FISCAL IMPACT:
N/A
WORK PLAN:
N/A
OPTIONS:
• Receive reports
• Provide direction
DEPARTMENT RECOMMENDATION:
Staff recommends that the City Council accepts and files the attached Cash and Investment Report for the quarter ended December 31, 2022.
CITY MANAGER’S RECOMMENDATION:
Approve Department Recommendation
_________________________
Gregory Wade, City Manager
Attachments:
1. Cash and Investment Report – December 31, 2022
2. Chandler Asset Quarterly Investment Report- December 31, 2022
3. PARS Trust Monthly Statement – December 31, 2022
Type of
Investment
General Checking Account
Payroll Account
Worker's Comp - Checking
Successor Agency - Checking
SEA Lockbox
SEA Reserve
Local Agency Investment Fund
Chandler Asset Management (CMA)
Investment Portfolio
Public Agency Retirement Services (PARS)
Wells Fargo Advantage Money Market
RDA Refunding Bond Series 2017
<11 Funds may be withdrawn with
24 hours notice
City of Solana Beach
Cash and Investment Report
December 31, 2022
Current
Stated
Custodian Maturity Yield
Union Bank of California On Demand (1) N/A
Union Bank of California On Demand (1) N/A
Union Bank of California On Demand (1) N/A
Union Bank of California On Demand (1) N/A
River City Bank On Demand (1) N/A
River City Bank On Demand (1) N/A
State of CA On Demand (1) N/A
US Bank 1 to 3 years N/A
US Bank Varied N/A
Wells Fargo Bank Varied N/A
(Cash with Fiscal Agent)
Total Cash and Investments
(
21 Source: Monthly Pooled Money Investment Account
Cost
Percent of Value
Portfolio (Rounded}
16.88% $ 9,414,642
1.49% 833,496
0.06% 35,403
0.92% 510,971
0.19% 107,905
1.01% 562,599
12.78% 7,130,866
56.51% 31,523,965
10.16% 5,669,669
0.00% 13
100.00% $ 55,789,530
(
JJ Source: US Bank Asset Summary
Market
Value
(Rounded)
$ 9,414,642
833,496
35,403
510,971
107,905
562,599
7,130,866
30,317,569
5,365,162
13 $ 54,278,627
Market Valuation as reported by LAIF <
4 l Source: fiscal agent month-end statements.
(if available)
Quarter
Current Interest
Quarter Earned
Yield (Rounded)
N/A N/A
N/A N/A
N/A N/A
N/A N/A
N/A N/A
0.86% 1,224
(2) 1.98% 37,251
(5) 0.82% 62,151
(
J
)
3.04% 50,896
(41 N/A
$ 151,522
l
5 l Source: CMA US Bank statements
<
61 Includes accrued interest
I certify that this report accurately reflects all pooled investments and is in compliance with Government Code Section 53640-53646 as amended January 1, 1996, as well as the investment policy of the City of Solana Beach as approved annually by the City Council.
Furthermore, I certify that sufficient investment liquidity and anticipated revenues are available to meet the City's budgeted expenditure requirements for the nex1 six months.
Date
Rodney Greek
Interim Finance Director/Treasurer
Fiscal Year
to Date
Interest Earned
(Rounded)
N/A
N/A
N/A
N/A
NIA
2,442
61,436
(6)(7) (153,938) (6)(7)
(71 5,732 (71
$ (84,328)
(7) Includes realized
investment gains/losses
of current quarter
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending December 31, 2022
City of Solana Beach
I ,,;.,.& CHANDLER
'-'-- ASSET MANAGEMENT
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of December 31, 2022 I
SECTION | Section 1 | Economic Update
Economic Update
▪
▪
▪
Market volatility has intensified as investors weigh the probabilities of a hard or soft economic landing. The strong labor market has helped sustain economic growth, and inflation remains significantly higher than the Federal Reserve’s target.
Financial conditions have eased, and credit spreads have narrowed. Geopolitical risks remain as the Russia/Ukraine war persists and China reopens, while domestically the debt ceiling risk has emerged. Market sentiment has shifted with the resilient economic data thus far in 2023 and has converged with the Fed’s outlook for higher rates for a longer period. We believe the Fed will continue to raise rates and maintain a higher terminal rate for an extended period until inflation reaches the Fed’s target range.
As expected at the February 1st meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 25 basis points to a range of 4.50 - 4.75%, in a continuing downshift from previous hikes. The decision was unanimous and the statement reflects inflation is easing “somewhat.” The sentiment was hawkish, indicating that the extent of “ongoing increases” in the fed funds rate will be data dependent. We believe the FOMC will continue to implement tighter monetary policy at a slower pace and hold rates at restrictive levels for some time until inflationary pressures subside and remain in the Fed’s target range.
In February, the yield curve inversion widened. The 2-year Treasury yield surged 62 basis points to 4.82%, the 5-year Treasury yield increased 57 basis points to 4.18%, and the 10-year Treasury yield rose 41 basis points to 3.92%. The inversion between the 2-year Treasury yield and 10-year Treasury yield increased to -90 basis points at February month-end versus - 69 basis points at January month-end. The spread was a positive 39 basis points one year ago. The inversion between 3- month and 10-year treasuries narrowed to -89 basis points in February from -115 basis points in January. The shape of the yield curve indicates that the probability of recession is increasing.
I
Source: US Department of Labor Source: US Department of Labor Employment
The U.S. economy added 311,000 jobs in February, continuing to surpass market expectations of 225,000, on the heels of a very strong January jobs report of 504,000 jobs. Trends in employment remain strong, with the three-month moving average payrolls at 351,000 and the six-month moving average at 336,000. There were broad gains in employment, led by roles in the private sector with leisure and hospitality employment growth remaining solid. The unemployment rate rose to 3.6% due to more workers entering the labor force as the participation rate increased to 62.5% from 62.4% in January, the highest level since March 2020. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons, increased to 6.8% from the prior month at 6.6%. Average hourly earnings rose 4.6% year-over-year in February from a 4.4% increase in January. Job Openings decreased to 10.8 million. Overall, the February employment report demonstrates a strong demand for labor and supports the case for the Fed to continue raising the federal funds rate at a slower pace. 0
100
200
300
400
500
600
700
800
900
1,000
MOM Change In (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
I
........ ....... _
........
---------- - , ___ ... ______ _
- .........., aus ,., 242 --= .,.,.
--1= F
Source: US Department of Labor Source: US Department of Commerce Inflation
The Consumer Price Index (CPI) increased in January by 0.5% month-over-month and 6.4% year-over-year. The Core CPI, which excludes volatile food and energy components, rose 0.4% month-over-month and 5.6% year-over-year. Both measures increased more than expected and showed a slower deceleration than in recent months. Energy, shelter, and food costs were key contributors to the January increase. The Personal Consumption Expenditures (PCE) index accelerated more than expected in January, increasing 5.4% year-over-year versus an upwardly revised 5.3% year-over-year gain in December. Core PCE increased 4.7% in January versus an upwardly revised 4.6% year-over-year gain in December. Inflationary trends remain well above the Fed's 2% target and support further rate hikes and tighter conditions for an extended period.
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
YOY( %) Change
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
I
-
--- I= f
~ ~ ✓, Q ✓~ ~ vi. Q ~ ~ ~ ./, q~ ✓~ ~ ./, Q ~ ,,<,1 ;,,,<-1 v/~ C't~ ,,<< ;,,,<< ~ C't~< ,,<,y "'<-1 ,...'<-1 v/< ('< "'<< ,...'<< v/<< ct< -1 "'<-9 -1 -..;, -l -l -..;, Advance Retail Sales rose 3.0% in January after dropping 1.1% in December. Retail sales rose 6.4% year-over-year in January, up from December’s downwardly revised 5.9% year-over-year gain. Growth was broad based, with strong gains in autos, restaurants, and a surprising surge in department store sales. The Conference Board’s Consumer Confidence Index decreased more than expected to 102.9 in February from a downwardly revised 106.0 in January. While the index for current conditions rose slightly, future expectations declined materially as inflation continues to weigh on household budgets.
