RESOLUTION NO. 2024-20
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF STANTON, CALIFORNIA, ADOPTING THE FISCAL YEAR 2024/25 OPERATING AND CAPITAL
BUDGET AND AUTHORIZING EXPENDITURES AND APPROPRIATIONS RELATED
THERETO
WHEREAS, on May 14, 2024, the City Council of the City of Stanton, held a public meeting to review and discuss the recommendations for the Proposed Fiscal Year 2024/25 Operating and Capital Budget; and,
WHEREAS, on May 15, 2024, the Planning Commission of the City of Stanton, approved Resolution No. 2564, finding the Proposed Fiscal Year 2024/25 projects within the Capital Improvement Program (CIP) are in conformance with the City’s General Plan pursuant to California Government Code Section 65401; and, WHEREAS, the Proposed Fiscal Year 2024/25 Operating and Capital Budget is the basis for the financial and economic implementation of the City’s General Plan; and, WHEREAS, the Proposed Fiscal Year 2024/25 Operating and Capital Budget provides for service levels necessary to respond to the needs of the community and which are deemed appropriate by the City Council, and concurrently provides a work force to fill these service needs; and,
WHEREAS, the City Council recognizes that the Proposed Fiscal Year 2024/25 Operating and Capital Budget will require adjustments from time to time, and accordingly, the City Manager is authorized to execute necessary transfers to carry out the scope of services as approved.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF STANTON, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The City Council finds that the above recitations are true and correct and, accordingly, are incorporated as a material part of this Resolution.
SECTION 2. The Proposed Fiscal Year 2024/25 Operating and Capital Budget as shown in Exhibit A attached hereto on file with the City Clerk’s Office entitled “City of Stanton Proposed Budget for Fiscal Year 2024/25” is adopted as follows:
ATTACHMENT B
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RESOLUTION NO. 2024-20
SECTION 3. The legal level of budgetary control is at the fund level. Budgets may not legally be exceeded at the fund level without appropriate authorization by the City Council, except as provided herein. Budgeted amounts for individual classifications within a fund may be exceeded as long as the total annual budget for that fund is not exceeded.
SECTION 4. The following controls are hereby placed on the transfers of budgeted funds:
a) The City Manager may authorize transfers of funds from account to account within any department.
b) The City Manager may authorize transfers of funds from department to department within any fund.
c) The City Manager may authorize transfers of funds from one existing project to another existing project within any fund provided the project receiving the transfer of funds meets the eligibility requirements of the funding source of the project providing the transfer of funds.
d) The City Manager may authorize increases in appropriations for a specific purpose where the appropriation is offset by unbudgeted revenues, which are designated for said specific purpose.
SECTION 5. All appropriations for outstanding encumbrances, unspent operating grant funds, and projects currently underway and remaining unexpended on June 30, 2024, as approved by the City Manager or their designee, are hereby appropriated to the Fiscal Year 2024/25 Operating and Capital Budget.
SECTION 6. The City Clerk shall certify to the adoption of this Resolution.
Operating
Expenditures
Capital
Expenditures
Transfers
Between
Funds Total (1)
General Fund $ 33,942,305 $ - $ 973,375 $ 34,915,680
Special Revenue Funds 2,087,695 - 6,522,000 8,609,695
Capital Projects Funds 8,100,000 - 220,000 8,320,000
Enterprise Funds 1,734,350 - 1,440,000 3,174,350
Internal Service Funds 2,909,505 - 39,000 2,948,505
Total All City Funds $ 40,673,855 $ 8,100,000 $ 9,194,375 $ 57,968,230 (1) ‐ Totals do not include the Stanton Housing Authority. (See Exhibit A to the Resolution.)
ATTACHMENT B
RESOLUTION NO. 2024-20
ADOPTED, SIGNED AND APPROVED this 11th day of June, 2024.
DAVID J. SHAWVER, MAYOR
APPROVED AS TO FORM:
HONGDAO NGUYEN, CITY ATTORNEY
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF STANTON )
ATTEST:
I, Patricia A. Vazquez, City Clerk of the City of Stanton, California DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 2024-20 has been duly signed by the Mayor and attested by the City Clerk, all at a regular meeting of the Stanton City Council, held on June 11, 2024, and that the same was adopted, signed, and approved by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
PATRICIA A. VAZQUEZ, CITY CLERK
ATTACHMENT B
Projected Projected
Beginning Operating CIP Transfers Transfers Ending
Balance Revenues Expenditures Expenditures In Out Balance 7/1/2024 (1) FY 2024/25 FY 2024/25 FY 2024/25 FY 2024/25 FY 2024/25 Adjustments 6/30/2025
GENERAL FUNDS
General Fund (#101)
Unassigned $ 17,050,112 $ 25,670,965 $ ‐ (24,889,265) $ $ 920,000 $ (765,375) $ (300,000) $ 17,686,437 Assigned ‐ General Plan Maintenance Surcharge 60,000 10,000 ‐ (60,000) ‐ ‐ ‐ 10,000 Assigned ‐ Special Projects 2,762,092 ‐ (2,569,040) ‐ ‐ ‐ ‐ 193,052 Reserve ‐ Economic Uncertainty (2) ‐ 6,100,000 ‐ ‐ ‐ ‐ 200,000 6,300,000 Reserve ‐ Emergency Disaster Continuity (2) ‐ 3,000,000 ‐ ‐ ‐ ‐ 100,000 3,100,000 Reserve ‐ Capital Improvement (2) ‐ 5,000,000 ‐ ‐ ‐ ‐ ‐ 5,000,000 Reserve ‐Equipment and Maintenance (2) ‐ 150,000 ‐ ‐ ‐ ‐ ‐ 150,000 Reserve ‐Technology Equipment (2) ‐ 150,000 ‐ ‐ ‐ ‐ ‐ 150,000 Non‐Spendable‐Public Benefit Agreement with Rodeo 39 (4) ‐ 1,368,540 (350,000) ‐ ‐ ‐ ‐ 1,018,540 Non‐Spendable‐Notes Receivable 84,035 ‐ ‐ ‐ ‐ ‐ ‐ 84,035 Total General Fund 35,724,779 25,680,965 (27,868,305) ‐ 920,000 (765,375) ‐ 33,692,064 Transaction & Use Tax Fund (#102)
Unassigned ‐ 6,282,000 (6,074,000) ‐ ‐ (208,000) ‐ ‐ GENERAL FUNDS ‐ TOTAL $ 35,724,779 $ 31,962,965 $ (33,942,305) $ ‐ $ 920,000 $ (973,375) $ ‐ $ 33,692,064 Special Revenue Funds
Public Benefit Fees Fund (#104)
Committed by Developer Agreements for Public Benefit/Public Facilities (3) $ ‐ 1,298,270 $ ‐ $ ‐ $ ‐ $ $ ‐ (1,100,000) $ $ 198,270 Committed for Livable Beach Boulevard Mobility Plan (3) ‐ 540,176 ‐ ‐ ‐ ‐ ‐ 540,176 Total Public Benefit Fees Fund 1,838,446 ‐ ‐ ‐ ‐ (1,100,000) ‐ 738,446 Beautification Fees Fund (#105)
Committed by Developer Agreements for Beautification Projects (3) ‐ 240,000 ‐ ‐ ‐ (240,000) ‐ ‐ Neighborhood Preservation Fees Fund (#106)
Committed by Developer Agreements for Neighborhood Preservation (3) ‐ 114,000 ‐ ‐ ‐ ‐ ‐ 114,000 CASP Program Fund (#210)
Restricted‐CASP Program 66,130 10,000 ‐ (5,000) ‐ ‐ ‐ 71,130 Gas Tax Fund (#211)
Restricted‐Street Rehabilitation and Maintenance 1,324,637 1,100,190 ‐ (443,045) ‐ (165,000) ‐ 1,816,782 Road Maintenance and Rehabilitation Account
(RMRA) Fund (#215)
Restricted‐Streets and Roads Capital Projects 35,022 ‐ 1,010,250 ‐ ‐ (1,045,270) ‐ 2 Measure M Fund (#220)
Restricted‐Streets and Roads Capital Projects 76,857 ‐ 772,000 ‐ ‐ (789,730) ‐ 59,127 Community Development Block Grant (CDBG) Fund (#222)
Restricted‐Housing Rehabilitation for Low and Moderate Income Housing Persons 174,887 ‐ 355,000 ‐ ‐ (350,000) ‐ 179,887 Fire Protective Services Fund (#223)
Restricted‐Fire Protection and Prevention Services ‐ 385,000 (3,000) ‐ ‐ (382,000) ‐ ‐ Lighting Maintenance 1919 Act Fund (#224)
Restricted‐Maintenance and Capital Projects for Street Lights 524,101 841,800 ‐ (250,000) ‐ ‐ ‐ 1,115,901 Lighting and Median Maintenance 1972 Act Fund (#225)
Restricted‐Lighting and Landscape Maintenance 619,685 237,500 ‐ (529,665) ‐ ‐ ‐ 327,520 Air Quality Improvement Fund (#226)
Restricted‐Mobile Source Emissions Reduction Programs 125,542 57,500 ‐ (29,000) ‐ ‐ ‐ 154,042 Other Grants Fund (#227)
Restricted‐Grant Specific Programs ‐ ‐ 2,290,000 ‐ ‐ (2,290,000) ‐ ‐ Supplemental Law Enforcement Grants Fund (#242)
Restricted‐Law Enforcement 278,352 185,000 ‐ (40,000) ‐ (160,000) ‐ 263,352 Families and Communities Together (FACT) Grant Fund (#250) Restricted‐Family Preservation and Support Program ‐ 357,240 ‐ (470,810) ‐ 113,570 ‐ ‐ Senior Transportation Fund (#251)
Restricted‐Senior Mobility Program 105,864 38,500 ‐ (111,440) 22,030 ‐ ‐ 54,954 Street Impact Fees Fund (#261)
Restricted‐Streets and Roads Capital Projects 250,556 ‐ 132,000 ‐ ‐ ‐ ‐ 382,556 Traffic Signal Impact Fees Fund (#262)
Restricted‐Traffic Signals Capital Projects 33,295 ‐ 28,500 ‐ ‐ ‐ ‐ 61,795 Community Center Impact Fees Fund (#263)
Restricted‐New Community Center Facility 283,828 99,000 ‐ ‐ ‐ ‐ ‐ 382,828 Police Services Impact Fees Fund (#264)
Restricted‐New Police Center Facility 258,275 ‐ 90,000 ‐ ‐ ‐ ‐ 348,275 City of Stanton
BUDGET SUMMARY BY FUND
FISCAL YEAR 2024/25
EXHIBIT A
Projected Projected
Beginning Operating CIP Transfers Transfers Ending
Balance Revenues Expenditures Expenditures In Out Balance 7/1/2024 (1) FY 2024/25 FY 2024/25 FY 2024/25 FY 2024/25 FY 2024/25 Adjustments 6/30/2025 City of Stanton
BUDGET SUMMARY BY FUND
FISCAL YEAR 2024/25
North Orange County Public Safety
Collaborative Grant Fund (#271)
Restricted‐Homeless Outreach Activities ‐ 46,960 (46,960) ‐ ‐ ‐ ‐ ‐ Stanton Central Park Maintenance Fund (#280)
Restricted‐Park Maintenance ‐ 50,000 ‐ (158,775) ‐ 108,775 ‐ ‐ Housing Authority Fund (#285)
Restricted‐Affordable Housing 5,297,435 720,000 ‐ (1,260,575) ‐ ‐ ‐ 4,756,860 Non‐Spendable‐Notes Receivable 978,000 ‐ ‐ ‐ ‐ ‐ ‐ 978,000 Total Housing Authority Fund 6,275,435 720,000 (1,260,575) ‐ ‐ ‐ ‐ 5,734,860 SPECIAL REVENUE FUNDS ‐ TOTAL $ 12,624,912 $ 8,806,440 $ (3,348,270) $ ‐ $ 244,375 $ (6,522,000) $ ‐ $ 11,805,457 Capital Projects Funds
Capital Projects Fund (#305)
Assigned‐Capital Projects 186,564 $ ‐ $ ‐ $ $ (8,100,000) $ ‐ 8,030,000 $ ‐ $ $ 116,564 Park In Lieu Fund (#310)
Restricted‐Parks and Recreation 7,273 ‐ 830,000 ‐ ‐ (220,000) ‐ 617,273 CAPITAL PROJECTS FUNDS ‐ TOTAL $ 193,837 $ 830,000 $ ‐ $ (8,100,000) $ 8,030,000 $ (220,000) $ ‐ $ 733,837 GENERAL GOVERNMENTAL FUNDS ‐ TOTAL $ 48,543,528 $ 41,599,405 $ (37,290,575) $ (8,100,000) $ 9,194,375 $ (7,715,375) $ ‐ $ 46,231,358
ENTERPRISE FUNDS
Sewer Maintenance Fund (#501)
Unrestricted Net Position ‐ Available $ 5,183,316 $ 2,253,200 $ ‐ (1,734,350) $ ‐ $ $ ‐ (1,440,000) $ $ 4,262,166 Reserve ‐ Capital (2) ‐ 1,000,000 ‐ ‐ ‐ ‐ ‐ 1,000,000 Investment in Capital Assets 4,683,660 ‐ ‐ ‐ ‐ ‐ ‐ 4,683,660 Total Sewer Maintenance Fund 10,866,976 2,253,200 (1,734,350) ‐ ‐ (1,440,000) ‐ 9,945,826 Sewer Capital Improvement Fund (#502)
Restricted‐Sewer Capital Projects 8,204 ‐ 8,700 ‐ ‐ ‐ ‐ 16,904.000 Total Sewer Capital Improvement Fund 8,204 8,700 ‐ ‐ ‐ ‐ ‐ 16,904.000 ENTERPRISE FUNDS ‐ TOTAL $ 10,875,180 $ 2,261,900 $ (1,734,350) $ ‐ $ ‐ $ (1,440,000) $ ‐ $ 9,962,730
INTERNAL SERVICE FUNDS
Workers Compensation Fund (#602)
Unrestricted Net Position‐Available 852,800 $ $ 94,300 $ ‐ (94,300) $ ‐ $ ‐ $ ‐ $ $ 852,800 Liability/Risk Management Fund (#603)
Unrestricted Net Position‐Available 50,349 384,345 ‐ (384,345) ‐ ‐ ‐ 50,349 Employee Benefits Fund (#604)
Unrestricted Net Position‐Available 132,276 2,261,520 ‐ (2,261,520) ‐ ‐ ‐ 132,276 Net Pension Liability, Net of Deferred Amounts (4,832,863) ‐ ‐ ‐ ‐ ‐ ‐ (4,832,863) Non‐Spendable‐Pension Stabilization (2) ‐ 4,254,533 ‐ ‐ ‐ ‐ ‐ 4,254,533 Total Employee Benefits Fund (446,054) 2,261,520 (2,261,520) ‐ ‐ ‐ ‐ (446,054) Fleet Maintenance Fund (#605)
Unrestricted Net Position ‐ Available 333,466 189,340 ‐ (169,340) ‐ (39,000) ‐ 314,466 Vehicle Replacement Reserve (2) ‐ 100,000 ‐ ‐ ‐ ‐ ‐ 100,000 Investment in Capital Assets 187,958 ‐ ‐ ‐ ‐ ‐ ‐ 187,958 Total Fleet Maintenance Fund 621,424 189,340 (169,340) ‐ ‐ (39,000) ‐ 602,424 INTERNAL SERVICE FUNDS ‐ TOTAL $ 1,078,519 $ 2,929,505 $ (2,909,505) $ ‐ $ ‐ $ (39,000) $ ‐ $ 1,059,519 ALL FUNDS ‐ TOTAL $ 60,497,227 $ 46,790,810 $ (41,934,430) $ (8,100,000) $ 9,194,375 $ (9,194,375) $ ‐ $ 57,253,607 Less: Stanton Housing Authority ‐ 1,260,575 ‐ Total Appropriations Approved by City Council $ (40,673,855) $ (8,100,000) $ (9,194,375) Notes:
(1) ‐ As of March 31, 2024
(2) ‐ Per City Council Reserve Policy adopted annually. (4) ‐ During Fiscal Year 2020/21, the City Council approved an economic development loan with Rodeo 39 Marketplace LLC ("Rodeo 39") for $2,250,000. The loan is being repaid from 50% of sales tax and transaction and use tax (Measure GG) generated by the businesses located at the property. The reduction in the nonspendable fund balance represents the loan repayment that is expected during Fiscal Year 2024/25. (3) ‐ Pursuant to approved developer agreements, this amount represents public benefit fees the City received that should be used for the following projects relating to: public facilities, neighborhood preservation, and city beautification/enhancement.
EXHIBIT A
RESOLUTION NO. SHA 2024-01
RESOLUTION NO. SHA 2024-01
A RESOLUTION OF THE STANTON HOUSING AUTHORITY OF THE CITY OF STANTON, CALIFORNIA, ADOPTING THE FISCAL YEAR 2024/25 OPERATING
AND CAPITAL BUDGET AND AUTHORIZING EXPENDITURES AND
APPROPRIATIONS RELATED THERETO
WHEREAS, the Housing Authority Board of the Stanton Housing Authority held a public meeting on May 14, 2024, to review and discuss the recommendations for the Proposed Fiscal Year 2024/25 Operating and Capital Budget; and,
WHEREAS, the Proposed Fiscal Year 2024/25 Operating and Capital Budget provides for service levels necessary to respond to the needs of the community and which are deemed appropriate by the Housing Authority Board, and concurrently provides a work force to fill these service needs; and,
WHEREAS, the Housing Authority Board recognizes that the Proposed Fiscal Year 2024/25 Operating and Capital Budget will require adjustments from time to time, and accordingly, the Executive Director is authorized to execute necessary transfers to carry out the scope of services as approved.
NOW, THEREFORE, THE HOUSING AUTHORITY BOARD OF THE STANTON
HOUSING AUTHORITY DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The Housing Authority Board finds that the above recitations are true and correct and, accordingly, are incorporated as a material part of this Resolution.
SECTION 2. The Proposed Fiscal Year 2024/25 Operating and Capital Budget as shown in Exhibit A attached hereto is hereby approved and adopted.
SECTION 3. The legal level of budgetary control is at the fund level. Budgets may not legally be exceeded at the fund level without appropriate authorization by the Housing Authority Board, except as provided herein. Budgeted amounts for individual classifications within a fund may be exceeded as long as the total annual budget for that fund is not exceeded.
SECTION 4. The following controls are hereby placed on the transfers of budgeted funds:
a) The Executive Director may authorize transfers of funds from account to account within any department.
b) The Executive Director may authorize transfers of funds from department to department within any fund.
ATTACHMENT C
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RESOLUTION NO. SHA 2024-01
c) The Executive Director may authorize increases in appropriations for a specific purpose where the appropriation is offset by unbudgeted revenues, which are designated for said specific purpose.
SECTION 5. All appropriations for outstanding encumbrances and projects currently underway and remaining unexpended on June 30, 2024, as approved by the Executive Director or their designee, are hereby appropriated to the Fiscal Year 2024/25 Operating and Capital Budget.
SECTION 6. The City Clerk shall certify to the adoption of this Resolution.
ADOPTED, SIGNED AND APPROVED this 11th day of June, 2024.
DAVID J. SHAWVER, CHAIRMAN
APPROVED AS TO FORM:
__
HONGDAO NGUYEN, AUTHORITY COUNSEL
ATTACHMENT C
RESOLUTION NO. SHA 2024-01
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF STANTON )
ATTEST:
I, Patricia A. Vazquez, Authority Secretary of the Stanton Housing Authority, Stanton, California DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No.
SHA 2024-01 has been duly signed by the Chairman and attested by the Authority Secretary, all at a regular meeting of the Stanton Housing Authority Board, held on June 11, 2024, and that the same was adopted, signed, and approved by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
________
PATRICIA A. VAZQUEZ, AUTHORITY SECRETARY
ATTACHMENT C
Account
No. Description
Actual
2022/23
Adopted
Budget
2023/24
Amended
Budget
2023/24 (1)
Proposed
Budget
2024/25
% Change
From
Prior Year
PROJECTED REVENUE AND OTHER SOURCES
435100 Interest $ 252,441 $ 25,000 $ 275,000 $ ‐ 100,000 63.64% 435110 Unrealized Gains (Losses) 12,835 ‐ ‐ ‐ 0.00% 436140 Tina Way/Pacific Ave. Property Rent 671,330 620,000 650,000 620,000 ‐4.62% 437195 Other Revenue 213 ‐ ‐ ‐ 0.00% TOTAL ‐ PROJECTED REVENUE AND OTHER SOURCES 936,819 645,000 925,000 ‐ 720,000 22.16%
ESTIMATED EXPENDITURES AND OTHER USES
Salaries and Benefits
501110 Salaries‐Regular 133,101 142,795 143,680 ‐ 118,430 17.57% 501115 Salaries‐Overtime 40 ‐ ‐ ‐ 0.00% 501120 Salaries‐Part‐Time 2,253 2,435 2,435 ‐ 1,985 18.48% 502100 Retirement 34,798 25,990 25,990 31,360 20.66% 502105 Workers' Compensation 2,491 2,160 2,160 ‐ 1,860 13.89% 502110 Health/Life Insurance 13,200 14,425 14,425 14,605 1.25% 502111 Medical In‐Lieu Pay 355 470 470 ‐ 440 6.38%
502115 Unemployment Insurance 248 250 250 ‐ 100 60.00% 502120 Medicare/FICA 1,807 1,965 1,980 ‐ 1,600 19.19% 502125 Leave Disbursals (1,593) ‐ ‐ ‐ 0.00% 502130 Other Benefits 1,172 30 30 40 33.33% Total‐Salaries and Benefits 187,872 190,520 191,420 ‐ 170,420 10.97% Maintenance and Operations
602100 Special Dept Expense 283 500 500 500 0.00%
602115 Postage 51 500 500 500 0.00%
602130 Clothing 2,937 2,500 2,500 2,500 0.00% 602140 Materials and Supplies 2,020 2,500 2,500 2,500 0.00% 604105 Utilities 51,049 60,000 60,000 ‐ 50,000 16.67% 607100 Membership Dues ‐ 4,800 4,800 4,800 0.00% 607110 Travel/Conference/Meetings ‐ 1,000 1,000 1,500 50.00% 607115 Training ‐ 2,500 2,500 ‐ 2,000 20.00% 608100 Contractual Services 19,177 23,000 23,000 ‐ 20,000 13.04% 608105 Professional Services 228,540 328,875 368,875 ‐ 328,950 10.82% 610130 Tina Pacific Operating Expenses 232,627 243,825 243,825 243,825 0.00% 610131 Bad Debt Expense 41,923 40,000 40,000 40,000 0.00% 610135 Relocation Assistance 27,385 40,000 4,283,000 ‐ 40,000 99.07% 610230 Navigation Center (North SPA) 50,000 95,000 95,000 168,050 76.89% 611110 O.C. Sanitation User Fee 19,484 24,000 24,000 25,000 4.17% Total‐Maintenance and Operations 675,476 869,000 5,152,000 ‐ 930,125 81.95% Allocated Charges
612105 Vehicle Replacement Charge 5,805 12,305 12,305 ‐ 7,025 42.91% 612115 Liability Insurance Charge 6,540 8,690 10,145 13,890 36.91% 612140 Information Technology Charge 18,215 19,215 19,215 21,515 11.97% City of Stanton
Special Revenue Fund
HOUSING AUTHORITY FUND (#285)
FISCAL YEAR 2024/25
EXHIBIT A
Account
No. Description
Actual
2022/23
Adopted
Budget
2023/24
Amended
Budget
2023/24 (1)
Proposed
Budget
2024/25
% Change
From
Prior Year
City of Stanton
Special Revenue Fund
HOUSING AUTHORITY FUND (#285)
FISCAL YEAR 2024/25
Allocated Charges, Continued
614205 Admin Overhead 24,633 20,980 20,980 ‐ 17,600 16.11% Total‐Allocated Charges 55,193 61,190 62,645 ‐ 60,030 4.17% Capital Outlay
702100 Office Furniture 218 ‐ ‐ ‐ 0.00% 760100 Demolition/Condemnation 93,800 100,000 100,000 100,000 0.00% 790100 Land Acquisition 2,500,000 ‐ ‐ ‐ 0.00% Total‐Capital Outlay 2,594,018 100,000 100,000 100,000 0.00% TOTAL ‐ ESTIMATED EXPENDITURES AND OTHER USES 3,512,559 1,220,710 5,506,065 1,260,575 ‐77.11% REVENUES OVER (UNDER) EXPENDITURES $ (2,575,740) $ (575,710) $ (4,581,065) $ (540,575) Note:
(1) ‐ As of March 31, 2024
EXHIBIT A
RESOLUTION NO. 2024-16
RESOLUTION NO. 2024-16
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF STANTON, CALIFORNIA,
REGARDING EMPLOYEE BENEFITS AND SALARY RATES FOR ALL CLASSES OF
EMPLOYMENT
WHEREAS, the City Council has historically adopted a resolution establishing the salary and benefits for all classes of employment; and
WHEREAS, Resolution No. 2023-20 included the most recent revisions to the salary and benefits for all classes of employment; and
WHEREAS, the City Council will review such resolution annually and make amendments as necessary.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF STANTON, CALIFORNIA, RESOLVES AS FOLLOWS:
SECTION 1: Superseding City Council Resolution 2023-20 and all prior resolutions, and each of them in their entirety, the following salary ranges are assigned to the listed classes of employment. Annual compensation is equal to 26 bi-weekly pay periods. For full-time and part-time classifications, a minimum of six-months of City service is required to advance to the next pay step in the salary range for all appointments at pay step A; and one year of City service is required for appointments at higher than step A. Salary Ranges are included as Exhibit A. The monthly salary schedule is included as Exhibit B.
