Agenda packet — Santa Barbara City Council, January 27, 2026

CITY OF SANTA BARBARA

CITY COUNCIL
Randy Rowse
Mayor
Kristen W. Sneddon
Mayor Pro Tempore
Kelly McAdoo
City Administrator
Oscar Gutierrez
Ordinance Committee Chair
John S. Doimas
City Attorney
Eric Friedman
Finance Committee Chair
Meagan Harmon
Mike Jordan
Wendy Santamaria
City Hall
735 Anacapa Street
http://www.SantaBarbaraCA.gov
JANUARY 27, 2026, 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/j/89359334270 (Participation via Zoom)  Telephone: Dial 1-669-900-6833, Enter Webinar ID: 893 5933 4270 (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. 01/27/2026 Santa Barbara City Council Final Agenda Page 1 JANUARY 27, 2026 AGENDA
REGULAR CITY COUNCIL MEETING - 2:00 P.M.

CALL TO ORDER

PLEDGE OF ALLEGIANCE

ROLL CALL

CHANGES TO THE AGENDA

CONSENT CALENDAR

1. Subject: Amending Santa Barbara Municipal Code Section 17.20.005(C) Relating to Slip Waiting Lists [Ordinance Adoption]
Recommendation: That Council adopt, by reading of title only, an Ordinance of the Council of the City of Santa Barbara Amending Section 17.20.005(C) of the Municipal Code Pertaining to Slip Assignment Policy.

2. Subject: Tenant Protection - Temporary Rent Increase Moratorium Ordinance and Ordinance Adding Requirements for Just Cause "Ellis Act" Evictions [Ordinance Adoption]
Recommendation: That Council:

A. Adopt, by reading of title only, an Ordinance of the Council of the City of Santa Barbara Establishing a Temporary Rent Increase Moratorium During the Preparation, Consideration, and Potential Adoption of a Permanent Rent Stabilization Program; and
B. Adopt, by reading of title only, an Ordinance of the Council of the City of Santa Barbara Amending the Santa Barbara Municipal Code by the Addition of Section 26.50.100 Relating to Additional Requirements for Just Cause Evictions for the Purpose of Permanently Removing a Unit from the Rental Market.
01/27/2026 Santa Barbara City Council Final Agenda Page 2

3. Subject: Contract for Facilities Condition Assessment and Building Electrification Assessment and Transition Plan [Resolution; Agreement] Recommendation: That Council:

A. Authorize the Public Works Director to execute, subject to approval as to form by the City Attorney, a Professional Services Agreement with Kitchell Corporation in an amount not-to-exceed $441,768 comprised of $265,505 for a comprehensive Facilities Condition Assessment and $176,263 for a Building Electrification Assessment and Transition Plan for General Fund facilities; and further authorize the Public Works Director to approve change orders up to ten percent of the Agreement amount, for a total not-to-exceed authorization of $485,945; and
B. Adopt, by reading of title only, a Resolution of the Council of the City of Santa Barbara Amending Resolution 25-066, Adopting the Budget for Fiscal Year 2026, to Increase Appropriations for the Facilities Conditions Assessment.

4. Subject: December 2025 Investment Report
Recommendation: That Council accept the December 2025 Investment Report.

5. Subject: Personal Services Agreement for Classes, Clinics, Camps and Tournaments for Youth Ice Skating Camps [Agreement]
Recommendation: That Council authorize the Parks and Recreation Director to execute a personal services agreement with IIP SFM, a Limited Liability Company, for the provision of Fiscal Year 2027 Ice Skating Youth Camps at Ice in Paradise in Goleta, with compensation equal to 90% of the total basic fees collected and the total compensation estimated at $103,500 based on the projected number of participants.

6. Subject: Authorization to Amend the Legal Services Agreement with Civica Law Group, APC [Agreement]
Recommendation: That Council authorize the City Attorney to execute an amended legal services agreement with Civica Law Group, APC to increase the not-to-exceed amount from $35,000 to $232,000 for special counsel services related to the defense of a civil lawsuit related to a vexatious litigant that has sued the City and 12 employees, six times over the course of four years.

GENERAL PUBLIC COMMENT

CITY COUNCIL ADMINISTRATIVE AND ATTORNEY REPORTS
01/27/2026 Santa Barbara City Council Final Agenda Page 3

COUNCIL AND STAFF COMMUNICATIONS

COUNCILMEMBER COMMUNITY ASSIGNMENT REPORTS & ENGAGEMENTS

PUBLIC COMMENT (IF NECESSARY)

ADJOURNMENT
1 ORDINANCE NO. _____

AN ORDINANCE OF THE COUNCIL OF THE CITY

OF SANTA BARBARA AMENDING SECTION

17.20.005(C) OF THE MUNICIPAL CODE

PERTAINING TO SLIP ASSIGNMENT POLICY

THE CITY COUNCIL OF THE CITY OF SANTA BARBARA DOES ORDAIN AS FOLLOWS:

SECTION 1. Section 17.20.005(C) of Chapter 17.20 of Title 17 of the Santa Barbara Municipal Code is amended to read as follows:

17.20.005 Slip Assignment Policy.

A. PURPOSE.

1. Generally. The purpose of the Slip Assignment Policy is to provide regulations for the primary purpose of the Harbor, which is to provide in-water storage for commercial and recreational vessels actively used for their intended purpose.

2. Limited Secondary Use. As a limited secondary use, a slip permittee may be permitted to reside aboard a vessel by obtaining a permit from the Waterfront Department pursuant to the Santa Barbara Municipal Code.

B. SLIP PERMITS.

1. Slip Permit. Before any vessel is allowed in a slip in the Santa Barbara Harbor, a permit must be issued pursuant to the Santa Barbara Municipal Code for that vessel by the Waterfront Department. Slip Permits, as approved by the Waterfront Director, shall be revocable month-to-month licenses. Slip permittees shall comply with Agenda Item No. 1
2 applicable ordinances and resolutions, including fee provisions, adopted by the Santa Barbara City Council. No such Slip Permit shall be transferable after death of the slip permittee or by inheritance. A Slip Permit may, however, be assigned to a deceased slip permittee’s surviving spouse or domestic partner registered with the City Clerk in accordance with Chapter 9.135 of the Santa Barbara Municipal Code pursuant to Section 17.20.005.D.2.b herein.

2. Ownership of Vessel Required. A slip permittee must at all times have an equity ownership interest in the vessel assigned to the Slip Permit. a. Proof of Ownership Required. An equity ownership interest in a vessel must be established at the time a Slip Permit is issued to a slip permittee or transferred in accordance with Section 17.20.005.D herein by submitting any of the following documents to the Waterfront Department: (i) state vessel registration listing the prospective slip permittee as an owner; (ii) federal documentation listing the prospective slip permittee as an owner; or (iii) a notarized bill of sale in the name of the prospective slip permittee. If proof of vessel ownership is a notarized bill of sale, a fully completed state registration or federal documentation with all slip permittees listed as vessel owners must be submitted to the Waterfront Department within 90 days of the submittal of the Slip Permit application. If completed state registration or federal documentation is not submitted to the Waterfront Department within 90 days of submittal of the Slip Permit application, the Slip Permit shall be subject to termination in accordance with the Slip Permit termination procedures set forth in Section 17.20.005 herein. 3 b. Permitted Types of Ownership. Corporations, limited liability corporations, partnerships, non-profit organizations, trusts, governmental agencies or individuals may own vessels. If a vessel is owned by an entity other than an individual, non-profit organization or governmental agency, the Slip Permit applicant(s) or slip permittee(s) must submit to the Waterfront Department documentation satisfactory to the Waterfront Directory establishing that the person(s) signing the Slip Permit has the full legal authority to bind the entity and hold it fully responsible for the Slip Permit. If the vessel is owned by a governmental agency or non-profit organization, the agency or organization must designate in writing a representative from the agency or organization who will be responsible for all aspects of the Slip Permit. Changing the name of the person so designated shall require payment of a slip transfer fee pursuant to Section 17.20.005.D herein, unless waived by the Waterfront Director. Slip permittees shall be responsible for keeping their current mailing address on file with the Waterfront Department. Failure to do so shall relieve the Waterfront Department from all responsibility to notify the slip permittees of changes to this code or applicable rules and regulations.

3. Replacement Vessel. If the vessel assigned to the Slip Permit is sold, donated, stolen, destroyed or otherwise permanently removed from its Slip, its owner must notify the Waterfront Department within 15 days of such event. The slip permittee must place a replacement vessel in the Slip assigned to the slip permittee within 180 days after the occurrence of the event causing the removal of the vessel assigned to the Slip Permit, unless granted a written exemption from the Waterfront Director. Failure of timely reporting of a sold, donated, stolen, destroyed or otherwise permanently removed vessel, 4 or timely assignment of a replacement vessel, shall be grounds for termination of the Slip Permit.

4. Slip Fees. The slip permittee shall pay one month’s Slip Fee, in advance, plus applicable fees and deposits when the Slip Permit application is submitted to the Waterfront Department. Slip Fees shall be established by resolution of the City Council.

5. Commercial Fishing and Aquaculture. The City Council may by resolution establish exclusive or preferential uses within all, or within certain areas of, the Harbor for use by vessels employed in commercial fishing and/or aquaculture. For purposes of this section, a commercial fishing vessel or vessel employed in aquaculture is a vessel in use pursuant to a valid and current commercial fishing or aquaculture permit issued by the California Department of Fish and Game. Such a vessel shall be a continuing source of income pursuant to the appropriate California permits, in accord with regulations adopted from time to time by resolution of the City Council.

6. Sub-License. It is unlawful for any person issued a Slip Permit to rent (whether or not compensation is paid or other value is received) the Slip Permit to any other person or entity.

C. SLIP WAITING LISTS.

1. Procedure for Slip Assignment to Waitlist Applicants. When a slip becomes available, it shall be offered for assignment according to whether the slip is a designated commercial fishing slip or whether it can be utilized for either commercial or 5 recreational purposes. For purposes of this section, commercial fishing slip means a slip that is specially designated by the Waterfront Director as a slip reserved for qualified commercial fishermen (“Commercial Fishing Slip”). If the slip is designated as a Commercial Fishing Slip, it shall be assigned according to subsection C.5 herein to a qualified commercial fisherman. If it is not so designated, it shall be offered to the highest ranked waitlist applicant. The available slip shall be offered to each applicant in turn until the slip is either accepted by an applicant or declined by all applicants. If a slip assignment offer is declined by all applicants on the List, the slip shall be held in the Waterfront Department’s visitor slip inventory.

2. Procedure for Placement on the Slip Waitlist.
a. For the first year following adoption of this policy, the existing Master, Submaster, and Lottery Waitlists will constitute the Slip Waitlist. The following year, the Waitlist shall be comprised of either 10 applicants or twice the number slips awarded from the Waitlist in the previous year, whichever is greater. This list will be selected by lottery held at a public Harbor Commission meeting. This list and each subsequent list will remain in place for one year, until replaced by a new Waitlist drawn by lottery in the same manner.
(1) Applicants selected in the lottery are ranked in the order drawn.
(2) Within five (5) business days of the drawing, the
Waterfront Department shall send written notice by certified mail to selected applicants, 6 stating their rank and offering placement. A Lottery Waitlist Acceptance Form will be included. Applicants must return the Acceptance Form and placement fee within thirty (30) days.
(3) Applicants who fail to respond within the applicable period are removed from consideration.
b. Any existing marina slip permittee, or spouse, or
legally registered domestic partner of a slip permittee is not eligible for placement on the Waitlist, or assignment of a slip from the Waitlist.

3. Procedure for Accepting or Declining a Slip Assignment Offer from the Lottery List.
a. Acceptance of Slip Assignment Offer. Notification of slip availability shall be mailed by the Waterfront Department to the applicant at the applicant’s most recent address on file in the Waterfront Department. Acceptance of the slip assignment offer must be submitted by the applicant in writing to the Waterfront Department within 14 days of the date of mailing the notice of slip availability. Acceptance must be submitted to the Waterfront Department in writing. b. Declined Lottery List Assignment Offer. Failure of an applicant to accept a slip assignment offer in writing within 14 days of the date of mailing of such offer by the Waterfront Department shall be considered a declined offer. Declining a slip assignment offer will not result in removal of the applicant’s name from the Waitlist, loss 7 of the applicant’s Waitlist Placement Fee, or change in the applicant’s position on the Waitlist.
c. Any slip received from the Waitlist shall be designated as nontransferable. No individual or entity shall be permitted to transfer, sell, or assign their rights to these slips to any other party.