Source: US Department of Commerce Source: The Conference Board
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
80 90
100
110
120
130
140
Index Level
Consumer Confidence
Consumer I
Source: US Department of Commerce Source: S&P
Housing
0 200
400
600
800
1000
1200
1400
1600
1800
2000
MOM Change (In Thousands of Units)
Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
0.0%
3.0%
6.0%
9.0%
12.0%
15.0%
18.0%
21.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
YOY( %) Change
Total housing starts fell 4.5% month-over-month in January to 1,309,000 units and were down 21.4% compared to January 2022. Starts for both single-family and multi-family homes declined as mortgage rates rose. The 30-year fixed rate mortgage increased to an average of 6.34% according to Freddie Mac, down from a peak of over 7% in October, but up from the 5.95% low in January. According to the Case-Shiller 20-City Home Price Index, the year-over-year increase continued its declining rate of gain to +4.65% in December from +6.8% in November, clearly displaying the impact of higher mortgage rates year-over-year, which have reduced demand for homebuying as affordability has declined. This is the lowest rate of annual appreciation since July 2020, just prior to the pandemic housing boom.
I
Source: US Department of Commerce Source: US Department of Commerce 3/22 6/22 9/22 12/22
0.9% 1.4% 1.5% 0.9%
1.0% -2.8% -1.8% 0.7%
-3.1% 1.2% 2.9% 0.5%
-0.4% -0.2% 0.2% 0.4%
0.0% -0.1% 0.4% 0.3%
-1.6% -0.6% 3.3% 2.7%
Federal Government Expenditures
State and Local (Consumption and Gross
Investment)
Gross Private Domestic Investment
Personal Consumption Expenditures
Components of GDP
Net Exports and Imports
Total
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
According to the second estimate, fourth quarter 2022 GDP growth was revised downward to 2.7% from 2.9%. The revision lower was primarily due to weaker growth in personal consumption expenditures, driven largely by a decline in durable goods, and a wider trade gap in net exports. The consensus estimate calls for 0.6% growth in the first quarter and 0.8% growth for the full year 2023.
I
_.,_ '- - - -- I r I .~ - - - • - - ■ - ll\ ~ --
, 'f"
-
-
-
-
-
Federal Reserve
Source: Federal Reserve Source: Bloomberg
As expected at the February 1st meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 25 basis points to a range of 4.50 – 4.75%, in a continuing downshift from previous hikes. The decision was unanimous, and the statement reflects inflation easing “somewhat”. The sentiment was hawkish, indicating that the extent of “ongoing increases” in the fed funds rate will be data dependent on labor market conditions, inflation expectations, and financial and international developments. The December Summary of Economic Projections indicated a peak median forecast of 5.1% in 2023 and no rate cuts until 2024; however, the market consensus diverged, implying rate cuts in the second half of 2023. FOMC members forecasted a higher fed funds rate, slower GDP growth, higher inflation, and higher unemployment in 2023 than in the September projections. We believe the FOMC will implement tighter monetary policy at a slower pace and hold rates at restrictive levels until inflationary pressures subside and remain in the Fed’s target range for some time. 0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
Effective Federal Funds Rate
Yield (%)
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
In $ millions
I
Source: Bloomberg Source: Bloomberg
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
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
Feb-23
Nov-22
Feb-22
Yield (%)
Bond Yields
At the end of February, the 2-year Treasury yield was 339 basis points higher, and the 10-Year Treasury yield was about 210 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield increased to -90 basis points at February monthend versus -69 basis points at January month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year treasuries narrowed to -89 basis points in February from -115 basis points in January. The shape of the yield curve indicates that the probability of recession is increasing.
I
,, ... __ ,,,_, . . .. ... . . . .. •·
··········· ····· ~ ¾ -1~ 16 ~~ ~<,1 ~<,1 '/,,~ ./ ./
... ... . . ·· .. : . .,
~ ~~ -1~ 16 ~~< ~<< ~<< '/,,~
<
. . .
~ ~~.y
, ______________________ _
----------------------~= ~ • .--.-.~ :~L!...,.._,, •..,c..,•c.•'-·-·-·-·-·-·-·-- · · · · · · · · · · · · · · · · · · · · · · · · .
.
.
... ·····
Section 2| SECTION | Section 2 | Account Profile
Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.
Investment Objectives
The investment objectives for the City of Solana Beach, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs, and a market rate of return consistent with the investment program.
Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds.
As of December 31, 2022 I
Compliance As of December 31, 2022
Category Standard Comment
U.S. Treasuries No limitations; Full faith and credit of the U.S. are pledged for the payment of principal and interest Complies Federal Agencies
30% max per Agency/GSE issuer; 20% max callable agency securities; Federal agencies or U.S. government-sponsored enterprise obligations, participations, or other instruments, including those issued or fully guaranteed as to principal and interest by federal agencies or U.S. government sponsored enterprises.
Complies
Supranational Obligations
"AA" rating category or higher by a Nationally Recognized Statistical Rating Organization ("NRSRO"); 30% max; 10% max per issuer; USD denominated senior unsecured unsubordinated obligations; Issued or unconditionally guaranteed by International Bank for Reconstruction & Development (IBRD), International Finance Corporation (IFC), or Inter-American Development Bank (IADB) Complies
Municipal Securities (CA, Local Agency) "A" rating category or higher by a NRSRO; 30% max; 5% max per issuer; Include obligations of the City, State of California, and any local agency within the State of California
Complies
Municipal Securities (CA, Other States)
"A" rating category or higher by a NRSRO; 30% max; 5% max per issuer; Bonds of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state, or by a department, board, agency, or authority of any of the other 49 states, in addition to California.
Complies
Corporate Medium Term Notes
"A" rating category or higher by a NRSRO; 30% max; 5% max per issuer; Issuer is a corporation organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S. Complies Asset-Backed, Mortgage-Backed,
Mortgage Pass-Through Securities, and
Collateralized Mortgage Obligations
"AA" rating category or higher by a NRSRO; 20% max (combined ABS/MBS/CMO); 5% max per Asset-Backed or Commercial Mortgage security issuer; There is no issuer limitation on any Mortgage security where the issuer is the U.S. Treasury or a Federal City/GSE; Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and Collateralized Mortgage Obligations from issuers not defined in section 3 (US Treasuries) and 4 (Federal Agencies) of the Authorized Investments section of the policy Complies
Negotiable Certificates of Deposit
(NCD)
The amount of NCD insured up to the FDIC limit does not require any credit ratings; Any amount above FDIC insured limit must be issued by institutions with "A-1" short-term debt rating or higher by a NRSRO; or "A" long-term rating category or higher by a NRSRO; 30% max (combined with CDARS); 5% max per issuer; Issued by a nationally or state-chartered bank, or a federal or state association, a state or federal credit union, or by a federally-licensed or state-licensed branch of a foreign bank.
Complies
Certificate of Deposit Placement
Service (CDARS) 30% max (combination of Certificates of Deposit, including CDARS) Complies FDIC Insured Time Deposits (Nonnegotiable CD/TD)Non-Negotiable Certificates of Deposit in state or federally chartered banks, savings and loans, or credit unions; The amount per institution is limited to maximum covered under FDIC; 20% max combined FDIC & Collateralized CD/TD Complies Collateralized Time Deposits (Nonnegotiable CD/TD)
Non-Negotiable Certificates of Deposit in state or federally chartered banks, savings and loans, or credit unions in excess of insured amounts which are fully collateralized with securities in accordance with California law; 20% max combined FDIC & Collateralized CD/TD
Complies
Collateralized Bank Deposits City's deposits with financial institutions will be collateralized with pledged securities per California Government Code Complies Banker’s Acceptances "A-1" short-term debt rated or higher by a NRSRO; or "A" long-term debt rating category or higher by a NRSRO; 40% max; 5% max per issuer; 180 days max maturity
Complies
City of Solana Beach
Assets managed by Chandler Asset Management are in full compliance with state law and the City's investment policy.
