CITY OF SANTA BARBARA
CITY COUNCIL
Randy Rowse
Mayor
Kelly McAdoo
City Administrator
Mike Jordan
Mayor Pro Tempore
Mike Jordan
Ordinance Committee Chair
Sarah J. Knecht
City Attorney
Alejandra Gutierrez
Finance Committee Chair
Eric Friedman
Meagan Harmon
Oscar Gutierrez
Kristen W. Sneddon
City Hall
735 Anacapa Street
http://www.SantaBarbaraCA.gov
JULY 30, 2024, 2:00 PM
AGENDA
IN-PERSON PUBLIC COMMENT: At the beginning of each meeting of the City Council, Finance Committee, or Ordinance Committee, any member of the public may address the City Council concerning any item not on the Council's agenda. Any person wishing to make such address should first complete and deliver a "Request to Speak" form prior to the time that public comment is taken up by the City Council. Each speaker will be given a total of 3 minutes to address the Council. Pooling of time is not allowed during general public comment. The time allotted for general public comment at the beginning of the 2:00 p.m. session is 30 minutes.
Any member of the public who did not speak during the 2:00 p.m. session but who submitted a request to do so during the 2:00 p.m. 30 minute session may do so at the end of the meeting when the additional “Public Comment (If Necessary)” is announced. The City Council, upon majority vote, may decline to hear a speaker on the grounds that the subject matter is beyond their jurisdiction.
REMOTE PUBLIC COMMENT: Members of the public wishing to speak must “raise their hand” in the Zoom platform by selecting the virtual hand icon when their item is called. The keyboard shortcut for this is Alt+Y for Windows and Option+Y for Macs. City staff will activate the speaker’s microphone when the speaker’s name is called. The speaker will then need to unmute themselves. The keyboard shortcut for this is Alt+M for Windows or Command-Shift-A for Macs.
HOW TO REMOTELY OBSERVE AND/OR SPEAK LIVE AT A MEETING
• Web: https://santabarbaraca-gov.zoom.us/webinar/register/WN_JJS2kazqRyu2i83tshCkPw (Participation via Zoom)
• Telephone: Dial 1-669-900-6833, Enter Webinar ID: 894 2384 2846 (press *9 to raise/lower hand; press *6 to mute/unmute) • Online Streaming: Council meetings are streamed live at www.SantaBarbaraCA.gov/CAP • TV: Each regular City Council meeting is broadcast live in English and Spanish on City TV Channel 18 and rebroadcast in English on Wednesdays and Thursdays at 7:00 p.m. and Saturdays at 8:00 a.m., and in Spanish on Sundays at 3:00 p.m.
Each televised Council meeting is closed captioned for the hearing impaired. Check the City TV program guide at www.santabarbaraca.gov/citytv for rebroadcasts of Finance and Ordinance Committee meetings.
WRITTEN PUBLIC COMMENT: Public comments may also be submitted via email to [email protected] prior to the beginning of the Council Meeting. All public comments submitted via email will be provided to City Council and will become part of the public record.
(CONTINUED ON NEXT PAGE)
ORDER OF BUSINESS: Regular meetings of the Finance Committee and the Ordinance Committee begin at 12:00 p.m. The regular City Council meeting begins at 2:00 p.m. in the Council Chambers at City Hall.
REPORTS: Copies of the reports relating to agenda items are available for review at http://www.SantaBarbaraCA.gov/CAP.In accordance with state law requirements, this agenda generally contains only a brief general description of each item of business to be transacted or discussed at the meeting. Should you wish more detailed information regarding any particular agenda item, you are encouraged to obtain a copy of the Council Agenda Report (a "CAR") online at the City's website (http://www.SantaBarbaraCA.gov/CAP). Materials related to an item on this agenda submitted to the City Council after distribution of the agenda packet are posted to the City’s website as soon as reasonably feasible.
CONSENT CALENDAR: The Consent Calendar is comprised of items that will not usually require discussion by the City Council. A Consent Calendar item is open for discussion by the City Council upon request of a Councilmember, City staff, or member of the public. Items on the Consent Calendar may be approved by a single motion. Should you wish to comment on an item listed on the Consent Agenda, after turning in your "Request to Speak" form, you should come forward to speak or raise your hand in Zoom at the time the Council considers the Consent Calendar.
LANGUAGE TRANSLATION AND INTERPRETATION: The City of Santa Barbara offers live Spanish translation and interpretation for City Council Meetings via the Wordly platform. Follow the directions below to access the service. • Go to: https://attend.wordly.ai/join/QQBV-6746
o Ensure the Session ID QQBV-6746 is displayed.
o Select “Spanish” and click on the “Attend” button.
o You can now read the captions on your device and/or listen to the translation of the City Council meeting. o Click the speaker button to hear a text-to-speech version of the translated dialogue. • If you have any questions or concerns, please contact City TV at 805-564-5311.
SPANISH INTERPRETATION: If you need interpretation of your communications to Council from Spanish into English, please contact the City Clerk’s Office at 564-5309 or by email at [email protected]. If possible, notification of at least 48 hours will usually enable the City to make arrangements.
INTERPRETACIÓN EN ESPAÑOL: Si necesita una interpretación del español al inglés, para sus comunicaciones al Consejo, comuníquese con la Oficina del Secretario Municipal al 564-5309, o por correo electrónico a [email protected]. Si es posible, la notificación de al menos 48 horas generalmente permitirá a la Ciudad hacer los arreglos.
AMERICANS WITH DISABILITIES ACT: If you need auxiliary aids or services or staff assistance to attend or participate in this meeting, please contact the City Administrator's Office at 564-5305 or by email at [email protected]. If possible, notification at least 48 hours prior to the meeting will usually enable the City to make reasonable arrangements. For those who need accessibility accommodation in using the “raise hand” function and/or registering to participate in the Zoom session, please contact the Clerk’s office by 5:00 p.m. the day before the meeting for assistance. Additionally, a speaker may email [email protected] by 5:00 p.m. the day before a meeting, stating which item they wish to speak on. Specialized services, such as sign language interpretation or documents in Braille, may require additional lead time to arrange. 07/30/2024 Santa Barbara City Council Final Agenda Page 1 JULY 30, 2024 AGENDA
REGULAR CITY COUNCIL MEETING - 2:00 P.M.
CALL TO ORDER
PLEDGE OF ALLEGIANCE
ROLL CALL
CEREMONIAL ITEMS
1. Subject: Old Spanish Days Week July 31-August 4, 2024 (120.04)
CHANGES TO THE AGENDA
CONSENT CALENDAR
2. Subject: Proposed Assignment of Lease Agreement No. 25,399 – Breakwater Restaurant, Located at 107 Harbor Way [Ordinance Adoption; Agreement] (570.03)
Recommendation: That Council adopt, by reading of title only, an Ordinance of the Council of the City of Santa Barbara Authorizing the Waterfront Director to Execute the Assignment of Lease Agreement No. 25,399 from Stephen and Sharon DeDecker, Doing Business as Breakwater Restaurant, to Breakwater LLC, Located at 107 Harbor Way, Commencing Upon the Effective Date of the Enabling Ordinance.
3. Subject: Lease Amendment with Santa Barbara Harbor Restaurant Inc. DBA The Harbor Restaurant, Located at 210 Stearns Wharf [Ordinance Adoption; Agreement] (570.03)
Recommendation: That Council adopt, by reading of title only, an Ordinance of the Council of the City of Santa Barbara Approving and Authorizing the Waterfront Director to Execute the Amendment to Lease Agreement No. 20,493 with Santa Barbara Harbor Restaurant Inc, Deferring Six Months Base Rent with Lease Terms Ending December 31, 2028, Commencing Upon the Effective Date of the Enabling Ordinance.
