BRADBURY  AGENDA  Regular Meeting of the Bradbury City Council To be held on Tuesday, August 15, 2023 Closed Session Immediately Following at the Bradbury Civic Center 600 Winston Avenue, Bradbury, CA 91008  OPEN SESSION 7:00 PM  Each item on the agenda, no matter how described, shall be deemed to include any appropriate motion, whether to adopt a minute motion, resolution, payment of any bill, approval of any matter or action, or any other action. Items listed as "For Information" or "For Discussion" may also be subject of an "action" taken by the Board or a Committee at  the same meeting.  CALL TO ORDER/PLEDGE OF ALLEGIANCE  ROLL CALL: Mayor Barakat, Mayor Pro Tem Hale, Councilmembers Lathrop, Lewis & Bruny. APPROVAL OF THE AGENDA: Majority Vote of City Council to proceed with City Business DISCLOSURE OF ITEMS REQUIRED BY GOVERNMENT CODE SECTION 1090 & 81000  ET.SEQ.  1. PUBLIC COMMENT  Anyone wishing to address the City Council on any matter that is not on the agenda for a public hearing may do: 50 at this time. Please. state your name and. address clearly for the record and limit Please note that while the City Council values your comments, the City Council cannot respond nor Routine requests for action. should. be referred to City staff during normal business hours, 8.:30am - The City of Bradbury will gladly accommodate disabled persons wishing to communicate atac city public meeting. Ifspecial assistance is needed, please call the City Manager's Office (626.358.3218). 48 hours  your remarks to five minutes.  take action until such time as the matter. may appear on a forthcoming agenda.  5:00pm, Monday through Friday, at 626.358.3218.  prior tot the: scheduled meeting.    A  BRADBURY  MEMO  To: From: Re:  Mayor and City Council Diane Jensen, City Clerk Warrants.  08.15.2023, Resolution No. 23-16, Section 2-E: Demands &  The Demands and Warrants included in the Agenda Packet for the City Council meeting on Tuesday, August 15, 2023 is complete with the exception of check numbers for the Regular" check section. While preparing the Agenda packets, we learned from Cougar Mountain (the check software company) that we would need to wait until Monday, 8.14 to print our checks due to a glitch at Cougar Mountain. Itis important to note that aside from the vendor checks being without a check number, all of the other information is complete (amount of check, vendor name and purpose of the check.) Per our regular protocol, the checks will be printed and presented to the Mayor for signature at the City Council  meeting, Tuesday, August 15, 2023. A  Thank yeu, Diane City of Bradbury.  C Clerk    ACTIONITEMS* 2. CONSENT CALENDAR  All items on the Consent Calendar are considered by the City Council to be routine and will be enacted by one motion unless a Council Member request otherwise, in which case the item will be removed. and considered by separate action. All Resolutions and Ordinances for Second Reading on the Consent Calendar, the motion will be deemed to "to waive the reading and adopt. "  A. Minutes: Regular Meeting, Tuesday, June 20, 2023 B. Minutes: Special Meeting, Thursday, July 06, 2023. C. Minutes: Regular Meeting, Tuesday, July 18, 2023. D. Minutes: Special Meeting, Thursday, July2 27, 2023. E. Resolution No. 23-16: Demands & Warrants for August 15, 2023. F. Monthly Investment Report for the month of. July 2023 G. Resolution No. 23-17: A Resolution of the City Council of the City of Bradbury, California, designating Mario Flores as the Deputy City Clerk.  3. PRESENTATION - VICE CHAIR CACCIOTTI FROM SOUTH COAST AQMD Vice Chair Cacciotti will be providing an update on air quality and the work of AQMD. 4. URGENCY ORDINANCE NO. 385U FOR DENSITY BONUS ORDINANCE AND FINDING THAT ADOPTION IS EXEMPT FROM CEQA UNDER THE COMMON-SENSE EXEMPTION. State law includes provisions of law known as the Density Bonus Law (DBL) which provides incentives for developers to provide affordable housing. The DBL requires local governments to adopt an ordinance regarding implementation of this law. Urgency Ordinance No. 385U isrecommended for immediate adoption and requires a 4/5 vote of the City Council.  5. DISCUSSION ON THE CITYSINVESTMENT POLICY  At the request of Councilmember Lathrop, this item prompts a discussion on the City's Investment Policy. Itisrecommended that the City Council review the City'sInvestment Policy  and provide direction to Staff is any alteration to the Policy is needed.  6. RECAP ON BRADBURY NIGHT OUT  At the request of Mayor Barakat, this item allows the City Council to provide any feedback on the Bradbury Night Out event to City Staff. Iti is recommended that the City Council provide  direction to Staff on any items related to the event. 7. MATTERS FROM THE CITY MANAGER 8. MATTERS FROM THE CITY ATTORNEY 9. MATTERS FROM THE CITY COUNCIL    Mayor Barakat LA County. Sanitation Districts LA County City Selection Committee Director of Bradbury Disaster Committee So. California. Joint Powers Insurance. Authority  Mayor Pro Tem Hale Councilmember. Lathrop League of California Cities Duarte Community. Education Council (CEC) Councilmember Bruny Area "D" Office of Disaster Management Duarte Education, Foundation Foothill Transit Councilmember Lewis  10. ITEMS FOR FUTURE AGENDAS  CLOSED SESSION  CALLTOORDERIROLLCALL  PUBLIC COMMENT-REGARDING CLOSED SESSION ONLY RECESS TO CLOSED SESSION REGARDING: CONFERENCE WITH LEGAL COUNSEL  A.  Existing Litigation: Case Name: Case No.:  Government Code Section 54956.9(d)(1) CALIFORNIANS FOR HOMEOWNERSHIP, INC. V.CITY OF BRADBURY Los Angeles Superior Court #22STCP01381  REPORT FROM CLOSED SESSION    ADJOURNMENTE  The City Council will adjourn to a Regular Meeting at the Bradbury Civic Center, 600 Winston Avenue, ACTIONITEMS: Regardless of a staff recommendation: on any agenda item, the City Council will consider such matters, including action to approve, conditionally approve, reject or continue such item. Further 7 Diane Jensen, City Clerk hereby certify thati Icaused this agenda to be posted. at the Bradbury City Hall  Bradbury, CA 91008 on Tuesday, September 19, 2023 at 7:00 p.m.  information on each item may be procured from City! Hall. entrancegateby5 5:00pm on Friday, August 11, 2023."  7 City Clerk - City of Bradbury    BRADBURY  REGULAR MEETING  MINUTES  Regular Meeting ofthe City of Bradbury City Council  Tuesday, June 20, 2023 Bradbury Civic Center  CALL TO ORDER - The Regular Meeting of the City Council of the City of Bradbury was called  to order by Mayor Lathrop at 7:00pm followed by the Pledge of Allegiance.  ROLL CALL: STAFF:  PRESENT: Mayor Lathrop, Mayor Pro Tem Barakat, Councilmembers Lewis, Bruny & Hale. CITY COUNCIL REORGANIZATION: According to Bradbury Municipal Code Section 2.01.060. annually in June, the City Counci_reorganizes and from its members, selects a new Mayor and Mayor Pro Tem. Candidates for Mayor Pro Tem must self-nominate by writing a statement of intent. City Manager Kearneyreceived such writing from Councilmember Richard Hale. Councilmember Hale motioned to appoint Mayor Pro Tem Barakat to Mayor which was seconded by Councilmember Lewis and carried unanimously. Mayor Barakat motioned to appoint Councilmember Richard Hale to Mayor Pro Tem. Councilmember Bruny seconded the motion  City Manager Kearney, City Attorney Reisman & Assistant City Clerk Jensen.  which was carried unanimously. NEW ROLL CALL:  PRESENT: Mayor Barakat, Mayor Pro Tem Hale, Councilmembers Lewis, Bruny & Lathrop. APPROVAL OF AGENDA: Councilmember Lewis made a motion to approve the agendaand itwasseconded by Councilmember Lathrop. Itv was the consensus of the Council to proceed. DISCLOSURE OF ITEMS REQUIRED BY GOVERNMENT CODE SECTION 1090 & 81000 ET. SEQ. - In compliance with the California Political Reform Act each City Councilmembers has the responsibility to disclose direct or indirect potential for a personal financial impact as a result of participation in the  decision-making, process concerning agenda items.  City Attorney Reisman stated that he was aware of no potential conflicts.  PUBLIC COMMENT ABOUT ANYTHING NOT ON THE AGENDA: - No public comments.    ACTION ITEMS  1. Consent Calendar Approval  Minutes: Regular Meeting of May 16, 2023 Resolution No. 23-07: Demands & Warrants for May 2023 Monthly Investment Report for the month of May 2023 Designating Diane Jensen as City Clerk Reappointment of Public Safety Committee Seats which was carried by the following roll call:  Resolution No. 23-08: A Resolution of the City Council of the City of Bradbury, California, Resolution No. 23-09: Approval of Gann Appropriation Limit for FY 2023-24  APPROVAL OF CONSENT CALENDAR: Mayor Pro Tem Hale made a motionto approve the Consent Calendar as presented. Councilmember Lathrop seconded the motion, AYES: Mayor Barakat, Mayor Pro Tem Hale, Councilmembers, Lewis, Lathrop & Bruny.  NOES: None.  2. Award of Bid - Lemon Avenue Trail Project  Bids for the Lemon Avenue Trail project were opened on May 2, 2023 with SDC Engineering Inc. being the lowest responsible bidder. Three members of the Public spoke to the  Councilmembers concerning their requests for indemnification. language. a. Brad Selby, 1442 Lemon Avenue, provided a letter (see attachment)  b. Dan Hyde at 1462 Lemon Avenue Niveen Elguindi at 1550 Lemon Avenue.  Due to a variety of unresolved indemnification issues, it was recommended that no decisions bemade tonight but to wait about 30 days or until the next City Council meeting on July 18. 2023. Mayor Pro Tem Hale made the motion and Councilmember Lathrop seconded it 3. Fiscal Year 2023-24 Annual Rate Adjustment for Solid Waste Collection & Recycling Because Burrtec's new rates for trash, recycling, manure and green waste were scheduled to increase on July 1 2023, Burrtec representative Michael Heftman.explained the increases. The increases are CPI-based at around 7.74%. An example being a 90-Gallon Trashcan pre-July1 1st SB 1383 requires every. jurisdiction to provide organic waste collection services to residents; however, due to the size of the City of Bradbury, this regulation does not apply.AB661 went into effect January 1, 2023. This piece of legislation states that paper products like toilet paper and paper towels must be at least 40% recycled content. Napkins 45% and Facial tissues 10%. Councilman Lathrop made a motion to approve the new rates commencing July 1, 2023. Mayor 4. Adoption of Resolution No. 23-10: Adoption of Budget for Fiscal Year 2022-2023, Resolution No. 23-11: Allocating the City of Bradbury's Citizen Option for Public Safety (COPS) Funds, and Resolution No. 23-12: Allocation the City of Bradbury's SB 1 Funds. The budget for Fiscal Year 2023-2024 was presented and explain by City Manager Kearneyat last month's City Council meeting. Tonight's meeting was to answer any questions and approve. Because there were no questions, the Council agreed with Staff's recommendation Mayor Pro Tem Hale made a motion to adopt and approve Resolution No. 23-10, Resolution No. 23-11 and Resolution No. 23-12. Councilmember Lathrop seconded the motion.  was $27.95/mo. and after is $32.07/mo.  Pro Tem Hale seconded the motion, which passed 5:0.  toapprove the budget.    5. City Council Liaisons for Fiscal year 2023/2024 and Consideration of Resolution No. 23-13 Pertaining to the Appointments to the San Gabriel Valley Council of Governments No changes were made to the current San Gabriel Valley Council Government other than Councilmember Lathrop to be the 2023-2024 Liaison for the League of California Cities. Hazard Mitigation Plan to be updated & renewed by February 24th Will comply with getting.permits City Council adopted Resolution No. 23-13 with a motion from Mayor Pro Tem Hale and a 6. Matters from the City Manager - City is ready for a successful Bradbury Night Out event. Kevin stated he had received questions regarding subdividing without specifics at the 1901 Royal  on-line.  second to that motion from Councilmember Lathrop.  Oaks.property.  7. Matters from the City Attorney - Nothing. 8. Matters from the City Council - Mayor Pro Tem Hale- =  Mayor Barakat- "Penney Property" - Can debris can be pushed back?  Councilmember Lathrop - No comments. Councilmember Lewis - No Comments. Councilmember. Bruny- - No Comments. 9. ITEMS FOR FUTURE AGENDAS-  Re-Look at Monrovia to bid a police force. Finalize Lemon Trail project.  