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Home My WebLink About2025/02/11 Post Agenda Packet Date:Tuesday, February 11, 2025, 5:00 p.m. Location:Council Chambers, 276 Fourth Avenue, Chula Vista, CA REGULAR CITY COUNCIL MEETING Watch live in English and Spanish: chulavistaca.gov/councilmeetings or Cox Ch. 24 (English only). Free Spanish interpretation is available on-site. _______________________________________________________________________________________ In-Person Public Comments: Submit a request to speak to City Clerk staff before the close of the public comment period on an item or before the close of the general Public Comment period for non-agenda items. Electronic Public Comments: At chulavistaca.gov/councilmeetings, locate the meeting and click the comment bubble icon. Select the item and click "Leave Comment." You may also email cityclerk@chulavistaca.gov. eComments, emails, and other written comments must be received by the day of the meeting at noon for a regular meeting or three hours before the start time for a special meeting. Watch Live or Recorded (English and Spanish): Visit chulavistaca.gov/councilmeetings. Click "ES" at the bottom to switch to Spanish. Closed captioning is available in both languages. Accessibility: In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the City Clerk’s Office at cityclerk@chulavistaca.gov or (619) 691- 5041. Providing at least 48 hours' notice will help ensure that reasonable arrangements can be made. Gov. Code § 84308 Regulations: To promote transparency and fairness in the governmental decision-making process, there are rules to prevent public officials from being unfairly influenced by contributors to their campaigns. The type of activity these laws were enacted to limit is often referred to as “pay-to-play,” and is governed in California by Government Code section 84308. Parties to any proceedings involving a “license, permit, or other entitlement for use,” as that term is defined in the Political Reform Act, pending before the City Council must disclose any campaign contribution over $500 (aggregated) within the preceding 12 months made by the party, their agent, and those required to be aggregated with their contributions under Gov. Code § 82015.5. The disclosure must include the amount contributed and the name(s) of the contributor(s). "G.C. § 84308 Regulations Apply: Yes" on this agenda indicates that the item is subject to these regulations. PUBLIC PARTICIPATION Complete Agenda Packet: The agenda packet, including staff reports, draft resolutions and ordinances, and other backup materials, is available at chulavistaca.gov/councilmeetings or the City Clerk's Office. Time Allotted for Speaking (subject to change by the presiding officer) - Consent Calendar (any or all items): 3 minutes - Agenda Items (not on Consent): 3 minutes - General Public Comment (not on agenda): 3 minutes Individuals who use a translator will be allotted twice the time. General Public Comments: Twenty-one (21) minutes are scheduled near the beginning of the meeting. The first seven (7) speakers will be heard during the first Public Comment period. If additional speakers are registered, they will be heard during the continued Public Comment period. If all registered speakers present at the time address the City Council during the first Public Comment period, there will be no continued period. Submitting Request to Speak: A request to speak must be submitted to the City Clerk before the close of the public comment period on an item or before the close of the general Public Comments for non-agenda items. GETTING TO KNOW YOUR AGENDA AGENDA SECTIONS Consent Calendar items are routine items that are not expected to prompt discussion. All items are considered for approval at the same time with one vote. Before the vote, there is no separate discussion of these items unless a member of the City Council or staff removes the item from the Consent Calendar. Public Comment provides an opportunity to address the City Council on any matter not listed on the agenda that is within the jurisdiction of