Purchase 08/14/2023 61744YAK4 500,000.00 Morgan Stanley Callable Note 1X 7/22/2027
3.591% Due: 07/22/2028
93.014 5.88% 465,070.00 1,097.25 466,167.25 0.00
Purchase 09/07/2023 06368LGV2 600,000.00 Bank of Montreal Callable Note Cont 1/1/2028
5.203% Due: 02/01/2028
98.920 5.48% 593,520.00 3,121.80 596,641.80 0.00
Purchase 09/15/2023 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due: 09/15/2028
99.972 5.23% 494,862.79 0.00 494,862.79 0.00
Purchase 09/19/2023 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due: 09/15/2028
99.996 5.29% 489,978.10 0.00 489,978.10 0.00
Purchase 09/26/2023 91282CHY0 900,000.00 US Treasury Note
4.625% Due: 09/15/2026
99.492 4.81% 895,429.69 1,257.90 896,687.59 0.00
Subtotal 5,665,000.00 5,576,083.08 17,566.27 5,593,649.35 0.00 TOTAL ACQUISITIONS 5,665,000.00 5,576,083.08 17,566.27 5,593,649.35 0.00 June 30, 2023 through September 30, 2023
As of September 30, 2023
37 I
Transaction Ledger
City of San Rafael - Account #11045
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
DISPOSITIONS
Sale 07/13/2023 9128282D1 1,250,000.00 US Treasury Note
1.375% Due: 08/31/2023
99.477 5.31% 1,243,457.03 6,305.20 1,249,762.23 -7,813.39 Sale 08/14/2023 91159HHV5 1,000,000.00 US Bancorp Callable Note Cont 1/5/2024
3.375% Due: 02/05/2024
98.793 5.98% 987,930.00 843.75 988,773.75 -25,821.49
Sale 09/12/2023 91282CAW1 1,000,000.00 US Treasury Note
0.25% Due: 11/15/2023
99.141 5.23% 991,406.25 815.22 992,221.47 -8,602.08
Sale 09/26/2023 3135G0V34 600,000.00 FNMA Note
2.5% Due: 02/05/2024
98.910 5.58% 593,460.00 2,125.00 595,585.00 -8,333.41
Subtotal 3,850,000.00 3,816,253.28 10,089.17 3,826,342.45 -50,570.37 Maturity 08/25/2023 89236THA6 700,000.00 Toyota Motor Credit Corp Note
1.35% Due: 08/25/2023
100.000 700,000.00 0.00 700,000.00 0.00
Subtotal 700,000.00 700,000.00 0.00 700,000.00 0.00
TOTAL DISPOSITIONS 4,550,000.00 4,516,253.28 10,089.17 4,526,342.45 -50,570.37 June 30, 2023 through September 30, 2023
As of September 30, 2023
38 I
Transaction Ledger
San Rafael Reporting - Account #11046
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/15/2023 90LAIF$00 369,116.37 Local Agency Investment Fund State Pool 1.000 3.26% 369,116.37 0.00 369,116.37 0.00 Subtotal 369,116.37 369,116.37 0.00 369,116.37 0.00
TOTAL ACQUISITIONS 369,116.37 369,116.37 0.00 369,116.37 0.00
DISPOSITIONS
Security
Withdrawal
07/15/2023 90LAIF$00 6,158.18 Local Agency Investment Fund State Pool 1.000 6,158.18 0.00 6,158.18 0.00 Subtotal 6,158.18 6,158.18 0.00 6,158.18 0.00
TOTAL DISPOSITIONS 6,158.18 6,158.18 0.00 6,158.18 0.00 June 30, 2023 through September 30, 2023
As of September 30, 2023
39 I
Important Disclosures
2023 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.
