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2023 Sept 05 CC PACKETAGENDA
EL SEGUNDO CITY COUNCIL
REGULAR MEETING
TUESDAY, SEPTEMBER 5, 2023
4:00 PM CLOSED SESSION
6:00 PM OPEN SESSION
CITY COUNCIL CHAMBER
350 MAIN STREET, EL SEGUNDO, CA 90245
Drew Boyles, Mayor
Chris Pimentel, Mayor Pro Tern
Carol Pirsztuk, Council Member
Lance Giroux, Council Member
Ryan W. Baldino, Council Member
Tracy Weaver, City Clerk
Matthew Robinson, City Treasurer
Executive Team
Darrell George, City Manager
Barbara Voss, Deputy City Manager
Jaime Bermudez, Police Chief
Michael Allen, Community Development Dir.
Jose Calderon, IT Director
Aly Mancini, Recreation, Parks & Library Dir.
Mark Hensley, City Attorney
David Cain, Interim CFO
Robert Espinosa, Interim Fire Chief
Rebecca Redyk, HR Director
Elias Sassoon, Public Works Dir.
MISSION STATEMENT:
"Provide a great place to live, work, and visit."
VISION STATEMENT:
"Be a global innovation leader where big ideas take off
while maintaining our unique small-town character."
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The City Council, with certain statutory exceptions, can only act upon properly posted
and listed agenda items. Any writings or documents given to a majority of City Council
regarding any matter on this agenda that the City received after issuing the agenda
packet are available for public inspection in the City Clerk's Office during normal
business hours. Such documents may also be posted on the City's website at
www.elsegundo.org and additional copies will be available at the City Council meeting.
Unless otherwise noted in the agenda, the public can only comment on City -related
business that is within the jurisdiction of the City Council and/or items listed on the
agenda during the Public Communications portions of the Meeting. Additionally,
members of the public can comment on any Public Hearing item on the agenda during
the Public Hearing portion of such item. The time limit for comments is five (5) minutes
per person.
Those wishing to address the City Council are requested to complete and submit to the
City Clerk a "Speaker Card" located at the Council Chamber entrance. You are not
required to provide personal information in order to speak, except to the extent
necessary for the City Clerk to call upon you, properly record your name in meeting
minutes and to provide contact information for later staff follow-up, if appropriate.
When a Council Member duly requires AB 2449 teleconferencing to attend the City
Council meeting the public will also be able to access the meeting and provide public
comment via Zoom. To access Zoom from a PC, Mac, iPad, iPhone, or Android device,
use URL https://zoom.us/m/ 81951332052 and enter PIN: 903629 or visit www.zoom.us
on device of choice, click on "Join a Meeting" and enter meeting ID: 81951332052 and
PIN: 903629. If joining by phone, dial 1-669-900-9128 and enter meeting ID and PIN. To
reiterate, attending a City Council meeting by Zoom will only be used when AB 2449 is
used.
NOTE: Your phone number is captured by the Zoom software and is subject to the
Public Records Act, dial *67 BEFORE dialing in to remain
anonymous. Members of the public will be placed in a "listen only" mode and your video
feed will not be shared with City Council or members of the public.
REASONABLE ACCOMMODATIONS: In compliance with the Americans with
Disabilities Act and Government Code Section 54953(g), the City Council has
adopted a reasonable accommodation policy to swiftly resolve accommodation
requests. The policy can also be found on the City's website at
https.11www.elsegundo.or_q/govemmentldepartments/city-clerk. Please contact
the City Clerk's Office at (310) 524-2308 to make an accommodation request or to
obtain a copy of the policy.
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4:00 PM CLOSED SESSION — CALL TO ORDER / ROLL CALL
PUBLIC COMMUNICATION — (RELATED TO CITY BUSINESS ONLY — 5-MINUTE
LIMIT PER PERSON, 30-MINUTE LIMIT TOTAL) Individuals who have received value
of $50 or more to communicate to the City Council on behalf of another, and employees
speaking on behalf of their employer, must so identify themselves prior to addressing
City Council. Failure to do so shall be a misdemeanor and punishable by a fine of $250.
While all comments are welcome, the Brown Act does not allow City Council to take
action on any item not on the agenda. City Council and/or City Manager will respond to
comments after Public Communications is closed.
SPECIAL ORDERS OF BUSINESS
RECESS INTO CLOSED SESSION: City Council may move into a closed session
pursuant to applicable law, including the Brown Act (Government Code Section
§54960, et seq.) for purposes of conferring with City's Real Property Negotiator; and/or
conferring with City Attorney on potential and/or existing litigation; and/or discussing
matters covered under Government Code Section §54957 (Personnel); and/or
conferring with City's Labor Negotiators.
CONFERENCE WITH CITY'S LABOR NEGOTIATOR (GOV'T CODE §54957.6): -2-
MATTER(S)
Employee Organizations: Police Management Association (PMA) and Fire
Fighter Association (FFA).
Representative: City Manager, Darrell George, Human Resources Director,
Rebecca Redyk, Laura Droltz Kalty, and Alex Volberding
6:00 PM — CONVENE OPEN SESSION — CALL TO ORDER / ROLL CALL
INVOCATION — Rabbi Dovid Lisbon, Jewish Community Center
PLEDGE OF ALLEGIANCE — Council Member Baldino
SPECIAL PRESENTATIONS
1. Young Entrepreneurs of El Segundo Commendation
2. ESHS Boys Volleyball Commendation
PUBLIC COMMUNICATIONS — (RELATED TO CITY BUSINESS ONLY — 5 MINUTE
LIMIT PER PERSON, 30 MINUTE LIMIT TOTAL) Individuals who have received value
of $50 or more to communicate to the City Council on behalf of another, and employees
speaking on behalf of their employer, must so identify themselves prior to addressing
the City Council. Failure to do so shall be a misdemeanor and punishable by a fine of
$250. While all comments are welcome, the Brown Act does not allow Council to take
action on any item not on the agenda. The Council will respond to comments after
Public Communications is closed.
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CITY MANAGER FOLLOW-UP COMMENTS — (Related to Public Communications)
• Hyperion Water Reclamation Plant Update
A. PROCEDURAL MOTIONS
Read All Ordinances and Resolutions on the Agenda by Title Only
Recommendation -
Approval
B. CONSENT
3. City Council Meeting Minutes
Recommendation -
1. Approve Regular City Council meeting minutes of August 15, 2023.
2. Alternatively, discuss and take other action related to this item.
4. Warrant Demand Register for July 10, 2023 through July 16, 2023
Recommendation -
1. Ratify payroll and employee benefit checks, checks released early due to
contracts or agreements, emergency disbursements and/or adjustments,
and wire transfers.
2. Approve Warrant Demand Register numbers 2A: warrant numbers
3046505 through 3046568.
3. Alternatively, discuss and take other action related to this item.
5. Fiscal Year 2023-24 Adopted Budget Increase for Fiscal Year 2022-23
Continuing Appropriations
Recommendation -
1. Approve continuing appropriations from FY 2022-23 to FY 2023-24,
thereby amending the Fiscal Year 2023-24 Adopted Budget in the Funds
and by the amounts contained in Attachment A.
2. Alternatively, discuss and take other action related to this item.
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6. Second Reading of an Ordinance Amending El Segundo Municipal Code
Chapter 1-6 (Personnel Merit System) to Expand List of Positions Exempt
from the Civil Service Svstem
Recommendation -
Conduct a second reading and adopt the proposed Ordinance amending
El Segundo Municipal Code Chapter 1-6 to expand the list of positions
exempt from the Civil Service System.
2. Alternatively, discuss and take other action related to this item.
7. Purchase of Three Replacement Police Vehicles
Recommendation -
Authorize waiving the formal bidding requirements pursuant to El
Segundo Municipal Code § 1-7-9(A) to replace two police K9 patrol
vehicles originally due for replacement in September 2020 and a
Sergeant's patrol vehicle due for replacement in September 2024 for
$162,497.90, with an additional $24,374.69 as a contingency fund for
potential unforeseen supply chain issues.
2. Authorize Public Works to auction three police vehicles following their
replacement.
3. Authorize the City Manager to execute any necessary agreements or
associated documents necessary to complete the purchase of three
police vehicles and auction of the vehicles to be replaced.
4. Alternatively, discuss and take other action related to this item.
C. PUBLIC HEARINGS
D. STAFF PRESENTATIONS
8. S&P Global Ratings Increase of El Segundo's Long -Term Credit Rating to
"AAA" from "AA+"
Recommendation -
Receive and file Standard and Poor's Global (S&P) Rating report and
letter for the City of El Segundo's August 8, 2023 credit rating upgrade to
"AAA."
2. Alternatively, discuss and take other action related to this item.
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9. Resolution to Waive Fees Associated with the World Series Championship
Parade and Team Recognition Ceremony for the El Segundo Little League
Recommendation -
1. Pursuant to El Segundo Municipal Code § 8-8-7(D), adopt the proposed
resolution to waive all fees for the El Segundo Little League
championship parade on September 10, 2023.
2. Alternatively, discuss and take other action related to this item.
E. COMMITTEES, COMMISSIONS AND BOARDS PRESENTATIONS
F. REPORTS - CITY CLERK
G. REPORTS - CITY TREASURER
10. Investment Portfolio Report for June 2023
Recommendation -
1. Receive and file the Investment Portfolio Report dated June 2023.
2. Alternatively, discuss and take other action related to this item.
H. REPORTS - COUNCIL MEMBERS
COUNCIL MEMBER BALDINO
COUNCIL MEMBER GIROUX
COUNCIL MEMBER PIRSZTUK
MAYOR PRO TEM PIMENTEL
MAYOR BOYLES
I. REPORTS - CITY ATTORNEY
J. REPORTS/FOLLOW-UP - CITY MANAGER
CLOSED SESSION
The City Council may move into a closed session pursuant to applicable law, including
the Brown Act (Government Code Section §54960, et seq.) for the purposes of
conferring with the City's Real Property Negotiator; and/or conferring with the City
Attorney on potential and/or existing litigation; and/or discussing matters covered under
Government Code Section §54957 (Personnel), and/or conferring with the City's Labor
Negotiators.
REPORT OF ACTION TAKEN IN CLOSED SESSION (if required)
MEMORIALS
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ADJOURNMENT
POSTED:
DATE: August 30, 2023
TIME: 5:30 PM
BY: Tracy Weaver, City Clerk
Page 7 of 93
MEETING MINUTES OF THE EL SEGUNDO CITY COUNCIL
TUESDAY, AUGUST 15, 2023
CLOSED SESSION — Mayor Boyles called the meeting to order at 4:30 PM due to lack
of quorum at 4:00 PM
001111111110N_1II
Mayor Boyles -
Present
Mayor Pro Tern Pimentel -
Present
Council Member Pirsztuk -
Present
Council Member Giroux -
Present
Council Member Baldino -
Present
PUBLIC COMMUNICATION — (Related to City Business Only — 5-minute limit per
person, 30-minute limit total)
SPECIAL ORDER OF BUSINESS:
Mayor Boyles announced that Council would be meeting in closed session pursuant to
the items listed on the agenda.
CONFERENCE WITH LEGHAL COUNSEL — EXISTING LITIGATION (GOV'T CODE
§54956.9(D)(1): -5- MATTER(S)
1. City of El Segundo v. Wiseburn Unified School District, Los Angeles Superior
Court Case No. 23TRCV01031.
2. Retired Police Officer Rex Flower Workers Compensation Claim (WCAB) No.:
ADJ7459554).
3. Retired Police Officer Kenneth McShane Workers Compensation Claim (WCAB)
No.: ADJ 11083019).
4. Retired Police Officer Darrell Lewis Workers Compensation Claim (WCAB) No.:
ADJ9634084).
5. Retired Fire Fighter Scott Marinez Workers Compensation Claim (WCAB) No.:
ADJ2810794).
CONFERENCE WITH CITY'S LABOR NEGOTIATOR (Government Code §54957.6): -
2- MATTER(S)
1. Employee Organizations: Police Management Association (PMA) and Fire
Fighter Association (FFA).
Representative: City Manager, Darrell George, Human Resources Director, Rebecca
Redyk, Laura Droltz Kalty, and Alex Volberding.
EL SEGUNDO CITY COUNCIL MEETING MINUTES
AUGUST 15, 2023
PAGE 1
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Adjourned at 5:50 PM
OPEN SESSION — Mayor Boyles called to order at 6:01 PM
ROLL CALL
Mayor Boyles -
Present
Mayor Pro Tern Pimentel -
Present
Council Member Pirsztuk -
Present
Council Member Giroux -
Present
Council Member Baldino -
Present
INVOCATION — Council Member Pirsztuk
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SPECIAL PRESENTATIONS:
1. Proclamation read by Council Member Baldino, honoring the Diamond Jubilee
birthday, celebrating 75 years of immeasurable contributions, and inspiring our
community. Mark Herbert, Library Manager received the proclamation.
PUBLIC COMMUNICATIONS — (Related to City Business Only — 5-minute limit per
person, 30-minute limit total)
Marsha Hansen — 2023 Main Street Car Show invitation for all, Saturday, August 19,
2023.
Brett Moore — Resident commented on Arts & Culture Advisory Committee Land
Acknowledgement
Kristen Dorsey — Resident commented on Arts & Culture Advisory Committee Land
Acknowledgement
Debbi Shrum — Resident commented on Hilltop Park
CITY MANAGER FOLLOW-UP COMMENTS:
Darrell George, City Manager gave an update on the Hyperion Water Reclamation
Plant. Printed information was provided on day of meeting, the printed material was
posted to the City's website and made available to the public at the meeting.
City of El Segundo received a Financial AAA Credit Rating, former CFO, Joe Lillio here
to speak on rating that City received.
A. Read all Ordinances and Resolutions on the Agenda by Title Only.
MOTION by Council Member Giroux, SECONDED by Council Member Pirsztuk to read
all ordinances and resolutions on the agenda by title only. MOTION PASSED BY A
UNANIMOUS VOICE VOTE. 5/0
EL SEGUNDO CITY COUNCIL MEETING MINUTES
AUGUST 15, 2023
PAGE 2
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B. CONSENT:
2. Approve Special (CCB Interviews) City Council meeting minutes of June 16,
2023, Regular City Council meeting minutes of June 20, 2023, Special (Open
Session) City Council meeting minutes of June 28, 2023, Special (Joint with
ESUSD-Team Building) City Council meeting minutes of June 28, 2023, Special
(CCB Interviews) City Council meeting minutes of July 10, 2023 and Special
(Closed Session) City Council meeting minutes of July 12, 2023.
(Fiscal Impact: None)
3. Approve warrants demand register for May 29 through July 9, 2023, numbers
23A, 23B, 24A, 24B, 25A: warrant numbers 3045830 through 3046504, and
9002932 through 9002988. Ratify Payroll and employee benefit Checks; Checks
released early due to contracts or agreement; Emergency disbursements and/or
adjustments; and, Wire transfers.
(Fiscal Impact: $16,693,165.36 ($3,705,009.94 in check warrants and
$12,988,155.42 in wire warrants))
4. Adopt Resolution No. 5428 acknowledging receipt of the El Segundo Fire
Department's annual inspection compliance report, as required by California
Health and Safety Code §§ 13146.2 and 13146.3.
(Fiscal Impact: None)
5. Accept Checkout Building Restroom Facilities Improvement by Union
Construction Company as complete and authorize the City Clerk to file a Notice
of Completion with the County Recorder's Office. Project No. PW 21-09.
(Fiscal Impact: $$553,295.14, included in adopted FY 2022-23 budget)
6. Approve the designation of Voting Delegates and alternates to the Cal Cities
Annual Conference and Exposition.
(Fiscal Impact: None)
7. Approve continuing appropriations in FY 2023-24 for ongoing Capital
Improvement Program (CIP) projects funded through Gas Tax, Prop C, Measure
M, and Smoky Hollow Parking in Lieu Fee Accounts as part of the FY 2022-23
budget.
(Fiscal Impact: $1,880,013 (budgeted in FY 2022-23). Staff requests continuing
appropriations in the following accounts by rolling over unencumbered ongoing
CIP projects funding from FY 2022-23 to FY 2023-24: New appropriations for FY
2023-24 for continuing appropriations: 001-400-4101-6304 (Smoky Hollow
Parking in Lieu Fee) - $241,915.00, 106-400-8203-8606 (Gas Tax, Sidewalk
Repair) - $248,768.00, 114-400-8203-8943 (Prop C, Local Street rehab.) -
$1,296,640.00, 127-400-0000-8382 (Measure M Expenditures) - $92,690.00)
8. Adopt Resolution No. 5430 Appointing Human Resource Director Rebecca
Redyk as an alternate representative to the Independent Cities Risk Manager
Authority ("ICRMA") governing board ("ICRMA Board") and maintaining Interim
EL SEGUNDO CITY COUNCIL MEETING MINUTES
AUGUST 15, 2023
PAGE 3
Page 10 of 93
Chief Financial Officer David Cain as Primary Board Member and Council
Member Carol Pirsztuk as an alternate representative.
(Fiscal Impact: None)
9. Waive formal bidding requirements pursuant to El Segundo Municipal Code § 1-
7-9(A) and authorize the City Manager to enter into Agreement No. 6725 with
Emergency Planning Consultants to update the City's Hazard Mitigation Plan.
(Fiscal Impact: $52,500, included in the adopted FY 2023-24 budget)
MOTION by Council Member Giroux, SECONDED by Council Member Pirsztuk,
approving Consent items 2, 3, 4, 5, 6, 7, 8, and 9. MOTION PASSED BY A
UNANIMOUS VOICE VOTE. 5/0
PUBLIC HEARING:
STAFF PRESENTAIONS: (Items D15, D16 & D14 order switched)
10. Amendment to the City Manager's Employment Agreement to Increase the Annual
Base Salary
(Fiscal Impact: Retroactive to January 1, 2023 is $6,941 for FY 2022-23. The
ongoing fiscal year impact is $13,882 for FY 2023-24. Funding for this proposed
amendment is not included in the adopted FY 2023-24 General Fund budget,
therefore, staff is requesting the following budget increases: new appropriations for
FY 2023-24: Total $13,882 - 001-400-2101-4100 Salaries Full Time - $10,800.00,
001-400-2101-4201 Retirement CalPERS - $1,100.00, 001-400-2101-4202 FICA -
$826.00, 001-400-2101-4203 Workers' Compensation - $76.00, 001-400-2101-
4211 401(a) Employer's Contribution - $1,080.00)
Rebecca Redyk, Human Resources Director reported on the item.