4. Slip Waiting Lists Fees.
a. Waitlist Placement Fee.
(1) Waitlist Placement Fee. Each applicant selected for placement on the Waitlist shall return the Waitlist Acceptance Form along with a nonrefundable Waitlist Placement Fee in an amount established by resolution of the City Council. Failure to timely pay the Waitlist Placement Fee shall cause the applicant’s name to not be placed on the Waitlist.
(2) Waitlist Assignment Fee. A Waitlist Assignment Fee
shall be paid by the applicant at the time a Waitlist slip assignment is made in an amount established by resolution of the City Council. Failure to timely pay the Waitlist Assignment Fee shall be deemed a declined offer.
b. Slip Waiting Lists Transfer Fee.
(1). Slip Waiting Lists Transfer Fee. Any applicant
assigned a slip from the Waitlist shall not pay a Transfer Fee. 8 5. Commercial Fishing/Aquaculture Slip Assignment. Commercial Fishing Slips shall be offered for assignment only to qualified commercial fishermen. Prior to assignment of a Commercial Fishing Slip from the waitlist, a commercial fisherman must demonstrate to the satisfaction of the Waterfront Department that the commercial fisherman possesses the following minimum qualifications: (i) a commercial fishing or aquaculture permit issued by the California Department of Fish and Game; (ii) a Fish and Game permit for the vessel that is to be moored in the Commercial Fishing Slip as a commercial fishing vessel; and (iii) satisfaction of the terms and criteria to qualify as a qualified commercial fisherman, as established by City Council resolution, including the requirement for earnings from commercial fishing in years prior to the pending Commercial Fishing Slip assignment (“Qualified Commercial Fisherman”). a. Acceptance of Commercial Fishing Slip Assignment Offer. A Commercial Fishing Slip offered for assignment to a commercial fisherman from the waitlist shall be accepted in accordance with the procedures for acceptance of a slip from the Master Waiting List set forth in paragraph 3.a. of this subsection C. Prior to assignment of the Commercial Fishing Slip, the commercial fisherman must demonstrate to the satisfaction of the Waterfront Department that he or she is a Qualified Commercial Fisherman.
b. Declined Commercial Fishing Slip Offers. Failure of the applicant to accept the slip in writing within 14 days of the date of mailing of such offer by the Waterfront Department shall be considered a declined offer. Declining a slip offer will 9 not result in the commercial fisherman’s name being removed from the List, loss of the applicant’s fees, or change in the applicant’s position on the List. c. Commercial Fishing Slip Lottery. A Commercial Fishing Slip that remains unaccepted after being offered to all commercial fishermen registered for commercial slips on Waitlist shall be offered for assignment according to a single lottery process called the Commercial Fishing Slip Lottery. Procedures for formation of the Commercial Fishing Slip Lottery shall be established by the Waterfront Department Slip Waiting Lists regulation adopted by resolution of the City Council. To qualify for participation in the Commercial Fishing Slip Lottery, all applicants must timely submit a Lottery Participation Request in accordance with the Slip Waiting Lists regulation containing the applicant’s name, telephone number and address. An individual may submit only one Commercial Fishing Lottery List Participation Request. (1) Procedure for Assignment from Commercial Fishing
Slip Lottery.
(a) Offer of Commercial Fishing Slip Assignment. A
Commercial Fishing Slip that becomes available for assignment in accordance with the Slip Waiting Lists regulation shall be offered for assignment to an applicant according to his or her rank in the Commercial Fishing Slip Lottery. The applicant ranked in the first position shall be offered the available Commercial Fishing Slip. If the first-ranked applicant declines the offer or fails to meet the requirements for a Qualified Commercial Fisherman, the second-ranked applicant shall be offered the Commercial Fishing Slip assignment, and so on.
10 (b) Acceptance of Commercial Fishing Slip.

Acceptance of the slip assignment offer must be made in writing and submitted to the Waterfront Department within 30 days of the date of mailing notice of slip availability. The acceptance form shall include the necessary information to verify qualification for a Commercial Fishing Slip. Any applicant failing to submit the required information to verify eligibility, or any applicant failing to meet the eligibility requirements set forth in this paragraph 5 for a Qualified Commercial Fisherman, shall be removed from consideration for slip assignment during that Lottery.
(c) Declined Commercial Fishing Slip Offer. Failure
of an applicant to accept the Commercial Fishing Slip assignment offer in writing within 30 days of the date of mailing of such offer by the Waterfront Department shall be considered a declined offer. Declining a slip offer, or failing to meet the requirements for a Qualified Commercial Fisherman shall not result in removal of the applicant’s name for slip assignment in that Lottery.
(d) An existing marina slip permittee who is offered
a Commercial Fishing Slip assignment shall relinquish an existing slip permit to the Waterfront Department prior to, and in exchange for, a Commercial Fishing Slip assignment from the Commercial Fishing Slip Lottery.
(2) Unassigned Commercial Fishing Slips. If a Commercial Fishing Slip assignment offer is declined by all applicants selected in the Commercial Fishing Slip Lottery, or if no selected applicants meet the requirements of a Qualified Commercial Fisherman, the Commercial Fishing Slip shall be held in the Waterfront 11 Department’s visitor-slip inventory for a period of six months. After six months, the Commercial Fishing Slip assignment shall be offered to applicants in a new Commercial Fishing Slip Lottery. If the Commercial Fishing Slip remains unassigned, this procedure shall be repeated every six months until the Commercial Fishing Slip is assigned. 1 ORDINANCE NO. _____

AN ORDINANCE OF THE COUNCIL OF THE CITY OF

SANTA BARBARA ESTABLISHING A TEMPORARY RENT

INCREASE MORATORIUM DURING THE PREPARATION,

CONSIDERATION, AND POTENTIAL ADOPTION OF A

PERMANENT RENT STABILIZATION PROGRAM

THE CITY COUNCIL OF THE CITY OF SANTA BARBARA DOES ORDAIN AS FOLLOWS:

SECTION 1. Findings and Determinations. The City Council finds and determines as follows:

A. Safe, decent, affordable, and sanitary housing is a human necessity and right.

B. The City Council reaffirms its General Plan Housing Element goal, first stated in 2005, of “ensuring affordable housing opportunities for all economic levels in the community, while protecting the character of established neighborhoods.” (2015 Housing Element, p.57.) There is a critical shortage of low and moderate income housing within the City and on the south coast of Santa Barbara County. The City Council recognizes that providing a wide range of housing options is important to maintain an economically viable and socially diverse population, and to retain and house the City’s local workforce.

The City’s General Plan Housing Element identifies renter-occupied housing units as comprising nearly 60% of the housing available in the City. (2015 Housing Element, p.26.) The Housing Element also documents that given local housing costs, nearly 44% of all households and almost 50% of renters are over-paying for housing. (2015 Housing Element, p.50.) Both the total percentage of City renters and the percentage of City renters overpaying for housing are higher than statewide averages. Therefore, the City Council desires to establish reasonable protection for City residents living in rental housing that recognize the important role that rental housing plays in the provision of affordable housing.

C. The City Council has previously adopted laws establishing reasonable protection for City residents living in rental housing including: Santa Barbara Municipal Code Chapters 26.06 (establishing mobile home park lease regulations, including rent control), 26.40 (requiring one-year lease offers to residential tenants), 26.50 (requiring just cause for residential evictions), and 26.60 (protecting tenants from harassment and other abusive conduct).

D. On December 16, 2025, the City Council reviewed a comprehensive presentation and staff report outlining a proposed work plan for the development of a permanent residential rent stabilization program consistent with the limitations imposed Agenda Item No. 2
2 by state and federal law. The City Council provided preliminary feedback on the proposed program, which includes a timeline for consideration and adoption of a rent stabilization ordinance in the summer of 2026. The City Council also took action directing staff to prepare appropriate ordinances to establish a temporary rent increase moratorium during the development and consideration of permanent rent stabilization regulations and to make certain amendments to Santa Barbara Municipal Code Chapter 26.50. The motion included direction to explore legal options to provide effective rent relief at the earliest possible date.

SECTION 2. Application.

A. This ordinance applies to all residential rental units in the City for which a certificate of occupancy was issued on or before February 1, 1995, except:

1. Rental units that are alienable separate from title to any other dwelling unit or is a subdivided interest in a subdivision, as specified in subdivision (b), (d), or (f) of Section 11004.5 of the California Business and Professions Code. This exception does not apply to rental units that are described in subdivision (a)(3(B) of Section 1954.52 of the California Civil Code.

2. Rental units in hotels, motels, inns, tourist homes, lodging and rooming houses and boarding houses, or other similar temporary lodgings provided that at such time as an accommodation has been occupied as the primary residence of one or more of the same tenants for any period more than 30 days such accommodation shall become subject to this ordinance. The computation of the 30 days shall include days in which the Tenant was required to:
(a) Move into a different guestroom or efficiency unit before the expiration of 30 days occupancy; or
(b) Check out and re-register before the expiration of 30 days occupancy if a purpose was to avoid application of this ordinance, or (c) Enter into successive or overlapping rental agreements, extensions, or renewals, whether for the same or a different unit, before the expiration of 30 days occupancy.

3. Rental Units in any hospital, convent, monastery, extended medical care facility, asylum, non-profit home for the aged; dormitory owned and operated by an accredited institution of higher education, or rental units in a facility that has the primary purpose of operating a treatment or recovery program, where such rental units are provided incident to a client's participation in the treatment or recovery program and where the client has been informed in writing of the temporary or transitional nature of the housing at the inception of his or her participation in the program. 3 4. Rental units owned or operated or managed by a public agency or not-forprofit organization and subject to a recorded covenant or other restriction that limits rental of the unit to rents affordable to low- or moderate income households.

5. Rental units which a government unit, agency or authority owns, operates, or manages, if applicable federal or state law or administrative regulation specifically exempt such units from municipal rent control.

6. Rental units leased to tenants assisted under the Section 8 program (42 U.S.C. Section 1437f) or the Continuum of Care Rental Assistance (42 U.S.C. 11381 et. seq.) or similar rent subsidy program where the tenant's portion of the rent is determined based on their household income and a specific formula. This exemption applies only for so long as the rent demanded does not exceed the authorized payment standard minus the applicable utility allowance as determined by the City the Housing Authority of the City of Santa Barbara, as applicable.

7. Permitted short term vacation rentals for a rental period of 30 days or less.

SECTION 3. Definitions.

The following definitions apply to the interpretation of this ordinance:

Base rent. Base rent means either: (1) the rent for a rental unit in effect on December 16, 2025, for tenancies commencing on or before December 16, 2025, or (2) the rental rate established upon initial occupancy of a rental unit for tenancies commencing after December 16, 2025, provided the rental rate is established in accordance with state law.

Housing services. Housing services include, but are not limited to, repairs, maintenance, painting, providing light, hot and cold water, elevator service, window shades and screens, storage, kitchen, bath and laundry facilities and privileges, janitor services, utility charges that are paid by the landlord, refuse removal, furnishings, telephone, parking, common areas, recreational facilities, the right to have a specified number of occupants, and any other benefit, privilege, arrangement, or facility provided or contracted for in connection with the use or occupancy of any rental unit. Housing services to a rental unit shall include a proportionate part of services provided to common facilities of the building in which the rental unit is contained.

Landlord. An owner, lessor, sublessor or any other person entitled to receive rent for the use and occupancy of any rental unit, or an agent, representative, predecessor, or successor of any of the foregoing.

Rent. All periodic payments under a rental housing agreement concerning the use or occupancy of a rental unit, including all payments and other consideration demanded or paid for housing services. Rent does not include refundable security 4 deposits or avoidable fees imposed by a landlord such as fees for late payment of rent or for checks returned for insufficiency of funds.

Rental unit. Any building or structure, or part thereof, or land appurtenant thereto, or any other property rented or offered for rent for residential purposes, whether or not such unit possesses a valid certificate of occupancy for use as rental housing, together with all housing services connected with use or occupancy of such property.

SECTION 4. Temporary prohibition of rent increases.

A. So long as this ordinance is in effect, a landlord shall not increase the base rent of a rental unit.

B. If rent for a rental unit includes housing services, then any reduction of such services or initiation of a requirement for direct payment by a tenant to a service provider (e.g. new requirement for direct payment by tenant to a utility service provider) is considered a rent increase unless there is a corresponding reduction in rent paid to the landlord.