As of September 30, 2023
40 I
Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
As of September 30, 2023
41 I
____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting: _______________________
Disposition: ___________________________
Agenda Item No: 4.f
Meeting Date: November 6, 2023
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: Human Resources
Prepared by: Marissa Sanchez, Human Resources
Director
City Manager Approval: ______________
TOPIC: PROFESSIONAL SERVICES AGREEMENT FOR LABOR NEGOTIATIONS SERVICES SUBJECT: PROFESSIONAL SERVICES AGREEMENT WITH BURKE, WILLIAMS & SORENSEN,
LLP FOR LABOR NEGOTIATION SERVICES, IN AN AMOUNT NOT TO EXCEED $150,000
RECOMMENDATION:
Authorize the City Manager to enter into a Professional Services Agreement with Burke, Williams & Sorensen, LLP for legal and labor negotiation services, in an amount not to exceed $150,000.
BACKGROUND:
This contract is to engage labor negotiation services from attorneys with the law firm of Burke, Williams & Sorensen, LLP, covering fiscal years 2023-2024 and 2024-2025.
The City of San Rafael currently has seven (7) labor agreements that will expire on June 30, 2024. In addition, new compensation/benefit resolutions must be established for the unrepresented groups, and the Elected City Clerk and Elected Part Time City Attorney, whose current resolutions expire on June 30, 2024. Accordingly, the City will soon begin negotiating new labor agreements and resolutions.
The City has the practice of using experienced, independent professionals to act as lead negotiator in represented contract negotiations for many years and has contracted with Burke, Williams & Sorenson, LLP, for labor negotiation services since December 2017. A member of the City’s executive team will be “at the table” along with the independent negotiator. This model helps staff maintain cooperative relationships with bargaining unit representatives and avoids potential conflicts of interest that could arise if only internal staff were involved in negotiations.
ANALYSIS:
Given the City’s desire to complete new collective bargaining agreements with various bargaining groups and the time involved fulfilling this important task, staff recommends that the City continue partnering with the legal firm of Burke, Williams & Sorensen, LLP, for labor negotiation services.
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
This agreement provides a full range of services, including meeting preparation, appropriate legal review of proposed bargaining group contracts, and coordination with the City’s resource team. In addition, services will include time for interaction with the City Council, necessary technical research, and legal services that may be required for issues outside of the actual labor negotiation process.
Although Burke, Williams & Sorensen, LLP would be engaged to lead the process, staff will continue to be extensively involved in the negotiation process. Along with other City staff, Burke, Williams & Sorensen, LLP attorneys will receive authority from the City Council and will coordinate strategy with the City Manager, Assistant City Managers, and Human Resources Director. In addition, the management resource team will include support from the Department Directors, including the Finance Director for financial analysis, and the City Attorney.
FISCAL IMPACT:
The cost for services under this agreement will not exceed $150,000. Funding is available in the FY 2023-24 contractual services budget for the General Fund and other related funds that will receive benefits from these services.
OPTIONS:
The City Council has the following options to consider on this matter:
1. Adopt the resolution authorizing the City Manager to enter into the agreement as recommended.
2. Do not authorize the City Manager to enter into the agreement and provide further direction to staff.
RECOMMENDED ACTION:
Authorize the City Manager to enter into a Professional Services Agreement with Burke, Williams & Sorensen, LLP for legal and labor negotiation services, in the amount of $150,000.
ATTACHMENTS:
None.
____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting:
Disposition:
Agenda Item No: 4.g
Meeting Date: November 6, 2023
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: Public Works
Prepared by: Adeel Shaikh, Junior Engineer
April Miller, Director of Public Works
City Manager Approval: _______
TOPIC: ALBERT PARK NETTING AND FENCING PROJECT
SUBJECT: ALBERT PARK NETTING AND FENCING PROJECT BID REJECTION RECOMMENDATION:
Reject the bid for the Albert Park Netting and Fencing Project and direct staff to develop design alternatives.