I
Compliance As of December 31, 2022
Category Standard Comment
Commercial Paper
25% max; 5% max per issuer; 270 days maturity; 10% max of the outstanding paper of any single issuer; Issued by an entity that meets all of the following conditions in either (a) or (b):
a. Securities issued by corporations: (i) organized and operating within the U.S. with assets > $500 million; (ii) "A-1" rated or better by a NRSRO; (iii) "A" rating or better by a NRSRO, if issuer has other debt obligations. b. Securities issued by other entities: (i) organized within the U.S. as a special purpose corporation, trust, or limited liability company; (ii) must have program-wide credit enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond; (iii) rated "A-1" or better by a NRSRO
Complies
Money Market Mutual Funds
Registered with SEC under Investment Company Act of 1940 and issued by diversified management companies and meet either of the following criteria:
(i) Highest rating by two NRSROs; or (ii) Retained an investment adviser registered or exempt from SEC registration with > 5 years experience managing money market mutual funds with AUM >$500 million; (iii) 20% max per Money Market Mutual Fund; 20% max combined Money Market Mutual Funds and Mutual Funds
Complies
Mutual Funds
Invest in securities as authorized under CGC, Section 53601 (a) to (k) and (m) to (q) inclusive and meet either of the following criteria:
(i) Highest rating by two NRSROs; or (ii) Retained an investment adviser registered or exempt from SEC registration with > 5 years experience investing in securities authorized by CGC, Section 53601 and with AUM >$500 million; (iii) 10% max per Mutual Fund; 20% max combined Money Market Mutual Funds and Mutual Funds Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies Investment Trust of California
(CalTRUST)
Joint powers authority (JPA) organized and managed by the Investment Trust of California JPA for the benefit of local agencies, pursuant to CGC; Not used by investment adviser
Complies
Repurchase Agreements 102% Collateralized; 1 year max maturity; Not used by investment adviser Complies Prohibited
Investments not specifically described in the policy; Futures and Options; Inverse floaters; Ranges notes, Mortgage-derived or Interest-only strips; Zero interest accrual securities, if held to maturity; Under a provision sunsetting January 1, 2026, securities backed by U.S. Government that could result in a zero- or negative-interest accrual if held to maturity are permitted; Trading securities for the sole purpose of speculating on the future direction of interest rates; Purchasing or selling securities on margin; Reverse repurchase agreements; Securities lending or any other form of borrowing or leverage; Foreign currency denominated securities; Purchases of securities issued by fossil fuel companies that directly source the majority (more than 50%) of their revenue from oil, gas, and or coal production.
Complies
Credit Risk/ Downgrade
If securities owned by the City are downgraded to a level below the requirements of the policy, making the security ineligible for additional purchases, the following steps will be taken:
-Any actions taken related to the downgrade by the investment manager will be promptly communicated to the Treasurer; -If a decision is made to retain the security, the credit situation will be monitored and reported to the City Council.
Complies
Duration typically plus or minus 20% of Benchmark Index Complies Max Per Issuer 5% max per issuer, except U.S. Government, its Agencies and GSEs, Supranationals, Money Market Mutual Funds, LAIF, other LGIP, or where otherwise specified in the investment policy
Complies
Maximum Maturity 5 years, except as otherwise stated in the policy Complies City of Solana Beach
Assets managed by Chandler Asset Management are in full compliance with state law and the City's investment policy.
I
Portfolio Characteristics
City of Solana Beach
12/31/22 09/30/22
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 1.83 1.85 1.96
Average Modified Duration 1.75 1.59 1.70
Average Purchase Yield n/a 1.46% 1.37%
Average Market Yield 4.51% 4.62% 4.32%
Average Quality** AAA AA+/Aa1 AA+/Aa1
Total Market Value 30,317,569 30,078,865
*ICE BofA 1-3 Yr US Treasury & Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.
As of December 31, 2022 I
City of Solana Beach
Sector Distribution
ABS
8.9%
Agency
26.2%
Corporate
19.8%
Money Market
Fund
0.3%
Supranational
1.9%
US Treasury
42.8%
December 31, 2022 September 30, 2022
ABS
9.4%
Agency
28.0%
Corporate
19.8% Money Market
Fund
0.4%
Supranational
2.0%
US Treasury
40.6%
As of December 31, 2022 I
Duration Allocation As of December 31, 2022
City of Solana Beach
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 12/31/22 5.8% 5.0% 19.0% 36.0% 28.8% 3.4% 1.9% 0.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0 - 0.25 Years 0.25 - 0.5 Years 0.5 - 1 Years 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5+ Years ABS
Agency
Corporate
Money Market Fund
Supranational
US Treasury
I
■
■
■
■
■
■
-
Portfolio Allocation & Duration Changes
City of Solana Beach
As of December 31, 2022
Benchmark: ICE BofA 1-3 Yr US Treasury & Agency Index
90.9%
96.7%
93.2%
97.0%
101.7%
97.6%
101.4% 100.3%
80.0%
85.0%
90.0%
95.0%
100.0%
105.0%
110.0%
03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 Duration as a % of the Benchmark
0.4%
2.0%
9.4%
19.8%
28.0%
40.6%
0.3%
1.9%
8.9%
19.8%
26.2%
42.8%
Money Market
Fund
Supranational
ABS
Corporate
Agency
US Treasury
Portfolio Allocation
12/31/22
09/30/22
I
-
-
I
I
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ City of Solana Beach ICE BofA 1-3 Yr US Treasury & Agency Index Portfolio Compared to the Benchmark
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 5.8% 5.0% 19.0% 36.0% 28.8% 3.4% 1.9% 0.0%
Benchmark* 0.0% 0.0% 2.9% 58.6% 38.5% 0.0% 0.0% 0.0%
*ICE BofA 1-3 Yr US Treasury & Agency Index
Duration Distribution
City of Solana Beach
As of December 31, 2022 I
- 1111 -
■ ■
Issue Name Investment Type % Portfolio
Government of United States US Treasury 42.80%
Federal Farm Credit Bank Agency 10.81%