the City Council. Under the Brown Act, the City Council cannot take action on matters not listed on the agenda. Public Hearings are held on matters specifically required by law. Action Items are items expected to cause discussion and/or action by the City Council but do not legally require a public hearing. Closed Session may only be attended by members of the City Council, support staff, legal counsel, and others specified on the agenda. Closed session may be held in very limited circumstances as authorized by law. CITY COUNCIL ACTIONS Resolutions are formal expressions of opinion or intention of the City Council and are usually effective immediately. Ordinances are laws adopted by the City Council. Ordinances usually amend, repeal, or supplement the Municipal Code; provide zoning specifications; or appropriate money for specific purposes. Most ordinances require two hearings and go into effect 30 days after the final approval. Proclamations are issued by the City to honor significant achievements by community members, highlight an event, promote awareness of community issues, and recognize City employees. City of Chula Vista - City Council February 11, 2025 Post Agenda Page 2 of 710 Pages 1.CALL TO ORDER 2.ROLL CALL 3.PLEDGE OF ALLEGIANCE TO THE FLAG AND MOMENT OF SILENCE 4.SPECIAL ORDERS OF THE DAY 4.1 Presentation of Proclamation Honoring Chula Vista Firefighters for Their Efforts in Fighting the Border 2 Fire and Los Angeles Fires 5.CONSENT CALENDAR (Items 5.1 through 5.5) Consent calendar items are considered together and acted upon by one motion. There is no separate discussion of these items unless the Mayor or a City Councilmember removes the item from the consent calendar. Items removed from the consent calendar will be heard as action items. 5.1 Approve Meeting Minutes 8 RECOMMENDED ACTION: Approve the minutes dated: February 4, 2025 5.2 Waive Reading of Text of Resolutions and Ordinances RECOMMENDED ACTION: Approve a motion to read only the title and waive the reading of the text of all resolutions and ordinances at this meeting. 5.3 Annual Report: Accept the Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2024, and Update on Reserve Funds 16 Report Number: 25-0041 Location: No specific geographic location Department: Finance G.C. § 84308 Regulations Apply: No Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines. Therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required. RECOMMENDED ACTION: Adopt a resolution accepting the Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2024. City of Chula Vista - City Council February 11, 2025 Post Agenda Page 3 of 710 5.4 Policy and Investment Report: Amend City Council Policy No. 220-01, Delegate Investment Activity Authority to the Director of Finance/Treasurer, and Accept the Investment Report for Quarter Ending December 31, 2024 277 Report Number: 25-0012 Location: No specific geographic location Department: Finance G.C. § 84308 Regulations Apply: No Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines. Therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required. RECOMMENDED ACTION: Adopt a resolution acknowledging receipt of City Council Policy No. 220-01 Investment Policy and Guidelines, amending the existing policy, delegating investment activity authority to the Director of Finance/Treasurer, and accepting the investment report for the quarter ending December 31, 2024. 5.5 Employee Compensation and Positions: Approve Classification Plan and Compensation Schedule; Position Counts; Revised Compensation Schedule; and Unclassified Ordinance 351 Report Number: 25-0054 Location: No specific geographic location Department: Human Resources G.C. § 84308 Regulations Apply: No Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines; therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required. RECOMMENDED ACTION: Adopt resolutions: A) Amending the Classification Plan and Compensation Schedule to reflect the addition and deletion of position titles and amending the authorized position count in various departments; B) Approving the revised Fiscal Year 