07/30/2024 Santa Barbara City Council Final Agenda Page 2
4. Subject: Freeway Maintenance Agreement with Caltrans and Memorandum of Understanding with Santa Barbara County Association of Governments [Resolution; Agreement] (530.04)
Recommendation: That Council:
A. Authorize the Public Works Director to execute a Freeway Maintenance Agreement between the City of Santa Barbara and the State of California Department of Transportation covering Hot Springs Road to Olive Mill Road; B. Authorize the City Administrator to enter into a Memorandum of Understanding with Santa Barbara County Association of Governments and accept $750,000 of funding for ongoing maintenance of the Olive Mill Roundabout; and
C. Adopt, by reading of title only, a Resolution of the Council of the City of Santa Barbara Amending Resolution No. 24-066, Adopting the Budget for Fiscal Year 2025, to Increase Revenue Appropriations in the Streets Operating Fund from a Santa Barbara County Association of Governments Contribution for Future Maintenance of the Olive Mill Roundabout Project.
5. Subject: June 30, 2024, Investment Report and June 30, 2024, Fiscal Agent Report (260.02)
Recommendation: That Council:
A. Accept the June 30, 2024, Investment Report; and
B. Accept the June 30, 2024, Fiscal Agent Report.
6. Subject: Contract for Environmental Compliance at the Closed Las Positas Landfill [Agreement] (630.02)
Recommendation: That Council authorize the Sustainability and Resilience Director to execute a one-year Professional Services Agreement with Rincon Consultants, Inc. for Environmental Compliance Management, including the Monitoring and Reporting Program, at the closed Las Positas Landfill at Elings Park.
7. Subject: Fourth Amendment to Contract with Mead & Hunt for the Airport Master Plan Update [Agreement] (560.09)
Recommendation: That Council authorize the Airport Director to execute a fourth amendment to the Professional Service Agreement with Mead & Hunt, Inc to extend the Airport Master Plan Update contract termination date from July 31, 2024, to July 1, 2025.
07/30/2024 Santa Barbara City Council Final Agenda Page 3
GENERAL PUBLIC COMMENT
PULLED CONSENT ITEMS
COUNCILMEMBER COMMITTEE ASSIGNMENT REPORTS
COUNCIL AND STAFF COMMUNICATIONS
COUNCILMEMBER ENGAGEMENTS
PUBLIC COMMENT (IF NECESSARY)
ADJOURNMENT
Agenda Item No. 1
File Code No. 120.04
ORDINANCE NO.____________
AN ORDINANCE OF THE COUNCIL OF THE CITY OF
SANTA BARBARA AUTHORIZING THE WATERFRONT
DIRECTOR TO EXECUTE THE ASSIGNMENT OF LEASE
AGREEMENT NO. 25,399 FROM STEPHEN AND SHARON
DEDECKER, DOING BUSINESS AS BREAKWATER
RESTAURANT, TO BREAKWATER LLC, LOCATED AT 107
HARBOR WAY, COMMENCING UPON THE EFFECTIVE
DATE OF THE ENABLING ORDINANCE
THE CITY COUNCIL OF THE CITY OF SANTA BARBARA DOES ORDAIN AS FOLLOWS:
SECTION 1. In accordance with the provisions of Section 521 of the Charter of the City of Santa Barbara, the lease assignment with Breakwater LLC, for the Breakwater Restaurant located at 107 Harbor Way, Commencing Upon the Effective Date of the Enabling Ordinance, a copy of which is on file with the City Clerk, is approved.
Agenda Item No. 2
File Code No. 570.03
ORDINANCE NO._____
AN ORDINANCE OF THE COUNCIL OF THE CITY OF
SANTA BARBARA APPROVING AND AUTHORIZING THE
WATERFRONT DIRECTOR TO EXECUTE THE
AMENDMENT TO LEASE AGREEMENT NO. 20,493 WITH
SANTA BARBARA HARBOR RESTAURANT INC.,
DEFERRING SIX MONTHS BASE RENT WITH LEASE
TERMS ENDING DECEMBER 31, 2028, COMMENCING
UPON THE EFFECTIVE DATE OF THE ENABLING
ORDINANCE.
THE COUNCIL OF THE CITY OF SANTA BARBARA DOES ORDAIN AS FOLLOWS:
SECTION 1. In accordance with the provisions of Section 521 of the Charter of the City of Santa Barbara, an Ordinance of the Council of the City of Santa Barbara Approving the Amendment to Lease Agreement No. 20,493 With Santa Barbara Harbor Restaurant Inc., upon the effective date of the enabling ordinance.
Agenda Item No. 3
File Code No. 570.03
CITY OF SANTA BARBARA
COUNCIL AGENDA REPORT
AGENDA DATE: July 30, 2024
TO: Mayor and Councilmembers
FROM: Public Works Department
SUBJECT: Freeway Maintenance Agreement with Caltrans and Memorandum of Understanding with Santa Barbara County Association of
Governments [Resolution; Agreement]
RECOMMENDATION: That Council:
A. Authorize the Public Works Director to execute a Freeway Maintenance Agreement between the City of Santa Barbara and the State of California Department of Transportation covering Hot Springs Road to Olive Mill Road; B. Authorize the City Administrator to enter into a Memorandum of Understanding with Santa Barbara County Association of Governments and accept $750,000 of funding for ongoing maintenance of the Olive Mill Roundabout; and C. Adopt, by reading of title only, a Resolution of the Council of the City of Santa Barbara Amending Resolution No. 24-066, Adopting the Budget for Fiscal Year 2025, to Increase Revenue Appropriations in the Streets Operating Fund from a Santa Barbara County Association of Governments Contribution for Future Maintenance of the Olive Mill Roundabout Project.
DISCUSSION:
Olive Mill Roundabout Project
The recently completed Olive Mill Roundabout Project (Project) significantly changed the US Highway 101 interchange at the eastern limits of the City of Santa Barbara (City). As a result of this Project, there is a need to specify maintenance responsibilities as the newly completed roundabout lies within portions of the City, the County of Santa Barbara, and the State Department of Transportation (Caltrans) right-of-way limits. Prior to the start of the Project, the three parties tentatively agreed to terms for future maintenance responsibilities via a non-binding Term Sheet on December 21, 2022.
The key components of the Term Sheet included the City taking on most of the maintenance responsibility for the roundabout and a one-time fund transfer of $750,000 Agenda Item No. 4
File Code No. 530.04
Council Agenda Report
Freeway Maintenance Agreement with Caltrans and Memorandum of Understanding with Santa Barbara County Association of Governments [Resolution; Agreement] July 30, 2024
to the City from the Santa Barbara County Association of Governments (SBCAG). To fulfill these terms, it is necessary for the City to execute a Freeway Maintenance Agreement with Caltrans and a Memorandum of Understanding (MOU) with SBCAG.
Freeway Maintenance Agreement
The Freeway Maintenance Agreement between the City and Caltrans includes the components of the Term Sheet for the Olive Mill Roundabout, as well as additional language needed to replace or partially supersede existing agreements covering maintenance responsibilities only between Olive Mill Road and Hot Springs Road.
The key components of the Term Sheet call for the City to maintain most of the roundabout as depicted in Exhibit A of the Freeway Maintenance Agreement.
Memorandum of Understanding
In exchange for this added maintenance responsibility to the City, Caltrans has agreed, via SBCAG, to provide the City with a one-time fund transfer of $750,000. The Memorandum of Understanding between SBCAG and the City spells out the terms of the funding contribution. SBCAG will contribute $750,000 to the City to satisfy Caltrans’ obligation from the original Term Sheet.
BUDGET/FINANCIAL INFORMATION:
The funding contribution from Caltrans via SBCAG will be deposited into the Streets Operating Fund reserves to help offset the increased, ongoing need to fund operations and maintenance of this area and all other areas at current levels. It is not recommended to establish a specific account for future maintenance needs at the Project location as this area will be absorbed into existing Streets maintenance responsibilities.
Copies of the MOU and the Agreement may be requested from the Public Works Department for public review by contacting [email protected].