Federal Home Loan Mortgage Corp Agency 7.25%
Federal National Mortgage Association Agency 4.64%
Federal Home Loan Bank Agency 3.52%
Apple Inc Corporate 1.60%
John Deere ABS ABS 1.53%
Toyota ABS ABS 1.49%
JP Morgan Chase & Co Corporate 1.44%
Inter-American Dev Bank Supranational 1.34%
Wal-Mart Stores Corporate 1.25%
Toyota Motor Corp Corporate 1.23%
Paccar Financial Corporate 1.20%
Deere & Company Corporate 1.17%
Honda ABS ABS 1.16%
Bank of New York Corporate 1.15%
Amazon.com Inc Corporate 1.09%
Caterpillar Inc Corporate 1.06%
State Street Bank Corporate 1.05%
US Bancorp Corporate 0.96%
Charles Schwab Corp/The Corporate 0.94%
Bank of Montreal Chicago Corporate 0.93%
Honeywell Corp Corporate 0.92%
American Express ABS ABS 0.87%
Hyundai Auto Receivables ABS 0.83%
Morgan Stanley Corporate 0.83%
Bank of America Corp Corporate 0.82%
Royal Bank of Canada Corporate 0.79%
Toronto Dominion Holdings Corporate 0.78%
GM Financial Securitized Term Auto Trust ABS 0.70%
GM Financial Automobile Leasing Trust ABS 0.61%
Intl Bank Recon and Development Supranational 0.60%
BMW Vehicle Lease Trust ABS 0.55%
Mercedes-Benz Auto Lease Trust ABS 0.42%
United Health Group Inc Corporate 0.39%
Verizon Master Trust ABS 0.37%
BMW ABS ABS 0.34%
First American Govt Oblig Fund Money Market Fund 0.33%
Issuers
City of Solana Beach – Account #10471
As of December 31, 2022 I
Issue Name Investment Type % Portfolio
Salesforce.com Inc Corporate 0.17%
Nissan ABS ABS 0.09%
TOTAL 100.00%
Issuers
City of Solana Beach – Account #10471
As of December 31, 2022 I
AAA AA A <A NR
12/31/22 8.5% 73.0% 15.8% 0.0% 2.7%
09/30/22 8.7% 72.5% 15.8% 0.0% 3.0%
Source: S&P Ratings
December 31, 2022 vs. September 30, 2022
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
AAA AA A <A NR
12/31/22 09/30/22
Quality Distribution
City of Solana Beach
As of December 31, 2022 I
■ ■
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
12 months 2 years 3 years 5 years 10 years Since Inception City of Solana Beach ICE BofA 1-3 Yr US Treasury & Agency Index Total Rate of Return Annualized Since Inception March 31, 2016 Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of Solana Beach 0.82% -3.17% -1.82% -0.19% 1.00% N/A 0.90% ICE BofA 1-3 Yr US Treasury & Agency Index 0.73% -3.65% -2.11% -0.41% 0.77% N/A 0.63% Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
Investment Performance
City of Solana Beach
As of December 31, 2022 I
■ ■
Investment Comparison
City of Solana Beach
As of December 31, 2022
LAIF EARNINGS ESTIMATE* GROSS INCOME EARNED
CHANDLER-MANAGED PORTFOLIO
INCOME EARNED
CHANDLER-MANAGED PORTFOLIO**
Apr 2016 - Dec 2016 $113,770 $185,849 $169,455
2017 $327,563 $439,162 $410,891
2018 $628,152 $553,633 $524,542
2019 $716,012 $600,606 $573,809
2020 $339,385 $513,751 $488,476
2021 $78,472 $361,519 $336,824
Jan 2022 $5,336 $23,401 $21,329
Feb 2022 $5,937 $22,801 $20,738
Mar 2022 $8,711 $22,505 $20,396
Apr 2022 $12,609 $24,145 $21,992
May 2022 $17,122 $24,064 $21,911
Jun 2022 $20,752 $25,212 $23,016
Jul 2022 $28,565 $27,433 $25,193
Aug 2022 $33,475 $29,804 $27,567
Sep 2022 $38,137 $30,481 $28,259
Oct 2022 $45,839 $32,226 $30,015
Nov 2022 $50,353 $32,070 $29,854
Dec 2022 $56,719 $33,081 $30,857
Total: $2,526,909 $2,981,743 $2,805,124
*LAIF earnings estimate calculated using daily yield
**Income earned net of Chandler fees
I
SECTION | Section 3 | Portfolio Holdings
Holdings Report
City of Solana Beach - Account #10471
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
43813RAC1 Honda Auto Receivables 2020-1 A3
1.610% Due 04/22/2024
50,684.00 02/19/2020
1.62%
50,674.07
50,674.07
99.08 5.38%
50,216.08
22.67 0.17%
(457.99)
Aaa / NR
AAA
1.31 0.24
65479JAD5 Nissan Auto Receivables Owner 2019-C A3
1.930% Due 07/15/2024
25,992.63 10/16/2019
1.94%
25,991.26
25,991.26
99.64 5.03%
25,899.61
22.30 0.09%
(91.65)
Aaa / AAA
NR
1.54 0.11
47789KAC7 John Deere Owner Trust 2020-A A3
1.100% Due 08/15/2024
32,485.70 03/04/2020
1.11%
32,483.72
32,483.72
99.13 4.89%
32,201.89
15.88 0.11%
(281.83)
Aaa / NR
AAA
1.62 0.23
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2
0.390% Due 10/21/2024
190,000.00 08/10/2021
0.39%
189,997.42
189,997.42
97.16 5.38%
184,598.40
22.64 0.61%
(5,399.02)
NR / AAA
AAA
1.81 0.57
58769KAD6 Mercedes-Benz Auto Lease Trust 2021-B A3
0.400% Due 11/15/2024
130,000.00 06/22/2021
0.40%
129,990.19
129,990.19
97.12 5.30%
126,253.05
23.11 0.42%
(3,737.14)
NR / AAA
AAA
1.88 0.59
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3
0.330% Due 12/26/2024
82,842.34 09/08/2021
0.34%
82,833.79
82,833.79
97.72 5.25%
80,949.59
4.56 0.27%
(1,884.20)
Aaa / NR
AAA
1.99 0.46
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3
1.100% Due 03/25/2025
90,000.00 01/11/2022
1.11%
89,986.55
89,986.55
96.74 5.29%
87,069.57
16.50 0.29%
(2,916.98)
NR / AAA
AAA
2.23 0.78
43813GAC5 Honda Auto Receivables Trust 2021-1 A3
0.270% Due 04/21/2025
45,580.76 02/17/2021
0.27%
45,579.93
45,579.93
96.73 6.22%
44,090.52
3.42 0.15%
(1,489.41)
Aaa / NR
AAA
2.31 0.55
47788UAC6 John Deere Owner Trust 2021-A A3
0.360% Due 09/15/2025
82,859.21 03/02/2021
0.37%
82,843.28
82,843.28
96.55 5.21%
80,003.88
13.26 0.26%
(2,839.40)
Aaa / NR
AAA
2.71 0.71
89190GAC1 Toyota Auto Receivables Trust 2021-B A3
0.260% Due 11/17/2025
385,000.00 06/08/2021
0.26%
384,958.54
384,958.54
96.15 5.48%
370,186.20
44.49 1.22%
(14,772.34)
NR / AAA
AAA
2.88 0.74
43815EAC8 Honda Auto Receivables 2021-3 A3
0.410% Due 11/18/2025
180,000.00 08/17/2021
0.41%
179,997.37
179,997.37
95.39 5.35%
171,708.94
26.65 0.57%
(8,288.43)
NR / AAA
AAA
2.88 0.94
43815GAC3 Honda Auto Receivables Trust 2021-4 A3
0.880% Due 01/21/2026
90,000.00 11/16/2021
0.89%
89,981.03
89,981.03
94.91 5.11%
85,415.18
22.00 0.28%
(4,565.85)
Aaa / NR
AAA
3.06 1.22
47789QAC4 John Deere Owner Trust 2021-B A3
0.520% Due 03/16/2026
115,000.00 07/13/2021
0.52%
114,989.74
114,989.74
94.91 5.29%
109,143.94
26.58 0.36%
(5,845.80)
Aaa / NR
AAA
3.21 1.08
89238JAC9 Toyota Auto Receivables Trust 2021-D A3
0.710% Due 04/15/2026
85,000.00 11/09/2021
0.71%
84,998.19
84,998.19
94.21 5.70%
80,078.50
26.82 0.26%
(4,919.69)
NR / AAA
AAA
3.29 1.18