Council Discussion
MOTION by Council Member Baldino, SECONDED by Council Member Giroux
approving the amendment No. 6420A to the City Manager's Employment Agreement to
provide a four percent annual base salary increase ($270,000 to $280,800). MOTION
PASSED BY A UNANIMOUS VOTE. 5/0
Mark Hensley, City Attorney read by title only;
RESOLUTION NO. 5431
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL SEGUNDO,
CALIFORNIA, MODIFYING THE ANNUAL SALARY FOR THE CITY MANAGER JOB
CLASSIFICATION.
MOTION by Council Member Baldino, SECONDED by Council Member Giroux adopting
Resolution No. 5431. MOTION PASSED BY A UNANIMOUS VOTE. 5/0
EL SEGUNDO CITY COUNCIL MEETING MINUTES
AUGUST 15, 2023
PAGE 4
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11. First Reading of an Ordinance Amending El Segundo Municipal Code Chapter 1-
6 (Personal Merit System) to Expand the List of Positions Exempt from the Civil
Service System
(Fiscal Impact: None)
Rebecca Redyk, Human Resources Director reported on the item.
Council Discussion
Mark Hensley, City Attorney read by title only;
ORDINANCE NO. 1650
AN ORDINANCE AMENDING EL SEGUNDO MUNICIPAL CODE CHAPTER 1-6
(PERSONNEL MERIT SYSTEM) TO EXPAND THE LIST OF POSITIONS EXEMPT
FROM THE CIVIL SERVICE SYSTEM.
Council Member Pirsztuk introduced the item. Second reading and possible adoption of
the Ordinance is scheduled for the September 5, 2023 Regular Council Meeting.
12. Resolution of Intention and First Reading of an Ordinance Authorizing an
Amendment to the City's CalPERS Contract to Implement Additional Government
Code § 20516 Employee Cost Sharing for Classic Police Services Support
Employees' Association Members
(Fiscal Impact: The retirement contract amendment will have an estimated
$3,698 annual savings to the City as the employees will be picking up a portion
of the "employer share" of their retirement cost)
Rebecca Redyk, Human Resources Director reported on the item.
Council discussion
Mark Hensley, City Attorney read by title only;
RESOLUTION NO. 5429
A RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT
BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES'
RETIREMENT SYSTEM AND THE CITY COUNCIL CITY OF EL SEGUNDO
MOTION by Council Member Pimentel, SECONDED by Council Member Giroux
adopting Resolution No. 5429. MOTION PASSED BY A UNANIMOUS VOTE. 5/0
MOTION by Council Member Pimentel, SECONDED by Council Member Baldino
authorizing the City Manager and City Clerk, to execute CalPERS forms as required for
submission to CalPERS to facilitate CalPERS contract amendment process. MOTION
PASSED BY A UNANIMOUS VOTE. 5/0
EL SEGUNDO CITY COUNCIL MEETING MINUTES
AUGUST 15, 2023
PAGE 5
Page 12 of 93
Mark Hensley, City Attorney read by title only;
ORDINANCE NO. 1651
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF EL SEGUNDO
AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE CITY OF EL
SEGUNDO AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC
EMPLOYEES' RETIREMENT SYSTEM.
Council Member Pimentel introduced the item. Second reading and possible adoption of
the Ordinance is scheduled for the September 5, 2023 Regular Council Meeting.
13. Resolutions Amending Chapter 1A2 of the City's Administrative Code for the
Management Confidential Series Relating to Salary Increases and Benefit
Changes, Including Retiree Health Benefit Changes
(Fiscal Impact: The fiscal impact of the proposed salary and benefit changes to
Chapter 1A2 of the Administrative Code for the Management and Confidential
Series is approximately $928,607 for FY 2023-2024. This cost assumes that all
forty-two (42) incumbent employees elect the voluntary arbitration agreement in
exchange for a $10,000 bonus payment. Additional Appropriation: Staff is
requesting an additional appropriation of $928,607 in FY 2023-24 for
implementing the terms of the salary and benefit changes for the Management
and Confidential Series employees.
Account Numbers: $800,552 to 001-400-XXXX (General Fund), $2,322 to 106-
400-XXXX (State Gas Tax Fund), $23,215 to 126-400-XXXX (CUPA Fund),
$24,376 to 501-400-XXXX (Water Utility Fund), $34,823 to 502-400-XXXX
(Sewer Fund), $10,818 to 602-400-XXXX (Liability Insurance Fund), $32,501 to
603-400-XXXX (Workers' Comp Reserve/Insurance Fund))
Rebecca Redyk, Human Resources Director reported on the item.
Council discussion
Mark Hensley, City Attorney read by title only:
RESOLUTION NO. 5432
A RESOLUTION OF THE CITY OF EL SEGUNDO, CALIFORNIA AMENDING THE
CITY'S ADMINISTRATIVE CODE TO UPDATE SECTIONS FOR SPECIFIC
UNREPRESENTED CLASSIFICATIONS UNDER CHAPTER 1A2 (MANAGEMENT —
CONFIDENTIAL SERIES)
MOTION by Council Member Giroux, SECONDED by Council Member Baldino adopting
Resolution No. 5432. MOTION PASSED BY A UNANIMOUS VOTE. 5/0
Mark Hensley, City Attorney read by title only:
RESOLUTION NO. 5433
EL SEGUNDO CITY COUNCIL MEETING MINUTES
AUGUST 15, 2023
PAGE 6
Page 13 of 93
FIXING THE EMPLOYER CONTRIBUTION
UNDER THE PUBLIC EMPLOYEES' MEDICAL AND HOSPITAL CARE ACT
AT AN EQUAL AMOUNT FOR EMPLOYEES AND ANNUITANTS
WITH RESPECT TO A RECOGNIZED EMPLOYEE ORGANIZATION
001 EL SEGUNDO MID-MANAGEMENT/CONFIDENTIAL
MOTION by Council Member Pirsztuk, SECONDED by Council Member Giroux
adopting Resolution No. 5433. MOTION PASSED BY A UNANIMOUS VOTE. 5/0
15. Consideration of Two Acre Land Dedication Offer by CDC Mar East Campus 1
LLC to City
(Fiscal Impact: See agenda staff report for details)
Mark Hensley, City Attorney and Michael Allen, Community Development Director and
Alex Rose, CDC Mar reported on the item.
Council discussion
MOTION by Council Member Pimentel, SECONDED by Council Member Baldino
directing City Attorney, staff to explore land options. MOTION PASSED BY A
UNANIMOUS VOTE. YES 4/1 Giroux, NO
16. Agreement with KOA Corporation for Construction Management Services for the
Urho Saari Swim Stadium ("The Plunge") Project
(Fiscal Impact: See agenda staff report for details)
Elias Sassoon, Public Works Director reported on the item.
KOA Consultant answered council questions.
Council Discussion
MOTION by Council Member Pirsztuk, SECONDED by Council Member Giroux
authorizing the City Manager to execute professional services Agreement No. 6726
with KOA Corporation for $998,589.82 for construction management services for the
Urho Saari Swim Stadium project and authorize an additional $100,000 for
contingency. MOTION PASSED BY A UNANIMOUS VOTE. 5/0
14. Urho Saari Swim Stadium ("The Plunge") Capital Campaign
(Fiscal Impact: No additional appropriation is needed in FY 23-24.
The design and installation of the proposed Legacy Wall is estimated to be
$20,000 from account 702-233-5101- 5418 (Trust Fund for Plunge Rehab
Reserve). The revenue potential for the Urho Saari Swim Stadium Capital
Campaign is $3,000,000 for account 702-233-5101-5418)
Aly Mancini, Recreation, Parks, and Library Director reported on the item.
EL SEGUNDO CITY COUNCIL MEETING MINUTES
AUGUST 15, 2023
PAGE 7
Page 14 of 93
Council discussion
MOTION by Council Member Pirsztuk, SECONDED by Council Member Baldino
approving the proposed Urho Saari Swim Stadium Capital Campaign. MOTION
PASSED BY A UNANIMOUS VOTE. 5/0
E. COMMITTEES, COMISSIONS AND BOARDS PRESENTATIONS: None
F. REPORTS — CITY CLERK — No report
G. REPORTS — CITY TREASURER — Not present
H. REPORTS — COUNCIL MEMBERS
C TOWNT IOTA[aii1: 11n. rlliT E
17. Discussion of Possibly Creating a Planning Commission Subcommittee to
Review, Update, and Implement the South Bay Bicycle Master Plan and Other
Multi -Model City Initiatives
(Fiscal Impact: None)
Council Member Baldino reported on the item.
Council discussion
MOTION by Council Member Pirsztuk, SECONDED by Council Member Baldino
approving the establishment of a Planning Commission subcommittee to review,
update and implement the South Bay Bicycle Master Plan and other Multi -Model City
Initiative. MOTION PASSED BY A UNANIMOUS VOTE. 5/0
18. Alternate Uses for the Abandoned Reservoir Area at Hilltop Park
(Fiscal Impact: None)
Council Member Baldino reported on the item.
Council discussion
MOTION by Council Member Baldino, SECONDED by Council Member Giroux directing
staff to analyze alternate uses for the abandoned reservoir area at Hilltop Park.
MOTION PASSED BY A UNANIMOUS VOTE. 5/0
Council Member Giroux —
19. Diversity, Equity, and Inclusion Committee Student Representatives
(Fiscal Impact: None)
Council Member Giroux reported on the item.
EL SEGUNDO CITY COUNCIL MEETING MINUTES
AUGUST 15, 2023
PAGE 8
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MOTION by Council Member Baldino, SECONDED by Council Member Giroux
approving a one-year pilot program that would designate two adult representatives from
ESUSD and/or DaVinci High School to the City's Diversity, Equity, and Inclusion (DEI)
Committee in lieu of filling the two current vacancies and bring back the bylaws to be
amended at a subsequent meeting. MOTION PASSED BY A UNANIMOUS VOTE. 5/0
Council Member Pirsztuk — Thanked Rec, Park & Library staff for all summer
activities and summer concerts in the park. Park & Rec subcommittee is meeting
ongoing for Phase 1 planning of various locations at Rec Park. Thanked Public
Works staff for slurry seal project improvements around town. Schools
commence next week, lots of E-Bikes on the roads so please drive safe.
Mayor Pro Tern Pimentel — California of Governments transportation meeting will
begin in September. League of Cities annual advisory looking for volunteers, LA
county sanitation meeting tomorrow, attended meeting at Air Force base with
City Manager. For Slurry program issue use the Reportlt App on the City's
website. City is partnering with SideBar firm to bolster City's reputation as a
home for startups.
Mayor Boyles — Attending the SCAG meeting tomorrow regarding RHNA and
Housing Element Reform on affordable housing. Congratulations to El Segundo
Little League Western Champs. Added the Art Walk is next weekend.
REPORTS — CITY ATTORNEY — No report
J. REPORTS/FOLLOW-UP — CITY MANAGER — No report
MEMORIAL —John Stroh and Mary Strenn.
Adjourned at 8.21 PM
Lili Sandoval, Deputy City Clerk
EL SEGUNDO CITY COUNCIL MEETING MINUTES
AUGUST 15, 2023
PAGE 9
Page 16 of 93
City Council Agenda Statement
F I, F �' t 1\ 1) 0Meeting Date: September 5, 2023
Agenda Heading: Consent
Item Number: B.4
TITLE:
Warrant Demand Register for July 10, 2023 through July 16, 2023
RECOMMENDATION:
Ratify payroll and employee benefit checks, checks released early due to
contracts or agreements, emergency disbursements and/or adjustments, and
wire transfers.
2. Approve Warrant Demand Register numbers 2A: warrant numbers 3046505
through 3046568.
3. Alternatively, discuss and take other action related to this item.
FISCAL IMPACT:
The warrants presented were drawn in payment of demands included within the FY
2023-2024 Adopted Budget. The total of $4,449,540.51 ($997,011.36 in check warrants
and $3,452,529.15 in wire warrants) are for demands drawn on the FY 2023-2024
Budget.
:1_T61201:tell] Z 113
California Government Code Section 37208 provides General Law cities flexibility in
how budgeted warrants, demands, and payroll are audited and ratified by their
legislative body. Pursuant to Section 37208 of the California Government Code,
warrants drawn in payments of demands are certified by the City's Chief Financial
Officer and City Manager as conforming to the authorized expenditures set forth in the
City Council adopted budget need not be audited by the City Council prior to payment,
but may be presented to the City Council at the first meeting after delivery.
In government finance, a warrant is a written order to pay that instructs a federal, state,
county, or city government treasurer to pay the warrant holder on demand or after a
specific date. Such warrants look like checks and clear through the banking system like
Page 17 of 93
Warrant Demand Register
September 5, 2023
Page 2 of 2
checks. Warrants are issued for payroll to individual employees, accounts payable to
vendors, to local governments, and to companies or individual taxpayers receiving a
refund.
DISCUSSION:
The attached Warrants Listing delineates the warrants that have been paid for the
period identified above. The Chief Financial Officer certifies that the listed warrants
were drawn in payment of demands conforming to the adopted budget and that these
demands are being presented to the City Council at its first meeting after the delivery of
the warrants.
CITY STRATEGIC PLAN COMPLIANCE:
Goal 5: Champion Economic Development and Fiscal Sustainability
Objective 5B: El Segundo approaches its work in a financially strategic and responsible
way.
PREPARED BY:
Liz Lydic, Management Analyst
REVIEWED BY:
Wei Cao, CPA, CPFO, Finance Manager
APPROVED BY:
Barbara Voss, Deputy City Manager
ATTACHED SUPPORTING DOCUMENTS:
1. 2a - summary
Page 18 of 93
CITY OF EL SEGUNDO
WARRANTS TOTALS BY FUND
3046505 3046668
DATE OF APPROVAL: AS OF 8101123
0- 0
001 GENERAL FUND 76D,gss.38
003 EXPENDABLE TRUST FUND -OTHER 1.500.00
104 TRAFFIC SAFETY FUND -
106 STATE GAS TAX FUND 4,32
108 ASSOCIATED RECREATION ACTIVITIES FUND -
109 ASSET FORFEITURE FUND
Ill COMM. DEVEL BLOCK GRANT
112 PROP"A'TRANSPORTATIOH -
114 PROP"C" TRANSPORTATION -
115 AIR OUALRY INVESTMENT PROGRAM -
116 HOME SOUND INSTALLATION FUND -
Ill HYPERION MITIGATION FUND -
lie TDA ARTICLE 3.5S 821 SIKEWAY FUND -
119 MTAGRANT
121 FEMA
120 C.O.P.S. FUND -
122 LAW.A FUND
123 PSAF PROPERTY TAX PUBLIC SAFETY -
124 FEDERAL GRANTS -
125 STATE GRANT -
126 AIP CUPA PROGRAM OVERSIGHT SURCHARGE 71.82
127 MEAURE"M" -
128 5s•l
129 CERTIFIED ACCESS SPECIALIST PROGRAM -
130 AFFORDABLEHOUSING -
131 COUNTY STORM WATER PROGRAM 18,050.25
132 MEASURE"B" -
301 CAPITAL IMPROVEMENT FUND 153,025.32
302 INFRASTRUCTURE REPLACEMENT FUND -
405 FACILITIES MAINTENANCE
501 WATER UTILITY FUND 13.448,06
502 WASTEWATER FUND 6,533.18
$03 GOLFCOURSEFUNO -
SOS SOLID WASTE FUND
601 EQUIPMENT REPLACEMENT -
602 LIABILITY INSURANCE 24,44
603 WORKERS COMP. RESERVEIINSURANC£ 59.65
701 R£TIREOEMP. INSURANCE -
702 FXPENDASL£TRUST FUND -DEVELOPER FEES 136.83
704 EXPENDABLE TRUST FUND - OTHER -
706 OUTSIDE SERVICES TRUST 23,074.00
TOTAL WARRANTS 3
997.011,36
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
Information orr actual expenditures is available in the Director of Finance's office In the
City of El Segundo.
I certify as to the accuracy of the Demands and the availability of fund forpayment thereof,
For Approval: Regular checks held for City council authorization 10 release.
CODES:
VOID CHECKS DUE TO ALIGNMENT:
NIA
R = Computer generated checks for all non•emergencylurgency payments for materials, supplies and
services in support of City Operations
VOID CHECKS DUE TO INCORRECT CHECK DATE:
For Ratification:
A- Payroll and Employee Benefit checks
VOID CHECKS DUE TO COMPUTER SOFTWARE ERROR:
B - F = Computer generated Early Release disbursements andlor adjustments approved by the City
Manager. Such as: payments for utility services, petty cash and employee travel expense
NOTES
reimbursements, various refunds, contract employee services consistent with current contractual
agreements, instances where prompt payment discounts can be obtained or late payment penalties
can be avoided or when a situation atises that the City Manager approves.
H = Handwritten Ead Release disbursements and/or adjustments approved by the City Manager.