ENVIRONMENTAL REVIEW:
The Freeway Maintenance Agreement and the MOU fall outside of the definition of a “Project” under California Environmental Quality Act (CEQA) Guidelines § 15378 (b)(5) as administrative activities of governments that will not result in direct physical changes in the environment are not subject to CEQA environmental review. The authorization of the Freeway Maintenance Agreement and the MOU will not result in direct physical impacts to the environment. All future maintenance projects resulting from these agreements will be subject to CEQA environmental review.
PREPARED BY: Brian D’Amour, P.E., City Engineer/sk
SUBMITTED BY: Clifford M. Maurer, P.E., Public Works Director Council Agenda Report
Freeway Maintenance Agreement with Caltrans and Memorandum of Understanding with Santa Barbara County Association of Governments [Resolution; Agreement] July 30, 2024
APPROVED BY: Kelly McAdoo, City Administrator
RESOLUTION NO.
A RESOLUTION OF THE COUNCIL OF THE CITY OF
SANTA BARBARA AMENDING RESOLUTION NO. 24-066,
ADOPTING THE BUDGET FOR FISCAL YEAR 2025, TO
INCREASE REVENUE APPROPRIATION IN THE STREETS
OPERATING FUND FROM A SANTA BARBARA COUNTY
ASSOCIATION OF GOVERNMENTS CONTRIBUTION FOR
FUTURE MAINTENANCE OF THE OLIVE MILL
ROUNDABOUT PROJECT
WHEREAS, in accordance with the City Charter, the City Administrator filed with the Council a proposed budget for the fiscal year beginning July 1, 2024; WHEREAS, the City Council is required to adopt a budget before the beginning of the fiscal year on July 1, 2024;
WHEREAS, the City Charter provides that at any public meeting after the adoption of the budget, the City Council may amend or supplement the budget by motion adopted by the affirmative votes of at least a majority of the total members of the City Council; and WHEREAS, as authorized by Resolution No. 24-066, this Resolution approves the amendment to the budget as provided herein.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF SANTA BARBARA THAT in accordance with the provisions of Section 1205 of the City Charter, the budget for the Fiscal Year 2025, as adopted by Resolution No. 24-066, is hereby amended as follows:
SECTION 1. The Council accepts funding in the amount of $750,000 from the Santa Barbara County Association of Governments to offset costs related to future maintenance of the Olive Mill Roundabout Project.
SECTION 2. The Council approves an increase in revenue appropriations in the amount of $750,000 in the Fiscal Year 2025 Streets Operating Fund budget, funded by a contribution from the Santa Barbara County Association of Governments, to help offset costs related to the future maintenance of the Olive Mill Roundabout Project.
CITY OF SANTA BARBARA
COUNCIL AGENDA REPORT
AGENDA DATE: July 30, 2024
TO: Mayor and Councilmembers
FROM: Finance Department
SUBJECT: June 30, 2024, Investment Report and June 30, 2024, Fiscal Agent Report RECOMMENDATION: That Council:
A. Accept the June 30, 2024, Investment Report; and
B. Accept the June 30, 2024, Fiscal Agent Report.
DISCUSSION:
On a quarterly basis, staff
submits a comprehensive report
on the City’s portfolio and related
activity pursuant to the City’s
Annual Statement of Investment
Policy. The current report covers
investment activity for the
3-month period of April 2024
through June 2024.
By the end of the quarter,
Treasury yields were essentially
flat across the yield curve, as
shown in the table above.
The City generally invests in securities of one to five years in duration. Within this duration, interest rates ranged from 4.33 percent to 5.09 percent for Treasury securities at the end of the quarter. On May 1 and June 12, the Federal Reserve (“Fed”) left the federal funds rate, which in turn influences Treasury yields, unchanged at the range of 5.25 percent to 5.50 percent. Additionally, the Fed continued the Quantitative Tightening, a process whereby it reduces the liquidity in the bond markets, thus withdrawing the ample monetary policy U.S. TREASURY MARKET
Term 3/31/2024 4/30/2024 5/31/2024 6/30/2024 Cumulative Change
3 Month 5.46% 5.46% 5.46% 5.48% 0.02%
6 Month 5.38% 5.44% 5.42% 5.33% -0.05%
1 Year 5.03% 5.25% 5.18% 5.09% 0.06%
2 Year 4.59% 5.04% 4.89% 4.71% 0.12%
3 Year 4.40% 4.87% 4.69% 4.52% 0.12%
4 Year 4.31% 4.80% 4.61% 4.43% 0.12%
5 Year 4.21% 4.72% 4.52% 4.33% 0.12%
10 Year 4.20% 4.69% 4.51% 4.36% 0.16%
30 Year 4.34% 4.79% 4.65% 4.51% 0.17%
LAIF 4.30% 4.55% 4.55% 4.55% 0.25%
Agenda Item No. 5
File Code No. 260.02
Council Agenda Report
June 30, 2024, Investment Report and June 30, 2024, Fiscal Agent Report July 30, 2024
accommodation introduced during the pandemic. In the current interest rate environment, the City interest earnings are forecast to gradually inch higher.
Investment Activity
As shown in the Investment Activity table above, during the quarter, the City invested $18.1 Million in money market and liquidity funds. The overall redemptions amounted to $22.0 Million.
Summary of Cash and Investments
The book rate of return, or portfolio yield, measures the rate of return of actual earnings generated from the portfolio. As shown in the table to the right, during the quarter, the City’s book rate of return increased by 10 basis points, from 2.80 percent at March 31, 2024, to 2.90 percent at June 30, 2024.
In the third quarter of the current fiscal year, the City’s realized interest earnings amounted to $2.6 Million. The portfolio’s average days to maturity decreased by 92 days from 585 to 493 days, reflecting reinvestment of maturities and calls during the quarter in the one-to-five year range in accordance with the City’s Annual Statement of Investment Policy. The Annual Statement of Investment Policy requires that the average days to maturity on the portfolio not exceed 2.5 years, excluding any investments with a final maturity longer than five years that were separately authorized by Council. The average LAIF rate at which the City earned interest for funds invested was at 4.55 percent for the quarter ended June 30, 2024, an increase of 25 basis point from the previous quarter. The City’s LAIF holdings at the end of the quarter were $75.0 Million.
Issuer Face Amount Purchase
Date
Final
Maturity Call Date Yield to Call
Yield to
Maturity
Purchases:
BlacRock Treasury MM $11,467 05/31/24 n/a n/a n/a 5.210% FIRST AM TREAS OB FD CL Y $5,987,584 05/31/24 n/a n/a n/a 4.910% US BANK LIQUIDITY PLUS CLASS Y $2,503,204 05/31/24 n/a n/a n/a 4.210% FIRST AM TREAS OB FD CL Y $9,568,737 06/30/24 n/a n/a n/a 4.910% TOTAL PURCHASES $18,070,992
Calls:
FEDERAL HOME LOAN BANK $2,000,000 06/28/23 06/28/27 06/28/24 5.300% 5.300% Total Calls $2,000,000
Sales/Maturities:
U S TREASURY NOTE $3,000,000 01/18/22 04/15/24 n/a n/a 1.040% U S TREASURY NOTE $2,000,000 05/03/19 04/30/24 n/a n/a 2.342% FEDERAL NATL MORTGAGE ASSN $3,000,000 11/17/20 05/17/24 n/a n/a 0.375% FEDERAL HOME LOAN BANK $3,000,000 02/28/22 05/28/24 n/a n/a 1.450% U S TREASURY NOTE $2,000,000 03/17/22 05/31/24 n/a n/a 2.006% FEDERAL HOME LOAN MTG CORP $4,000,000 06/28/22 06/28/24 n/a n/a 3.050% FEDERAL HOME LOAN BANK $3,000,000 12/28/21 06/28/24 n/a n/a 0.920% Total Sales/Maturities $20,000,000
TOTAL CALLS/SALES/MATURITIES $22,000,000
Month
Ended Yield Days to Maturity
3/31/2024 2.807% 585
4/30/2024 2.719% 540
5/31/2024 2.818% 519
6/30/2024 2.906% 493
Council Agenda Report
June 30, 2024, Investment Report and June 30, 2024, Fiscal Agent Report July 30, 2024
Credit Quality on Corporate Notes
There were no changes to the credit profiles of the corporate issuers of the medium-term notes held in the portfolio (i.e., Apple Inc., Toyota Motor Co.). For the quarter ending June 30, the ratings of all corporate notes remained within the City’s Investment Policy guidelines of “A” or better.