RANGE POSITION TITLE Annual
Minimum
Annual
Maximum
1 Administrative Clerk $44,646 $56,981
1 Facilities Maintenance Worker I $44,646 $56,981
5 Senior Administrative Clerk $49,281 $62,897
8 Facilities Maintenance Worker II $53,070 $67,733
10 Departmental Assistant $55,757 $71,162
10 Marketing Assistant $55,757 $71,162
10 Parking Control/Code Enforcement
Specialist
$55,757 $71,162
10 Permit Technician $55,757 $71,162
11 Accounting Technician $57,151 $72,941
12 Business License Specialist $58,580 $74,764
12 Planning Technician $58,580 $74,764
13 Senior Facilities Maintenance Worker $60,044 $76,633 16 Administrative Services Coordinator $64,661 $82,526
16 Community Services Coordinator $64,661 $82,526
16 Outreach Coordinator $64,661 $82,526
18 Building Inspector $67,934 $86,704
ATTACHMENT: D
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RESOLUTION NO. 2024-16
18 Engineering Assistant $67,934 $86,704
19 Administrative Services Supervisor $69,633 $88,871
19 Code Enforcement Officer $69,633 $88,871
19 Senior Accounting Technician $69,633 $88,871
20 Management Analyst $71,374 $91,093
21 Assistant Planner $73,158 $93,370
21 Economic Development Specialist $73,158 $93,370
21 Housing Specialist $73,158 $93,370
22 Accountant $74,987 $95,704
22 Public Works Inspector $74,987 $95,704
25 Information Technology Specialist $80,753 $103,063
26 Associate Planner $82,772 $105,640
26 Code Enforcement/Parking Control
Supervisor
$82,772 $105,640
26 Community Services Supervisor $82,772 $105,640
26 Facilities Maintenance Supervisor $82,772 $105,640
26 Housing Associate $82,772 $105,640
26 Human Resources/Risk Management
Analyst
$82,772 $105,640
29 Associate Engineer $89,136 $113,763
31 Senior Public Works Inspector $93,649 $119,522
33 Civil Engineer $98,390 $125,573
33 Senior Planner $98,390 $125,573
35 Accounting Manager $103,370 $131,930
35 Administrative Services Manager $103,370 $131,930
35 Assistant to the City Manager $103,370 $131,930
35 Building Official $103,370 $131,930
35 Code Enforcement/Parking Control
Manager
$103,370 $131,930
35 Community Services Manager $103,370 $131,930
35 Public Works Manager $103,370 $131,930
36 City Clerk $105,955 $135,228
36 Human Resources Manager $105,955 $135,228
36 Planning Manager $105,955 $135,228
43 Assistant City Engineer $125,947 $160,743
43 Assistant Community and Economic
Development Director
$125,947 $160,743
51 Administrative Services Director $153,454 $195,850
51 Community/Economic Development
Director
$153,454 $195,850
51 Community Services Director $153,454 $195,850
51 Finance Director $153,454 $195,850
51 Public Works Director/City Engineer $153,454 $195,850 51 Public Safety Services Director $153,454 $195,850
ATTACHMENT D
Page
RESOLUTION NO. 2024-16
53 Assistant City Manager $161,223 $205,765
City Manager* $243,800
*Pending a satisfactory performance
evaluation, the annual salary for the City
Manager will be $258,428 ($21,536/mo.)
effective 7/1/2024.
Part-Time Positions
Range Position Title Hourly
Minimum
Hourly
Maximum
1A Intern $17.35 $22.13
1A Recreation Leader $17.35 $22.13
1A Park Ranger $17.35 $22.13
1B Senior Recreation Leader $20.85 $26.61
1 Administrative Clerk Hourly $21.46 $27.39
2 Code Enforcement Technician $22.00 $28.08
10 Parking Control/Code Enforcement
Specialist Hourly
$26.81 $34.21
16 Community Services Coordinator Hourly $31.09 $39.68
16 Outreach Coordinator $31.09 $39.68
26 Human Resources/Risk Management
Analyst
$39.79 $50.79
SECTION 2: The following table designates the full-time position titles as non-exempt or exempt under the Fair Labor Standards Act (“FLSA”). All hourly part-time positions listed in Section 1 of this resolution are designated as non-exempt. Position titles designated as non-exempt are compensated overtime or compensatory time for hours actually worked in excess of forty (40) hours per workweek. Position titles designated as exempt are not eligible for overtime compensation under the FLSA, and will not receive overtime compensation for hours worked in excess of forty (40) hours per workweek.
FLSA DESIGNATION
POSITION TITLE
EXEMPT/NONEXEMPT
STATUS
POSITION
CATEGORY
City Manager Exempt Executive
Assistant City Manager Exempt Executive
Public Safety Services Director Exempt Executive
Public Works Director/City Engineer Exempt Executive
Finance Director Exempt Executive
Community Services Director Exempt Executive
Community and Economic Development Director Exempt Executive Administrative Services Director Exempt Executive
Assistant Community and Economic Development
Director
Exempt Management
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Assistant City Engineer Exempt Management
Public Works Manager Exempt Management
Planning Manager Exempt Management
Human Resources Manager Exempt Management
Community Services Manager Exempt Management
City Clerk Exempt Management
Code Enforcement/Parking Control Manager Exempt Management Building Official Exempt Management
Assistant to the City Manager Exempt Management
Administrative Services Manager Exempt Management
Accounting Manager Exempt Management
Facilities Maintenance Supervisor Exempt Supervisory
Community Services Supervisor Exempt Supervisory
Code Enforcement/Parking Control Supervisor Exempt Supervisory Administrative Services Supervisor Exempt Supervisory
Civil Engineer Non-Exempt General
Senior Planner Non-Exempt General
Senior Public Works Inspector Non-Exempt General
Human Resources/Risk Management Analyst Non-Exempt General Housing Associate Non-Exempt General
Associate Planner Non-Exempt General
Associate Engineer Non-Exempt General
Public Works Inspector Non-Exempt General
Accountant Non-Exempt General
Assistant Planner Non-Exempt General
Housing Specialist Non-Exempt General
Information Technology Specialist Non-Exempt General
Economic Development Specialist Non-Exempt General
Management Analyst Non-Exempt General
Code Enforcement Officer Non-Exempt General
Senior Accounting Technician Non-Exempt General
Engineering Assistant Non-Exempt General
Building Inspector Non-Exempt General
Outreach Coordinator Non-Exempt General
Community Services Coordinator Non-Exempt General
Administrative Services Coordinator Non-Exempt General
Senior Facilities Maintenance Worker Non-Exempt General Business License Specialist Non-Exempt General
Planning Technician Non-Exempt General
Accounting Technician Non-Exempt General
Permit Technician Non-Exempt General
Parking Control/Code Enforcement Specialist Non-Exempt General Marketing Assistant Non-Exempt General
Departmental Assistant Non-Exempt General
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Facilities Maintenance Worker II Non-Exempt General
Senior Administrative Clerk Non-Exempt General
Facilities Maintenance Worker I Non-Exempt General
Administrative Clerk Non-Exempt General
SECTION 3: The City of Stanton will provide the following benefits:
I. RETIREMENT:
1. The City is a member of the California Public Employees Retirement System (CalPERS), pursuant to the California Public Employees Retirement Law (Cal.
Gov. Code § 30000 et seq.) (PERL), as amended by the Public Employees’ Pension Reform Act of 2013 (PEPRA) (Assembly Bill (AB) 340, Chapter 296, Statutes of 2012, and AB 197, Chapter 297, Statutes of 2012). The City shall provide a tax-qualified governmental defined benefit plan for all full-time miscellaneous class of employees through CalPERS, in accordance with the following provisions:
a. Employees who are CalPERS members are subject to provisions of PERL, as amended by PEPRA. PEPRA imposes requirements and limitations on public employment retirement benefits for public employees, including establishment of a category of employees defined in PEPRA as “new members”. Employees who were hired prior to January 1, 2013, or who otherwise do not fall within the definition of a “new member” under PEPRA, are referred to in this Resolution as a “classic member” under PEPRA. b. Employees hired on or before August 27, 2011, are described as “classic members” (Tier 1). Classic members’ (Tier 1) retirement benefits are based on the two percent at fifty-five (2% at 55) formula. The City shall pay the seven percent (7%) member contribution of their pensionable income to CalPERS as part of the required member retirement contribution. c. Employees hired on or after August 28, 2011, are also described as “classic members” (2nd Tier). Classic members’ (2nd Tier) retirement benefits are based on the two percent at sixty (2% at 60) formula. Tier 2 employees shall pay seven percent (7%) of their pensionable income to CalPERS as part of the required member retirement contribution.
d. Employees hired after January 1, 2013, and who are new to CalPERS, or have had more than a six (6) month break in CalPERS service, are subject to all laws, statutes, rules, and regulations of the Public Employees’ Pension Reform Act of 2013 (PEPRA or 3rd Tier). The new member retirement benefit formula is two percent at sixty-two (2% at 62). All new members shall pay at least fifty percent (50%) of the normal cost of the retirement contribution rate, or the current contribution rate of similarly situated employees, whichever is higher, to CalPERS as part of the required member retirement contribution.
e. All full-time and part-time employees who are CalPERS members will be covered by the 1959 Survivor Benefit. A $.93 bi-weekly deduction is
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required. This benefit consists of a monthly allowance, which may be paid to the employee’s surviving spouse and children and is paid along with other death benefits and is payable whether or not the employee was eligible to retire at the time of death.
2. The City shall provide a retirement plan for all hourly part-time employees. Parttime employees are covered by the Public Agency Retirement Services Alternate Retirement System (PARS ARS). Employees contribute 7.5% salary contribution towards this program on a pre-tax basis. Upon separation from the City, hourly employees will receive one hundred percent (100%) of their contributions, plus any accrued interest.
II. INSURANCES:
1. The City shall pay the minimum required monthly contribution for medical insurance for active employees as required by the Public Employees’ Medical and Hospital Care Act (PEMHCA). To the extent required by the law, the City shall also contribute this amount for retirees.
2. The City shall pay the current Kaiser (OC) medical insurance premium for all eligible employees and two-thirds (2/3) of the additional Kaiser (OC) premium for eligible dependents. The individual employee shall pay the difference in the premium of the plan they choose, to be deducted from their salary. If a less expensive plan is selected by the employee, the employee shall receive the unused portion of the City’s contribution as a cash payment not to exceed one hundred dollars ($100.00) per month.
3. The City shall provide a medical insurance rebate program for full-time employees who are eligible for the City medical insurance program pursuant to Section II.2 above, and who are currently enrolled under a medical insurance program through a spouse or other source. Any employee for whom the City has approved waiver, the City shall compensate the employee in the amount of three hundred and fifty dollars ($350.00) per month with the exception of Department Heads. The City shall compensate the employees occupying these positions as follows:
Position Amount
Administrative Services Director $500
Assistant City Manager $500
City Manager $500
Community & Economic Development Director $500
Community Services Director $500
Finance Director $500
Public Works Director/City Engineer $500
Public Safety Services Director $500
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4. The City shall contribute up to a maximum of twenty-three dollars and eight cents ($23.08) per pay period for each part-time employee, who has been employed by the City for at least one year, to be used at the employee’s discretion for designated dental and/or vision benefits. Such City contributions shall only be used for designated dental and/or vision benefits as determined by the City or a cash payment.
5. The City shall provide dental insurance for all eligible employees and their eligible dependents. This is provided by a carrier of the City’s choosing. The City shall pay the current Delta Dental (PPO) premium amount for eligible employees and twothirds (2/3) of the additional Delta Dental (PPO) premium for eligible dependents.
6. The City shall provide vision insurance for all eligible employees and their eligible dependents. This is provided by a carrier of the City’s choosing. The City shall pay the current vision insurance premium for eligible employees and two-thirds (2/3) of the premium for eligible dependents.
7. The City shall provide term life insurance to full-time employees as follows:
a. The City will provide full-time employees with life insurance equal to a maximum of fifty thousand dollars ($50,000) per employee. b. The City will provide the City Manager with life insurance equal to a maximum of one hundred and fifty thousand dollars ($150,000).
8. The City shall provide short-term disability insurance for regular full-time employees up to sixty-seven percent (67%) of the employee’s weekly pre-disability earnings. However, the benefit shall not be more than two thousand dollars ($2,000.00) per week. Payment for any accident or sickness eligible under the short-term disability policy shall commence on the thirty-first (31st) day after the accident occurs or sickness commences and shall continue for no more than sixty (60) days.
9. The City shall provide long-term disability insurance for regular full-time employees up to sixty percent (60%) of the employee’s monthly pre-disability earnings.
However, the benefit shall not be more than five thousand dollars ($5,000) per month. If a disability qualifies under the long-term disability policy, benefits shall commence ninety (90) days after the accident occurs or sickness commences. An employee may not receive short-term disability insurance benefits and long-term disability insurance benefits at the same time.
10. In accordance with the California Labor Code, the City pays the rates for unemployment insurance for City employees as determined by the Employment Development Department.
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11. Under the Workers’ Compensation Insurance Law of California, any employee injured on the job in the course of employment is entitled to disability compensation and medical care.
III. VACATION:
1. Employees occupying full-time positions shall accrue vacation according to the following schedule:
Months of Service Monthly Accrual Annual Accrual
1-60 8 96
61-120 12 144
121+ 16 192
2. Employees occupying part-time positions, who have completed one year of employment with the City, shall accrue vacation time expressed in working hours in accordance with the following:
Months of Service Monthly Accrual Annual Accrual
13-60 4 48
61-120 6 72
121+ 8 96
3. Department Heads and the City Manager are not eligible to accrue vacation.
4. Vacation will be credited bi-weekly on a prorated basis proportionate to a full working month. Upon separation from the City, employees shall be compensated at their then rate of pay for their accrued vacation to a maximum of 360 hours. The maximum number of vacation hours an employee can accrue at any time is 360 hours. An employee who has reached 360 accrued vacation hours will stop accruing hours and will resume accruing vacation hours only when the number of accrued vacation hours falls below the maximum 360 hours. Probationary employees shall begin accrual of vacation leave effective on their first day of employment. New employees shall not be eligible to take vacation leave until completion of six (6) months of continuous service. Probationary employees may request exceptions to this policy, which may or may not be granted by the City Manager, in his/her discretion. Upon termination or resignation, the accrual of vacation for full-time employees will be pro-rated based on the number of hours worked during the final pay period. Upon termination or resignation, the accrual of vacation for eligible part-time employees will be pro-rated based on the number of weeks employed during the pay period.
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IV. HOLIDAYS:
1. For pay purposes, the following holidays are recognized as municipal holidays for employees. Said employees shall receive these holidays off with pay:
New Year’s Day (January 1)
Martin Luther King’s Birthday (third Monday in January) President’s Day (3rd Monday in February)
Memorial Day (last Monday in May)
Independence Day (July 4)
Labor Day (1st Monday in September)
Veteran’s Day (November 11)
Thanksgiving Day (every 4th Thursday of November)
Christmas Eve (December 24)
Christmas Day (December 25)
New Year’s Eve Day (December 31)
*One (1) Floating Holiday (discretion of employee)
*Two (2) Floating holidays between December 26 December 30 *Floating Holiday must be taken during each fiscal year (July 1 through June 30).
Floating holidays must be approved in advance by the Department Head.
2. Timesheet Entry: When a floating holiday is accrued and used, or when a holiday is observed by the City, employees shall record on their timesheets the hours that correspond with their regular workday shift within their established workweek schedule (i.e., employees on the four ten-hour day workweek (4/10) will record 10 hours for a holiday; employees on the five eight-hour workweek (5/8) will record 8 hours for a holiday; and employees on the nine eight-hour day workweek (9/80) will record 9 hours or 8 hours for a holiday as applicable.) a. In the event any of the above holidays fall on Sunday, the holiday will be observed on the following Monday.
b. If any of the above holidays falls on a Friday or Saturday, employees who work a Monday – Thursday (4/10) schedule, will accrue one day of floating holiday in their bank. Floating holiday hours will accrue in the same pay period as the actual holiday.
c. Employees who work on an alternate work schedule will accrue one (1) day of floating holiday leave if any holiday falls on the employees’ regularly scheduled day off. Floating holiday hours will accrue in the same pay period as the actual holiday.
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3. Part-time employees, who have completed one year of employment with the City, shall receive five (5) hours of holiday pay for each holiday and floating holiday.
Holiday pay shall be computed at the employee’s basic hourly rate. Floating holiday hours will accrue in the same pay period as the actual holiday.
4. Employees must use accrued floating holiday hours by June 30 of each fiscal year, or the hours will be forfeited.
5. Each regular full-time and eligible part-time employee shall be eligible for one (1) floating holiday, Section IV.1, of his or her choice to be scheduled with the approval of his/her Department Head. Floating holidays not used will be forfeited.
Employees will be credited with this one (1) day of floating holiday at the beginning of each fiscal year. The number of hours will correspond with their regular workday shift within their established workweek schedule as outlined in Timesheet Entry, IV.2. Floating holiday hours not used by June 30 will be forfeited.
6. City services will be closed each year from December 26 through December 30 for Winter Holiday Closure. The City will provide full-time employees and eligible part-time employees with additional floating holiday pay for two (2) days between December 26 and December 30 that are the employee’s normal working days per Resolution No. 2014-41. Employees shall record on their timesheets the hours that correspond with their regular workday shift within their established workweek schedule as outlined in Timesheet Entry, Section IV.2. Some City facilities, programs, and services may be required to remain open during this period as deemed necessary by the Department Head or City Manager.
V. LEAVES OF ABSENCE
1. Full-time employee sick leave with pay shall accrue at the rate of eight (8) hours for each calendar month for a total of 96 hours per fiscal year. Part-time employees shall accrue four (4) hours for each calendar month for a total of 48 hours per fiscal year. No employee may accumulate more than two hundred fifty (250) hours of sick leave. Upon separation, termination or retirement, there is no payout of unused sick leave for both full-time and part-time employees.
2. An employee shall be eligible for paid bereavement leave to receive necessary time off, not to exceed one (1) day in any one (1) instance, to arrange for or attend a funeral of a member of his/her immediate family. Immediate family shall mean father, father-in-law, mother, mother-in-law, stepparent, brother, brother-in-law, sister, sister-in-law, spouse, domestic partner, child, grandparent, grandchild, legal guardian, or legal ward. The first day of bereavement leave, in any one instance, shall be with pay and shall not be chargeable to any other leave balance. Upon request to and written approval by the City Manager, an employee may in certain circumstances be eligible to receive additional necessary time off, not to exceed a maximum of five (5) days in any one (1) instance. The four (4) additional days of
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bereavement leave, if approved, shall be with pay and chargeable to the employee’s sick leave balance.
3. Voting Leave shall be provided in accordance with the California election Code, Sections 14000 and 14001, if a registered voter employee does not have sufficient time outside regular working hours within which to vote at statewide elections, he/she may take off such working time as will enable him/her to vote. A maximum of two (2) hours may be taken with pay.
4. Employees called to serve jury duty will be granted a leave of absence for a total of up to eight (8) days in any one calendar year provided any and all consideration, except travel reimbursement, received for such services is relinquished to the City.
Fees for Jury duty performed during hours other than regularly scheduled working hours may be retained by the employee. Under special circumstances the City Manager, or designated representative(s), may authorize additional time if said time will not interfere or become a burden to City activities.
5. An employee who is called to answer a subpoena as a witness in any matter relating to City business during the employee’s work hours shall be compensated at his/her regular rate of pay for all hours of absence from work due to answering the subpoena, provided the employee shows proof of such subpoena and deposits witness fees received for such hours, exclusive of mileage, with the City. Fees for answering a subpoena as a witness during hours other than regularly scheduled working hours may be retained by the employee.
6. Military leave shall be provided as set forth in the applicable California and federal law. An employee entitled to military leave shall give his/her Department Head an opportunity within the limits of military regulations to determine when such leave shall be taken. Prior to taking military leave, an employee, when possible, shall present a copy of his/her military orders to his/her Department Head. The Department Head shall advise the Personnel Officer of such military orders immediately.
7. Reproductive loss leave shall be provided as set forth in the applicable California and federal law. Employees are eligible for reproductive loss leave if they have been employees for at least thirty (30) days prior to the leave’s start date and suffer a qualifying event. Eligible employees may take up to five (5) days when they suffer a reproductive loss event, which is the day, or the final day for a multiple day event, of one of the following:
a. Failed Adoption. The dissolution or breach of an adoption agreement with the birth mother or legal guardian, or an adoption that is not finalized because it is contested by another party.
b. Failed Surrogacy. The dissolution or breach of a surrogacy agreement, or a failed embryo transfer to the surrogate.
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c. Miscarriage. May be a miscarriage by the employee, by the employee’s current spouse or domestic partner, or by another individual, if the employee would have been a parent as a result of the pregnancy.
d. Stillbirth. May be a stillbirth resulting from an employee’s pregnancy, the pregnancy of an employee’s current spouse or domestic partner, or another individual if the employee would have been a parent as a result of the pregnancy.
e. Unusccessful Assisted Reproduction. An unsuccessful round of intrauterine insemination or of an assisted reproductive technology procedure. This event applies to the employee, the employee’s current spouse or domestic partner, or another individual, if the employee would have been a parent as a result of the pregnancy.