C. It is the City Council’s intent to use the base rent as defined in this ordinance as the stabilized reference for the determination of lawful rent under the permanent residential rent stabilization program described in Section 1. D. of this ordinance.

Therefore, if a landlord increases the rent for a rental unit after December 16, 2025, but before the effective date of this ordinance in accordance with applicable law, the base rent for the unit will not change and the amount of the increase will be counted against future rent increases authorized under the rent stabilization program when adopted.

SECTION 5. Expiration. This ordinance automatically expires on December 31, 2026, or on the operative date of a permanent rent stabilization program as established pursuant to ordinance, whichever is earlier.

SECTION 6. Severability. If any section, subsection, subdivision, paragraph, sentence, clause or phrase of this ordinance or any part hereof is for any reason held to be unconstitutional, such decision shall not affect the validity of the remaining portions of this ordinance of any part hereof. The City Council declares that it would have passed each section, subsection, paragraph, sentence, clause or phrase hereof, irrespective of the fact that any one or more sections, subsections, subdivisions, paragraphs, sentences, clauses or phrases be declared unconstitutional.

SECTION 7. CEQA. The City Council finds that, on the basis of the whole record and exercising its independent judgment, this ordinance is not subject to environmental review pursuant to the State Guidelines for Implementation of the California Environmental Quality Act Sections 15060(c)(3) pertaining to activities that will not result in a direct or reasonably foreseeable indirect change to the environment and 15061 (b)(3) because this ordinance has no potential for resulting in physical change to the environment directly or indirectly in that it merely regulates existing physical development. 1 ORDINANCE NO. _____

AN ORDINANCE OF THE COUNCIL OF THE CITY OF

SANTA BARBARA AMENDING THE SANTA BARBARA

MUNICIPAL CODE BY THE ADDITION OF SECTION

26.50.100 RELATING TO ADDITIONAL REQUIREMENTS

FOR JUST CAUSE EVICTIONS FOR THE PURPOSE OF

PERMANENTLY REMOVING A UNIT FROM THE RENTAL
MARKET

THE CITY COUNCIL OF THE CITY OF SANTA BARBARA DOES ORDAIN AS FOLLOWS:

SECTION 1. Chapter 26.50 of Title 26 of the Santa Barbara Municipal Code is amended to add Section 26.50.100 as follows:

26.50.100. Additional Requirements and Limitations Applicable to Just Cause Evictions to Permanently Remove a Rental Unit from the Rental Market.

A. This Section applies to no-fault just cause evictions to recover possession to permanently withdraw a rental unit from the rental market.

B. An owner shall not withdraw from the rental market less than all of the rental units from a property. Notices of termination shall be given concurrently to all tenants, provided, however, that eviction dates stated in the notices may vary to coincide with the termination dates of leases or rental agreements of affected tenants.

C. Property that has been withdrawn from the rental market pursuant to this Chapter may not be used for residential rent purposes for a period of 5 years following the date of the last eviction under subsection B.

SECTION 2. The provisions of this Ordinance shall apply to proceedings to terminate a tenancy or recover possession of a unit that has not been fully completed before the effective date of this Ordinance. If a final judgment awarding possession of a unit has not been entered or the owner has not otherwise lawfully obtained possession of a unit under Chapter 26.50 of the Santa Barbara Municipal Code as it existed before the effective date of this Ordinance, then the owner must comply with the provisions of this Ordinance, including giving a new notice of termination, before termination of the tenancy or recovery of possession of a unit.

SECTION 3. If any section, subsection, subdivision, paragraph, sentence, clause or phrase of this Chapter or any part hereof is for any reason held to be unconstitutional, such decision shall not affect the validity of the remaining portions of this Chapter of any 2 part hereof. The City Council declares that it would have passed each section, subsection, paragraph, sentence, clause or phrase hereof, irrespective of the fact that any one or more sections, subsections, subdivisions, paragraphs, sentences, clauses or phrases be declared unconstitutional.

SECTION 4. The City Council finds that, on the basis of the whole record and exercising its independent judgment, this Ordinance is not subject to environmental review pursuant to the State Guidelines for Implementation of the California Environmental Quality Act Sections 15060(c)(3) pertaining to activities that will not result in a direct or reasonably foreseeable indirect change to the environment and 15061 (b)(3) because this Ordinance has no potential for resulting in physical change to the environment directly or indirectly in that it merely regulates existing physical development.

CITY OF SANTA BARBARA

COUNCIL AGENDA REPORT
AGENDA DATE: January 27, 2026
TO: Mayor and Councilmembers
FROM: Public Works Department
Sustainability & Resilience Department
SUBJECT: Contract for Facilities Condition Assessment and Building Electrification Assessment and Transition Plan [Resolution; Agreement]
RECOMMENDATION: That Council:

A. Authorize the Public Works Director to execute, subject to approval as to form by the City Attorney, a Professional Services Agreement with Kitchell Corporation in an amount not-to-exceed $441,768 comprised of $265,505 for a comprehensive Facilities Condition Assessment and $176,263 for a Building Electrification Assessment and Transition Plan for General Fund facilities; and further authorize the Public Works Director to approve change orders up to ten percent of the Agreement amount, for a total not-to-exceed authorization of $485,945; and B. Adopt, by reading of title only, a Resolution of the Council of the City of Santa Barbara Amending Resolution 25-066, Adopting the Budget for Fiscal Year 2026, to Increase Appropriations for the Facilities Conditions Assessment.

DISCUSSION:

The City of Santa Barbara (City) maintains a large and diverse portfolio of General Fund facilities, collectively exceeding 400,000 square feet of space. The Facilities Conditions Assessment and Electrification Assessment and Transition Plan (Project) focus on 373,000 square feet of facilities that will most urgently benefit from condition assessment and electrification planning. Locations were excluded if they had been recently remodeled, are scheduled for extensive remodels in the near term, or are insignificant in size or contents. These selected facilities represent the core of the City’s delivery of service and are critical to ensuring safe, reliable, and sustainable operations.

In alignment with the City’s dual objectives of effective asset management and advancing sustainability and climate action goals, staff issued a Request for Proposals (RFP) for professional consulting services to:

1. Conduct a comprehensive Facilities Condition Assessment (FCA).

Agenda Item No. 3
Council Agenda Report
Contract for Facilities Condition Assessment and Building Electrification Assessment and Transition Plan [Resolution; Agreement]
January 27, 2026

Page 2 ends

2. Complete a Building Electrification Assessment and Transition Plan.

The FCA will provide an objective, data-driven evaluation of facility condition, system life cycles, and prioritized capital needs. The Electrification Assessment and Transition Plan will provide the roadmap for reducing reliance on natural gas and transitioning toward allelectric facilities consistent with the City’s Climate Action Plan. Combining these two assessments into a single project ensures that future asset replacement and maintenance efforts are both cost-effective and in alignment with facility needs and electrification goals.

Staff recommend that Council authorize the Public Works Director to execute a professional services agreement with Kitchell Corporation (Kitchell), with Glumac as the electrification subconsultant, in the amount of $441,768 for the Project. This agreement includes a change order authorization of 10 percent of the agreement’s total amount, $44,176.80, which is typical for this type of work and project size. Both firms are experienced in this type of work and were selected as part of a competitive RFP process.

Kitchell and Glumac will provide a comprehensive set of deliverables, including:
 Facility Condition Assessment Reports for each building, documenting system conditions, deficiencies, cost estimates, and recommended corrective actions with accompanying photos, geo-locations, and annotated floor plans.  Executive Summary Reports consolidating findings across all facilities, including Facility Condition Indices (FCIs), prioritized repair and replacement schedules, and cost forecasts to support capital planning.
 Building Electrification Assessment and Transition Plan Reports for each facility, detailing fossil fuel system inventories, recommended electric alternatives, required electrical upgrades, project phasing, greenhouse gas (GHG) emissions reduction estimates, and cost analyses.
 Portfolio-Level Transition Plan providing phased implementation scenarios for achieving 50 percent decarbonization of scoped facilities by 2030 and 100 percent by 2035.
 Funding Strategy Package identifying applicable incentives, rebates, and grants to help offset project costs.
 Data Deliverables to include Excel-based databases of condition and electrification findings, formatted for integration with the City’s Cartegraph asset management system.

BUDGET/FINANCIAL INFORMATION:

With the proposed appropriations from the following funding sources, there are sufficient expenditure appropriations to cover the cost of the proposed Agreement with Kitchell, including potential extra services.

Assessment Funding Cost
Available Expenditure Appropriations in
the Facilities Master Plan Project
Facilities Conditions $129,000
Assessment
Facilities Management Fund Reserves $136,505
Council Agenda Report
Contract for Facilities Condition Assessment and Building Electrification Assessment and Transition Plan [Resolution; Agreement]
January 27, 2026

Page 3 ends

Electrification Assessment
and Transition Plan
Sustainability & Resilience Funds
(existing expenditure appropriations)
$176,263
Change Order Allowance Facilities Maintenance Reserves $44,176.80 Total $485,944.80
Investing in this Project protects the City’s prior capital investments by informing timely renewals, extending useful life, and maintaining facilities in a state of good repair.

Implementing prioritized renewals identified by the FCA is expected to reduce emergency repair spending, limit revenue-impacting downtime at public facilities, and lower the total cost of ownership over the life of major systems. The FCA will quantify the current deferred maintenance backlog (with FCI baselines) and provide a sequenced renewal plan to smooth annual capital needs and avoid budget spikes. The FCA will include input from staff on operational maintenance issues and priorities. A consultant study is necessary due to the size of the City’s portfolio and associated workload of performing with staff alone. In addition, staff are coordinating the FCA with the Fire Standards of Cover and other similar studies.

A copy of the contract may be requested from the Public Works Department for public review by contacting [email protected].

SUSTAINABILITY IMPACT:

The FCA and Electrification Assessment and Transition Plan supports the City’s Climate Action Plan by providing a phased roadmap for reducing reliance on fossil fuels in municipal facilities. Transitioning to all-electric buildings will reduce GHG emissions, improve long-term operating efficiency, and demonstrate leadership in municipal sustainability practices.

ENVIRONMENTAL REVIEW:

The contract for the Facilities Condition Assessment and Building Electrification Assessment and Transition Plan falls outside of the definition of a “Project” under California Environmental Quality Act (CEQA) Guidelines Section 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 contract will not result in direct or indirect physical impacts to the environment. All future projects as a result of the Project will be subject to CEQA environmental review.