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3
0.740% Due 05/15/2026
65,000.00 11/09/2021
0.75%
64,985.49
64,985.49
94.47 5.54%
61,402.65
21.38 0.20%
(3,582.84)
NR / AAA
AAA
3.37 1.17
05602RAD3 BMW Vehicle Owner Trust 2022-A A3
3.210% Due 08/25/2026
105,000.00 05/10/2022
3.23%
104,994.54
104,994.54
97.40 4.96%
102,274.11
56.18 0.34%
(2,720.43)
Aaa / AAA
NR
3.65 1.51
362554AC1 GM Financial Securitized Term 2021-4 A3
0.680% Due 09/16/2026
70,000.00 10/13/2021
0.68%
69,998.22
69,998.22
94.48 5.54%
66,136.87
19.83 0.22%
(3,861.35)
Aaa / AAA
NR
3.71 1.15
As of December 31, 2022 I
Holdings Report
City of Solana Beach - Account #10471
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
47787JAC2 John Deere Owner Trust 2022-A A3
2.320% Due 09/16/2026
115,000.00 03/10/2022
2.34%
114,974.56
114,974.56
95.91 5.12%
110,300.61
118.58
0.36%
(4,673.95)
Aaa / NR
AAA
3.71 1.48
448977AD0 Hyundai Auto Receivables Trust 2022-A A3
2.220% Due 10/15/2026
200,000.00 03/09/2022
2.23%
199,992.30
199,992.30
95.56 5.13%
191,129.20
197.33
0.63%
(8,863.10)
NR / AAA
AAA
3.79 1.55
380146AC4 GM Financial Auto Receivables 2022-1 A3
1.260% Due 11/16/2026
60,000.00 01/11/2022
1.27%
59,994.79
59,994.79
94.55 5.35%
56,728.97
31.50 0.19%
(3,265.82)
NR / AAA
AAA
3.88 1.35
47800AAC4 John Deere Owner Trust 2022-B A3
3.740% Due 02/16/2027
135,000.00 07/12/2022
3.77%
134,987.11
134,987.11
97.70 4.93%
131,896.05
224.40
0.44%
(3,091.06)
Aaa / NR
AAA
4.13 1.99
36265WAD5 GM Financial Securitized Auto 2022-3 A3
3.640% Due 04/16/2027
90,000.00 07/06/2022
3.67%
89,999.38
89,999.38
97.77 4.87%
87,994.48
136.50
0.29%
(2,004.90)
Aaa / NR
AAA
4.29 1.87
02582JJT8 American Express Credit Trust 2022-2 A
3.390% Due 05/17/2027
270,000.00 05/17/2022
3.42%
269,940.28
269,940.28
97.14 4.72%
262,272.68
406.80
0.87%
(7,667.60)
NR / AAA
AAA
4.38 2.22
92348KAV5 Verizon Master Trust 2022-5 A1A
3.720% Due 07/20/2027
115,000.00 08/02/2022
3.75%
114,994.94
114,994.94
98.48 5.00%
113,255.89
130.72
0.37%
(1,739.05)
NR / AAA
AAA
4.55 1.54
TOTAL ABS 2,810,444.64 1.52%
2,810,166.69
2,810,166.69 5.22%
2,711,206.86
1,634.10
8.95%
(98,959.83)
Aaa / AAA
AAA
3.18 1.17
Agency
3133EKUA2 FFCB Note
1.850% Due 02/01/2023
600,000.00 07/23/2019
1.86%
599,850.00
599,850.00
99.80 4.19%
598,819.66
4,625.00
1.99%
(1,030.34)
Aaa / AA+
AAA
0.09 0.08
3133ELNW0 FFCB Note
1.450% Due 02/21/2023
600,000.00 02/14/2020
1.45%
599,988.00
599,988.00
99.62 4.18%
597,721.22
3,141.67
1.98%
(2,266.78)
Aaa / AA+
AAA
0.14 0.14
3133834G3 FHLB Note
2.125% Due 06/09/2023
700,000.00 06/10/2019
2.00%
703,318.00
703,318.00
98.89 4.71%
692,200.97
909.03
2.29%
(11,117.03)
Aaa / AA+
NR
0.44 0.43
3133EKSN7 FFCB Note
1.770% Due 06/26/2023
500,000.00 06/21/2019
1.89%
497,675.00
497,675.00
98.67 4.58%
493,325.65
122.92
1.63%
(4,349.35)
Aaa / AA+
AAA
0.48 0.48
3135G05G4 FNMA Note
0.250% Due 07/10/2023
520,000.00 07/08/2020
0.32%
518,882.00
518,882.00
97.65 4.83%
507,805.78
617.50
1.68%
(11,076.22)
Aaa / AA+
AAA
0.52 0.51
3133EL3V4 FFCB Note
0.200% Due 08/14/2023
500,000.00 08/12/2020
0.27%
498,955.00
498,955.00
97.14 4.94%
485,716.33
380.56
1.60%
(13,238.67)
Aaa / AA+
AAA
0.62 0.60
3137EAEV7 FHLMC Note
0.250% Due 08/24/2023
475,000.00 08/19/2020
0.28%
474,515.50
474,515.50
97.09 4.87%
461,169.78
418.92
1.52%
(13,345.72)
Aaa / AA+
AAA
0.65 0.63
3137EAEW5 FHLMC Note
0.250% Due 09/08/2023
500,000.00 09/29/2020
0.23%
500,310.00
500,310.00
96.99 4.76%
484,955.40
392.36
1.60%
(15,354.60)
Aaa / AA+
AAA
0.69 0.67
3137EAEY1 FHLMC Note
0.125% Due 10/16/2023
400,000.00 10/29/2020
0.24%
398,596.00
398,596.00
96.45 4.75%
385,795.01
104.17
1.27%
(12,800.99)
Aaa / AA+
AAA
0.79 0.77
As of December 31, 2022 I
Holdings Report
City of Solana Beach - Account #10471
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3137EAEZ8 FHLMC Note
0.250% Due 11/06/2023
525,000.00 11/03/2020
0.28%
524,527.50
524,527.50
96.20 4.88%
505,074.54
200.52
1.67%
(19,452.96)
Aaa / AA+
AAA
0.85 0.83
3135G06H1 FNMA Note
0.250% Due 11/27/2023
465,000.00 11/23/2020
0.29%
464,469.90
464,469.90
96.06 4.75%
446,675.79
109.79
1.47%
(17,794.11)
Aaa / AA+
AAA
0.91 0.88
3137EAFA2 FHLMC Note
0.250% Due 12/04/2023
375,000.00 12/02/2020
0.28%
374,628.75
374,628.75
95.86 4.88%
359,472.70
70.31 1.19%
(15,156.05)
Aaa / AA+
AAA
0.93 0.90
3133EMRZ7 FFCB Note
0.250% Due 02/26/2024
435,000.00 02/22/2021
0.26%
434,843.40
434,843.40
95.07 4.69%
413,554.37
377.60
1.37%
(21,289.03)
Aaa / AA+
AAA
1.16 1.12
3130AQF40 FHLB Note
1.000% Due 12/20/2024
400,000.00 12/21/2021
1.03%
399,648.00
399,648.00
93.42 4.53%
373,684.52
122.22
1.23%
(25,963.48)
Aaa / AA+
AAA
1.97 1.91
3133ENKS8 FFCB Note
1.125% Due 01/06/2025
205,000.00 01/06/2022
1.20%
204,538.75
204,538.75
93.49 4.55%
191,648.23
1,121.09
0.64%
(12,890.52)
Aaa / AA+
AAA
2.02 1.94
3133ENWH9 FFCB Note
2.900% Due 05/09/2025
500,000.00 05/03/2022
2.97%
499,025.00
499,025.00
96.70 4.39%
483,490.71
2,094.44
1.60%
(15,534.29)
Aaa / AA+
AAA
2.36 2.23
3135G05X7 FNMA Note
0.375% Due 08/25/2025
500,000.00 03/07/2022
1.78%
476,560.00
476,560.00
90.27 4.30%
451,341.08
656.25
1.49%
(25,218.92)
Aaa / AA+
AAA
2.65 2.58
TOTAL Agency 8,200,000.00 1.04%
8,170,330.80
8,170,330.80 4.62%
7,932,451.74
15,464.35
26.22%
(237,879.06)
Aaa / AA+
AAA
0.92 0.89
Corporate
24422EUA5 John Deere Capital Corp Note
2.700% Due 01/06/2023
350,000.00 10/29/2019
1.96%
357,889.00
357,889.00
99.99 3.59%
349,954.66
4,593.75
1.17%
(7,934.34)
A2 / A
A
0.02 0.01
037833AK6 Apple Inc Note
2.400% Due 05/03/2023
256,000.00 05/02/2019
2.75%
252,605.44
252,605.44
99.20 4.78%
253,949.86
989.87
0.84%
1,344.42
Aaa / AA+
NR
0.34 0.33
06406FAD5 Bank of NY Mellon Corp Callable Note Cont 6/16/2023
2.200% Due 08/16/2023
350,000.00 09/12/2019
2.15%
350,616.00
350,616.00
98.45 4.73%
344,576.11
2,887.50
1.15%
(6,039.89)
A1 / A
AA0.620.61
69371RR24 Paccar Financial Corp Note
0.350% Due 02/02/2024
210,000.00 01/28/2021
0.39%
209,756.40
209,756.40
95.15 4.99%
199,822.13
304.21
0.66%
(9,934.27)
A1 / A+
NR
1.09 1.06
89114QCQ9 Toronto Dominion Bank Note
0.550% Due 03/04/2024
250,000.00 05/12/2021
0.53%
250,125.00
250,125.00
95.00 4.99%
237,494.19
446.88
0.78%
(12,630.81)
A1 / A