Portfolio Market Gains/Losses
As shown in the Investment Yields chart below, at the end of the quarter, the City’s portfolio yield settled below the LAIF rate, the 3-month Treasury Bill, and the 2-year Treasury Note.
These benchmarks serve as indicators of the City’s performance, although, at times, they can show more pronounced swings, either higher or lower, than the City’s portfolio, especially in volatile markets such as the current one. Trends over time that substantially deviate from these benchmarks would warrant further analysis and review.
On a quarterly basis, staff reports the five securities with the largest percentage of unrealized losses.
2.91 4.71
5.48 4.48
0.0 0.5
1.0 1.5
2.0 2.5
3.0 3.5
4.0 4.5
5.0 5.5
6.0 Jun'20 Jun'21 Jun'22 Jun'23 Jun'24
City Portfolio 2-yr Treasury 3-mo Treasury LAIF
INVESTMENT YIELDS (5-yr Period)
Yield - %
Council Agenda Report
June 30, 2024, Investment Report and June 30, 2024, Fiscal Agent Report July 30, 2024
Issuer Face Amount Maturity Book/Market Change ($) Book/Market Change (%) FEDERAL HOME LOAN BANK $2,000,000 09/28/26 -$166,240 -8.31% FEDERAL FARM CREDIT BANK $2,000,000 09/08/26 -$162,780 -8.14% FEDERAL HOME LOAN BANK $2,000,000 10/28/26 -$156,700 -7.84% U S TREASURY NOTE $2,000,000 09/30/26 -$153,161 -7.68%
U S TREASURY NOTE $2,000,000 08/31/26 -$149,906 -7.54%
On a quarterly basis, staff also reports the five securities with the largest market declines of greater than one percent compared to the prior month’s market value. At the end of the quarter, there were no securities in the portfolio with a market decline of greater than one percent compared to the prior month.
Starting in July 2024, the City hired Chandler Asset Management as the investment advisor to actively manage the portfolio. The new investment approach will require rebalancing the portfolio mix of investments to better align with the new investment strategy and enhance diversification. Therefore, some investment losses will likely be realized during this transition.
Additionally, moving forward, the new active management approach will likely include realized market gains and losses due to certain investments not reaching maturity.
Additional Reporting Requirements
The following confirmations are made pursuant to California Code Sections 53600, et seq.:
(1) the City’s portfolio as of June 30, 2024, is in compliance with the City’s Statement of Investment Policy; and (2) there are sufficient funds available to meet the City’s expenditure requirements for the next six months.
Fiscal Agent Investments
In addition to reporting requirements for public agency portfolios, a description of any of the agency’s investments under the management of contracted parties is also required on a quarterly basis. Attachment #2 includes bond funds as of June 30, 2024.
Community Choice Aggregation (CCA) Cash and Investments A description of funds held in cash and investments by the City’s CCA (Santa Barbara Clean Energy) is included in Attachment #3.
PARS Post-Employment Benefits Trust (Section 115 Trust) Investments A description of funds held in investments by the City’s Section 115 Trust is included in Attachment #4.
ATTACHMENTS: 1. June 30, 2024, Investment Report
2. June 30, 2024, Fiscal Agent Report
Council Agenda Report
June 30, 2024, Investment Report and June 30, 2024, Fiscal Agent Report July 30, 2024
3. June 30, 2024, CCA Report
4. June 30, 2024, PARS Section 115 Trust
PREPARED BY: Salvatore Parrilla, Treasury Analyst
SUBMITTED BY: Lyndsay Maas, Assistant Finance Director
APPROVED BY: Kelly McAdoo, City Administrator
INVESTMENT ACTIVITY INVESTMENT INCOME
PURCHASES OR DEPOSITS POOLED INVESTMENTS
6/30 FIRST AM TREAS OB FD CL Y (MM) 9,568,737 $ Interest Earned on Investments 821,895 $ Amortization 25,420
Total 9,568,737 $ Total 847,315 $
SALES, MATURITIES, CALLS OR WITHDRAWALS
6/28 FHLB (3,000,000) $
6/28 FHLMC (4,000,000)6/28 FHLB (2,000,000)
Total (9,000,000) $
ACTIVITY TOTAL 568,737 $ INCOME TOTAL 847,315 $
CITY OF SANTA BARBARA
Activity and Interest Report
June 30, 2024
ATTACHMENT 1
1 ENDING BALANCE AS OF May 31, 2024
Yield to Percent Average
Book Maturity of Days to
Description Value (365 days) Portfolio Maturity
US Bank Checking Account $ 33,973,118 0.750% 9.11% 1 (1) First Am Treas Ob Fd Cl (MM) 5,987,584 4.910% 1.61% 1
Us Bank Liquidity Plus Class Y 2,503,204 4.210% 0.67% 1 Blackrock Treas Trust Inst (MM) 11,467 5.210% 0.00% 1
State of California Local Agency Investment Fund (LAIF) 75,000,000 4.332% 20.12% 1 (2) Treasury Securities - Coupon 71,379,922 2.847% 19.15% 940 Federal Agency Issues - Coupon 161,953,728 2.601% 43.44% 700 Corporate/Medium Term Notes 6,999,602 1.352% 1.88% 367
Supranationals Obligations 14,990,515 1.745% 4.02% 699
372,799,138 2.821% 100.00% 520
Totals and Averages $ 372,799,138 2.821% 100.00% 520
Total Cash and Investments $ 372,799,138
NET CASH AND INVESTMENT ACTIVITY FOR June 2024 $ (364,580) ENDING BALANCE AS OF June 30, 2024
Yield to Percent Average
Book Maturity of Days to
Description Value (365 days) Portfolio Maturity
US Bank Checking Account $ 33,014,381 0.750% 8.86% 1 (1) First Am Treas Ob Fd Cl (MM) 15,562,527 4.910% 4.18% 1
Us Bank Liquidity Plus Class Y 2,508,464 4.210% 0.67% 1 State of California Local Agency Investment Fund (LAIF) 75,000,000 4.480% 20.14% 1 (2) Treasury Securities - Coupon 71,402,218 2.847% 19.17% 910 Federal Agency Issues - Coupon 152,956,176 2.587% 41.07% 695 Corporate/Medium Term Notes 6,999,730 1.352% 1.88% 337
Supranationals Obligations 14,991,063 1.745% 4.03% 669
372,434,558 2.906% 100.00% 493
Totals and Averages $ 372,434,558 2.906% 100.00% 493
Total Cash and Investments $ 372,434,558
Note: (1) Earnings Credit Rate (ECR) is provided at the rate of 0.750% by US Bank to help offset banking fees. (2) The average life of the LAIF portfolio as of June 30, 2024 is 217 days.