CLOSED SESSION  RECESS TO CLOSED SESSION @ 8:23pm: Councimembers. City Attorney Reisman and City Manager  Kearney discussed the following:  Conference with Legal Counsel - Pending Litigation Pending Litigation pursuant to Government Code sec. 54956.9, (a) LAFCO Annexation No. 2021-10 to the City of Bradbury Conference with Legal Counsel - Pending Litigation Pending Litigation pursuant to Government Code sec. 54956.9, (d)(1) Grow Monrovia V. City of Bradbury L.A. Superior Court Case No. 235TCP00128 Public Employee Performance Evaluation = Government Code Section 54957 (b)(4) City Manager Evaluation (City Manager not present during this discussion)  Agency Negotiator: Cary S. Reisman, City Attorney Unrepresented Employee: City Manager Authority Gov't Code Section: 54957.6    REPORT FROM CLOSED SESSION = At 8:58pm, Closed Session ended - Attorney Reisman reported on the two pending litigations stating the session was 'informative" onlya and no formal votes were taken. Vote taken regarding City Manager's annual salary increase to $190.000.00  retroactive to May 2023.  AYES: Councilmember Lathrop, Councilmember Bruny and Mayor Pro Tem Hale.  NAYS: Mayor Barakat and Councilmember Lewis.  ADJOURNMENT - At 9:02pm, Mayor Barakat moved to adjourn the meeting and all of the other Councimembers were in favor. The Regular City Council meeting was adjourned to Bradbury Civic Center, 600 Winston Avenue, Bradbury, CA 91008 on Thursday, July 6th for a Special Study  Session. Meeting at 6:30 pm.  SIGNED BY:  08.15.2023 DATE  RICHARD G. BARAKAT, MAYOR CITY OF BRADBURY  ATTEST:  08.15.2023 DATE  DIANE JENSEN, CITY CLERK CITY OF BRADBURY    Alhohmnt  June 2023 City Council Mtg. RE: Lemon Trail  We are the Selbys, at 1442 Lemon Avenue. We feel the Lemon Trail along our street could be a real asset for the community, and we think new aprons for our driveway entrances would be nice. But, for us, we have not signed the Easement  document, and it comes down to the liability issue.  We agree with our neighbors. The extent of the indemnification offered to us in the Easement document is not sufficient. Indemnification is only offered if lawsuits arise from an action of the city or its employees. It does not protect us from lawsuits arising from accidents, nor does it require the city to defend us in  such cases.  By building the path, the city isi inviting people to use the path. Doesn'tit make sense to indemnify the homeowners who will receive the excess traffic?  We request that the city council delay action on the Lemon Trail project until the Southside Lemon Avenue residents can meet with our councilperson or the city to  fully discuss and resolve our issues.  --Judith and Brad Selby    BRADBURY  SPECIAL MEETING  MINUTES Thursday, July 6, 2023 Bradbury Civic Center  Special Meeting ofthe City of Bradbury City Council  CALL TO ORDER = The Special Meeting of the City Council of the City of Bradbury was  called to order by Mayor Barakat at 6:30p.  ROLL CALL:  PRESENT: Mayor Barakat, Mayor Pro Tem Hale, Councilmember Lewis, Bruny and  Lathrop.  ABSENT: None. STAFF:  City Manager Kearney, City Planner Kasama, City Clerk Jensen and Assistant City Attorney, Kranitz. City Attorney Reisman attended via  Zoom.  APPROVAL OF AGENDA: Councilmember Lewis motioned to approve the Agenda with  Mayor Pro Tem Hale seconding the motion.  AYES: NOES: ABSENT: None.  Mayor Barakat, Mayor Pro Tem Hale, Councilmember Lewis, Councilmember  Bruny and Councilmember Lathrop.  None.  DISCLOSURE OF ITEMS REQUIRED BY GOVERNMENT CODE SECTION 1090 & 81000 ET. SEQ. = In compliance with the California Political Reform Act, each City Councilmembers has the responsibility to disclose direct or indirect potential for a personal financial impact as a result of  participation in the decision-making, process concerning agenda items. City Attorney Reisman stated that he was aware of no potential conflicts.  PUBLIC COMMENT ABOUT ANYTHING NOT ON THE AGENDA:- Nopublic comments.  ACTIONITEMS  1. Consent Calendar Approval  A. Resolution No. 23-14: Authorizing the Signatures for Accounts in the Name of the 'City of Bradbury." Amotion was made by Councilmember Bruny to approve the Consent Calendar. Mayor Pro Tem Hale seconded the motion. The motion passed 5:0 byroll call.    2. Study Session: The City Council Will Discuss Planning Matters Related to the Assistant City Attorney Lisa Kranitz presented and explained to the Council the key proponents and issues of the Housing Element requirements. She compared the City's current language.conceming. ADU'sand how this language should be updated to comply  Housing Element and Development Code  with the States's Regulations.  Key Dates:  1. July 31st, 2023 - Adopt to submit HCD the City's 6th Cycle (2022-2029) Revised Draft Housing Element and the Affordable Housing Overlay. 2. December 2023 - Settlement Agreement Overlay completion. 3. December 2023, - Amend City of Bradbury's ADU code language.  ADJOURNMENT At 8:02 pm, Mayor Barakat moved to adjourn the meeting and Councilmember Brunyseconded the motion. The Special Meeting was adjourned with a passing 5:0 vote to Bradbury Civic Center, 600 Winston Avenue, Bradbury, CA 91008 on  Tuesday.July 18, 2023 at 7:00pm.  SIGNED BY:  08.15.2023 DATE  RICHARD BARAKAT, MAYOR CITY OF BRADBURY  ATTEST:  08.15.2023 DATE  DIANE. JENSEN, CITY CLERK CITY OF BRADBURY    - I  BRADBURY SPECIAL MEETING  MINUTES  Special Meeting ofthe City of Bradbury City Council  Wednesday, July 26, 2023 Bradbury Civic Center  CALL TO ORDER - The Special Meeting of the City Council of the City of Bradbury was  called to order by Mayor Pro Tem Hale at 6:37pm.  ROLL CALL:  PRESENT: Mayor Pro Tem Hale, Councilmembers Lewis, Bruny and Lathrop.  ABSENT: Mayor Barakat.  STAFF:  City Manager Kearney, City Planner Kasama, City Clerk Jensen and Assistant City Attorney Kranitz. Our City Attorney Reisman attended  via Zoom.  APPROVAL OF AGENDA: Councilmember Lewis motioned to approve the Agenda with Mayor Pro Tem Hale seconding the motion. The motion passed all approved  4:0. AYES: NOES:  Mayor Pro Tem Hale, Councilmember Lewis, Councilmember Bruny and  Councilmember Lathrop.  None.  ABSENT: Mayor Barakat.  DISCLOSURE OF ITEMS REQUIRED BY GOVERNMENT CODE SECTION 1090 & 81000 ET. SEQ. - In compliance with the California Political Reform Act, each City Councilmembers has the responsibilty to disclose direct or indirect potential for a personal financial impact as a result of Via Zoom, City Attorney Reisman stated he was unaware of any potential conflicts with PUBLIC COMMENT ABOUT ANYTHING NOT ON THE AGENDA: - No public comments.  participation in the decision-making process concerning agenda items.  those in attendance.  ACTIONITEMS  1. Discussion on the 6th Cycle Housing Element Overlay  Mayor Pro Tem Hale motioned to approve the currently proposed location of the 6th Cycle Housing Element Overlay and Councilmember Bruny seconded the motion. The motion passed  4:0.    ADJOURNMENT At6:52pm, Mayor Pro Tem Hale made a motion to adjourn the meeting. Councilmember Lathrop seconded the motion. The meeting was adjourned with a unanimous vote passing 4:0. This Special Meeting was adjourned to Bradbury Civic Center, 600 Winston Avenue, Bradbury, CA 91008 on Tuesday.August  15th, 2023 at 7:00pm.  SIGNED BY:  08.15.2023 DATE  RICHARD BARAKAT, MAYOR CITY OF BRADBURY  ATTEST:  08.15.2023 DATE  DIANE. JENSEN, CITY CLERK CITY OF BRADBURY    RESOLUTION NO. 23-16  A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRADBURY, CALIFORNIA, APPROVES THE DEMANDS & WARRANTS FOR PRE-RELEASED CHECKS No. 17596 THROUGH No. 17606 AND  APPROVING DEMANDS & WARRANTS FOR REGULAR CHECKS No..  THROUGH No.  The City Council of the City of Bradbury does hereby resolve as follows:  Section 1. That the demands as set forth hereinafter are approved and warrants authorized to be drawn for payment from said demands in the amount of $8,796.93 (pre-released Checks) and $63,393.68 (regular Checks) on August 15, 2023 from the  General Checking Account.  PRE-RELEASED CHECKS (due before City Council Meeting):  Check #  Vendor & Due Date 17596 Southern Calif. Edison 07.11.2023 17597 Kevin Kearney 07.19.2023 17598 Southern Calif. Edison 07.11.2023 17599 Southern Calif. Edison 07.24.2023  Description. Service: 600 Winston 6.21.23-7.23.23 Acct. 101-16-6400 BNO Reimbursement Deposit to The Habit Acct. 101.11.6100 Service: 2298 Gardi Street Acct. 200-48.6400 Service: 600 Winston "street lights" Acct. 101-16-6400  Subtotal$  Total$ $319.42 $3,362.02  $41.41 $1,104.04  Res No. 23-16 08.15.2023    17600 U.S. Bank 06.22.2023  City of Bradbury Visa Card CMI Kevin Kearney Visa Card NEOGOV Job Posting M. Analyst Acct. 101.16.6450 Zoom - Remote meeting Access Acct. 113.20.8120 AMZN MKTP Moth Traps CH Kitchen Acct. 101.16.6450 BLUEBEAM-B. Inspector Software Acct. 113.20.4500 CANVA - BNO Post Cards Acct. 101.24.6470 VISTA PRINT- - Public Safety Post Cards Acct. 101.24.6470 MUNICIPAL MNGT - Conf. Registration Acct. 101.12.6020 HOME DEPOT - Cooler for BNO Acct. 101.11.6100 AMAZON-Light Meter Testing Acct. 101.23.7450 GO DADDY- City of Bradbury Domain Acct. 101.16.6450 MUNICIPAL MNGT Registration MA Acct. 101.16.6020 CC Claudia Saldana Visa Card NNA - Notary Services Acct. 101.13.6020 Seismic Hazard Mapping Fee 2nd qtr. '23 Acct. 101.13.6020 Balance Due Acct. 101.11.6100 Repair City Hall Water Leaks in 2 toilets Acct. 101.16.6430 VOID July Payroll x 1 day Acct. 101.16.5010 ITMonthly Services June '23 Acct. 101.16.6230  $2,929.28  $199.00 $49.00 $21.87 $300.00 $105.00 $84.29 $550.00 $290.16 $293.79 $23.17 $675.00  $2,591.28 $338.00 $0.50 $44.00 $160.00 VOID $146.26 $690.00  17601 Dept. of Conservation 07.24.2023 07.24.23  17602 Olympus Party Rentals BNO Chairs, Tables, Table Cloths  17603 The Plumbing CEO 07.25.2023 17604 VOID 17605 Mario Flores 07.31.2023 17606 Team Logic IT June 2023  PRE-RELEASED CHECKS TOTAL:  $8,796.93  Res No. 23-16 08.15.2023    Charter Communications Spectrum Internet August '23 Inv. #0101050072323 Acct. 101.16.6230 Statement# 818398869 City Manager (family)  $169.98 $84.73  Vision Service Plan  Vision Insurance August '23 Acct. 101.12.5100 City Clerk Jensen Acct. 101.13.5100 Fire Alarm Line - August 2023 Acct. 101.23.7420 July 2023 Landscape Services: Bradbury Civic Center Acct. 101-21-7020 Royal Oaks Drive North Acct. 101-21-7015 Mount Olive Drive Acct. 101-21-7035 Lemon Trail Acct. 101-21-7045 August 2023 Landscape Services: Bradbury Civic Center Acct. 101-21-7020 Royal Oaks Drive North Acct. 101-21-7015 Mount Olive Drive Acct. 101-21-7035 Lemon Trail Acct. 101-21-7045 200' Bender Board R.O. Trail Braewood to Winston Avenue Stop Sign August '23 Acct. 101.21.7015 Clean-up overflow lot City Hall Following BNO. August '23 Acct. 101.21.7020 Office Supplies Acct. 101-16-6200 600 Winston Ave. - July 2023 Acct. 101.16.6400 2298 Gardi Street 06.21.23- 07.23.23 Acct. 200-48.6400 600 Winston (CH) 6.21.23-7.23.23 Acct. 101-16-6400  $61.07 $23.66  Frontier 08.15.2023 Priority Landscape Inv# 15094  $73.39 $1,431.82  232.01 446.16 597.33 156.32 232.01 446.16 597.33 156.32  Priority Landscape Invoice#f 15298  $1,431.82  Priority Landscape Inv. # 15387  $1,500.00  Priority Landscape Inv. # 15388 Staples Inv#3292037851 V#3297257881 So. Calif. Gas 08.14.2023 Southern Calif. Edison 08.14.2023 Southern Calif. Edison 08.14.2023  $650.00 $423.57  $16.45 $41.41 $607.97  Res No. 23-16 08.15.2023    Southern Calif Edison 08.14.2023 Superclean Co. Inv. #1794 Delta Dental 07.12.23  LS-1-ALLNITE (lights) Acct. Interior/Exterior Window Washing Screen Washing Gutter Cleaning Acct: 101.16.6430 Dental Insurance August City Manager/Family Acct. 101.12.5100 City Clerk - Jensen Acct. 101.13.5100 Basic Life and AD&D:-) July City Manager Acct. 101.12.5100 City Clerk Acct. 101.13.5100 ITM Monthly Service - July Acct. 101.16.6230 ITSecure Upgrade SonicWall" Acct. 113.20.8120 City Hall Fire Alarm System July Acct.101.23.7420 Animal Control Services July 2023 Acct. 101-25-7000 Housing Element Project Management Second Amendment ND/MND HCD Submittal and Review Project Management Acct. 101.20.7245 eFax for Services for August 2023 Acct. 101.16.6230 Transportation Services - July 2023 Acct: 204.40.7325 Pollution Liability Insurance Program July 2023 - July 2024 Acct. 101.16.6300 Safekeeping Operations - July '23 Acct. 101.14.7010  $1,104.18 $550.00  $165.60  $124.86 $40.74 $14.48 $14.48  The Standard 07.01.2023  $28.95  Team Logic IT July 2023 Team Logic IT 08.01.2023 Post Alarm Services 07.05.23 Pasadena Humane Society vuL2023bradbury Veronica Tam Inv# 3318  $690.00 $1,265.77 $132.92 $1,012.28 $10,202.10  $5,200.00 $2,122.10 $2,520.00 $360.00  Consensus Cloud Solutions Inv# 2700342 City of Monrovia Inv.#2400228 California JPIA Inv.