BACKGROUND:
The Library and Recreation Department notified the Public Works Department about stray baseballs creating a possible hazard to patrons and vehicles at the Albert Park athletic field. In response, the City proposed a project to install fencing and netting at the Albert Park athletic field and stadium between Andersen Drive, Albert Park Lane, and Lindaro Street. The proposed project consists of removing the existing fencing, installing 30-ft tall foul ball netting with foundations along the third base lines, and replacing a 6-foot chain-link fence in a new configuration near the third base concessions.
ANALYSIS:
The City has solicited contractors for this project on two separate occasions. On October 21, 2021, the City received no bid responses, and on November 18, 2021, the City received one bid from Arrow Fencing in the amount of $595,039. The bid was much higher than the anticipated estimate of $295,000. Due to insufficient funding from the Measure A Parks Fund (Fund #241), the City Council approved the staff recommendation to reject the bid on January 18, 2022.
City staff worked with the design consultants on an alternative design with reduced scope to fit a project within the project budget and still meet the safety objectives. On August 23, 2023, the project was re-advertised in accordance with San Rafael’s Municipal Code. On September 21, 2023, the following bid was received and read aloud:
NAME OF BIDDER AMOUNT
CWS Construction Group, Inc. $535,334
The Department of Public Works staff reviewed the construction bid from CWS Construction Group, Inc. in the amount of $535,334 and found it to be non-responsive. The bid does not meet the percentage requirement for mobilization as specified in section 18-2 of the technical SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
specifications. Therefore, staff recommends rejecting the bid from CWS Construction Group, Inc. and developing design alternatives. After unsuccessfully soliciting the project three times, staff recommends exploring out-of-the-box alternate solutions that can achieve the goals of this project while staying within the project budget.
FISCAL IMPACT: If the City Council rejects the bid, there will be no fiscal impact.
OPTIONS:
1. Reject the bid and direct staff to develop design alternatives.
2. Reject the bid and direct staff to postpone the project.
RECOMMENDED ACTION: Reject the bid for the Albert Park Netting and Fencing Project and direct staff to develop design alternatives.
____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting:
Agenda Item No: 4.h
Meeting Date: November 6, 2023
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: Public Works
Prepared by: April Miller
Director of Public Works
City Manager Approval: ___________
TOPIC: ESSENTIAL FACILITIES CONSTRUCTION PROJECT – FIRE STATION 55 SITE
IMPROVEMENTS
SUBJECT: AUTHORIZE THE CITY MANAGER TO APPROVE CONTRACT AMENDMENTS TO THE CONSTRUCTION AGREEMENT WITH MICHAEL PAUL COMPANY, INC.
FOR MISCELLANEOUS UNFORESEEN CONDITIONS ASSOCIATED WITH THE FIRE STATION 55 SITE WORK PROJECT.
RECOMMENDATION:
Authorize the City Manager to approve contract amendments to the Construction Agreement with Michael Paul Company, Inc. for miscellaneous unforeseen work associated with the Fire Station 55 Site Improvements project, increasing the total amount of the agreement to $205,304.75.
BACKGROUND:
On November 5, 2013, the voters approved Measure E, extending the existing one-half percent local sales tax and increasing the rate by one-quarter percent to provide funding to preserve essential city services. The City has since used those resources to plan, design, construct, and manage two new stand-alone fire stations, 52 and 57, and a new Public Safety Center (PSC) that incorporates Fire Station 51. These three projects are collectively referred to as “Phase 1” of the City’s Essential Facilities Program. They have all been completed, occupied, and are operational.
The Essential Facilities program also includes the design, and construction of Fire Stations 54 and 55, referred to as “Phase 2”.
Fire Stations 54 and 55 were built in the mid-1960s and were beyond their useful life when the Essential Facilities Program was approved.
Fire Station 55 is located at 955 Point San Pedro Road between Knight Drive and Peacock Drive.
The Fire Station 55 reconstruction project scope of work includes seismic and ADA (Americans with Disabilities Act) upgrades through the demolition and replacement of the living quarters; select demolition and salvaging of the existing wood-frame apparatus bay structure; and site improvements such as parking lot repaving, restriping, new exterior lighting, new emergency generator, and a new fueling station.