AA1.181.14
808513BN4 Charles Schwab Corp Callable Note Cont 2/18/2024
0.750% Due 03/18/2024
300,000.00 Various
0.70%
300,409.70
300,409.70
95.07 4.99%
285,204.00
643.75
0.94%
(15,205.70)
A2 / A
A
1.21 1.18
023135BW5 Amazon.com Inc Note
0.450% Due 05/12/2024
350,000.00 Various
0.67%
348,107.95
348,107.95
94.22 4.88%
329,786.78
214.38
1.09%
(18,321.17)
A1 / AA
AA1.361.33
As of December 31, 2022 I
Holdings Report
City of Solana Beach - Account #10471
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91324PEB4 United Health Group Inc Callable Note Cont 5/15/2022
0.550% Due 05/15/2024
125,000.00 11/08/2021
0.78%
124,282.50
124,282.50
94.39 4.83%
117,981.42
87.85 0.39%
(6,301.08)
A3 / A+
A
1.37 1.34
14913R2L0 Caterpillar Financial Service Note
0.450% Due 05/17/2024
340,000.00 05/10/2021
0.50%
339,544.40
339,544.40
94.13 4.91%
320,050.77
187.00
1.06%
(19,493.63)
A2 / A
A
1.38 1.34
06051GJY6 Bank of America Corp Callable Note Cont 6/14/2023
0.523% Due 06/14/2024
255,000.00 06/07/2021
1.92%
255,016.80
255,016.80
97.63 4.80%
248,964.34
62.98 0.82%
(6,052.46)
A2 / AAA1.45
1.40 06367TQW3 Bank of Montreal Note
0.625% Due 07/09/2024
300,000.00 09/10/2021
0.65%
299,757.00
299,757.00
93.49 5.12%
280,477.94
895.83
0.93%
(19,279.06)
A2 / AAA1.52
1.47 79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022
0.625% Due 07/15/2024
55,000.00 06/29/2021
0.64%
54,971.95
54,971.95
93.84 4.83%
51,612.49
158.51
0.17%
(3,359.46)
A2 / A+
NR
1.54 1.49
91159HHX1 US Bancorp Callable Note Cont 6/28/2024
2.400% Due 07/30/2024
300,000.00 11/09/2021
0.85%
312,465.00
312,465.00
96.17 4.94%
288,524.78
3,020.00
0.96%
(23,940.22)
A2 / A+
A+
1.58 1.51
78015K7C2 Royal Bank of Canada Note
2.250% Due 11/01/2024
250,000.00 05/19/2021
0.73%
262,875.00
262,875.00
95.37 4.92%
238,427.76
937.50
0.79%
(24,447.24)
A1 / A
AA1.841.76
89236TJT3 Toyota Motor Credit Corp Note
1.450% Due 01/13/2025
240,000.00 01/10/2022
1.50%
239,678.40
239,678.40
93.69 4.74%
224,862.65
1,624.00
0.75%
(14,815.75)
A1 / A+
A+
2.04 1.95
46647PBY1 JP Morgan Chase & Co Callable Note Cont 2/16/2024
0.563% Due 02/16/2025
185,000.00 02/09/2021
1.60%
185,000.00
185,000.00
94.34 5.12%
174,522.87
390.58
0.58%
(10,477.13)
A1 / AAA2.13
2.05 69371RR73 Paccar Financial Corp Note
2.850% Due 04/07/2025
170,000.00 03/31/2022
2.86%
169,955.80
169,955.80
95.96 4.75%
163,129.09
1,130.50
0.54%
(6,826.71)
A1 / A+
NR
2.27 2.14
037833DT4 Apple Inc Callable Note Cont 4/11/2025
1.125% Due 05/11/2025
250,000.00 07/06/2022
3.21%
235,927.50
235,927.50
92.14 4.68%
230,347.32
390.63
0.76%
(5,580.18)
Aaa / AA+
NR
2.36 2.28
46647PCH7 JP Morgan Chase & Co Callable Note Cont 6/1/2024
0.824% Due 06/01/2025
280,000.00 05/24/2021
1.79%
280,364.50
280,364.50
93.23 5.28%
261,037.49
192.27
0.86%
(19,327.01)
A1 / AAA2.42
2.32 438516CB0 Honeywell Intl Callable Note Cont 5/1/2025
1.350% Due 06/01/2025
300,000.00 03/09/2022
2.31%
291,084.00
291,084.00
92.53 4.65%
277,580.06
337.50
0.92%
(13,503.94)
A2 / A
A
2.42 2.33
89236TKF1 Toyota Motor Credit Corp Note
3.650% Due 08/18/2025
150,000.00 08/15/2022
3.68%
149,865.00
149,865.00
97.25 4.77%
145,874.38
2,022.71
0.49%
(3,990.62)
A1 / A+
A+
2.63 2.44
931142EW9 Wal-Mart Stores Note
3.900% Due 09/09/2025
380,000.00 Various
4.50%
373,761.00
373,761.00
98.48 4.50%
374,230.61
4,610.67
1.25%
469.61
Aa2 / AA
AA
2.69 2.49
857477BR3 State Street Bank Callable Note Cont 2/6/2025
1.746% Due 02/06/2026
340,000.00 Various
3.53%
331,375.00
331,375.00
93.13 5.24%
316,629.39
2,391.06
1.05%
(14,745.61)
A1 / A
AA3.102.00
As of December 31, 2022 I
Holdings Report
City of Solana Beach - Account #10471
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
61747YET8 Morgan Stanley Callable Note Cont 7/17/2025
4.679% Due 07/17/2026
250,000.00 08/10/2022
4.75%
252,322.50
252,322.50
98.37 5.37%
245,912.58
5,231.38
0.83%
(6,409.92)
A1 / AA+3.55
2.32 TOTAL Corporate 6,236,000.00 1.92%
6,227,755.84
6,227,755.84 4.83%
5,960,953.67
33,751.31
19.77%
(266,802.17)
A1 / A+
A+
1.72 1.55
Money Market Fund
31846V203 First American Govt Obligation Fund Class Y 98,805.92 Various
3.79%
98,805.92
98,805.92
1.00 3.79%
98,805.92
0.00 0.33%
0.00 Aaa / AAA
AAA
0.00 0.00
TOTAL Money Market Fund 98,805.92 3.79%
98,805.92
98,805.92 3.79%
98,805.92
0.00 0.33%
0.00 Aaa / AAA
AAA
0.00 0.00
Supranational
459058JM6 Intl. Bank Recon & Development Note
0.250% Due 11/24/2023
190,000.00 11/17/2020
0.32%
189,591.50
189,591.50
96.12 4.72%
182,620.13
48.82 0.60%
(6,971.37)
Aaa / AAA
AAA
0.90 0.88
4581X0DZ8 Inter-American Dev Bank Note
0.500% Due 09/23/2024
435,000.00 09/15/2021
0.52%
434,678.10
434,678.10
93.20 4.64%
405,422.71
592.08
1.34%
(29,255.39)
Aaa / AAA
NR
1.73 1.68
TOTAL Supranational 625,000.00 0.46%
624,269.60
624,269.60 4.67%
588,042.84
640.90
1.94%
(36,226.76)
Aaa / AAA
AAA
1.47 1.43
US Treasury
91282CBA8 US Treasury Note
0.125% Due 12/15/2023
550,000.00 01/08/2021
0.22%
548,474.61
548,474.61
95.79 4.68%
526,861.50
32.11 1.74%
(21,613.11)
Aaa / AA+
AAA
0.96 0.93
91282CBE0 US Treasury Note
0.125% Due 01/15/2024
500,000.00 01/12/2021
0.24%
498,222.66
498,222.66
95.37 4.74%
476,855.50
288.72
1.57%
(21,367.16)
Aaa / AA+
AAA
1.04 1.02
91282CBR1 US Treasury Note
0.250% Due 03/15/2024
400,000.00 03/30/2021
0.33%
399,109.38
399,109.38
94.84 4.71%
379,359.20
298.34
1.25%
(19,750.18)
Aaa / AA+
AAA
1.21 1.17
91282CBV2 US Treasury Note
0.375% Due 04/15/2024
475,000.00 04/23/2021
0.32%
475,797.85
475,797.85
94.66 4.69%
449,654.48
381.70
1.48%
(26,143.37)
Aaa / AA+
AAA
1.29 1.26
91282CCC3 US Treasury Note
0.250% Due 05/15/2024
500,000.00 05/19/2021
0.35%
498,574.22
498,574.22
94.16 4.69%
470,801.00
162.29
1.55%
(27,773.22)
Aaa / AA+
AAA
1.37 1.34
91282CCG4 US Treasury Note
0.250% Due 06/15/2024
500,000.00 06/28/2021
0.46%
496,914.06
496,914.06
93.89 4.64%
469,453.00
58.38 1.55%
(27,461.06)
Aaa / AA+
AAA
1.46 1.42
91282CCL3 US Treasury Note
0.375% Due 07/15/2024
600,000.00 08/05/2021
0.37%
600,164.06
600,164.06
93.71 4.65%
562,288.80
1,039.40
1.86%
(37,875.26)
Aaa / AA+
AAA
1.54 1.50
91282CCT6 US Treasury Note
0.375% Due 08/15/2024
275,000.00 08/26/2021
0.46%
274,344.73
274,344.73
93.46 4.60%
257,006.75
389.52
