Agenda Related Items - Meeting of June 10, 2025
Supplemental Packet
Date: June 10, 2025
THOUSAND OAKS CITY COUNCIL
Supplemental
Information
Packet
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2:00 p.m.
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FIN:390-10\rr\H:\COMMON\Council\2025\Administration\06102025\Proposed FY 2025-26 and FY 2026-27 Operating Budget Report Supplemental Memo.docx
To: Andrew P. Powers, City Manager
From: Jaime Boscarino, Finance Director
Date: June 10, 2025
Subject: Agenda Item 1 0.B. – Proposed FY 2025 -26 and FY 2026- 27 Operating and Capital Improvement Program Budget s Public Hearing
As indicated in the staff report for the above-captioned agenda item, the Proposed FY 2025-26 and FY 2026 -27 Operating and Capital Improvement Program (CIP) Budget document s are provided under separate cover. Both documents are available for review at: https://toaks.gov/budget and the Operating Budget is also available at https://thousandoaks.openbook.questica.com/#/.
Additionally, recommendation #2 in the staff report has been modified as included below:
RECOMMENDATION:
1. Adopt resolution approving proposed Operating and Capital Improvement Program (CIP) Budgets for FY 2025-26 and FY 2026-27.
2. Adopt the necessary, updated Financial and Budget Policies, including Governmental Fund balances and designations, as required.
3. Authorize City Manager to carry over funds from FY 2024-25 to FY 2025-26 and from FY 2025-26 to FY 2026-27 for projects listed as requiring carryover included in the CIP Budget, Grants, and Maintenance and Operations Budgets.
4. Find that this action is not a project as defined under the California Environmental Quality Act (CEQA).
Furthermore, the Proposed FY 2025- 26 and FY 2026- 27 Operating Budget has been updated. These updates change some information discussed in the staff report. These revisions are due to transfers between the General Fund and Stormwater Fund and decreased the overall budget allocation by $7 in FY 2025- 26 and decreased the budget allocation by $13 in FY 2026-27. The updated items are included for reference: 1) Financial Impact section; 2) “Figure 1 – Proposed FY 1 2025-26 and FY 2026- 27 Budget Summary by Fund” table; 3) “Figure 2 – Proposed General Fund Budget” table; and 4) Attachment #1 – Operating and CIP Budget Resolution – Section 1 is revised to reflect the new totals and the new resolution is replaced in its entirety and is attached hereto.
Item 1)
FINANCIAL IMPACT:
No Additional Funding Requested. Total appropriations (Operating and CIP funding for all funds) are $303,036,370 for FY 2025-26 and $304,627,471 for FY 2026-27. The General Fund Budgets for both fiscal years are balanced for operations and use reserves for one- time expenditures and capital projects, per City Council Financial Policies.
Item 2)
Figure 1 – Proposed FY 2025-26 and FY 2026-27 Budget Summary by Fund
2 Item 3)
Figure 2 – Proposed General Fund Budget
3 Item 4)
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF THOUSAND OAKS ADOPTING THE ANNUAL CITY
OF THOUSAND OAKS OPERATING AND CAPITAL
IMPROVEMENT PROGRAM BUDGETS FOR FISCAL
YEARS 2025 -2026 AND 2026- 2027; AND ADOPTING
FINANCIAL POLICIES
WHEREAS, in October 2024 the budget process began with a calendar being set for all critical deadlines in order to conclude the budget preparation process with a June 10, 2025, Public Hearing; and
WHEREAS, on April 7, 2025, the Thousand Oaks Planning Commission reviewed the Proposed Capital Improvement Program Budget and found it to be consistent with the General Plan; and
WHEREAS, on April 8, 2025, the City Council held a Study Session to review the Proposed Capital Improvement Program Budget; and
WHEREAS, on May 13, 2025, the City Council held a Study Session to review the Proposed Operating Budget; and
WHEREAS, the City Manager’s recommended budgets have been forwarded to the City Council; and
WHEREAS, a Public Hearing was noticed and held by the City Council on June 10, 2025; and
WHEREAS, included in the City of Thousand Oaks Operating Budget are Financial Policies which include: Budget, Budget Appropriation/Transfer, Capital Improvement Program (CIP), Capital Asset Capitalization, User Fee, Governmental Fund Balance (GASB 54), Accounting, Audit, Fixed Asset Replacement, Investment, and Debt Policies; and
WHEREAS, GASB 54 requires classification of the ending fund balances into five categories: Non- Spendable, Restricted, Committed, Assigned and Unassigned; and
WHEREAS, GASB 54 requires that a policy for use of financial resources be developed and adopted; and
ATTACHMENT #1
4 WHEREAS, the City Manager and Finance Director may assign unclassified revenues to a specific purpose when necessary and appropriate.
NOW, THEREFORE, BE IT RESOLVED THAT, the City Council of the City of Thousand Oaks does hereby adopt the following:
SECTION 1: The City of Thousand Oaks Fiscal Year 2025-2026 Operating Budget of $222,668,011, and Capital Improvement Program Budget of $80,368,359, which totals $303,036,370, and Fiscal Year 2026- 2027 Operating Budget of $228,932,407 and Capital Improvement Program Budget of $75,695,064, which totals $304,627,471.