2024-25 Compensation Schedule effective February 21, 2025, as required by the California Code of Regulations, Title 2, Section 570.5; and place an Ordinance on first reading amending Chula Vista Municipal Code Section 2.05.010 to add the unclassified position titles of Chief Communications Officer and Chief Veterinarian and delete the position title of Communications Manager. (First Reading) (4/5 Vote Required) City of Chula Vista - City Council February 11, 2025 Post Agenda Page 4 of 710 6.PUBLIC COMMENTS 433 Twenty-one minutes are scheduled for the public to address the City Council for three minutes each on any matter within the jurisdiction of the City Council that is not on the agenda. The remaining speakers, if any, will be heard during the continued Public Comment period. 7.PUBLIC HEARINGS 7.1 Otay Ranch Village Seven Sectional Planning Area: Amend the Otay Ranch Village Seven Sectional Planning Area Plan, Including Associated Regulatory Documents, and a Tentative Map 441 Report Number: 25-0028 Location: Generally, south of Birch Road, east of La Media Road, west of California State Route 125, and north of Otay Ranch Village Eight West Department: Development Services G.C. § 84308 Regulations Apply: Yes Environmental Notice: The Project is substantially covered in the previously certified Final Environmental Impact Report (“FEIR”) and Mitigation Monitoring and Reporting Program (“MMRP”) for the Otay Ranch Village Seven Sectional Planning Area Plan (FEIR 04-06; SCH #2003111050; certified by City Council Resolution No. 2004-330 on October 12, 2004). However, minor technical changes and/or additions are necessary, and a First Addendum to FEIR 04-06 has been prepared. RECOMMENDED ACTION: Conduct a public hearing and Adopt a resolution:1. Certifying the First Addendum to FEIR 04-06;a. Approving amendments to the Chula Vista General Plan, the Otay Ranch General Development Plan, and the Otay Ranch Village Seven Sectional Planning Area Plan in accordance with the required findings; and b. Approving a Tentative Map incorporating the proposed changes to the Otay Ranch Village Seven Sectional Planning Area in accordance with the required findings and subject to conditions. c. Place an ordinance on first reading approving modifications to the Otay Ranch Village Seven Planned Community District Regulations. (First Reading) 2. 8.ACTION ITEMS 8.1 Consider Items Removed From the Consent Calendar, if Any Consider items removed from the consent calendar by the Mayor or a City Councilmember, if any. If no items were removed from the consent calendar, this item will be withdrawn. City of Chula Vista - City Council February 11, 2025 Post Agenda Page 5 of 710 8.2 Long-Term Financial Plan: Accept the General Fund Long-Term Financial Plan – Fiscal Years 2026-2035 Report 646 Report Number: 25-0002 Location: No specific geographic location Department: Finance G.C. § 84308 Regulation Apply: No Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines. Therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required. RECOMMENDED ACTION: Accept the General Fund Long-Term Financial Plan – Fiscal Years 2026-2035 report. 9.PUBLIC COMMENTS (CONTINUED) There will be no continued Public Comment period if all speakers present at the first Public Comment period are heard. 10.CITY MANAGER’S REPORTS 695 11.MAYOR’S REPORTS 11.1 Ratification of Appointment to the Following Commissions:696 Charter Review Commission - Ryan Keyes Civil Service Commission - Michael Baranic 12.COUNCILMEMBERS’ REPORTS 710 13.CITY CLERK'S REPORTS 14.CITY ATTORNEY'S REPORTS 15.CLOSED SESSION Announcements of actions taken in closed session shall be made available by noon on the next business day following the City Council meeting at the City Attorney's office in accordance with the Ralph M. Brown Act (Government Code 54957.7) 15.1 Conference with Labor Negotiators Pursuant to Government Code Section 54957.6 Agency designated representatives: Maria Kachadoorian, Tiffany Allen, Courtney Chase, Marco Verdugo, Tanya Tomlinson, and Sarah Schoen Employee organization: IAFF, MM/PR City of Chula