CITY OF SANTA BARBARA
Summary of Cash and Investments
June 30, 2024
2 PURCHASE MATURITY STATED YIELD AT FACE BOOK MARKET BOOK DESCRIPTION DATE DATE MOODY'S S & P RATE 365 VALUE VALUE VALUE GAIN/(LOSS) COMMENTS LOCAL AGENCY INVESTMENT FUNDSLOCAL AGENCY INVESTMENT FUND - - - - 4.480 4.480 75,000,000.00 75,000,000.00 75,000,000.00 0.00 Subtotal, LAIF 75,000,000.00 75,000,000.00 75,000,000.00 0.00TREASURY SECURITIES - COUPONU S TREASURY NOTE 02/12/21 07/31/25 Aaa AA+ 0.250 0.380 3,000,000.00 2,995,825.47 2,848,950.00 (146,875.47)U S TREASURY NOTE 06/02/21 05/31/25 Aaa AA+ 0.250 0.553 2,000,000.00 1,994,526.69 1,912,440.00 (82,086.69)U S TREASURY NOTE 06/02/21 12/31/25 Aaa AA+ 0.375 0.700 2,000,000.00 1,990,425.00 1,870,400.00 (120,025.00)U S TREASURY NOTE 09/03/21 06/30/25 Aaa AA+ 0.250 0.575 2,000,000.00 1,993,603.60 1,906,200.00 (87,403.60)U S TREASURY NOTE 09/24/21 04/30/25 Aaa AA+ 0.375 0.663 2,000,000.00 1,995,280.04 1,922,360.00 (72,920.04)U S TREASURY NOTE 09/24/21 05/31/26 Aaa AA+ 0.750 0.878 2,000,000.00 1,995,209.70 1,854,760.00 (140,449.70)U S TREASURY NOTE 09/24/21 07/31/26 Aaa AA+ 0.625 0.900 2,000,000.00 1,988,821.13 1,839,840.00 (148,981.13)U S TREASURY NOTE 10/08/21 08/31/26 Aaa AA+ 0.750 1.004 2,000,000.00 1,989,285.78 1,839,380.00 (149,905.78)U S TREASURY NOTE 10/08/21 09/30/26 Aaa AA+ 0.875 1.015 2,000,000.00 1,993,861.13 1,840,700.00 (153,161.13)U S TREASURY NOTE 01/12/22 04/30/26 Aaa AA+ 0.750 1.450 3,000,000.00 2,962,880.02 2,790,240.00 (172,640.02)U S TREASURY NOTE 01/18/22 01/15/25 Aaa AA+ 1.125 1.210 3,000,000.00 2,998,646.43 2,934,000.00 (64,646.43)U S TREASURY NOTE 02/28/22 11/30/26 Aaa AA+ 1.625 1.863 2,000,000.00 1,989,044.86 1,863,760.00 (125,284.86)U S TREASURY NOTE 03/15/22 03/15/25 Aaa AA+ 1.750 1.827 3,000,000.00 2,998,425.70 2,927,490.00 (70,935.70)U S TREASURY NOTE 03/17/22 12/31/26 Aaa AA+ 1.750 2.170 2,000,000.00 1,980,151.90 1,866,560.00 (113,591.90)U S TREASURY NOTE 06/28/23 10/31/27 Aaa AA+ 4.125 4.124 2,000,000.00 2,000,000.00 1,977,580.00 (22,420.00)U S TREASURY NOTE 06/28/23 02/29/28 Aaa AA+ 4.000 4.058 2,000,000.00 1,996,080.84 1,969,540.00 (26,540.84)U S TREASURY NOTE 09/27/23 07/31/24 Aaa AA+ 3.000 5.456 2,000,000.00 1,996,103.90 1,996,060.00 (43.90)U S TREASURY NOTE 09/27/23 07/31/25 Aaa AA+ 4.750 5.160 2,000,000.00 1,991,562.96 1,992,900.00 1,337.04U S TREASURY NOTE 01/25/24 12/31/28 Aaa AA+ 3.750 4.042 3,000,000.00 2,964,505.06 2,923,350.00 (41,155.06)U S TREASURY NOTE 01/25/24 04/30/28 Aaa AA+ 3.500 4.060 2,000,000.00 1,960,900.21 1,934,540.00 (26,360.21)U S TREASURY NOTE 01/25/24 07/31/28 Aaa AA+ 4.125 4.060 3,000,000.00 3,007,188.27 2,968,230.00 (38,958.27)U S TREASURY NOTE 01/25/24 05/31/28 Aaa AA+ 3.625 4.065 2,000,000.00 1,968,644.46 1,943,040.00 (25,604.46)U S TREASURY NOTE 01/25/24 03/31/28 Aaa AA+ 3.625 4.070 2,000,000.00 1,969,535.94 1,943,760.00 (25,775.94)U S TREASURY NOTE 01/25/24 01/31/28 Aaa AA+ 3.500 4.080 2,000,000.00 1,962,000.63 1,936,960.00 (25,040.63)U S TREASURY NOTE 01/25/24 12/31/27 Aaa AA+ 3.875 4.083 3,000,000.00 2,979,975.63 2,942,460.00 (37,515.63)U S TREASURY NOTE 01/25/24 11/30/27 Aaa AA+ 3.875 4.095 2,000,000.00 1,986,136.56 1,961,960.00 (24,176.56)U S TREASURY NOTE 02/09/24 07/15/26 Aaa AA+ 4.500 4.300 2,000,000.00 2,007,616.14 1,991,400.00 (16,216.14)U S TREASURY NOTE 02/09/24 04/30/27 Aaa AA+ 2.750 4.193 2,000,000.00 1,924,237.88 1,905,460.00 (18,777.88)U S TREASURY NOTE 02/09/24 08/31/27 Aaa AA+ 3.125 4.168 2,000,000.00 1,939,235.47 1,918,760.00 (20,475.47)U S TREASURY NOTE 02/09/24 07/31/27 Aaa AA+ 2.750 4.190 3,000,000.00 2,877,216.01 2,848,590.00 (28,626.01)U S TREASURY NOTE 02/23/24 08/31/28 Aaa AA+ 4.375 4.350 2,000,000.00 2,001,843.73 1,997,660.00 (4,183.73)U S TREASURY NOTE 02/23/24 11/30/28 Aaa AA+ 4.375 4.330 2,000,000.00 2,003,446.38 1,999,680.00 (3,766.38) Subtotal, Treasury Securities 72,000,000.00 71,402,217.52 69,369,010.00 (2,033,207.52)FEDERAL AGENCY ISSUES - COUPONFED AGRICULTURAL MTG CORP 03/02/21 09/22/25 - - 0.480 0.540 3,000,000.00 3,000,000.00 2,839,020.00 (160,980.00) Callable 09/22/24, Q FED AGRICULTURAL MTG CORP 06/09/22 08/20/24 - - 2.910 2.911 3,000,000.00 3,000,000.00 2,989,350.00 (10,650.00) FED AGRICULTURAL MTG CORP 05/15/23 05/15/26 - - 3.625 3.625 2,000,000.00 2,000,000.00 1,956,980.00 (43,020.00)FED AGRICULTURAL MTG CORP 05/19/23 05/19/27 - - 4.100 4.100 2,000,000.00 2,000,000.00 1,968,800.00 (31,200.00) Callable 05/19/25, 1x FEDERAL FARM CREDIT BANK 06/15/21 06/15/26 Aaa AA+ 0.900 0.900 2,000,000.00 2,000,000.00 1,854,760.00 (145,240.00) Callable, PFEDERAL FARM CREDIT BANK 05/06/21 05/06/25 Aaa AA+ 0.710 0.710 2,000,000.00 2,000,000.00 1,922,180.00 (77,820.00) Callable, P
QUALITY RATING
CITY OF SANTA BARBARA
Investment Portfolio
June 30, 2024
3 PURCHASE MATURITY STATED YIELD AT FACE BOOK MARKET BOOK DESCRIPTION DATE DATE MOODY'S S & P RATE 365 VALUE VALUE VALUE GAIN/(LOSS) COMMENTS
QUALITY RATING
CITY OF SANTA BARBARA
Investment Portfolio
June 30, 2024