The Department of Public Works solicited qualified vendors to bid on the project and received bids on September 30, 2021. Wickman Development and Construction (“WDC”) was the lowest SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
responsive bidder. On October 18, 2021, the City Council approved a resolution 14988 authorizing the City Manager to authorize and execute a construction agreement with WDC for the construction of Fire Stations 54 and 55.
The City issued a notice to proceed with the construction of Station 55 on January 10, 2022.
Fire Station 55 serves the Peacock Gap and adjacent neighborhoods outside the City center. In order to maintain response time to the community, the City installed and commissioned a set of temporary buildings to house the fire crews on the property during construction. A modular building and several smaller structures were installed on the lawn, west of the construction site, on 955 Point San Pedro Road.
WDC’s contract included the site improvements at Fire Station 55. The site work included demolition of the existing parking lot, regrading, repaving, and restriping of the lot, exterior light posts, and other miscellaneous work. However, the temporary buildings housing the fire crews during construction were located on the property. This portion of the site was part of the construction project and it was scheduled to receive new pavement, a sewer lateral upgrade, and other site improvements. The location of the temporary quarters was in conflict with the required site work.
Staff evaluated the potential for time and cost delays to the new building due to these unforeseen conflicts. Staff determined that the best path forward to minimize delays and to reoccupy the new station promptly was to remove the work related to site improvements from WDC, via a deductive change order, and rebid it as a separate project.
On February 23, 2022, The Department of Public Works solicited informal bids for the Fire Station 55 - Site Work Project. Staff contacted four qualified bidders: Argos Construction, Ghilotti Brothers, Ghilotti Construction, and Michael Paul Company, Inc. (MPC).
On March 3, 2022, the City received one bid from MPC. MPC was deemed the lowest, responsive bidder. The other companies declined mainly due to excess backlog and workload.
The City Manager issued a construction agreement for $174,297 for the site improvements work at Fire Station 55, to MPC.
On May 10, 2023, The Department of Public Works issued a notice to proceed with construction.
MPC started construction on May 15, 2023.
MPC discovered unforeseen conditions that required additional work while excavating the parking lot. MPC found an extra layer of asphalt pavement on large portions of the lot, a concrete footing buried under a layer of old asphalt pavement, and discrepancies between the existing grade and those shown on the project plans. Additionally, City staff requested new work to provide power to an exterior storage shed used to store safety equipment by the Fire crews.
MPC requested compensation for these changes in scope in the amount of $31,007.75.
ANALYSIS:
The original contract was authorized in an amount of $174,297 which is within the contracting authority of the Public Works Director ($200,000). Due to unforeseen conditions and City requested added scope, the project team issued three change orders to MPC in the combined amount of $31,007.75. These amendments to the contract increase the total contract to an amount of $205,304.75. This increased contract amount exceeds the Public Works Director’s authority, therefore requires approval by the City Council.
Disposition:
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3
FISCAL IMPACT:
The costs associated with the project have been appropriated from the Essential Facilities Capital Projects Fund (#420). This fund has been accumulating a portion of Measure E tax dollars for the purpose of these projects and has a sufficient balance set aside to support the total project cost.
OPTIONS:
1. Authorize the City Manager to approve the contract amendments.
2. Do not authorize the City Manager to approve the contract amendments and provide further direction to staff.
RECOMMENDED ACTION:
1. Authorize the City Manager to approve contract amendments to the construction agreement with Michael Paul Company, Inc. for miscellaneous unforeseen work associated with the Fire Station 55 Site Improvements project, increasing the total amount of the agreement to $205,304.75.