Vista - City Council February 11, 2025 Post Agenda Page 6 of 710 15.2 Conference with Legal Counsel Regarding Existing Litigation Pursuant to Government Code Section 54956.9(d)(1) Name of case: 1) CV Amalgamated LLC dba Caligrown v. City of Chula Vista, San Diego Superior Court, Case No. 37-2020-00033446-CU-MC-CTL; 2) CV Amalgamated LLC dba Caligrown v. City of Chula Vista, San Diego Superior Court, Case No. 37-2024-00023455-CU-MC-CTL; 3) Arturo Castanares v. City of Chula Vista, San Diego Superior Court, Case No. 37-2021-00017713-CU-MC-CTL; and 4) Just Construction, Inc. v. City of Chula Vista, San Diego Superior Court, 37- 2023-00044536-CU-BC-CTL 16.ADJOURNMENT to the regular City Council meeting on February 25, 2025, at 5:00 p.m. in the Council Chambers. Materials provided to the City Council related to an open session item on this agenda are available for public review, please contact the Office of the City Clerk at cityclerk@chulavistaca.gov or (619) 691-5041. Sign up at www.chulavistaca.gov to receive email notifications when City Council agendas are published online. City of Chula Vista - City Council February 11, 2025 Post Agenda Page 7 of 710 City of Chula Vista Regular City Council Meeting MINUTES Date: Location: February 4, 2025, 5:00 p.m. Council Chambers, 276 Fourth Avenue, Chula Vista, CA Present: Deputy Mayor Chavez, Councilmember Fernandez, Councilmember Inzunza, Councilmember Preciado, Mayor McCann Also Present: City Manager Kachadoorian, City Attorney Verdugo, City Clerk Bigelow, Deputy Director of City Clerk Services Turner Minutes are prepared and ordered to correspond to the agenda. _____________________________________________________________________ 1. CALL TO ORDER The meeting was called to order at 5:00 p.m. 2. ROLL CALL City Clerk Bigelow called the roll. 3. PLEDGE OF ALLEGIANCE TO THE FLAG AND MOMENT OF SILENCE Led by Scouts of America Troops 2099 and 1194. 4. SPECIAL ORDERS OF THE DAY 4.1 Oath of Office Board of Library Trustees - Isabella Glinksy City Clerk Bigelow administered the oath of office. 4.2 Presentation of a Proclamation Welcoming and Commending the Members of the Shen Yun Production The proclamation was presented. 5. CONSENT CALENDAR (Items 5.1 through 5.6) City Attorney Verdugo announced that a revised agreement for Item 5.4 had been distributed and that action on the item would be on the revised document. Item 5.3 was removed from the consent calendar at the request of Deputy Mayor Chavez. John Acosta, Chula Vista resident, spoke in support of Item 5.4. Page 8 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2025-02-04 City Council Regular Meeting Minutes Page 2 Steve Stenberg, Chula Vista resident spoke in support of Item 5.5. Moved by Mayor McCann Seconded by Councilmember Fernandez To approve the recommended actions appearing below consent calendar Items 5.1, 5.2 and 5.4 through 5.6. The headings were read, text waived. The motion was carried by the following vote: Yes (5): Deputy Mayor Chavez, Councilmember Fernandez, Councilmember Inzunza, Councilmember Preciado, and Mayor McCann Result, Carried (5 to 0) 5.1 Approve Meeting Minutes Approve the minutes dated: January 7, 9, and 14, 2025. 5.2 Waive Reading of Text of Resolutions and Ordinances Approve a motion to read only the title and waive the reading of the text of all resolutions and ordinances at this meeting. 5.4 Grant Award, Appropriation, and Agreement: Accept and Appropriate Grant Funds from Cal OES for the Law Enforcement Specialized Units Program, Waive the Competitive Bidding Process, and Approve an Agreement with SBCS for Domestic Violence Services Adopt a resolution accepting $203,130 in grant funds from the California Governor’s Office of Emergency Services, waiving the competitive bidding process, approving an agreement with SBCS Corporation for domestic violence response and advocacy services, and appropriating funds to the Police Grants Section of the Federal Grants Fund for the Law Enforcement Specialized Units Program. (4/5 Vote Required) Item 5.4 heading: RESOLUTION NO. 2025-013 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA ACCEPTING FUNDS FROM THE CALIFORNIA GOVERNOR’S OFFICE OF EMERGENCY SERVICES FOR THE LAW ENFORCEMENT SPECIALIZED UNITS PROGRAM, WAIVING THE COMPETITIVE BIDDING PROCESS AND APPROVING AN AGREEMENT WITH SBCS CORPORATION FOR DOMESTIC VIOLENCE SERVICES, AND APPROPRIATING FUNDS THEREFOR (4/5 VOTE REQUIRED) 5.5 Purchase Approval: Waive the Competitive Bidding Process and Approve the Purchase of AMKUS Rescue Systems Products from Diamondback Fire & Rescue Adopt a resolution waiving the competitive bidding requirements and approving the purchase of specified Fire & Rescue equipment, in an amount not to exceed $5,000,000, from Diamondback Fire & Rescue over a five-year period. Page 9 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2025-02-04 City Council Regular Meeting Minutes Page 3 Item 5.5 heading: RESOLUTION NO. 2025-014 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA WAIVING THE COMPETITIVE BIDDING REQUIREMENTS AND APPROVING THE PURCHASE OF AMKUS EQUIPMENT FROM DIAMONDBACK FIRE & RESCUE 5.6 Grant Award: Accept the Roy and Marian Holleman Foundation Grant to Replace Animal Housing, Appropriate Funds and Amend the Fiscal Year 2024-25 Budget Adopt a resolution accepting a grant award from the Roy and Marian Holleman Foundation in the amount of $38,000 to provide animal housing improvements at the Animal Care Facility and appropriate funds for that purpose. (4/5 Vote Required) Item 5.6 heading: RESOLUTION NO. 2025-015 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA ACCPETING GRANT FUNDS FROM THE ROY AND MARIAN HOLLEMAN FOUNDATION, AMENDING THE FISCAL YEAR 2024-25 BUDGET, AND APPROPRIATING FUNDS THEREFOR (4/5 VOTE REQUIRED) ACTION ITEMS REMOVED FROM THE CONSENT CALENDAR 5.3 Agreement: Approve an Agreement with HR&A Advisors, Inc. to Develop an Economic Development Strategic Plan Assistant City Manager Allen provided a brief overview of the item and responded to questions from the City Council. Moved by Councilmember Preciado Seconded by Deputy Mayor Chavez To adopt Resolution No. 2025-012, heading read, text waived. The motion was carried by the following vote: Yes (5): Deputy Mayor Chavez, Councilmember Fernandez, Councilmember Inzunza, Councilmember Preciado, and Mayor McCann Result, Carried (5 to 0) Item 5.3 heading: RESOLUTION NO. 2025-012 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING A TWO-PA RTY CONSULTANT SERVICES AGREEMENT WITH HR&A ADVISORS, INC. TO PROVIDE ECONOMIC DEVELOPMENT STRATEGIC PLANNING SERVICES Page 10 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2025-02-04 City Council Regular Meeting Minutes Page 4 6. PUBLIC COMMENTS John Acosta, Chula Vista, spoke regarding various topics. The following members of the public spoke in support of competitive wages for SEIU Local 221:  Jennifer Lima  Shannel Honore Nancy Yamagata, Chula Vista resident, expressed concern regarding the impact of the potential deportation of undocumented individuals on her students. Alfredo Luna, Chula Vista resident, expressed concern regarding a violation of his family's civil liberties. Tatiana Landini, Chula Vista resident, spoke regarding homeless encampments near Palomar. 7. PUBLIC HEARINGS 7.1 Housing Funds: HUD Block Grant Programs Funding Priorities for 2025-2029 Consolidated Plan and 2025/26 Annual Action Plan Notice of the hearing was given in accordance with legal requirements, and the hearing was held on the date and no earlier than the time specified in the notice. Management Analyst Barnard gave a presentation on the item. Mayor McCann opened the public hearing. John Acosta, Chula Vista resident, spoke expressing a neutral position on the item. There being no further members of the public who wished to speak, Mayor McCann closed the public hearing. 