ATTACHMENT: List of Included Facilities
PREPARED BY: Adam Hendel, P.E., Public Works Operations Manager/MS/aa SUBMITTED BY: Brian D’Amour, P.E., Public Works Director APPROVED BY: Kelly McAdoo, City Administrator
Site Name Location Name Address TYPE Stories Year Built Sq Feet Const Desc Latitude Longitude 630 Garden 630 Garden - Com Dev 630 GARDEN ST STRUCTURE 2 1988 20,416 ALL COMB (WOOD FRAME) 34.421572 -119.694212 Total Sites 22 630 Garden 630 Garden - Public Works 630 GARDEN ST STRUCTURE 1 1988 11,745 NON COMB STEEL FRAME 34.421572 -119.694212 Total Locations 82 Alameda Park Alameda Band Stand 1400 SANTA BARBARA ST STRUCTURE 1 1983 484 0 34.42745 -119.70608 Square Feet 373,009 Alameda Park Alameda Park - Restroom #1 1400 SANTA BARBARA ST PARK RESTROOM 1 1943 153 ALL COMB (WOOD FRAME) 34.427424 -119.704708 Alameda Park Alameda Park - Restroom #2 1400 SANTA BARBARA ST PARK RESTROOM 1 1983 153 ALL COMB (WOOD FRAME) 34.427424 -119.704708 Bohnett Park Bohnett Park Restroom 1215 SAN PASCUAL ST STRUCTURE 1 2000 195 UNK 34.41741 -119.7127 Cabrillo Ball Park Cabrillo Ball Park - Restroom 800 E CABRILLO BLVD PARK RESTROOM 0 UNK 1,294 MASONRY CONST/WOOD ROOF 34.41621 -119.675279 Cabrillo Pavilion Cabrillo Pavilion 1118 E CABRILLO BLVD STRUCTURE 3 1927 20,550 ALL REINFORCED CONCRETE 34.417432 -119.668861 Carrillo Recreation Center Carrillo Recreation Center 100 E CARRILLO ST STRUCTURE 2 1913 17,683 ALL COMB (WOOD FRAME) 34.42258 -119.700689 Chapala Teen Center Chapala Teen Center (PAL) 1235 CHAPALA ST STRUCTURE 1 1938 2,835 MASONRY CONST/WOOD ROOF 34.422667 -119.706015 Chase Palm Park Carousel House 223 E CABRILLO BLVD STRUCTURE 0 1998 3,600 UNKNOWN 34.415075 -119.68276 Chase Palm Park Casa Las Palmas 323 EAST CABRILLO BLVD STRUCTURE 1 1998 1,680 ALL COMB (WOOD FRAME) 34.415078 -119.682917 Chase Palm Park Chase Palm Park Craft Center 234 EAST CABRILLO BLVD STRUCTURE 2 1966 540 ALL COMB (WOOD FRAME) 34.414675 -119.68582 Chase Palm Park CPP - Restroom #1 236 EAST CABRILLO BLVD PARK RESTROOM 1 1964 482 MASONRY CONST/WOOD ROOF 34.414675 -119.68582 Chase Palm Park Palm Park Beach House 236 E CABRILLO BLVD STRUCTURE 1 1995 1,016 ALL COMB (WOOD FRAME) 34.414675 -119.68582 City Hall City Hall 735 ANACAPA ST STRUCTURE 3 1923 23,981 ALL REINFORCED CONCRETE 34.420157 -119.697388 City Hall City Hall Annex 735 ANACAPA ST STRUCTURE 3 1923 360 MASONRY CONST/WOOD ROOF 34.420157 -119.697388 Corporate Yard Center Bldg 635 LAGUNA ST STRUCTURE 1 1972 4,384 ALL COMB (WOOD FRAME) 34.42215 -119.69324 Corporate Yard Garden Bldg 635 LAGUNA ST STRUCTURE 1 1972 5,960 ALL COMB (WOOD FRAME) 34.42197 -119.69347 Corporate Yard Laguna Bldg 635 LAGUNA ST STRUCTURE 1 1972 6,750 ALL COMB (WOOD FRAME) 34.42232 -119.69303 Corporate Yard Ortega Bldg 635 LAGUNA ST STRUCTURE 1 1972 14,390 ALL COMB (WOOD FRAME) 34.42244 -119.6938 Corporate Yard Water Distribution Warehouse 635 LAGUNA ST STRUCTURE 1 1983 4,527 ALL COMB (WOOD FRAME) 34.42202 -119.6927 Eastside Neighborhood Park Eastside Neighborhood Park Restroom 118 N SOLEDAD ST STRUCTURE 1 1988 193 UNK 34.42664 -119.6774 Fire Department - Station 1 Station 1 - Admin Offices 925 CHAPALA ST STRUCTURE 2 1960 20,270 MASONRY CONST/WOOD ROOF 34.420101 -119.702542 Fire Department - Station 1 Station 1 - Building 121 W CARRILLO ST STRUCTURE 2 1960 26,701 MASONRY CONST/WOOD ROOF 34.420235 -119.703218 Fire Department - Station 1 Station 1 - Mechanic Shop 121 W CARRILLO ST STRUCTURE 2 1960 8,978 MASONRY CONST/WOOD ROOF 34.420235 -119.703218 Fire Department - Station 2 Station 2 - Building 819 CACIQUE ST STRUCTURE 2 1993 5,700 ALL COMB (WOOD FRAME) 34.418939 -119.677187 Fire Department - Station 3 Station 3 - ACO 415 E SOLA ST STRUCTURE 0 1929 454 ALL COMB (WOOD FRAME) 34.429659 -119.702296 Fire Department - Station 3 Station 3 - Warehouse 415 E SOLA ST STRUCTURE 0 1929 2,329 ALL COMB (WOOD FRAME) 34.429659 -119.702296 Fire Department - Station 3 Station 3 - Yard 415 E SOLA ST STRUCTURE 0 1929 6,463 ALL COMB (WOOD FRAME) 34.429659 -119.702296 Fire Department - Station 4 Station 4 - Building 19 N ONTARE STRUCTURE 2 1985 5,313 MIXED NON-COMB/COMB 34.440618 -119.740091 Fire Department - Station 5 Station 5 - Building #1 2505 MODOC RD STRUCTURE 1 1966 2,600 MIXED NON-COMB/COMB 34.425354 -119.732119 Fire Department - Station 5 Station 5 - Building #2 2505 MODOC RD STRUCTURE 1 1966 1,583 ALL COMB (WOOD FRAME) 34.425354 -119.732119 Fire Department - Station 6 Station 6 - Building 1802 CLIFF DR STRUCTURE 1 1951 2,152 MIXED NON-COMB/COMB 34.401255 -119.720372 Fire Department - Station 6 Station 6 - Work Shop 1802 CLIFF DR STRUCTURE 1 1951 867 ALL COMB (WOOD FRAME) 34.401255 -119.720372 Fire Department - Station 7 Station 7 - Building 2411 STANWOOD STRUCTURE 1 1951 2,173 MIXED NON-COMB/COMB 34.444797 -119.690397 Fire Department - Station 7 Station 7 - Work Shop 2411 STANWOOD STRUCTURE 1 1951 858 ALL COMB (WOOD FRAME) 34.444797 -119.690397 Fire Department - Training Center FD Training Center 30 S OLIVE ST STRUCTURE 1 1980 799 ALL COMB (WOOD FRAME) 34.416472 -119.683736 Fire Department - Training Center FD Training Center 30 S OLIVE ST STRUCTURE 1 1980 799 ALL COMB (WOOD FRAME) 34.416472 -119.683736 Fire Department - Training Center FD Training Center 30 S OLIVE ST STRUCTURE 1 1980 799 ALL COMB (WOOD FRAME) 34.416472 -119.683736 Franceschi Park Franceschi Park - Residence 1501 FRANCESCHI RD CARETAKER HOUSE 1 1938 714 ALL COMB (WOOD FRAME) 34.439655 -119.694152 Franceschi Park Franceschi Park - Restroom 1501 FRANCESCHI RD PARK RESTROOM 1 1938 117 MASONRY CONST/WOOD ROOF 34.439655 -119.694152 Franklin Community Center Franklin Neighborhood Center 1136 E MONTECITO ST STRUCTURE 1 1974 10,900 ALL COMB (WOOD FRAME) 34.427221 -119.679858 Haley Street Y The Y Haley Street Youth And Family Center 701 E HALEY ST STRUCTURE 0 1940 1,300 UNK 34.42446 -119.68765 Hilda McIntyre Ray Park Hilda McIntyre Ray Park - Residence 1424 KENWOOD DR CARETAKER HOUSE 1 1939 522 ALL COMB (WOOD FRAME) 34.41096 -119.724274 Hilda McIntyre Ray Park Hilda McIntyre Ray Park - Restroom 1424 KENWOOD RD PARK RESTROOM 1 1939 112 ALL COMB (WOOD FRAME) 34.41096 -119.724274 Laguna Campus Electronic Maint Bldg 616 LAGUNA ST STRUCTURE 1 1972 2,500 ALL COMB (WOOD FRAME) 34.42268 -119.69244 Laguna Campus Facilities - Admin Bldg 616 LAGUNA ST STRUCTURE 1 1972 2,500 ALL COMB (WOOD FRAME) 34.422438 -119.692809 Laguna Campus Facilities - Bldg Maint. Shops 616 LAGUNA ST STRUCTURE 1 1972 2,500 ALL COMB (WOOD FRAME) 34.422438 -119.692809 Laguna Campus Parks Administration Building 402 E ORTEGA ST STRUCTURE 1 1972 3,437 ALL COMB (WOOD FRAME) 34.422962 -119.693496 Laguna Campus Rec Administration Building 620 LAGUNA ST STRUCTURE 1 1972 4,365 MIXED NON-COMB/COMB 34.4222 -119.692505 Laguna Campus Street Division - Traffic Signal Office 616 LAGUNA ST STRUCTURE 1 1972 1,500 ALL COMB (WOOD FRAME) 34.4225 -119.69264 Library - Central Library - Central 40 E ANAPAMU ST STRUCTURE 2 1925 53,580 ALL REINFORCED CONCRETE 34.423834 -119.703931 Library - Eastside Library - Eastside 1102 E MONTECITO ST STRUCTURE 1 1973 7,157 MASONRY CONST/WOOD ROOF 34.426669 -119.680467 Los Banos del Mar Los Banos Building 401 SHORELINE DR STRUCTURE 1 1939 2,578 ALL COMB (WOOD FRAME) 34.406233 -119.694597 Louise Lowry Davis Center Louise Lowry Davis Center 1232 DE LA VINA ST STRUCTURE 1 1939 3,649 MASONRY CONST/WOOD ROOF 34.421572 -119.707086 MacKenzie Park Mackenzie Park - Adult Building 3111 STATE ST STRUCTURE 1 1963 1,878 ALL COMB (WOOD FRAME) 34.424894 -119.736614 MacKenzie Park Mackenzie Park - Lawn Bowling 3111 STATE ST STRUCTURE 1 1994 968 ALL COMB (WOOD FRAME) 34.424894 -119.736614 MacKenzie Park Mackenzie Park - Records Storage 3111 STATE ST STRUCTURE 2 1950 1,680 ALL REINFORCED CONCRETE 34.424894 -119.736614 MacKenzie Park Mackenzie Park - Restroom 3111 STATE ST PARK RESTROOM 1 1965 324 ALL COMB (WOOD FRAME) 34.424894 -119.736614 MacKenzie Park MacKenzie Park Block House 1 & 2 3111 STATE ST STRUCTURE 0 1983 238 MASONRY CONST/WOOD ROOF 34.424894 -119.736614 Municipal Tennis Center Municipal Tennis Center 1414 PARK PLACE STRUCTURE 2 1960 13,125 ALL COMB (WOOD FRAME) 34.422156 -119.665514 Oak Park Oak Park - Restroom #1 638 W JUNIPERO ST PARK RESTROOM 1 1958 504 ALL COMB (WOOD FRAME) 34.43335 -119.726149 Oak Park Oak Park - Restroom #2 638 W JUNIPERO ST PARK RESTROOM 0 1958 781 MASONRY CONST/WOOD ROOF 34.43335 -119.726149 Ortega Building Real Property 220 E ORTEGA ST STRUCTURE 1 1946 488 UNK 34.42138 -119.69499 Ortega Park Ortega Park - Welcome House 604 E ORTEGA ST STRUCTURE 1 1948 1,582 ALL COMB (WOOD FRAME) 34.42508 -119.691279 Pershing Park Pershing Park - Restroom #1 100 CASTILLO ST PARK RESTROOM 1 1928 812 MASONRY CONST/WOOD ROOF 34.408864 -119.694858 Pershing Park Pershing Park - Restroom #2 100 CASTILLO ST PARK RESTROOM 1 1929 724 MASONRY CONST/WOOD ROOF 34.408864 -119.694858 Pershing Park Plaza del Mar Band Shell 100 CASTILLO ST STRUCTURE 0 1928 428 UNK 34.40782 -119.69488 Plaza Del Mar Park Plaza Del Mar - Restroom 100 CASTILLO ST STRUCTURE 0 1928 1,000 UNK 34.40789 -119.69523 Plaza Vera Cruz Plaza Vera Cruz Community Building 130 E COTA ST STRUCTURE 1 1953 1,220 ALL COMB (WOOD FRAME) 34.41921 -119.695265 Shoreline Park Shoreline Park - Restroom #1 1231 SHORELINE DR PARK RESTROOM 1 1960 120 MASONRY CONST/WOOD ROOF 34.399836 -119.702666 Shoreline Park Shoreline Park - Restroom #2 1353 SHORELINE DR PARK RESTROOM 1 1960 150 MASONRY CONST/WOOD ROOF 34.399836 -119.702666 Skofield Park Skofield Park - Residence 1819 LAS CANOAS RD CARETAKER HOUSE 1 1956 1,123 ALL COMB (WOOD FRAME) 34.455734 -119.692895 Skofield Park Skofield Park - Restroom #1 1819 LAS CANOAS RD PARK RESTROOM 1 1968 180 ALL COMB (WOOD FRAME) 34.455734 -119.692895 Skofield Park Skofield Park - Restroom #2 1819 LAS CANOAS RD PARK RESTROOM 1 1968 240 ALL COMB (WOOD FRAME) 34.455734 -119.692895 Spencer Adams Spencer Adams - Lawn Bowl 1232 DE LA VINA STRUCTURE 1 1939 1,457 ALL COMB (WOOD FRAME) 34.421572 -119.707086 Stevens Park Stevens Park - Restroom 258 CANON DR PARK RESTROOM 14 2005 234 ALL COMB (WOOD FRAME) 34.446194 -119.734903 Westside Community Center Westside Community Center Building #1 423 W VICTORIA ST STRUCTURE 1 1925 7,747 ALL REINFORCED CONCRETE 34.419931 -119.710403 Westside Community Center Westside Community Center Building #2 423 W VICTORIA ST STRUCTURE 1 1925 4,590 ALL REINFORCED CONCRETE 34.419931 -119.710403 Westside Community Center Westside Community Center Building #3 423 W VICTORIA ST STRUCTURE 1 1972 1,776 ALL COMB (WOOD FRAME) 34.419931 -119.710403 RESOLUTION NO.