# ENVIRO01210 US Bank July 2023  $10.00 $704.07 $189.00 $76.25  Res No. 23-16 08.15.2023    Kevin Kearney July 2023  Reimbursements BNO - July '23 Gift Cardsx 8 Final Payment to Ice Cream Vendor Audio Equipment Single Roll of Raffle Tickets Acct. 101.11.6100 Management Analyst Interview Meal Acct. 101.12.6025 Acct. 101-23-7410 City of Bradbury Visa Card CMA Kevin Kearney Visa 2711 USPS.com Acct. 101.16.6450 AMZN MKTP- Acct. 101.16.6450 ZOOM- - Remote meeting Access Acct. 113.20.8120 VISTA PRINT- Acct. 101.11.6100 BLUEBEAM- Software B. Inspector Acct. 113.20.4500 PANARA BREAD - Management Analyst Interview Lunches 101.12.6025 PAYPAL - League Calif. Dinner 101.12.6020 AMAZON- Acct. BEEN VERIFIED Acct. PAYPAL - Calif Cal Cities Conf. Acct. 101.12.6020 JAKES ROADHOUSE Meal MA Acct. 101.12.6025 THE PIN CENTER BNO gift pins Acct. 101.11.6100 CCSophia Musa Visa - 2600 BROADVOICE- City Hall Phone Acct. 101.16.6440 CCL Diane Jensen Visa = 6814 USPS.Com Postal Store UPS Store Acct. 101.16.6120 DOLLAR TREE-T TP, Paper Towels, Water Acct. 10116.6450 LEAGUE CALIF. CITIES - Membership Acct. 101.13.6020  $1,613.67  $400.00 $951.05 $215.57 $7.88 $39.17  LA C County Sheriff Dept. Law Enforcement June '23  $10,729.52 $4,412.79  Inv.#233708EC U.S. Bank 07.23.23  $102.20 $874.91 $49.00 $520.66 $300.00 $108.46 $75.00 $437.95 $52.44 $725.00 $52.52 $647.76 $202.04 $110.54 $30.00 $23.43 $50.00  $3,996.78 $202.04  $213.97  Res No. 23-16 08.15.2023    Jones & Mayer July 2023  City Attorney: Retainer Amount Acct. 101-15-7020 CA for Home Ownership Acct. 101-15-7070 Grow Monrovia Hours Acct. 101.15.7070 Penney Receivership Acct. 101-15-7070 Zoning/General Plan Acct. 101-15-7075 Monthly Cell Phone Pay August Acct. 101.12.6440 Mobile Business Internet (Hot Spot) Acct. 113-20-8120 FY 23-24 Shared Annual Cost Harbor Toxic Upstream Acct. 102.42.7630 Office Cleaning - August '23 Acct.101.16.6460 Maintain & Repair A/C City Hall Acct 101.16.6470 Professional Services for. July '23 City Engineering Services Development Projects Acct. 101.19.7230 City Engineering Services July '23 Bradbury/Wildrose Street Widening  $9,398.80  $3,000.00 $142.50 $101.92 $83.88 $6,070.50  Kevin Kearney August 2023 T-Mobile July 2023 Inv#975204096-24 GWMA Inv# HYU-23-09 Coverall Inv#15227150182 Liras' Mechanical Inv# 259 RKA Inv. #33846 RKA Inv.#33845 RKA Inv.#33821  $75.00 $32.00 $1,363.39  $394.00 $440.00 $3,433.50  $1367.50 $7,571.25  TOTAL REGULAR CHECKS $63,393.68  Res No. 23-16 08.15.2023    Section 2. That the demands as set forth hereinafter are approved and warrants authorized to be drawn for payroll from said demands in the amount of $16,788.12 (EFT payments) on August 15, 2023 from the General Checking Account.  DIRECT DEPOSIT - PAYROLL AUGUST 2023  ACH  Kevin Kearney City Manager  $11,582.96  Salary Acct. 101.12.5010 Withholdings Acct. 101.00.2011 Salary Acct. 101.13.5010 Withholdings Acct. 101.00.2011 PERS Pepra Acct: 101.13.5100 Salary Acct. 101.16.5010 Withholdings Acct. 101.00.2011 PERS Pepra Acct: 101.16.5100  $18,533.33 $4,250.37 $6,145.83 $1,581.67 $476.30 $5,416.66 $1,287.89 $419.80 Total Payroll  ACH  Diane. Jensen City Clerk  $4,087.86  ACH  Mario Flores M. Analyst  $3,708.97  $19,379.79  Res No. 23-16 08.15.2023    Section 3. That the demands as set forth hereinafter are approved and warrants authorized to be drawn for benefits and withholding payments from said demands in the amount of $16,788.12 (EFT payments) on August 15, 2023 from the General  Checking Account.  ELECTRONIC FUND TRANSFER (EFT)  AUGUST2023  EFT  AETNA  Health Insurance August '23 City Manager Kearney Acct. 101.12.5100 City Clerk Jensen Acct. 101.13.5100 August 2023 State Tax SDI Acct. 101.00.2011 Federal Tax Withholdings S. Security (employee) S. Security (City) Medicare (Employee) Medicare (City) Acct. 101-00-2011 City Manager Kearney Acct. 101.12.5100 City Clerk Jensen Acct. 101.13.5100 M. Analyst - Flores Acct. 101.16.5100 Classic Members Pepra New Members Acct. 101.00.5100  $2,738.72  $1,784.23 $954.49  EFT  EDD  $1,648.28  $1,401.72 $246.56  $3,529.85 $7,413.03 $1,544.57 $1,544.57 $397.23 $397.23  EFT  IRS  EFT  PERS  $2,698.17 $4,482.27 $948.30 $835.80 $350.00 $350.00  GASB-68 Fee  $700.00  TOTAL EFT $16,788.12  Res No. 23-16 08.15.2023    RICHARD G. BARAKAT, MAYOR  CITY OF BRADBURY  ATTEST:  "I, Diane Jensen, City Clerk, hereby certify that the foregoing Resolution, being Resolution No. 23-16, was duly adopted by the City Council of the City of Bradbury, California, at a regular meeting held on the 15th day of  August 2023 by the following roll call vote:"  AYES: NOES: ABSENT:  DIANE. JENSEN, CITY CLERK CIYOFBRADBURY  Res No. 23-16 08.15.2023    y  EA  6  6  o    Richard Barakat, Mayor (District 3) Richardal, MayorPro Tem (District 1) Monte. Lewis, Councils Member (District 2) Bruce. Lathrop, Councif9Member (District 4) Elizabeth Bruny, Cumdftembr(Datrias 5)  BRADBURY  City of Bradbury Agenda Memo  TO: FROM: DATE: SUBJECT:  Honorable Mayor and Members of the City Council  Kevin Kearney, City Manager August 15, 2022  Resolution No. 23-17: A Resolution of the City Council of the City of Bradbury, California, Designating Mario Flores as Deputy City  Clerk  ATTACHMENTS: 1. Resolution No. 23-17  SUMMARY  Typically, the Management Analyst is designated as the Deputy City Clerk to assist with signing and posting agendas, minutes and fulfil other regulatory city clerk duties in the absence of a City Clerk. Without such designation, agendas may not be posted during specific time fames ift the City Clerk happens to be on vacation or out sick. With the recent departure of the City's Management. Analyst, Kevin Kearney was designed as the Deputy City Clerk. Now that Mario Flores has filled the position as Management Analyst, he can The recommendation is to designate Mario Flores, Management Analyst, as the Deputy City Clerk. This will allow him to fulfil specific duties required by law during the absence  fill the spot as the Deputy City Clerk.  of the current City Clerk. STAFF RECOMMENDATION  Iti is recommended that the City Council adopt Resolution No. 23-17, which designates Mario Flores, the City's current Management Analyst, as the Deputy City Clerk.  FOR CITY COUNCIL AGENDA  AGENDA ITEM #    ATTACHMENT #1    RESOLUTION NO. 23-17  A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRADBURY, CALFORNIA, DESIGNATING MARIO FLORES AS DEPUTY CITY CLERK  WHEREAS, The City of Bradbury needs to designate a Deputy City Clerk in the event of WHEREAS, The City of Bradbury desires to designate Mario Flores as the Deputy City WHEREAS, The designation of Deputy City Clerk for Mario Flores shall take effect  the absence of the City Clerk;  Clerk and remove Kevin Kearney as the current Deputy City Clerk;  starting August 15, 2023.  NOW, THEREFORE IT IS HEREBY RESOLVED, ORDERED AND FOUND by the City Council  of the City of Bradbury, State of California, as follows:  1. Clerk; and 2.  The City Council oft the City of Bradbury hereby designates Mario Flores as Deputy City  The City Clerk shall certify to the adoption of this Resolution.  PASSED AND ADOPTED by the City Council of the City of Bradbury, State of California  this 15th day of August, 2023, by the following vote:  MAYOR - CITY OF BRADBURY  ATTEST:  ASSISTANT CITY CLERK-C CITY OF BRADBURY  "I, Diane Jensen, City Clerk, hereby certify that the foregoing Resolution, being Resolution No. 23-17, was duly adopted by the City Council of the City of Bradbury, California, at a regular  meeting held on the 15th day of August, 2023 by the following roll call vote:"    AYES: NOES: ABSENT:  CITY CLERK - CITY OF BRADBURY    INCORPORATED JULY 26.  Richard G. Barakat, Mayor (District 3) Richard T.H Hale, Jr. Mayor Pro Tem (District 1) Monte Lewis, Council Member (District2) Elizabeth! Bruny, Council Member (District5) Bruce Lathrop, Council Member (District4)    BRADBURY  City of Bradbury Agenda Memo  TO: FROM: INITIATED BY: DATE: SUBJECT:  Honorable Mayor and Members of the City Council  Kevin Kearney, City Manager Lisa Kranitz, Assistant City Attorney  August 15, 2023  Urgency Ordinance No. 385U for Density Bonus Ordinance and Finding that Adoption is Exempt from CEQA under the  Common Sense Exemption  ATTACHMENTS: 1) Urgency Ordinance No. 385  SUMMARY  State law includes provisions of law known as the Density Bonus Law ("DBL") which provides incentives for developers to provide affordable housing. The DBL requires local government to adopt an ordinance regarding implementation of this law. An urgency ordinance, which requires a 4/5 vote of the City Council, is presented for  immediate adoption. ANALYSIS  The Density Bonus Law  Government Code sections 65915 through 65918 provide for density bonuses and other incentives when a developer builds a housing project and provides a minimum percentage of affordable housing. While the DBL encompasses a number of sections, Under the DBL, developers get additional density, as well as incentives and waivers of development standards if they provide a specified amount of affordable housing. The DBL also sets the maximum parking that can be imposed on a project, ranging from one parking space for a studio to one bedroom to 2% spaces for a unit of 4+ bedrooms.  the primary section is section 65915.    Urgency Ordinance for Density Bonus Law  Page 2 of4  An incentive or concession is basically a reduction in site development standards or a modification of zoning code requirements or architectural design requirements that exceed the minimum building standards and that result in identifiable and actual cost reductions. The city is required to grant a proposed incentive or concession unless it makes one of the following findings based on substantial evidence: 1)itv will not result in identifiable and actual cost reductions; 2) it would have a specific, adverse impact upon the public health or safety which cannot be mitigated without rendering the development unaffordable; 3) it would have a specific adverse impact on the physical environment which cannot be mitigated without rendering the development unaffordable; 4) it would have a specific adverse impact on historical property which cannot be mitigated without rendering the development unaffordable; or 5) it would be contrary to law. Waivers are required where the development standard would have the effect of physically precluding the construction of an affordable development. There is no limit to The amount of density and incentives are on a sliding scale dependent upon the amount of affordable housing that is provided. The number of waivers a developer may  the number of waivers a developer may be request.  receive are unlimited.    Urgency Ordinance for Density Bonus Law  Page 3of4  Density Bonus by Affordability Levels  Affordability Level  Minimum percent of affordable units to 5% 10% 10% 100% 100% 100%  qualify for density bonus  Minimum density bonus awarded 20% 20% 5% Minimum percent of affordable units to 15% 24% 44%  achieve maximum density bonus  Maximum density bonus 50% 50% 50% 20% 80%* no  limit  NOTES  Refer to S 65915(f) to determine the density bonus where the affordable units provided is between the minimum to qualify and the minimum to achieve the maximum density bonus.  Number of Concessions or Incentives to Be Granted Based on the Minimum Percent of Affordable Units Before Density Bonus is Applied at Various Affordability Levels  Number of concessions or incentives to be granted  1  2 3  4  Very Low 5% 10% 15% 100%* Low 10% 17% 24% 100%* Moderate 10% 20% 30% n/a  Affordability level    Urgency Ordinance for Density Bonus Law  Page 4of4  Adoption by Reference  Since the DBL was first adopted in 1982, it has been amended over 20 times, including every year since 2012 with the exception of 2017. These constant amendments make it very difficult to maintain a legally compliant local ordinance. Accordingly, the Ordinance is drafted to incorporate the DBL by reference as it may be amended from time to time. This allows the City to simply adopt implementing regulations rather than repeat a very  lengthy law that is frequently amended.  Urgency Ordinance  As mentioned at the outset, Bradbury is currently out of compliance with state law and does not have an ordinance to implement the Density Bonus Law. On August 1, 2023, a potential developer submitted a conceptual site plan review application which would include providing affordable housing under the DBL. In order to have procedures in place, it is necessary to adopt an ordinance that will take effect immediately.  CEQA  There is a common sense exemption to CEQA where it can be seen with certainty that the project will not have a significant effect on the environment. As the urgency ordinance gives no greater development rights than what is provided for under state law, it will not create any significant effects on the environment and a notice of  exemption should be filed under CEQA Guidelines S 15061(b)(3).  