INTERIM CFO CITY MANAGER
'
•`"
�-„
DATE: DATE:
-z'3
REGISTER 8 24
Page 19 of 93
CITY OF EL SEGUNDO
PAYMENTS BY WIRE TRANSFER
7/10/23 THROUGH 7/16123
Date
Payee
Description
7/10/2023
IRS
296,628.48
Federal 941 Deposit
7/10/2023
Employment Development
4,977.70
State SDI payment
7/10/2023
Employment Development
68,095.34
State PIT Withholding
7/10/2023
Cal Pers
616,130.46
EFT Health Insurance Payment
7/10/2023
West Basin
2,173,129.34
H2O payment
7/11/2023
Cal Pers
58,395.51
EFT Retirement Safety Police Classic - 1 st Tier 28
7/11/2023
Cal Pers
59,869.98
EFT Retirement Misc - PEPRA New 26013
7/11/2023
Cal Pers
49,437.27
EFT Retirement Safety Fire- Classic 30168
7/11/2023
Cal Pers
30,631.69
EFT Retirement Safety-Police-PEPRA New 25021
7/11/2023
Cal Pers
35,247.16
EFT Retirement Misc - Classic 27
7/11/2023
Cal Pers
15,070.39
EFT Retirement Safety-Fire-PEPRA New 25020
7/11/2023
Cal Pers
8,183.49
EFT Retirement Sfty Police Classic-2nd Tier 30169
7/11/123
Cal Pers
811.20
Survivor Benefit Employer Contributions - Police 28
7/11/123
Cal Pers
736.80
Survivor Benefit Employer Contributions - Police PEPRA 25021
7/11/123
Cal Pers
720,00
Survivor Benefit Employer Contributions - Fire 30168
7/11/123
Cal Pers
374.40
Survivor Benefit Employer Contributions - Fire PEPRA
7/11/123
Cal Pers
112.80
Survivor Benefit Employer Contributions - Police 30169
7/11/2023
Chase Bank
223.57
Deluxe - Deposit slips
7/13/2023
California EDD
498.67
Reconciliation payment
7/01/23-7109/23
Workers Comp Activity
21,499.36
SCRMA checks issued
7/01/23-7109123
Liability Trust - Claims
11,755,54
Claim checks issued/(voided)
7/01/23-7/09/23
Retiree Health Insurance
-
Health Reimbursment checks issued
3,452, 529,15
DATE OF RATIFICATION: 7120/23
TOTAL PAYMENTS BY WIRE:
Certified as to the accuracy of the wire transfers by;
Treasury & Customer Services Manager Date
Chief Financial Offic Date
City Manager Date
3,452,529.15
Information on actual expenditures is available in the City Treasurer's Office of the City of El Segundo,
PACity TreasurerMire Transfers`Wrre Transfers 07-01-23 to 6-30-24
7/20/2023 1/1
Page 20 of 93
CITY OF EL SEGUNDO
WARRANTS TOTALS BY DEPARTMENT
AS OF 8/01/23
REGISTER # 2a
DEPT#
NAME TOTAL
GENERAL FUND DEPARTMENTAL EXPENDITURES
GENERAL GOVERNMENT
1101
City Council
1201
City Treasurer
7,196.53
1300
City Clerk
177.26
2101
City Manager
3,253,90
2102
Communications
90.82
2103
El Segundo Media
2201
City Attorney
2401
Economic Development
2402
Planning
7,067.00
2405
Human and Health Services
2,040.00
2500
Administrative Services
11,222.95
2601
Government Buildings
5,941.29
2900
Nondepartmental
3,659.14
6100
Library
2,072,86
42, 721.75
PUBLIC SAFETY
3100
Police
583,649,54
3200
Fire
17,844.61
2403
Building Safety
62.85
2404
Ping/Bldg Sfty Administration
601,557.00
PUBLIC WORKS
4101
Engineering
31,594.21
4200
Streets
37.02
4300
Wastewater
19,427.17
4601
Equipment Maintenance
26.44
4801
Administration
51,084.84
COMMUNITY DEVELOPMENT
5100,5200
Recreation & Parks
48,552.58
5400
Centennial
48, 552.58
EXPENDITURES
CAPITAL IMPROVEMENT
153,025.32
ALL OTHER ACCOUNTS
100,069.87
TOTAL WARRANTS
997,011.36
Page 21 of 93
City Council Agenda Statement
F I, F, G t I) O Meeting Date: September 5, 2023
Agenda Heading: Consent
Item Number: B.5
TITLE:
Fiscal Year 2023-24 Adopted Budget Increase for Fiscal Year 2022-23 Continuing
Appropriations
RECOMMENDATION:
Approve continuing appropriations from FY 2022-23 to FY 2023-24, thereby
amending the Fiscal Year 2023-24 Adopted Budget in the Funds and by the
amounts contained in Attachment A.
2. Alternatively, discuss and take other action related to this item.
FISCAL IMPACT:
Amount Budgeted: $0
Additional Appropriation: Carryover of $13,819,763.14 from FY 2022-2023 to FY
2023-2024
Account Number(s): Various
BACKGROUND:
Continuing Appropriations
At the end of the fiscal year, staff prepares a summary of budgeted appropriations that
are required to be carried over to the next fiscal year in order to complete multi -year
Capital Improvement Program (CIP) projects, professional service agreements (PSAs)
that continue over multiple fiscal years, projects that were anticipated to be completed
by June 30 but were not, and large purchases that were not completed by June 30. The
funds associated with these projects and services should carry-over into the new budget
year in order to be completed.
Page 22 of 93
Continuing Appropriations Fiscal Year 2023-24
September 5, 2023
Page 2 of 3
DISCUSSION:
The attached schedule (Attachment A) identifies projects/purchase orders that were
included in the FY 2022-23 budget but were not completed by June 30, 2023. The
attached document provides detail of each request and its justification. As a result, staff
is requesting to carryover total appropriations of $13,819,763.14 to FY 2023-24. These
items represent previously approved purchase orders and therefore should be carried
over to FY 2023-24. The carryover of these encumbrances also requires the
appropriation be carried over, as sufficient appropriations would not exist in the current
year budget to fund both the continued projects and the new projects approved in the
Fiscal Year 2023-24 adopted budget. Attachment A - PO Carryover and Budget
Adjustment for FY 2023-24 lists the purchase order number, vendor, department,
account/fund number, purchase order balance, and a brief reason/justification.
The annual strategic planning and budgeting process over the past several years has
resulted in staff estimating operational needs, processes, and timing of projects with
greater precision, which has resulted in more accurate budget projections. The following
table is a summary of the requests listed by fund.
Table 1:
Fund Name
Fund Number
Total Request
1
State Gas Tax
106
$10,758
2
Asset Forfeiture Fund
109
29,692
3
Measure R Fund
110
5,489,186
4
Prop C
114
2,351,186
5
Federal Grant Fund
124
786,537
6
State Grant Fund
125
16,686
7
Measure M
127
4,224,219
8
Storm Water "Measure W"
131
7,466
9
CIP Fund
301
622,413
10
Water Fund
501
65,121
11
Sewer Fund
502
84,498
12
Senior Housing
504
12,480
13
Trust Fund/Special Rev
708
119,522
Total
$13,819,763
Page 23 of 93
Continuing Appropriations Fiscal Year 2023-24
September 5, 2023
Page 3 of 3
The continuing appropriations from ongoing projects/purchases and encumbrances at
the end of the fiscal year do not represent an additional appropriation of funds, but a
carryover of unexpended funds from the prior fiscal year. Approval of these continuing
appropriations items will have minimal impact on estimated ending fund balances at
June 30, 2024.
CITY STRATEGIC PLAN COMPLIANCE:
Goal 5: Champion Economic Development and Fiscal Sustainability
Objective 5B: El Segundo approaches its work in a financially strategic and responsible
way.
PREPARED BY:
Liz Lydic, Management Analyst
REVIEWED BY:
Wei Cao, CPA, CPFO, Finance Manager
APPROVED BY:
Barbara Voss, Deputy City Manager
ATTACHED SUPPORTING DOCUMENTS:
1. Attachment A -PO Carryover and Budget Adjustment for FY 23-24
Page 24 of 93
P09 Vendor Name
City of El Segundo
Schedule of Purchase Orders and Budget Carryovers
Fiscal Year 2022-2023 to Fiscal Year 2023-2024
Dept Fund / Account Number PO Balance
42-00365 Bureau Veritas Technical Assessments, LLC PW
31-00960 SBRPCA
30-00445 Moffatt & Nichol
30-00447 Michael Baker International
30-00445 Moffatt & Nichol
30-00447 Michael Baker International
30-00470 MNS Engineers, Inc.
30-00478 Z&K Consultants
30-00478 Z&K Consultants
30-00481 Sully -Miller Contracting Co
30-00481 Sully -Miller Contracting Cc
30-00477 J.C. Chang & Associates Inc.
41-00199 RTI Consulting Inc
30-00473 Dash Construction Company
30-00474 KOA Corporation
30-00476 FS Contractors, Inc.
30-00481 Sully -Miller Contracting Cc
41-00176 Geosyntec Consultants
30-00455 Westberg White, Inc.
30-00456 IBI Group, A California Partnership
30-00452 Corral Construction & Development, Inc
30-00462 Miller Architectural Corporation
41-00197 Union Construction Company
30-00418 Ras Consulting & Investigation, LLC
30-00471 Kardent
30-00477 J.C. Chang & Associates Inc.
41-00199 RTI Consulting Inc
30-00472 Kardent
30-00480 LPA, Inc.
30-00446 Hirsch & Associates, Inc.
41-00171 Ninyo & Moore
30-00476 FS Contractors, Inc.
71-00380 Omnis Consulting Inc.
71-00397 Omnis Consulting Inc.
41-00196 MNS Engineers, Inc.
41-00198 Omnis Consulting Inc.
43-00274 Downstream Services, Inc.
43-00272 Alcom Fence
30-00479 Omnis Consulting Inc.
PD
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW
PW PWFire
PW
Reasons/Justifications
106-400-4202-6214
$10,758.32 Ongoing CIP
106 State Gas Tax
$10,758.32
109-400-3105-8104
$29,691.70 Not all vehicles have been outfitted
109 Asset Forfeiture Fund
$29,691.70
110400-8203-8929
$5,399,185.50 Ongoing CIP
110400-8203-8929
$90,000.00 Ongoing CIP
110 Measure R Fund
$5,489,185.50
114400-8203-8929
$142,440.23 Ongoing CIP
114400-8203-8929
$160,000.00 Ongoing CIP
114400-8203-8943
$39,687.50 Ongoing CIP
114400-8203-8943
$58,058.30 Ongoing CIP
114400-8203-8995
$201,501.70 Ongoing CIP
114400-8203-8995
$1,749,498.30 Ongoing CIP
114 Prop C
$2,351,186.03
124-400-8203-8995
$786,537.00 Ongoing CIP
124 Federal Grant Fund
$786,537.00
125400-6101-3625
$10,961.88 Ongoing CIP, 50:50 with Fund 301
125400-6101-3625
$5,724.50 Ongoing CIP, 50:50 with Fund 301
125 State Grant Fund
$16,686.38
127400-0000-8382
$122,810.28 Ongoing CIP
127400-0000-8382
$28,257.12 Ongoing CIP
127400-0000-8382
$23,151.23 Ongoing CIP
127400-8203-8995
$4,050,000.00 Ongoing CIP
127 Measure M
$4,224,218.63
131400-0000-6214
$7,465.75 Ongoing CIP
131 Storm Water "Measure W"
$7,465.75
301400-8183-8236
$34,120.00 Ongoing CIP
301400-8186-8236
$349,779.83 Ongoing CIP
301400-8201-8209
$18,611.50 Ongoing CIP
301400-8201-8209
$5,310.56 Ongoing CIP
301400-8201-8209
$10,000.00 Ongoing CIP
301400-8201-8410
$10,250.00 Ongoing CIP
301400-8201-8416
$14,164.50 Ongoing CIP
301400-8201-8710
$10,961.88 Ongoing CIP, 50:50 with Fund 125
301400-8201-8710
$5,724.50 Ongoing CIP, 50:50 with Fund 125
301400-8202-8216
$7,908.37 Ongoing CIP
LPA design services will be presented to
301400-8202-8421
$145,918.00 Commision and Council until fall of 2024
301400-8203-8214
$9,664.00 Ongoing CIP
301 CIP Fund
$622,413.14
PW 501400-7102-6214
$16,545.00 Ongoing CIP
Pw 501400-7102-6256
$13,500.00 Ongoing CIP
PW 501400-7103-8207
$25,260.00 Ongoing CIP
Pw 501400-7103-8207
$9,816.00 Ongoing CIP
501 Water Fund
$65,121.00
PW 5024004301-6206
$13,537.50 Ongoing CIP
Pw 5024004301-6206
$8,540.00 Ongoing CIP
PW 5024004301-6206
$39,022.51 Ongoing CIP
PW 5024004301-6215
$15,000.00 Ongoing CIP
Pw 502400-8204-8647
$8,398.00 Ongoing CIP
502 Sewer Fund
$84,498.01
30-00393 C&J Technical Solutions and Services, Inc. PW 504400-0000-8103 $12,480.00 Ongoing CIP
504 Senior Housin¢ $12,480.00
24-00361 RRM Design Group CDD 708400-2402-8220 $119,521.69 Active
708 Trust Fund/Special Rev $119,521.69
Grand Total $13,819,763.14
Page 25 of 93
City Council Agenda Statement
F 1 F �' t 1) �� Meeting Date: September 5, 2023
Agenda Heading: Consent
Item Number: 13.6
TITLE:
Second Reading of an Ordinance Amending El Segundo Municipal Code Chapter 1-6
(Personnel Merit System) to Expand List of Positions Exempt from the Civil Service
System
RECOMMENDATION:
Conduct a second reading and adopt the proposed Ordinance amending El
Segundo Municipal Code Chapter 1-6 to expand the list of positions exempt from
the Civil Service System.
2. Alternatively, discuss and take other action related to this item.
FISCAL IMPACT:
None.
BACKGROUND:
Exempt positions from the civil service system do not have the same rights as classified
positions. Civil service provides a range of job protections for City employees, including
merit -based hiring and promotions, opportunity for employees to correct performance
issues, and "for cause" termination. In contrast, employees exempt from civil service
may be appointed without a competitive hiring process and are subject to "at -will"
employment (i.e., employment that may be terminated at any time for any reason not
prohibited by law).
El Segundo Municipal Code ("ESMC") §§ 1-6-1 and 1-6-1 require civil service
membership for all City employees except those specifically exempted. ESMC § 1-6-4
exempts department heads, elective officers, and certain specified positions listed
therein.
The "at -will" classifications in the "Management and Confidential" unrepresented group
are based upon positions requiring a particularly high degree of professional
Page 26 of 93
Second Reading of an Ordinance
September 5, 2023
Page 2 of 3
responsiveness, individual accountability, broad management responsibilities, and
independent discretion required to perform assigned responsibilities.
The proposed Ordinance was introduced and the first reading was waived at the August
15, 2023 City Council meeting. Staff was directed to schedule the second reading at
the September 5, 2023 regular City Council meeting.
DISCUSSION:
The proposed Ordinance would add nine positions to the list of those exempted from
the civil service system. The positions proposed or addition are noted below in bold
text. A civil service exemption for each of the five positions noted below with an asterisk
(*) will become effective upon vacation of each position and City Council approval of a
revised classification specification for the position.
Positions Excluded from Civil Service System
Assistant City Clerk (At -Will)
Assistant City Manager (At -Will)
Building Safety Manager*
City Attorney
City Engineer (At -Will)
City Manager
Communications Manager (At -Will)
Deputy City Manager
Finance Manager (At -Will)
General Services Superintendent (At -Will)
Human Resources Manager (At -Will)
Information Systems Manager (At -Will)
Library Services Manager*
Park Maintenance Superintendent*
Page 27 of 93
Second Reading of an Ordinance
September 5, 2023
Page 3 of 3
Planning Manager (At -Will)
Principal Civil Engineer*
Recreation Superintendent*
Risk Manager (At -Will)
Senior Civil Engineer (At -Will)
Senior Executive Assistant (At -Will)
Treasury and Customer Service Manager (At -Will)
Utilities Superintendent (At -Will).
Implementation Actions
To implement the above actions, modification to ESMC Chapter 1-6 is needed to
comply with City's personnel policies and practices and state law. The proposed
Ordinance would exclude the positions listed above from the merit system. Two
readings of the Ordinance are required for approval. Staff recommends a second
reading and adoption of the proposed Ordinance at the regular September 5, 2023 City
Council meeting.
I:NIAA&II:7_A1Xr]Los aw_1ZEgo] iyilall /_10[N4
Goal 3: Promote a Quality Workforce Through Teamwork and Organizational
Efficiencies
Objective: El Segundo is an employer of choice and consistently hires for the future,
with a workforce that is inspired, world -class, engaged and innovative.
PREPARED BY:
Rebecca Redyk, Human Resources Director
REVIEWED BY:
Rebecca Redyk, Human Resources Director
APPROVED BY:
Barbara Voss, Deputy City Manager
ATTACHED SUPPORTING DOCUMENTS:
1. Ordinance Amendment ESMC Chapter 1-6 Civil Service
Page 28 of 93
ORDINANCE NO.
AN ORDINANCE AMENDING EL SEGUNDO MUNICIPAL CODE
CHAPTER 1-6 (PERSONNEL MERIT SYSTEM) TO EXPAND THE LIST
OF POSITIONS EXEMPT FROM THE CIVIL SERVICE SYSTEM.
The City Council of the City of El Segundo does ordain as follows:
SECTION 1. The City Council finds and determines as follows:
A. State law allows cities to adopt civil service programs that are adaptable to
their respective sizes and types via ordinance (Gov. Code, § 45000 et seq.)
B. The City has adopted a civil service system which is set forth in El Segundo
Municipal Code ("ESMC") Chapter 1-6 (Personnel Merit System).
C. The City Council desires to adopt this Ordinance to memorialize updates to
the positions excluded from the City's civil service system.
SECTION 2. El Segundo Municipal Code ("ESMC") § 1-6-4 is amended in its
entirety to read as follows:
"1-6-4: EXCLUSIONS:
Effective , 2023, those officers and members of departments, in
addition to department heads and elected officers who are expressly excluded
from the merit system, are:
Assistant City Clerk (At -Will)
Assistant City Manager (At -Will)
Building Safety Manager*
City Attorney
City Engineer (At -Will)
City Manager
Communications Manager (At -Will)
Deputy City Manager
Finance Manager (At -Will)
General Services Superintendent (At -Will)
Page 29 of 93
City of El Segundo
Ordinance No.
Page 2 of 4
Human Resources Manager (At -Will)
Information Systems Manager (At -Will)
Library Services Manager*
Park Maintenance Superintendent*
Planning Manager (At -Will)
Principal Civil Engineer*
Recreation Superintendent*
Risk Manager (At -Will)
Senior Civil Engineer (At -Will)
Senior Executive Assistant (At -Will)
Treasury and Customer Service Manager (At -Will)
Utilities Superintendent (At -Will).
*NOTE: Any position designated above with an asterisk will only be excluded
from the personnel merit system under this section upon both the vacancy of
such position after the date first set forth in this section and City Council approval
of a revised classification specification for the position."
SECTION 3. Validity of Previous Code Sections. If this entire Ordinance or its application
is deemed invalid by a court of competent jurisdiction, any repeal of the ESMC or other
regulation by this Ordinance will be rendered void and cause such ESMC provision or
other regulation to remain in full force and effect for all purposes.
SECTION 4. Enforceability. Repeal or amendment of any previous Code Sections does
not affect any penalty, forfeiture, or liability incurred before, or preclude prosecution and
imposition of penalties for any violation occurring before this Ordinance's effective date.
Any such repealed part will remain in full force and effect for sustaining action or
prosecuting violations occurring before the effective date of this Ordinance.
SECTION 5. Severability. If any part of this Ordinance or its application is deemed invalid
by a court of competent jurisdiction, the City Council intends that such invalidity will not
affect the effectiveness of the remaining provision or application and, to this end, the
provisions of this Ordinance are severable.
Page 30 of 93
City of El Segundo
Ordinance No.
Page 3 of 4
SECTION 6. The City Clerk, or her duly appointed deputy, is directed to certify the
passage and adoption of this Ordinance; cause it to be entered into the City of El
Segundo's book of original ordinances; make a note of the passage and adoption in the
records of this meeting; and, within fifteen (15) days after the passage and adoption of
this Ordinance, cause it to be published or posted in accordance with California law.