A RESOLUTION OF THE COUNCIL OF THE CITY OF
SANTA BARBARA AMENDING RESOLUTION NO. 25-066,
ADOPTING THE BUDGET FOR FISCAL YEAR 2026, TO

INCREASE APPROPRIATIONS FOR THE FACILITIES
CONDITIONS ASSESSMENT.

WHEREAS, in accordance with the City Charter, the City Administrator filed with the Council a proposed budget for the fiscal year beginning July 1, 2025; WHEREAS, the City Council is required to adopt a budget before the beginning of the fiscal year on July 1, 2025;
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. 25-066, 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 2026, as adopted by Resolution No. 25-066, is hereby amended as follows:

SECTION 1. The Council approves an increase in expenditure appropriations of $180,681.80 in the Facilities Management Fund budget in Fiscal Year 2026, funded by reserves, for the facilities conditions assessment.

SECTION 2. The Council approves the allocation of available expenditure appropriations of $129,000 from the Facilities Master Plan Project in the Measure C Capital Fund budget in Fiscal Year 2026 for the facilities conditions assessment.

CITY OF SANTA BARBARA

COUNCIL AGENDA REPORT
AGENDA DATE: January 27, 2026
TO: Mayor and Councilmembers
FROM: Finance Department
SUBJECT: December 2025 Investment Report
RECOMMENDATION:

That Council accept the December 2025 Investment Report.

DISCUSSION:

The attached investment report includes Investment Activity, Interest Revenue, a Summary of Cash and Investments, and Investment Portfolio detail as of December 31, 2025.

ATTACHMENTS: 1. December 2025 Investment Report

2. December 2025 Clean Energy CCA Report

3. December 2025 PARS Section 115 Trust

4. December 2025 Fiscal Agent Report
PREPARED BY: Salvatore Parrilla, Treasury Analyst
SUBMITTED BY: Lyndsay Maas, Assistant Finance Director
APPROVED BY: Kelly McAdoo, City Administrator
Agenda Item No. 4
ENDING BALANCE AS OF December 31, 2025
Yield to
Book Maturity
Description Value (365 days)US Bank Checking Account $ 19,578,151 0.700% State of California Local Agency Investment Fund (LAIF) 51,253,973 4.025%Chandler Asset Management - Managed Portfolio 276,228,847 3.640% Total Cash and Investments $ 347,060,971
December 31, 2025
ATTACHMENT 1

CITY OF SANTA BARBARA
Checking Account, LAIF & Managed Portfolio
Summary of Cash and Investments

INVESTMENT REPORT
City of Santa Barbara | As of December 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

PORTFOLIO HOLDINGS

TRANSACTIONS

ECONOMIC UPDATE
-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%

4.0%

8.0%

12.0%

16.0%

20.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The December Nonfarm Payrolls report showed weaker-than-expected job growth, with payrolls rising by 50,000 compared with the consensus estimate of 70,000. This follows a downwardly revised gain of 56,000 in November. Employment declines were most pronounced in retail trade and construction, while leisure and hospitality posted the strongest gains. Notably, the unemployment rate edged down to 4.4% after increasing to 4.6% in November.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT

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
Inflation came in lower than expected in November, with the Consumer Price Index (CPI) rising 2.7% year over year and core CPI easing to

2.6%. Notably, both Owners’ Equivalent Rent and Rent of Primary Residence contributed to the slowdown in services inflation. Shelter costs typically lag broader market trends by 12 to 18 months. Services, meanwhile, have remained the dominant driver of inflation throughout the post-pandemic period. The Personal Consumption Expenditures (PCE) Index for September, released on December 5, showed headline inflation up 0.3% from August and 2.8% year over year. Core PCE rose 0.2% on the month and 2.8% on an annual basis.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
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
The Federal Reserve lowered its benchmark interest rate by a quarter point to a target range of 3.50% to 3.75% at its December meeting, citing concerns about emerging weakness in the labor market. A few policymakers dissented, arguing that tighter monetary policy may still be warranted to ensure progress on price stability. Beginning December 1, the Fed also halted its balance sheet runoff, announcing that principal and interest payments from its holdings will be reinvested in Treasury securities to maintain ample reserves and support market stability.

FEDERAL RESERVE

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
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
Dec-25
Sep-25
Dec-24
Yield (%)
At the end of December, the 2-year yield was 77 basis points lower, and the 10-year yield was 40 basis points lower, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +69 basis points at December month-end versus +52 basis points at November month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was historically long. The average historical spread (since 2005) is about +95 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.

BOND YIELDS

ACCOUNT PROFILE

OBJECTIVES
Investment Objectives
The investment objectives of the City of Santa Barbara are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio;second, to provide sufficient liquidity to meet all disbursement requirements; and third, to earn an acceptable rate of return after first considering safety of principal and liquidity.

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.

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.

STATEMENT OF COMPLIANCE
City of Santa Barbara ConsAgg | Account #11206 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 7.5 Compliant
Max % Issuer (MV) 30.0 7.5 Compliant
Max Maturity (Years) 5.0 4.2 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 3.8 Compliant
Max % Issuer (MV) 5.0 0.7 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 30.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COLLATERALIZED BANK DEPOSITS
Max % (MV) 100.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)
Max % (MV) 100.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (Corporate & Commercial Paper; MV) 10.0 1.1 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant

STATEMENT OF COMPLIANCE
City of Santa Barbara ConsAgg | Account #11206 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 19.0 Compliant
Max % Issuer (Corporate & Commercial Paper; MV) 10.0 1.1 Compliant Max % Issuer (MV) 5.0 1.1 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 100.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 16.3 Compliant
Max % Issuer (MV) 30.0 10.3 Compliant
Max Callables (MV) 20.0 12.0 Compliant
Max Maturity (Years) 5 3 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 51.3 Compliant

LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.3 Compliant
Max % Issuer (MV) 10.0 0.3 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV; Non Agency ABS & MBS) 20.0 3.8 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)

STATEMENT OF COMPLIANCE
City of Santa Barbara ConsAgg | Account #11206 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 0.8 Compliant
Max % Issuer (MV) 5.0 0.8 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant

SRI PROHIBITED INVESTMENTS
Prohibited Investment - Fossil Fuels 0.0 0.0 Compliant
Prohibited Investments - Firearms 0.0 0.0 Compliant
Prohibited Investments - Tobacco 0.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 3.4 Compliant
Max % Issuer (MV) 10.0 2.8 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 33.2 Compliant
Max Maturity (Years) 5 4 Compliant

PORTFOLIO CHARACTERISTICS
City of Santa Barbara Managed | Account #11204 | As of December 31, 2025 Benchmark* 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 2.64 2.88 2.88
Average Modified Duration 2.47 2.54 2.55
Average Purchase Yield 3.64% 3.49%
Average Market Yield 3.55% 3.74% 3.84%
Average Quality** AA+ AA+ AA+
Total Market Value 280,034,140 276,918,604
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

SECTOR DISTRIBUTION
City of Santa Barbara Managed | Account #11204 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 39.33% 39.13%
Corporate 22.50% 20.99%
Agency 19.34% 23.78%
Agency CMBS 8.87% 7.87%
ABS 4.51% 4.03%
Supras 4.08% 2.86%
Muni Bonds 1.00% 1.01%
Money Mkt Fd 0.37% 0.33%

QUALITY DISTRIBUTION
Rating 12/31/2025 09/30/2025
AAA 9.67% 7.98%
AA 75.51% 77.67%
A 14.18% 13.70%
NA 0.65% 0.65%
Rating 12/31/2025 09/30/2025
Aaa 6.99% 6.86%
Aa 78.41% 80.22%
A 11.76% 10.57%
NA 2.84% 2.35%
Rating 12/31/2025 09/30/2025
AAA 11.11% 9.60%
AA 69.93% 72.76%
A 7.53% 7.61%
NA 11.43% 10.03%
City of Santa Barbara Managed | Account #11204 | As of December 31, 2025 S&P Rating Moody’s Rating Fitch Rating
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 3.9% 6.6% 5.6% 15.6% 18.4% 40.7% 9.2% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 35.4% 28.7% 21.2% 12.3% 0.0% 0.0%

DURATION DISTRIBUTION
City of Santa Barbara Managed | Account #11204 | As of December 31, 2025 Portfolio Compared to the Benchmark
TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of Santa Barbara Managed 1.14% 6.15% 5.16%
Benchmark 1.11% 5.73% 4.81%
*Periods over 1 year are annualized.

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 market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index

INVESTMENT PERFORMANCE
City of Santa Barbara Managed | Account #11204 | As of December 31, 2025 Total Rate of Return : Inception | 08/01/2024

PORTFOLIO HOLDINGS

HOLDINGS REPORT
City of Santa Barbara Managed | Account #11204 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 1,240,000.00 05/20/20254.84%
1,239,979.42
1,239,983.52
100.90

3.87%
1,251,127.76
1,735.31

0.45%
11,144.24
NA/AAA
AAA

2.39 1.18
096912AD2 BMWLT 2025-1 A3 4.43
06/26/2028 680,000.00 06/03/20254.82%
679,985.04
679,987.80
100.86

3.79%
685,876.56
502.07

0.25%
5,888.76
NA/AAA
AAA

2.49 1.27
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,420,000.00 10/08/20254.32%
1,419,996.02
1,419,996.31
100.27

3.82%
1,423,798.50
939.57

0.51%
3,802.19
NA/AAA
AAA

2.74 1.47
89240NAD4 TLOT 2025-B A3 3.96 11/20/2028 1,800,000.00 09/09/2025

3.97%
1,799,677.80
1,799,707.24
100.25

3.86%
1,804,435.20
2,178.00

0.65%
4,727.96
Aaa/NA
AAA

2.89 1.84
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 1,355,000.00 05/14/20254.66%
1,354,834.83
1,354,860.89
101.32

3.94%
1,372,867.03
2,776.24

0.49%
18,006.14
NA/AAA
AAA

3.29 1.84
44935XAD7 HART 2025-B A3 4.36 12/17/2029 1,030,000.00 06/03/2025

4.36%
1,029,906.99
1,029,918.49
100.95

3.87%
1,039,833.41
1,995.91

0.37%
9,914.92
NA/AAA
AAA

3.96 1.79
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 650,000.00 05/06/20254.71%
649,904.32
649,916.67
100.76

3.82%
654,926.35
1,159.17

0.24%
5,009.68
Aaa/AAA
NA

4.29 1.52
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 2,135,000.00 06/03/2025

4.33%
2,134,964.56
2,134,968.60
101.33

3.78%
2,163,342.13
4,118.18

0.78%
28,373.53
NA/AAA
AAA

4.37 2.21
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 2,105,000.00 06/18/2025