ATTACHMENTS:
N/A
City of San Rafael
Proclamation In Recognition of
UNITED AGAINST HATE WEEK 2023
AND SUPPORT FOR NOT IN OUR TOWN
WHEREAS, the United States is a nation of immigrants, whose strength comes from its diversity; and
WHEREAS, it has become all too common to see, hear, and witness racist, xenophobic, antiSemitic, sexist, homophobic, Islamophobic, and other hateful acts in this country; and
WHEREAS, deep divisions within our country are the result of extreme ideology, further strengthening a cycle of mistrust and suspicion fueled by fear, anxiety, and insecurity; and
WHEREAS, the Constitution enshrines equality on all individuals regardless of race, gender, sexual orientation and expression, religion, disability, socio-economic status, education, language, or political views; and
WHEREAS, the City of San Rafael is committed to addressing equality and inclusivity in housing, criminal justice, health care, employment, education, and all other aspects of our community; and
WHEREAS, education, compassion, and cooperation are vital to understanding and embracing differences between people; and
WHEREAS, we seek to join other communities across the country in bridging divisions and strengthening our communities; and
WHEREAS, the City of San Rafael wishes to support Not In Our Town, a leading anti-hate organization that serves hundreds of schools and communities across the country who stand against all forms of prejudice and works to build bridges to foster inclusion and equity; and
WHEREAS, together, our community can stand united against hate not just this week, but every day.
NOW, THEREFORE, I, Kate Colin, Mayor of San Rafael, do hereby proclaim November 12 through November 18, 2023 as United Against Hate Week in the City of San Rafael and pledge the City’s full support of the San Rafael chapter of Not in Our Town.
Kate Colin
Mayor
City of San Rafael
Proclamation
Presented to
Mark Machado
WHEREAS Mark Machado has served on the Park and Recreation Commission for the City of San Rafael for 16 years from October 2007- October 2023; and WHEREAS, Mark served in an advisory capacity to the City as a Park and Recreation Commissioner and became an integral part of the Park and Recreation Commission, attending numerous park tours and neighborhood events and taking great pride in representing the City of San Rafael; and WHEREAS, Mark served under Mayor Gary Phillips and Mayor Kate Colin, several City Councilmembers and three City Managers (Mackle, Schutz, and Alilovich), and provided advice to three Directors of the Library and Recreation (formerly Community Services) Department (McCart, AndradeWax, and Quffa) during his tenure; and WHEREAS, Mark provided advice and insight to the City in relation to a variety of projects and initiatives, including the integration of the Library and Recreation Department, the creation of a Citywide Park & Recreation Master Plan, the allocation of Measure A funding, the development of departmental policies and procedures, improvements to Beach Park through private partnerships, as well as development of major improvements to Parks and Recreation facilities Citywide, including the renovation of Victor Jones Park, Pickleweed Park, Albert Park, and Sun Valley Playgrounds, installation of a new restroom at Bret Harte Park, and numerous upgrades to many neighborhood parks; and WHEREAS, Mark served the City of San Rafael with, honesty, grace, diplomacy, and great integrity; making certain along the way that each solution advanced and improved the quality of life in San Rafael.
NOW, THEREFORE, I, KATE COLIN, Mayor of San Rafael, do hereby proclaim my sincere appreciation to Mark Machado for his important contributions and community service to the City of San Rafael.
Kate Colin
Mayor
Agenda Item No: 6.a Marin Sanitary Service Rates for 2024 – Removed from Agenda ____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting: _______________________
Disposition: ___________________________
Agenda Item No: 6.b
Meeting Date: November 6, 2023
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: City Clerk’s Office
Prepared by: Lindsay Lara, City Clerk City Manager Approval: ______________ TOPIC: CITY COUNCIL MEETING COMMENCEMENT TIME
SUBJECT: INTRODUCTION OF AN ORDINANCE OF THE CITY OF SAN RAFAEL CITY COUNCIL AMENDING SECTION 2.04.010 OF THE SAN RAFAEL MUNICIPAL CODE
CONCERNING REGULAR MEETINGS
RECOMMENDATION:
Waive further reading of the Ordinance and introduce an Ordinance of the City of San Rafael City Council Amending Section 2.04.010 of the San Rafael Municipal Code (SRMC) Concerning Regular Meetings and refer to it by title only.