0.85%
(17,337.98)
Aaa / AA+
AAA
1.62 1.58
As of December 31, 2022 I
Holdings Report
City of Solana Beach - Account #10471
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828YE4 US Treasury Note
1.250% Due 08/31/2024
500,000.00 06/29/2021
0.50%
511,796.88
511,796.88
94.72 4.58%
473,594.00
2,123.62
1.57%
(38,202.88)
Aaa / AA+
AAA
1.67 1.61
91282CCX7 US Treasury Note
0.375% Due 09/15/2024
550,000.00 09/10/2021
0.44%
548,925.78
548,925.78
93.25 4.53%
512,896.45
615.33
1.69%
(36,029.33)
Aaa / AA+
AAA
1.71 1.66
91282CDB4 US Treasury Note
0.625% Due 10/15/2024
600,000.00 10/14/2021
0.63%
599,953.13
599,953.13
93.44 4.48%
560,648.40
803.57
1.85%
(39,304.73)
Aaa / AA+
AAA
1.79 1.74
91282CDH1 US Treasury Note
0.750% Due 11/15/2024
500,000.00 11/29/2021
0.81%
499,082.03
499,082.03
93.39 4.47%
466,953.00
486.88
1.54%
(32,129.03)
Aaa / AA+
AAA
1.88 1.82
91282CDN8 US Treasury Note
1.000% Due 12/15/2024
425,000.00 12/29/2021
0.99%
425,182.62
425,182.62
93.65 4.42%
398,022.28
198.49
1.31%
(27,160.34)
Aaa / AA+
AAA
1.96 1.90
912828Z52 US Treasury Note
1.375% Due 01/31/2025
475,000.00 02/16/2021
0.37%
493,628.91
493,628.91
94.04 4.40%
446,667.20
2,733.19
1.48%
(46,961.71)
Aaa / AA+
AAA
2.09 2.00
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
600,000.00 03/28/2022
2.55%
576,070.31
576,070.31
93.42 4.35%
560,508.00
2,293.51
1.86%
(15,562.31)
Aaa / AA+
AAA
2.16 2.09
912828ZF0 US Treasury Note
0.500% Due 03/31/2025
500,000.00 03/03/2021
0.54%
499,257.81
499,257.81
91.91 4.31%
459,570.50
638.74
1.52%
(39,687.31)
Aaa / AA+
AAA
2.25 2.19
912828ZL7 US Treasury Note
0.375% Due 04/30/2025
300,000.00 01/13/2021
0.39%
299,765.63
299,765.63
91.34 4.32%
274,007.70
192.68
0.90%
(25,757.93)
Aaa / AA+
AAA
2.33 2.27
912828ZT0 US Treasury Note
0.250% Due 05/31/2025
600,000.00 10/05/2021
0.71%
590,132.81
590,132.81
90.86 4.28%
545,133.00
131.87
1.80%
(44,999.81)
Aaa / AA+
AAA
2.42 2.36
91282CAB7 US Treasury Note
0.250% Due 07/31/2025
500,000.00 03/22/2022
2.41%
465,312.50
465,312.50
90.31 4.25%
451,543.00
523.10
1.49%
(13,769.50)
Aaa / AA+
AAA
2.58 2.52
912828K74 US Treasury Note
2.000% Due 08/15/2025
500,000.00 04/05/2022
2.77%
487,656.25
487,656.25
94.50 4.24%
472,500.00
3,777.17
1.57%
(15,156.25)
Aaa / AA+
AAA
2.62 2.50
9128285C0 US Treasury Note
3.000% Due 09/30/2025
500,000.00 06/02/2022
2.86%
502,167.97
502,167.97
96.74 4.27%
483,711.00
3,832.42
1.61%
(18,456.97)
Aaa / AA+
AAA
2.75 2.58
9128285J5 US Treasury Note
3.000% Due 10/31/2025
600,000.00 06/09/2022
3.05%
599,085.94
599,085.94
96.66 4.26%
579,984.60
3,082.87
1.92%
(19,101.34)
Aaa / AA+
AAA
2.84 2.66
912828M56 US Treasury Note
2.250% Due 11/15/2025
600,000.00 07/06/2022
2.96%
586,453.13
586,453.13
94.74 4.21%
568,429.80
1,752.76
1.88%
(18,023.33)
Aaa / AA+
AAA
2.88 2.73
9128285T3 US Treasury Note
2.625% Due 12/31/2025
500,000.00 07/14/2022
3.22%
490,312.50
490,312.50
95.72 4.16%
478,594.00
36.26 1.58%
(11,718.50)
Aaa / AA+
AAA
3.00 2.84
9128286L9 US Treasury Note
2.250% Due 03/31/2026
600,000.00 09/08/2022
3.48%
575,531.25
575,531.25
94.34 4.13%
566,062.80
3,449.18
1.88%
(9,468.45)
Aaa / AA+
AAA
3.25 3.07
91282CEF4 US Treasury Note
2.500% Due 03/31/2027
500,000.00 11/28/2022
4.01%
470,195.31
470,195.31
93.98 4.06%
469,902.50
3,193.68
1.56%
(292.81)
Aaa / AA+
AAA
4.25 3.94
As of December 31, 2022 I
Holdings Report
City of Solana Beach - Account #10471
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CEW7 US Treasury Note
3.250% Due 06/30/2027
600,000.00 10/05/2022
4.01%
580,523.44
580,523.44
96.84 4.02%
581,038.80
53.87 1.92%
515.36
Aaa / AA+
AAA
4.50 4.13
TOTAL US Treasury 13,750,000.00 1.52%
13,592,635.77
13,592,635.77 4.40%
12,942,047.26
32,569.65
42.80%
(650,588.51)
Aaa / AA+
AAA
2.24 2.14
TOTAL PORTFOLIO 31,720,250.56 1.46%
31,523,964.62
31,523,964.62 4.62%
30,233,508.29
84,060.31
100.00%
(1,290,456.33)
Aa1 / AA+
AAA
1.85 1.59
TOTAL MARKET VALUE PLUS ACCRUALS 30,317,568.60
As of December 31, 2022 I
SECTION | Section 4 | Transactions
Transaction Ledger
City of Solana Beach - Account #10471
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/11/2022 91282CEW7 600,000.00 US Treasury Note
3.25% Due: 06/30/2027
96.754 4.01% 580,523.44 5,457.88 585,981.32 0.00
Purchase 11/30/2022 91282CEF4 500,000.00 US Treasury Note
2.5% Due: 03/31/2027
94.039 4.01% 470,195.31 2,094.78 472,290.09 0.00
Subtotal 1,100,000.00 1,050,718.75 7,552.66 1,058,271.41 0.00 TOTAL ACQUISITIONS 1,100,000.00 1,050,718.75 7,552.66 1,058,271.41 0.00
DISPOSITIONS
Maturity 10/11/2022 3133EKY91 500,000.00 FFCB Note
1.375% Due: 10/11/2022
100.000 500,000.00 0.00 500,000.00 1,285.00
Maturity 11/30/2022 912828M80 350,000.00 US Treasury Note 2% Due: 11/30/2022
100.000 350,000.00 0.00 350,000.00 -3,992.19
Subtotal 850,000.00 850,000.00 0.00 850,000.00 -2,707.19 TOTAL DISPOSITIONS 850,000.00 850,000.00 0.00 850,000.00 -2,707.19 September 30, 2022 through December 31, 2022
As of December 31, 2022 I
Important Disclosures
2022 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.
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Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
As of December 31, 2022 I
Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
As of December 31, 2022 I
CITY OF SOLANA BEACH
PARS Post-Employment Benefits Trust 12/1/2022 to 12/31/2022 Gregory Wade
City Manager
City of Solana Beach
635 South Highway 101
Solana Beach, CA 92075
Account Summary
Source 12/1/2022 Contributions Earnings Expenses Distributions Transfers 12/31/2022 OPEB 1001 $1,235,036.05 $137,000.00 -$31,056.70 $584.23 $0.00 $0.00 $1,340,395.12 PENSION 1002 $3,304,706.92 $809,898.00 -$88,220.79 $1,617.18 $0.00 $0.00 $4,024,766.95 Totals $4,539,742.97 $946,898.00 -$119,277.49 $2,201.41 $0.00 $0.00 $5,365,162.07 Investment Selection
Source
OPEB
PENSION
Investment Objective
Source
OPEB
PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OPEB -2.38% 5.03% -14.53% 1.48% 3.12% - 3/1/2016
PENSION -2.38% 5.03% -14.53% 1.48% 3.13% - 3/1/2016
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
Individual account based on Moderate HighMark PLUS. 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.