4.31%
2,104,428.91
2,104,488.18
101.16

3.80%
2,129,443.26
2,514.31

0.77%
24,955.08
Aaa/AAA
NA

4.47 2.32
Total ABS 12,415,000.00 4.41%
12,413,677.89
12,413,827.70
100.89

3.84%
12,525,650.20
17,918.75

4.51%
111,822.50

3.53 1.83
AGENCY
3130AKQA7 FEDERAL HOME LOAN BANKS 0.7
01/28/2026 3,000,000.00 01/28/20210.61%
3,000,000.00
3,000,000.00

99.79 3.60%
2,993,706.00
8,925.00

1.08%
(6,294.00)
Aa1/AA+
AA+

0.08 0.07
3130AKSV9 FEDERAL HOME LOAN BANKS 0.75
01/28/2026 3,000,000.00 01/28/20210.65%
3,000,000.00
3,000,000.00

99.79 3.60%
2,993,814.00
9,562.50

1.08%
(6,186.00)
Aa1/AA+
AA+

0.08 0.07
3130ALGY4 FEDERAL HOME LOAN BANKS 1.0
03/16/2026 2,000,000.00 03/16/20210.80%
2,000,000.00
2,000,000.00

99.46 3.62%
1,989,278.00
5,833.33

0.72%
(10,722.00)
Aa1/AA+
AA+

0.21 0.20
3130ARKG5 FEDERAL HOME LOAN BANKS 3.0
04/21/2026 2,000,000.00 04/21/20223.00%
2,000,000.00
2,000,000.00

99.79 3.69%
1,995,748.00
11,666.67

0.72%
(4,252.00)
Aa1/AA+
AA+

0.30 0.30

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
31422X2U5

FEDERAL AGRICULTURAL
MORTGAGE CORP 3.625
05/15/2026
2,000,000.00
05/15/2023

3.62%
2,000,000.00
2,000,000.00

99.97 3.69%
1,999,396.00
9,263.89

0.72%
(604.00)
Aa1/AA+
AA+

0.37 0.36
3130AMDY5 FEDERAL HOME LOAN BANKS 1.0
05/20/2026 2,000,000.00 05/20/20211.00%
2,000,000.00
2,000,000.00

98.92 3.85%
1,978,414.00
2,277.78

0.71%
(21,586.00)
Aa1/AA+
AA+

0.38 0.38
3130AMMZ2 FEDERAL HOME LOAN BANKS 1.0
06/10/2026 2,000,000.00 06/10/20211.00%
2,000,000.00
2,000,000.00

98.91 3.51%
1,978,260.00
1,166.67

0.71%
(21,740.00)
Aa1/AA+
AA+

0.44 0.43
3133EMH21 FEDERAL FARM CREDIT BANKS
FUNDING CORP 0.9 06/15/2026 2,000,000.00 06/15/20210.90% 2,000,000.00
2,000,000.00

98.79 3.61%
1,975,862.00
800.00

0.71%
(24,138.00)
Aa1/AA+
AA+

0.45 0.45
3133ENHV5 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.39 06/22/2026 3,000,000.00 12/22/20211.39% 3,000,000.00
3,000,000.00

98.93 3.70%
2,967,885.00
1,042.50

1.07%
(32,115.00)
Aa1/AA+
AA+

0.47 0.46
3133EM4S8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 0.87 09/08/2026 2,000,000.00 09/08/20210.87% 2,000,000.00
2,000,000.00

98.15 3.63%
1,963,094.00
5,461.67

0.71%
(36,906.00)
Aa1/AA+
AA+

0.69 0.67
3130ANXS4 FEDERAL HOME LOAN BANKS 0.9
09/28/2026 2,000,000.00 09/28/20210.90%
2,000,000.00
2,000,000.00

98.02 3.63%
1,960,470.00
4,650.00

0.71%
(39,530.00)
Aa1/AA+
AA+

0.74 0.72
3130APHA6 FEDERAL HOME LOAN BANKS 1.25
10/28/2026 2,000,000.00 10/28/20211.12%
2,000,000.00
2,000,000.00

98.10 3.62%
1,961,942.00
4,375.00

0.71%
(38,058.00)
Aa1/AA+
AA+

0.82 0.80
3133ENLZ1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.78 01/26/2027 3,000,000.00 01/27/20221.78% 3,000,000.00
3,000,000.00

98.13 3.58%
2,943,888.00
22,991.67

1.06%
(56,112.00)
Aa1/AA+
AA+

1.07 1.03
3130AQMX8 FEDERAL HOME LOAN BANKS 2.25
01/26/2027 3,000,000.00 01/26/20221.79%
3,000,000.00
3,000,000.00

98.63 3.57%
2,958,939.00
29,062.50

1.06%
(41,061.00)
Aa1/AA+
AA+

1.07 1.03
3133ENPB0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 2.18 02/16/2027 3,000,000.00 02/16/20222.18% 3,000,000.00
3,000,000.00

98.45 3.60%
2,953,362.00
24,525.00

1.06%
(46,638.00)
Aa1/AA+
AA+

1.13 1.09
3130ARCB5 FEDERAL HOME LOAN BANKS

2.375 03/29/2027 3,000,000.00 03/29/20222.37%
3,000,000.00
3,000,000.00

98.52 3.60%
2,955,528.00
18,208.33

1.06%
(44,472.00)
Aa1/AA+
AA+

1.24 1.20
3133EPEE1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 03/29/2027 2,000,000.00 03/29/20234.00% 2,000,000.00
2,000,000.00
100.56

3.53%
2,011,262.00
20,444.44

0.72%
11,262.00
Aa1/AA+
AA+

1.24 1.19
3134GXVN1 FEDERAL HOME LOAN MORTGAGE
CORP 3.5 06/23/2027 3,000,000.00 06/23/20223.50%
3,000,000.00
3,000,000.00

99.81 3.63%
2,994,213.00
2,333.33

1.08%
(5,787.00)
Aa1/AA+
AA+

1.48 1.42
3130AWWN6 FEDERAL HOME LOAN BANKS 4.5
09/10/2027 2,000,000.00 08/24/20234.51%
1,999,120.00
1,999,632.64
101.55

3.54%
2,031,006.00
27,750.00

0.73%
31,373.36
Aa1/AA+
AA+

1.69 1.60
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 2,000,000.00 06/26/20234.07%
1,993,600.00
1,996,853.04
101.12

3.52%
2,022,358.00
4,888.89

0.73%
25,504.96
Aa1/AA+
AA+

2.44 2.30

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130ATHX8 FEDERAL HOME LOAN BANKS

4.125 09/14/2029 3,000,000.00 10/17/20243.93%
3,025,380.00
3,019,148.30
101.68

3.63%
3,050,382.00
36,781.25

1.10%
31,233.70
Aa1/AA+
AA+

3.70 3.37
3130ATUT2 FEDERAL HOME LOAN BANKS 4.5
12/14/2029 3,000,000.00 12/16/20244.29%
3,028,440.00
3,022,511.75
103.12

3.65%
3,093,504.00
6,375.00

1.11%
70,992.25
Aa1/AA+
AA+

3.95 3.60
54,046,540.00 99.60 53,772,311.00 19.34% 1.17
Total Agency 54,000,000.00 2.22% 54,038,145.73 3.62% 258,385.42 (265,834.73) 1.10

AGENCY CMBS
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 1,357,000.00 02/12/2025

4.73%
1,292,065.43
1,306,320.46

98.66 3.83%
1,338,850.13
3,869.71

0.48%
32,529.67
Aa1/AAA
AA+

3.15 2.88
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,570,000.00 09/20/2024

3.80%
2,537,272.66
2,546,637.78

98.88 3.84%
2,541,305.95
7,506.54

0.91%
(5,331.83)
Aa1/AAA
AA+

3.23 2.90
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 2,464,856.95 09/19/2024

3.82%
2,378,009.25
2,401,995.76

97.33 3.84%
2,398,993.51
6,125.17

0.86%
(3,002.25)
Aa1/AA+
AAA

3.40 2.98
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 1,000,000.00 03/13/2025

4.39%
938,828.13
950,337.68

96.49 3.87%
964,945.00
2,320.83

0.35%
14,607.32
Aa1/AA+
AAA

3.48 3.15
3137FMTY8 FHMS K-094 A2 2.903 06/25/2029 3,000,000.00 12/05/2025

3.87%
2,903,554.69
2,905,226.71

96.82 3.87%
2,904,486.00
7,257.50

1.04%
(740.71)
Aa1/AA+
AAA

3.48 3.18
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 2,100,000.00 10/01/2024

3.83%
1,970,718.74
2,004,029.58

95.07 3.90%
1,996,434.30
4,243.75

0.72%
(7,595.28)
Aa1/AA+
AAA

3.65 3.34
3137H9D71 FHMS K-750 A2 3.0 09/25/2029 2,500,000.00 11/15/2024

4.62%
2,336,718.75
2,374,780.30

97.17 3.88%
2,429,142.50
6,250.00

0.87%
54,362.20
Aa1/AA+
AAA

3.73 3.11
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 2,800,000.00 06/06/2025

4.38%
2,609,140.63
2,634,374.14

95.51 3.91%
2,674,266.00
6,055.00

0.96%
39,891.86
Aa1/AA+
AAA

3.73 3.40
3137FQ3Z4 FHMS K-101 A2 2.524 10/25/2029 2,480,000.00 03/17/2025

4.42%
2,287,218.75
2,320,629.51

95.10 3.92%
2,358,427.92
5,216.27

0.85%
37,798.41
Aa1/AA+
AA+

3.82 3.51
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,700,000.00 07/14/2025

4.28%
2,457,843.75
2,482,817.51

92.97 3.95%
2,510,249.40
4,655.25

0.90%
27,431.89
Aa1/AA+
AAA

4.07 3.79
3137HA4B9 FHMS K-751 A2 4.412 03/25/2030 2,500,000.00 03/25/2025

4.41%
2,496,972.66
2,497,442.16
101.42

3.97%
2,535,395.00
9,191.67

0.91%
37,952.84
Aaa/AA+
AA+

4.23 3.50
24,208,343.44 96.84 24,652,495.70 8.87% 3.66
Total Agency CMBS 25,471,856.95 4.20% 24,424,591.58 3.89% 62,691.69 227,904.12 3.27

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 10,147.53 -- 10,147.53
10,147.53

1.00 10,147.53

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 10,147.53
10,147.53
10,147.53

1.00 10,147.53

0.00 0.00%

0.00 0.00

0.00 CORPORATE
74153WCU1 PRICOA GLOBAL FUNDING I 4.4
08/27/2027 3,500,000.00 08/20/20244.41%
3,499,230.00
3,499,575.97
100.89

3.84%
3,530,999.50
53,044.44

1.27%
31,423.53
Aa3/AAAA1.65

1.56 66815L2T5

NORTHWESTERNMUTUAL
GLOBAL FUNDING 4.11
09/12/2027
2,440,000.00
09/05/2024

4.11%
2,439,926.80
2,439,958.62
100.41

3.86%
2,449,913.72
30,363.77

0.88%
9,955.10
Aa1/AA+
AAA

1.70 1.60
64953BBW7 NEW YORK LIFE GLOBAL FUNDING

4.4 04/25/2028 1,880,000.00 04/22/20254.43%
1,878,684.00
1,878,985.38
101.00

3.94%
1,898,854.52
15,165.33

0.68%
19,869.14
Aa1/AA+
AAA

2.32 2.17
69371RU20 PACCAR FINANCIAL CORP 4.0
11/07/2028 1,515,000.00 11/05/20254.02%
1,514,151.60
1,514,194.17
100.47

3.82%
1,522,082.63
9,090.00

0.55%
7,888.45
A1/A+
NA

2.85 2.65
61690DK72 MORGAN STANLEY BANK NA

5.016 01/12/2029 3,250,000.00 02/13/20254.93%
3,257,345.00
3,255,124.90
101.84

4.25%
3,309,748.00
76,528.83

1.19%
54,623.10
Aa3/A+
AA3.031.87
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,750,000.00 12/09/20244.59%
2,787,207.50
2,777,696.73
102.65

4.03%
2,822,817.25
56,718.75

1.02%
45,120.52
A1/A
AA3.092.79
09247XAP6 BLACKROCK FINANCE INC 3.25
04/30/2029 3,400,000.00 07/29/20244.60%
3,205,996.00
3,264,141.29

98.00 3.90%
3,332,006.80
18,723.61

1.20%
67,865.51
Aa3/AANA3.33

3.10 89236TMF9 TOYOTA MOTOR CREDIT CORP

5.05 05/16/2029 3,250,000.00 12/04/20244.55%
3,314,675.00
3,299,054.17
103.15

4.04%
3,352,391.25
20,515.63

1.21%
53,337.08
A1/A+
A+

3.37 3.07
24422EXT1 JOHN DEERE CAPITAL CORP 4.85
06/11/2029 3,250,000.00 07/18/20244.62%
3,281,980.00
3,272,482.58
102.76

3.98%
3,339,596.00
8,756.94

1.20%
67,113.42
A1/A
A+

3.44 3.14
437076DC3 HOME DEPOT INC 4.75
06/25/2029 3,250,000.00 07/18/20244.59%
3,272,652.50
3,265,860.59
102.52

3.97%
3,332,043.00
2,572.92

1.20%
66,182.41
A2/A
A

3.48 3.12
025816EJ4 AMERICAN EXPRESS CO 4.351
07/20/2029 2,245,000.00 07/21/20254.35%
2,245,000.00
2,245,000.00
100.73

4.18%
2,261,379.52
42,327.98

0.81%
16,379.52
A2/AA3.55

2.35 532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 3,275,000.00 08/12/2024