SECTION 7. Construction. This Ordinance must be broadly construed to achieve the
purposes stated in this Ordinance. It is the City Council's intent that the provisions of this
Ordinance be interpreted or implemented by the City and others in a manner that
facilitates the purposes set forth in this Ordinance.
SECTION 8. Environmental Review. This Ordinance was reviewed pursuant to the
California Environmental Quality Act (Public Resources Code §§ 21000, et seq., "CEQA")
and the regulations promulgated thereunder (14 Cal. Code of Regulations §§15000, et
seq., the "CEQA Guidelines"). Based upon that review, this Ordinance is exempt from
further review pursuant to CEQA Guidelines §15061(b)(3) because it can be seen with
certainty that there is no possibility that the Ordinance may have a significant effect on
the environment.
SECTION 9. Recording. The City Clerk is directed to certify the passage and adoption of
this Ordinance; cause it to be entered into the City's book of original ordinances; make a
note of the passage and adoption in the records of this meeting; and, within 15 days after
the passage and adoption of this Ordinance, cause it to be published or posted in
accordance with California law.
SECTION 10. Execution. The Mayor, or presiding officer, is hereby authorized to affix his
signature to this Ordinance signifying its adoption by the City Council of the City of El
Segundo, and the City Clerk, or duly appointed deputy, is directed to attest thereto.
SECTION 11. Effective Date. This Ordinance will take effect on the 30th day following its
final passage and adoption.
ORDINANCE NO. HAD ITS FIRST READING ON , ITS
SECOND READING ON , AND WAS DULY PASSED, APPROVED,
AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF EL SEGUNDO AT ITS
REGULAR MEETING OF
Drew Boyles, Mayor
Page 31 of 93
City of El Segundo
Ordinance No.
Page 4 of 4
ATTEST:
Tracy Weaver, City Clerk
APPROVED AS TO FORM:
Mark D. Hensley, City Attorney
Page 32 of 93
City Council Agenda Statement
F I, F, G t I) O Meeting Date: September 5, 2023
Agenda Heading: Consent
Item Number: B.7
TITLE:
Purchase of Three Replacement Police Vehicles
RECOMMENDATION:
1. Authorize waiving the formal bidding requirements pursuant to El Segundo
Municipal Code § 1-7-9(A) to replace two police K9 patrol vehicles originally due
for replacement in September 2020 and a Sergeant's patrol vehicle due for
replacement in September 2024 for $162,497.90, with an additional $24,374.69
as a contingency fund for potential unforeseen supply chain issues.
2. Authorize Public Works to auction three police vehicles following their
replacement.
3. Authorize the City Manager to execute any necessary agreements or associated
documents necessary to complete the purchase of three police vehicles and
auction of the vehicles to be replaced.
4. Alternatively, discuss and take other action related to this item.
FISCAL IMPACT:
The total amount for three (3) vehicles will be $162,497.90.
Amount Budgeted: $151,112.00
Additional Appropriation: $35,760.59 (Asset Forfeiture 109-400-3109-8105)
Account Number(s): 601-400-3101-8105
1. $151,112.00 from 601-400-3101-8105 (Equipment Replacement)
2. $35,760.59 from 109-400-3109-8105 (Asset forfeiture)
Page 33 of 93
Purchase Vehicles
September 5, 2023
Page 2 of 3
BACKGROUND:
In 2022, the City Council approved the purchase of 10 patrol vehicles to replace the
existing fleet. At the time, two K9 patrol vehicles were not initially replaced with the other
patrol vehicles due to their relatively low mileage at the time. Since then, the vehicles
have incurred extensive repairs which have kept them out of service for weeks at a
time. Some of the units have become inoperable during the officer's shift. Currently, one
K9 patrol vehicle has been permanently taken out of service due to significant
mechanical issues.
The K9 patrol vehicles are outfitted with specialized equipment including an air-
conditioned rear kennel, internal vehicle temperature monitoring system, warning
system to alert the officer if the internal vehicle temperature increases to a dangerous
level, and a remote door release in the event the K9 officer needs to urgently deploy the
K9 and is away from the vehicle.
The Sergeant patrol vehicle is also equipped with additional equipment to serve as a
command vehicle including a command board designed to assist in managing critical
incidents, a 40mm launcher with specialized less lethal munitions, breaching equipment,
maps, a ballistic shield, and other critical incident management equipment.
DISCUSSION:
The vehicles that are currently on the City's Equipment Replacement Schedule are as
follows and were slated for replacement in the below listed years:
Two Canine Vehicles
One Patrol Vehicle (Sergeant)
September 2020
September 2024
Manufacturing and production of vehicles, including police vehicles, has been plagued
with delays, supply chain issues, and a worldwide microchip shortage causing
increased wait times. As a result of the shortage of available police vehicles nationwide,
Ford and Chevrolet have very limited windows in which to order police vehicles. Based
on current projections and adding the average time it will take South Bay Regional
Public Communications Authority (SBRPCA) to outfit each vehicle (2 vehicles per
month), we estimate the patrol vehicles will be in service by late 2024. The cost for the
outfitting of the vehicles will be covered under an existing contract with SBRPCA.
City Council authorization will allow the City Manager or designee to execute all
necessary agreements to effectuate the approvals recommended in this report, and
staff believes it is in the City's best interest to waive competitive bidding and issue a
direct contract award given the volatile vehicle market.
Page 34 of 93
Purchase Vehicles
September 5, 2023
Page 3 of 3
CITY STRATEGIC PLAN COMPLIANCE:
Goal 2: Support Community Safety & Preparedness
Objective A: El Segundo is a safe and prepared community.
PREPARED BY:
Jeff Darringer, Police Sergeant
REVIEWED BY:
Jaime Bermudez, Police Chief
APPROVED BY:
Barbara Voss, Deputy City Manager
ATTACHED SUPPORTING DOCUMENTS:
None
Page 35 of 93
City Council Agenda Statement
F I, F, G t I) O Meeting Date: September 5, 2023
Agenda Heading: Staff Presentations
Item Number: D.8
TITLE:
S&P Global Ratings Increase of El Segundo's Long -Term Credit Rating to "AAA" from
„AA+..
RECOMMENDATION:
1. Receive and file Standard and Poor's Global (S&P) Rating report and letter for
the City of El Segundo's August 8, 2023 credit rating upgrade to "AAA."
2. Alternatively, discuss and take other action related to this item.
FISCAL IMPACT:
This rating upgrade demonstrates that investors will recognize that El Segundo
continues to move in a positive direction and that the City's financial future is bright.
This positive rating allows the City to obtain even lower financing rates if it were to
choose to issue bonds in the future, although there is not a plan for the General Fund to
issue any bonds. El Segundo is one of 51 cities in California with a "AAA" rating.
BACKGROUND:
The City of El Segundo received its inaugural Standard & Poor's (S&P) Global credit
rating of "AA+" in May 2021 in connection with the City's issuance of pension obligation
bonds (POB). At the time of the POB rating, S&P noted in their report the possibility of
raising the City's credit rating in the future. The S&P report of May 19, 2021 stated S&P
could raise the credit rating if the City's economic and revenue performance improved,
coupled with a defined policy goal that would put the City on the path to substantially
increasing and maintaining its available General Fund position, as S&P would view
significantly stronger reserves as more effectively insulating the City's financial
operations from exposure to potentially volatile revenue streams.
City staff has worked hard over the last two years to meet and exceed the requirements
necessary to receive a "AAA" rating based on a white paper issued by S&P and the
comments contained in the May 2021 report.
Page 36 of 93
S&P Global Ratings Raises El Segundo Long -Term Credit Rating to `AAA' from
`AA+'
September 5, 2023
Page 2 of 5
City staff, including City Manager, Darrell George; Interim Chief Financial Officer, David
Cain and City Treasurer, Matt Robinson, made a credit rating update presentation to
S&P Global on August 1, 2023. S&P Global issued their letter and revised "AAA" credit
upgrade to the City on August 8, 2023.
The City emphasized several key improved practices in its presentation to S&P
requesting consideration of a rating upgrade to "AAA":
• Formally adopted policies continue to be adhered to and enhanced for stronger
financial security.
• Reserves have improved and are maintained at high levels.
• Best practices continue with periodic reporting, long-term budget planning and
forecasting, long-term five-year CIP annually adopted, as well as the use of
external tax revenue consultants (for independent review), as examples.
• Financial management continues to strengthen its policies, including the increase
of the General Fund reserve policy from 20% to 25% of appropriations, and a
new General Fund CIP reserve of 5%. This is in addition to an Economic
Uncertainty reserve of $2M.
The City staff also emphasized the significant growth of its local economy, revenues
and reserves over the last several years, including new construction, the median house
price remaining strong, and the continued improvement of the City's diversified and
unique revenue sources.
City staff shared that one of the top ten City Council Priorities for 2023-24, which came
out of the update to the Strategic Plan in June, was to update and utilize the City's long-
term financial plan tool to help make key financial decisions. This could include the
following decision points:
• Identify the financial impacts of various expenditure options.
• Show fiscal ramification of the General Fund subsidizing other programs or
funds.
• Identify opportunities for new revenues or enhancement of existing revenues.
• The exploration of potential funding options to support unfunded capital
improvements.
• Other key financial decision points.
S&P was also shown the long-term financial plan graph which shows that the City will
need to make further changes to avoid the projected decrease in reserves and
expenditures exceeding revenues in future years. Staff is currently working on an
update on various options for the City to consider during the coming months.
Page 37 of 93
S&P Global Ratings Raises El Segundo Long -Term Credit Rating to `AAA' from
`AA+'
September 5, 2023
Page 3 of 5
DISCUSSION:
The public report issued by S&P included Credit Highlights, Outlook, Credit Opinion,
and Related Research.
In its Credit Highlights, S&P stated, "The rating change reflects our improved view of the
city's policies and procedures, which have partially fueled multiple positive operating
results over the last four years, it's very strong financial position, and its bolstered
revenue profile."
The Outlook from S&P was a "stable outlook" and reflects their "expectation that the city
will maintain a very strong financial position over our outlook period, anchored by its
very strong management profile."
The credit overview reflects S&P's assessment of the City's-
• Very strong economy with access to a broad and diverse metropolitan statistical
area (MSA) exhibiting signs of continued growth;
• Reserves that have historically been maintained at levels above our very strong
threshold;
• Very strong management policies and practices, including robust long-term
financial and capital planning, and a strong institutional framework; and
• Weak debt and liabilities profile and a pension profile which they did not consider
a credit pressure.
The credit opinion section noted strong financial policies and practices supported by
established management team.
S&P credited the City's strong financial policies and practices by an established
management team, continued commercial and corporate growth, and the quick revenue
recovery of its well diversified and flexible general revenues following a decline during
the global pandemic as reasons for the upgrade. This year, the City Council increased
its General Fund reserve policy goal to 25% and established a 5% General Fund
Reserve for CIP was another factor in the upgrade.
Highlights of the city's institutionalized policies and practices include:
Use of external consultants to build property, sales, and lodging tax revenue
assumptions and an internal model that can forecast employee salary and benefit
costs under current contracts and memoranda of understanding;
Quarterly budget -to -actual updates to the city council;
Ten-year financial forecasting model that details revenue and expenditure
Page 38 of 93
S&P Global Ratings Raises El Segundo Long -Term Credit Rating to `AAA' from
`AA+'
September 5, 2023
Page 4 of 5
assumptions that we view as realistic and includes best- and worst -case
scenarios;
• Annually updated five-year capital practice that includes funding sources and
timing by project;
• Formal investment policy, with quarterly reporting on holdings and returns and
annual policy reviews;
• Debt management policy that addresses good governance goals but lacks what
we consider substantial quantitative constraints; and
• Minimum reserve policy of 25% of appropriation (up from 20%) plus a $2-million
economic uncertainty reserve (equivalent to 3% of General Fund expenditures)
to manage potential disruptions associated with recessions and a 5% capital
reserve fund policy to address future capital needs.
S&P stated El Segundo's position as a key employment and entertainment hub within
the broad and diverse Los Angeles County metropolitan area continues to spur healthy
economic growth for the city. The new Topgolf private investment, in addition to
providing over 500 jobs and adding to the tax base, will bring in recurring General Fund
revenue, further diversifying the City's revenue structure. El Segundo voters approved
Measure BT, which amended the City's ordinance governing the City's business tax
which will bring in additional ongoing revenues which will continue to support important
City services and programs. The City's residential market remains active, with multiple
housing projects underway.
S&P noted that a negative rating action could be taken if the City experiences a
deterioration in budgetary performance that results in reserves sustained at levels below
the City's bolstered reserve policy.
The key credit metrics for the City included `very strong economy'; `strong budgetary
performance'; 'very strong budgetary flexibility'; 'very strong liquidity'; `very strong
management'; 'weak debt and long-term liabilities', and `strong institutional framework.
I:NIAA&II:7_'l1*0102:JW_1zK961iyiIUA/_10[N4
Goal 5: Champion Economic Development and Fiscal Sustainability
Objective 513: El Segundo approaches its work in a financially strategic and
responsible way.
Page 39 of 93
S&P Global Ratings Raises El Segundo Long -Term Credit Rating to `AAA' from
`AA+'
September 5, 2023
Page 5 of 5
PREPARED BY:
Liz Lydic, Management Analyst
REVIEWED BY:
David Cain, Interim Chief Financial Officer
APPROVED BY:
Barbara Voss, Deputy City Manager
ATTACHED SUPPORTING DOCUMENTS:
1. S&P Global Ratings letter re: El Segundo Taxable Pension Obligation Bonds,
California
2. S&P Global Ratings Direct summary rating report
Page 40 of 93
One California Street, 31st
S&P Global
Floor
San Francisco, CA
94111-5432
Ratings
tel 00
reference no.: 40 546151
August 8, 2023
City of El Segundo
350 Main Street
El Segundo, CA 90245
Attention: David Cain, Interim Finance Director
Re: El Segundo Taxable Pension Obligation Bonds, California
Dear David Cain
S&P Global Ratings has reviewed the rating on the above -listed obligations. Based on our review, we have
raised our credit rating from "AA+" to "AAA" while affirming the stable outlook. A copy of the rationale
supporting the rating and outlook is enclosed.
This letter constitutes S&P Global Ratings' permission for you to disseminate the above -assigned ratings to
interested parties in accordance with applicable laws and regulations. However, permission for such
dissemination (other than to professional advisors bound by appropriate confidentiality arrangements or to allow
the Issuer to comply with its regulatory obligations) will become effective only after we have released the
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To maintain the rating, S&P Global Ratings must receive all relevant financial and other information, including
notice of material changes to financial and other information provided to us and in relevant documents, as soon
as such information is available. Relevant financial and other information includes, but is not limited to,
information about direct bank loans and debt and debt -like instruments issued to, or entered into with, financial
institutions, insurance companies and/or other entities, whether or not disclosure of such information would be
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Please send hard copies to:
S&P Global Ratings
Public Finance Department
55 Water Street
New York, NY 10041-0003
The rating is subject to the Terms and Conditions, if any, attached to the Engagement Letter applicable to the
rating. In the absence of such Engagement Letter and Terms and Conditions, the rating is subject to the attached
Terms and Conditions. The applicable Terms and Conditions are incorporated herein by reference.
S&P Global Ratings is pleased to have the opportunity to provide its rating opinion. For more information
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for choosing S&P Global Ratings.
Sincerely yours,
S&P Global Ratings
a division of Standard & Poor's Financial Services LLC
PF Ratings U.S. (4/28/16) Page 1 1
Page 41 of 93
ba
enclosure
cc: Larry Lom, Vice President
KNNPublic Finance
PF Ratings U.S. (4/28/16) Page 1 2
Page 42 of 93
S&P Global
Rati ngs
S&P Global Ratings
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Page 44 of 93
S&P Global
Ratings
RatingsDirect @
Summary:
E1 Segundo, California; General
Obligation
Primary Credit Analyst:
Malcolm Simmons, Chicago +1 3122337081; malcolm.simmons@spglobal.com
Secondary Contact:
Chris Morgan, San Francisco + 1 (415) 371 5032; chris.morgan@spglobal.com
Table Of Contents
.............................................................................................................
Credit Highlights
Outlook
Credit Opinion
Related Research
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 8, 2023 1
Page 45 of 93
Summary:
E1 Segundo, California; General Obligation
El Segundo taxable pension obligation bnds
Long Term Rating AAA/Stable Upgraded
Credit Highlights
• S&P Global Ratings raised its long-term rating to 'AAA' from 'AA+' on El Segundo, Calif's outstanding pension
obligation bonds (POBs).
• The rating change reflects our improved view of the city's policies and procedures, which have partially fueled
multiple positive operating results over the last four years, its very strong financial position, and its bolstered
revenue profile.
• The outlook is stable.
Security
The city's outstanding POBs are an absolute and unconditional obligation of the city, which we consider a form of
general fund/non-ad valorem obligation. Despite the lack of a specific full -faith -and -credit general obligation (GO)
pledge, our rating is equivalent to our view of the city as obligor because our assessment of the city already includes
our view of its ability to raise revenue.
Credit overview
El Segundo's position as a key employment and entertainment hub within the broad and diverse Los Angeles County
metropolitan statistical area (MSA) continues to spur healthy economic growth. Furthermore, sales taxes, the city's
largest general revenue source, quickly recovered in fiscal 2022 following a minor decline in 2021. These gains,
coupled with an influx of COVID-19-related aid, relatively stable results in most of the city's main revenue sources, and
what appears to be prudent management strategies, have resulted in three surpluses over the last four years and the
bolstering of the city's fund balance position. We note that the city's lodging taxes continue to recover from the
pandemic and have largely returned to pre -pandemic levels.
The city is positioned to post another general fund surplus in fiscal 2023 but plans to draw down on its current fund
balance position in 2024. While we expect to see some fluctuations in reserve levels as these excess funds are
allocated for one-time capital needs, management does not plan to reduce the fund balance below its 25% policy.
The rating further reflects our assessment of the city's:
• Very strong economy with access to a broad and diverse MSA exhibiting signs of continued growth;
• Reserves that have historically been maintained at levels above our very strong threshold;
• Very strong management policies and practices, including robust long-term financial and capital planning, and a
WWW.STANDARDANDPOORS.COM/RATI NGSDIRECT
AUGUST 8, 2023 2
Page 46 of 93
Summary: El Segundo, California; General Obligation
strong institutional framework; and
• Weak debt and liabilities profile and a pension profile that we do not consider a credit pressure.
Environmental, social and governance
We believe that the city has elevated exposure to environmental risks, with the likelihood of major earthquakes and the
potential for waste and pollution associated with a strong industrial presence the most prominent. We believe the
state's strong building code partially mitigates the seismic risk. We consider the city's social and governance risks
neutral.