FEDERAL FARM CREDIT BANK 09/08/21 09/08/26 Aaa AA+ 0.870 0.870 2,000,000.00 2,000,000.00 1,837,220.00 (162,780.00) Callable, P FEDERAL FARM CREDIT BANK 12/16/21 07/02/24 Aaa AA+ 0.570 0.873 3,000,000.00 2,999,975.11 2,999,580.00 (395.11) Callable, PFEDERAL FARM CREDIT BANK 12/23/21 06/23/25 Aaa AA+ 1.170 1.170 3,000,000.00 3,000,000.00 2,878,950.00 (121,050.00) Callable, PFEDERAL FARM CREDIT BANK 12/22/21 06/22/26 Aaa AA+ 1.390 1.390 3,000,000.00 3,000,000.00 2,807,520.00 (192,480.00) Callable, PFEDERAL FARM CREDIT BANK 01/27/22 01/26/27 Aaa AA+ 1.780 1.780 3,000,000.00 3,000,000.00 2,787,330.00 (212,670.00) Callable, PFEDERAL FARM CREDIT BANK 02/16/22 02/16/27 Aaa AA+ 2.180 2.180 3,000,000.00 3,000,000.00 2,813,790.00 (186,210.00) Callable, PFEDERAL FARM CREDIT BANK 08/30/22 02/25/26 Aaa AA+ 3.320 3.470 3,000,000.00 2,993,057.51 2,926,080.00 (66,977.51) FEDERAL FARM CREDIT BANK 05/26/22 05/26/26 Aaa AA+ 3.375 3.375 3,000,000.00 3,000,000.00 2,913,480.00 (86,520.00) Callable, P FEDERAL FARM CREDIT BANK 10/19/22 10/19/26 Aaa AA+ 4.250 4.264 3,000,000.00 2,999,137.50 2,970,330.00 (28,807.50) FEDERAL FARM CREDIT BANK 11/29/22 11/18/24 Aaa AA+ 4.500 4.650 3,000,000.00 2,998,376.87 2,987,640.00 (10,736.87)FEDERAL FARM CREDIT BANK 03/29/23 03/29/27 Aaa AA+ 4.000 4.000 2,000,000.00 2,000,000.00 1,968,800.00 (31,200.00)FEDERAL FARM CREDIT BANK 04/05/23 04/05/27 Aaa AA+ 5.270 5.270 2,000,000.00 2,000,000.00 1,985,080.00 (14,920.00) Callable, P FEDERAL FARM CREDIT BANK 05/09/23 05/09/28 Aaa AA+ 5.020 5.020 2,000,000.00 2,000,000.00 1,986,900.00 (13,100.00) Callable, PFEDERAL FARM CREDIT BANK 06/30/23 06/30/28 Aaa AA+ 5.000 5.000 2,000,000.00 2,000,000.00 1,991,020.00 (8,980.00) Callable 06/30/25, PFEDERAL FARM CREDIT BANK 08/25/23 07/17/26 Aaa AA+ 4.625 4.750 2,000,000.00 1,995,211.06 1,993,660.00 (1,551.06) FEDERAL FARM CREDIT BANK 08/30/23 06/23/26 Aaa AA+ 4.820 5.068 2,000,000.00 1,990,862.78 1,988,900.00 (1,962.78) Callable 06/23/25, P FEDERAL FARM CREDIT BANK 11/29/23 11/24/27 Aaa AA+ 5.120 5.120 2,000,000.00 2,000,000.00 1,978,200.00 (21,800.00) Callable 11/24/25, PFEDERAL FARM CREDIT BANK 12/06/23 12/06/27 Aaa AA+ 5.380 5.380 2,000,000.00 2,000,000.00 1,980,000.00 (20,000.00) Callable 12/06/24, PFEDERAL HOME LOAN BANK 01/28/21 01/28/26 Aaa AA+ 0.580 0.580 3,000,000.00 3,000,000.00 2,798,940.00 (201,060.00) Callable 07/28/24, QFEDERAL HOME LOAN BANK 01/28/21 01/28/26 Aaa AA+ 0.700 0.610 3,000,000.00 3,000,000.00 2,812,260.00 (187,740.00) FEDERAL HOME LOAN BANK 01/28/21 01/28/26 Aaa AA+ 0.750 0.650 3,000,000.00 3,000,000.00 2,814,510.00 (185,490.00)FEDERAL HOME LOAN BANK 02/25/21 11/25/25 Aaa AA+ 0.500 0.500 3,000,000.00 3,000,000.00 2,815,830.00 (184,170.00) Callable 02/25/25, A FEDERAL HOME LOAN BANK 03/16/21 03/16/26 Aaa AA+ 1.000 0.800 2,000,000.00 2,000,000.00 1,872,840.00 (127,160.00) FEDERAL HOME LOAN BANK 05/20/21 05/20/26 Aaa AA+ 1.000 1.000 2,000,000.00 2,000,000.00 1,861,840.00 (138,160.00) Callable 08/20/24, Q FEDERAL HOME LOAN BANK 05/26/21 12/26/25 Aaa AA+ 0.900 0.900 3,000,000.00 3,000,000.00 2,824,260.00 (175,740.00) Callable 08/26/24, QFEDERAL HOME LOAN BANK 05/26/21 11/26/24 Aaa AA+ 0.550 0.550 2,000,000.00 2,000,000.00 1,959,020.00 (40,980.00) Callable 08/26/24, QFEDERAL HOME LOAN BANK 06/10/21 06/10/25 Aaa AA+ 0.690 0.690 2,000,000.00 2,000,000.00 1,917,220.00 (82,780.00) Callable 09/10/24, QFEDERAL HOME LOAN BANK 06/10/21 06/10/26 Aaa AA+ 1.000 1.000 2,000,000.00 2,000,000.00 1,857,820.00 (142,180.00) Callable 09/10/24, QFEDERAL HOME LOAN BANK 06/28/21 03/28/25 Aaa AA+ 0.600 0.600 2,000,000.00 2,000,000.00 1,932,780.00 (67,220.00) Callable 09/28/24, QFEDERAL HOME LOAN BANK 09/23/21 10/23/24 Aaa AA+ 0.470 0.470 2,000,000.00 2,000,000.00 1,968,200.00 (31,800.00) Callable 09/23/24, QFEDERAL HOME LOAN BANK 09/28/21 03/28/25 Aaa AA+ 0.600 0.600 2,000,000.00 2,000,000.00 1,932,780.00 (67,220.00) Callable 09/28/24, QFEDERAL HOME LOAN BANK 09/28/21 09/28/26 Aaa AA+ 0.900 0.900 2,000,000.00 2,000,000.00 1,833,760.00 (166,240.00) Callable 09/28/24, QFEDERAL HOME LOAN BANK 10/28/21 10/28/26 Aaa AA+ 1.250 1.125 2,000,000.00 2,000,000.00 1,843,300.00 (156,700.00) FEDERAL HOME LOAN BANK 12/28/21 02/28/25 Aaa AA+ 1.125 1.125 3,000,000.00 3,000,000.00 2,918,370.00 (81,630.00) Callable 09/28/24, Q FEDERAL HOME LOAN BANK 12/30/21 12/30/24 Aaa AA+ 1.000 1.000 3,000,000.00 3,000,000.00 2,935,140.00 (64,860.00) Callable, PFEDERAL HOME LOAN BANK 01/26/22 01/26/27 Aaa AA+ 2.250 1.800 3,000,000.00 3,000,000.00 2,828,250.00 (171,750.00) FEDERAL HOME LOAN BANK 03/29/22 03/29/27 Aaa AA+ 2.375 2.375 3,000,000.00 3,000,000.00 2,820,810.00 (179,190.00) Callable 09/29/24, Q FEDERAL HOME LOAN BANK 04/21/22 04/21/26 Aaa AA+ 3.000 3.000 2,000,000.00 2,000,000.00 1,935,940.00 (64,060.00) Callable 04/21/25, AFEDERAL HOME LOAN BANK 04/25/22 04/25/25 Aaa AA+ 2.750 2.750 2,000,000.00 2,000,000.00 1,960,820.00 (39,180.00) FEDERAL HOME LOAN BANK 03/23/23 03/13/26 Aaa AA+ 4.125 4.137 2,000,000.00 1,999,508.11 1,976,620.00 (22,888.11)FEDERAL HOME LOAN BANK 06/26/23 06/09/28 Aaa AA+ 4.000 4.071 2,000,000.00 1,994,910.15 1,973,400.00 (21,510.15)FEDERAL HOME LOAN BANK 08/24/23 09/10/27 Aaa AA+ 4.500 4.511 2,000,000.00 1,999,305.55 1,992,540.00 (6,765.55)FEDERAL HOME LOAN BANK 11/29/23 11/17/26 Aaa AA+ 4.625 4.535 2,000,000.00 2,003,927.34 1,998,000.00 (5,927.34)FEDERAL HOME LOAN MTG CORP 11/25/20 11/25/25 Aaa AA+ 0.625 0.625 3,000,000.00 3,000,000.00 2,822,760.00 (177,240.00) Callable 11/25/24, A FEDERAL HOME LOAN MTG CORP 09/09/20 12/09/24 Aaa AA+ 0.500 0.500 3,000,000.00 3,000,000.00 2,931,510.00 (68,490.00) Callable 09/09/24, Q 4 PURCHASE MATURITY STATED YIELD AT FACE BOOK MARKET BOOK DESCRIPTION DATE DATE MOODY'S S & P RATE 365 VALUE VALUE VALUE GAIN/(LOSS) COMMENTS
QUALITY RATING
CITY OF SANTA BARBARA
Investment Portfolio
June 30, 2024