City of Solana Beach
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.
Individual account based on Moderate HighMark PLUS. 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.
Account Report for the Period
Balance as of
City of Solana Beach
PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY COUNCIL ACTION:
______________________________________________________________________ ______________________________________________________________________ AGENDA ITEM # C.2.
STAFF REPORT
CITY OF SOLANA BEACH
TO: Honorable Mayor and City Councilmembers
FROM: Gregory Wade, City Manager
MEETING DATE: April 12, 2023
ORIGINATING DEPT: Engineering Department
SUBJECT: City Council Consideration of Resolution 2023-041 Authorizing the City Engineer to Advertise for
Construction Bids the 2022-23 Street Maintenance and
Repairs Project
BACKGROUND:
Solana Beach has approximately 46 miles of roadways to maintain. The most costeffective pavement maintenance and rehabilitation strategy is to use a pavement management program. This type of program inventories and classifies pavement conditions to determine the most effective way to budget, repair, replace and preserve roadway surfaces. Certain federal and state funding sources require the use of a pavement management program. Solana Beach performed a citywide pavement management program update in 2021, covering the five-year period from 2021 to 2026.
This item is before the City Council for the consideration of Resolution 2023-041 (Attachment 1) approving the list of streets for the 2022/23 Street Maintenance and Repairs Project and authorizing the City Engineer to advertise the project for construction bids.
DISCUSSION:
The main components of the proposed pavement maintenance program for this coming fiscal year, if approved, would include both full width pavement overlays and slurry seals of the following streets:
April 12, 2023
FY 2022/23 Street Maintenance and Repairs Project
Overlays
Street From To
N. Acacia Avenue Estrella W. Cliff
Holmwood Lane Glenmont N. Granados
Nardo Avenue El Sueno Corto
Patty Hill Drive Barbara N. Granados
Punta Baja Drive Entire street
Santa Florencia Santa Rosita Halfway to Santa
Carina
Santa Florencia/Santa
Hidalga
Intersection with Santa
Inez
Santa Inez Entire street
Via Mil Cumbres (east) Lomas Santa Fe Drive Approximately 200 feet west of Loma
Larga
Slurry Seals
Street From To
Avocado Place Entire street
Cofair Avenue Entire street
Corto Street Entire street
Genevieve Street (W) Entire street
N. Granados Avenue Lomas Santa Fe Drive El Viento
S. Granados Avenue Brookdale south end
N. Helix Avenue Entire street
Hernandez Street Entire street
Highland Drive (W) Entire street
Hill Street Entire street
Ida Avenue Genevieve Academy
Marsolan Avenue Entire street
Marview Drive Entire street
Midori Court Entire street
Midori Lane Entire street
Nardito Lane Entire street
Pacific Avenue Plaza W. Cliff
Patty Hill Drive Rios Barbara
S. Rios Avenue Entire street
N. Sierra Avenue Plaza Estrella
In addition to pavement resurfacing, this year’s program includes the following specific work:
April 12, 2023
FY 2022/23 Street Maintenance and Repairs Project
Highland Drive
The road segment from Lomas Santa Fe Drive to Uno Verdo will be resurfaced with an overlay, along with the construction of medians with concrete curbs in a configuration similar to the current painted medians. The existing deteriorated pavement within the median area will be removed and appropriate topsoil will be imported for future landscaping under a separate project. The freshly resurfaced roadway will be striped with bike lanes, including bike lane buffers. Staff shared the preliminary design with the adjacent property owners as well as the Lomas Santa Fe Country Club and received positive comments. Additionally, BikeWalkSolana was presented this design plan at their meeting on April 3, 2023, and supported this plan.
South Acacia Avenue
The existing damaged and worn curb, gutter and sidewalk along the east side of South Acacia Avenue, south of the Plaza parking lot, will be replaced with new curb, gutter and sidewalk. Portions of damaged sidewalk on the west side will also be replaced. The roadway will be completely resurfaced with an overlay.
South Sierra Avenue
The sidewalk fronting the Distillery parking lot and the parking area at 120 South Sierra Avenue will be widened to ten feet and will include newly planted street trees which will be planted under a separate project.
Localized Street Repairs
Dig-outs and replacement of failed pavement (potholes) throughout the City will be performed.
Traffic Striping
Pavement striping and markings damaged or covered by the project would be replaced and additional striping would be performed in other areas in the City as needed.
Sidewalk Repairs
Damaged and tree lifted sidewalks and curbs in various locations will be repaired.
Speed Cushions
The contract will provide an allowance for speed cushions to be constructed at locations that qualify under the Council approved Speed Cushion Policy and are ready for installation.
CEQA COMPLIANCE STATEMENT:
Advertising for construction bids is not a project under CEQA. Street repairs are exempt from CEQA pursuant to Section 15301(c) of the State CEQA Guidelines.
April 12, 2023
FY 2022/23 Street Maintenance and Repairs Project
FISCAL IMPACT:
Project funding will be from the Fiscal Year (FY) 2022/23 Annual Pavement Management Program and the South Acacia Reconstruction Project. The funding includes $154,000 in Gas Tax Funds, $315,000 in TransNet Funds (including $90,000 programed for South Acacia Streetscape Project), $400,000 in Road Repair and Accountability Act (SB1) Funds of which $290,000 is currently budgeted with an additional $110,000 to be appropriated when the construction contract is awarded, and $306,000 in General Funds.
The estimated funding available for this project is $1,175,000.
WORK PLAN:
This project is listed in the FY 2022/23 Work Plan under the Unprioritized Community Character Issues.
OPTIONS:
• Approve the list of streets scheduled for maintenance and repairs as part of the 2022/23 Street Maintenance and Repairs Project and authorize the City Engineer to advertise for construction bids.
• Revise the list of streets scheduled for maintenance and repairs as part of the 2022/23 Street Maintenance and Repairs Project and authorize the City Engineer to advertise for construction bids.
• Provide direction.
DEPARTMENT RECOMMENDATION:
Staff recommends that the City Council adopt Resolution 2023-041:
1. Approving the list of streets scheduled for maintenance and repairs as part of the 2022/23 Street Maintenance and Repairs Project.
2. Authorizing the City Engineer to advertise for construction bids for the 2022/23 Street Maintenance and Repairs Project.
CITY MANAGER’S RECOMMENDATION:
Approve Department Recommendation.
_________________________
Gregory Wade, City Manager
Attachments:
1. Resolution 2023-041
2. Map of Proposed Street Repairs
RESOLUTION 2023-041
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SOLANA BEACH, CALIFORNIA, APPROVING THE
2022/23 STREET MAINTENANCE AND REPAIR PROJECT
AND AUTHORIZING THE CITY ENGINEER TO ADVERTISE
FOR CONSTRUCTION BIDS
WHEREAS, the Capital Improvement Program for Fiscal Year 2022/23 has appropriated funding for annual pavement maintenance and repairs; and WHEREAS, the Engineering Department utilizes a pavement condition assessment program, field reviews and a review of previous street rehabilitation projects to identify the list of streets to be repaired as part of this project.
NOW, THEREFORE, the City Council of the City of Solana Beach, California, does resolve as follows:
1. That the above recitations are true and correct.
2. That the City Council approves the list of streets scheduled for maintenance and repair as part of the 2022/23 Street Maintenance and Repair Project.
3. That the City Council authorizes the City Engineer to advertise for construction bids for the 2022/23 Street Maintenance and Repair Project.
PASSED AND ADOPTED this 12th day of April 2023, at a regularly scheduled meeting of the City Council of the City of Solana Beach, California by the following vote:
AYES: Councilmembers –
NOES: Councilmembers –
ABSTAIN: Councilmembers –
ABSENT: Councilmembers –
______________________________
LESA HEEBNER, Mayor
APPROVED AS TO FORM: ATTEST:
_____________________________ _______________________________ JOHANNA N. CANLAS, City Attorney ANGELA IVEY, City Clerk
THERESA
SANTA
CHICA VIA
OVERLAYSLURRY SEAL
INCLUDES
PLANTED
MEDIANS
2023 STREET MAINTENANCE
ACACIA
SIDEWALK
& CURBS
CUMBRES
VIA MIL
LSFCC * * *
*
HERNANEZ
LOMAS SANTA FE TO BE
RESURFACED WITHFEDERAL FUNDED PROJECT