Outlook
The stable outlook reflects our expectation that the city will maintain a very strong financial position over our outlook
period, anchored by its very strong management profile.
Downside scenario
We could take a negative rating action if the city experiences a deterioration in budgetary performance that results in
reserves sustained at levels below the city's bolstered reserve policy.
Credit Opinion
Commercial -oriented city near Los Angeles experiencing continued growth
Located just south of Los Angeles International Airport, the city of El Segundo has a population of approximately
17,000. However, the city has an array of popular entertainment and commercial attractions and management reports
that its daytime population often swells to over 75,000. The city is an established commercial center, specializing in
defense aerospace as well as sports entertainment administration. Its largest taxpayer, Chevron, has been in the city
for over a century and makes up nearly 10% of the city's assessed value (AV). We note that the slight contraction in AV
in fiscal year 2022 was largely tied to a property tax appeal by Chevron. However, the city currently has a tax
agreement with Chevron that extends through 2028 and provides the city with a measure of budgetary predictability as
well as reducing the risk of volatility associated with property tax assessment revisions.
Most recently, Topgolf, a golf and recreation facility, constructed a nine -hole golf course and an entertainment center
in the city that will result in over 500 new jobs. In addition, the L.A. Chargers recently agreed to build a
143,000-square-foot facility in the city, scheduled for completion sometime in 2024. The city's residential market also
remains active, with multiple housing projects underway.
Lastly, we note that the city has experienced some commercial and corporate vacancies which, in our view, are largely
tied to the increased number of employees working from home. Despite this, given the city's reputation as a
business -friendly city, its proximity to the larger metropolitan area, and its current development pipeline, we expect its
AV to trend positively over the next few years.
WWW.STANDARDANDPOORS.COM/RATI NGSDIRECT
AUGUST 8, 2023 3
Page 47 of 93
Summary: El Segundo, California; General Obligation
Financial position remains strong despite decreases in lodging tax results
Despite seeing a steep reduction in its occupancy taxes in 2021 largely tied to the pandemic, El Segundo has posted
general fund surpluses in three out of the last four years. Lodging taxes have continued to recover and in 2022 reached
approximately 80% of their pre -pandemic level. In addition, the city's revenue structure, which largely consists of sales
taxes (17% of general fund revenues), lodging taxes (14%), business license fees (13%), property taxes (13%), and user
fees (13%), is well diversified and flexible. Its largest revenue source, sales taxes, experienced a minor decline (after
adjusting for a nine -month fiscal year) during fiscal 2021 but quickly recovered the following year, signaling a resilient
consumer base. The city's remaining revenues were mostly resilient during that time and have continued to trend
positively. This, coupled with cost-cutting initiatives and an influx of COVID-related federal aid, has helped the city
continue to build its fund balance well above our very strong threshold.
The city received approximately $4 million in federal pandemic relief aid and used most of the funds on public safety.
The new Topgolf private investment, in addition to providing jobs and adding to the city's tax base, will bring
approximately $2 million (3% of general fund expenditures) in recurring general fund revenue, further diversifying the
city's revenue structure. The city plans to use most of the funds on pension obligations but is earmarking the
remainder for a variety of general operation uses. Furthermore, in fiscal 2023, El Segundo voters approved Measure
BT, which amended the city's ordinance governing the city's business tax rates and other business -related measures
and, starting in fiscal 2024, will bring in approximately $3 million (4% of general fund expenditures) annually.
The city is positioned to post a sizable surplus in fiscal 2023 but does expect to draw down on its fund balance in fiscal
2024. The expected drawdown of approximately $10 million (16% of expenditures) will mainly be used to fund various
capital projects but will also be allocated toward the city's pension trust and future personnel costs. Still, we expect
that the city will maintain its very strong reserves given its long track record of reporting available fund balances of
more than 30% of operating expenditures and its formal fund balance policy that includes a long-term goal of
maintaining at least 25% of appropriations. Lastly, we note that 2021 results, in addition to showing a slowdown in
economic activity, also incorporate the city's decision to shift to a June fiscal year-end and therefore account for only
nine months, which could be artificially depressing results.
Strong financial policies and practices supported by established management team
Highlights of the city's institutionalized policies and practices include:
• Use of external consultants to build property, sales, and lodging tax revenue assumptions and an internal model that
can forecast employee salary and benefit costs under current contracts and memoranda of understanding;
• Quarterly budget -to -actual updates to the city council;
• Ten-year financial forecasting model that details revenue and expenditure assumptions that we view as realistic and
includes best- and worst -case scenarios;
• Annually updated five-year capital practice that includes funding sources and timing by project;
• Formal investment policy, with quarterly reporting on holdings and returns and annual policy reviews;
• Debt management policy that addresses good governance goals but lacks what we consider substantial quantitative
constraints; and
• Minimum reserve policy of 25% of appropriation (up from 20%) plus a $2-million economic uncertainty reserve
WWW.STANDARDANDPOORS.COM/RATI NGSDIRECT
AUGUST 8, 2023 4
Page 48 of 93
Summary: El Segundo, California; General Obligation
(equivalent to 3% of general fund expenditures) to manage potential disruptions associated with recessions and a
5% capital reserve fund policy to address future capital needs.
The institutional framework score for California municipalities required to submit a federal single audit is strong.
Elevated debt profile not expected to grow over the medium term
The city's net direct debt includes POBs that were issued in 2021 to restructure the baseline forecast with a flat
payment pattern and ultimately lower long-term expenses if the city's assumptions regarding investment returns are
realized. The city's debt profile also includes alternative financing that we do not consider a contingent liquidity risk.
Management reports no additional debt plans.
Pension profile not a significant credit pressure
We do not consider the city's pension and other postemployment benefit (OPEB) liabilities an immediate source of
credit pressure, including factoring in the effects of recent asset contributions using general city resources and the
contribution associated with the series 2021 POBs.
The city participated in the following plans as of Sept. 30, 2021:
• Ca1PERS safety plan: $13.3 million in net assets, and 107% funded; and
• Ca1PERS miscellaneous plan: $5.6 million in net assets, and 104% funded.
Ratings' relationship with the U.S. sovereign rating
The rating reflects our view that the city's general creditworthiness is above that of the U.S. sovereign. We do not
expect the city to default in a stress scenario likely to accompany a sovereign default given its autonomy from
sovereign intervention. We view the city as exhibiting relatively low funding interdependency with the federal
government, as local taxes represent most of the total governmental funds revenue. However, consistent with our view
that U.S. state and local governments are moderately sensitive to country risk, we would be unlikely to set ratings on
the city's obligations more than two notches above the U.S. sovereign rating.
Most recent Historical information
2022
2021
2020
Very strong economy
Projected per capita EBI % of U.S.
185.3
Market value per capita ($)
917,149
Population
16,621
16,762
16,988
County unemployment rate(%)
4.9
Market value ($000)
15,243,934
15,403,646
14,200,895
Ten largest taxpayers % of taxable value
31.9
Strong budgetary performance
Operating fund result % of expenditures
5.4
2.5
(4.3)
Total governmental fund result % of expenditures
18.6
4.3
3.6
WWW.STANDARDANDPOORS.COM/RATI NGSDIRECT
AUGUST 8, 2023 5
Page 49 of 93
Summary: El Segundo, California; General Obligation
Most recent Historical information
2022 2021 2020
Very strong budgetary flexibility
Available reserves % of operating expenditures 47.8 53.2 31.3
Total available reserves ($000) 36,197 31,672 23,343
Very strong liquidity
Total government cash % of governmental fund expenditures 156.1 174.0 115.1
Total government cash % of governmental fund debt service 4,821.8 46,882.1 827.5
Very strong management
Financial Management Assessment Strong
Weak debt and long-term liabilities
Debt service % of governmental fund expenditures 3.2 0.4 13.9
Net direct debt % of governmental fund revenue 158.6
Overall net debt % of market value 3.6
Direct debt 10-year amortization (%) 52.6
Required pension contribution % of governmental fund expenditures 6.4
OPEB actual contribution % of governmental fund expenditures 4.7
Strong institutional framework
Data points and ratios may reflect analytical adjustments. EBI--Effective buying income. OPEB--Other postemployment benefits.
Related Research
• Through The ESG Lens 3.0: The Intersection Of ESG Credit Factors And U.S. Public Finance Credit Factors, March
2, 2022
• Pension Spotlight, California, July 13, 2021
• U.S. Local Governments Credit Brief: California Counties And Municipalities Means And Medians, Sept. 7, 2022
Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed
to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for
further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating
action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 8, 2023 6
Page 50 of 93
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AUGUST 8, 2023 7
Page 51 of 93
City Council Agenda Statement
F I, F �' t I) �� Meeting Date: September 5, 2023
Agenda Heading: Staff Presentations
Item Number: D.9
TITLE:
Resolution to Waive Fees Associated with the World Series Championship Parade and
Team Recognition Ceremony for the El Segundo Little League
RECOMMENDATION:
Pursuant to El Segundo Municipal Code § 8-8-7(D), adopt the proposed
resolution to waive all fees for the El Segundo Little League championship
parade on September 10, 2023.
2. Alternatively, discuss and take other action related to this item.
FISCAL IMPACT:
Due to the short timeframe to plan the parade, the fiscal impact will be included in the
staff presentation at the September 5, 2023 City Council meeting. Fiscal impact is
anticipated to include all fees and expenses associated with the parade (e.g. police,
recreation, and public works personnel, AV equipment rentals, signage, restroom
facilities and other related items). Since these costs were not included in the FY 2023-
24 adopted budget, staff will include the necessary budget appropriation as part of the
mid -year budget process. Staff will attempt to generate sponsorship revenue to offset
these costs.
BACKGROUND:
On August 27, 2023, the El Segundo Little League's 12U All -Stars won the Little League
World Series, defeating Curagao 6-5 in dramatic walk -off fashion. The team is the first
team from Los Angeles County to participate in the Little League World Series since
1993 and the first Little League team ever from El Segundo to play on a national stage.
The win has created a sense of civic pride that has brought the community together to
celebrate this historic event. To recognize and honor the championship team, and the
countless hours of hard work that these young athletes dedicated to their sport, the
Little League proposes conducting a parade and team recognition ceremony on
September 10, 2023. The parade would entail street closures and multiple vehicles
Page 52 of 93
Parade Fee Waiver
September 5, 2023
Page 2 of 2
showcasing the players and coaches. The parade is expected to begin at noon on Main
Street from Imperial Avenue to Grand Avenue. The parade will be followed by a team
recognition ceremony at Stevenson Field.
DISCUSSION:
El Segundo Municipal Code Chapter 8-8 governs events proposed in streets, sidewalks,
and public rights -of -way, such as parades and block parties. As part of the application
and permitting process, an event proponent must pay certain fees, including:
1. public property use fees set by resolution;
2. service charges for non-public safety overhead, admin, equipment, etc.; and
3. public safety personnel and materials for traffic control. (ESMC, § 8-8-7 (A)-(C).)
The City Council may waive such fees, upon applicant request, for 501(c)(3) or
501(c)(6) status nonprofit groups, government agencies, or public schools. The Council
may also waive fees for community service groups or organizations without 501(c)(3) or
501(c)(6) status (such as El Segundo Little League) if it, "by resolution," determines that
the proposed event provides services that meet community needs and it is in the public
interest to waive such fees," Given the fact that the championship game was held on
August 27, 2023, staff is in the process of determining the amount of the fee waiver,
which will be presented at the City Council meeting on September 5, 2023. The
proposed Resolution would authorize the waiver of fees for the Little League parade
and ceremony.
CITY STRATEGIC PLAN COMPLIANCE:
Goal 1: Enhance customer service, diversity, equity, inclusion and communication.
Goal 2: Support community safety and preparedness.
PREPARED BY:
Joaquin Vazquez, Deputy City Attorney
REVIEWED BY:
Darrell George, City Manager
APPROVED BY:
Barbara Voss, Deputy City Manager
ATTACHED SUPPORTING DOCUMENTS:
ES - Resolution El Segundo Little League Championship Parade
Page 53 of 93
RESOLUTION NO.
A RESOLUTION WAIVING FEES FOR THE EL SEGUNDO
LITTLE LEAGUE CHAMPIONSHIP PARADE PURSUANT
TO EL SEGUNDO MUNICIPAL CODE § 8-8-7(D).
The City Council of the city of El Segundo does resolve as follows:
SECTION 1. Findings. The City Council finds and determines as follows:
A. On August 27, 2023, the El Segundo Little League's 12U All -Stars won the Little
League World Series, defeating Curagao 6-5 in dramatic walk -off fashion. It is the
first Little League World series championship team from Los Angeles County
since 1993.
B. To recognize and honor the championship team, the parade applicant proposes
to conduct a parade on September 10, 2023.
C. The parade would entail street closures and multiple vehicles showcasing the
players and coaches.
D. El Segundo Municipal Code Chapter 8-8 governs events proposed in streets,
sidewalks, and public rights -of -way, such as parades and block parties.
E. As part of the application and permitting process, an event proponent must pay
certain fees, including: public property use fees set by resolution; service charges
for non-public safety overhead, admin, equipment, etc.; and public safety
personnel and materials for traffic control.
F. The City Council finds that the proposed parade provides services and goodwill
that meet community needs and it is in the public interest to waive certain parade
fees.
SECTION 2. Actions. The City Council waives fees, as described in El Segundo
Municipal Code ("ESMC") §§ 8-8-7 (A) through (C), inclusive, for the El Segundo Little
League championship parade pursuant to El Segundo Municipal Code § 8-8-7(D).
SECTION 3. Severability. If any part of this Resolution or its application is
deemed invalid by a court of competent jurisdiction, the City Council intends that such
invalidity will not affect the effectiveness of the remaining provisions or applications and,
to this end, the provisions of this Resolution are severable.
SECTION 4. Signature Authority. The Mayor, or presiding officer, is hereby
authorized to affix his signature to this Resolution signifying its adoption by the City
Council of the City of El Segundo, and the City Clerk, or her duly appointed deputy, is
directed to attest thereto.
SECTION 5. Effective Date. This Resolution will take effect immediately upon
adoption and will remain effective unless repealed or superseded.
SECTION 6. City Clerk Direction. The City Clerk will certify to the passage and
adoption of this Resolution, enter it in the City's book of original Resolutions, and make a
record of this action in the meeting's minutes.
Page 54 of 93
PASSED, APPROVED AND ADOPTED this day of ,
2023.
Drew Boyles, Mayor
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF EL SEGUNDO )
I, Tracy Weaver, City Clerk of the City of El Segundo, California, do hereby certify that
the whole number of members of the City Council of said City is five; that the foregoing
Resolution No. was duly passed and adopted by said City Council, approved and
signed by the Mayor of said City, and attested to by the City Clerk of said City, all at a
regular meeting of said Council held on the day of 2023, and the same was
so passed and adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Tracy Weaver, City Clerk
APPROVED AS TO FORM:
MARK D. HENSLEY, CITY ATTORNEY
Joaquin Vazquez, Assistant City Attorney
Page 55 of 93
City Council Agenda Statement
F I, F, G t I) O Meeting Date: September 5, 2023
Agenda Heading: Reports - City Treasurer
Item Number: G.10
TITLE:
Investment Portfolio Report for June 2023
RECOMMENDATION:
1. Receive and file the Investment Portfolio Report dated June 2023.
2. Alternatively, discuss and take other action related to this item.
FISCAL IMPACT:
None
:Y_Tlg 201:16111011:3
The Treasury Department provides an Investment Portfolio Report presented to City
Council on a quarterly basis. This current report includes the status of Treasury
investment activities and related economic indicators as of June 2023.
DISCUSSION:
See attached Investment Portfolio Report.
CITY STRATEGIC PLAN COMPLIANCE:
Goal 5: Champion Economic Development and Fiscal Sustainability
Objective 513: El Segundo approaches its work in a financially strategic and responsible
way.
Page 56 of 93
Presentation of Investment Portfolio Report for June 2023
September 5, 2023
Page 2 of 2
PREPARED BY:
Matthew Robinson, City Treasurer
REVIEWED BY:
Matthew Robinson, City Treasurer
APPROVED BY:
Barbara Voss, Deputy City Manager
ATTACHED SUPPORTING DOCUMENTS:
June 2023 Portfolio Report
Page 57 of 93
CITY OF
ELSEGUNDO
City of El Segundo
Investment Portfolio Report
June 2023
Certified By:
City Treasurers Office
CITY OF
ELSEGUNDO
Portfolio
J
Liquidity
a
$40,000,000
Portfolio Summary
As of June 2023
Portfolio Type / Security Type
Reserve
$23,759,190
$20,000,000
$5,184,815 $4,584,935 $3,638,141 $5,845,457 $4,372,825
$40,000,000
m
> $24,691,019
Y
m° $20,000,000
$5,184,815 $4,584,935 $6,094,941
$0 $3,638,141 $4,624,775
40.00%
m 30.00%
0
a 20.00% 18.04%
0
10.00% 3.94% 3.48% 2.76 % 4'44% 3.32%
0.00%-
4 3.42
rn
3
a
a
2
rn 1.31
3 1 0.96
0 0.00 0.00 0.00
n 6.00% 5.24% --
V
4.13
m 4.00% 3.26% 3.15%
a
m _._-- ------ 2.58%
s 2.00%
a %
3 0.00% 0.45
6.00% 5.24% 5.39% 5.27% 5.62%
m
a' 4.00% 3.26%
v
a
rn 2.00%
'a
3 0.00% 0.45%
Security Type
CAMP -JPAP
$46,474,300 Cash
$37,841,954 Government Agency
LAIF
Medium Term Notes
Municipal Bonds
Negotiable Certificates of Deposit
$46,425,781 U.S. Treasuries
$38,657,750
35.29%
a
_0
2.7 3.00
4.17%
1.86%
5.43%
4.66%
CAMP-JPAP Cash LAIF Government Agency Medium Term Notes Municipal Bonds Negotiable Certificates of U.S. Treasuries
Deposit
Page 60 of 93
$100,000,000
a
Y
O
O
00 $50,000,000
$0
SO%
v
m
> 60%
Y
O
O
m
f0
0 40 %
H
O
0
20%
O%
3.00
v
n
T
H
T
T 2.00
f0
O1
Q
a 1.00
N
01
0.00
PortfoI io Through Time
As of June 2023
March2020 July2020 November2020 March2021 July2021
Portfolio Type
$120,494,266 Liquidity
Reserve
$13,407
�90%
10%
November2021 March2022 July2022 November2022 March2023 July2023
Date
Page 61 of 93
U.S.Trea
$46,47,
35.2<
nvestments by Security Type
As of June 2023
Negotiable Certificates of Deposit
$37,841,954
28.73%
CAMP-JPAP
$5,184,815 Cash
3.94% $4,584,935
Medium Term Notes
$23,759,190
18.04%
Bonds
825
6
Security Type
CAMP-JPAP
Cash
Government Agency
LAIF
Medium Term Notes
Municipal Bonds
Negotiable Certificates of Deposit
U.S. Treasuries
Page 62 of 93
$30,000,000
$28,000,000
$26,000,000
$24,000,000
$22,000,000
$20,000,000
$18,000,000
Ol
m $16,000,000
7
f0
a
$14,000,000
$12,000,000
$10,000,000
$8,000,000
$6,000,000
$4,000,000
$2,000,000
$0
Reserve Portfolio Ladder by Quarter
As of June 2023
2023 2024 2025 2026 2027
o I
0
m
o
o w o
2028 Quarter
Q1
Q2
Q3
Q4
Total
cY
Page 63 of 93
Ladder Diversification
As of June 2023
2023 2024 2025 2026 2027 2028
0
0 0 0 0 0 0
$15,000,000 0 0 o 0 0 0
0 o m o 0 0 0
0 0 0 y o 0 0 0
0 0 o v+ o 0 0 0 0
.ti ri ti o .ti o 0o ti 0 0 ,ti
= O tPr tR O tR aj O +Pr N tR
> $10,000,000 0 0 0 0 m o id
0 m o n o o 0 o m o v+ o ✓�0 0 o uj 0 0 0 � viv3
$5,000,000
�
0 o w ri rj o rvi
0 o w w o v
$0 tR tR tR y}
10 % 9.14%
8.08% 8.08% 8.08% 8.08% 8.08%
w
� M
40.,� I
I.