BACKGROUND:
The City’s Charter authorizes the City Council to establish, by ordinance, the time and place for its meetings. Section 2.04.010 of the SRMC presently provides that the Council's regular meetings shall be held on the first and third Mondays of each month, starting at 7:00 p.m.
ANALYSIS:
The attached ordinance would amend the SRMC section 2.04.010 to change the commencement time for regular City Council meetings from 7:00 p.m. to 6:00 p.m.
In recent years, the commencement time of many Board, Commission, and Committee (BCC) meetings has been changed from 7:00 p.m. to 6:00 p.m., and staff recommends changing the City Council regular meeting schedule time to 6:00 p.m. Often times City Council meetings can be conducted late into the evening, requiring our community members to stay at City Hall until as late as 11:00 p.m. to provide public comments on agenda items that are later on the agenda.
ATTACHMENTS:
1. Ordinance
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF SAN RAFAEL CITY COUNCIL AMENDING SECTION 2.04.010 OF THE SAN RAFAEL MUNICIPAL CODE CONCERNING
REGULAR MEETINGS
WHEREAS, as authorized by Article VII, Section 3 of the Charter of the City of San Rafael, the City Council has provided in San Rafael Municipal Code, Chapter 2.04, for the time and place of its meetings; and
WHEREAS, pursuant to San Rafael Municipal Code Section 2.04.010, regular meetings of the City Council currently convene on the first and third Mondays of the month at the hour of 7:00 p.m.; and
WHEREAS, the time of commencement of the meetings of the many Boards, Commissions and Committees have been changed to 6:00 p.m., and the City Council now finds that it would be in the best interests of the City for the City Council also to commence its regular meetings at 6:00 p.m., so as to facilitate the public's participation therein.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SAN RAFAEL DOES ORDAIN AS FOLLOWS:
DIVISION 1. Section 2.04.10 of Chapter 2.04 of the Municipal Code of the City of San Rafael is hereby amended as follows (additions are shown in underline and deletions in strikethrough):
2.04.010 - Regular meetings.
The regular meetings of the council of the City of San Rafael, County of Marin, State of California, shall be held on the first and third Monday of each month at the regular place of meeting specified in this section. Where the first or third Monday falls upon either New Year's Day, President's Day, Memorial Day, the Fourth of July, Labor Day, Veteran's Day or Christmas Day a city holiday, the council shall meet on the Tuesday following the holiday. Regular meetings shall convene at the hour of seven six p.m. (76:00 p.m.). The regular meetings may be adjourned from time to time as may be determined by the council for the purpose of completing the business and duties of the council, and may be adjourned to any other date and time.
All regular meetings of the council shall be held at the city hall situated on the northerly side of Fifth Avenue between C Street and E Street, and the meetings shall be held in the general assembly room in the building set apart for the meetings of the council.
DIVISION 2.
All former ordinances or parts thereof conflicting or inconsistent with the provisions of this Ordinance or the Codes hereby adopted are hereby repealed.
DIVISION 3.
If any section, subsection, sentence, clause or phrase of this Ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portion of this Ordinance. The City Council of the City of San Rafael hereby declares that it would have adopted the Ordinance and each section, subsection, sentence, clause or phrase thereof, irrespective of the fact that any one or more sections, subsections, sentences, clauses or phrases shall be declared invalid.
DIVISION 4.
The City Council finds that adoption of this Ordinance is exempt from the California Environmental Quality Act (CEQA), pursuant to 14 CCR Section 15061(b)(3), since it can be seen with certainty that there is no possibility that the adoption of this Ordinance may have a significant effect on the environment.
DIVISION 5.