4.24%
3,268,882.55
3,270,574.40
100.97

3.91%
3,306,741.30
52,345.42

1.19%
36,166.90
Aa3/A+
NA

3.62 3.21

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 2,800,000.00 08/15/20244.47%
2,821,364.00
2,815,373.98
102.21

3.99%
2,861,854.80
49,186.67

1.03%
46,480.82
A2/A
A

3.62 3.19
14913UAQ3 CATERPILLAR FINANCIAL SERVICES
CORP 4.375 08/16/2029 3,275,000.00 08/12/20244.40%
3,270,820.05
3,271,971.48
101.37

3.96%
3,319,919.90
53,730.47

1.19%
47,948.42
A2/A
A+

3.62 3.27
69371RT48 PACCAR FINANCIAL CORP 4.0
09/26/2029 1,600,000.00 09/23/20244.05%
1,596,704.00
1,597,537.93
100.13

3.96%
1,602,094.40
16,888.89

0.58%
4,556.47
A1/A+
NA

3.74 3.40
857449AE2 STATE STREET BANK AND TRUST
CO 4.782 11/23/2029 2,750,000.00 12/09/20244.56%
2,776,977.50
2,771,206.19
102.93

3.96%
2,830,555.75
13,881.08

1.02%
59,349.56
Aa2/AAAA3.90

3.52 59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 3,100,000.00 --4.96%
3,092,094.00
3,093,581.77
102.32

4.27%
3,171,858.00
72,574.44

1.14%
78,276.23
Aa3/AAAA4.02

3.54 12572QAL9 CME GROUP INC 4.4 03/15/2030 2,000,000.00 11/13/2025

4.12%
2,021,360.00
2,020,700.23
101.44

4.02%
2,028,768.00
25,911.11

0.73%
8,067.77
Aa3/AAAA4.20

3.69 743315AW3 PROGRESSIVE CORP 3.2
03/26/2030 2,500,000.00 04/25/20254.49%
2,359,625.00
2,379,041.06

96.72 4.05%
2,418,120.00
21,111.11

0.87%
39,078.94
A2/A
A

4.23 3.88
74464AAC5 PUBLIC STORAGE OPERATING CO

4.375 07/01/2030 1,700,000.00 07/17/20254.58%
1,684,598.00
1,686,019.85
100.82

4.17%
1,713,873.70
37,394.10

0.62%
27,853.85
A2/A
NA

4.50 3.98
713448GH5 PEPSICO INC 4.3 07/23/2030 2,000,000.00 09/19/2025

4.08%
2,018,440.00
2,017,366.55
101.03

4.05%
2,020,604.00
37,744.44

0.73%
3,237.45
A1/A+
NA

4.56 3.96
58933YBQ7 MERCK & CO INC 4.15 09/15/2030 2,000,000.00 09/23/2025

4.07%
2,007,100.00
2,006,706.44
100.36

4.06%
2,007,116.00
25,822.22

0.72%
409.56
Aa3/A+
NA

4.71 4.11
02079KAW7 ALPHABET INC 4.1 11/15/2030 2,100,000.00 11/14/2025

4.04%
2,105,565.00
2,105,425.33
100.31

4.03%
2,106,444.90
13,154.17

0.76%
1,019.57
Aa2/AA+
NA

4.87 4.28
023135CT1 AMAZON.COM INC 4.1
11/20/2030 2,000,000.00 12/29/20254.03%
2,006,040.00
2,006,033.12
100.11

4.07%
2,002,180.00
9,338.89

0.72%
(3,853.12)
A1/AA
AA4.894.37
Total Corporate 61,830,000.00 4.43%
61,726,418.50
61,753,612.76
101.17

4.01%
62,541,962.94
762,891.21

22.50%
788,350.17

3.52 3.09

MONEY MARKET
FUND
31846V807 FIRST AMER:TRS OBG Y 1,037,287.83 --

3.36%
1,037,287.83
1,037,287.83

1.00 3.36%
1,037,287.83

0.00 0.37%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 1,037,287.83 3.36%
1,037,287.83
1,037,287.83

1.00 3.36%
1,037,287.83

0.00 0.37%

0.00 0.00

0.00 HOLDINGS REPORT
City of Santa Barbara Managed | Account #11204 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration

MUNICIPAL BONDS
13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 2,715,000.00 10/30/2024

4.38%
2,729,308.05
2,725,817.88
102.47

3.76%
2,782,060.50
50,906.25

1.00%
56,242.62
Aa2/AAAA3.58

3.23 Total Municipal
Bonds 2,715,000.00 4.38%
2,729,308.05
2,725,817.88
102.47

3.76%
2,782,060.50
50,906.25

1.00%
56,242.62

3.58 3.23

SUPRANATIONAL
45950VPU4 INTERNATIONAL FINANCE CORP

0.75 03/23/2026 2,000,000.00 03/23/20210.81%
1,994,600.00
1,999,760.46

99.29 3.95%
1,985,712.00
4,083.33

0.71%
(14,048.46)
Aaa/AAA
NA

0.22 0.22
45906M4E8

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.5 06/26/2028
2,000,000.00
06/26/2023

4.53%
1,997,500.00
1,998,758.89
100.27

4.38%
2,005,466.00
1,250.00

0.72%
6,707.11
Aaa/AAA
NA

2.49 0.47
459058LN1

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
3,865,000.00
--

3.98%
3,846,482.35
3,850,928.71
100.70

3.68%
3,892,047.27
31,190.55

1.40%
41,118.56
Aaa/AAA
NA

3.79 3.47
459058LY7

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.5 10/28/2030
3,500,000.00
10/27/2025

3.69%
3,469,900.00
3,470,971.47

98.81 3.77%
3,458,339.50
21,437.50

1.24%
(12,631.97)
Aaa/AAA
NA

4.82 4.37
Total Supranational 11,365,000.00 3.43%
11,308,482.35
11,320,419.53

99.80 3.88%
11,341,564.77
57,961.38

4.08%
21,145.24

3.25 2.65

US TREASURY
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 1,500,000.00 01/12/20221.45%
1,456,406.25
1,496,693.65

99.08 3.59%
1,486,249.50
1,926.80

0.53%
(10,444.15)
Aa1/AA+
AA+

0.33 0.32
91282CCF6 UNITED STATES TREASURY 0.75
05/31/2026 2,000,000.00 09/24/20210.88%
1,988,281.25
1,998,972.04

98.85 3.60%
1,976,982.00
1,318.68

0.71%
(21,990.04)
Aa1/AA+
AA+

0.41 0.40
91282CCP4 UNITED STATES TREASURY 0.625
07/31/2026 2,000,000.00 09/24/20210.90%
1,973,950.30
1,996,896.39

98.32 3.58%
1,966,450.00
5,230.98

0.71%
(30,446.39)
Aa1/AA+
AA+

0.58 0.57
91282CCW9 UNITED STATES TREASURY 0.75
08/31/2026 2,000,000.00 10/08/20211.00%
1,975,781.25
1,996,722.07

98.17 3.59%
1,963,410.00
5,096.69

0.71%
(33,312.07)
Aa1/AA+
AA+

0.67 0.64
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 2,000,000.00 10/08/20211.02%
1,986,406.25
1,997,966.17

98.03 3.59%
1,960,536.00
4,471.15

0.71%
(37,430.17)
Aa1/AA+
AA+

0.75 0.73

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
912828YU8 UNITED STATES TREASURY 1.625
11/30/2026 2,000,000.00 02/28/20221.86%
1,978,437.50
1,995,863.88

98.29 3.55%
1,965,768.00
2,857.14

0.71%
(30,095.88)
Aa1/AA+
AA+

0.91 0.89
912828YX2 UNITED STATES TREASURY 1.75
12/31/2026 2,000,000.00 03/17/20222.17%
1,961,956.00
1,992,086.85

98.28 3.52%
1,965,672.00

96.69 0.71%
(26,414.85)
Aa1/AA+
AA+

1.00 0.97
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 2,000,000.00 01/25/20244.10%
1,984,380.00
1,992,240.03
100.71

3.49%
2,014,218.00
6,813.19

0.72%
21,977.97
Aa1/AA+
AA+

1.91 1.82
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 3,000,000.00 01/25/20244.08%
2,977,500.00
2,988,577.65
100.75

3.48%
3,022,383.00
321.13

1.09%
33,805.35
Aa1/AA+
AA+

2.00 1.91
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 2,000,000.00 01/25/20244.08%
1,957,414.00
1,977,937.72
100.02

3.49%
2,000,390.00
29,293.48

0.72%
22,452.28
Aa1/AA+
AA+

2.08 1.96
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 5,000,000.00 12/09/20244.10%
4,800,781.25
4,867,130.35

98.49 3.49%
4,924,610.00
51,936.14

1.77%
57,479.65
Aa1/AA+
AA+

2.13 2.02
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 2,000,000.00 06/28/20234.06%
1,995,000.00
1,997,688.93
101.04

3.49%
2,020,860.00
27,182.32

0.73%
23,171.07
Aa1/AA+
AA+

2.16 2.03
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 2,000,000.00 01/25/20244.07%
1,966,020.00
1,981,752.72
100.27

3.50%
2,005,312.00
18,523.35

0.72%
23,559.28
Aa1/AA+
AA+

2.25 2.12
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 2,000,000.00 01/25/20244.06%
1,956,484.36
1,976,243.87

99.98 3.51%
1,999,688.00
11,988.95

0.72%
23,444.13
Aa1/AA+
AA+

2.33 2.20
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 2,000,000.00 01/25/20244.07%
1,965,180.00
1,980,682.36
100.26

3.51%
2,005,234.00
6,373.63

0.72%
24,551.64
Aa1/AA+
AA+

2.42 2.28
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 3,000,000.00 01/25/20244.06%
3,007,950.00
3,004,541.48
101.49

3.51%
3,044,766.00
51,786.68

1.10%
40,224.52
Aa1/AA+
AA+

2.58 2.39
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 2,000,000.00 02/23/20244.35%
2,002,000.00
2,001,178.68
102.11

3.53%
2,042,266.00
29,730.66

0.73%
41,087.32
Aa1/AA+
AA+

2.67 2.46
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 2,000,000.00 02/23/20244.33%
2,003,722.00
2,002,273.37
102.27

3.55%
2,045,390.00
7,692.31

0.74%
43,116.63
Aa1/AA+
AA+

2.92 2.71
91282CDW8 UNITED STATES TREASURY 1.75
01/31/2029 5,000,000.00 10/29/20244.16%
4,535,156.25
4,663,182.71

94.75 3.57%
4,737,500.00
36,616.85

1.70%
74,317.29
Aa1/AA+
AA+

3.08 2.93
91282CEB3 UNITED STATES TREASURY 1.875
02/28/2029 3,000,000.00 11/12/20244.30%
2,717,226.56
2,791,887.40

94.98 3.57%
2,849,298.00
19,112.57

1.02%
57,410.60
Aa1/AA+
AA+

3.16 3.00
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 5,000,000.00 12/09/20244.09%
5,005,664.06
5,004,269.66
101.66

3.58%
5,082,815.00
52,695.74

1.83%
78,545.34
Aa1/AA+
AA+

3.25 2.99
9128286T2 UNITED STATES TREASURY 2.375
05/15/2029 5,000,000.00 10/29/20244.14%
4,637,304.69
4,730,931.71

96.15 3.60%
4,807,420.00
15,417.82

1.73%
76,488.29
Aa1/AA+
AA+

3.37 3.19

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 2,000,000.00 01/13/20254.59%
1,992,812.50
1,994,395.73
102.88

3.60%
2,057,500.00
7,912.09

0.74%
63,104.27
Aa1/AA+
AA+

3.41 3.13
91282CEV9 UNITED STATES TREASURY 3.25
06/30/2029 5,000,000.00 10/23/20244.07%
4,825,585.94
4,869,852.43

98.86 3.60%
4,942,970.00
448.90

1.78%
73,117.57
Aa1/AA+
AA+

3.50 3.27
91282CFC0 UNITED STATES TREASURY 2.625
07/31/2029 5,500,000.00 10/04/20243.79%
5,221,347.66
5,292,833.56

96.71 3.61%
5,319,099.50
60,417.80

1.91%
26,265.94
Aa1/AA+
AA+

3.58 3.34
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 5,400,000.00 09/20/20243.53%
5,422,781.25
5,416,905.89