FEDERAL HOME LOAN MTG CORP 06/23/22 06/23/27 Aaa AA+ 3.500 3.500 3,000,000.00 3,000,000.00 2,899,740.00 (100,260.00) Callable 09/23/24, Q FEDERAL HOME LOAN MTG CORP 09/29/22 09/29/27 Aaa AA+ 4.750 4.750 3,000,000.00 3,000,000.00 2,964,030.00 (35,970.00) Callable 09/29/24, QFEDERAL HOME LOAN MTG CORP 09/19/22 09/19/24 Aaa AA+ 3.700 3.700 3,000,000.00 3,000,000.00 2,985,150.00 (14,850.00) FEDERAL HOME LOAN MTG CORP 11/22/22 11/22/27 Aaa AA+ 5.125 5.125 3,000,000.00 3,000,000.00 2,983,560.00 (16,440.00) Callable 11/22/24, 1x FEDERAL HOME LOAN MTG CORP 11/30/22 08/28/24 Aaa AA+ 5.000 5.005 3,000,000.00 3,000,000.00 2,996,820.00 (3,180.00) FEDERAL HOME LOAN MTG CORP 04/12/23 07/12/27 Aaa AA+ 4.750 4.703 2,000,000.00 2,000,000.00 1,984,740.00 (15,260.00) Callable 07/12/24, A FEDERAL HOME LOAN MTG CORP 08/30/23 07/26/28 Aaa AA+ 5.650 5.684 2,000,000.00 1,997,511.33 1,995,040.00 (2,471.33) Callable 07/26/24, QFEDERAL HOME LOAN MTG CORP 10/19/23 07/18/28 Aaa AA+ 5.000 5.212 2,000,000.00 1,985,080.46 1,994,300.00 9,219.54 Callable 07/18/25, 1xFEDERAL HOME LOAN MTG CORP 10/19/23 10/17/28 Aaa AA+ 6.000 6.009 2,000,000.00 1,999,312.12 1,998,920.00 (392.12) Callable 07/17/24, QFEDERAL HOME LOAN MTG CORP 12/04/23 12/04/28 Aaa AA+ 5.550 5.550 2,000,000.00 2,000,000.00 1,999,620.00 (380.00) Callable 12/04/24, AFEDERAL NATL MORTGAGE ASSN 08/26/20 08/26/25 Aaa AA+ 0.600 0.600 4,000,000.00 4,000,000.00 3,802,760.00 (197,240.00) Callable 08/26/24, Q Subtotal, Federal Agencies 153,000,000.00 152,956,175.89 148,069,770.00 (4,886,405.89) SUPRANATIONAL OBLIGATIONSINTERNATIONAL BANK FOR RECONST 01/22/21 10/28/25 Aaa AAA 0.500 0.500 3,000,000.00 3,000,000.00 2,827,710.00 (172,290.00)INTERNATIONAL BANK FOR RECONST 09/09/22 09/09/27 Aaa AAA 4.000 4.000 3,000,000.00 3,000,000.00 2,891,850.00 (108,150.00) Callable 09/09/24, A INTERNATIONAL BANK FOR RECONST 06/26/23 06/26/28 Aaa AAA 4.500 4.528 2,000,000.00 1,998,006.94 1,955,460.00 (42,546.94) Callable 06/26/26, 1xINTERNATIONAL FINANCE CORP 02/22/21 08/22/24 Aaa AAA 0.250 0.255 3,000,000.00 2,999,979.36 2,977,800.00 (22,179.36) INTERNATIONAL FINANCE CORP 03/23/21 03/23/26 Aaa AAA 0.750 0.805 2,000,000.00 1,998,134.00 1,863,240.00 (134,894.00)INTERNATIONAL FINANCE CORP 06/03/21 07/16/25 Aaa AAA 0.375 0.621 2,000,000.00 1,994,942.68 1,903,540.00 (91,402.68) Subtotal, Supranationals 15,000,000.00 14,991,062.98 14,419,600.00 (571,462.98)CORPORATE/MEDIUM TERM NOTESAPPLE INC 09/11/19 09/11/24 Aaa AA+ 1.800 1.903 2,000,000.00 1,999,619.67 1,985,720.00 (13,899.67)APPLE INC 02/17/21 02/08/26 Aaa AA+ 0.700 0.705 3,000,000.00 2,999,758.38 2,801,610.00 (198,148.38)TOYOTA MOTOR CREDIT 03/16/20 02/13/25 A1 A 1.800 1.770 2,000,000.00 2,000,351.78 1,955,600.00 (44,751.78) Subtotal, Corporate Securities 7,000,000.00 6,999,729.83 6,742,930.00 (256,799.83)MONEY MARKET FUNDSFIRST AM TREAS OB FD CL Y (MM) - Aaa-mf AAAm 4.910 4.910 15,562,527.38 15,562,527.38 15,562,527.38 0.00 Subtotal, Money Market 15,562,527.38 15,562,527.38 15,562,527.38 0.00LIQUIDITY FUNDSUS BANK LIQUIDITY PLUS CLASS Y - - -- 4.210 4.210 2,508,464.22 2,508,464.22 2,508,464.22 0.00 Subtotal, Cash 2,508,464.22 2,508,464.22 2,508,464.22 0.00CHECKING ACCOUNTUS BANK CHKNG ACCNT - - - - 0.750 0.750 33,014,380.52 33,014,380.52 33,014,380.52 0.00 Subtotal, Checking Account 33,014,380.52 33,014,380.52 33,014,380.52 0.00TOTALS 373,085,372.12 372,434,558.34 364,686,682.12 (7,747,876.22) Market values have been obtained from the City's safekeeping agent, US Bank. 5 2.91
4.715.484.48
0.00.51.01.52.02.53.03.54.04.55.05.56.0 Jun'23 Jul'23 Aug'23 Sep'23 Oct'23 Nov'23 Dec'23 Jan'24 Feb'24 Mar'24 Apr'24 May'24 Jun'24 Yield ‐ %
INVESTMENT YIELDS (1‐Yr Period)
City Portfolio 2‐yr Treasury 3‐mo Treasury LAIF
2.91 4.715.484.48
0.00.51.01.52.02.53.03.54.04.55.05.56.0 Jun'20 Jun'21 Jun'22 Jun'23 Jun'24 Yield ‐ %
INVESTMENT YIELDS (5‐yr Period)
City Portfolio 2‐yr Treasury 3‐mo Treasury LAIF
CASH & CASH
EQUIVALENTS
Guaranteed
Investment Contracts
(GIC) US GOVT & AGENCIES TOTALS
Book & Market Book & Market Book Market Book Market
BOND FUNDS
RESERVE FUNDS
2011 Water - 2,549,614.50 - - - 2,549,614.50 2,549,614.50 Safe Drinking Water State Loan
2013 Water - 688,765.25 428,069.44 - - 1,116,834.69 1,116,834.69 Refunding COPS
2016 Sewer - 0.71 - - - 0.71 0.71
Refunding Bonds
2019 Airport - 1.75 - - - 1.75 1.75
Refunding Bonds
2014 Waterfront - 10,648.95 581,455.74 - - 592,104.69 592,104.69 Refunding BondsSubtotal, Reserve Funds 1,009,525.18 3,249,031.16 - - 4,258,556.34 4,258,556.34
TOTAL FISCAL AGENT
INVESTMENTS 3,249,031.16 1,009,525.18 - - 4,258,556.3 4,258,556.3 4 4 Notes:
(1) Cash & cash equivalents include money market funds. (2) Market values have been obtained from the following trustees: US Bank ATTACHMENT 2
CITY OF SANTA BARBARA
Fiscal Agent Investments
June 30, 2024
ENDING BALANCE AS OF June 30, 2024
Book
Description ValueRiver City Bank Lockbox Account $ 3,697,165River City Bank ICS (Investment Account) 18,757,910Total Cash and Investments $ 22,455,075 ATTACHMENT 3
CITY OF SANTA BARBARA
COMMUNITY CHOICE AGGREGATION (CCA)
Summary of Cash and Investments
June 30, 2024
2 ENDING BALANCE AS OF June 30, 2024
Book
Description Value
Pension Fund 2,347,420 $ Total Cash and Investments 2,347,420 $ ATTACHMENT 4
CITY OF SANTA BARBARA
PARS Post-Employment Benefits Trust
Summary of Cash and Investments
June 30, 2024
2 CITY OF SANTA BARBARA
COUNCIL AGENDA REPORT
AGENDA DATE: July 30, 2024
TO: Mayor and Councilmembers
FROM: Sustainability & Resilience Department
SUBJECT: Contract for Environmental Compliance at the Closed Las Positas Landfill [Agreement]
RECOMMENDATION:
That Council authorize the Sustainability and Resilience Director to execute a one-year Professional Services Agreement with Rincon Consultants, Inc. for Environmental Compliance Management, including the Monitoring and Reporting Program, at the closed Las Positas Landfill at Elings Park.