SECTION 2: The City Manager is authorized to carry over funds from Fiscal Year 2024- 2025 to Fiscal Year 2025- 2026 and from Fiscal Year 2025- 2026 to Fiscal Year 2026- 2027, for projects listed as requiring carryover included in the Capital Improvement Program Budget, Grants, and Project -Related Maintenance and Operations budgets.
SECTION 3: The City of Thousand Oaks Financial Policies for Fiscal Year 2025-2026 and Fiscal Year 2026-2027, including GASB 54 (required fund balance policy), are adopted by City Council as required and the ending fund balance of all governmental funds are to be classified into the aforementioned five categories.
PASSED AND ADOPTED this 10th day of June, 2025, by the following vote:
Ayes:
Noes:
Absent:
________________________________
David Newman, Mayor
City of Thousand Oaks, California
ATTEST/CERTIFY:
______________________________________
Laura B. Maguire, City Clerk
Date Attested: ___________________
APPROVED AS TO FORM:
Office of the City Attorney
_______________________________________
Tracy Friedl, Assistant City Attorney
5 APPROVED AS TO ADMINISTRATION:
________________________________
Andrew P. Powers, City Manager
The presence of electronic signature certifies that the foregoing is a true and correct copy as approved by the City of Thousand Oaks City Council on the date cited above.
FIN:330-20:H:\COMMON\Council\2025\Administration\061025 Operating and CIP Budget Reso - Attach 1.doc
6 Name City Item # In favor/ Opposed Comment
Kathleen Naoum Thousand Oaks 10B - Proposed FY 2025- N/A June 9, 2025 Dear Mayor and Members of the City Council,
I am writing to express my concern regarding the inclusion of the proposed traffic signal at Avenida De Los Arobles and Avenida De Las Plantas (CI 5597) in the City’s Proposed Capital Improvement Budget for design (FY 2025/26) and construction (FY 2026/27), which, according to the California Manual on Uniform Traffic Control Devices (CAMUTCD), does not meet the required warrants for such an installation.
The CAMUTCD outlines specific criteria—referred to as "warrants"—that must be satisfied before a traffic control signal is justified. These include factors such as vehicular volume, pedestrian activity, crash history, and the potential impact on traffic flow. Simply meeting one or more of these warrants does not automatically justify the installation of a traffic signal; an engineering study must also indicate that the signal will improve overall safety and operation without disrupting traffic flow.
In this case, the proposed signal does not meet the necessary warrants, as determined by me and four licensed traffic engineers.
At the end of April, I became aware that the signal was programmed for design and installation in 2025/26 and 26/27, respectively. I began corresponding with City staff and four licensed traffic engineers (TE). Myself and the four TE’s all concluded the City has erred in the warrant analysis. Installing a signal under these circumstances could lead to unintended consequences, such as increased congestion, driver frustration, and a higher likelihood of rear-end collisions.
Staff responded to my concerns and stated that the signal warrant priority list would be brought to the Traffic and Transportation Advisory Commission (TTAC) at the end of June. Honestly, that does not provide the public with information about the miscalculation of the warrant analysis.
Thank you for your attention to this matter. I trust that the City Council will reconsider removing CI 5597 from the FY 2025/26, FY 26/27 budget or place it in a future Funding Year. By doing this, it will allow the public and the TTAC to review the warrant analysis.
I attempted to attach the budget sheet for CI 5597 included in the draft budget, and the Attachment #2 Operating and CIP Budget Revision (Item 10 B Attachment #2). Attachment #2 has a revision to CI 5597 on the bottom of the page, which I found confusing.
Submitting comments via the City's website does not allow me to provide any attachments. :( Additionally, I would have preferred to express my concerns at the City Council meeting, but I have a conflict on Tuesday night and am not able to attend the meeting.
Sincerely, Kathleen Naoum
Michael Naoum Thousand Oaks 12A - Purchase and Sale Opposed While the City would like to receive some money from Caruso on the Lakes project, it is apparent that Caruso is happy to string the City along and not actually build critically needed housing. in spite of the bargain price he can acquire the property for under the Purchase agreement, he has not paid a dime to the City over the 2 1/2 years since the transaction was approved. His offer to pay $100,000 per year for a two year extension is a lowball, unserious offer, especially since all the payment periods are extended reducing the real value to the City.
The City indicated they would receive about $13,000,000 from the transaction. A $100,000 amount per year would represent
0.7% of that value, well less than what market discount and interest rates are. My calculations showed the Net Present Value of the agreement to be about $6-7 million given the extended cash flow period of the Community Benefit payments. Even at that value, Caruso is only paying 1.4% per year for the extensions. At a 4% rate, the loss to the City for an extension is between $280,000 and $500,000 per year depending in whether the Face value or the Net Present Value of the transaction is used. Thus the City is giving a gift to Caruso of between $180,000 and $400,000 per year if they approve this extension.
Please terminate this agreement and give Caruso the option to pay a proper amount to extend the deal or gain back the ability to sell the property at a true market value rather than the under market price allowed under the original Lakes agreement.
Only then will the City see how serious Caruso is about building this project rather focusing on his assets in the Pacific Palisades.
TO COUNCIL: 06/25/2025
MEETING DATE: 06/25/2025
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