Reproductive loss leave is unpaid, but employees can use existing sick leave, vacation, floating holiday or compensatory time off that is otherwise available to the employee.
8. A regular, part-time, or probationary employee shall be entitled to necessary time off with pay to participate in fitness tests, examinations and interviews required by the Personnel Officer during working hours for the purpose of determining eligibility for movement to another class or transfer from one position to another.
9. The Administrative Service Leave Program is designed for employees whose positions are characterized by: (1) a work time requirement which exceeds a normal workweek (2) mental application to work related matters during off duty hours (3) a continuing on-call status to address critical problems or issues (4) the inability of the incumbent to delegate all his/her work during vacations or other time off.
a. Administrative leave shall be provided on an annual basis to the following staff occupying these positions:
Position Hours
City Clerk 64
Code Enforcement/Parking Control Supervisor 40
Planning Manager 40
Human Resources Manager 40
Community Services Manager 40
Code Enforcement/Parking Control Manager 40
Administrative Services Manager 40
Accounting Manager 40
Public Works Manager 40
Building Official 40
Community Services Supervisor 40
Facilities Maintenance Supervisor 40
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Assistant City Engineer 40
Assistant to the City Manager 40
Administrative Services Supervisor 40
Assistant Community and Economic
Development Director
40 b. Administrative leave shall be credited at the beginning of the fiscal year.
The City Manager shall have the discretion to increase the maximum amount of Administrative Service Leave, up to a maximum amount of sixtyfour (64) hours to the employees listed above. All Administrative Service Leave should be used within the fiscal year in which it is granted. Any Administrative Service Leave remaining at the end of the fiscal year will carry over to the following year, but will decrease the amount of Administrative Service Leave that is credited for the following fiscal year. c. Employees eligible for overtime pay may not participate in the Administrative Service Leave program.
10. Comprehensive Leave, in lieu of sick, vacation, administrative, or other paid leave, shall be provided on an annual basis to the following staff occupying these positions:
Position Hours
Administrative Services Director 300
Assistant City Manager 300
City Manager 400
Community & Economic Development Director 300
Community Services Director 300
Finance Director 300
Public Works Director/City Engineer 300
Public Safety Services Director 300
a. Every June 30th during the term of the employment agreement, Employee shall be paid at his/her then current rate of pay for all accumulated leave up to the maximum per his/her employment agreement. On July 1st of each year during the term of the employment agreement, the total amount of comprehensive leave available to the employee shall be replenished to reach the maximum comprehensive leave accumulation limit provided above.
11. In compliance with the California Moore-Roberti Family Rights Act of 1991 (CFRA) and the Federal Family and Medical Leave Act of 1993 (FMLA), the City will provide up to 12 weeks in any rolling 12-month period, unpaid, job-protected medical leave to eligible employees, certain family members or “designated
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person” as defined by Government Code Section 12945.2, and in accordance with the City’s Personnel Rules Handbook.
12. A female employee disabled by pregnancy, childbirth or related medical conditions may take up to four (4) months of unpaid pregnancy disability leave per pregnancy, in addition to any family care or medical leave to which the employee may be entitled, in accordance with the City’s Personnel Rules Handbook.
13. The City may, at the discretion of the City Manager, grant an employee a leave of absence without pay for a period not to exceed six (6) months when an employee has exhausted all of his/her paid leaves. After the initial six (6) months, the Personnel Officer, in his/her discretion, may extend the leave for up to an additional three (3) months. However, unless otherwise required by law, in no circumstances shall the unpaid leave last longer than one (1) year. Leave without pay and without benefits is intended for unusual circumstances and approval will be evaluated based on the impact to departmental functions and work force levels.
VI. OVERTIME:
1. Employees designated as exempt are exempt from receiving overtime compensation.
2. Employees classified as non-exempt shall be paid at the rate of one and one-half (1½) times their regular rate of pay for all hours actually worked in excess of forty (40) hours during the normal workweek. Overtime is paid in increments of 30 minutes. Time worked shall be rounded off as one (1) hour for 45 minutes and onehalf (1/2) hour for 15 minutes. Overtime shall not accrue until the affected employee has worked at least forty (40) hours during a workweek. No overtime will accrue during any scheduled closure of City Hall if the affected employee is scheduled to work during such period except where the employee works more than forty (40) hours during a workweek.
VII. MISCELLANEOUS BENEFITS:
1. Automobile allowance shall be provided on a monthly basis to the following staff occupying these positions:
Position Amount
Administrative Services Director $300
Assistant City Manager $300
City Manager $400
Community and Economic Development Director $300
Community Services Director $300
Finance Director $300
Public Works Director/City Engineer $300
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Public Safety Services Director $300
2. All regular and probationary full-time and part-time employees, who use one (1) or more alternative transportation methods (including carpool, vanpool, public transportation, bicycle, or walking) to get to and from work at least four (4) days for a calendar month, are eligible to receive an incentive of five dollars ($5.00) per day. Department Heads elected and appointed officials, temporary and contractual employees, volunteers, and any person who receives an automobile or transportation stipend from the City are excluded from participation in this program.
3. Cell phone allowance shall be provided on a monthly basis to the following staff occupying these positions:
Position Amount
Administrative Services Director $100
Assistant City Manager $100
City Manager $100
Community & Economic Development Director $100
Community Services Director $100
Finance Director $100
Public Works Director/City Engineer $100
Public Safety Services Director $100
4. The City shall provide employees who are required to utilize a cellular phone for business related purposes and do not receive a cell phone allowance with a City paid cellular telephone as deemed appropriate by the City Manager. The policy is to use this City issued phone for City business only.
5. Employees occupying the following positions who do not have City-issued cellular phones and require use of personal cellular phones in the conduct of City business are eligible to receive a monthly cellular phone stipend:
a. Code Enforcement/Parking Control Manager
b. Code Enforcement Officer
c. Code Enforcement/Parking Control Specialist
Eligible full time employees shall receive an additional thirty dollars ($30) per month and part-time employees shall receive an additional fifteen dollars ($15) per month.
6. Employees who have reached three hundred fifty (350) hours of vacation accumulation may sell back vacation time to the City on the basis of two vacation hours for each vacation hour taken off by the employee during that fiscal year (July 1st through June 30th), up to a sell-back limit of eighty (80) hours. The sell back of vacation time shall be limited to one time during the fiscal year.
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7. The City shall provide full-time employees a flexible spending account program for eligible health care and dependent care expenses.
8. The City shall offer employees additional voluntary health, dental, life insurance coverage plan options.
9. The City shall offer employees a Deferred Compensation Program. Participation is voluntary and the City does not match or contribute to employees’ plan.
10. The City shall provide an Employee Assistance Program available to employees and their dependent family members.
11. The City shall provide a Sick Leave Incentive for the Prudent Use of Sick Leave. a. Regular full-time Regular full-time employees, who have used thirty (30) hours or less of sick leave during the prior fiscal year, shall be credited with twenty (20) vacation hours at the start of the new fiscal year. b. Regular full-time employees, who have used more than thirty (30) hours but not more than sixty (60) hours of sick leave during the prior fiscal year, shall be credited with ten (10) vacation hours at the start of the new fiscal year. c. Part-time employees, who have completed one year of employment with the City, and who have used fifteen (15) hours or less of sick leave during the prior fiscal year, shall be credited with ten (10) vacation hours at the start of the new fiscal year.
d. Part-time employees, who have completed one year of employment with the City, and who have used more than fifteen (15) hours but not more than thirty (30) hours of sick leave during the prior fiscal year, shall be credited with five (5) vacation hours at the start of the new fiscal year.
12. Regular employees and part-time employees who have been employed for one (1) year are eligible for educational expense reimbursement. Education reimbursement shall be limited to one thousand two hundred and fifty dollars ($1,250.00) per fiscal year per regular employee. Part-time employees are entitled to up to six hundred and twenty-five dollars ($625.00) per fiscal year per employee.
Education reimbursement may include books and tuition and shall not be made until such time as proper documentation is received by the Personnel Officer.
Reimbursement shall not be made is proper documentation is not submitted within sixty (60) days of completion of the course. Employees who terminate their employment prior to the completion of the authorized course work or prior to the receipt of a payment under this program will not be eligible for any reimbursement for such course work under this program. Employees who terminate employment within one year of the completion of the course will reimburse the City the funds used upon separation.
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13. The City shall provide bilingual pay to employees assigned to regularly and frequently speak and/or translate a second language in the amount of forty-six dollars and sixteen cents ($46.16) for full-time employees and twenty-three dollars and eight cents ($23.08) for part-time employees, per pay period for each pay period such assignment continues.
14. The City shall provide an employee computer purchase program. Employees can avail of the opportunity to purchase a personal computer with an interest-free twoyear loan. Full-time employees, who have completed the one-year probationary period or part-time employees who have been employed with the City for over one year, are eligible to participate in this program.
15. The City will provide uniforms (pants and work shirts) for any employee who is required to wear a uniform as a condition of his/her employment.
16. The City shall provide a maximum of three hundred dollars ($300) per year for the reimbursement of safety shoes for any employee who is required to wear safety shoes as a condition of his/her employment.
17. For those not provided with an auto allowance, the City will reimburse an employee the current Internal Revenue Service mileage rate in effect per mile driven for authorized use of an employee’s private vehicle on City business. Employees that receive an auto allowance are not eligible for mileage reimbursement and must have a private vehicle available for use on City business.
18. Each employee assigned to on-call duty shall receive two (2) hours pay at thirtyfive dollars ($38.50) per hours for each week such duty is performed. On call duty is defined as that period of time other than regularly scheduled work time during which an employee is subject to call-out to provide services which are the responsibility of the department in which he/she is employed.
19. If an employee, who is not in the Administrative Service, is called back after 10:00 p.m. because of a request made, and the employee has completed his/her normal work shift and left the workstation, he/she is entitled to two (2) hours minimum of call-back pay. If an employee is called back between the end of their shift (4:30 p.m. for City Yard and 6:00 p.m. for Civic Center) and 10:00 p.m., the employee will receive one (1) hour minimum of call-back pay. If an employee is called back on his/her normal day off, he/she is entitled to two (2) hours minimum of call back pay. All payments for call-back pay shall be paid at the regular rate of pay unless such additional hours are in excess of forty (40) for the employee’s workweek wherein he/she will receive payment at one and one-half (1½) times the regular rate of pay.
20. The City shall continue to provide vacation in lieu (grandfathered benefit) pay in the amount of $520 per year to eligible employees as authorized prior to 1989.
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SECTION 5: The City expressly reserves the right, in its sole discretion, at any time and from time to time, but upon a non-discriminatory basis, to amend or rescind any provision of this Resolution or any benefits or salary provisions, or to terminate any benefits or salary provisions. Such changes may apply to current and/or future employees, retirees, or their family members. All benefits in this Resolution shall be reviewed annually in their entirety.
SECTION 6: This Resolution shall become effective immediately upon its passage.
SECTION 7: The City Clerk shall certify to the adoption of this Resolution.
ADOPTED, SIGNED AND APPROVED this 11th day of June, 2024.
DAVID J. SHAWVER, MAYOR
APPROVED AS TO FORM:
HONGDAO NGUYEN, CITY ATTORNEY
ATTEST:
I, Patricia A. Vazquez, City Clerk of the City of Stanton, California DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 2024-16 has been duly signed by the Mayor and attested by the City Clerk, all at a regular meeting of the Stanton City Council, held on June 11, 2024, and that the same was adopted, signed, and approved by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
PATRICIA A. VAZQUEZ, CITY CLERK
ATTACHMENT D
Page
EXHIBIT “A”
Salary
Grade Hourly A Hourly B Hourly C Hourly D Hourly E Hourly F Monthly A Monthly B Monthly C Monthly D Monthly E Monthly F 1A $17.35020 $18.21771 $19.12860 $20.08500 $21.08928 $22.14378 $3,007.37 $3,157.74 $3,315.62 $3,481.40 $3,655.47 $3,838.26 1B $20.85130 $21.89381 $22.98848 $24.13798 $25.34479 $26.61210 $3,614.23 $3,794.93 $3,984.67 $4,183.92 $4,393.10 $4,612.76 1 $21.46457 $22.53775 $23.66461 $24.84792 $26.09022 $27.39481 $3,720.53 $3,906.54 $4,101.87 $4,306.97 $4,522.31 $4,748.43 2 $22.00116 $23.10123 $24.25621 $25.46907 $26.74257 $28.07968 $3,813.53 $4,004.21 $4,204.41 $4,414.64 $4,635.38 $4,867.15 3 $22.55120 $23.67872 $24.86270 $26.10577 $27.41113 $28.78164 $3,908.87 $4,104.31 $4,309.53 $4,525.00 $4,751.26 $4,988.82 4 $23.11490 $24.27066 $25.48418 $26.75845 $28.09633 $29.50114 $4,006.58 $4,206.91 $4,417.26 $4,638.13 $4,870.03 $5,113.53 5 $23.69284 $24.87747 $26.12131 $27.42744 $28.79873 $30.23871 $4,106.76 $4,312.10 $4,527.69 $4,754.09 $4,991.78 $5,241.38 6 $24.28510 $25.49939 $26.77432 $28.11309 $29.51878 $30.99469 $4,209.42 $4,419.89 $4,640.88 $4,872.94 $5,116.59 $5,372.41 7 $24.89225 $26.13686 $27.44376 $28.81593 $30.25668 $31.76953 $4,314.66 $4,530.39 $4,756.92 $4,994.76 $5,244.49 $5,506.72 8 $25.51461 $26.79031 $28.12985 $29.53631 $31.01310 $32.56377 $4,422.53 $4,643.65 $4,875.84 $5,119.63 $5,375.60 $5,644.39 9 $26.15240 $27.46008 $28.83302 $30.27476 $31.78849 $33.37786 $4,533.08 $4,759.75 $4,997.72 $5,247.63 $5,510.01 $5,785.50 10 $26.80630 $28.14660 $29.55395 $31.03163 $32.58317 $34.21234 $4,646.42 $4,878.74 $5,122.68 $5,378.82 $5,647.75 $5,930.14 11 $27.47639 $28.85022 $30.29273 $31.80735 $33.39770 $35.06766 $4,762.58 $5,000.70 $5,250.74 $5,513.27 $5,788.93 $6,078.39 12 $28.16336 $29.57148 $31.05004 $32.60258 $34.23274 $35.94437 $4,881.65 $5,125.72 $5,382.01 $5,651.11 $5,933.67 $6,230.36 13 $28.86742 $30.31081 $31.82631 $33.41766 $35.08850 $36.84290 $5,003.69 $5,253.87 $5,516.56 $5,792.39 $6,082.01 $6,386.10 14 $29.58912 $31.06856 $32.62198 $34.25302 $35.96576 $37.76404 $5,128.78 $5,385.22 $5,654.48 $5,937.19 $6,234.06 $6,545.77 15 $30.32878 $31.84527 $33.43750 $35.10944 $36.86484 $38.70811 $5,256.99 $5,519.85 $5,795.83 $6,085.64 $6,389.91 $6,709.41 16 $31.08708 $32.64139 $34.27342 $35.98714 $37.78653 $39.67578 $5,388.43 $5,657.84 $5,940.73 $6,237.77 $6,549.67 $6,877.13 17 $31.86423 $33.45746 $35.13028 $36.88678 $38.73116 $40.66770 $5,523.13 $5,799.29 $6,089.25 $6,393.71 $6,713.40 $7,049.07 18 $32.66079 $34.29381 $36.00853 $37.80902 $39.69937 $41.68442 $5,661.20 $5,944.26 $6,241.48 $6,553.56 $6,881.22 $7,225.30 19 $33.47730 $35.15123 $36.90872 $38.75420 $40.69195 $42.72651 $5,802.73 $6,092.88 $6,397.51 $6,717.39 $7,053.27 $7,405.93 20 $34.31432 $36.03003 $37.83152 $39.72308 $41.70923 $43.79472 $5,947.82 $6,245.21 $6,557.46 $6,885.33 $7,229.60 $7,591.08 21 $35.17218 $36.93077 $38.77724 $40.71610 $42.75197 $44.88950 $6,096.51 $6,401.33 $6,721.39 $7,057.46 $7,410.34 $7,780.85 22 $36.05142 $37.85401 $39.74667 $41.73404 $43.82074 $46.01174 $6,248.91 $6,561.36 $6,889.42 $7,233.90 $7,595.59 $7,975.37 23 $36.95271 $38.80039 $40.74035 $42.77733 $44.91629 $47.16208 $6,405.14 $6,725.40 $7,061.66 $7,414.74 $7,785.49 $8,174.76 24 $37.87650 $39.77037 $41.75884 $43.84687 $46.03919 $48.34110 $6,565.26 $6,893.53 $7,238.20 $7,600.12 $7,980.13 $8,379.12 25 $38.82344 $40.76461 $42.80280 $44.94297 $47.19009 $49.54966 $6,729.40 $7,065.87 $7,419.15 $7,790.12 $8,179.62 $8,588.61 26 $39.79408 $41.78376 $43.87289 $46.06653 $48.36987 $50.78843 $6,897.64 $7,242.52 $7,604.63 $7,984.87 $8,384.11 $8,803.33 27 $40.78886 $42.82838 $44.96976 $47.21820 $49.57909 $52.05807 $7,070.07 $7,423.59 $7,794.76 $8,184.49 $8,593.71 $9,023.40 28 $41.80856 $43.89901 $46.09398 $48.39865 $50.81864 $53.35957 $7,246.82 $7,609.16 $7,989.62 $8,389.10 $8,808.56 $9,248.99 29 $42.85384 $44.99655 $47.24631 $49.60864 $52.08905 $54.69359 $7,428.00 $7,799.40 $8,189.36 $8,598.83 $9,028.77 $9,480.22 30 $43.92514 $46.12143 $48.42753 $50.84884 $53.39132 $56.06091 $7,613.69 $7,994.38 $8,394.11 $8,813.80 $9,254.50 $9,717.22 EXHIBIT “A”
Salary Hourly A Hourly B Hourly C Hourly D Hourly E Hourly F Monthly A Monthly B Monthly C Monthly D Monthly E Monthly F 31 $45.02334 $47.27443 $49.63819 $52.12014 $54.72612 $57.46241 $7,804.05 $8,194.23 $8,603.95 $9,034.16 $9,485.86 $9,960.15 32 $46.14889 $48.45631 $50.87916 $53.42307 $56.09421 $58.89897 $7,999.14 $8,399.09 $8,819.05 $9,260.00 $9,723.00 $10,209.15 33 $47.30265 $49.66774 $52.15112 $54.75864 $57.49659 $60.37147 $8,199.13 $8,609.07 $9,039.53 $9,491.50 $9,966.08 $10,464.39 34 $48.48519 $50.90937 $53.45493 $56.12761 $58.93403 $61.88068 $8,404.10 $8,824.29 $9,265.52 $9,728.79 $10,215.23 $10,725.98 35 $49.69728 $52.18221 $54.79127 $57.53088 $60.40741 $63.42771 $8,614.20 $9,044.92 $9,497.15 $9,972.02 $10,470.62 $10,994.14 36 $50.93969 $53.48669 $56.16102 $58.96909 $61.91750 $65.01343 $8,829.55 $9,271.03 $9,734.58 $10,221.31 $10,732.37 $11,269.00 37 $52.21319 $54.82391 $57.56505 $60.44335 $63.46552 $66.63874 $9,050.29 $9,502.81 $9,977.94 $10,476.85 $11,000.69 $11,550.71 38 $53.51855 $56.19443 $59.00415 $61.95444 $65.05213 $68.30473 $9,276.55 $9,740.37 $10,227.39 $10,738.77 $11,275.70 $11,839.49 39 $54.85654 $57.59934 $60.47929 $63.50323 $66.67843 $70.01239 $9,508.47 $9,983.89 $10,483.08 $11,007.23 $11,557.59 $12,135.48 40 $56.22794 $59.03932 $61.99126 $65.09083 $68.34541 $71.76272 $9,746.18 $10,233.48 $10,745.15 $11,282.41 $11,846.54 $12,438.87 41 $57.63363 $60.51534 $63.54104 $66.71812 $70.05406 $73.55671 $9,989.83 $10,489.33 $11,013.78 $11,564.47 $12,142.70 $12,749.83 42 $59.07449 $62.02819 $65.12964 $68.38609 $71.80538 $75.39568 $10,239.58 $10,751.55 $11,289.14 $11,853.59 $12,446.27 $13,068.58 43 $60.55128 $63.57886 $66.75781 $70.09574 $73.60047 $77.28051 $10,495.56 $11,020.34 $11,571.35 $12,149.93 $12,757.42 $13,395.29 44 $62.06513 $65.16833 $68.42677 $71.84816 $75.44055 $79.21253 $10,757.96 $11,295.84 $11,860.64 $12,453.68 $13,076.36 $13,730.17 45 $63.61679 $66.79761 $70.13741 $73.64435 $77.32648 $81.19284 $11,026.91 $11,578.25 $12,157.15 $12,765.02 $13,403.26 $14,073.43 46 $65.20714 $68.46757 $71.89094 $75.48542 $79.25972 $83.22265 $11,302.57 $11,867.71 $12,461.10 $13,084.14 $13,738.35 $14,425.26 47 $66.83730 $70.17920 $73.68812 $77.37257 $81.24124 $85.30329 $11,585.13 $12,164.39 $12,772.61 $13,411.25 $14,081.82 $14,785.90 48 $68.50825 $71.93372 $75.53040 $79.30690 $83.27227 $87.43586 $11,874.76 $12,468.51 $13,091.94 $13,746.53 $14,433.86 $15,155.55 49 $70.22098 $73.73200 $77.41865 $81.28953 $85.35401 $89.62178 $12,171.64 $12,780.21 $13,419.23 $14,090.19 $14,794.69 $15,534.44 50 $71.97649 $75.57527 $79.35409 $83.32177 $87.48790 $91.86228 $12,475.93 $13,099.71 $13,754.71 $14,442.44 $15,164.57 $15,922.80 51 $73.77588 $77.46474 $81.33793 $85.40483 $89.67503 $94.15879 $12,787.82 $13,427.22 $14,098.57 $14,803.50 $15,543.67 $16,320.86 52 $75.62025 $79.40128 $83.37138 $87.53993 $91.91697 $96.51285 $13,107.51 $13,762.89 $14,451.04 $15,173.59 $15,932.27 $16,728.89 53 $77.51082 $81.38633 $85.45566 $89.72851 $94.21491 $98.92567 $13,435.21 $14,106.96 $14,812.31 $15,552.94 $16,330.58 $17,147.12 *Monthly Salary are approximate rates based on the hourly conversion.
Council Approved: June 11, 2024
EXHIBIT “B”
City of Stanton
Monthly Salary Schedule
Effective July 1, 2024
RANGE NO. POSITION/MONTHLY SALARY
STEP A B C D E F
17.35 18.22 19.13 20.09 21.09 22.14
3007 3158 316 3481 3655 3838
1A Intern
Park Ranger
Recreation Leader
1B 20.85 21.89 22.99 24.14 25.34 26.61
3614 3795 3985 4184 4393 4613
Senior Recreation Leader
21.46 22.54 23.66 24.85 26.09 27.39
3721 3907 4102 4307 4523 4748
1 Administrative Clerk
Facilities Maintenance Worker I
22.00 23.10 24.26 25.47 26.74 28.08
3814 4004 4204 4415 4636 4867
2 Code Enforcement Technician
23.69 24.88 26.12 27.43 28.80 30.24
4107 4312 4528 4754 4992 5241
5 Senior Administrative Clerk
25.51 26.79 28.13 29.54 31.01 32.56
4423 4644 4876 5120 5375 5376
8 Facilities Maintenance Worker II
26.81 28.15 29.55 31.03 32.58 34.21
4646 4879 5123 5379 5647 5930
10 Departmental Assistant
Marketing Assistant
Parking Control/Code Enforcement Specialist
Permit Technician
27.48 28.85 30.29 31.81 33.40 35.07
4763 5001 5251 5513 5789 6078
11 Accounting Technician
*Monthly Salary are approximate rates based on the hourly conversion.