DISCUSSION:
The Clean Community Division manages the closed Las Positas Landfill at Elings Park, including operation of a landfill gas mitigation system (LGMS) that captures and flares off methane and volatile organic compounds produced by the closed landfill. The City is mandated to meet regulatory requirements by the Regional Water Quality Control Board (RWQCB), Air Pollution Control District (APCD), and Santa Barbara County Environmental Health Services at the landfill. These requirements include collection and analysis of groundwater, surface water, and landfill gas, and reporting on operational activities of the LGMS, environmental conditions of the landfill property, and other data findings. Since 2013, the City has utilized Rincon Consultants to provide contracted management of the closed landfill and ensure compliance with all regulatory and reporting requirements.
The most recent contract with Rincon Consultants expired on June 30, 2024, and the Clean Community Division finds it in the best interest of the City to continue closed landfill management services with Rincon Consultants. Over the last 11 years, Rincon Consultants has successfully managed the LGMS and has developed a comprehensive understanding of the closed Las Positas Landfill site that will be important for planning for the future of the facility.
The proposed scope of work includes continued environmental compliance, monitoring, reporting, and maintenance of the landfill and LGMS between July 1, 2024 through June 30, 2025. The proposed contract also includes development of a Post Landfill Closure Agenda Item No. 6
File Code No. 630.02
Council Agenda Report
Contract for Environmental Compliance at the Closed Las Positas Landfill [Agreement] July 30, 2024
Compliance Plan that will recommend options to reduce landfill closure compliance activities, including possible future decommissioning of the LGMS.
BUDGET/FINANCIAL INFORMATION:
The proposed agreement sets a not-to-exceed amount of $282,232 for Fiscal Year 2025.
There are sufficient expenditure appropriations in the Fiscal Year 2025 Adopted Solid Waste Fund Budget to fund contract costs.
SUSTAINABILITY IMPACT:
The services to be performed under the Professional Services Agreement with Rincon will monitor air and water quality parameters associated with the closed Las Positas Landfill and will provide information necessary to mitigate environmental and human health impacts associated with the former disposal facility.
A copy of the agreement may be requested from the Sustainability & Resilience Department for public review by contacting [email protected].
PREPARED BY: Richard Cenen Aparicio, Environmental Specialist II SUBMITTED BY: Alelia Parenteau, Sustainability & Resilience Director APPROVED BY: Kelly McAdoo, City Administrator
CITY OF SANTA BARBARA
COUNCIL AGENDA REPORT
AGENDA DATE: July 30, 2024
TO: Mayor and Councilmembers
FROM: Airport Department
SUBJECT: Fourth Amendment to Contract with Mead & Hunt for the Airport Master Plan Update [Agreement]
RECOMMENDATION:
That Council authorize the Airport Director to execute a fourth amendment to the Professional Service Agreement with Mead & Hunt, Inc to extend the Airport Master Plan Update contract termination date from July 31, 2024, to July 1, 2025.
DISCUSSION:
Background
An Airport Master Plan evaluates an Airport’s needs over a 20-year planning period, for airfield, terminal areas, and landside facilities. The goal is to document the orderly development of facilities essential to meet an airport’s needs, in accordance with Federal Aviation Administration (FAA) standards, and in a manner complementary with community interests. SBA completed the last update in 2017. The FAA encourages, and funds, updates to airport master plans every five to ten years. Since 2017, SBA has experienced healthy growth and a change in commercial aircraft from regional jets to widebody jets.
City Council approved the Master Plan Update (MPU) project, led by Mead and Hunt consultants, on July 19, 2022. The scope for the MPU contract includes a robust stakeholder involvement program and community input committee; a revised Airport Geographic Information Survey (AGIS); an existing conditions inventory; an environmental inventory; an updated Airport Recycling, Reuse, and Waste Reduction Plan; aviation forecasts; facility requirements analysis; alternatives development and evaluation, a financial feasibility analysis and facilities implementation plan, an aircraft noise analysis; and the development of an Airport Layout Plan.
A first amendment to the aviation forecast tasks was processed on September 23, 2022, to include an expansion of the forecast window from years ten to twenty (ten-year forecasts) to years one to twenty (twenty-year forecasts) for an additional $25,820. On Agenda Item No. 7
File Code No. 560.09
Council Agenda Report
Fourth Amendment to Contract with Mead & Hunt for the Airport Master Plan Update [Agreement]
July 30, 2024
March 20, 2023, a second amendment was processed to include the additional time and effort associated with extended Project duration and to include additional time and effort associated with travel for meetings. On February 9, 2024, a third contract amendment was approved to amend the contract to include additional project management, stakeholder outreach, and extend the contract until July 31, 2024.
Proposed Project Amendment
The MPU has progressed through all tasks related to the creation of the Master Plan Update document. To give the public ample time to review the final document, additional time is required to hold meetings at the Airport Commission, Planning Commission, and City Council, as well as host a final public open house. Additional time is also needed to complete changes to the final master plan alternatives and additions to alternatives related to the pending Master Drainage Plan Update, which is also being conducted by Mead and Hunt. Staff is requesting Council approve the time extension from July 31, 2024 to July 1, 2025.
BUDGET/FINANCIAL INFORMATION:
There are no budget implications associated with the time extension.
ENVIRONMENTAL REVIEW
There is no requirement for environmental review because this project is a planning development study and will not result in construction, demolition, or alteration to the environment.
A copy of the agreement may be requested from the Airport Department for public review; please contact [email protected] to request a copy.
PREPARED BY: Sara Iza, Airport Development Manager
SUBMITTED BY: Christopher Hastert, Airport Director
APPROVED BY: Kelly McAdoo, City Administrator