8. ACTION ITEMS 8.1 Consider Items Removed From the Consent Calendar, if Any For action on this item, refer to the section Action Items Removed from the Consent Calendar, above. The meeting was recessed at 5:56 p.m. and resumed at 6:05 p.m. 8.2 Employee Compensation: Amend the Compensation Schedule for the FA Deputy Executive Director, FA IVDC-LECC Executive Director, FA Director of SD LECC, FA Finance Manager, FA Deputy Director of IV-LECC, and FA Deputy Director of LECC Acting Captain Scott Adkins gave a presentation on the item and announced that approval of the item would affect executive compensation. Moved by Mayor McCann Seconded by Deputy Mayor Chavez To adopt Resolution Nos. 2025-016 and 2025-017, the headings were read, text waived. The motion was carried by the following vote: Page 11 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2025-02-04 City Council Regular Meeting Minutes Page 5 Yes (5): Deputy Mayor Chavez, Councilmember Fernandez, Councilmember Inzunza, Councilmember Preciado, and Mayor McCann Result, Carried (5 to 0) Item 8.2 headings: A) RESOLUTION NO. 2025-016 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AMENDING THE COMPENSATION SCHEDULE AND CLASSIFICATION PLAN TO REFLECT CHANGES IN THE COMPENSATION FOR FISCAL AGENT DEPUTY EXECUTIVE DIRECTOR, FISCAL AGENT IVDC- LECC EXECUTIVE DIRECTOR, FISCAL AGENT DIRECTOR OF SD LECC, FISCAL AGENT FINANCE MANAGER, FISCAL AGENT DEPUTY DIRECTOR OF IV-LECC, AND FISCAL AGENT DEPUTY DIRECTOR OF LECC, EFFECTIVE JANUARY 1, 2025 B) RESOLUTION NO. 2025-017 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE REVISED FISCAL YEAR 2024-25 COMPENSATION SCHEDULE EFFECTIVE FEBRUARY 7, 2025, AS REQUIRED BY CALIFORNIA CODE OF REGULATIONS, TITLE 2, SECTION 570.5 TO REFLECT SALARY INCREASES FOR FA DEPUTY EXECUTIVE DIRECTOR, FA IVDC-LECC EXECUTIVE DIRECTOR, FA DIRECTOR OF SD LECC, FA FINANCE MANAGER, FA DEPUTY DIRECTOR OF IV-LECC AND FA DEPUTY DIRECTOR OF LECC 8.3 Measure A Expenditure Plan and Appropriation: Amend the Measure A Public Safety Expenditure Plan to Add One Police Captain, Six Peace Officers, Continue Hourly Community Services Officers, Overtime, Lockers and Vehicles, and Appropriate Funds Police Chief Roxana Kennedy gave a presentation on the item. The following members of the public spoke in support of the item:  John Acosta, Chula Vista resident  Scott Siebert Moved by Mayor McCann Seconded by Deputy Mayor Chavez To adopt Resolution No. 2025-018, the heading was read, text waived. The motion was carried by the following vote: Yes (5): Deputy Mayor Chavez, Councilmember Fernandez, Councilmember Inzunza, Councilmember Preciado, and Mayor McCann Result, Carried (5 to 0) Item 8.3 heading: RESOLUTION NO. 2025-018 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE AMENDED MEASURE A PUBLIC SAFETY EXPENDITURE PLAN TO ADD ONE POLICE CAPTAIN, SIX PEACE OFFICERS, CONTINUE HOURLY COMMUNITY SERVICES OFFICERS, OVERTIME FUNDING, EQUIPMENT STORAGE LOCKERS, AND VEHICLES FOR THE Page 12 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2025-02-04 City Council Regular Meeting Minutes Page 6 POLICE DEPARTMENT, AND APPROPRIATING FUNDS THEREFOR (4/5 VOTE REQUIRED) 9. PUBLIC COMMENTS (CONTINUED) There were none. 10. CITY MANAGER’S REPORTS 10.1 Border 2 Fire Update/Summary Fire Chief Muns and Emergency Services Manager King gave an update on the Border 2 Fire. 11. MAYOR’S REPORTS Mayor McCann reported on attendance at recent events and made community announcements. 11.1 Appointment of the South Bay MTS Executive Committee Representative Moved by Mayor McCann Seconded by Councilmember Preciado To appoint Councilmember Fernandez as the primary member and Mayor McCann as the alternate member of the South Bay MTS Executive Committee. The motion was carried by the following vote: Yes (5): Deputy Mayor Chavez, Councilmember Fernandez, Councilmember Inzunza, Councilmember Preciado, and Mayor McCann Result, Carried (5 to 0) 12. COUNCILMEMBERS’ REPORTS Councilmembers reported on attendance at recent events and made community announcements. Deputy Mayor Chavez spoke regarding her attendance at the Metropolitan Transit Systems Board meeting. 