Council Approved: June 11, 2024
RANGE NO. POSITION/MONTHLY SALARY
STEP A B C D E F
28.16 29.57 31.05 32.60 34.23 35.94
4882 5126 5382 5651 5934 6230
12 Business License Specialist
Planning Technician
28.87 30.31 31.83 33.42 35.09 36.84
5004 5254 5517 5792 6082 6386
13 Senior Facilities Maintenance Worker
31.09 32.64 34.27 35.99 37.79 39.68
5388 5658 5941 6238 6549 6877
16 Administrative Services Coordinator
Community Services Coordinator
Outreach Coordinator
32.66 34.29 36.01 37.81 39.70 41.68
5661 5944 6241 6554 6881 7225
18 Building Inspector
Engineering Assistant
33.48 35.15 36.91 38.75 40.69 42.73
5803 6093 6398 6717 7054 7406
19 Administrative Services Supervisor
Code Enforcement Officer
Senior Accounting Technician
34.31 36.03 37.83 39.72 41.71 43.79
5948 6245 6557 6885 7229 7591
20 Management Analyst
35.17 36.93 38.78 40.72 42.75 44.89
6097 6401 6721 7057 7410 7781
21 Assistant Planner
Economic Development Specialist
Housing Specialist
36.05 37.85 39.75 41.73 43.82 46.01
6249 6561 6889 7234 7596 7975
22 Accountant
Public Works Inspector
*Monthly Salary are approximate rates based on the hourly conversion.
Council Approved: June 11, 2024
RANGE NO. POSITION/MONTHLY SALARY
STEP A B C D E F
38.82 40.76 42.80 44.94 47.19 49.55
6729 7066 7419 7790 8180 8589
25 Information Technology Specialist
39.79 41.78 43.87 46.07 48.37 50.79
6898 7243 7605 7985 8384 8803
26 Associate Planner
Code Enforcement/Parking Control Supervisor
Community Services Supervisor
Facilities Maintenance Supervisor
Housing Associate
Human Resources/Risk Management Analyst
42.85 45.00 47.25 49.61 52.09 54.69
7428 7799 8189 8599 9029 9480
29 Associate Engineer
45.02 47.27 49.64 52.12 54.73 57.46
7804 8194 8604 9034 9486 9960
31 Senior Public Works Inspector
47.30 49.67 52.15 54.76 57.50 60.37
8199 8609 9040 9492 9966 10464
33 Civil Engineer
Senior Planner
49.70 52.18 54.79 57.53 60.41 63.43
8614 9045 9497 9972 10470 10994
35 Accounting Manager
Administrative Services Manager
Assistant to the City Manager
Building Official
Code Enforcement/Parking Control Manager
Community Services Manager
Public Works Manager
50.94 53.49 56.16 58.97 61.92 65.01
8830 9271 9735 10221 10732 11269
36 City Clerk
Human Resources Manager
Planning Manager
*Monthly Salary are approximate rates based on the hourly conversion.
Council Approved: June 11, 2024
RANGE NO. POSITION/MONTHLY SALARY
STEP A B C D E F
60.55 63.58 66.76 70.10 73.60 77.28
10496 11020 11571 12150 12757 13395
43 Assistant City Engineer
Assistant Community and Economic
Development Director
73.78 77.46 81.34 85.40 89.68 94.16
12787 13427 14099 14804 15544 16321
51 Administrative Services Director
Community & Economic Development Director
Community Services Director
Finance Director
Public Works Director/City Engineer
Public Safety Services Director
77.51 81.39 85.46 89.73 94.21 98.93
13435 14107 14812 15553 16330 17147
53 Assistant City Manager
The annual salary for the City Manager is currently $243,800 ($20,317/mo.) effective 7/2/2023.
Pending a satisfactory performance evaluation, the annual salary for the City Manager will be $258,428.00 ($21,536/mo.) effective 7/1/2024.
The monthly salary for City Council Members is $850, effective 3/5/2017.
Revision Effective Dates: 11/28/2012 04/25/2018 06/09/2020 07/01/2022 03/10/2015 06/12/2018 07/14/2020 07/18/2022
05/12/2015 09/11/2018 01/01/2021 07/02/2023
03/05/2017 03/18/2019 07/01/2021 07/01/2024
04/25/2017 09/24/2019 09/14/2021
06/27/2017 11/12/2019 01/01/2022
09/12/2017 01/01/2020 03/27/2022
02/27/2018 03/24/2020 05/16/2022
RESOLUTION NO. 2024-17
RESOLUTION NO. 2024-17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF STANTON, CALIFORNIA,
AMENDING THE POSITION CLASSIFICATION MANUAL
WHEREAS, Chapter 2.44.02 of the Stanton Municipal Code requires the establishment of a Position Classification Plan; and,
WHEREAS, Resolution No. 87-15 adopted that Position Classification Plan as a Position Classification Manual; and,
WHEREAS, Resolution No. 2022-31 included the most recent revisions to the Position Classification Manual; and,
WHEREAS, there is a need to change that plan by adding or deleting job classifications, and or changing certain elements of job classifications; and, WHEREAS, those changes are detailed in Exhibit “A” of this Resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STANTON, CALIFORNIA, AS FOLLOWS:
1. The changes as detailed in Exhibit “A” are incorporated into the Position Classification Manual.
2. The position descriptions included as Exhibit “B” to this Resolution are hereby adopted.
3. All parts of the Position Classification Manual not changed by Exhibits “A” and “B” shall remain effective.
ADOPTED, SIGNED AND APPROVED this 11th day of June, 2024.
DAVID J. SHAWVER, MAYOR
APPROVED AS TO FORM:
HONGDAO NGUYEN, CITY ATTORNEY
ATTACHMENT E
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RESOLUTION NO. 2024-17
ATTEST:
I, Patricia Vazquez, City Clerk of the City of Stanton, California DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 2024-17 has been duly signed by the Mayor and attested by the City Clerk, all at a regular meeting of the Stanton City Council, held on June 11, 2024, and that the same was adopted, signed and approved by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
PATRICIA VAZQUEZ, CITY CLERK
ATTACHMENT E
RESOLUTION NO. 2024-17
EXHIBIT “A”
Pursuant to Resolution 2024-17, the following position classification and/or associated salary range is added or modified in the Position Classification Manual:
POSITION – NEW CLASSIFICATIONS SALARY RANGE
Revised Job Description: Recreation Leader 1A
Range Adjustment: Senior Recreation Leader 1B
New Classification: Accounting Technician 11
Revised Job Description: Senior Accounting Technician 19 Range Adjustment: Information Technology Specialist 25
(City Council approved on 6/13/2023)
Range Adjustment: Associate Engineer 29
(City Council approved on 6/13/2023)
Range Adjustment: Human Resources Manager 36
Range Adjustment: Planning Manager 36
Range Adjustment: City Clerk 36
(City Council approved on 6/13/2023)
Range Adjustment: Administrative Services Director 51
Range Adjustment: Community & Economic Development Director 51 Range Adjustment: Community Services Director 51
Range Adjustment: Finance Director 51
Range Adjustment: Public Works Director/City Engineer 51 Range Adjustment: Public Safety Services Director 51
RESOLUTION NO. 2024-17
EXHIBIT “B”
CITY OF STANTON
Job Title: Recreation Leader Department: Community Services Salary Range: 1A Reports to: Community Services Director Community Services Manager
SUMMARY DESCRIPTION
Under supervision, to promote, organize and provide personal leadership to a variety of recreation activities at an indoor and/or outdoor recreational facility.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
Duties may include, but are not limited to, the following:
• Organize, plan and implement a diversified program including sports, crafts, active and passive games on a park or playground setting.
• Ensure safety precautions are observed during free play. • Care for and maintain equipment and facilities.
• Assist in the preparation and implementation of special events and services. • Assist with the implementation of the youth and adult sports program. • Maintain effective communication and harmonious relationships with the public, participants and associates.
• Perform related duties as assigned.
KNOWLEDGE/ABILITIES/SKILLS
• Knowledge of organizing and planning recreation activities. • Knowledge of modern recreational philosophies and practices as it relates to sports, special activities and play.
• Enjoy working with people of all ages.
• Excellent customer service and communication skills.
• Demonstrated leadership and organizational abilities. • Knowledge of facility and management procedure.
• Flexible and can easily adapt to change and work schedules. • Safe driving principles and practices.
• Maintain a high standard of character and leadership qualities. • Ability to establish, maintain and foster positive and harmonious working relationships with those contacted in the course of work.
RESOLUTION NO. 2024-17
EXPERIENCE/TRAINING/EDUCATION
Any combination of experience and training that would likely provide the required knowledge and
abilities is qualifying. A typical way to obtain the knowledge and abilities would be:
• One (1) year of increasingly responsible experience in providing recreation and leisure time services.
• Equivalent to the completion of the twelfth grade. College course work in the field of Recreation, Physical Education or related field is desired.
LICENSE/CERTIFICATE
• Possession of, or ability to obtain, an appropriate, valid California driver's license.
PHYSICAL ACTIVITIES AND REQUIREMENTS
• Ability to work in a standard office environment requiring prolonged sitting, standing, reaching, twisting, turning, kneeling, bending, squatting, crouching and stooping in the performance of daily activities.
• May require constant walking, standing (including on concrete or uneven ground), climbing and exercising full range of motion of the arms, hands, wrists and fingers. • Occasional pushing, pulling, dragging and lifting equipment and/or office items weighing 25 lbs.
• Willingness to work variable hours including nights, weekends and/or holidays. • Ability to hear and convey detailed or important instructions or information verbally and accurately.
• Average visual acuity to prepare and read documents.
• Ability to communicate with both the public and co-workers in a clear and concise manner.
• Ability to travel to different sites and locations.
• Exposure to outdoor conditions and inclement weather. • Adapt to standard office sounds generated by office equipment as well as standard noise levels resulting from outdoor/indoor recreational activities and communication with co-workers and the general public.
The City of Stanton is an Equal Opportunity Employer. In compliance with the Americans with Disabilities Act, the City will provide reasonable accommodation to qualified individuals with disabilities and encourages both prospective and current employees to discuss potential accommodations with the employer.
RESOLUTION NO. 2024-17
CITY OF STANTON
Job Title: Accounting Technician Department: Finance
Salary Range: 11 Reports to: Accounting Manager
SUMMARY DESCRIPTION
Under general supervision, performs difficult and responsible accounting support and administrative work in the preparation, processing and maintenance of complicated accounting, purchasing, budgetary and financial records; and does related work as required.
The Accounting Technician does not exercise technical direction or functional supervision over staff.
ESSENTIAL DUTIES & RESPONSIBILITIES
The following duties are normal for this position. These are not to be construed as exclusive or all-inclusive. Other duties may be required and assigned. • Performs a wide variety of clerical accounting work related to the administration of payroll, accounts payable, and general ledger functions in terms of processing, reconciliation, verifying and updating records, and ensuring the accuracy of data. • Assists with the preparation of financial statements, reports, tax forms, and information requests in relation to these functions, which includes mandated reporting to various Federal, State, and Local agencies. • Assures the proper maintenance of various ledgers, journals, accounts, and other similar accounting records; verifies, balances, or adjusts accounts as necessary. • Prepares or checks warrants, invoices, time records, requisitions, purchase orders and similar fiscal documents.
• Identifies and resolves discrepancies and inconsistencies, determines corrective entries required to maintain accounting controls.
• Balances accounts and makes adjusting and closing entries. • Prepares and analyzes schedules, statements, and reports, in various formats including spreadsheets.
• Reconciles and maintains subsidiary journals related to accounts payable and accounts receivable.
• Audits and reconciles daily cash receipts and prepares related information as part of monthly reports.
• Analyzes and posts payroll entries to the General Ledger. • Updates trust account entries; reconciles account balances to the General Ledger. • Prepares and posts correcting journal adjustments and makes appropriate entries. • Sends electronic transfers of payroll taxes and live check payments.
RESOLUTION NO. 2024-17
• Sets up new fund and account numbers and assembles recurring budget report documents for use by departments.
• Provides technical information and instruction regarding applicable procedures and methods to City departments and staff.
• Assists professional accounting staff in completing various tasks and with routine, ad hoc, and special projects on an as-needed basis.
• May assist in preparing the city’s budget.
• May assist with the processing of business license applications and renewals.
Additional Tasks ad Responsibilities:
• Perform other duties as assigned.
KNOWLEDGE REQUIRED
• Principles, practices, terminology, and forms used in bookkeeping and accounting work.
• General Ledger adjustment practices.
• Basic payroll accounting practices and procedures.
• Accounts receivable, cash reporting, and accounts payable procedures. • Accrual methods and billing procedures.
• Employee salary and benefit schedules.
• Principles and practices of budget preparation and administration. • Pertinent Federal, State and local laws, codes and regulations including payroll and Federal and State Tax Accounting Techniques for providing effective customer service in dealing with City staff and others contacted in the course of the work. • Modern office practices, methods and computer equipment. • Safe driving principles and practices.
ABILITIES/SKILLS
• Operate modern office equipment including computer equipment. • Perform technical and clerical accounting work.
• Use word processing, spreadsheet, and database software applications. • Prepare clear and accurate financial statements, reports and analyses. • Make mathematical calculations with speed and accuracy. • Analyze financial records and identify and correct errors. • Update and maintain a variety of statistical and financial files and records. • Communicate clearly and concisely, both orally and in writing. • Establish, maintain and foster positive and harmonious working relationships with those contacted in the course of work.
EXPERIENCE/TRAINING/EDUCATION
RESOLUTION NO. 2024-17
Any combination of experience and training that would likely provide the required knowledge and abilities is qualifying. A typical way to obtain the knowledge and abilities would be:
• One year of technical and clerical accounting experience. • High school graduation or G.E.D equivalent is required. Some technical accounting coursework or training is desirable.
LICENSE/CERTIFICATE
Possession of, or ability to obtain an appropriate valid California driver’s license.
PHYSICAL ACTIVITIES AND REQUIREMENTS
• Ability to work in a standard office environment requiring prolonged sitting, standing, walking, reaching, twisting, turning, kneeling, bending, squatting, crouching and stooping in the performance of daily activities.
• Movements frequently and regularly require using the wrists, hands and fingers to operate computers and office equipment.
• Occasional overtime, weekend and/or evening work may be required. • Ability to hear and convey detailed or important instructions or information verbally and accurately.
• Average visual acuity to prepare and read documents.
• Ability to communicate with both the public and co-workers in a clear and concise manner.
• Adapt to standard office sounds generated by office equipment as well as standard noise levels resulting from communication with co-workers and the general public.
The City of Stanton is an Equal Opportunity Employer. In compliance with the Americans with Disabilities Act, the City will provide reasonable accommodation to qualified individuals with disabilities and encourages both prospective and current employees to discuss potential accommodations with the employer.
RESOLUTION NO. 2024-17
CITY OF STANTON
Job Title: Senior Accounting Technician Department: Finance Salary Range: 19 Reports to: Accounting Manager
SUMMARY DESCRIPTION
The purpose of positions in this classification is to perform a variety of specialized and technical accounting work related to the preparation and maintenance of variety of fiscal records, including but not limited to: payroll processing, accounts payable/receivable, journal entries, grant accounting, general ledger analysis and financial reporting.
This is an advanced journey level classification. Incumbents are expected to perform the full range of duties within a framework of established procedures, and with only occasional instruction and assistance. The work requires the interpretation of policies, procedures and guidelines, and the exercise of independent judgment and initiative.
The Senior Accounting Technician is distinguished from the Accounting Technician in that it performs more specialized technical accounting functions requiring greater knowledge of fund accounting, budgeting, and cash investment and reporting procedures. As compared with the Accounting Technician, the Senior Accounting Technician exercises technical direction over staff.
ESSENTIAL DUTIES & RESPONSIBILITIES
The following duties are normal for this position. These are not to be construed as exclusive or all-inclusive. Other duties may be required and assigned. • Input data into spreadsheets for various accounts and/or payroll actions. • Check reports and records for accuracy, completeness and compliance with established standards.
• Interpret, produce, process and report various Federal, State, payroll, retirement and other related daily, weekly, monthly and year-end reports, taxes, notices and forms. • Prepare, process, reconcile and/or balance the actions of bank accounts, the general ledger, labor and EDD accounts, vendors accounts, grant accounts, accounts receivable, accruals, depreciations and fixed asset acquisitions and deletions.
• Maintain refundable and expendable deposits records and complex systems of interrelated computer and hard files and records.
• Verify requisitions, revenues and/or expenses for coding and proper departmental authorization.
RESOLUTION NO. 2024-17
• Process various payroll, garnishments and related reporting actions and documentations.
• Prepare and analyze a variety of fiscal reports, statements and schedules; prepare new year, mid- year and year end reports; ensure timely preparation and submission of various reports.
• Setup and maintain vendor files, history, status and reports; prepare reports, forms and documents for annual vendor auditing process.
• Enter budget adjustments into the accounting software. • Enter and create purchase order information and send copies of purchase orders to appropriate departments; maintain purchase orders; modify and provide information to vendors and departments as requested regarding order status. • Maintain and reconcile a variety of ledgers, reports and account records; examine and correct accounting transactions to ensure accuracy; prepare journal vouchers to adjust and correct errors in accounting records; perform month end, fiscal year end and calendar year end accounting system processing.
• Administer and maintain the City’s automated accounting system; train staff in the use of software programs; troubleshoot and resolve operational problems. • Participate in the compilation and preparation of the City’s annual budget. • Assist with annual audit; including the preparation of working papers; and assistance in preparing statistical schedules for the City’s Comprehensive Annual Financial Report (CAFR).
• Maintain knowledge of financial, record-keeping principles, practices and terminology; basic governmental accounting principles; and automated information systems; maintains current knowledge of City policies and accounting procedures. • May assist with the processing of business license applications and renewals.
Additional Tasks ad Responsibilities:
• Perform other duties as assigned.
KNOWLEDGE REQUIRED
• Basic understanding of operational characteristics, services and activities of a governmental accounting program.
• Modern and complex principles and practices of governmental accounting, auditing, budgeting, reporting, recordkeeping and financial analysis. • Application of generally accepted governmental accounting principles and procedures to a variety of accounting audits, transactions and problems. • Principles, best practices and methods for the preparation and maintenance of a complex automated payroll system, including preparation and processing of payroll and related disbursements, accounting, reporting, recordkeeping, reconciliation and regulatory compliance.
• Cost accounting and fixed assets accounting theory and practices. • Sound principles and practices of financial auditing. • Financial research and report preparation methods and techniques.
RESOLUTION NO. 2024-17
• Automated financial management systems.
• Principles and practices of budget preparation and administration. • Pertinent Federal, State and local laws, codes and regulations including payroll and Federal and State Tax Accounting Techniques for providing effective customer service in dealing with City staff and others contacted in the course of the work. • Modern office practices, methods and computer equipment. • Safe driving principles and practices.
ABILITIES/SKILLS
• Operate modern office equipment including computer equipment. • Perform responsible and difficult accounting work involving the use of independent judgment and personal initiative under minimal supervision. • Conduct full-cycle payroll processing; calculate retroactive pay adjustments and other calculations required for the processing of a complex payroll. • Apply accounting principles to the maintenance of governmental financial and accounting transactions and the auditing of financial records. • Accurately perform general mathematical calculations, including addition, subtraction, multiplication, division and calculation of percentages, fractions, and decimals; ability to reconcile financial data.
• Prepare, analyze and maintain the full range of financial records, reports, analyses and statements.
• Examine and verify the full range of financial documents and reports. • Develop, revise, install and utilize manual and automated fiscal management systems.
• Analyze situations carefully and adopt effective courses of action. • Research, collect, compile and analyze information and data. • Interpret, explain and ensure compliance with Federal, State and local policies, procedures, laws, codes and regulations.
• Use modern auditing and accounting methods, procedures, forms and records. • Provide, resolve and implement solutions to operational problems. • Assist in designing and implementing operating systems, policies and procedures. • Exercise good judgment, flexibility, creativity and sensitivity in response to changing situations.
• Work independently with minimal supervision; organize and prioritize work activities independently.
• Communicate clearly and concisely, both orally and in writing. • Establish, maintain and foster positive and harmonious working relationships with those contacted in the course of work.
EXPERIENCE/TRAINING/EDUCATION
Any combination of experience and training that would likely provide the required knowledge and abilities is qualifying. A typical way to obtain the knowledge and abilities would be:
RESOLUTION NO. 2024-17
• Two years of professional governmental accounting and auditing experience. • Equivalent to 60 semester units of related college course work or an Accounting Certificate equivalent to a least 26 semester units from an accredited college or university, and equivalent two years of responsible accounting experience including personal computers using MS Word and spreadsheet programs.
LICENSE/CERTIFICATE
Possession of, or ability to obtain an appropriate valid California driver’s license.
PHYSICAL ACTIVITIES AND REQUIREMENTS
• Ability to work in a standard office environment requiring prolonged sitting, standing, walking, reaching, twisting, turning, kneeling, bending, squatting, crouching and stooping in the performance of daily activities.
• Movements frequently and regularly require using the wrists, hands and fingers to operate computers and office equipment.
• Occasional overtime, weekend and/or evening work may be required. • Ability to hear and convey detailed or important instructions or information verbally and accurately.
• Average visual acuity to prepare and read documents.
• Ability to communicate with both the public and co-workers in a clear and concise manner.
• Adapt to standard office sounds generated by office equipment as well as standard noise levels resulting from communication with co-workers and the general public.
The City of Stanton is an Equal Opportunity Employer. In compliance with the Americans with Disabilities Act, the City will provide reasonable accommodation to qualified individuals with disabilities and encourages both prospective and current employees to discuss potential accommodations with the employer.
RESOLUTION NO. 2024-18
RESOLUTION NO. 2024-18
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF STANTON,
CALIFORNIA, AMENDING AND ADOPTING PERSONNEL RULES FOR THE ADMINISTRATION OF THE CITY’S PERSONNEL SYSTEM AND REPEALING ALL
OTHER RESOLUTIONS AND MOTIONS INCONSISTENT HEREWITH
WHEREAS, the City Council is authorized and directed under the provisions of Ordinance No. 523 to adopt rules and regulations of the personnel system created in said ordinance; and
WHEREAS, the current Personnel Rules were adopted by the City on October 14, 2003 by Resolution No. 2003-38 and last amended in April of 2024 by Resolution 2024-05; and
WHEREAS, changes in the needs of the City and in applicable laws have occurred which necessitate changes in certain of the existing Personnel Rules; and WHEREAS, the City desires to make the changes to the Personnel Rules adopted herein.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STANTON, CALIFORNIA, AS FOLLOWS:
1. The City Council finds that this project is exempt from the California Environmental Quality Act (“CEQA”) under Section 15378(b)(2) – continuing administrative or maintenance activities, such as purchase for supplies, personnel-related actions, general policy and procedure making.
2. The Amended Personnel Rules and Regulations attached hereto as Exhibit A and incorporated herein by this reference are hereby adopted in accordance with the City’s Ordinance No. 523.