PUBLIC NOTICE PROCESS  Because this matter comes before the City Council as an urgency ordinance, the only public notice was the 72-hour agenda posting requirements. However, in addition to adopting an urgency ordinance, staff will also process this as a regular ordinance with a public hearing before the Planning Commission on August 23, 2023 and then it will  return to the City Council, both with noticed, public hearings.  STAFF RECOMMENDATION requires a 4/5 vote.  Staff recommends that the City Council adopt Urgency Ordinance No. 385U, which    ATTACHMENT #1    URGENCY ORDINANCE NO. 385U  AN URGENCY ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BRADBURY, CALIFORNIA, ADOPTING CHAPTER 9.30 OF THE BRADBURY MUNICIPAL CODE RELATING TO DENSITY BONUS LAWS AND MAKING A FINDING THAT ADOPTION IS EXEMPT FROM CEQA UNDER THE COMMON SENSE EXEMPTION OF CEQA  GUIDELINES SECTION 15061(b)(3)  WHEREAS, the City of Bradbury ("City") is in the process of adopting its 6th Cycle WHEREAS, although the Housing Element has not yet been adopted, the City has received comments from the Department of Housing and Community Development  Housing Element for the 2021-2029 period; and  ("HCD") on the drafts that have been presented; and  WHEREAS, one of HCD's comments on the City's 6th Cycle Housing Element related to the need for the City to adopt an ordinance to implement the State Density  Bonus Law ("DBL"); and  WHEREAS, given the complexity of the DBL and the frequency with which it is amended, the City desires to adopt the law by reference with local implementation  procedures; and  WHEREAS, the City currently does not have any procedures regarding application WHEREAS, the City has received a conceptual plan review for the City's first ever WHEREAS, the City needs to immediately adopt a density bonus ordinance to WHEREAS, on August 15, 2023, the City Council considered this Ordinance at a NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BRADBURY,  of the DBL as required by California Government Code section 65915; and  density bonus project; and  have local implementation procedures if and when an application is filed;  regularly scheduled City Council meeting; and  CALIFORNIA, DOES HEREBY ORDAIN AS FOLLOWS: the Bradbury Municipal Code) to read as follows: CHAPTER 30. - DENSITY BONUS Sec. 9.30.010. = Purpose.  SECTION1. Chapter 30 is hereby added to the Bradbury Development Code (Title IX of    The purpose oft this Chapteri is to implement the requirements oft the Density  Bonus Law set forth at Government Code section 65915 et seq.  Sec. 9.30.020. - Adoption by reference.  The state Density Bonus Law, set forth at Chapter 4.3 of the Planning and Zoning law of California and found at Government Code sections 65915 through 65918, as the same may be amended from time to time, is hereby adopted by reference as the City of Bradbury's Density Bonus provisions and shall be  implemented in accordance with this Chapter. Sec. 9.30.030. - Applicability.  This Chapter shall apply to any housing development that is entitled to  receive a density bonus pursuant to the state Density Bonus Law.  Sec. 9.30.040. - Procedures.  (a) Application submittal. An application for a density bonus, including an incentive or concession and waiver, shall be filed concurrently with an application (b) Application contents. An application for a density bonus shall include the  for a housing development and shall be processed concurrently.  following information:  (1) The number of density bonus units being requested;  (2) A reduced parking ratio request pursuant to Government Code (3) An incentive(s) or concession(s) request pursuant to Government Code section 65915(d) that results in identifiable and actual cost reductions to  section 65915(p);  provide for the affordable housing;  (4) A waiver(s) or reductions of development standard(s) request pursuant to Government Code section 65915(e) that would have the effect of physically precluding the construction of the housing development at the densities (c) Ifan application for a density bonus is incomplete, the applicant shall be timely notified of such incompleteness in accordance with the provisions of (d) Ifa proposed housing development would be inconsistent with the City's Development Code or the state Density Bonus Law, the applicant shall be provided  orwith the allowed incentive(s) or concession(s).  applicable law.    notice of such inconsistency in accordance with the Housing Accountability Act, (e) A density bonus application shall be approved or denied in conjunction with the housing development application by the body approving such application within  Government Code section 65589.5.  the time frames required for approval of such development.  Sec. 9.30.050. - Requirements.  (a) The applicant for a density bonus shall enter into a regulatory agreement with the City in a form to be approved by the City Attorney and said agreement shall be recorded against the property. The regulatory agreement shall be approved by the approval authority on the underlying project. Ifan appeal is taken of the project, then the regulatory agreement shall be approved by the decision (b) The applicant shall be required to pay the City's costs for any third party consultants required to assist the City in drafting a regulatory agreement, developing guidelines, verifying the eligibility of owners or tenants oft the affordable (c) The required affordable dwelling units shall be constructed concurrently with market-rate units unless both the final decision-making authority of the City and the developer agree within the affordable housing agreement to an alternative (d) The exterior design and construction of the affordable dwelling units shall be consistent with the exterior design and construction of the total project development and shall be consistent with any affordable residential development standards that may be prepared by the City. The affordable units shall be similar ins size and number of bedrooms to the market-rate units. If the development project includes a range of unit sizes, then the affordable units shall provide a  maker on appeal.  units, or any other matter relating to the density bonus.  schedule for development.  range of unit sizes in proportion to the market-rate units.  (e) The affordable units shall have the same amenities as the market rate units, including the same access to and enjoyment of common open space, parking, storage, and other facilities in the residential development, provided at an affordable rent or at affordable ownership cost specified by Health and Safety Code section 50052.5 and California Code of Regulations Title 25, Section 6910 -6 6924, as the same may be amended from time to time. Developers are strictly prohibited from discriminating against tenants or owners of affordable units in granting access to and full enjoyment of any community amenities available to  other tenants or owners outside of their individual units.    (f) Ifthe development project is for units that will be sold, then the affordable dwelling units shall also be for sale units. The regulatory agreement may make provisions for rental of the units for the same level of affordability that qualified the applicant fort the density bonus if the unit is not sold within a period of time specified  int the agreement.  SECTION 2. Effective Date. This Ordinance shall take effect immediately pursuant to Government Code section 36937. The grounds for the urgency are that the City has no implementation procedures in place to process a density bonus project and needs such procedures in place immediately as it appears that a density bonus project may be submitted in the near future. These procedures will help ensure that the intent of State SECTION3. CEQA. This Ordinance is categorically exempt from CEQA pursuant to the common sense exemption set forth in Guidelines section 15061(b)(3) that CEQA only applies to projects which have the potential for causing a significant effect on the environment and where it can be seen with certainty that there is no possibility that the activity will have a significant effect, the activity is not subject to CEQA. This Ordinance enacts a procedure as required by federal and state law and does not change the density, intensity, or allowed uses or would have other effects on the environment. The changes are not for any specific project and therefore will not impact any environmental resource of hazardous or critical concern, will not create cumulative impacts, or impacts to scenic highways, hazardous waste sites, or historical resources. This Ordinance simply implements state law. As such, staff is directed to file a Notice of Exemption pursuant to SECTION 4. Severability. If any provision of this Ordinance is held to be unconstitutional, it is the intent of the City Council that such portion of this Ordinance be severable from the remainder and that the remainder be given full force and effect. SECTION5. The City Clerk shall certify to the adoption of this Ordinance.  law is met.  CEQA Guidelines sections 15061(b)(3).  PASSED, APPROVED and ADOPTED this 15th day of August, 2023.  Richard G. Barakat Mayor  ATTEST: Diane Jensen City Clerk    STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF BRADBURY  ) SS. )  Diane Jensen, City Clerk of the City of Bradbury, do hereby certify that the foregoing urgency ordinance, being Ordinance No. 385U, was duly passed by the City Council of the City of Bradbury, signed by the Mayor of said City, and attested by the City Clerk, all at a regular meeting of the City Council held on the 15th day of August, 2023, that it was duly posted and that the same was passed and adopted by the following vote,  to wit: AYES: NAYS: ABSENT:  Diane Jensen City Clerk City of Bradbury    Richard Barakat, Mayor (District3) Richard .Hale, Mayor Pro Tem (District 1) Monte Lewis, Coucif9Member (District 2) Bruce. Lathrop, CouncilMember (District 4) Elizabeth Bruny, CouncilMember (District5)  BRADBURY  City of Bradbury Agenda Memo  TO: FROM: DATE: SUBJECT:  Honorable Mayor and Members of the City Council  Kevin Kearney, City Manager August 15, 2023  DISCUSSION ON THE CITY'S INVESTMENT POLICY  ATTACHMENTS: 1) Bradbury's Current Investment Policy  2) Hidden Hills Investment Policy 3) Sierra Madre Investment Policy  SUMMARY  At the request of Councimember Lathrop, this item prompts a discussion on the City's Investment Policy (Attachment: #1). To assist with the discussion, Staff has also attached the Investment Policies of Hidden Hills and Sierra Madre (Attachment #s 2 &3). In November 2017 (prior to all current employees), the City Council revised the City's Investment Policy to allow for negotiable CDs out to three years in maturity. Under the direction of the City Treasurer, the standard investment practice has been to invest in CDs from 1 to 3 years in length. The current practice is to invest in 1-year CDs since the The monthly investment report for the month of July 2023 reflects the following cash on  interest rate has been increasing.  deposit by account:  FOR CITY COUNCIL AGENDA  AGENDA ITEM #    Discussion on the City's Investment Policy  Page 2of2  Interest Rate 0%  Bank Account  Amount $1,628,823.23 N/A  Maturity  Wells Fargo Bank - Checking  Investments:  Local Agency Investment Fund Metro Credit Union Texas Exchange Bank Crowley CD $249,000 BMW Bank of NA Salal Credit Union Seattle Wash  $3,423,775.19 N/A $243,000 $248,000 $240,000  3.17%  07/25/2024 5.55% 07/09/2024 0.50% 12/10/2024 0.90% 09/29/2023 4.20%  RECOMMENDATION  Iti is recommended that the City Council review the City's Investment Policy and provide  direction to Staff if any alteration to the Policy is needed.    ATTACHMENT #1    ATTACHMENT #2    Statement of] Investment Policy Fiscal Year 2023-24  Hdder  Hills  1.0 Policy:  This Investment Policy applies to the City of Hidden Hills ("City"). It is the policy of the City to protect, preserve and maintain its respective assets. The City shall invest public funds in a manner that will provide thel highest investment return commensurate with maximum security, while meeting thei respective cash flow demands ofthe City and conforming to all State and Local statutes governing  the investment of public funds. 