13. CITY CLERK'S REPORTS There were none. 14. CITY ATTORNEY'S REPORTS There were none. 15. CLOSED SESSION Pursuant to Resolution No. 13706 and City Council Policy No. 346-03, the City Attorney maintains official minutes and records of action taken during closed session. City Attorney Verdugo announced that the City Council would convene in closed session to discuss the items listed below. Page 13 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2025-02-04 City Council Regular Meeting Minutes Page 7 Mayor McCann recessed the meeting at 8:08p.m. The City Council convened in closed session at 8:17 p.m., with all members present. 15.1 Conference with Legal Counsel Regarding Existing Litigation Pursuant to Government Code Section 54956.9(d)(1) Name of case: 1) Guadalupe Jose Venegas, et al. v. City of Chula Vista, et al., San Diego Superior Court, Case No. 37-2023-00047590-CU-PA -CTL Action: No Reportable Action Name of case: 2) City of Chula Vista v. Slade Fischer, et al., San Diego Superior Court, Case No. 24CU006375C Action: No Reportable Action Name of case: 3) Lamar Scott Dowling v. Chula Vista Police Department, et al., San Diego Superior Court, Case No. 25CU003024C Action: No Reportable Action Name of case: 4) Lamar Scott Dowling v. Chula Vista Police Department, et al., San Diego Superior Court, Case No. 25CU001169C Action: No Reportable Action 15.2 Conference with Labor Negotiators Pursuant to Government Code Section 54957.6 Steve Stenberg, Chula Vista resident, spoke expressing a neutral position on the item. Agency-designated representatives: Maria Kachadoorian, Courtney Chase, Sarah Schoen, Tanya Tomlinson, and Marco Verdugo Employee organization: IAFF Action: No Reportable Action 16. ADJOURNMENT Mayor McCann adjourned the meeting in memory of ames Vincent Pieri. The meeting was adjourned at 9:22 p.m. Minutes prepared by: Tyshar Turner, Deputy Director, City Clerk Services _________________________ Kerry K. Bigelow, MMC, City Clerk Page 14 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2025-02-04 City Council Regular Meeting Minutes Page 7 Mayor McCann recessed the meeting at 8:08p.m. The City Council convened in closed session at 8:17 p.m., with all members present. 15.1 Conference with Legal Counsel Regarding Existing Litigation Pursuant to Government Code Section 54956.9(d)(1) Name of case: 1) Guadalupe Jose Venegas, et al. v. City of Chula Vista, et al., San Diego Superior Court, Case No. 37-2023-00047590-CU-PA-CTL Action: No Reportable Action Name of case: 2) City of Chula Vista v. Slade Fischer, et al., San Diego Superior Court, Case No. 24CU006375C Action: No Reportable Action Name of case: 3) Lamar Scott Dowling v. Chula Vista Police Department, et al., San Diego Superior Court, Case No. 25CU003024C Action: No Reportable Action Name of case: 4) Lamar Scott Dowling v. Chula Vista Police Department, et al., San Diego Superior Court, Case No. 25CU001169C Action: No Reportable Action 15.2 Conference with Labor Negotiators Pursuant to Government Code Section 54957.6 Steve Stenberg, Chula Vista resident, spoke expressing a neutral position on the item. Agency-designated representatives: Maria Kachadoorian, Courtney Chase, Sarah Schoen, Tanya Tomlinson, and Marco Verdugo Employee organization: IAFF Action: No Reportable Action 16. ADJOURNMENT Mayor McCann adjourned the meeting in memory of James Vincent Pieri. The meeting was adjourned at 9:22 p.m. Minutes prepared by: Tyshar Turner, Deputy Director, City Clerk Services _________________________ Kerry K. Bigelow, MMC, City Clerk Item 5.1 Attachment Revised Pg. 7 Page 15 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda v . 0 0 5 P a g e | 1 February 11, 2025 ITEM TITLE Annual Report: Accept the Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2024, and Update on Reserve Funds Report Number: 25-0041 Location: No specific geographic location Department: Finance G.C. § 84308 Regulations Apply: No Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines. Therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required. Recommended Action Adopt a resolution accepting the Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2024. SUMMARY Presented for City Council information and acceptance are the audited basic financial statements included in the Annual Comprehensive Financial Report for the fiscal year ending June 30, 2024, as prepared by