I I
7.27
m
5.95 %
@` 5.59%
a
5% 4.36% 404% 4.52% 4.44%
o
~ 3.23%
0 2.83%
2.42%
1.77%
0% 0 0 ■ . 1- 1.41% -.. 0. -- -- --- --- -- --
0.20%
68.66 %
w
} 60%
a
44.23% 42.59% 44.62%
41.00% 40.65%
40% 32.56°h 37.66% 36.59%
a 30.84%
N
0 22.10% 22.76% 24.540
16.40°h 18.83%
20% 15.67% 15.67% 14.35% 13.27%
0
6.15 / 7.74%
0% 2.21% 0.92%
T > T >
N - N a N N 'O N N - N U) - N 1. - N
N O o U) O O - V O - V O - O - O -
z z o n a Z o n v z n Z n I z n
a E o a m o m a E °� m a E 0 m E m E 0 m ., o .� i a o F 1. i n 0 F .� i 0 F i o i i o F
E E v E E E m Li E E U ITL'i E E d vi E m Ln E To
w ' _ 0 v ' _ w _ > > _ M > _
V V U U V V
N N W N N N
o o 0 0 o 0
Z Z Z Z Z Z
Security Type
Government Agency
Medium Term Notes
Municipal Bonds
Negotiable Certificates of Deposit
U.S. Treasuries
Page 64 of 93
Investments by Maturity Date
As of June 2023
$38,000,000
$36,000,000
$34,000,000
$32,000,000
$30,000,000
$28,000,000
$26,000,000
$24,000,000 $23,940,273
$22,000,000
m
$20,000,000
m
Y
$18,000,000
$16,000,000
$14,000,000
$12,000,000
$10,000,000
$
$8,000,000 8,015,987
$6,000,000 $5,184,815
$4,584,935
$4,000,000 $3,638,141
$2,000,000 $1,945,589
$00I a
$244,593 " a 975,873
Cash LAIF CAMP-JPAP <30Days 31to90Days 91to180Days 181to365Days 1to2Years
$35,550,727
$26,201,780
$21,418,904
2 to 3 Years 3 to 4 Years 4 to 5 Years
Page 65 of 93
Security Type
Issuer
CUSIP
Portfolio
As of June 2023
Month, Day, Year of Maturity Date Days to Maturity
Cash
Bank
Cash
Null
1
LAIF
LAIF
LAIF
Null
1
CAMP-JPAP
CAMP-JPAP
CAMP -JPAP
Null
1
Medium Term Notes
AMAZON COM INC
AMERICAN HONDA FIN CO
APPLE INC
ASTRAZENECA FINANCE L
BANK NOVA SCOTIA B C
BANK OF AMERICA CORP
CANADIAN IMP BK COMM
CIGNA CORP
CITIGROUP INC
COCA COLA CO THE
COMCASTCORP
DEERE JOHN CAPITAL
DEUTSCHE BK AG N Y
ESTEE LAUDER CO INC
GOLDMAN SACHS GROUP I
HSBC HOLDINGS PLC
IBM CORP
INTELCORP
INTERCONTINENTAL EXCH
MEAD JOHNSON NUTRITIO
MITSUBISHI UFJ FIN GR
MORGAN STANLEY
ORACLE CORP
ROYAL BK CDA
STRYKER CORP
SUMITOMO MITSUI FINL
TORONTO DOMINION BANK
TOSCO CORP
TOYOTA MTR CR CORP FR
UNITED PARCEL SERVICE
UNITEDHEALTH GROUP IN
WELLS FARGO COMPANY
023135CP9
02665WED9
03783BECO
04636NAA1
06418BAE8
06051GFX2
13607HR61
12S523AG5
172967KNO
191216CL2
20030NBWO
24422EWR6
25160PAM9
29736RANO
38141GXJ8
404280BB4
459200ASO
458140CDO
45866FAD6
582839AH9
606822AJ3
61746BDZ6
68389XBL8
78016EZD2
863667AH4
86562MAY6
89115A2M3
891490ARS
89236TKL8
911312BT2
91324PDN9
94974BGL8
December 1, 2027
January 12, 2028
February 8, 2028
May 28, 2026
March 11, 2027
ApriI19,2026
April 7, 2027
November 15, 2025
May1,2026
September 6, 2024
January 15, 2027
January 20, 2028
September 9, 2027
December 1, 2024
April 1, 2025
May 25, 2026
January 15, 2028
February 10, 2026
December 1, 2025
November 15, 2025
September 13, 2026
January 27, 2026
September 15, 2023
May 4, 2027
November 1, 2025
January 17, 2028
January 10, 2028
January 1, 2027
November 10, 2027
September 1, 2024
December 15, 2025
July 22,2027
1,615
1,657
1,684
1,063
1,350
1,024
1,377
869
1,036
434
1,295
1,665
1,532
520
641
1,060
1,660
956
885
869
1,171
942
77
1,404
855
1,662
1,655
1,281
1,594
429
899
1,483
Municipal Bonds
CONNECTICUT STTXBL S
HOUSTON TX REF SER B
NEW YORK NY TXBL FISC
ONTARIO CA INTERNATIO
OREGON ST DEPT ADM I N I
TULSA CNTY OKLA INDPT
20772KGN3
4423315T7
64966QCA6
683042AJ4
68607VT47
899593MG9
Aprill5,2024
March 1, 2024
August 1, 2024
May 15, 2025
Aprill,2024
June 1, 2024
290
245
398
685
276
337
Negotiable Certificates of Deposit
1ST SECURITY BANK OF
ABACUS FEDERAL SAVING
ACHIEVE FINIL CRUNBE
33625CCP2
00257TBF2
00453NAA9
July 30, 2024
August2,2024
February 17, 2026
396
399
963
Coupon
0.45%
Par Value
$4,584,935
Market Value
$4,584,935
Book Value
$4,584,935
UnrealizedP/L
$0
3.26%
$3,638,141
$3,638,141
$3,638,141
$0
5.24%
$5,184,815
$5,184,815
$5,184,815
$0
4.58%
$1,000,000
$993,720
$997,630
($3,910)
4.74%
$1,000,000
$991,730
$997,794
($6,064)
1.38%
$500,000
$433,355
$427,219
$6,136
1.33%
$500,000
$451,170
$501,040
($49,870)
3.18%
$1,000,000
$927,960
$926,343
$1,617
3.65%
$500,000
$479,625
$554,155
($74,530)
3.68%
$1,000,000
$936,690
$948,186
($11,496)
4.24%
$500,000
$486,750
$564,210
($77,460)
3.58%
$500,000
$475,510
$550,715
($75,205)
1.81%
$500,000
$483,245
$493,865
($10,620)
2.56%
$1,000,000
$918,170
$917,335
$835
4.75%
$1,000,000
$999,170
$1,004,330
($5,160)
5.46%
$1,000,000
$983,300
$1,005,611
($22,311)
2.10%
$500,000
$476,875
$501,600
($24,725)
3.64%
$500,000
$480,295
$545,605
($65,310)
4.09%
$1,000,000
$952,900
$960,400
($7,500)
6.12%
$1,000,000
$1,062,070
$1,076,510
($14,440)
4.89%
$1,000,000
$997,100
$998,520
($1,420)
3.86%
$500,000
$485,830
$557,000
($71,170)
4.23%
$500,000
$487,690
$565,170
($77,480)
3.01%
$1,000,000
$915,270
$924,800
($9,530)
4.01%
$500,000
$482,655
$561,240
($78,585)
2.42%
$500,000
$496,540
$492,550
$3,990
3.83%
$1,000,000
$946,340
$951,709
($5,369)
3.53%
$500,000
$478,450
$548,175
($69,725)
3.84%
$1,000,000
$922,670
$934,451
($11,781)
5.19%
$1,000,000
$993,350
$1,005,769
($12,419)
7.24%
$1,000,000
$1,077,120
$1,107,960
($30,840)
5.34%
$1,000,000
$1,019,970
$1,030,896
($10,926)
2.28%
$500,000
$481,790
$504,105
($22,315)
3.83%
$500,000
$482,590
$560,625
($78,035)
4.48%
$1,000,000
$959,290
$975,500
($16,210)
3.10%
$1,000,000
$980,830
$1,064,850
($84,020)
2.00%
$1,000,000
$976,010
$1,006,410
($30,400)
2.21%
$1,000,000
$963,860
$1,003,750
($39,890)
3.05%
$500,000
$475,035
$538,090
($63,055)
2.87%
$500,000
$490,285
$510,125
($19,840)
2.67%
$500,000
$486,805
$501,550
($14,745)
2.08%
$245,000
$236,058
$245,000
($8,943)
2.08%
$245,000
$236,013
$245,000
($8,987)
Page 66 of 93
Security Type Issuer
Negotiable Certificates of Deposit AFFINITY BK COVINGTON
ALASKA USA FED CR UN
ALL IN FED CR UN DALE
ALLIANTCR UN CHICAGO
ALLY BK SANDY UTAH
ALMA BK ASTORIA NEW Y
AMERICAN EXP NATL BAN
AMERICAN FIRST CR UN
AMERICAN STBKSIOUX
AUSTIN TELCO FED CR U
BALBOA THRIFT LN ASSN
BANK FIVE NINE OCONOM
BANK NEW YORK MELLON
BANK OF NEW ENGLAND
BANK OF PERRY CNTY LO
BANK PONTIAC ILL
BANK SIERRA PORTERVIL
BANK UTAH OGDEN UTAH
BANKERS BK MADISON WI
BELLCO FEDERAL CR UN
Portfolio
As of June 2023
CUSIP
Month, Day, Year of Maturity Date
Days to Maturity
00833JALS
September 15, 2026
1,173
011852AEO
March 8, 2028
1,713
016641VAE6
February 17, 2028
1,693
01882MAD4
December 30, 2025
914
02007GM42
March 23, 2026
997
020080BLO
September 11, 2024
439
02589ACPS
May 12, 2025
682
02616ACAS
April 27, 2027
1,397
029728BA9
April26,2024
301
052392CH8
December 16, 2026
1,265
05765LAY3
July 19, 2023
19
062119BK7
March 20, 2028
1,725
06405VFG9
March 21, 2025
630
06426KBE7
May 23, 2024
328
06425KCT4
May 31, 2028
1,797
064455AZ1
April 28, 2027
1,398
064860MCO
March 15, 2027
1,354
065427ACO
May 10, 2028
1,776
0661ORBZ1
November 24, 2027
1,608
07833EAN7
February 24, 2026
970
BLUE RIDGE BK MARTINS
09S82YAG7
March 16, 2026
990
BMO HARRIS BK NATL AS
05600XQA1
May 9, 2025
679
BMW BK NORTH AMER SAL
05580AW83
March 17, 2028
1,722
BRENTWOOD BK BETHEL P
107219BK2
March 17, 2026
991
BRIDGEWATER BK BLOOMI
108622NK3
March 29,2028
1,734
CALIFORNIA CRUNGLEN
130162AU4
February 23, 2026
969
CAPITAL ONE NATL ASSN
14042RURO
September 30, 2027
1,553
CATTLEMENS BK ALTUS 0
14947NAA4
March 16, 2026
990
CELTIC BK SALT LAKE C
15118RE78
March 17, 2027
1,356
CENTRAL BK STORM LAKE
15258RBG1
May S, 2025
675
CENTRIS FEDERAL CREDI
15643VAB8
May 27,2025
697
CFBANK FAI RLAWN OH 10
15721UFP9
September 15, 2026
1,173
CHARLES SCHWAB BK SSB
15987UBAS
March 28, 2025
637
CHARTWAY FED CR UN VA
16141BACS
June 9, 2026
1,075
CHEROKEE ST BK IOWA
164499DE2
March 6, 2026
980
CIBC BK USA CHICAGO I
12547CAU2
March 24, 2026
998
CITADEL FED CR UN EXT
17286TAGO
February 27, 2025
608
CITIZENS BK INC ROBER
173851AE6
March 16, 2026
990
CITIZENS ST BK LACROS
176688DA4
March 24, 2028
1,729
CITY NATL BK LOS ANGE
178180GYS
March 31, 2028
1,736
COASTLIFE CR UN CORFU
19058LABO
February 13, 2026
959
COMMERCE BK GENEVA MI
20056QRZB
June 26,2024
362
COMMUNITY FIRST BK IN
20368TDHO
May S, 202S
675
COMMUNITY HERITAGE FI
597338AJ1
May 10, 2027
1,410
Coupon
Par Value
Market Value
4.66%
$249,000
$242,900
4.73%
$249,000
$241,923
4.73%
$249,000
$241,976
5.14%
$200,000
$198,554
5.10%
$243,000
$240,808
1.83%
$245,000
$234,460
3.29%
$246,000
$235,907
4.55%
$249,000
$240,970
2.56%
$245,000
$239,314
5.02%
$248,000
$244,771
2.05%
$245,000
$244,593
4.78%
$249,000
$242,416
5.04%
$243,000
$241,246
2.72%
$245,000
$239,049
4.30%
$249,000
$245,995
4.41%
$244,000
$234,923
4.72%
$244,000
$237,941
4.45%
$249,000
$238,056
4.43%
$249,000
$238,761
4.77%
$248,000
$244,597
5.05%
$230,000
$227,652
4.85%
$244,000
$241,292
4.86%
$244,000
$238,595
4.83%
$235,000
$231,118
4.90%
$249,000
$243,963
4.60%
$244,000
$238,588
4.47%
$200,000
$192,400
4.80%
$249,000
$246,366
4.80%
$249,000
$243,617
4.71%
$249,000
$245,596
5.04%
$248,000
$246,090
4.84%
$248,000
$243,382
5.08%
$243,000
$241,430
4.97%
$248,000
$244,627
4.65%
$242,000
$236,855
5.05%
$243,000
$240,502
1.76%
$245,000
$230,302
4.71%
$248,000
$247,254
4.82%
$249,000
$242,927
5.06%
$243,000
$240,125
4.74%
$249,000
$244,403
2.37%
$245,000
$237,523
4.76%
$249,000
$245,813
4.55%
$249,000
$240,925
Book Value UnrealizedP/L
$249,000
($6,101)
$249,000
($7,077)
$249,000
($7,024)
$199,900
($1,346)
$243,000
($2,192)
$245,000
($10,540)
$237,002
($1,095)
$249,000
($8,030)
$245,000
($5,686)
$248,000
($3,229)
$245,000
($407)
$249,000
($6,584)
$243,000
($1,754)
$245,000
($5,951)
$249,000
($3,005)
$244,000
($9,077)
$244,000
($6,0S9)
$249,000
($10,944)
$249,000
($10,239)
$248,000
($3,403)
$230,000
($2,348)
$244,000
($2,708)
$244,000
($5,405)
$235,000
($3,882)
$249,000
($5,037)
$244,000
($5,412)
$199,800
($7,400)
$249,000
($2,634)
$249,000
($5,383)
$249,000
($3,404)
$248,000
($1,910)
$248,000
($4,618)
$243,000
($1,570)
$248,000
($3,373)
$239,922
($3,067)
$243,000
($2,498)
$245,000
($14,698)
$248,000
($746)
$249,000
($6,073)
$243,000
($2,875)
$249,000
($4,597)
$245,000
($7,477)
$249,000
($3,187)
$249,000
($8,075)
Page 67 of 93
Portfolio
As of June 2023
Security Type Issuer
Negotiable Certificates of Deposit CONNECTONE BK ENGLEWO
CONNEXUSCREDIT UNION
CORNERSTONE BK FARGO
COUNTY SCHS FED CR UN
CROSS RIV BKTEANECK
CY FAIR FCU HOUSTON T
DISCOVER BK GREENWOOD
DORT FINL CR UN GRAND
EAGLEBANK BETHESDA MID
ENCORE BK LITTLE ROCK
ENERBANK USA SALT LAK
ENTERPRISE BANK PA
FEDERAL SVGS BK CHICA
FIDELITY BK NEW ORLEA
FIRST FED CR UN CEDAR
FIRST FMRSBKTRCONV
FIRST NATIONAL BANK 0
FIRST NATL BK DAMARIS
FIRST NATL BK OF MICH
FIRST ST BK BUXTON ND
FIRSTST BK NEW LONDO
FIRSTTECHNOLOGY FED
FIRST UTD BK TR CO
FIRSTWESTN BKTR MIN
FLAGSTAR BK NATL ASSN
FNCB BK DUNMORE PA
FREEDOM FIRST CR UN R
FREEDOM NORTHWEST CR
FREESTAR FINL CR UN C
GENOA BKG CO OHIO
GEORGIA BKG CO
GOLD COAST BK CHICAGO
GRAND RIV BK GRANDVIL
GREAT NORTH BK FLOREN
GREENSTATE CR UN NORT
GREENWOOD MUN FED CR
HONOLULU FIRE DEPT FE
HORIZON BK WAVERLY NE
HUNTINGTON NATL BK CO
JOHN MARSHALL BK REST
KEY BK NATL ASSN OHIO
KNOXTVAEMPLCREDIT
LAFAYETTE FED CR UN R
LEADERS CR UN JACKSON
CUSIP
20786ADG7
20825WBC3
219232CQ6
22258JAF8
227563CH4
23248UAAS
2546732F2
25844MAQ1
27002YFQ4
29260MAM7
29278TMN7
29367RKT2
313812EC9
31617CAY9
32024JAM5
320165JKO
32112UDMO
32117BFR4
32114VCH8
33648RAZ2
336793CD4
33715LEN6
33742CCS4
33749VBP2
33847GAB8
30257YBSO
35638CAH2
356436AK1
35688MAE6
37234809
37312PDD8
38058KEW2
38644ABP3
39103QAZ9
39573LDW5
39729LAF8
438649AES
44042TBQ6
446438SBO
47804GKM4
49306SJ56
499724AD4
50625LAE3
52171MAGO
Month, Day, Year of Maturity Date
March 23, 2026
August 26, 2025
May 12,2025
March 17, 2026
May 19, 2026
May 19, 2027
March 6, 2028
February 10, 2028
February 24, 2026
August 14, 2023
November 22, 2023
May 16, 2024
February 24, 2026
March 16, 2026
February 17, 2028
September 4, 2024
January 2, 2024
September 23, 2026
March 15, 2028
September 5, 2023
March 12, 2027
February 18, 2025
February 8, 2027
May 12,2025
March 2, 2026
May 7, 2027
April 28, 2025
June 1, 2026
February 22, 2028
July 31, 2024
March 27, 2026
September 22, 2027
August 2, 2024
March 16, 2026
October 28, 2025
June 1, 2027
August 17, 2026
August 29, 2023
May 5,2025
September 2, 2026
March 17, 2025
August 30, 2023
September 27, 2023
March 30, 2028
Days to Maturity
997
788
682
991
1,054
1,419
1,711
1,686
970
45
145
321
970
990
1,693
432
186
1,181
1,720
67
1,351
599
1,319
682
976
1,407
668
1,067
1,698
397
1,001
1,545
399
990
851
1,432
1,144
60
675
1,160
626
61
89
1,735
Coupon
0.79%
3.64%
4.72%
4.87%
4.74%
4.50%
4.61%
4.44%
4.37%
2.01%
1.82%
2.66%
4.33%
4.77%
4.57%
1.83%
1.78%
5.06%
4.73%
1.66%
4.76%
4.90%
4.19%
4.81%
4.51%
4.46%
4.81%
4.92%
4.48%
2.03%
5.01%
4.81%
2.08%
4.92%
4.82%
4.55%
4.53%
1.71%
4.85%
4.57%
5.04%
3.26%
3.32%
5.06%
Par Value Market Value
$240,000
$211,392
$249,000
$239,299
$249,000
$245,566
$248,000
$244,216
$244,000
$239,127
$249,000
$240,459
$244,000
$235,602
$247,000
$236,549
$244,000
$237,095
$245,000
$244,035
$245,000
$241,661
$245,000
$239,091