3. The City Manager is directed to implement this policy.
ADOPTED, SIGNED AND APPROVED this 11th day of June, 2024.
DAVID J. SHAWVER, MAYOR
ATTACHMENT F
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RESOLUTION NO. 2024-18
APPROVED AS TO FORM:
HONGDAO NGUYEN, CITY ATTORNEY
ATTEST:
I, Patricia A. Vazquez, City Clerk of the City of Stanton, California DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 2024-18 has been duly signed by the Mayor and attested by the City Clerk, all at a regular meeting of the Stanton City Council, held on June 11, 2024, and that the same was adopted, signed and approved by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
PATRICIA A. VAZQUEZ, CITY CLERK
ATTACHMENT F
EXHIBIT “A”
ARTICLE XI. Workweek, Overtime and Premium Pay
Section 4. Premium Pay
A. On-Call Pay
(1) On call duty is defined as that period of time other than regularly scheduled work time during which an employee is subject to call-out to provide services which are the responsibility of the department in which he/she is employed. (2) Each employee assigned to on-call duty shall receive two (2) hours pay at thirty-eight dollars and fifty cents ($38.50) per hour for each week such duty is performed.
B. Call-Back Pay. If an employee, who is not in the Administrative Service, is called back after 10:00 p.m. because of a request made, and the employee has completed his/her normal work shift and left the work station, he/she is entitled to two (2) hours minimum of call-back pay. If an employee is called back between the end of their shift (4:30 p.m. for City Yard and 6:00 p.m. for Civic Center) and 10:00 p.m., the employee will receive one (1) hour minimum of call-back pay. If an employee is called back on his/her normal day off, he/she is entitled to two (2) hours minimum of call back pay. All payments for call-back pay shall be paid at the regular rate of pay unless such additional hours are in excess of forty (40) for the employee’s workweek wherein he/she will receive payment at one and one-half (1½) times the regular rate of pay.
C. Bilingual Pay.
(1) The City Manager of his/her designee may, at his/her discretion, select and assign qualified employees additional duties as follows:
(a) An employee may be assigned to speak or translate a language in addition to English, including specialized communication skills such as a sign language.
(b) Employees assigned to regularly and frequently speak and/or translate a second language shall receive an additional fort-six dollars and sixteen cents ($46.16) for full time employees and an additional twenty-three dollars and eight cents ($23.08) for part-time employees per pay period for each pay period such assignments continues.
(2) An employee in a bilingual assignment may request to the City Manager to be relieved of such assignment.
D. Cellular Phone Stipend
(1) Employees occupying the following positions who do not have City-issued cellular phones and may require use of personal cellular phones in the conduct of City business are eligible to receive a monthly cellular phone stipend:
(a) Code Enforcement/Parking Control Manager
(b) Code Enforcement Officer
(c) Code Enforcement/Parking Control Specialist
(2) Eligible full time employees shall receive an additional thirty dollars ($30) per month and part-time employees shall receive an additional fifteen dollars ($15) per month.
(3) E-mail, internet, text message and voicemail communications related to City business conducted on personal cell phones are considered public records and also subject to disclosure to the public pursuant to the California Public Records Act.
RESOLUTION NO. 2024-21
RESOLUTION NO. 2024-21
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF STANTON, CALIFORNIA
ADOPTING ITS ARTICLE XIIIB APPROPRIATION LIMITATION (GANN LIMITATION) FOR FISCAL YEAR 2024/25
WHEREAS, on November 6, 1979, the voters of California added Article XIIIB to the State Constitution placing various limitations on the appropriation of the State and local governments; and
WHEREAS, Article XIIIB provides that the appropriation limit for Fiscal Year 2024/25 should not exceed the City of Stanton’s appropriation limit for Fiscal Year 2024/25, adjusted for inflationary and population changes; and
WHEREAS, the City Council may choose to use the following as adjustment factors: (1) the annual growth in California per capita personal income or the growth in non-residential assessed valuation due to new construction within the city, and (2) population growth in the City of Stanton or population growth in the County of Orange, as provided by the State Department of Finance; and
WHEREAS, the information necessary for making these adjustments is attached as Exhibit A; and
WHEREAS, the City of Stanton has compiled with all the provisions of Article XIIIB and amendments thereto per Proposition 111 in determining the appropriations limit for Fiscal Year 2024/25.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF STANTON, DOES RESOLVE, DECLARE DETERMINE, AND ORDER AS FOLLOWS:
Section 1. The City Council finds that the above recitations are true and correct and, accordingly, are incorporated as a material part of this Resolution.
Section 2. The appropriations limitation for Fiscal Year 2024/25 is $82,672,345 as shown in attached Exhibit A; and,
Section 3. The amount of appropriations of the City of Stanton for Fiscal Year 2024/25 that are subject to the limitation are $33,023,009; and, Section 4. The appropriations of the City of Stanton for Fiscal Year 2024/25 do not exceed the limitation.
Section 5. The City Clerk shall certify to the adoption of this Resolution.
ATTACHMENT G
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RESOLUTION NO. 2024-21
ADOPTED, SIGNED AND APPROVED this 11th day of June, 2024.
DAVID J. SHAWVER, MAYOR
APPROVED AS TO FORM:
HONGDAO NGUYEN, CITY ATTORNEY
ATTEST:
I, Patricia A. Vazquez, City Clerk of the City of Stanton, California DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 2024-21 has been duly signed by the Mayor and attested by the City Clerk, all at a regular meeting of the Stanton City Council, held on June 11, 2024, and that the same was adopted, signed, and approved by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
PATRICIA A. VAZQUEZ, CITY CLERK
ATTACHMENT G
EXHIBIT A
FY 2024/25 APPROPRIATION LIMITATION CALCULATION
FY 2023/24 Limitation $77,047,852
x Annual adjustment factors:
Population increase (for City of Stanton) 3.55% 1.0355
Inflation changes (California personal income) 3.62% x 1.0362 Combining adjustment factors 1.0730
2024/25 Limitation $82,672,345
APPROPRIATIONS SUBJECT TO LIMITATION AND APPROPRIATIONS MARGIN:
Budgeted appropriation FY 2024/25 $44,130,000
Less exclusions (non-proceeds of taxes) (9,335,396)
Increase (decrease) in fund balance (1,771,595)
Total appropriations subject to limitation $33,023,009
Appropriations margin $49,649,336
Resolution No. 2024-22
RESOLUTION NO. 2024-22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF STANTON, CALIFORNIA, APPROVING THE CITY OF STANTON RESERVE POLICY FOR FISCAL YEAR 2024/25 WHEREAS, in June 2011, the City Council of the City of Stanton adopted Resolution No. 2011-34, establishing a commitment of fund balance for a General Fund Emergency Disaster Contingency; and,
WHEREAS, in March 2017, the City Council of the City of Stanton approved Resolution No. 2017-10 which approved the General Fund Reserve Policy that established committed reserves of fund balance for unforeseen expenditures as well as anticipated future expenditures that require ongoing funding for significant future outlays; and WHEREAS, in June 2021, the City Council of the City of Stanton approved Resolution No. 2021-23 that established reserves in additional City funds; and, WHEREAS, the Reserve Policy calls for City Council to review and approve the policy and reserve levels during the budget process; and,
WHEREAS, the Reserve Policy is attached to this resolution as Exhibit A.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF STANTON DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council finds that the above recitations are true and correct and, accordingly, are incorporated as a material part of this Resolution.
SECTION 2. The City of Stanton Reserve Policy as attached as Exhibit A is hereby approved and adopted.
SECTION 3. The City Clerk shall certify as to the adoption of this Resolution.
ATTACHMENT H
Resolution No. 2024-22
ADOPTED, SIGNED AND APPROVED this 11th day of June, 2024.
DAVID J. SHAWVER, MAYOR
APPROVED AS TO FORM:
HONGDAO NGUYEN, CITY ATTORNEY
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF STANTON )
ATTEST:
ATTEST:
I, Patricia A. Vazquez, City Clerk of the City of Stanton, California DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 2024-22 has been duly signed by the Mayor and attested by the City Clerk, all at a regular meeting of the Stanton City Council, held on June 11, 2024, and that the same was adopted, signed, and approved by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
PATRICIA A. VAZQUEZ, CITY CLERK
ATTACHMENT H
CITY OF STANTON
RESERVE FUND POLICY
I. BACKGROUND/ PURPOSE
The City of Stanton provides a wide range of services that impact the public safety and the quality of life of its residents and community members every day. Appropriate reserves are a key attribute of a financially stable organization and are an important component of the City’s overall financial health. Strong reserves position an organization to weather significant economic downturns more effectively, manage the consequences of outside agency actions that may result in revenue reductions, and address unexpected emergencies. Establishing a formalized Reserve Policy (the “Policy”) will serve as the framework to enable the City to meet its financial commitments and address unexpected future events in a fiscally prudent manner.
The purpose of this policy is to document the City’s approach to establishing and maintaining strong reserves. The guidelines set forth will better enable the City to mitigate various risks, which could result in a shortfall of available money to meet the basic services and needs of the City. Examples of risks include natural disasters, such as earthquakes, storms, floods, and unexpected shortfalls in revenue sources, such as property taxes and sales taxes.
This policy is designed to:
1. Identify funds for which reserves should be established and maintained.
2. Establish target reserve levels and a methodology for determining levels.
3. Establish criteria for the use of reserves and mechanisms to replenish reserves.
II. PERIODIC REVIEW
This Reserve Policy and the appropriate level of reserves are to be reviewed and approved by City Council at least during the budget process. The Finance Department will continue to monitor reserve and investment balances year-round to maintain healthy reserve levels.
III. USE OF RESERVE FUNDS
Reserve balances will be reviewed on an annual basis at, or near, the end of the fiscal year to ensure compliance with this Policy. In the event that the reserves exceed the established targets, excess monies can be transferred annually to the Capital Reserve.
On an as-needed basis, money from the Capital Reserve can be used to supplement the Emergency Disaster Contingency Reserve to cover any shortfalls created by a public emergency or natural disaster.
The following committed reserves have been designed by the City in the event of unforeseen expenditures as well as to establish funding for anticipated future
EXHIBIT A
CITY OF STANTON
RESERVE FUND POLICY
expenditures that require ongoing funding for significant future outlays. These committed balances are established by a resolution of the City Council and cannot be changed except by a similar subsequent City Council action. Recommendations to appropriate from any of these reserves will be brought forward by the City Manager and will require approval by a majority of the City Council. In the event any of these reserve balances are reduced below the target amounts established by this Policy, the City Council shall prepare a plan as promptly as conditions warrant to replenish the balance to the Policy’s levels. The committed reserves are presented as follows:
A. Economic Uncertainty Reserve
• Purpose: These funds are committed to mitigate economic uncertainties, local disasters, and other financial hardships or downturns in the local or national economy.
• Target Level: The City’s target will be 20% (rounded to the next $100,000) of the General Fund operating expenditures, in accordance with the recommendation of the Government Finance Officers Association (GFOA). • Events or Conditions Prompting Its Use: This reserve may be utilized as needed to pay outstanding operating expenditures due to budgeted revenue shortfalls. Use may include, but is not limited to:
o Significant decrease in property, sales, or transactions and use tax, or other revenues.
o Reductions in revenue due to actions by the state/federal government.
B. Equipment and Maintenance Reserve
• Purpose: These funds are committed to provide funding for non-scheduled capital asset repair and replacement.
• Target Level: $150,000.
• Events or Conditions Prompting Its Use: This reserve may be utilized for the timely replacement or repair of City equipment or facilities costing more than $15,000.
C. Technology Equipment Reserve
• Purpose: These funds are committed to provide funding for the timely replacement of technology equipment.
• Target Level: $150,000.
• Events or Conditions Prompting Its Use: This reserve may be utilized in the event of an unplanned failure of IT equipment.
EXHIBIT A
CITY OF STANTON
RESERVE FUND POLICY
D. Vehicle Replacement Reserve
• Purpose: These funds are committed to provide funding for the timely replacement of vehicles. This reserve will be held in the City’s Fleet Maintenance Internal Service Fund.
• Target Level: $100,000.
• Events or Conditions Prompting Its Use: This reserve may be utilized to replace City vehicles.
E. Emergency Disaster Contingency Reserve
• Purpose: These funds are committed to mitigate costs of unforeseeable emergencies, such as natural disasters, catastrophic events, or any situation requiring the declaration of an emergency as defined by Stanton Municipal Code Section 2.56.050.C.
• Target Level: The City’s target will be 10% (rounded to the next $100,000) of the General Fund operating expenditures.
• Events or Conditions Prompting Its Use: This reserve may be utilized to cover unexpected losses experienced by the City as a result of an unplanned, emergency event as described above.
F. Capital Reserve
• Purpose: These funds are committed for key infrastructure and capital improvement projects and established to provide capital repair and replacement funding as the City’s infrastructure deteriorates over its expected useful life.
• Target Level: $5,000,000 in the General Fund and $1,000,000 in the Sewer Maintenance Enterprise Fund.
• Events or Conditions Prompting Its Use: This reserve may be utilized for capital projects approved by City Council.
G. Pension and Other Post-Employment Benefits Stabilization Reserve • Purpose: These funds are committed to mitigate volatile increases in employer contribution rates to the California Public Employees’ Retirement System (CalPERS) and the cost of retiree health insurance premiums. In addition, this reserve can be used to provide additional payments to CalPERS to pay down the City’s pension liability. This reserve is maintained in the City’s Employee Benefits Internal Service Fund.
• Target Level: Minimum of 50% of the City’s unfunded actuarial liability with CalPERS to be .held in an irrevocable trust fund.
• Events or Conditions Prompting Its Use: This reserve may be utilized when the City’s revenues cannot support increases to the City’s CalPERS employer contributions or City’s share of retiree healthcare premiums. In addition, this
EXHIBIT A
CITY OF STANTON
RESERVE FUND POLICY
reserve can be used to make additional payments to lower the City’s total pension liability.
IV. Unassigned General Fund Balance
The unassigned General Fund balance is maintained to provide for contingencies for unforeseen operating or capital needs and to meet the City’s cash flow requirements. The purpose of this reserve is to provide budgetary stabilization and not serve as an alternate funding source for new programs and ongoing operating expenditures.
EXHIBIT A
CITY OF STANTON
INVESTMENT POLICY
FISCAL YEAR 20234/245
ATTACHMENT I
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City of Stanton, CA
FY 20234/245 Investment Policy
TABLE OF CONTENTS
PAGE
I. POLICY 3
II. SCOPE 3
III. GENERAL OBJECTIVES 3
3.1: Safety 4
3.2: Liquidity 4
3.3: Yield 4
IV. STANDARDS OF CARE 4
4.1: Delegation of Authority 4
4.2: Prudence 5
4.3: Ethics and Conflict of Interest 5
V. SAFEKEEPING AND CUSTODY 65
5.1: Safekeeping of Securities and Funds 65
5.2: Qualified Institutions 6
5.3: Accounting Method 7
5.4: Internal Controls 7
VI. AUTHORIZED AND SUITABLE INVESTMENTS 7
6.1: Authorized Investments 7
6.2: Suitable Investments 7
6.3: Collateralization and Other Safety Constraints 11
6.4: Prohibited Investments 1211
VII. INVESTMENT PARAMETERS 1213
7.1: Diversification 1213
7.2: Investment Maturity 1213
7.3: Competitive Transactions 1314
7.4: Investment Guidelines and Strategy 1314
7.5: Mitigating Credit Risk in the Portfolio 1314
VIII. REPORTING 14
8.1: Specific Reporting Requirements 1415
8.2: Performance Standards 1415
8.3: Monitoring, Adjusting and Evaluating the Portfolio 1415 IX. POLICY REVIEW AND ADOPTION 15
X. GLOSSARY OF TERMS 1516
ATTACHMENT I
City of Stanton, CA
FY 20234/245 Investment Policy
CITY OF STANTON
FY 20234/245 INVESTMENT POLICY
I. POLICY
This statement is intended to provide guidelines for the prudent investment of the City's temporary idle cash, and to outline the procedures for maximizing the efficiency of the City's cash management system. This statement will also be utilized by the Successor Agency to the Stanton Redevelopment Agency and the Stanton Housing Authority. The ultimate goal is to enhance the economic status of the City while safeguarding its assets.
II. SCOPE
This Investment Policy applies to all financial assets and funds held by the City of Stanton with the exception of deferred compensation assets (pension and other postemployment benefits) held in a trust and funds held by bond trustee that are controlled by the legal requirements of a debt indenture.
III. GENERAL OBJECTIVE
The objective of the investment portfolio is to meet the short and long-term cash flow demands of the City. This is achieved by safekeeping the corpus of cash assets under control and by earning income on cash assets not in immediate use. The City of Stanton strives to maintain the level of investment of all idle funds as near 100% as possible, through daily and projected cash flow determinations. Accordingly, the City's cash management system is designed to accurately monitor and forecast revenues and expenditures, thus enabling the City to invest funds to the fullest extent possible.
Idle cash management and investment transactions are the responsibility of the City Treasurer.
In conformance with California Government Code Sec. 53600.5, the City attempts to obtain the highest return possible while ensuring that safety and liquidity needs have been met.
The City’s principal investment objectives, in priority order, are:
3.1: SAFETY
The safety and risk associated with an investment refers to the potential loss of principal, interest, or a combination of these amounts. The City should select only those investments that are considered very safe. The City shall not engage in speculation and will focus on the preservation of capital and protection of
ATTACHMENT I
City of Stanton, CA
FY 20234/245 Investment Policy
investment principal. Diversification guidelines will be established to avoid incurring unreasonable risks regarding specific security types or individual financial institutions.
3.2: LIQUIDITY
This refers to the ability to "cash in" at any moment in time with a minimal chance of losing some portion of principal or interest. Liquidity is an important investment quality especially when the need for unexpected funds occurs. The investment program will provide for the maintenance of sufficient liquidity to meet operating requirements that are reasonably anticipated.
3.3: YIELD
Yield is the potential dollar earnings an investment can provide, and sometimes is referred to as the rate of return. The investment program will strive to attain a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints of safety and liquidity needs.
IV. STANDARDS OF CARE
4.1: DELEGATION OF AUTHORITY
The ultimate responsibility and authority for the investment of City funds resides with the City Council. The City Council will receive monthly reports, designate investment officers, and annually review the investment policy making any changes necessary by adoption. The City Council hereby designates the City Treasurer as the Investment Officer for the City’s funds. The Investment Officer shall invest City funds in accordance with California Government Code Sec. 53600.5 and with this Investment Policy. This Policy shall constitute a “written order” from City Council. The City Treasurer is the Investment Officer, with the consent of the City Manager or designee, and may further delegate the authority to invest City funds to additional City Finance personnel with the consent of the City Manager.
Subject to required procurement procedures, the City may engage the support services of outside professionals in regard to its financial program., so long as it can be demonstrated or anticipated that these services produce a net financial advantage or necessary financial protection of the City’s resources. The City Council may engage the services of one or more external investment managers to assist in the management of the City’s investment portfolio in a manner consistent with the City’s objectives. Such external managers may be granted discretion to purchase and sell investment securities in accordance with this Statement of Investment Policy. Such managers must be registered under the Investment Advisors Act of 1940, or be exempt from such registration. Such external managers shall be prohibited from executing safekeeping arrangements and wire transfers.
ATTACHMENT I
City of Stanton, CA
FY 20234/245 Investment Policy
4.2: PRUDENCE
As a local agency defined by California Government Code Sec. 53600, the City of Stanton operates its pooled idle cash investments under California Government Code Sec. 53600.3, known as the "Prudent Investor Standard," which states, in part:
"When investing... or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including...the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section...investments may be acquired as authorized by law".
Investment officers acting in accordance with written procedures and the investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments.
4.3: ETHICS AND CONFLICT OF INTEREST
The City Treasurer, officers and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution and management of the investment program, or that could impair their ability to make impartial decisions. The City Treasurer, officers and employees shall, at all times, comply with the Conflict-of-Interest Code described in Title 2 of the California Code of Regulations, section 18351, and the City’s adopted Conflict of Interest Code. Employees and officers shall refrain from undertaking any personal investment transactions with the same individual with whom business is conducted on behalf of the City.
All participants in the investment process are required to comply with terms of the Political Reform Act, Fair Political Practices Commission Regulations promulgated thereunder (2 C.C.R. §§ 18110 through 18998), the City’s Conflict of Interest Policy, including, without limitation, filing of Form 700, notification and recusal obligations, and Government Code section 1090 prohibitions.
V. SAFEKEEPING AND CUSTODY
5.1: SAFEKEEPING OF SECURITIES AND FUNDS:
Securities purchased by the City shall be held in a segregated account for the City’s benefit at a third-party trust department. The broker/dealer or bank from which the security is purchased shall issue a confirmation ticket to the City listing the specific instrument, issuer, coupon, maturity, CUSIP number, purchase or Commented [AS1]: CMTA Best Practice
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sale price, transaction date, and other pertinent information. The broker/dealer or bank that executes the transaction on the City’s behalf shall deliver all securities on a delivery versus payment method to the designated third-party trustee at the direction of the City Treasurer. All securities will be evidenced by safekeeping receipts in the City’s name.
Certificates of Deposit shall be excluded from delivery versus payment as long as certificates are issued in the City’s name.
5.2: QUALIFIED INSTITUTIONS
The City of Stanton shall purchase authorized investments directly from the issuer, from an institution licensed by the State of California as a broker dealer, as defined in Section 25004 of the Corporations Code, or from a member of a federally regulated securities exchange, from a national or state chartered bank, from a savings association or federal association (as defined by Section 5102 of the Financial Code) or from a brokerage firm designated as a primary government dealer by the Federal Reserve bank. {Cal. Gov. Code Sec. 53601.5}.
The City Treasurer will maintain a list of financial institutions formally authorized to provide investment services. The City shall formally authorize investment brokers to provide investment services to the City by conducting a process of due diligence. Investment Brokers may be Primary Dealers or Regional Brokers and licensed to do business in the State of California. Brokers must complete a broker questionnaire, which includes proof of National Association of Securities Dealers (NASD) certification, Proof of State registration and execute a certification that the Broker’s employees and supervisory personnel have read and understand the City’s Investment Policy. Additional information from the broker/dealers Form BD and/or the broker/dealers disclosure statements on www.FINRA.org, will be included in the review. The City Treasurer shall conduct periodic reviews of the approved list of investment brokers and may remove a firm from the approved list at any time due to any failure to comply with any of the above criteria, failure to execute a transaction; any change in broker/dealer staff; or any action, event, or failure to act which, in the sole discretion of the City Treasurer, is materially averse to the best interest of the City.
Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the adviser. Where possible, transactions with broker/dealers shall be selected on a competitive basis and their bid or offering prices shall be recorded. If there is no other readily available competitive offering, the investment adviser shall make their best efforts to document quotations for comparable or alternative securities. If qualitative characteristics of a transaction, including, but not limited to, complexity of the transaction, or sector expertise of the broker, prevent a competitive selection process, investment advisers shall use brokerage selection practices as described above.
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5.3: ACCOUNTING METHOD
The City shall comply with all required legal provisions and Generally Accepted Accounting Principles (GAAP). The accounting principles are those contained in the pronouncements of authoritative bodies including but not necessarily limited to, the Governmental Accounting Standards Board (GASB); the American Institute of Certified Public Accountants (AICPA); and the Financial Accounting Standards Board (FASB).
Pooling of Funds: Except for cash in certain restricted and special funds, the City will consolidate balances from all City and Successor Agency funds to maximize investment earnings. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.