2.0 Scope:  The City follows the practice of pooling cash and investments of all funds, except for funds required to be held by outside fiscal agents under the provisions of bond indentures, or other funds as designated by the City Council or the City Treasurer. Funds contained in the City's pool are designated as "General Portfolio". This investment policy applies to the investment of surplus funds contained in the "General Portfolio". These funds are accounted for in the Annual Financial  Statements and include: The General Fund All Special Revenue Funds All Trust and Agency Funds  3.0 Prudence:  The City is held to the prudent investor standard set forthi in Section 53600.3 ofthe Government Code which states: "When investing, reinvesting, purchasing, acquiring, exchanging, selling or managing public funds, a trustee shall act with care, skill, prudence and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs ofthe agency, that aj prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims to safeguard the principle and Accordingly, this is the standard of prudence to be used and applied by the City Treasurer (and other persons under the supervision and responsibility oft the Treasurer pursuant to Section 5.3) to manage the City's investment portfolio, per the delegation of authority by the City Council to the Treasurer Itis the City's full intent, at the time of purchase, to hold all investments until maturity to ensure the return of all invested principal dollars. However, it is realized that market prices of securities will vary depending on economic and interest rate conditions at any point int time. Itis further recognized, that in a well-diversified investment portfolio, occasional measured losses are inevitable due to economic, bond market or individual security credit analysis. These occasional losses must be considered within the context of the overall investment program objectives and the resultant long-  maintain the liquidity needs oft the agency."  set forth in Section 5.3 ofthis Investment Policy.  term rate of return.  1    4.0 Objectives:  The cash management system of the City is designed to accurately monitor and forecast expenditures and revenues, thus ensuring the investment of monies to the fullest extent possible. The City strives to maintain thel level ofinvestment of surplus funds as: near to 100% as possible. Consistent with this factor, investments are made under the terms and conditions of Articles 1 (commencing with Section 53600) and 2 (commencing with Section 53630) of Chapter 4 ofPart 1 ofDivision 2 ofTitle: 5 oft the Government Code of California. Consistent with Government Code Section 53600.5, the primary "Safety" means that the overall value ofinvested public funds shall not be diminished in the process ofsecuring and investing those funds or over the duration oft the investments. Toattain this objective,  objectives, in priority order, of the investment activities ofthe City shall be:  4.1. Safety:S Safety of principal is the foremost objective ofthei investment program.  portfolio diversification is required.  a.  Reduction of Credit Risk: Credit risk is defined as the risk of loss due  to failure of the issuer of a security. This risk shall be mitigated by investing in investment grade securities and by diversifying the investment portfolio sO that the failure of any one issuer does not  unduly harm the City's capital base and cash flow.  b.  Reduction of Market Risk: Market risk is defined as market value  fluctuations due to overall changes in the general level ofi interest rates. This risk shall be mitigated by limiting the average maturity of the City's investment portfolio to two years, the maximum maturity ofany one security to five years, structuring the portfolio based on historic and current cash flow analysis eliminating the need to sell securities prior to maturity and avoiding the purchase of  long term securities for the sole purpose of short term speculation.  4.2. Liquidity. The investment portfolio of the City will remain sufficiently  liquid to enable such agency to meet all operating requirements of such agency which might be reasonably anticipated. Additionally, since all possible cash demands cannot be anticipated, a large portion of the securities held should be those for which active secondary markets exist. The liquidity of each type of authorized investment is included in its description in Section 8 "Authorized and  Suitable Investments" section of this policy.  4.3. Return on Investment (Yield):  The investment portfolio shall be  designed with the objective of attaining a rate ofr return throughout budgetary and economic cycles, commensurate with the investment risk constraints and the cash flow characteristics ofsuch portfolio. classes of securities which have lower risk (and therefore lower yields) than other higher risk investment choices. In each investment transaction the anticipated return on investment is subordinate to the preceding requirements of safety and reduction of credit and interest rate risk.  In general, the California Government Code limits authorized investments to those  5.0 Delegation of Authority:  Authority to manage the investment program of the City is derived from Government Code Sec. 53601 and 53607 (which respectively authorize a legislative body to invest public funds, and the  2    legislative body's delegation of such authority to the treasurer of the corresponding agency) and the  City's Municipal Code.  5.1 Responsibilities of the City Council. The City Council shall consider and  adopt yearly a written investment Policy. As provided in this policy, the Council shall receive and  review quarterly Investment Reports.  5.2. Responsibilities of the City Manager. The City Manager is responsible for  supervising the City Treasurer. The City Manager is also responsible to keep the City Council fully  advised oft the investment portfolio and as to the financial condition ofthe City.  5.3. Responsibilities oft the City Treasurer. Pursuant to Government Code Section  53607, the City Council delegates the authority to invest or reinvest surplus funds, and to sell or exchange securities sO purchased for and on behalfoft the City, to the City Treasurer for the one-year period commencing from the date of adoption ofthis Investment Policy, and the City Treasurer shall  make aj monthly report oft those transactions to the City Council.  No person may engage in an investment transaction except as provided under the  terms oft this policy. The City Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities ofinvestment advisors. The City Treasurer is charged with responsibility for the conduct of all treasury functions, including the custody and investment of City funds, the development of procedures to implement this Investment Policy, and the rendering of the monthly transactions reports and quarterly investment reports (containing such  information as specified in Section 15.0) required by this policy.  6.0 Ethics and Conflicts of] Interest:  Officers and employees involved in the investment process are required by the City of Hidden Hills Conflict ofInterest Policy and State Government Code Section 81000 to disclose annually to the City Council any material financial interests in financial institutions that conduct business within the City and further to disclose any large personal financia/nvestment positions that could be related to the performance oft the City, particularly with regard to thei time of purchase and sales, as part ofthe City's  conflict ofinterest reporting requirements.  7.0 Authorized Financial Dealers, Institutions and Portfolio Managers:  The City Treasurer will maintain a list of financial institutions authorized to provide investment services, including portfolio management. The City Treasurer will exercise prudence in the selection ofa any portfolio managers, provide suitable safeguards to prevent abuse in the exercise of discretion by a portfolio manager, and will remain responsible for any investment decisions made by the portfolio manager. In addition, a list will also be maintained of security broker/dealers approved to provide direct services to the City. These broker/dealers shall be selected by credit worthiness and be authorized to provide broker-dealer services in the State of California. In addition, broker dealers selected for the list shall meet the requirements of Government Code Section 53601.5 (which currently requires that they be one ofthe following: (i) an institution licensed by the state as a broker- dealer, as defined in Section 25004 of the Corporations Code, (ii) ai member ofa federally regulated securities exchange, (iii) a national or state-chartered bank, (iv) a savings association or federal  3    association (as defined by Section 5102 oft the Financial Code), or(v) ab brokerage firm designated as aprimary government dealer by the Federal Reserve Bank). These may include "primary" dealers or regional dealers that qualify under Securities & Exchange Commission Rule 15c3-1 (uniform net capital rule), SO long as such dealers also meet one of the foregoing criteria of Government Code Section 53601.5. No public deposit shalll be made except ina a qualified public depository and pursuant to the collateralization (or federal insurance) and depository contract requirements as established by state law (including, without limitation, Article 2 (commencing with Section 53630) of Chapter 4 of Part 1 ofDivision: 2 ofTitle 5 oft the Government Code). Financial institutions authorized toj provide investment services to the City, including portfolio management, shall utilize security broker/dealers who are duly licensed and authorized to provide investment services in the State of California and otherwise meet one ofthe requirements ofGovernment Code Section 53601.5 but shall not be limited Anyone providing financial services to the City, including portfolio management, must adhere to the All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions, including portfolio management, must supply the City Treasurer with the following: Audited financial statements for the institutions three most recent fiscal years; Proof of] Financial Industry Regulatory Authority (FINRA)re registration;  to the list ofapproved broker/dealers maintained by the City.  investment policies of the City as adopted annually by the City Council.  Proof of State registration; and  Certification ofhaving read and understood the investment policy and the depository contracts  oft the City.  A current audited financial statement is required to be on file for each financial institution, Selection of financial institutions and broker/dealers authorized to engage in transactions with the City shall be at the sole discretion ofthe City. An annual review ofthe financial condition of qualified  broker/dealer and portfolio manager with which the City invests.  bidders will be conducted by the City Treasurer. 8.0 Authorized and Suitable Investments:  Investable funds, which include funds not needed for thei immediate needs oft the City,  are determined by the City Treasurer. Notwithstanding, one year's anticipated revenues shall be invested in Local Agency Investment Funds administered by the State Treasurer's Office pursuant to the authority conferred by Government Code Section 16429.1. All other investments shall be made ina accordance with Sections 53600 et seq., ofthe Government Code. Ifnot otherwise specified herein, the maximum term or remaining maturity shall be as specified in Section 11.0ofthis policy. Within the context of limitations, the following investments are authorized, as further limited herein by this Policy and subject to the portfolio concentration limits set forth herein and in Table 1, appended to  this policy:  8.1 U.S. Treasury Bonds, Notes & Bills and "Strips" - United States Treasury  notes, bonds, bills, or certificates ofindebtedness, or those for which the faith and credit ofthe United  States are pledged for the payment of! principal and interest.  4    In addition, through the commercial book-entry system, a Treasury fixed-principal  note or bond or a Treasury inflation-protected security may be stripped, and each interest payment and the principal payment becomes a separate security (also known as Separate Trading of Registered Interest and Principal of Securities or "STRIPS"). Each component has its own identifying number and can be held or traded separately. Broker/dealers may market the principal portion of these "stripped" securities or "Strips" at deep discounts. In accordance with Government Code Section 53601.6, interest-only Strips are not authorized for the City. However, principal-only Strips (also known as zero-coupon Treasury securities" or "Discount Notes") are authorized investments, ifthey meet the requirements of Government Code Section 53601.6(b), which specifies that a local agency shall not invest any ofi its surplus funds in any security that could result in zero interest accrual ifheld  toi maturity.  