This Ordinance shall be published once, in full or in summary form, before its final passage, in a newspaper of general circulation, published and circulated in the City of San Rafael and shall be in full force and effect 30 days after its adoption. If published in summary form, the summary shall also be published within fifteen (15) days after the adoption, together with the names of those Council members voting for or against same, in a newspaper of general circulation published and circulated in the City of San Rafael, County of Marin, State of California.
Within 15 days after adoption, the City Clerk shall also post in the office of the City Clerk, a certified copy of the full text of this Ordinance along with the names of those Councilmembers voting for and against the Ordinance.
THE FOREGOING ORDINANCE was first read and introduced at a regular meeting of the San Rafael City Council on the 6th day of November 2023, and was passed and adopted at a regular meeting of the San Rafael City Council on the 20th day of November 2023 by the following vote, to wit:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
_______________
Kate Colin, Mayor
Attest:
_____________________
LINDSAY LARA, City Clerk
____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting:
Disposition:
Agenda Item No: SA 1.a
Meeting Date: November 6, 2023
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY
AGENDA REPORT
Department: Finance Department
Prepared by: Paul Navazio, Finance Director City Manager Approval: ________ TOPIC: SUCCESSOR AGENCY QUARTERLY INVESTMENT REPORT
SUBJECT: ACCEPTANCE OF SUCCESSOR AGENCY QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING SEPTEMBER 30, 2023
RECOMMENDATION: Accept the investment report for the quarter ending September 30, 2023.
BACKGROUND:
Pursuant to the State of California Government Code Section 53601 and the City’s investment policy, last approved by the City Council on June 21, 2022, staff provides the governing body a quarterly report on the Successor Agency's investment activities and liquidity.
ANALYSIS:
The Successor Agency checking account had a balance of $123,234 at quarter-end.
FISCAL IMPACT:
No financial impact occurs by adopting the report.
RECOMMENDED ACTION:
Accept investment report for the quarter ending September 30, 2023.
ATTACHMENT:
1. Successor Agency Cash & Investment Report April through September 30, 2023.
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
TREASURER’S CERTIFICATION
I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH SUCCESSOR AGENCY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE
SUCCESSOR AGENCY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS
REQUIRED DURING THE NEXT SIX-MONTH PERIOD, SUBJECT TO OVERSIGHT BOARD
APPROVAL OF OBLIGATIONS AND THE SUBSQUENT TIMELY COUNTY DISBURSEMENT OF FUNDS.
Paul Navazio
Finance Director
SUCCESSOR AGENCY TO SAN RAFAEL REDEVELOPMENT AGENCY
CASH and INVESTMENTS
QUARTER ENDED 9/30/2023
PURCHASE MATURITY YIELD PURCHASE PAR MARKET Days to % OF AS ISSUER TYPE DATE DATE PRICE VALUE VALUE Maturity TOTAL OF CASH ACCOUNTS:
WESTAMERICA DD N/A N/A $ 173,496.76 $ 173,496.76 $ 173,496.76 1 100.00% 4/30/2023 WESTAMERICA DD N/A N/A $ 253,496.76 $ 253,496.76 $ 253,496.76 1 100.00% 5/31/2023 WESTAMERICA DD N/A N/A $ 123,234.31 $ 123,234.31 $ 123,234.31 1 100.00% 6/30/2023 WESTAMERICA DD N/A N/A $ 123,234.31 $ 123,234.31 $ 123,234.31 1 100.00% 9/30/2023 TOTAL INVESTMENTS $ - - $ - $
TOTAL CASH & INVESTMENTS - QUARTER-END BALANCE 123,234.31 $ 123,234.31 $ 123,234.31 $ 100.00% % Portfolio held 1 year or less
100%
TYPE:
DD - Demand Deposit
https://cityofsanrafael-my.sharepoint.com/personal/pauln_cityofsanrafael_org/Documents/Documents/Departments/Finance/Investments/SA Investment Worksheet 09-30-2023