$249,000
$241,595
$249,000
$245,516
$249,000
$239,934
$245,000
$234,622
$245,000
$240,644
$248,000
$245,200
$249,000
$241,908
$245,000
$243,408
$244,000
$238,351
$248,000
$245,706
$200,000
$191,156
$249,000
$246,007
$244,000
$240,572
$244,000
$235,297
$248,000
$245,069
$248,000
$244,310
$249,000
$238,893
$245,000
$235,908
$243,000
$240,188
$249,000
$243,273
$245,000
$236,013
$244,000
$240,596
$248,000
$244,409
$249,000
$246,059
$249,000
$241,918
$231,000
$229,838
$244,000
$241,304
$249,000
$242,217
$243,000
$241,255
$245,000
$244,179
$245,000
$243,826
$248,000
$245,061
Book Value UnrealizedP/L
$213,854
($2,462)
$238,934
$365
$249,000
($3,434)
$248,000
($3,784)
$244,000
($4,873)
$249,000
($8,541)
$241,897
($6,296)
$247,000
($10,451)
$238,205
($1,110)
$245,000
($965)
$245,000
($3,339)
$245,000
($5,909)
$244,829
($3,235)
$249,000
($3,484)
$249,000
($9,066)
$245,000
($10,378)
$245,000
($4,356)
$248,000
($2,800)
$249,000
($7,092)
$245,000
($1,593)
$244,000
($5,649)
$248,000
($2,294)
$195,050
($3,894)
$249,000
($2,993)
$241,365
($793)
$244,000
($8,703)
$248,000
($2,931)
$248,000
($3,690)
$249,000
($10,107)
$245,000
($9,092)
$243,000
($2,812)
$249,000
($5,727)
$245,000
($8,987)
$244,000
($3,404)
$248,000
($3,591)
$249,000
($2,941)
$249,000
($7,082)
$227,867
$1,971
$244,000
($2,696)
$248,502
($6,285)
$243,000
($1,745)
$245,000
($821)
$245,000
($1,174)
Page 68 of 93
Portfolio
As of June 2023
Security Type Issuer
Negotiable Certificates of Deposit LIBERTY FED CR UN EVA
LIBERTY FIRST CR UN L
LIVE OAK BANKI NG COMP
LUANA SVGS BK IOWA
LYONS NATL BK N Y
MAINSTREET BANK
MANUFACTURERS TRADERS
MEDALLION BK UTAH
MIDAMERNCRUNWICHI
MIDMOBKSPRINGFIELD
MIDWESTBKWESTNIILL
MINNWEST BK REDWOOD F
MORGAN STANLEY BK N A
MORGAN STANLEY PVT BK
MOUNTAIN AMER FED CR
NEBRASKALAND BK NORTH
NEIGHBORS FCU BATON R
NORTHWEST BK BOISE ID
NUMERICA CR UN SPOKAN
ONE CMNTY BK ORE WIS
PARKSIDEFINLBKTRC
PARTNERS BK MISSION V
PEOPLES BK CO COLDWAT
PEOPLES SVGS BK WELLS
PINNACLE BK NASHVILLE
PLAINS ST BK TEX
POINT WEST CREDIT UNI
POPPY BK SANTA ROSA C
POPULAR BK NEW YORK B
PORTAGE BK BELLEVUE W
PREFERRED BANK LA CAL
RAIZ FCU EL PASO TEX
RAYMOND JAMES BANK NA
RIA FED CR UN
ROGUE CR UN MEDFORD 0
SAN FRANCISCO FED CR
SANDY SPRING BK OLNEY
SAVANNAH BK NATL ASSN
SAWYER SVGS BKSAUGER
SECURITY ST BK WARROA
SIGNATURE FED CR UN A
SOUTHERN BK POPLAR BL
SOUTHERN FIRST BK N A
SOUTHERN MICH BKTR
CUSIP
53052LAU3
530520AES
538036GU2
549104C70
552249CHS
56065GAG3
564759SE9
58404DSM4
59522NAD6
59541KBV8
59828PCQ1
60425SKB4
61690UPF1
61760AYR4
62384RAT3
63970MAES
64017AAM6
66736ACE7
67054NBHS
682325DH5
70147AEX8
70212YBN1
710275AC2
71224LAG9
72345SLN9
726547BK7
730716AF4
73319FAF6
73317ABT8
73565MAC9
740367HPS
75102EAG3
75472RAUS
749622ALO
77535MAMS
79772FAG1
800364EX5
804767AB7
805508BYB
81501JAE2
82671DAC1
843383CS7
84287PHU9
843355BP2
Month, Day, Year of Maturity Date
June 9, 2025
February 3, 2028
November 27, 2024
March 17, 2026
March 16, 2026
April 26, 2024
March 17, 2027
June 16, 2028
May 23,2025
July 17,2024
March 23,2026
May 3,2027
November 29, 2024
April 11, 2024
April 28, 2026
September 17, 2025
September28, 2023
March 17,2026
June1,2026
October 6, 2026
September 17, 202S
March 17, 2025
March 17, 2027
March 8, 2027
May 8,2026
June 21, 2024
ApriI13,2026
March 18, 2025
March 19, 2026
March 24, 2027
August 16, 2024
August 18, 2025
December 30, 2024
December 26, 2023
January 20, 2028
February 3, 2028
March 16, 2026
May 3, 2028
March 10, 2026
May 31, 2028
June 8, 2026
May 17, 2028
November 27, 2026
November8, 2027
Days to Maturity
710
1,679
516
991
990
301
1,356
1,813
693
383
997
1,403
518
286
1,033
810
90
991
1,067
1,194
810
626
1,356
1,347
1,043
357
1,018
627
993
1,363
413
780
549
179
1,665
1,679
990
1,769
984
1,797
1,074
1,783
1,246
1,592
Coupon
5.13%
4.42%
1.94%
4.51%
4.92%
2.66%
4.93%
4.57%
5.04%
1.97%
5.05%
4.42%
2.05%
2.86%
4.79%
4.86%
3.32%
5.05%
4.83%
4.88%
4.68%
5.08%
4.80%
4.54%
4.70%
2.37%
5.05%
1.18%
4.83%
4.85%
2.08%
4.77%
1.95%
2.53%
5.14%
4.52%
4.96%
4.32%
4.65%
4.35%
4.88%
4.40%
4.71%
4.30%
Par Value Market Value
$248,000
$246,524
$249,000
$239,476
$245,000
$233,046
$244,000
$237,851
$244,000
$240,596
$245,000
$239,510
$244,000
$239,969
$249,000
$239,540
$248,000
$246,098
$245,000
$236,092
$248,000
$245,453
$249,000
$239,655
$245,000
$233,389
$245,000
$240,200
$249,000
$244,416
$249,000
$245,808
$245,000
$243,763
$248,000
$245,465
$248,000
$243,640
$248,000
$243,710
$249,000
$244,772
$243,000
$241,450
$249,000
$243,617
$244,000
$236,346
$244,000
$238,849
$245,000
$237,640
$243,000
$240,466
$245,000
$227,620
$247,000
$242,922
$249,000
$244,025
$245,000
$235,710
$249,000
$245,409
$245,000
$232,297
$245,000
$241,697
$248,000
$246,105
$216,000
$207,738
$244,000
$240,901
$249,000
$236,493
$245,000
$239,752
$249,000
$246,000
$248,000
$243,958
$249,000
$237,494
$249,000
$243,061
$249,000
$237,382
Book Value UnrealizedP/L
$248,000
($1,476)
$249,000
($9,524)
$245,000
($11,954)
$244,000
($6,149)
$244,000
($3,404)
$245,000
($5,490)
$244,000
($4,031)
$249,000
($9,460)
$248,000
($1,902)
$245,000
($8,908)
$248,000
($2,547)
$249,000
($9,345)
$245,000
($11,611)
$245,000
($4,800)
$249,000
($4,584)
$249,000
($3,192)
$245,000
($1,237)
$248,000
($2,535)
$248,000
($4,360)
$248,000
($4,290)
$249,000
($4,228)
$243,000
($1,550)
$249,000
($5,383)
$240,906
($4,560)
$244,000
($5,151)
$245,000
($7,360)
$243,000
($2,534)
$245,000
($17,380)
$247,000
($4,078)
$249,000
($4,975)
$245,000
($9,290)
$249,000
($3,591)
$245,000
($12,703)
$245,000
($3,303)
$248,000
($1,895)
$216,000
($8,262)
$244,000
($3,099)
$249,000
($12,507)
$243,177
($3,425)
$249,000
($3,000)
$248,000
($4,042)
$249,000
($11,506)
$249,000
($5,939)
$249,000
($11,618)
Page 69 of 93
Portfolio
As of June 2023
Security Type
Issuer
CUSIP
Month, Day, Year of Maturity Date
Days to Maturity
Coupon
Par Value
Market Value
Book Value
Unrealized P/L
Negotiable Certificates of Deposit
ST VINCENTS MED CTR C
85279AAC6
June 16, 2027
1,447
4.72%
$249,000
$242,583
$249,000
($6,417)
STATE BK INDIA NEW YO
856285X89
February 28, 2028
1,704
4.65%
$244,000
$236,141
$244,000
($7,859)
SYNCHRONY BK RETAIL C
87164XZW9
August 20, 2026
1,147
1.03%
$248,000
$216,901
$219,540
($2,639)
TECHNOLOGY CR UN SAN
87868YAJ2
February 24, 2025
605
5.04%
$248,000
$246,274
$248,000
($1,726)
THOMASVILLE NATL BKG
884693BY7
March 24, 2025
633
5.08%
$248,000
$246,415
$248,000
($1,585)
TRANSPORTATION ALLIAN
89388CGJ1
March 17, 2025
626
5.04%
$248,000
$246,224
$248,000
($1,776)
TRISTATE CAP BK PITTS
89677DJE7
March 30, 2026
1,004
5.05%
$243,000
$240,490
$243,000
($2,510)
TRULIANT FED CR UN WI
89789AAD9
February 26, 2027
1,337
4.63%
$249,000
$242,006
$249,000
($6,994)
UBS BK USA SALT LAKE
90355GDTO
June 1, 2028
1,798
4.50%
$249,000
$246,500
$249,000
($2,500)
UFIRST FED CR UN PLAT
902684AA7
August 22, 2025
784
4.77%
$249,000
$245,392
$249,000
($3,608)
UNITED FID BK FSB EVA
910286GA5
March 30, 2027
1,369
4.97%
$248,000
$244,300
$248,000
($3,700)
UNITED HERITAGE CR UN
91334AAL7
March 21, 2025
630
5.17%
$248,000
$246,829
$248,000
($1,171)
UNITED ROOSEVELT SVGS
91139LAF3
May 19, 2027
1,419
4.55%
$249,000
$240,895
$249,000
($8,105)
UNIVERSITY BKANN ARB
914098DQ8
April3, 2028
1,739
4.94%
$248,000
$243,501
$248,000
($4,499)
UNIVESTNATLBKTRSO
91527PBW6
May 5,2028
1,771
4.32%
$249,000
$236,483
$249,000
($12,517)
UPPER PENNISUA STATE
9163OPASO
December 27, 2024
546
1.85%
$245,000
$232,035
$245,000
($12,965)
USALLIANCE FCU RYE NE
90352RDB8
May 26, 2028
1,792
4.70%
$249,000
$241,214
$249,000
($7,786)
UTAH CMNTY CR UN PROV
917352ACO
April 27, 2026
1,032
4.70%
$249,000
$243,769
$249,000
($5,231)
VALLEYSTAR CR UN MART
92023CAE3
March 20, 2028
1,725
4.86%
$248,000
$242,477
$248,000
($5,523)
VIKING BK NATL ASSN A
92675MAAO
March 13, 2026
987
4.74%
$249,000
$244,286
$249,000
($4,714)
WASHINGTON FEDERAL
938828BJ8
August23, 2024
420
2.13%
$245,000
$235,692
$245,000
($9,308)
WELLS FARGO BANK NA
9497631396
May 24, 2024
329
2.72%
$245,000
$239,027
$245,000
($5,973)
WESTERN ALLIANCE BK P
95763PLW9
April 28, 2025
668
4.85%
$244,000
$241,328
$244,000
($2,672)
Government Agency
BIBANKBATON ROUGE LA
098079AM8
May12,2025
682
4.81%
$249,000
$246,007
$249,000
($2,993)
CUSTOMERS BK PHOENIXV
23204HNV6
March 31, 2026
1,005
5.05%
$243,000
$240,490
$243,000
($2,510)
FEDERAL AGRI MTG CORP
31422BPQ7
November22, 2023
145
1.65%
$500,000
$492,515
$499,884
($7,369)
FEDERAL HOME LOAN BKS
3130A1XJ2
3130ASA82
3130ASE96
3130ASH77
June 14, 2024
June 20, 2025
June 27, 2025
June 28, 2024
350
2.95%
$2,000,000
$1,951,400
$2,089,405
($138,005)
721 2.55% $500,000 $490,310 $497,010
($6,700)
728 3.33% $1,000,000 $961,180 $990,123
($28,943)
364 3.65% $1,000,000 $978,660 $1,000,000
($21,340)
TENNESSEE VALLEY AUTH
880591ER9
September 15, 2024
443
2.96%
$500,000
$484,895
$526,520
($41,625)
U.S. Treasuries
U S TREASURY NOTE
91282CCJ8
91282CEX5
91282CHKO
912828ZV5
912828ZW3
June 30, 2026
June 30, 2024
June 30, 2028
June 30, 2027
June 30, 2025
1,096
0.97%
$10,000,000
$9,010,200
$8,978,125
$32,075
366 3.07% $10,000,000 $9,764,100 $9,840,625
($76,525)
1,827 4.02% $10,000,000 $9,945,300 $9,938,281
$7,019
1,461 0.58% $10,000,000 $8,621,900 $8,611,719
$10,181
731 0.27% $10,000,000 $9,132,800 $9,057,031
$75,769
Page 70 of 93
CITY OF
ELSEGUNDO
Transactions
Im I
Transactions
Prior 3 Months as of June 2023
Year of Transaction Date Month of Transaction Date Day of Transaction Date
2023 April 3
6
12
24
26
27
28
Issuer
UNIVERSITY BKC D
ONE CMNTY BK C D
POINT WEST C D
CAPITAL ONE C D
UTAH CMNTY CR C D
AMERICAN FIRST C D
WESTERN C D
BANK PONTIAC ILL C D
FREEDOM FIRST C D
GREENSTATE CR C D
MOUNTAIN AMER C D
CUSIP
914098DQ8
682325DHS
730716AF4
14042RUR0
917352AC0
02616ACAS
95763PLW9
064455AZ1
35638CAH2
39573LDWS
62384RAT3
Maturity Date
4/03/28
10/06/26
4/13/26
9/30/27
4/27/26
4/27/27
4/28/25
4/28/27
4/28/25
10/28/25
4/28/26
Coupon
Par Value
Book Value
4.850% $248,000
$248,000.00
4.800% $248,000
$248,000.00
5.000% $243,000
$243,000.00
4.300% $200,000
$199,800.00
4.600% $249,000
$249,000.00
4.400% $249,000
$249,000.00
4.800% $244,000
$244,000.00
4.250% $244,000
$244,000.00
4.750% $248,000
$248,000.00
4.750% $248,000
$248,000.00
4.700% $249,000
$249,000.00
May 1
3
4
5
8
9
10
12
17
19
24
26
30
31
MINNWESTBKCD
SAVANNAH BK C D
CENTRAL BK C D
COMMUNITY FIRST CD
HUNTINGTON NATL C D
UNIVEST NATL BK C D
PINNACLE BK C D
SOUTHERN MICH BK C D
BMO HARRIS C D
BIBANK BATON C D
BANK UTAH OGDEN C D
COMMUNITY CD
CORNERSTONE BK C D
FIRST WESTN BK C D
ALLIANT CR UN C D
FNCB BKC D
SOUTHERN BKCD
CROSS RIV BK C D
CY FAIR FCU C D
UNITED C D
BANKERS BK C D
CENTRIS MTN C D
MID AMERN CR UN C D
SOUTHERN FIRST D
USALLIANCE FCU C D
FREEDOM C D
NUMERICA CR UN C D
BANK OF PERRY C D
60425SKB4
804767AB7
15258RBG1
20368TDH0
446438SB0
91527PBW6
72345SLN9
843355BP2
05600XQA1
098079AM8
065427AC0
597338AJ1
219232CQ6
33749VBP2
01882MAD4
30257YBS0
843383CS7
227563CH4
23248UAAS
91139LAF3
06610RBZ1
15643VAB8
59522NAD6
84287PHU9
90352RDB8
356436AK1
67054NBH5
06425KCT4
5/03/27
5/03/28
5/05/25
5105125
5105125
5/05/28
5/08/26
11/08/27
5/09/25
5112125
5/10/28
5/10/27
5/12/25
5/12/25
12/30/25
5/07/27
5/17/28
5/19/26
5/19/27
5/19/27
11/24/27
5/27/25
5/23/25
11/27/26
5/26/28
6/01/26
6/01/26
5/31/28
4.250%
$249,000
$249,000.00
4.100% $249,000
$249,000.00
4.650% $249,000
$249,000.00
4.700% $249,000
$249,000.00
4.800% $244,000
$244,000.00
4.100% $249,000
$249,000.00
4.600% $244,000
$244,000.00
4.100% $249,000
$249,000.00
4.800% $244,000
$244,000.00
4.750% $249,000
$249,000.00
4.250% $249,000
$249,000.00
4.400% $249,000
$249,000.00
4.650% $249,000
$249,000.00
4.750% $249,000
$249,000.00
5.100% $200,000
$199,900.00
4.300% $244,000
$244,000.00
4.200% $249,000
$249,000.00
4.650% $244,000
$244,000.00
4.350% $249,000
$249,000.00
4.400% $249,000
$249,000.00
4.250% $249,000
$249,000.00
5.000% $248,000
$248,000.00
5.000% $248,000
$248,000.00
4.600% $249,000
$249,000.00
4.550% $249,000
$249,000.00
4.850% $248,000
$248,000.00
4.750% $248,000
$248,000.00
4.250% $249,000
$249,000.00
Page 72 of 93
Year of Transaction Date Month of Transaction Date Day of Transact
2023 June
16
30
Transactions
Prior 3 Months as of June 2023
ion Date Issuer
CUSIP
Maturity Date
Coupon
Par Value
Book Value
SIGNATURE FED C D
82671DAC1
6/08/26
4.800%
$248,000
$248,000.00
CHARTWAY FED CR C D
16141BACS
6/09/26
4.900%
$248,000
$248,000.00
LIBERTY FED C D
53052LAU3
6/09/25
5.100%
$248,000
$248,000.00
MEDALLION BK C D
58404DSM4
6/16/28
4.400%
$249,000
$249,000.00
ST VINCENTS IVIED C D
85279AAC6
6/16/27
4.600%
$249,000
$249,000.00
U S TREASURY NT
91282CHK0
6/30/28
4.000%
$10,000,000
$9,938,281.20
Page 73 of 93
Transaction Ladder
Prior 3 Months as of June 2023
Maturity
13M
12M
11M
1OM
9M
8M
7M
6M
sM
4M
3M
2M
1M
OM
Quarter of Maturity
Q2
Q3
Q4
Page 74 of 93
Transaction Summary
Prior 3 Months as of June 2023
Medium Term No
($621,753)
2
Municipal Bond
($304,584)
1
U.S. Treasu
($767,02!