5.4: INTERNAL CONTROLS
The City Treasurer shall maintain a system of internal controls which shall be reviewed and tested by the independent auditor at least annually or upon any extraordinary event, i.e., turnover of key personnel, the discovery of any inappropriate activity, etc.
Investment officials shall be bonded or covered by blanket crime insurance to protect the public against possible embezzlement or malice.
VI. AUTHORIZED AND SUITABLE INVESTMENTS
6.1 AUTHORIZED INVESTMENTS:
All investments of the City shall be made in accordance with the investments authorized for local agencies by the California Government Code, Section 53601.
6.2 SUITABLE INVESTMENTS:
The City’s investments are governed by California Government Code, Sections 53600 et seq. Within the investments permitted by the Code, the City seeks to further restrict eligible investments to the guidelines listed below. In the event a discrepancy is found between this policy and the Code, the more restrictive parameters will take precedence. Percentage holding limits and minimum credit requirements listed in this section apply at the time the security is purchased.
Any investment currently held at the time the policy is adopted which does not meet the new policy guidelines can be held until maturity, and shall be exempt from the current policy. At the time of the investment’s maturity or liquidation, such funds shall be reinvested only as provided in the current policy.
An appropriate risk level shall be maintained by primarily purchasing securities that are of high quality, liquid, and marketable. The portfolio shall be diversified
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by security type and institution to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions.
6.211 COLLATERALIZED BANK DEPOSITS such as a passbook savings account, money market account or other demand deposits in state or federally chartered banks, savings and loans, or credit unions in excess of insured amounts which are fully collateralized in accordance with California law, provided that:
The maximum maturity does not exceed five years.
6.212 MUNICIPAL SECURITIES include obligations of the City, the State of California, any of the other 49 states, and any local agency within the State of California, provided that:
The securities are rated in rating category “A” or higher by at least one nationally recognized statistical rating organization.
No more than 5% of the total portfolio may be invested in any issuer. The maximum maturity does not exceed five years.
6.213 U.S. TREASURIES and other government obligations for which the full faith and credit of the United States are pledged for the payment of principal and interest.
There are no limits on the dollar amount or percentage that the Agency may invest in U.S. Treasuries, provided that:
The maximum maturity is five years.
6.214 FEDERAL AGENCIES or United States Government-Sponsored Enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. There are no limits on the dollar amount or percentage that the Agency may invest in Federal Agency or GovernmentSponsored Enterprises (GSEs), provided that:
No more than 25% of the total portfolio may be invested in any Agency/GSE issuer.
No more than 20% of the total portfolio may be invested in callable securities. The maximum maturity does not exceed five years.
6.215 BANKER’S ACCEPTANCES, provided that:
They are issued by institutions which have short-term debt obligations rated “A-1” or higher by at least one nationally recognized statistical-rating organization; or long-term debt obligations which are rated in rating category “A” or higher by at least one nationally recognized statistical rating organization.
No more than 40% of the total portfolio may be invested in Banker’s Acceptances.
No more than 5% of the total portfolio may be invested in any issuer. The maximum maturity does not exceed 180 days.
Commented [AS2]: Clarify eligibility is based on total (surplus) portfolio, in alignment with CDIAC guidelines. Edit is made throughout Authorized Investments section.
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6.216 FEDERALLY INSURED TIME DEPOSITS (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions, provided that:
The amount per institution is limited to the maximum covered under federal insurance.
No more than 20% of the total portfolio will be invested in a combination of federally insured and collateralized time deposits.
The maximum maturity does not exceed five years.
6.217 COLLATERALIZED TIME DEPOSITS (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, provided that:
No more than 20% of the total portfolio will be invested in a combination of federally insured and collateralized time deposits.
The maximum maturity does not exceed five years.
6.218 CERTIFICATE OF DEPOSIT PLACEMENT SERVICE DEPOSITS (CDARS), PROVIDED THAT:
No more than 30% of the total portfolio may be invested in a combination of Certificates of Deposit, including CDARS.
Under a provision sunsetting on January 1, 2026, no more than 50% of the portfolio may be invested in deposits through a placement service, including Certificates of Deposit, if the Agency is a city, district or local agency that does not pool money with other local agencies.
The maximum maturity does not exceed five years.
6.219 NEGOTIABLE CERTIFICATES OF DEPOSIT (NCDS), provided that:
The amount of the NCD insured up to the FDIC/NCUA limit does not require any credit ratings.
For any amount above the FDIC/NCUA insured limit they must be issued by institutions which have short-term debt obligations are rated “A-1” or higher by at least one nationally recognized statistical rating organization; or longterm obligations are rated in rating category “A” or higher by at least one nationally recognized statistical rating organization.
No more than 30% of the total portfolio may be invested in NCDs (combined with CDARS.)
No more than 5% of the total portfolio may be invested in any issuer. The maximum maturity does not exceed five years.
6.220 COMMERCIAL PAPER, provided that:
The issuer is a corporation organized and operating in the United States with assets in excess of $500 million.
The securities are rated “A-1” or higher by at least one nationally recognized statistical rating organization.
Commented [AS3]: California now permits multiple placement services beyond CDARS (which has been renamed Intrafi). Section has been updated to reflect broader opportunity set.
Commented [AS4]: Assembly Bill 945 (2019).
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They are issued by corporations which have long-term obligations are rated in rating category “A” or higher by at least one nationally recognized statistical rating organization.
No more than 25% of the total portfolio may be invested in Commercial Paper.
No more than 5% of the total portfolio may be invested in any issuer. The maximum maturity does not exceed 270 days.
6.221 STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF), provided that:
The Agency may invest up to the maximum permitted amount in LAIF. LAIF’s investments in instruments prohibited by or not specified in the Agency’s policy do not exclude it from the Agency’s list of allowable investments, provided that the fund’s reports allow the Treasurer to adequately judge the risk inherent in LAIF’s portfolio.
6.222 LOCAL GOVERNMENT INVESTMENT POOLS
Other LGIPs permitted by client.
6.223 CORPORATE MEDIUM-TERM NOTES (MTNS), provided that:
The issuer is a corporation organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States.
The securities are rated in rating category “A” or higher by at least one nationally recognized statistical rating organization.
No more than 30% of the total portfolio may be invested in MTNs. No more than 5% of the total portfolio may be invested in any issuer. The maximum maturity does not exceed five years.
6.224 ASSET-BACKED, MORTGAGE-BACKED, MORTGAGE PASS-THROUGH SECURITIES, AND COLLATERALIZED MORTGAGE OBLIGATIONS, provided that:
The securities are rated in rating category “AA” or higher by a nationally recognized statistical rating organization.
No more than 20% of the total portfolio may be invested in these securities. No more than 5% of the total portfolio may be invested in any Asset-Backed or Commercial Mortgage security issuer. There is no issuer limitation on any Mortgage security where the issuer is the US Treasury or a Federal Agency/GSE.
The maximum maturity does not exceed 5 years.
6.225 MONEY MARKET MUTUAL FUNDS that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940, provided that:
Such Funds meet either of the following criteria:
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1. Have attained the highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized statistical rating organizations; or
2. Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience investing in the securities and obligations authorized by California Government Code, Section 53601 and with assets under management in excess of $500 million.
No more than 20% of the total portfolio may be invested in Money Market Mutual Funds.
6.226 Supranationals, provided that:
Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or InterAmerican Development Bank. The securities are rated in rating category “AA” or higher by a NRSRO. No more than 30% of the total portfolio may be invested in these securities. No more than 10% of the total portfolio may be invested in a single issuer. The maximum maturity does not exceed 5 years.
Professional investment managers that may be retained by the City may request more latitude in their choice of investment vehicles and practices than is allowed under this policy. As an integral part of their service to the City, such advisors shall recommend additional investment vehicles and practices, with limitations and restrictions on their use. The City Council must approve the investment vehicles and practices, and adopt an appropriate amendment to this policy prior to their implementation.
6.3 COLLATERALIZATION AND OTHER SAFETY CONSTRAINTS:
All bank deposits must be either federally insured or collateralized pursuant to requirements of State law. The City Treasurer may waive collateral for that portion of a deposit which is insured pursuant to Federal law.
6.4 PROHIBITED INVESTMENTS:
Certain securities will be prohibited as investments in the City’s portfolio. The City has prohibited certain securities that are allowable under the California Government Code, based on its own assessment of risk and for the protection of City funds. Prohibited investments are:
1. Pursuant to California Government Code Section 53601.6, local agencies are prohibited from making investments in the following vehicles:
-Inverse floaters, range notes, or mortgage-derived interest-only strips. -Securities that could result in a zero-interest accrual if held to maturity.
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-Securities with forward settlement date exceeding 45 days from the time of the investment is prohibited.
2. City policy prohibition: The City further limits investments by expressly prohibiting investments in the following:
-Stocks
-Futures and options
-Repurchase agreements
-Reverse repurchase agreements
-Leveraged investments of any kind
-Foreign currency denominated securities
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VII. INVESTMENT PARAMETERS:
7.1 DIVERSIFICATION:
The City will diversify the investment portfolio to avoid incurring unreasonable risks, both credit and interest rate risk, inherent in over-investing in specific instruments, individual financial institutions, or maturities. The City constrains the portfolio further than the California Government Code to reduce credit risk in the marketplace. Due to fluctuations in the aggregate portfolio balance, maximum percentages for a particular investment type, issuer or security structure may be exceeded at a point in time subsequent to the purchase of a particular security.
Securities do not need to be liquidated to realign the portfolio; however, consideration should be given to the matter when future purchases are made.
7.2INVESTMENT MATURITY:
The City will not directly invest in securities maturing more than five (5) years from the date of purchase.
The investment’s term or remaining maturity is measured from the settlement date to final maturity.
Liquidity funds, defined as active bank deposits, LAIF and CAMP balances and money market securities with a maturity of less than six months, will comprise at least 20% of the total portfolio.
Longer term/Core funds will be defined as the funds in excess of liquidity requirements. The investments in this portion of the portfolio will have maturities between one (1) day and five (5) years.
Exception to 5-year maturity maximum: Reserve or Capital Improvement Project monies may be invested in securities exceeding five (5) years if the maturities of such investments are made to coincide as nearly as practicable with the expected use of the funds.
7.3 COMPETITIVE TRANSACTIONS
The City Treasurer shall obtain competitive bid information on all purchases of investment instruments purchased on the secondary market whenever possible and practical. Such competitive bid information can be executed through a competitive bid, through the use of a nationally recognized trading platform such as eConnect Direct, or from a third-party pricing source such as Bloomberg. Bid information can be obtained via telephone, faxed, or emailed quotes. If the City is offered a security for which there is no readily available competitive offering on the same specific issue, the City Treasurer shall document quotations for comparable or alternative securities. The Treasurer will select the quote which best satisfies the investment objectives of the investment portfolio within the parameters of this policy. The City Treasurer will maintain a written record of
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each bidding process including the name and prices offered by each participating financial institution.
7.4 INVESTMENT GUIDELINES AND STRATEGIES
The City Treasurer and staff will develop and maintain procedures, guidelines, and strategies to provide for investment decisions that meet the established goals of this policy. These strategies will incorporate cash flow considerations, liquidity, and surplus balances.
7.5 MITIGATING CREDIT RISK IN THE PORTFOLIO
Credit risk is the risk that a security or a portfolio will lose some or all of its value due to a real or perceived change in the ability of the issuer to repay its debt. The City will mitigate credit risk by adopting the following strategies:
The diversification requirements included in the “Authorized Investments” section of this policy are designed to mitigate credit risk in the portfolio. Unless otherwise specified in this investment policy, no more than 5% of the total portfolio may be invested in securities of any single issuer per each category in Section VI of this policy, except:
1. Where the issuer is the US Government, its Agencies and GSEs.
2. Supranational securities
3. Money Market Mutual Funds
4. Local Government Investment Pools
The City may elect to sell a security prior to its maturity and record a capital gain or loss in order to improve the quality, liquidity or yield of the portfolio in response to market conditions or City’s risk preferences. If securities owned by the City are downgraded to a level below the quality required by this investment policy, it will be the City’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio.
VIII. REPORTING
8.1 SPECIFIC REPORTING REQUIREMENTS:
The City Treasurer shall render a monthly investment report to the City Council and the City Manager. The report shall include the type of investment, institution, date of maturity, par value and amount of investment, rate of interest, current market value, source of the market value, and such other data as may be required by the City Council. The report shall also include a schedule of investment transactions for the month, a statement denoting the ability of the City to meet its expenditure requirements for the ensuing six (6) months or an
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explanation as to why sufficient funds may not be available, and a statement that the City’s investment portfolio is in compliance with the City’s Investment Policy or the manner in which it may not be in compliance. {Gov. Code Sections 53607 and 53646}
8.2: PERFORMANCE STANDARDS:
The City’s investment portfolio will be designed to obtain a market average rate of return during budgetary and economic cycles, taking into account the City’s investment risk constraints and cash flow needs. The basis used by the Treasurer to determine whether market yields are being achieved shall be to identify a benchmark comparable to the portfolio’s average weighted maturity and credit profile. Separate benchmarks may be established for liquidity funds and longer term/core funds.
8.3: REVIEW OF INVESTMENT PORTFOLIO:
The securities held by the City must be in compliance with Section VI Authorized and Suitable Investments at the time of purchase. Because some securities may not comply with Section VI Authorized and Suitable Investments subsequent to the date of purchase, the City Treasurer will at least quarterly review the portfolio to identify those securities that do not comply. The City Treasurer will establish procedures to report to the City Council major and critical incidences of noncompliance identified through the review of the portfolio. The portfolio may be adjusted as market conditions change to comply with the City’s objectives of safety, liquidity, and achievement of market rates of return.
IX. POLICY REVIEW AND ADOPTION
The Statement of Investment Policy shall be adopted by the City Council. The policy shall be reviewed at least annually to ensure its consistency with the overall objectives of preservation of principal, liquidity and yield, and its relevance to current law, financial and economic trends.
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X. GLOSSARY OF TERMS
Agencies. Shorthand market terminology for any obligation issued by a government-sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are:
FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds.
FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB issues discount notes and bonds.
FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called “FreddieMac” issues discount notes, bonds, and mortgage pass-through securities.
FNMA. Like FHLB and FreddieMac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as “FannieMae,” issues discount notes, bonds, and mortgage pass-through securities.
GNMA. The Government National Mortgage Association, known as “GinnieMae,” issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government.
PEFCO. The Private Export Funding Corporation assists exporters. Obligations of PEFCO are not guaranteed by the full faith and credit of the US government.
TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds.
Asked. The price at which a seller offers to sell a security.
Asset Backed Securities. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.
Average Life. In mortgage-related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected.
Banker’s Acceptance. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which “accepts” the obligation to pay the investor.
Benchmark. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.
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Broker. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from his own position.
Callable. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues securities, it will likely call its current securities and reissue them at a lower rate of interest. Callable securities have reinvestment risk as the investor may receive its principal back when interest rates are lower than when the investment was initially made.
CDARS (Certificate of Deposit Account Registry System). A private CD placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS Intrafi is currently the onlyan entity providing this service. CDARS facilitates the trading of deposits between the California institution and other participating institutions in amounts that are less than $250,000 each, so that FDIC coverage is maintained.
Certificate of Deposit (CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable.
Collateral. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.
Collateralized Mortgage Obligations (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.
Commercial Paper. The short-term unsecured debt of corporations.
Cost Yield. The annual income from an investment divided by the purchase cost.
Because it does not give effect to premiums and discounts which may have been included in the purchase cost, it is an incomplete measure of return.
Coupon. The rate of return at which interest is paid on a bond.
Credit Risk. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer.
Current Yield. The annual income from an investment divided by the current market value. Since the mathematical calculation relies on the current market value rather than the investor’s cost, current yield is unrelated to the actual return the investor will earn if the security is held to maturity.
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Dealer. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position.
Debenture. A bond secured only by the general credit of the issuer.
Delivery vs. Payment (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.
Derivative. Any security that has principal and/or interest payments which are subject to uncertainty (but not for reasons of default or credit risk) as to timing and/or amount, or any security which represents a component of another security which has been separated from other components (“Stripped” coupons and principal). A derivative is also defined as a financial instrument the value of which is totally or partially derived from the value of another instrument, interest rate, or index.
Discount. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as T-bills and banker’s acceptances, are known as discount securities. They sell at a discount from par, and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.
Diversification. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.
Duration. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration).
FDIC. The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system by insuring deposits; examining and supervising financial institutions for safety and soundness and consumer protection; making large and complex financial institutions resolvable; and managing receiverships.
Federal Funds Rate. The rate of interest charged by banks for short-term loans to other banks. The Federal Reserve Bank through open-market operations establishes it.
FIDUCIARY. A person or organization that acts on behalf of another person(s) or organization that puts their clients’ interest ahead of their own as they are bound both legally and ethically to act in the other’s best interests.
Commented [AS5]: CMTA Best Practice. Remove terms not
included in the document.
Commented [AS6]: CMTA Best Practice. Remove terms not
included in the document.
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Leverage. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.
Liquidity: The speed and ease with which an asset can be converted to cash.
Make Whole Call. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid because of the call.
With this type of call, an investor is compensated, or "made whole." Margin: The difference between the market value of a security and the loan a broker makes using that security as collateral.
Market Risk. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.
Market Value. The price at which a security can be traded.
Marking to Market. The process of posting current market values for securities in a portfolio.
Maturity. The final date upon which the principal of a security becomes due and payable. The investment’s term or remaining maturity is measured from the settlement date to final maturity.
Medium Term Notes. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.
Modified Duration. The percent change in price for a 100-basis point change in yields. Modified duration is the best single measure of a portfolio or security’s exposure to market risk.
Money Market. The market in which short-term debt instruments (Tbills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.
Mortgage Pass-Through Securities. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.
Municipal Securities. Securities issued by state and local agencies to finance capital and operating expenses.
Commented [AS7]: SB 1489 (2022) clarified that maturity is based on settlement date, rather than commonly understood trade date.
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Mutual Fund. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus.
Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.
National Credit Union Administration (NCUA). An independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
Nationally Recognized Statistical Rating Organization (NRSRO). A credit rating agency (CRA) that issues credit ratings that the U.S. Securities and Exchange Commission (SEC) permits other financial firms to use for certain regulatory purposes.
Premium. The difference between the par value of a bond and the cost of the bond, when the cost is above par.
Prepayment Speed. A measure of how quickly principal is repaid to investors in mortgage securities.
Prepayment Window. The time period over which principal repayments will be received on mortgage securities at a specified prepayment speed.
Primary Dealer. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S. Government securities market.
Prudent Person (Prudent Investor) Rule. A standard of responsibility which applies to fiduciaries. In California, the rule is stated as “Investments shall be managed with the care, skill, prudence and diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims to accomplish similar purposes.”
Realized Yield. The change in value of the portfolio due to interest received and interest earned and realized gains and losses. It does not give effect to changes in market value on securities, which have not been sold from the portfolio.
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FY 20234/245 Investment Policy
Regional Dealer. A financial intermediary that buys and sells securities for the benefit of its customers without maintaining substantial inventories of securities and that is not a primary dealer.
Repurchase Agreement (RP, Repo). Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.
Safekeeping. A service to bank customers whereby securities are held by the bank in the customer’s name.
Structured Note. A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities, or indices.
Examples include inverse floating rate notes which have coupons that increase when other interest rates are falling, and which fall when other interest rates are rising, and "dual index floaters," which pay interest based on the relationship between two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements.
Supranationals. A supranational is a multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries.
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.
U.S. Treasury Obligations. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk, and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.
Treasury Bills. All securities issued with initial maturities of one year or less are issued as discounted instruments, and are called Treasury bills. The Treasury currently issues three- and six-month Tbills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.
Treasury Notes. All securities issued with initial maturities of two to ten years are called Treasury notes, and pay interest semi-annually.
Treasury Bonds. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semiannually.
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Volatility. The rate at which security prices change with changes in general economic conditions or the general level of interest rates.
Yield to Maturity. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost.
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CITY OF STANTON
INVESTMENT POLICY
FISCAL YEAR 2024/25
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City of Stanton, CA
FY 2024/25 Investment Policy
TABLE OF CONTENTS
PAGE
I. POLICY 3
II. SCOPE 3
III. GENERAL OBJECTIVES 3
3.1: Safety 4
3.2: Liquidity 4
3.3: Yield 4
IV. STANDARDS OF CARE 4
4.1: Delegation of Authority 4
4.2: Prudence 5
4.3: Ethics and Conflict of Interest 5
V. SAFEKEEPING AND CUSTODY 5
5.1: Safekeeping of Securities and Funds 5
5.2: Qualified Institutions 6
5.3: Accounting Method 7
5.4: Internal Controls 7
VI. AUTHORIZED AND SUITABLE INVESTMENTS 7
6.1: Authorized Investments 7
6.2: Suitable Investments 7
6.3: Collateralization and Other Safety Constraints 11
6.4: Prohibited Investments 11
VII. INVESTMENT PARAMETERS 13
7.1: Diversification 13
7.2: Investment Maturity 13
7.3: Competitive Transactions 14
7.4: Investment Guidelines and Strategy 14
7.5: Mitigating Credit Risk in the Portfolio 14
VIII. REPORTING 14
8.1: Specific Reporting Requirements 15
8.2: Performance Standards 15
8.3: Monitoring, Adjusting and Evaluating the Portfolio 15 IX. POLICY REVIEW AND ADOPTION 15
X. GLOSSARY OF TERMS 16
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City of Stanton, CA
FY 2024/25 Investment Policy
CITY OF STANTON
FY 2024/25 INVESTMENT POLICY
I. POLICY
This statement is intended to provide guidelines for the prudent investment of the City's temporary idle cash, and to outline the procedures for maximizing the efficiency of the City's cash management system. This statement will also be utilized by the Successor Agency to the Stanton Redevelopment Agency and the Stanton Housing Authority. The ultimate goal is to enhance the economic status of the City while safeguarding its assets.
II. SCOPE
This Investment Policy applies to all financial assets and funds held by the City of Stanton with the exception of deferred compensation assets (pension and other postemployment benefits) held in a trust and funds held by bond trustee that are controlled by the legal requirements of a debt indenture.
III. GENERAL OBJECTIVE
The objective of the investment portfolio is to meet the short and long-term cash flow demands of the City. This is achieved by safekeeping the corpus of cash assets under control and by earning income on cash assets not in immediate use. The City of Stanton strives to maintain the level of investment of all idle funds as near 100% as possible, through daily and projected cash flow determinations. Accordingly, the City's cash management system is designed to accurately monitor and forecast revenues and expenditures, thus enabling the City to invest funds to the fullest extent possible.
Idle cash management and investment transactions are the responsibility of the City Treasurer.
In conformance with California Government Code Sec. 53600.5, the City attempts to obtain the highest return possible while ensuring that safety and liquidity needs have been met.
The City’s principal investment objectives, in priority order, are:
3.1: SAFETY
The safety and risk associated with an investment refers to the potential loss of principal, interest, or a combination of these amounts. The City should select only those investments that are considered very safe. The City shall not engage in speculation and will focus on the preservation of capital and protection of
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investment principal. Diversification guidelines will be established to avoid incurring unreasonable risks regarding specific security types or individual financial institutions.
3.2: LIQUIDITY
This refers to the ability to "cash in" at any moment in time with a minimal chance of losing some portion of principal or interest. Liquidity is an important investment quality especially when the need for unexpected funds occurs. The investment program will provide for the maintenance of sufficient liquidity to meet operating requirements that are reasonably anticipated.