8.2 Federal Agency Obligations or United States Govemment-Sponsored  Enterprise (GSE) Obligations Federal agency or United States overmment-sponsored enterprise (GSE) obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States govemment-sponsored enterprises. As to GSEs, there are: numerous goverment-sponsored enterprises which issue debt instruments, but many lack the liquidity necessary to fit the portfolio requirements of the City. Purchases of goverment-sponsored enterprise securities should be limited to the issues of the Government National Mortgage Association, the Federal Farm Credit Bank, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federal Home Loan Bank. mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond and (b)not fully guaranteed as to principal and interest by federal agencies or a GSE, the investment shall  To the extent the investment is (a) a mortgage-pass through security, collateralized  also meet the criteria specified in Section 8.6 ofthis policy.  8.3 Repurchase Agreements - A repurchase agreement is a contractual agreement  between a financial institution or dealer and the City by which the City purchases securities from a counterparty seller, the counterparty seller agrees to repurchase the securities on or before a specified date and for a specified amount, and the counterparty delivers the underlying securities to the City by book entry, physical delivery, or by third-party custodial agreement. Repurchase agreements authorized by this section shall not exceed 20 percent of the City's surplus moneys that may be  invested pursuant to this policy.  Repurchase agreements may only bei made with primary dealers ofthel Federal Reserve  Bank of New York. The City will not enter into repurchase agreements for a period greater than 7 days. The market value of the securities that underlie a repurchase agreement will not be less than the greater of (a) 102% of the funds borrowed by the counterparty seller against those securities or (b) the sum of the funds borrowed by the counterparty seller against the securities plus accrued interest. And, the securities will be only treasuries meeting the requirements of Section 8.1 oft this policy and agencies of the United States government meeting the requirements of Section 8.2 oft this  policy.  8.4 Medium term corporate notes or bonds (rated A or above by a nationally  recognized statistical rating organization (NRSRO)) all corporate and depository institution debt securities with a maximum remaining maturity offive years or less, issued by corporations organized  5    and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States may be bought only through major banks or primary dealers which offer competitive secondary markets for the purchase or sale of the notes before maturity, such as Bank of America, Goldman Sachs, and J. P. Morgan. Purchases ofmedium term corporate: notes or bonds shall not exceed 30j percent ofthe City's surplus moneys that may bei invested  pursuant to this policy.  8.5 Commercial paper (which must have ai rating oft the highest ranking or of the  highest letter and number rating as provided for by a NRSRO (e.g., Al (S&P) or P1 (Moody's))- may be bought through major banks or primary dealers which can offer or arrange competitive secondary markets for the purchase or sale of the paper before maturity. The longest maturity  approved for commercial paper is 270 days.  The entity that issues the commercial paper shall meet all oft the following conditions  in either paragraph (a) or (b):  a.  The entity (i) is organized and operating in the United States as a general  corporation; (ii) has total assets in excess of five hundred million dollars ($500,000,000); and (iri) has debt other than commercial paper, ifany, that is rated "A" orl higher by an NRSRO.  b.  The entity (i) is organized within the United States as a special purpose  corporation, trust, or limited liability company; (ii) has program wide credit enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond; and (iii) has commercial  paper that is rated "A-1" or higher, or the equivalent, by an NRSRO.  The City may invest no more than 25 percent of its moneys in eligible commercial  paper. The City may not purchase more than 10 percent oft the outstanding commercial paper of any  single issuer.  8.6 Mortgage-backed securities -amoregepas-tmog" security, collateralized  mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer: receivable-backed bond with a fixed coupon issued by an agency of the U.S. government or a GSE, provided that the stated final maturity ofs such security does not exceed five (5)years from the date of purchase. Tol be eligible, the issuer ofsuch security, obligation, bond, or certificate must have an A or higher rating for thei issuer's debt as provided by an NRSRO, and the security, obligation, bond, or certificate itselfmust be rated in a rating category of AA or its equivalent or better by an NRSRO. Purchases of securities, obligations, bonds, or certificates authorized by this section shall not exceed 20 percent of the City's  surplus moneys that may be invested pursuant to this policy.  8.7 Negotiable Certificates of Deposit (CDs) or Non-negotiable, FDIC-insured  CDs or Time Deposits with fixed coupons and fixed maturity date which may not exceed five (5) years and are issued by a nationally or state-chartered bank, a savings association or a federal association (as defined by Section 5102 of the Financial Code), a state or federal credit union, or by ai federally licensed or state-licensed branch ofa foreign bank. Purchases of CDs and time deposits shall not, ini total, exceed 30 percent ofthe City's funds that may be invested pursuant to this policy.  8.8 Local Agency Investment Funds (LAIF)administered by the State Treasurer's  Office.  6    8.9 Passbook accounts maintained solely toj provide for ongoing operational needs  shall not exceed the maximum amount insured by the FDIC and shall be subject to the requirements  ofthis policy.  8.10 Shares of Beneficial Interest Issued by a Joint Powers Authority the joint  powers authority must be organized pursuant to Government Code Section 6509.7 and invest in the securities and obligations authorized for local agency investment by Government Code Section  53601.  To be eligible, the joint powers authority issuing the shares (each of which shall  represent an equal proportional interest ini the underlying pool ofsecurities owned by the joint powers authority) shall have retained an investment adviser that () is registered or exempt from registration with the U.S. Securities and Exchange Commission; (ii) has not less than five years of experience investing in the securities and obligations authorized for local agency investment by Government Code Section 53601; and (iri) has assets under management in excess of five hundred million dollars  ($500,000,000).  8.11 State and Local Agency Bonds, Warrants and Treasury Notes (rated "BBB" or  above (or equivalent) by a NRSRO before insurance). The following may be purchased except that the remaining term to maturity at the time the investment is purchased cannot exceed five years. including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by the State of California or by a department, board, agency, or authority of  a.  Registered state warrants or treasury notes or bonds of the State ofCalifornia,  the State of California.  b.  Registered treasury notes or bonds of any of the other 49 states in the U.S.,  including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any oft the other  49 states in the U.S.  C.  Bonds, notes, warrants, or other evidences ofi indebtedness of a local agency  within the State of California, including bonds payable solely out of the revenues from a revenue- producing property owned, controlled, or operated by the local agency, or by a department, board,  agency, or authority oft the local agency.  Noi more than 5 percent oft the City'sf funds that may bei invested pursuant to this policy  shall bei invested inl bonds, warrants, notes, or other evidences ofindebtedness ofas single local agency within the State of California or of a single state. For purposes of the foregoing limitation, bonds, warrants, notes, or other evidences ofi indebtedness of a related entity ofa local agency or state shall be included in the calculation with respect to moneys invested in such local agency or state.  Also, no more than 15%ofthe City'sf funds that may bei invested pursuant to this policy  shall be invested in bonds, warrants, notes, or other evidences of indebtedness (of states within the U.S. and/or California local agencies) that have been assigned a rating within the "BBB" (or equivalent) rating category (i.e., "BBB" or "BBB+". "BBB-4 rated obligations are below the  minimum eligible rating of"BBB").  7    8.12  Shares of] Beneficial Interest Issued by "Money Market Funds"- shares of  beneficial interest issued by diversified management companies that are money market funds registered with the U.S. Securities and Exchange Commission under the Investment Company Act of  1940.  To be eligible, the investment company (i.e., money market fund) must meet either of  the following criteria: (a) attained the highest ranking or the highest letter and numerical rating provided by not less than two NRSROs, or (b) retained an investment adviser registered or exempt from registration with the U.S. Securities Exchange with not less than five years' experience managing money market mutual funds with assets under management in excess of five hundred million dollars ($500,000,000). The shares authorized by this section must be ofthe type sold without any sales commission or sales charge of any kind (true no-load funds). Purchases of money market fund shares shall not exceed 20 percent of the City's moneys that may be invested pursuant to this  policy.  8.13 Other Investment Guidelines:  Securities may be sold at a loss in order to improve the risk or return characteristics of  the portfolio, to prevent anticipated further erosion of principal or when trading for securities that result in an expected net economic gain to the City. Ifs securities owned by the City are downgraded by both Moody's and S&P to a level below the quality required by this Investment Policy, it shall be  the City's policy to sell such securities promptly.  Exemptions - Any investment currently held that does not meet the guidelines of this  policy shall be exempted from the requirements ofthisp policy. Atmaturity or liquidation, suchi monies  shall be reinvested only as provided by this policy.  Prohibited Investments - The list of eligible securities contained in the California  Government Codeise extensive and includesanumber of categories which are nots suitable investments for funds of the City. The categories in the list which have such limitations are as follows:  The City shall not invest any funds pursuant to Section 53600, et. seq., in inverse  floaters, range notes, interest-only strips that are derived from a pool ofr mortgages, or any security  that could result in zero interest accrual ifheld to maturity.  9.0 Collateralization:  All investments of the City shall be collateralized to the extent required by the State Government Code. (E.g., repurchase agreements, and deposits exceeding the maximum amount insured by the The collateral for deposits exceeding the maximum amount insured by the FDIC in local savings associations is held at thel Federal Homel Loan Bank of San Francisco. Thecollateral for such deposits in local banks is held in the City's name in the trust department of one of the banks with which the City has a current safekeeping agreement (so long as the issuer of the deposit is not the same bank as the bank holding the collateral) and is authorized pursuant to Government Code Sections 53656(b) and 53657 by the Administrator of Local Agency Security designed by Government Code Section 53661 (presently, the Commissioner ofl Business Oversight) or with the Federal Reserve Bank of San  FDIC.)  Francisco.  