3
artificates of Deposit
),634,000
53
Security Type, sum of Cost Basis and count of Cusip. Color shows details about Security Type. Size shows sum of Cost Basis. The marks are labeled by Security Type, sum of Cost Basis and count of Cusip. The data is filtered on Last 3 Months
and NonZero. The Last 3 Months filter keeps True. The NonZero filter keeps True.
i $5,199,091
Security Type
Government Agency
Medium Term Notes
Municipal Bonds
Negotiable Certificates of Deposit
U.S. Treasuries
Page 75 of 93
Category Q3
$3,000,000
$2,000,000
INTEREST
$1,000,000
Interest Received
As of June 2023
Transaction Date
2022
Q4
Q1
Category
2023 INTEREST
Q2 Grand Total MATURED
$3,070,030 PURCHASED
$588,989
$420,481
$158,955 $
$207,461 $113,987 $141,458 $248,327 $186,149 $255,578 209,585 $228,058 $311,002
$25,000,000
$20,000,000
$15,000,000
MATURED
$10,000,000
$5,000,000
$1,500,000 $2,225,000
$0 $990,000 $245,000 $745,000 $745,000
$0 ($1,471,867) ($248,000) ($248,000)
($20,000,000)
($21,375,964)
($40,000,000)
($46,221,775)
PURCHASED ($60,000,000)
($80,000,000)
($100,000,000)
$14,951,032
$745,000 $245,000 $1,390,000
($2,669,800)E � ($7142,900)
($11,
$23,781,032
July August September I October November December I January February March I April May June I Total
Page 76 of 93
CITY OF
ELSEGUNDO
Compliance
Asset Class Compliance
As of June 2023
Security Type
In Compliance?
Max Weight
Weight
3.48%
Par Value
$4,584,935
Book Value
$4,584,935
Market Value
$4,584,935
Cash Y 100%
LAIF
Y
100%
2.76%
$3,638,141
$3,638,141
$3,638,141
CAMP-JPAP
Y
100%
3.94%
$5,184,815
$5,184,815
$5,184,815
Medium Term Notes
Y
30%
18.04%
$24,500,000
$24,691,019
$23,759,190
Municipal Bonds
Y
100%
3.32%
$4,500,000
$4,624,775
$4,372,825
Negotiable Certificates of Deposit
Y
30%
28.73%
$38,762,000
$38,657,750
$37,841,954
Government Agency
Y
100%
4.44%
$5,992,000
$6,094,941
$5,845,457
U.S. Treasuries
Y
100%
35.29%
$50,000,000
$46,425,781
$46,474,300
Totals
100.00%
$137,161,890
$133,902,157
$131,701,616
Page 78 of 93
Rating Compliance
As of June 2023
Security Type
Issuer
CUSIP
S&P Rating
Moody Rating
In Compliance?
Market Value
Government Agency
BIBANKBATON ROUGE LA
098079AM8
Null
N/A
Y
$246,007
CUSTOMERS BK PHOENIXV
23204HNV6
Null
N/A
Y
$240,490
FEDERAL AGRI MTG CORP
31422BPQ7
N/A
N/A
Y
$492,515
FEDERAL HOME LOAN BKS
3130A1XJ2
3130ASA82
3130ASE96
3130ASH77
AA+
AA+
AA+
AA+
AAA
AAA
AAA
AAA
Y
Y
Y
Y
$1,951,400
$490,310
$961,180
$978,660
TENNESSEE VALLEY AUTH
880591ER9
AA+
AAA
Y
$484,895
Medium Term Notes
AMAZON COM INC
023135CP9
AA
Al
Y
$993,720
AMERICAN HONDA FIN CO
02665WED9
A-
A3
Y
$991,730
APPLEINC
037833ECO
AA+
AAA
Y
$433,355
ASTRAZENECA FINANCE L
04636NAAl
A
A3
Y
$451,170
BANK NOVA SCOTIA B C
06418BAE8
A-
A2
Y
$927,960
BANK OF AMERICA CORP
06051GFX2
A-
Al
Y
$479,625
CANADIAN IMP BK COMM
13607HR61
A-
A2
Y
$936,690
CIGNACORP
125523AGS
A-
BAA1
Y
$486,750
CITIGROUP INC
172967KNO
BBB+
A3
Y
$475,510
COCA COLA CO THE
191216CL2
A+
Al
Y
$483,245
COMCASTCORP
20030NBWO
A-
A3
Y
$918,170
DEERE JOHN CAPITAL
24422EWR6
A
A2
Y
$999,170
DEUTSCHE BK AG NY
25160PAM9
A-
Al
Y
$983,300
ESTEE LAUDER CO INC
29736RANO
A+
Al
Y
$476,875
GOLDMAN SACHS GROUP I
38141GXJ8
BBB+
A2
Y
$480,295
HSBC HOLDINGS PLC
40428013134
A-
A3
Y
$952,900
IBM CORP
459200ASO
A-
A3
Y
$1,062,070
INTELCORP
458140CDO
A
A2
Y
$997,100
INTERCONTINENTAL EXCH
45866FAD6
A-
A3
Y
$485,830
MEAD JOHNSON NUTRITIO
582839AH9
A-
A3
Y
$487,690
MITSUBISHI UFJ FIN GR
606822AJ3
A-
Al
Y
$915,270
MORGAN STANLEY
61746BDZ6
A-
Al
Y
$482,655
ORACLE CORP
68389XBL8
BBB
BAA2
Y
$496,540
ROYALBKCDA
78016EZD2
A
Al
Y
$946,340
STRYKERCORP
863667AH4
BBB+
BAA1
Y
$478,450
SUMITOMO MITSUI FINL
86562MAY6
A-
Al
Y
$922,670
TORONTO DOMINION BANK
89115A2M3
A
Al
Y
$993,350
TOSCO CORP
891490ARS
A-
A2
Y
$1,077,120
TOYOTA MTR CR CORP FIR
89236TKL8
A+
Al
Y
$1,019,970
UNITED PARCEL SERVICE
911312BT2
A
A2
Y
$481,790
UNITEDHEALTH GROUP IN
91324PDN9
A+
A3
Y
$482,590
WELLS FARGO COMPANY
94974BGLB
BBB
A3
Y
$959,290
Municipal Bonds
CONNECTICUT STTXBL S
20772KGN3
AA-
AA3
Y
$980,830
HOUSTON TX REF SER B
4423315T7
AA
AA3
Y
$976,010
NEW YORK NYTXBL FISC
64966QCA6
AA
AA2
Y
$963,860
ONTARIO CA INTERNATIO
683042AJ4
AA
N/A
Y
$475,035
OREGON ST DEPTADMINI
68607VT47
AAA
AA2
Y
$490,285
TULSA CNTY OKLA INDPT
899593MG9
N/A
AA2
Y
$486,805
U.S. Treasuries
U S TREASURY NOTE
91282CCJ8
91282CEXS
91282CHKO
912828ZVS
912828ZW3
N/A
N/A
N/A
Null
N/A
AAA
AAA
N/A
AAA
AAA
Y
Y
Y
Y
Y
$9,010,200
$9,764,100
$9,945,300
$8,621,900
$9,132,800
Weight Maximum %of Portfolio
0.19% 100.00%
0.18% 100.00%
0.37% 100.00%
1.48% 100.00%
0.37% 100.00%
0.73% 100.00%
0.74% 100.00%
0.37% 100.00%
0.75% 1.00%
0.75% 1.00%
0.33% 1.00%
0.34% 1.00%
0.70% 1.00%
0.36% 1.00%
0.71% 1.00%
0.37% 1.00%
0.36% 1.00%
0.37% 1.00%
0.70% 1.00%
0.76% 1.00%
0.75% 1.00%
0.36% 1.00%
0.36% 1.00%
0.72% 1.00%
0.81% 1.00%
0.76% 1.00%
0.37% 1.00%
0.37% 1.00%
0.69% 1.00%
0.37% 1.00%
0.38% 1.00%
0.72% 1.00%
0.36% 1.00%
0.70% 1.00%
0.75% 1.00%
0.82% 1.00%
0.77% 1.00%
0.37% 1.00%
0.37% 1.00%
0.73% 1.00%
0.74% 1.00%
0.74% 1.00%
0.73% 1.00%
0.36% 1.00%
0.37% 1.00%
0.37% 1.00%
6.84% 100.00%
7.41% 100.00%
7.55% 100.00%
6.55% 100.00%
6.93% 100.00%
Page 79 of 93
CITY OF
ELSEGUNDO
LAI F
m I ri
J
'2
_1
=0
9
8
ac 7
E
c
0
0
n
Q
7
4
2
1
0
LAI F Apportionment Rates
As of June 2023
1979 1984 1989 1994 1999 2004 2009 2014 2019
Date
2024
Page 81 of 93
LAI F Diagnostics
As of June 2023
May 1, 19 Sep 1, 19 Jan 1, 20 May 1, 20 Sep 1, 20 Jan 1, 21 May 1, 21 Sep 1, 21 Jan 1, 22 May 1, 22 Sep 1, 22 Jan 1, 23 May 1, 23 Sep 1, 23
Date (Daily Rates)
Measure Names
Average Maturity
Daily
Quarterto Date
Page 82 of 93
CITY OF
ELSEGUNDO
City Cash Flows
Rolling 13-Month Cash Flow Analysis
As of June 2023
$17,000,000 $16,673,9rc
$16,000,000
$15,000,000
$14,000,000
$13,000,000
$12,000,000
$11,000,000
$10,000,000
m $9,000,000
$8,000,000
$7,000,000
$6,000,000
$5,922,436
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
June2022 July2022 August2022 September2022 October2022 November2022 December2022
Month of Date
$16,791,867
1,974,616
1,373,173
January2023 February2023 March2023
Measure Names
Credits
Debits
Page 84 of 93
$6,000,000
$4,000,000
$2,000,000
$0 ($77,
($2,000,000)
($2,4
($4,000,000)
m
($6,000,000)
($8,000,000)
($10,000,000)
($12,000,000)
($14,000,000)
($16,000,000) ($15,333,461)
July
Net Change in Cash by Year
As of June 2023
August September October November December January
Month
$6,802,738
February March April May
$45,591)
1,520)
Years
This Year
Last Year
Two Years Ago
Page 85 of 93
Historic Drawdowns
As of June 2023
Measure Names
$21,769,866 Delta Cash
$22,000,000
Rolling 12-Month Cumulative Drawdown
$20,000,000
$18,334,437
$18,000,000
$16,979,291
$17,052,791 $16,948,871
$17,762,456 18,217,881
$16,000,000
$15,585,731
6,351,446 $15,792,747
$16,109,241 $16,725,952
$15,462,119 $15,676,23
$14,840,702 $ 4,911,012
$14,000,000
14,761,324
$13,414,296 $13,305,490 $13 5 ,592
$13,023,476
$13, 3,290
$12,000,000
$12,094,066 $11,148,423
$11,850,289
$10,389,932
$10,784,866$11,063,937 $9,984,456
$10,000,000
$10,021,393
$9,444,192 $9,589,722
$8,865,921
$8,550,295
$9,131,765 $9,692,17
$8,000,000
$7 749,892 8,007,816
$6,740,588
$7,136,971 $6,802,738 $6,739,372
$6,000,000
$6,198,61
$5,329,544
$5,497,816 $5,976,411
$6,178,113 $6,333,031 $5,765,409
$5,067,055
$4,851,651
$4,642,243
$3,952,705 $3,893,993 $ ,372,399
,132,805
$3,715,617 $3,759,255
m $4,000,000
$2 952,653 $3,304,431
$4,143,573
$q 601,442
$2,7 ,224
2,012,203
$3,30 ,584
$2,000,000
,729,214
419,231 $598,7 4$737,577 $1, 9,657
$0
_._
__............. -- --- ---- ----- ...... ........
--
..............
..... $990,291
��
.........---------$44Z, 55-- ----- -- -- - . -----
(- 071,301)
$638,326)
$398,052)
($953,953) ($728,584)
($2,000,000)
$2,906,612)
$1,773,595)
($2,849,212)
($2,754,597) ($2,628,379)
2,759,684)
($2,316,577)
($4,000,000)
($3,489,461) ($3,977,017)
($3764529)
,,
($3,733,785) ($4,012,919)
($3,298,079)
($4,483,630)
($4,180,579)
($6,000,000)
($8,000,000)
($7,520,128)
($10,000,000)
($9,659, 128)
($9,780,664)
$10,751,520)
(
($12,000,000)
($14,000,000)
($16,000,000)
($15,333,461)
2013 2014
2015 2016 2017 2018
2019 2020 2021 2022 2023
Date
Page 86 of 93
CITY OF
ELSEGUNDO
Economic Environment
U.S.
Treasury Yield
Curve
As of June 2023
5.50%
5.27% 5.23%
5.16%
5.00%
o
4.98 /o
11,92% 4.95%
4.68%
4.78% o
4.76 /o
4.55%
4.50%
4.550%/
4.61%
o
4.39 /°
4.25%
4.26%
4.08%
4.00%
4.19%
4.00%
4.00%
3.95%
3.80%
3.70%
3.69%
3.50%
3.40%
3.38%
3.25%
3.38%
3.23%
0
/0
2.89%
2.95%
m
2.72%
2.75%
2.56%
2.50%
2.25%
2.20%
2.00%
1.65%
1.50%
1.00%
0.92%
0 °
0.65%
0.50%
0.00%
1 Month
2 Month
3 Month 6 Month 1 Year
2 Year
3 Year
5 Year
Month
June 2022
September2022
December2022
March 2023
June 2023
Page 88 of 93
6.00%
5.50%
5.00%
4.50%
4.00%
3.50%
v
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
U.S. Treasury Maturity Through Time
As of June 2023
6.02%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Date
Measure Names
1 Month
2 Month
3 Month
6 Month
1Year
2Year
3Year
5Year
Page 89 of 93
S.S
S.0
4.S
4.0
3.5
3.0
1.0
0.5
0.0
mel
10-Year Minus 3-Month Treasury Yield Spread
As of June 2023
1984 1989 1994 1999 2004 2009 2014 2019 2N4
Date
Page 90 of 93
10.00%
9.00%
8.00%
7.00%
6.00%
5.00%
m
4.00%
3.00%
2.00%
1.00%
0.00%
-1.00%
-2.00%
Unemployment vs Inflation
As of June 2023
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Date
Measure Names
Inflation Pct
Unemployment Pct
Page 91 of 93
3.5
3.0
2.5
2.0
v
0.5
v
CO
0.0
-0 5
10
15
-2 0
-25
5-Year Breakeven Inflation Prediction
As of June 2023
i� v
2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023
Date
Page 92 of 93
CITY OF
ELSEGUNDO
I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as
approved by the City Council on 10/1/22. A copy of this policy is available in the office of the City Clerk. The investment
program herein shown provides sufficient cash flow liquidity to meet the next six months estimated expenditures.
Sources for the valuations are as follows:
Federal Agency Issues, Treasury Securities and Miscellaneous Securities: Union Bank, the custodial agent for the City
of El Segundo.
Detailed information on all purchase and sale transactions follows the Investment Portfolio Details section.
Matthew Robinson, City Treasurer Date —