99.98 3.63%
5,399,157.60
66,511.74

1.94%
(17,748.29)
Aa1/AA+
AA+

3.67 3.36
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 4,000,000.00 10/03/20243.61%
3,979,218.75
3,984,396.95

99.54 3.63%
3,981,408.00
35,769.23

1.43%
(2,988.95)
Aa1/AA+
AA+

3.75 3.45
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 5,000,000.00 12/09/20244.08%
4,981,250.00
4,985,312.85
101.31

3.63%
5,065,430.00
34,254.14

1.82%
80,117.15
Aa1/AA+
AA+

3.83 3.50
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 3,000,000.00 12/04/20244.08%
3,006,210.94
3,004,873.93
101.73

3.65%
3,051,798.00
10,879.12

1.10%
46,924.07
Aa1/AA+
AA+

3.91 3.58
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 2,500,000.00 05/22/20254.11%
2,488,378.91
2,489,840.56
101.27

3.67%
2,531,835.00
25,549.45

0.91%
41,994.44
Aa1/AA+
AA+

4.25 3.84
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 3,250,000.00 04/29/20253.78%
3,263,837.89
3,261,973.64
100.78

3.68%
3,275,392.25
21,569.41

1.18%
13,418.61
Aa1/AA+
AA+

4.33 3.93
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 2,000,000.00 06/06/20254.11%
1,990,078.13
1,991,203.01
101.27

3.68%
2,025,468.00
7,032.97

0.73%
34,264.99
Aa1/AA+
AA+

4.41 4.00
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 6,000,000.00 08/15/20253.85%
6,007,500.00
6,006,935.84
100.74

3.70%
6,044,298.00
97,296.20

2.17%
37,362.16
Aa1/AA+
AA+

4.58 4.10
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 09/18/20253.66%
4,992,382.81
4,992,821.21

99.64 3.71%
4,982,225.00
61,584.94

1.79%
(10,596.21)
Aa1/AA+
AA+

4.67 4.20
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 2,800,000.00 12/29/20253.68%
2,777,906.25
2,777,930.85

98.99 3.73%
2,771,781.60
8,615.38

1.00%
(6,149.25)
Aa1/AA+
AA+

4.91 4.45
Total US Treasury 109,950,000.00 3.67%
107,782,293.00
108,504,996.14

99.48 3.59%
109,335,580.45
824,324.31

39.33%
830,584.31

3.07 2.83
Total Portfolio 278,794,292.31 3.64%
275,262,498.59
276,228,846.68

99.39 3.74%
277,999,060.91
2,035,079.01
100.00%
1,770,214.23

2.88 2.54
Total Market Value +
Accrued 280,034,139.92

TRANSACTIONS

TRANSACTION LEDGER
City of Santa Barbara Managed | Account #11204|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 10/15/2025 05594HAD5 1,420,000.00 BMWLT 2025-2 A3

3.97 09/25/2028 100.000 4.32% (1,419,996.02) 0.00 (1,419,996.02) 0.00 Purchase 10/28/2025 459058LY7 3,500,000.00

INTERNATIONAL BANK

FOR RECONSTRUCTION
AND DEVELOPM 3.5
10/28/2030

99.140 3.69% (3,469,900.00) 0.00 (3,469,900.00) 0.00
Purchase 11/07/2025 69371RU20 1,515,000.00 PACCAR FINANCIAL CORP 4.0 11/07/2028 99.944 4.02% (1,514,151.60) 0.00 (1,514,151.60) 0.00 Purchase 11/14/2025 12572QAL9 2,000,000.00 CME GROUP INC 4.4 03/15/2030 101.068 4.12% (2,021,360.00) (14,422.22) (2,035,782.22) 0.00 Purchase 11/17/2025 02079KAW7 2,100,000.00 ALPHABET INC 4.1 11/15/2030 100.265 4.04% (2,105,565.00) (2,630.83) (2,108,195.83) 0.00 Purchase 12/10/2025 3137FMTY8 3,000,000.00 FHMS K-094 A2 2.903 06/25/2029 96.785 3.87% (2,903,554.69) (2,177.25) (2,905,731.94) 0.00 Purchase 12/30/2025 023135CT1 2,000,000.00 AMAZON.COM INC 4.1 11/20/2030 100.302 4.03% (2,006,040.00) (9,111.11) (2,015,151.11) 0.00 Purchase 12/30/2025 91282CPN5 2,800,000.00

UNITED STATES
TREASURY 3.5
11/30/2030

99.211 3.68% (2,777,906.25) (8,076.92) (2,785,983.17) 0.00 Total Purchase 18,335,000.00 (18,218,473.56) (36,418.33) (18,254,891.89) 0.00 TOTAL
ACQUISITIONS 18,335,000.00 (18,218,473.56) (36,418.33) (18,254,891.89) 0.00

DISPOSITIONS
Maturity 11/25/2025 3130ALAR5 (3,000,000.00) FEDERAL HOME LOAN BANKS 0.5 11/25/2025 100.000 0.50% 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 12/26/2025 3130AMFM9 (3,000,000.00) FEDERAL HOME LOAN BANKS 0.9 12/26/2025 100.000 0.90% 3,000,000.00 0.00 3,000,000.00 0.00 Total Maturity (6,000,000.00) 6,000,000.00 0.00 6,000,000.00 0.00 Sale 10/09/2025 037833EB2 (3,000,000.00) APPLE INC 0.7
02/08/2026 98.897 0.71% 2,966,910.00 3,558.33 2,970,468.33 (33,039.64) Sale 10/28/2025 91282CBW0 (1,500,000.00)

UNITED STATES
TREASURY 0.75
04/30/2026

98.500 1.45% 1,477,500.00 5,533.29 1,483,033.29 (17,387.67)

FEDERAL HOME
LOAN BANKS 0.58
01/28/2026

99.235 0.58% 2,977,050.00 4,785.00 2,981,835.00 (22,950.00) Sale 11/07/2025 3133ENT67 (3,000,000.00)

FEDERAL FARM CREDIT

BANKS FUNDING CORP

4.25 10/19/2026
100.494 4.26% 3,014,820.00 6,375.00 3,021,195.00 15,175.24 Total Sale (10,500,000.00) 10,436,280.00 20,251.62 10,456,531.62 (58,202.07) TOTAL
DISPOSITIONS (16,500,000.00) 16,436,280.00 20,251.62 16,456,531.62 (58,202.07)

IMPORTANT DISCLOSURES
2025 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 “asis” 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.

BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 3-Month US Treasury Bill Index
The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month- end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 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 five 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.

ENDING BALANCE AS OF December 31, 2025
Book
Description ValueRiver City Bank Lockbox Account 1,684,160 $ River City Bank ICS (Investment Account) 15,355,661Total Cash and Investments 17,039,821 $ December 31, 2025
ATTACHMENT 2

COMMUNITY CHOICE AGGREGATION (CCA)

CITY OF SANTA BARBARA
Summary of Cash and Investments
12/1/2025 to 12/31/2025

CITY OF SANTA BARBARA
PARS Post-Employment Benefits Trust
Account Summary
Source 12/1/2025 Contributions Earnings Expenses Distributions Transfers 12/31/2025 PENSION 1002 $2,724,204.36 $0.00 $5,780.46 $1,340.53 $0.00 $0.00 $2,728,644.29 Totals $2,724,204.36 $0.00 $5,780.46 $1,340.53 $0.00 $0.00 $2,728,644.29 Investment Selection
Source

PENSION
Investment Objective
Source

PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years PENSION 0.21% 1.99% 12.73% - - - 1/26/2024
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Balance as of
The dual goals of the Moderate Strategy are growth of principal and income. It is expected that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. The portfolio will be allocated between equity and fixed income investments.

Plan's Inception Date
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.

Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.

Account Report for the Period
Balance as of
Moderate - Strategic Blend

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 - 1,699,905.16 - - - 1,699,905.16 1,699,905.16 Safe Drinking Water State Loan
2013 Water - 675,058.51 428,069.44 - - 1,103,127.95 1,103,127.95 Refunding COPS
2016 Sewer - 0.49 - - - 0.49 0.49
Refunding Bonds
2014 Waterfront - 10,098.61 581,455.74 - - 591,554.35 591,554.35 Refunding Bonds
2019 Airport - 2.26 - - - 2.26 2.26
Refunding Bonds
2024 Public Safety and Park 39,899,218.25 - 94,703,687.72 94,805,294.94 134,602,905.97 134,704,513.19 Revenue BondsSubtotal, Reserve Funds 42,284,283.28 1,009,525.18 94,703,687.72 94,805,294.94 137,997,496.18 138,099,103.40 TOTAL FISCAL AGENTINVESTMENTS 42,284,283.28 1,009,525.18 94,703,687.72 94,805,294.94 137,997,496.18 138,099,103.40 Notes:
(1) Cash & cash equivalents include money market funds.(2) Market values have been obtained from the following trustees: US Bank ATTACHMENT 4

CITY OF SANTA BARBARA
Fiscal Agent Investments
December 31, 2025

CITY OF SANTA BARBARA

COUNCIL AGENDA REPORT
AGENDA DATE: January 27, 2026
TO: Mayor and Councilmembers
FROM: Parks and Recreation Department
SUBJECT: Personal Services Agreement for Classes, Clinics, Camps and Tournaments for Youth Ice Skating Camps [Agreement]
RECOMMENDATION:

That Council authorize the Parks and Recreation Director to execute a personal services agreement with IIP SFM, a Limited Liability Company, for the provision of Fiscal Year 2027 Ice Skating Youth Camps at Ice in Paradise in Goleta, with compensation equal to 90% of the total basic fees collected and the total compensation estimated at $103,500 based on the projected number of participants.

DISCUSSION:

The Recreation Division of the Parks and Recreation Department (Department) offers various classes, clinics, camps, leagues, and tournaments for youth and adults that are organized and delivered by a third-party contractor. Parents and participants continue to overwhelmingly support the programs provided by this contractor.

IIP SFM, LLC will provide thirteen (13) one-week ice skating camps in winter, spring, and summer and twelve (12) four-week clinics on Saturdays serving approximately 300 youth at Ice in Paradise in Goleta.

BUDGET/FINANCIAL INFORMATION:

Per the agreement, the contractor is paid a percentage of each registration fee collected, calculated using the basic resident rate. Contract amount is based on the projected number of participants.

The Parks and Recreation Department proposed Fiscal Year 2027 General Fund operating budget includes sufficient expenditure appropriations to cover the costs of these services.

Agenda Item No. 5
Council Agenda Report
Personal Services Agreement for Classes, Clinics, Camps and Tournaments for Youth Ice Skating Camps [Agreement]
January 27, 2026

Page 2 ends

A copy of the contracts/agreements may be requested from the Parks and Recreation Department for public review by emailing [email protected].

PREPARED BY: Adam Porte, Recreation Programs Manager
SUBMITTED BY: Jill E. Zachary, Parks and Recreation Director APPROVED BY: Kelly McAdoo, City Administrator

CITY OF SANTA BARBARA

COUNCIL AGENDA REPORT
AGENDA DATE: January 27, 2026
TO: Mayor and Councilmembers
FROM: City Attorney’s Office
SUBJECT: Authorization to Amend the Legal Services Agreement with Civica Law Group, APC [Agreement]
RECOMMENDATION:

That Council authorize the City Attorney to execute an amended legal services agreement with Civica Law Group, APC to increase the not-to-exceed amount from $35,000 to $232,000 for special counsel services related to the defense of a civil lawsuit related to a vexatious litigant that has sued the City and 12 employees, six times over the course of four years.

DISCUSSION:

In March 2025, the City entered into an agreement with Civica Law Group to assist the City in working with the Civica Law Group to defend the City and numerous City employees in a vexatious litigant lawsuit. Expenditures exceeded the current contract amount by $35,000. Increasing the contract not to exceed amount by an additional $232,000 is necessary to avoid an interruption of service.

Through November, invoices for fees and costs total $111,410.42. An increase to $232,000 is needed to defend both lawsuits as staff anticipates December billing (including the renewed vexatious litigant motion and two oppositions to other motions and subpoenas), possible trial prep, and a 10-day trial.

BUDGET/FINANCIAL INFORMATION:

The cost for legal support for this case will be paid from SIF reserves.

PREPARED BY: Tom Shapiro, Assistant City Attorney
SUBMITTED BY: John S. Doimas, City Attorney
APPROVED BY: Kelly McAdoo, City Administrator
Agenda Item No. 6

Santa Barbara City CouncilJanuary 27, 2026

Santa Barbara City Council
January 27, 2026