8    Acceptable collateral instruments are U.S. Treasury or Federal Agency or GSE issues of the types authorized by Government Code Sections 53651(a) and 53651(f), respectively, equal ini market value to at least 110% oft the deposit ofthe City. Alternatively, prime seasoned first trust deeds meeting the requirements of Government Code Section 53651.2: and equal in value to at least 150% ofthe deposit of the City may also be placed by savings associations with the Federal Home Loan Bank of San Securities which serve as collateral for repurchase agreements with banks may be held in the issuing bank's trust department, provided that ai master repurchase agreement has been executed ensuring the  Francisco to cover collateral requirements for City deposits.  fiduciary separation oft these assets from other bank assets.  10.0 Safekeeping and Custody:  All security transactions,i including collateral for repurchase agreements, entered into by the City shall be conducted on a deivey-versus-payment (DVP) basis. Securities will be held by a third party custodian and evidenced by safekeeping receipts. Pursuant to Government Code Section 53608, the third party custodian shall be ai federal or state association (as defined by Section 5102 ofthe. Financial Code), a trust company or a state or national bank located within the State of California, the Federal Reserve Bank of San Francisco or any branch thereof within the State of California, or any Federal Reserve Bank or any state or national bank located in any city designated as a reserve city by the The transferring of investment funds will be carried out exclusively by use of the Federal Reserve Bank's electronic wire transfer system. Each Banker or Primary Dealer with which the City does business shall receive in writing from the City Treasurer and City Manager or designee al listing which The listing will also contain the names oft the City staff authorized to request such transfers and will be updated in writing for changes ofauthorized staff and bank accounts as necessary. Transfers from one account of the City to another shall require the request of only one authorized staff member. Transfers from the City's account to third parties shall require the request of two  Board of Governors oft the Federal Reserve System.  limits transfers of funds to pre-authorized bank accounts only.  authorized staff members. 11.0 Maximum Maturities:  To the extent possible, the City will attempt to match its investments with anticipated cash flow requirements. Pursuant to Government Code Section 53601, if not otherwise specified herein, no investment shall be made in any security, other than a security underlying a repurchase agreement authorized by Section 8.3, that at1 the time ofthe investment has at termi remaining to: maturity in excess off five (5) years from the date of purchase, unless the City Council has granted express authority to make that investment either specifically or as aj part of an investment program approved by the City  Council no less than three months prior to the investment.  12.0 Internal Control and Audits:  The City Treasurer shall establish an annual process of independent review by an external auditor. This review may be part of the City's annual financial audit performed by an independent certified public accountant whichi is designed to meet the requirements ofthe federal Single Audit Actof1984  9    and related Office ofManagement and Budget Circular A-128 or at any other time as determined by  the City Treasurer.  13.0 Reporting and Investment Policy Adoption:  The City Treasurer in conjunction with the City Manager and City Attorney shall review and update this Investment Policy annually and present the written, updated policy to the City Council, for  consideration and adoption as provided in Government Code Section 53646 et al.  14.0 Interest Earnings:  All moneys earned and collected from investments authorized in this policy shall be allocated yearly to various fund accounts based on the monthly cash balance in each fund as aj percentage oft the entire  pooled portfolio.  15.0 Reporting and Reviews:  The City Treasurer shall make a monthly report to the City Council of the transactions to invest or reinvest surplus funds, and to sell or exchange securities sO purchased for and on behalf of the City, The City Treasurer shall review and render quarterly reports to the City Manager and City Council in compliance with California Government Code Section 53646(b). These reports will include the face amount and the purchase price of the cash investment, the classification oft the investment, the name oft the issuer institution or entity, the rate ofi interest, the maturity date, the current market value and The quarterly report will include a statement ofthe portfolio's compliance with the City's investment policy and a statement denoting the City's ability to meet its expenditure requirements for the next six months. Additionally, and ifapplicable, the report will include the amount held by the City's deferred  in compliance with California Government Code Section 53607.  accrued interest due for all securities.  compensation administrator(s). 16.0 Legislative Changes:  Any State of California legislative action, that further restricts allowable maturities, investment type or percentage allocations, will be incorporated into the City of] Hidden Hills' Investment Policy and  supersede any and all previous applicable language. 17.0 Investment Policy Adoption:  The City's Investment Policy shall be adopted by Resolution ofthe City Council on an annual basis. This Investment Policy shall be reviewed at least annually to ensure its consistency with the overall objectives of preservation of principal, liquidity and yield, and its relevance to current law and financial and economic trends. Any amendments to the policy shall be forwarded to City Council for  approval.  10    TABLE1  Investment Type:  Dollar or Percent Limits agency'sportfolio)  Maturity Exceed)  Liquid  (calculated separately for each (Notto  1. General Instruments State Investment Fund (LAIF) U.S. Treasury Bonds, Notes & Bills Federal Agency or U.S. Government ponsored-Enterprises  The maximum set by LAIF  On demand 5yrs. 5yrs.  Yes Yes Yes  None  None (subject to Sections 8.2 and 8.6 mortgage-backed securities) of the investment policy) 5% oft total portfolio with respect to obligations ofa single California or ofas single state 15%oftotal portfolio with respect to obligations rated "BBB" or "BBB+" ("BBB-"i is not eligible)  Obligations of the State of California, any oft the other 49 states, or any local rating of"BBB" or above (or equivalent) before insurance.  5yrs.  Yes  agency ofthe State ofCalifornia with a local agency within the State of  2. Collateralized Investments Repurchase Agreements Deposit accounts  20% oftotal portfolio Amounts above FDIC- insurance must be collateralized demand  7days On  Yes Yes  3. Uncollateralized Instruments Non-negotiable, FDIC-insured CDs or Negotiable Certificates of Deposit Medium Term Corporate Notes* and  30% oftotal portfolio* 30% of total portfolio* 30% oftotal portfolio** 25% oft total portfolio Not to exceed 20%  5years 5years 5years 270 days 5yrs.  No Yes Yes Yes Yes 11  Time Deposits (CDs) Bonds* Commercial Paper Mortgage-Backed Securities    Investment Type:  Dollar or Percent Limits (calculated separately for each agency'sportfolio)  Maturity (Not to Exceed)  Liquid  *Percent Limit (30% oftotal portfolio) is a collective limit as to Time Deposits, non-negotiable ** Percent Limit is a collective limit as to Medium Term Corporate Notes & Corporate Bonds, which  FDIC-insured CDs, and negotiable CDs. are governed by Gov. Code Sec. 53601(k).  4. Other Instruments  Shares of' "money market funds" which are sold without any sales commission or sales charge of any kind (true no-load funds) and rated the highest ranking or highest letter and numerical rating provided by at least two NRSROS Shares ofbeneficial interest issued by a  20% oftotal portfolio  On demand  Yes  None  On demand  Yes  JPA  12    ATTACHMENT #3    CITY OF SIERRA MADRE Fiscal Year 2022- 2023  STATEMENT OF INVESTMENT POLICY  L.PURPOSE  The purpose of this Investment Policy is to establish investment guidelines for the City Treasurer. Each transaction and the entire portfolio must comply with California The City Council of the City of Sierra Madre and its related authorities and agencies recognize its responsibility to properly direct the investments off funds under its care. The purpose of this policy is to provide guidelines for the investment of funds based upon prudent cash management practices and in conformity with all applicable statutes. In instances in which the Policy is more restrictive than Federal or State law, the Policy  Government Code Section 53600, et seq., and this policy.  supersedes. II. SCOPE  This Investment Policy applies to all financial assets of the City of Sierra Madre as accounted fori in the Annual Report. Funds specifically exempt from this policy include bond proceeds, employee deferred compensation plans, funds held in trust with the City with specific investment instructions, and any funds held in employee pension plans. Policy statements outlined in this document focus on the City of Sierra Madre's pooled funds, but will also apply to all other funds under the City Treasurer's span of control The primary guiding investment policy for bond proceeds will be dictated by the bond documents governing such funds as long as the documents are approved by the City Council or related governing board. As a minimum standard for the investment ofb bond proceeds, the governing bond documents will have permitted investment language that follows guidelines used by one of the two largest bond insurers in the United States. Deviations from this guideline may be made with the expressed consent of the City  unless specifically exempted by statute or ordinance.  Council. III. PRUDENCE  The standard to be used by investment officials shall be that ofa' "prudent expert" and shall be applied in the context of managing all aspects of the overall portfolio. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs ofthe agency, that aj prudent person acting in al like capacity and familiarity with those matters  (1)    would use in the conduct off funds ofal like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part ofan overall strategy, investments The City Treasurer and designees appointed to manage the investment portfolio, acting within the intent and scope of this investment policy and other written procedures, and exercising due diligence, shall be relieved of personal responsibility and liability for an individual security's credit risk or market price changes, provided deviations from expectation are reported in at timely manner and appropriation is taken to control adverse  may be acquired as authorized by law.  developments.  IV. INVESTMENT OBJECTIVES  All investments shall be prudently invested in order to earn a reasonable return while awaiting application for governmental purposes. The specific objectives for all Safety- The preservation of principal is the primary objective. The City will undertake investments in a manner that ensures the preservation ofc capital in the overall portfolio. Liquidity- As as second objective, the investment portfolio should remain sufficiently flexible to enable the City" Treasurer to meet all operating requirements, which may be reasonably anticipated. To the extent possible, the maturity of investments selected will match the projected City's cash requirements, including an amount to cover reasonably Public Trust Ini managing the investment portfolio, the City Treasurer and authorized investment officials should avoid any transactions that might impair public confidence. Diversification - The investment portfolio will be diversified to avoid risk regarding Reasonable Market Rate ofReturn- All investments should be designed to attain market average rate ofreturn through budgetary and economic cycles, consistent with the average Thei investment function will have additional goals of: assuring ongoing compliance with Federal, State, and local laws governing the investment of funds kept by the City, maintaining reserves for long-term projects and contingencies, and establishing quality standards and limits to the type of investments made and with which institutions  investments are: ranked in orderofimportance.  estimated contingencies.  specific security types or individual financial institutions.  maturity of its portfolio and the credit quality ofi its securities.  investments are placed with.  (2)    V. DELEGATION OF AUTHORITY  Under authority granted by the City Council, the City Treasurer is responsible to invest and reinvest all unexpended funds int the City treasury. Daily management responsibility ofthe investment program has been delegated to the City Treasurer, who shall establish The City" Treasurer serves as the chiefinvestment officer for the City and is authorized to invest or deposit the City's funds in accordance with this policy, California Government Code Sections 53600, et seq., and all other related Federal and State laws. In the absence of the City Treasurer, the City Manager or his/her designee will serve as the chief investment officer. The City Treasurer may appoint deputy treasurers to act on behalfof the City. The City Treasurer will provide written authorization in delegating any ofhis/her The City Manager's responsibility includes establishing, monitoring, and maintaining a strong system ofinvestment controls. The City Manager will provide periodic oversight to the investment function that includes but is not limited to reviewing quarterly investment The City Council's primary responsibilities over the investment function include establishing investment policies, annually reviewing such policies, reviewing quarterly investment reports issued by the City Treasurer, authorizing bond documents and other unique financing transactions, and authorizing any deviations from the City's investment The City may, in its discretion, engage the services of one or more external investment managers to assist in the management of the City's investment portfolio in a manner consistent with the City's objectives. Such external managers may be granted discretion to purchase and sell investment securities in accordance with this Investment Policy. Such managers must be registered under thel Investment Advisers Act of1 1940.  procedures for the operation consistent with this investment policy.  authority.  reports issued by the City Treasurer.  policies.  VI. ETHICS AND CONFLICTS OF INTEREST  All officials, staff members and consultants involved in the investment functions will refrain from personal business activity that could conflict with the execution of the investment function or which may impair their ability to make impartial investment decisions. Officials, staff members, and consultants will disclose to the City Manager any financial interests with a financial institution, provider, dealer, or broker that conducts business with the City. Officials, staff members, and consultants will further disclose any personal financial positions that could be related to the performance of the City's All bond issue providers including but not limited to underwriters, bond counsel, financial advisors, brokers, and dealers, will disclose any fee sharing arrangements or fee splitting to the City Manager prior to the execution of any transactions. The providers must disclose  portfolios.  (3)    the percentage share and approximate dollar amount share to the City prior to the execution Additionally, the City Treasurer is required to annually file appropriate financial disclosures as required by the Fair Political Practices Commission (FPPC). VII. INDEMNIFICATION OF INVESTMENT OFFICIALS  ofany transactions.  Any investment officer exercising his/her authority with due diligence and prudence, and in accordance with the City's Investment Policy, will not be held personally liable for any  individual investment losses or total portfolio losses.  VIII. AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS  The City Treasurer shall maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers selected by credit worthiness who are authorized to provide investment services int the State of California. These may include primary dealers orre regional dealers that qualify under Securities & Exchange Commission rule 15C3-1 (uniform net capital rule). No public deposit shall be made except in a qualified public depository as established by state laws. All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the City Treasurer with the following: (e.g. audited financial statements, proof of National Association of Security Dealers certification, trading resolution, proofof State registration, certification ofhaving read the An annual review of the financial condition and registrations of qualified bidders will be  City's investment policy and depository contracts.  conducted.  IX. AUTHORIZED AND SUITABLE INVESTMENTS  The investing of City funds is governed by the California Government Code, Sections 53600 et seq. Within the context of the limitation, the following investments are  authorized, as further limited herein:  I. United States' Treasury Bills, Bonds, and Notes or those for which thei full faith credit oft the United States is pledged for the payment of principal and interest. 2. Obligations issued by Government Sponsored Enterprises such as the Government National Mortgage Association (GNMA), the Federal Farm Credit Bank System (FFCBS), the Federal Home Loan Banks (FHLB), the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC), Federal Agricultural Mortgage Corporation  (FAMCA) and the Tennessee Valley Authority.  (4 )    Investments detailed in Item 3 and Item 4 are further restricted to aj percentage oft the cost value oft the portfolio in any one-issuer name toa a maximum of 5%. The total value invested  ina any one issuer shall not exceed 5% oft the issuer's net worth.  3. Billsofexchange or time drafts drawn on and accepted by commercial banks, otherwise known as banker's acceptances. Banker's acceptances purchased may not exceed 180 days to maturity or 40% of the market value of the portfolio. No more than 30% may be invested in the banker's acceptances of 4. Commercial paper of "prime" quality of the highest ranking or of the highest letter and number rating as provided for by a nationally recognized statistical rating organization (NRSRO) thati is' "A"orh higher, ort the equivalent, bya an) NRSRO, having assets in excess of$500,000,000. Purchases of eligible commercial paper may not exceed 270 days to maturity nor represent more than 10% oft the outstanding paper of thei issuing corporation. Purchases of commercial paper may not exceed 25% of the market value of the portfolio. 5. Negotiable Certificates ofDeposit issued by nationally ors state chartered banks or state or federal savings institutions. Purchases ofi negotiable certificates of deposit may not exceed 30% of the total portfolio. A maturity limitation of 6. Repurchase agreements, which specify terms and conditions, may be transacted with banks and broker dealers. The maturity of the repurchase agreements shall not exceed 92 days. Thei market value of the securities used as collateral for the repurchase agreements shall be monitored by the investment staff and shall not be allowed to fall below 102% of the value of the repurchase agreement. Repurchase agreements may not exceed 20% ofthe 7. Local Agency Investment Fund (LAIF), a State of California managed investment pool, may be used up to the maximum permitted by California 8. Bonds, notes, warrants, or other evidence ofi indebtedness of the State of California or any local agency within the State of California, or ofthe other 49 states, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by the local agency, or by a department, board, agency or authority ofthel local agency. A maximum of 10% may be invested in municipal obligations and the maturity of these investments shall not exceed 5 years. In addition, the issuer itself must have a minimum credit rating of"A" or equivalent by a  any one commercial bank pursuant to this section.  five (5)y years is applicable.  market value of the portfolio.  State Law.  NRSRO.  [5)    The City Treasurer shall provide a table with each quarterly investment report that indicates compliance with the above noted percentage limit for each investment type. Ineligiblei investments includet thei following but are: not limited to: mutual funds with weighted average maturities greater than 91 days, reverse repurchase agreements, medium term corporate notes, investment agreements, guaranteed investment agreements, zero interest accrual bonds, first mortgages or trust deeds, inverse floaters, range notes, interest- onlys strips,  and common stocks. X.C COLLATERALIZATION  In accordance with California Government Code Section 53652, depositary institutions shall secure all active and inactive deposits in excess of insured amounts, including certificates of deposits. Collateral shall be maintained with the agent of depository.  XI. SAFEKEEPING  All security transactions, including collateral for repurchase agreements, entered into by the City ofSierral Madre shall be conducted on a delivery versus payment basis. TheC City  will utilize at third party custodian for the holding ofinvestments.  XII. MAXIMUM MATURITIES  To the extent possible, the City will attempt to match its investments with anticipated cash flow requirements. Pursuant to State law, no investments shall have a maturity in excess of five years, unless the Code specifies a shorter maximum maturity. Investments related  to bond reserve funds are not subject to this maximum.  XIII. INTERNAL CONTROLS  The Finance Department shall establish a system of internal controls, which shall be reviewed by the City's independent auditors. The controls shall be designed to prevent losses of public funds arising from fraud, employee error, and misrepresentation by third parties, unanticipated changes in financial markets, or imprudent action by employees and  officers oft the City. XIV. LEVERAGING  The City may not purchase investments on a margin or through a margin account. The City may not leverage itsi investments through the use ofreverse repurchase agreements.  XV. REPORTING  The City Treasurer or designee shall submit quarterly investment reports to the City Council within 60 days of the quarter end. This report will include elements of the  (6)    quarterly reports as prescribed by Government Code Section 53646. Required elements ofthe  quarterly report include:  1. Type of Investment 2. Name of Institution 3. Date of Maturity 6. Rate of Return  4. Amount of Deposit or Cost of Security  5. Current Market Value of All Securities and Source oft the Valuation 7. Statement that the portfolio isi in compliance with this investment policy and ifnot, the manner in which the portfolio is not in compliance 8. Statement denoting the ability of the City to meet its pool's expenditures  requirements for the next six months  XVII. POLICY ADOPTION  The City of Sierra Madre Investment Policy is adopted annually by resolution of the City of Sierra Madre legislative authority. The City Treasurer and the City Manager will review the policy on an annual basis and recommend modifications to the City of Sierra Madre City Council. Whether or not modifications are made to this investment policy, the City Council will review the policy on annual basis in accordance with State law.  (7)    INCORPORA  Richardg Barakat, Mayor (District. 3) DickHale, Mayor Pro Tem District 1) Montgomery Lewis, Councils Member (District 2) Bruce Lathrop, Council Member (District 4) Elizabeth Bruny, Council Member (District5)  BRADBURY  City of Bradbury Agenda Memo  TO: FROM: DATE: SUBJECT: SUMMARY  Honorable Mayor and Members of the City Council  Kevin Kearney, City Manager August 15, 2023  A RECAP ON BRADBURY NIGHT OUT 2023  The City of Bradbury held its annual Bradbury Night Out on Thursday, July 27, 2023 from 6:00pm to 8:00pm. Overall, there were no significant issues, and the City had its highest attendance ever. Two events ago (pre-COVID), the event hit approximately 150 people, which included vendors and residents. Last year (first year post-COVID) the event hit approximately 180. This year, the event had somewhere over 200 people. Event counts are based on reports from the food vendors since this is the event's only control-points. Staff has fielded requests to change the date of Bradbury Night Out due to the high heat and humidity during the typical July month. The event, and its name, is a combination celebration of National Night Out (typically on August 1s!) and Bradbury's Birhdaylincorporation (July 26th); however, this does not preclude the City Council from changing the event to another day/month. While the event had been scheduled in May years ago, May can often bring rain. Consideration could be given to the beginning of October since it has cooler days/evenings, lack of rain, and absence of holidays. This item allows the City Council to provide any feedback on the event to City Staff. Itis recommended that the City Council provide direction to Staff on any items related to  Ice cream reported 198 and food was approximately 210.  Bradbury Night Out.  FOR CITY COUNCIL AGENDA  AGENDA ITEM #