3.3: YIELD
Yield is the potential dollar earnings an investment can provide, and sometimes is referred to as the rate of return. The investment program will strive to attain a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints of safety and liquidity needs.
IV. STANDARDS OF CARE
4.1: DELEGATION OF AUTHORITY
The ultimate responsibility and authority for the investment of City funds resides with the City Council. The City Council will receive monthly reports, designate investment officers, and annually review the investment policy making any changes necessary by adoption. The City Council hereby designates the City Treasurer as the Investment Officer for the City’s funds. The Investment Officer shall invest City funds in accordance with California Government Code Sec. 53600.5 and with this Investment Policy. This Policy shall constitute a “written order” from City Council. The City Treasurer is the Investment Officer, with the consent of the City Manager or designee, and may further delegate the authority to invest City funds to additional City Finance personnel with the consent of the City Manager.
Subject to required procurement procedures, the City may engage the support services of outside professionals in regard to its financial program. The City Council may engage the services of one or more external investment managers to assist in the management of the City’s investment portfolio in a manner consistent with the City’s objectives. Such external managers may be granted discretion to purchase and sell investment securities in accordance with this Statement of Investment Policy. Such managers must be registered under the Investment Advisors Act of 1940, or be exempt from such registration. Such external managers shall be prohibited from executing safekeeping arrangements and wire transfers.
4.2: PRUDENCE
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As a local agency defined by California Government Code Sec. 53600, the City of Stanton operates its pooled idle cash investments under California Government Code Sec. 53600.3, known as the "Prudent Investor Standard," which states, in part:
"When investing... or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including...the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section...investments may be acquired as authorized by law".
Investment officers acting in accordance with written procedures and the investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments.
4.3: ETHICS AND CONFLICT OF INTEREST
The City Treasurer, officers and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution and management of the investment program, or that could impair their ability to make impartial decisions. The City Treasurer, officers and employees shall, at all times, comply with the Conflict-of-Interest Code described in Title 2 of the California Code of Regulations, section 18351, and the City’s adopted Conflict of Interest Code. Employees and officers shall refrain from undertaking any personal investment transactions with the same individual with whom business is conducted on behalf of the City.
All participants in the investment process are required to comply with terms of the Political Reform Act, Fair Political Practices Commission Regulations promulgated thereunder (2 C.C.R. §§ 18110 through 18998), the City’s Conflict of Interest Policy, including, without limitation, filing of Form 700, notification and recusal obligations, and Government Code section 1090 prohibitions.
V. SAFEKEEPING AND CUSTODY
5.1: SAFEKEEPING OF SECURITIES AND FUNDS:
Securities purchased by the City shall be held in a segregated account for the City’s benefit at a third-party trust department. The broker/dealer or bank from which the security is purchased shall issue a confirmation ticket to the City listing the specific instrument, issuer, coupon, maturity, CUSIP number, purchase or sale price, transaction date, and other pertinent information. The broker/dealer or bank that executes the transaction on the City’s behalf shall deliver all securities
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on a delivery versus payment method to the designated third-party trustee at the direction of the City Treasurer. All securities will be evidenced by safekeeping receipts in the City’s name.
Certificates of Deposit shall be excluded from delivery versus payment as long as certificates are issued in the City’s name.
5.2: QUALIFIED INSTITUTIONS
The City of Stanton shall purchase authorized investments directly from the issuer, from an institution licensed by the State of California as a broker dealer, as defined in Section 25004 of the Corporations Code, or from a member of a federally regulated securities exchange, from a national or state chartered bank, from a savings association or federal association (as defined by Section 5102 of the Financial Code) or from a brokerage firm designated as a primary government dealer by the Federal Reserve bank. {Cal. Gov. Code Sec. 53601.5}.
The City Treasurer will maintain a list of financial institutions formally authorized to provide investment services. The City shall formally authorize investment brokers to provide investment services to the City by conducting a process of due diligence. Investment Brokers may be Primary Dealers or Regional Brokers and licensed to do business in the State of California. Brokers must complete a broker questionnaire, which includes proof of National Association of Securities Dealers (NASD) certification, Proof of State registration and execute a certification that the Broker’s employees and supervisory personnel have read and understand the City’s Investment Policy. Additional information from the broker/dealers Form BD and/or the broker/dealers disclosure statements on www.FINRA.org, will be included in the review. The City Treasurer shall conduct periodic reviews of the approved list of investment brokers and may remove a firm from the approved list at any time due to any failure to comply with any of the above criteria, failure to execute a transaction; any change in broker/dealer staff; or any action, event, or failure to act which, in the sole discretion of the City Treasurer, is materially averse to the best interest of the City.
Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the adviser. Where possible, transactions with broker/dealers shall be selected on a competitive basis and their bid or offering prices shall be recorded. If there is no other readily available competitive offering, the investment adviser shall make their best efforts to document quotations for comparable or alternative securities. If qualitative characteristics of a transaction, including, but not limited to, complexity of the transaction, or sector expertise of the broker, prevent a competitive selection process, investment advisers shall use brokerage selection practices as described above.
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5.3: ACCOUNTING METHOD
The City shall comply with all required legal provisions and Generally Accepted Accounting Principles (GAAP). The accounting principles are those contained in the pronouncements of authoritative bodies including but not necessarily limited to, the Governmental Accounting Standards Board (GASB); the American Institute of Certified Public Accountants (AICPA); and the Financial Accounting Standards Board (FASB).
Pooling of Funds: Except for cash in certain restricted and special funds, the City will consolidate balances from all City and Successor Agency funds to maximize investment earnings. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.
5.4: INTERNAL CONTROLS
The City Treasurer shall maintain a system of internal controls which shall be reviewed and tested by the independent auditor at least annually or upon any extraordinary event, i.e., turnover of key personnel, the discovery of any inappropriate activity, etc.
Investment officials shall be bonded or covered by blanket crime insurance to protect the public against possible embezzlement or malice.
VI. AUTHORIZED AND SUITABLE INVESTMENTS
6.1 AUTHORIZED INVESTMENTS:
All investments of the City shall be made in accordance with the investments authorized for local agencies by the California Government Code, Section 53601.
6.2 SUITABLE INVESTMENTS:
The City’s investments are governed by California Government Code, Sections 53600 et seq. Within the investments permitted by the Code, the City seeks to further restrict eligible investments to the guidelines listed below. In the event a discrepancy is found between this policy and the Code, the more restrictive parameters will take precedence. Percentage holding limits and minimum credit requirements listed in this section apply at the time the security is purchased.
Any investment currently held at the time the policy is adopted which does not meet the new policy guidelines can be held until maturity, and shall be exempt from the current policy. At the time of the investment’s maturity or liquidation, such funds shall be reinvested only as provided in the current policy.
An appropriate risk level shall be maintained by primarily purchasing securities that are of high quality, liquid, and marketable. The portfolio shall be diversified
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by security type and institution to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions.
6.211 COLLATERALIZED BANK DEPOSITS such as a passbook savings account, money market account or other demand deposits in state or federally chartered banks, savings and loans, or credit unions in excess of insured amounts which are fully collateralized in accordance with California law, provided that:
The maximum maturity does not exceed five years.
6.212 MUNICIPAL SECURITIES include obligations of the City, the State of California, any of the other 49 states, and any local agency within the State of California, provided that:
The securities are rated in rating category “A” or higher by at least one nationally recognized statistical rating organization.
No more than 5% of the total portfolio may be invested in any issuer. The maximum maturity does not exceed five years.
6.213 U.S. TREASURIES and other government obligations for which the full faith and credit of the United States are pledged for the payment of principal and interest.
There are no limits on the dollar amount or percentage that the Agency may invest in U.S. Treasuries, provided that:
The maximum maturity is five years.
6.214 FEDERAL AGENCIES or United States Government-Sponsored Enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. There are no limits on the dollar amount or percentage that the Agency may invest in Federal Agency or GovernmentSponsored Enterprises (GSEs), provided that:
No more than 25% of the total portfolio may be invested in any Agency/GSE issuer.
No more than 20% of the total portfolio may be invested in callable securities. The maximum maturity does not exceed five years.
6.215 BANKER’S ACCEPTANCES, provided that:
They are issued by institutions which have short-term debt obligations rated “A-1” or higher by at least one nationally recognized statistical-rating organization; or long-term debt obligations which are rated in rating category “A” or higher by at least one nationally recognized statistical rating organization.
No more than 40% of the total portfolio may be invested in Banker’s Acceptances.
No more than 5% of the total portfolio may be invested in any issuer. The maximum maturity does not exceed 180 days.
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6.216 FEDERALLY INSURED TIME DEPOSITS (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions, provided that:
The amount per institution is limited to the maximum covered under federal insurance.
No more than 20% of the total portfolio will be invested in a combination of federally insured and collateralized time deposits.
The maximum maturity does not exceed five years.
6.217 COLLATERALIZED TIME DEPOSITS (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, provided that:
No more than 20% of the total portfolio will be invested in a combination of federally insured and collateralized time deposits.
The maximum maturity does not exceed five years.
6.218 PLACEMENT SERVICE DEPOSITS , PROVIDED THAT:
No more than 30% of the total portfolio may be invested in a combination of Certificates of Deposit, including CDARS.
Under a provision sunsetting on January 1, 2026, no more than 50% of the portfolio may be invested in deposits through a placement service, including Certificates of Deposit, if the Agency is a city, district or local agency that does not pool money with other local agencies.
The maximum maturity does not exceed five years.
6.219 NEGOTIABLE CERTIFICATES OF DEPOSIT (NCDS), provided that:
The amount of the NCD insured up to the FDIC/NCUA limit does not require any credit ratings.
For any amount above the FDIC/NCUA insured limit they must be issued by institutions which have short-term debt obligations are rated “A-1” or higher by at least one nationally recognized statistical rating organization; or longterm obligations are rated in rating category “A” or higher by at least one nationally recognized statistical rating organization.
No more than 30% of the total portfolio may be invested in NCDs (combined with CDARS.)
No more than 5% of the total portfolio may be invested in any issuer. The maximum maturity does not exceed five years.
6.220 COMMERCIAL PAPER, provided that:
The issuer is a corporation organized and operating in the United States with assets in excess of $500 million.
The securities are rated “A-1” or higher by at least one nationally recognized statistical rating organization.
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They are issued by corporations which have long-term obligations are rated in rating category “A” or higher by at least one nationally recognized statistical rating organization.
No more than 25% of the total portfolio may be invested in Commercial Paper.
No more than 5% of the total portfolio may be invested in any issuer. The maximum maturity does not exceed 270 days.
6.221 STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF), provided that:
The Agency may invest up to the maximum permitted amount in LAIF. LAIF’s investments in instruments prohibited by or not specified in the Agency’s policy do not exclude it from the Agency’s list of allowable investments, provided that the fund’s reports allow the Treasurer to adequately judge the risk inherent in LAIF’s portfolio.
6.222 LOCAL GOVERNMENT INVESTMENT POOLS
Other LGIPs permitted by client.
6.223 CORPORATE MEDIUM-TERM NOTES (MTNS), provided that:
The issuer is a corporation organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States.
The securities are rated in rating category “A” or higher by at least one nationally recognized statistical rating organization.
No more than 30% of the total portfolio may be invested in MTNs. No more than 5% of the total portfolio may be invested in any issuer. The maximum maturity does not exceed five years.
6.224 ASSET-BACKED, MORTGAGE-BACKED, MORTGAGE PASS-THROUGH SECURITIES, AND COLLATERALIZED MORTGAGE OBLIGATIONS, provided that:
The securities are rated in rating category “AA” or higher by a nationally recognized statistical rating organization.
No more than 20% of the total portfolio may be invested in these securities. No more than 5% of the total portfolio may be invested in any Asset-Backed or Commercial Mortgage security issuer. There is no issuer limitation on any Mortgage security where the issuer is the US Treasury or a Federal Agency/GSE.
The maximum maturity does not exceed 5 years.
6.225 MONEY MARKET MUTUAL FUNDS that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940, provided that:
Such Funds meet either of the following criteria:
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1. Have attained the highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized statistical rating organizations; or
2. Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience investing in the securities and obligations authorized by California Government Code, Section 53601 and with assets under management in excess of $500 million.
No more than 20% of the total portfolio may be invested in Money Market Mutual Funds.
6.226 Supranationals, provided that:
Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or InterAmerican Development Bank. The securities are rated in rating category “AA” or higher by a NRSRO. No more than 30% of the total portfolio may be invested in these securities. No more than 10% of the total portfolio may be invested in a single issuer. The maximum maturity does not exceed 5 years.
Professional investment managers that may be retained by the City may request more latitude in their choice of investment vehicles and practices than is allowed under this policy. As an integral part of their service to the City, such advisors shall recommend additional investment vehicles and practices, with limitations and restrictions on their use. The City Council must approve the investment vehicles and practices, and adopt an appropriate amendment to this policy prior to their implementation.
6.3 COLLATERALIZATION AND OTHER SAFETY CONSTRAINTS:
All bank deposits must be either federally insured or collateralized pursuant to requirements of State law. The City Treasurer may waive collateral for that portion of a deposit which is insured pursuant to Federal law.
6.4 PROHIBITED INVESTMENTS:
Certain securities will be prohibited as investments in the City’s portfolio. The City has prohibited certain securities that are allowable under the California Government Code, based on its own assessment of risk and for the protection of City funds. Prohibited investments are:
1. Pursuant to California Government Code Section 53601.6, local agencies are prohibited from making investments in the following vehicles:
-Inverse floaters, range notes, or mortgage-derived interest-only strips. -Securities that could result in a zero-interest accrual if held to maturity.
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-Securities with forward settlement date exceeding 45 days from the time of the investment is prohibited.
2. City policy prohibition: The City further limits investments by expressly prohibiting investments in the following:
-Stocks
-Futures and options
-Repurchase agreements
-Reverse repurchase agreements
-Leveraged investments of any kind
-Foreign currency denominated securities
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VII. INVESTMENT PARAMETERS:
7.1 DIVERSIFICATION:
The City will diversify the investment portfolio to avoid incurring unreasonable risks, both credit and interest rate risk, inherent in over-investing in specific instruments, individual financial institutions, or maturities. The City constrains the portfolio further than the California Government Code to reduce credit risk in the marketplace. Due to fluctuations in the aggregate portfolio balance, maximum percentages for a particular investment type, issuer or security structure may be exceeded at a point in time subsequent to the purchase of a particular security.
Securities do not need to be liquidated to realign the portfolio; however, consideration should be given to the matter when future purchases are made.
7.2INVESTMENT MATURITY:
The City will not directly invest in securities maturing more than five (5) years from the date of purchase.
The investment’s term or remaining maturity is measured from the settlement date to final maturity.
Liquidity funds, defined as active bank deposits, LAIF and CAMP balances and money market securities with a maturity of less than six months, will comprise at least 20% of the total portfolio.
Longer term/Core funds will be defined as the funds in excess of liquidity requirements. The investments in this portion of the portfolio will have maturities between one (1) day and five (5) years.
Exception to 5-year maturity maximum: Reserve or Capital Improvement Project monies may be invested in securities exceeding five (5) years if the maturities of such investments are made to coincide as nearly as practicable with the expected use of the funds.
7.3 COMPETITIVE TRANSACTIONS
The City Treasurer shall obtain competitive bid information on all purchases of investment instruments purchased on the secondary market whenever possible and practical. Such competitive bid information can be executed through a competitive bid, through the use of a nationally recognized trading platform such as eConnect Direct, or from a third-party pricing source such as Bloomberg. Bid information can be obtained via telephone, faxed, or emailed quotes. If the City is offered a security for which there is no readily available competitive offering on the same specific issue, the City Treasurer shall document quotations for comparable or alternative securities. The Treasurer will select the quote which best satisfies the investment objectives of the investment portfolio within the parameters of this policy. The City Treasurer will maintain a written record of
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each bidding process including the name and prices offered by each participating financial institution.
7.4 INVESTMENT GUIDELINES AND STRATEGIES
The City Treasurer and staff will develop and maintain procedures, guidelines, and strategies to provide for investment decisions that meet the established goals of this policy. These strategies will incorporate cash flow considerations, liquidity, and surplus balances.
7.5 MITIGATING CREDIT RISK IN THE PORTFOLIO
Credit risk is the risk that a security or a portfolio will lose some or all of its value due to a real or perceived change in the ability of the issuer to repay its debt. The City will mitigate credit risk by adopting the following strategies:
The diversification requirements included in the “Authorized Investments” section of this policy are designed to mitigate credit risk in the portfolio. Unless otherwise specified in this investment policy, no more than 5% of the total portfolio may be invested in securities of any single issuer per each category in Section VI of this policy, except:
1. Where the issuer is the US Government, its Agencies and GSEs.
2. Supranational securities
3. Money Market Mutual Funds
4. Local Government Investment Pools
The City may elect to sell a security prior to its maturity and record a capital gain or loss in order to improve the quality, liquidity or yield of the portfolio in response to market conditions or City’s risk preferences. If securities owned by the City are downgraded to a level below the quality required by this investment policy, it will be the City’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio.
VIII. REPORTING
8.1 SPECIFIC REPORTING REQUIREMENTS:
The City Treasurer shall render a monthly investment report to the City Council and the City Manager. The report shall include the type of investment, institution, date of maturity, par value and amount of investment, rate of interest, current market value, source of the market value, and such other data as may be required by the City Council. The report shall also include a schedule of investment transactions for the month, a statement denoting the ability of the City to meet its expenditure requirements for the ensuing six (6) months or an
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explanation as to why sufficient funds may not be available, and a statement that the City’s investment portfolio is in compliance with the City’s Investment Policy or the manner in which it may not be in compliance. {Gov. Code Sections 53607 and 53646}
8.2: PERFORMANCE STANDARDS:
The City’s investment portfolio will be designed to obtain a market average rate of return during budgetary and economic cycles, taking into account the City’s investment risk constraints and cash flow needs. The basis used by the Treasurer to determine whether market yields are being achieved shall be to identify a benchmark comparable to the portfolio’s average weighted maturity and credit profile. Separate benchmarks may be established for liquidity funds and longer term/core funds.
8.3: REVIEW OF INVESTMENT PORTFOLIO:
The securities held by the City must be in compliance with Section VI Authorized and Suitable Investments at the time of purchase. Because some securities may not comply with Section VI Authorized and Suitable Investments subsequent to the date of purchase, the City Treasurer will at least quarterly review the portfolio to identify those securities that do not comply. The City Treasurer will establish procedures to report to the City Council major and critical incidences of noncompliance identified through the review of the portfolio. The portfolio may be adjusted as market conditions change to comply with the City’s objectives of safety, liquidity, and achievement of market rates of return.
IX. POLICY REVIEW AND ADOPTION
The Statement of Investment Policy shall be adopted by the City Council. The policy shall be reviewed at least annually to ensure its consistency with the overall objectives of preservation of principal, liquidity and yield, and its relevance to current law, financial and economic trends.
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X. GLOSSARY OF TERMS
Agencies. Shorthand market terminology for any obligation issued by a government-sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are:
FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds.
FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB issues discount notes and bonds.
FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called “FreddieMac” issues discount notes, bonds, and mortgage pass-through securities.
FNMA. Like FHLB and FreddieMac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as “FannieMae,” issues discount notes, bonds, and mortgage pass-through securities.
GNMA. The Government National Mortgage Association, known as “GinnieMae,” issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government.
PEFCO. The Private Export Funding Corporation assists exporters. Obligations of PEFCO are not guaranteed by the full faith and credit of the US government.
TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds.
Asked. The price at which a seller offers to sell a security.
Asset Backed Securities. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.
Average Life. In mortgage-related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected.
Banker’s Acceptance. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which “accepts” the obligation to pay the investor.
Benchmark. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.
ATTACHMENT J
City of Stanton, CA
FY 2024/25 Investment Policy
Broker. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from his own position.
Callable. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues securities, it will likely call its current securities and reissue them at a lower rate of interest. Callable securities have reinvestment risk as the investor may receive its principal back when interest rates are lower than when the investment was initially made.
CDARS (Certificate of Deposit Account Registry System). A private CD placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS) while still maintaining FDIC insurance coverage. Intrafi is an entity providing this service. CDARS facilitates the trading of deposits between the California institution and other participating institutions in amounts that are less than $250,000 each, so that FDIC coverage is maintained.
Certificate of Deposit (CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable.
Collateral. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.
Collateralized Mortgage Obligations (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.
Commercial Paper. The short-term unsecured debt of corporations.
Cost Yield. The annual income from an investment divided by the purchase cost.
Because it does not give effect to premiums and discounts which may have been included in the purchase cost, it is an incomplete measure of return.
Coupon. The rate of return at which interest is paid on a bond.
Credit Risk. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer.
Current Yield. The annual income from an investment divided by the current market value. Since the mathematical calculation relies on the current market value rather than the investor’s cost, current yield is unrelated to the actual return the investor will earn if the security is held to maturity.
ATTACHMENT J
City of Stanton, CA
FY 2024/25 Investment Policy
Dealer. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position.
Delivery vs. Payment (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.
Discount. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as T-bills and banker’s acceptances, are known as discount securities. They sell at a discount from par, and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.
Diversification. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.
Duration. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration).
FDIC. The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system by insuring deposits; examining and supervising financial institutions for safety and soundness and consumer protection; making large and complex financial institutions resolvable; and managing receiverships.
Federal Funds Rate. The rate of interest charged by banks for short-term loans to other banks. The Federal Reserve Bank through open-market operations establishes it.
FIDUCIARY. A person or organization that acts on behalf of another person(s) or organization that puts their clients’ interest ahead of their own as they are bound both legally and ethically to act in the other’s best interests.
Leverage. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.
Liquidity: The speed and ease with which an asset can be converted to cash.
Make Whole Call. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call
ATTACHMENT J
City of Stanton, CA
FY 2024/25 Investment Policy
provision, the issuer makes a lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid because of the call.
With this type of call, an investor is compensated, or "made whole." Margin: The difference between the market value of a security and the loan a broker makes using that security as collateral.
Market Risk. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.
Market Value. The price at which a security can be traded.
Marking to Market. The process of posting current market values for securities in a portfolio.
Maturity. The final date upon which the principal of a security becomes due and payable. The investment’s term or remaining maturity is measured from the settlement date to final maturity.
Medium Term Notes. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.
Modified Duration. The percent change in price for a 100-basis point change in yields. Modified duration is the best single measure of a portfolio or security’s exposure to market risk.
Money Market. The market in which short-term debt instruments (Tbills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.
Mortgage Pass-Through Securities. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.
Municipal Securities. Securities issued by state and local agencies to finance capital and operating expenses.
Mutual Fund. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus.
Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated
ATTACHMENT J
City of Stanton, CA
FY 2024/25 Investment Policy
with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.
National Credit Union Administration (NCUA). An independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
Nationally Recognized Statistical Rating Organization (NRSRO). A credit rating agency (CRA) that issues credit ratings that the U.S. Securities and Exchange Commission (SEC) permits other financial firms to use for certain regulatory purposes.
Premium. The difference between the par value of a bond and the cost of the bond, when the cost is above par.
Prepayment Speed. A measure of how quickly principal is repaid to investors in mortgage securities.
Prepayment Window. The time period over which principal repayments will be received on mortgage securities at a specified prepayment speed.
Primary Dealer. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S. Government securities market.
Prudent Person (Prudent Investor) Rule. A standard of responsibility which applies to fiduciaries. In California, the rule is stated as “Investments shall be managed with the care, skill, prudence and diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims to accomplish similar purposes.”
Realized Yield. The change in value of the portfolio due to interest received and interest earned and realized gains and losses. It does not give effect to changes in market value on securities, which have not been sold from the portfolio.
Regional Dealer. A financial intermediary that buys and sells securities for the benefit of its customers without maintaining substantial inventories of securities and that is not a primary dealer.
Repurchase Agreement (RP, Repo). Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.
ATTACHMENT J
City of Stanton, CA
FY 2024/25 Investment Policy
Safekeeping. A service to bank customers whereby securities are held by the bank in the customer’s name.
Structured Note. A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities, or indices.
Examples include inverse floating rate notes which have coupons that increase when other interest rates are falling, and which fall when other interest rates are rising, and "dual index floaters," which pay interest based on the relationship between two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements.
Supranationals. A supranational is a multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries.
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.
U.S. Treasury Obligations. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk, and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.
Treasury Bills. All securities issued with initial maturities of one year or less are issued as discounted instruments, and are called Treasury bills. The Treasury currently issues three- and six-month Tbills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.
Treasury Notes. All securities issued with initial maturities of two to ten years are called Treasury notes, and pay interest semi-annually.
Treasury Bonds. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semiannually.
Volatility. The rate at which security prices change with changes in general economic conditions or the general level of interest rates.
Yield to Maturity. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost.
ATTACHMENT J
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FIRST AMENDMENT TO THE FIVE-YEAR AGREEMENT
BETWEEN THE
CITY OF STANTON
AND THE
COUNTY OF ORANGE
THIS FIRST AMENDMENT TO THE AGREEMENT is entered into this First day of June 1, 2024, which date is enumerated for purposes of reference only, by and between the CITY OF STANTON, hereinafter referred to as “CITY”, and the COUNTY OF ORANGE, a political subdivision of the State of California, hereinafter referred to as “COUNTY” to amend effective July 1, 2024 that certain Agreement between the parties commencing July 1, 2023, hereinafter referred to as the “Agreement”.
1. For the period July 1, 2024 through June 30, 2025, REGULAR SERVICES BY COUNTY, Subsection C-4 of the Agreement is amended to read as follows:
“C-4. The level of service, to be provided by COUNTY for the period July 1, 2024 through June 30, 2025, is set forth in Attachment A.
2. For the period July 1, 2024 through June 30, 2025, PAYMENT, Subsections F-2, F-4, F-5, F-8a and F-8b of the Agreement are amended to read as follows:
“F-2. Unless the level of service set forth in Attachment A is decreased or increased in accordance with Subsection C-9, the Maximum Obligation of CITY for services set forth in Attachment B to be provided by the COUNTY for the period July 1, 2024 through June 30, 2025 shall be $14,175,629.
The overtime costs included in the Agreement are only an estimate.
SHERIFF shall notify CITY of actual overtime worked during each fiscal year.
If actual overtime worked is above and below budgeted amounts, billings will be adjusted accordingly at the end of the fiscal year. Actual overtime costs may exceed CITY’s Maximum Obligation.
ATTACHMENT K
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F-4. COUNTY shall invoice CITY monthly. During the period July 1, 2024 through June 30, 2025, said invoices will require payment by CITY of onetwelfth (1/12) of the Maximum Obligation of CITY set forth in Subsection F-2 of this Agreement, as said Maximum Obligation may have been increased or decreased in accordance with Subsection C-9. If a determination is made that increases described in Subsection F-8 must be paid, COUNTY thereafter shall include the pro-rata charges for such increases in its monthly invoices to CITY for the balance of the period between July 1, 2024 and June 30, 2025.
F-5. CITY shall pay COUNTY in accordance with COUNTY Board of Supervisors’ approved County Billing Policy, Attachment C. Payments made electronically via a credit card or through a banking system that charges Merchant Fees, Service Fees, or any other Fees shall be the responsibility of the City. If the County is charged any of the before mentioned fees, the City shall be responsible for payment of these fees to the County”
F-8a. At the time this Agreement is executed, there are unresolved issues pertaining to potential changes in salaries and benefits for COUNTY employees. The cost of such potential changes are not included in the Fiscal Year 2024-25, costs set forth in Attachment B nor in the Fiscal Year 2024-5, Maximum Obligation of CITY set forth in Subsection F-2 of this Agreement. If the changes result in the COUNTY incurring or becoming obligated to pay for increased costs for or on account of personnel whose costs are included in the calculations of costs charged to CITY hereunder, CITY shall pay COUNTY, in addition to the Maximum Obligation set forth in Subsection F-2 of this Agreement, the full costs of said increases to the extent such increases are attributable to work performed by such personnel after July 1, 2024 and CITY’s Maximum Obligation hereunder shall be
ATTACHMENT K
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deemed to have increased accordingly. CITY shall pay COUNTY in full for such increases on a pro-rata basis over the portion of the period between July 1, 2024 and June 30, 2025 remaining after COUNTY notifies CITY that increases are payable. If the changes result in the COUNTY incurring or becoming obligated to pay for decreased costs for or on account of personnel whose costs are included in the calculations of costs charged to CITY hereunder, COUNTY shall reduce the amount owed by the CITY to the extent such decreases are attributable to work performed by such personnel during the period July 1, 2024 through June 30, 2025, and CITY’s Maximum Obligation hereunder shall be deemed to have decreased accordingly.
COUNTY shall reduce required payment by CITY in full for such decreases on a pro-rata basis over the portion of the period between July 1, 2024 and June 30, 2025 remaining after COUNTY notifies CITY that the Maximum Obligation has decreased.
F-8b. If CITY is required to pay for increases as set forth in Subsection F-8a above, COUNTY, at the request of CITY, will thereafter reduce the level of service to be provided to CITY pursuant to Attachment A of this Agreement to a level that will make the Maximum Obligation of CITY hereunder an amount specified by CITY that is equivalent to or higher or lower than the Maximum Obligation set forth in Subsection F-2 for said period at the time this Agreement originally was executed. The purpose of such adjustment of service levels will be to give CITY the option of keeping its Maximum Obligation hereunder at the pre-increase level or at any other higher or lower level specified by CITY. In the event of such reduction in level of service and adjustment of costs, the parties shall execute an amendment to this Agreement so providing, pursuant to Subsection C-9. Decisions about how to reduce the level of service provided to CITY shall be made by SHERIFF with the approval of CITY.”
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3. Effective July 1, 2024, EQUIPMENT SECTION Q of the Agreement is added to read as follows:
“1. As part of the law enforcement services to be provided to CITY, COUNTY shall purchase motorcycles and radios that meet certain law enforcement standards as determined by the COUNTY (hereinafter “Equipment”).
2. CITY shall pay COUNTY the full costs to COUNTY of a) the acquisition of Equipment, b) recurring costs, c) the costs of maintenance, and d) replacement and upgrade of such Equipment when they become functionally or technologically obsolete, as deemed necessary by COUNTY. The costs to be paid by CITY are included in the costs set forth in Attachment B and the Maximum Obligation of CITY set forth in Subsection F-2 of this Agreement.
3. The Equipment purchased by the COUNTY for services to the CITY shall be the property of the County.
4. Radios and motorcycles previously purchased by the CITY for COUNTY law enforcement services to the CITY shall be the property of and maintained by the CITY. Notwithstanding Section K of this Agreement, COUNTY shall be responsible to CITY for any damage to CITY radios and motorcycles caused by COUNTY’s act or omission.”
4 Effective July 1, 2024, Attachments A and B are amended as attached hereto.
Attachments A and B are incorporated into this agreement by reference. 5 All other provisions of the Agreement, to the extent that they are not in conflict with this FIRST AMENDMENT TO AGREEMENT, remain unchanged.
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ATTACHMENT K
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IN WITNESS WHEREOF, the parties have executed the FIRST AMENDMENT TO THE AGREEMENT in the County of Orange, State of California.
DATED:_________________________
CITY OF STANTON
ATTEST:______________________
City Clerk
BY:_____________________________
Mayor
APPROVED AS TO FORM:
BY:_____________________________
City Attorney
---------------------------------------------------------------------------------------------------------------- DATED:___________________________
COUNTY OF ORANGE
BY:_______________________________
Chairman of the Board of Supervisors
Signed and certified that a copy of this
Document has been delivered to the Chair
of the Board per G.C. Sec. 25103, Reso 79-1535
Attest:
BY:__________________________
Robin Stieler
Clerk of the Board of Supervisors
County of Orange, California APPROVED AS TO FORM:
Office of the County Counsel
County of Orange, California
BY:_______________________
Deputy
DATED:______________________
ATTACHMENT K
ATTACHMENT A
LEVEL OF SERVICE PROVIDED BY SHERIFF:
Title Detail Quantity Frequency
MANAGEMENT:
Captain 1.00
SUPERVISION:
Sergeant Investigative 1.00 80 hrs./ per two wk. pay period Sergeant Patrol 4.00 each, 80 hrs./ per two wk. pay period INVESTIGATION SERVICES:
Investigator 2.00 each, 80 hrs./ per two wk. pay period Investigative Assistant 2.00 each, 80 hrs./ per two wk. pay period PATROL AND TRAFFIC SERVICES*:
Deputy Sheriff II -Patrol Patrol 22.00 each, 80 hrs./ per two wk. pay period Deputy Sheriff II -Motor Motorcycle 1.00 80 hrs./ per two wk. pay period
COMMUNITY SUPPORT
Community Services Officer 1.00 80 hrs./ per two wk. pay period CLERICAL SERVICES:
Office Specialist Office support 1.00 each, 80 hrs./ per two wk. pay period ADDITIONAL SERVICES:
Crime Prevention Specialist 1.00 80 hrs./ per two wk. pay period Office Trainee/Cadets (2 x 1,039 hours each)
TOTAL 36.00
* Deployment to be determined by SHERIFF in cooperation with CITY Manager REGIONAL / SHARED STAFF:
Title Regional Team Quantity % Allocation
TRAFFIC:
Sergeant Traffic 0.60 8.31%
Investigator Traffic 1.00 8.31%
Deputy Sheriff II Traffic 3.00 8.31%
Investigative Assistant Traffic 2.00 8.31%
Office Specialist Traffic 1.00 8.31%
AUTO THEFT:
Sergeant Auto Theft 0.30 11.54%
Investigator Auto Theft 2.00 11.54%
Investigative Assistant Auto Theft 1.00 11.54%
Office Specialist Auto Theft 1.00 11.54%
MOTORCYCLE (shared Supervision):
Sergeant Motorcycle Supervision 1.00 3.77%
TOTAL 12.90
"REGULAR SERVICES BY COUNTY"
(Subsection C-4)
CITY OF STANTON
ORANGE COUNTY SHERIFF-CORONER
FY 2024-25 LAW ENFORCEMENT CONTRACT
ATTACHMENT K
ATTACHMENT B
COST OF SERVICES PROVIDED BY SHERIFF (Subsection F-2):
Title Detail Quantity
Cost of Service
(each)
Cost of Service
Total
MANAGEMENT:
Captain 1.00 503,597 $ $ 503,597
SUPERVISION:
Sergeant Investigative 1.00 380,363 $ $ 380,363
Sergeant Patrol 4.00 398,349 $ $ 1,593,396
INVESTIGATION SERVICES:
Investigator 2.00 337,154 $ $ 674,308
Investigative Assistant 2.00 156,978 $ $ 313,955
PATROL AND TRAFFIC SERVICES:
Deputy Sheriff II -Patrol Patrol 22.00 324,194 $ $ 7,132,268 Deputy Sheriff II -Motor Motorcycle 1.00 334,928 $ $ 334,928
COMMUNITY SUPPORT
Community Services Officer 1.00 142,265 $ $ 142,265
CLERICAL SERVICES:
Office Specialist Office support 1.00 114,564 $ $ 114,564 ADDITIONAL SERVICES:
Crime Prevention Specialist 1.00 121,095 $ $ 121,095
Office Trainee/Cadets (2 x 1,040 hours each) $ 54,525
TOTAL POSITIONS 36.00 $ 11,365,265
REGIONAL / SHARED STAFF:
Title Regional Team Quantity % Allocation Cost $
TRAFFIC:
Sergeant Traffic 0.60 8.31% $ 24,211
Investigator Traffic 1.00 8.31% $ 29,227
Deputy Sheriff II Traffic 3.00 8.31% $ 101,730
Investigative Assistant Traffic 2.00 8.31% $ 28,804
Office Specialist Traffic 1.00 8.31% $ 10,878
AUTO THEFT:
Sergeant Auto Theft 0.30 11.54% $ 16,808
Investigator Auto Theft 2.00 11.54% $ 88,830
Investigative Assistant Auto Theft 1.00 11.54% $ 19,907 Office Specialist Auto Theft 1.00 11.54% $ 15,169
MOTORCYCLE (shared Supervision):
Sergeant Motorcycle Supervision 1.00 3.77% $ 16,921
TOTAL REGIONAL/SHARED 12.90 $ 352,485
OTHER CHARGES AND CREDITS (Subsection F-2):
OTHER CHARGES:
CREDITS:
TOTAL OTHER CHARGES AND CREDITS $ 2,457,879
TOTAL COST OF SERVICES (Subsection F-2) $ 14,175,629
ORANGE COUNTY SHERIFF-CORONER
FY 2024-25 LAW ENFORCEMENT CONTRACT
CITY OF STANTON
"PAYMENT"
(Subsection F-2)
Credits include: AB109 (2011 Public Safety Realignment), deployment savings; estimated vacancy credits; false alarm fees; reimbursement for training and miscellaneous programs; and restitution credits.
Other Charges include: Annual leave paydowns and apportionment of cost of leave balances paid at end of employment; Body Worn Camera (BWC) and In Car Video (ICV); contract administration; data line charges; services and supplies; enhanced helicopter response services; E-Citation recurring costs for one (1) unit; holiday pay; Integrated Law & Justice of Orange County fees; Mobile Data Computer (MDC) recurring cost for twenty-three (24) units; overtime; patrol training cost allocation; premium pay for bilingual staff, education incentive pay and on-call;and transportation charges.
ATTACHMENT K
Scenario A:
Remove:
DIRECT PURCHASE REGULAR SERVICES & COUNTY SAVINGS/
NO POSITIONS SALARY OVERTIME BENEFITS POST PAY SUPPLIES TRANSP. DEPT. OH DIV. OH TRAINING OH OTHER REVENUE TOTAL 1 Captain 234,127 0 215,993 10,619 4,368 0 9,248 21,609 4,818 2,815 0 0 503,597 1 Sergeant/ Investigative 172,657 0 161,285 18,594 4,368 0 9,248 7,194 4,818 2,199 0 0 380,363 4 Sergeant/ Patrol 690,628 0 645,140 74,376 17,472 0 36,992 100,720 19,272 8,796 0 0 1,593,396 2 Investigator 305,182 0 286,504 27,540 8,736 0 18,496 14,388 9,636 3,826 0 0 674,308 22 DS II Patrol 3,055,206 0 2,852,454 185,064 96,096 0 203,456 596,728 105,996 37,268 0 0 7,132,268 1 DS II Motorcycle 145,473 0 133,715 8,412 4,368 0 9,248 27,124 4,818 1,770 0 0 334,928 31 Subtotal Safety $4,603,273 $0 $4,295,091 $324,605 $135,408 $0 $286,688 $767,763 $149,358 $56,674 $0 $0 $10,618,860 1 Community Service Officer 61,116 0 41,650 0 4,368 0 9,248 25,180 0 703 0 0 142,265 2 Investigative Assistant 148,666 0 122,476 0 8,736 0 18,496 13,872 0 1,710 0 0 313,956 1 Crime Prevention Specialist 63,955 0 39,424 0 4,368 0 9,248 3,365 0 735 0 0 121,095 1 Office Specialist 60,134 0 36,757 0 4,368 0 9,248 3,365 0 692 0 0 114,564 Office Trainee/Cadets (2 x 1,039 hours each) 36,448 0 758 0 4,346 0 9,204 3,350 0 419 0 0 54,525 5 Subtotal Professional $370,319 $0 $241,065 $0 $26,186 $0 $55,444 $49,132 $0 $4,259 $0 $0 $746,405 36 TOTAL STAFF $4,973,592 $0 $4,536,156 $324,605 $161,594 $0 $342,132 $816,895 $149,358 $60,933 $0 $0 11,365,265
REGIONAL / SHARED STAFF
0.6 Traffic - Sergeant 8.31% 11,003 414 9,424 927 427 294 461 877 240 144 0 0 24,211 1 Traffic - Investigator 8.31% 12,678 0 11,902 1,144 711 0 768 1,462 400 162 29,227 3 Traffic - Deputy Sheriff II 8.31% 42,677 3,818 36,763 2,097 2,133 5,781 2,305 4,386 1,201 569 0 0 101,730 2 Traffic - Investigative Assistant 8.31% 12,864 205 10,357 0 1,400 0 1,537 2,288 0 153 0 0 28,804 1 Traffic - Office Specialist 8.31% 5,089 34 3,083 0 700 0 768 1,144 0 60 0 0 10,878
0.3 Auto Theft - Sergeant 11.54% 7,643 288 6,546 644 286 205 320 609 167 100 0 0 16,808 2 Auto Theft - Investigator 11.54% 36,923 3,789 33,865 3,178 1,905 1,348 2,135 4,061 1,112 514 0 0 88,830 1 Auto Theft - Investigative Assistant 11.54% 8,711 331 7,166 0 938 0 1,067 1,588 0 106 0 0 19,907 1 Auto Theft - Office Specialist 11.54% 7,220 0 4,273 0 937 0 1,067 1,588 0 84 0 0 15,169 1 Motorcycle Sergeant 3.77% 7,152 0 6,501 702 364 681 349 664 182 95 231 0 16,921
12.90 Subtotal $151,960 $8,879 $129,880 $8,692 $9,801 $8,309 $10,777 $18,667 $3,302 $1,987 $231 $0 $352,485
CITY OF STANTON
FISCAL YEAR 2024-25
YEAR 2 OF 5 YEAR TERM
SECOND ESTIMATE - SCENARIO A
April 10, 2024
One (1) Office Specialist
SALARIES & EMPLOYEE BENEFITS INDIRECT COSTS
Stanton FY 2024-25 Spreadsheets.xlsx/2nd Est. Scenario A FY 24-25 Page 1 of 2
ATTACHMENT L
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Scenario A:
Remove:
CITY OF STANTON
FISCAL YEAR 2024-25
YEAR 2 OF 5 YEAR TERM
SECOND ESTIMATE - SCENARIO A
April 10, 2024
One (1) Office Specialist
SALARIES & EMPLOYEE BENEFITS INDIRECT COSTS
ADDITIONAL REGULAR SERVICES & COUNTY SAVINGS/
NO COSTS/REVENUE SALARY OVERTIME BENEFITS POST PAY SUPPLIES TRANSP. DEPT. OH DIV. OH TRAINING OH OTHER REVENUE TOTAL Overtime 1,112,040 80,079 12,788 1,204,907
Estimate: Vacancy Credit (125,231) (125,231)
Annual Leave (Pay Downs & Termination Pay) 106,882 106,882 AB109 (2011 Public Safety Realignment) (29,336) (29,336) Body Worn Cameras (BWC) and In Car Video (ICV) Costs 162,534 162,534 Contract Administration 40,104 40,104
Data Line 5,449 5,449
1 E-Citation - Recurring Costs 2,297 2,297
Enhanced Helicopter Response Services 33,983 33,983
Holiday Pay: Comp & Straight Time 200,192 200,192
Integrated Law & Justice Agency of Orange County 4,076 4,076 Mobile Data Computers (MDC) - Acquisition 0
24 Mobile Data Computers (MDC) - Recurring Costs 85,786 85,786 Patrol Training Cost Allocation (FTB) 207,609 207,609
Premium Pay 171,004 171,004
Retirement Rate Discount (Expenses for Interest and Issuance) 0 Retirement Rate Discount (Gross) 0
Revenue/False Alarms (22,459) (22,459)
Revenue/Training Reimbursement 0
Savings Related to Unincorp. Deployment from Stanton (71,379) (71,379) Services & Supplies 128,015 128,015
Transportation - Vehicle Fuel, Mileage Interest and Maint., etc. 355,239 355,239 Restitution Payments Credits (1,792) (1,792)
Subtotal $0 $1,112,040 $80,079 $0 $133,464 $389,222 $0 $0 $207,609 $12,788 $647,644 ($124,966) $2,457,879 $5,125,552 $1,120,919 $4,746,115 $333,297 $304,859 $397,531 $352,909 $835,562 $360,269 $75,708 $647,875 ($124,966) $14,175,629 $4,776,922 $1,036,582 $4,433,180 $294,780 $290,724 $435,002 $363,709 $814,516 $291,083 $88,775 $756,847 ($117,953) $13,464,165
7.30% 8.14% 7.06% 13.07% 4.86% -8.61% -2.97% 2.58% 23.77% -14.72% -14.40% 5.95% 5.28% $348,630 $84,337 $312,935 $38,517 $14,135 ($37,471) ($10,800) $21,046 $69,186 ($13,067) ($108,972) ($7,013) $711,464 FY 2024-25 - SECOND ESTIMATE SCENARIO A
FY 2023-24 - FINAL ADJUSTED CONTRACT TOTAL
Stanton FY 2024-25 Spreadsheets.xlsx/2nd Est. Scenario A FY 24-25 Page 2 of 2
ATTACHMENT L
Fiscal Year Projected
2023/24 Ending
Balance Increase Balance
7/1/2023 (A) (Decrease) Adjustments 6/30/2024
GENERAL FUNDS
General Fund (#101)
Unassigned $ 12,890,227 $ ‐ 3,557,932 $ $ 16,448,159 Reserve ‐ Continuing Appropriations (Carryovers) 1,328,850 (1,328,850) ‐ ‐ Reserve ‐ Prepaid Items 150,708 (150,708) ‐ ‐ Reserve ‐ Economic Uncertainty (1) ‐ 6,100,000 ‐ 6,100,000 Reserve ‐ Emergency Disaster Continuity (1) ‐ 3,000,000 ‐ 3,000,000 Reserve ‐ Capital Improvement (1) ‐ 5,000,000 ‐ 5,000,000 Reserve ‐Equipment and Maintenance (1) ‐ 150,000 ‐ 150,000 Reserve ‐Technology Equipment (1) ‐ 150,000 ‐ 150,000 Committed by Developer Agreements for Public Benefit/Public Facilities (2) 1,507,796 ‐ 330,650 1,838,446
Committed by Developer Agreements for Beautification Projects (2) 190,000 50,000 ‐ 240,000 Committed by Developer Agreements for Neighborhood Preservation (2) 108,000 ‐ 6,000 114,000 Assigned for Special Projects (3) 4,975,672 ‐ (2,213,580) 2,762,092 Total General Fund 35,551,253 251,444 ‐ 35,802,697 Transaction & Use Tax Fund (#102)
Unassigned 868,256 ‐ (868,256) ‐
Total Transaction & Use Tax Fund 868,256 (868,256) ‐ ‐ TOTAL $ 36,419,509 $ (616,812) $ ‐ $ 35,802,697 Notes:
(A) ‐ Per City's audited financial statements as of June 30, 2023. (1) ‐ Per City Council Reserve Policy adopted annually. (3) ‐ Assigned by City Council on June 13, 2023.
(2) ‐ Pursuant to approved developer agreements, this amount represents public benefit fees the City received that should be used for the following projects relating to: public facilities, neighborhood preservation, and city beautification/enhancement.
City of Stanton
DISCRETIONARY FUND BALANCE
GENERAL FUND
ATTACHMENT M
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