the City and audited by the independent audit firm of Rogers, Anderson, Malody & Scott, LLP. The audit report submitted to the City reflects an unmodified (clean) opinion from the independent audit firm. An update on reserves is also provided. ENVIRONMENTAL REVIEW The Director of Development Services has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a “Project” as defined under Section 15378 of the State CEQA Guidelines because the proposed activity consists of a governmental fiscal/administrative activity which does not result in a physical change in the environment. Therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines, the activity is not subject to CEQA. Thus, no environmental review is required. Page 16 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 2 BOARD/COMMISSION/COMMITTEE RECOMMENDATION Not applicable. DISCUSSION Pursuant to City Charter Section 1012, an annual audit of the City's financial records is performed by an independent accounting firm. The Annual Comprehensive Financial Report (“ACFR”) report is included as Attachment 1 to this report. The firm of Rogers, Anderson, Malody & Scott, LLP has audited the basic financial statements of the City of Chula Vista and has issued their opinion that the statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, the aggregate remaining fund information of the City as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Additionally, Rogers, Anderson, Malody & Scott, LLP considered the City’s internal control over financial reporting to determine the appropriate audit procedures for expressing opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. The Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards is included in the ACFR for fiscal year 2024. Reserve Update Below is an update of General Fund, Pension, Bond Call, and Other Post Employment Benefit (OPEB) reserve funds in accordance with the City of Chula Vista Council Policy Citywide Reserve Policy - Fiscal Health Plan (Policy No. 220-03). The table below reflects the reserve target %, current reserve %, and current reserve amounts as of June 30, 2024, for each reserve. Reserve Funds Reserve Target % Current Reserve % Current Reserve $ (in millions) Target Met General Fund Operating Reserve 15.0% 15.0% $ 27.3 Economic Contingency Reserve 5.0% 5.0% $ 9.1 Catastrophic Event Reserve 3.0% 3.0% $ 5.5 Pension Reserve 15.0% 15.4% $ 27.9 Bond Call Reserve N/A N/A $ 2.6 N/A OPEB Reserve N/A N/A $ 0.9 N/A Operating Reserve The Operating Reserve represents unrestricted resources available for appropriation by the City Council to address extraordinary needs of an emergency nature, such as a major storm drain repair, litigation, settlement costs or an unexpected liability created by Federal and State legislative action. This reserve has a minimum level of no less than 15% of the annual General Fund budgeted operating expenditures. Page 17 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 3 The General Fund ended fiscal year 2024 with $27.3 million in the Operating Reserve. This fully funds the Operating Reserve at 15% of the prior fiscal year 2023 budgeted operating expenditures. This is the City’s seventh consecutive year fully funding the General Fund Operating Reserve. Economic Contingency and Catastrophic Event Reserves The Economic Contingency Reserve represents monies set aside to mitigate service impacts during a significant downturn in the economy which impacts City revenues such as sales tax and property tax, etc. This reserve has a minimum level of no less than 5% of the annual General Fund budgeted operating expenditures. The General Fund ended fiscal year 2024 with $9.1 million in the Economic Contingency Reserve. This fully funds the Economic Contingency Reserve at 5% of the prior fiscal year 2023 budgeted operating expenditures. This is the City’s fifth consecutive year fully funding the Economic Contingency Reserve. The Catastrophic Event Reserve represents monies set aside to fund unanticipated expenses related to major or natural disasters in the City. This reserve has a target level of 3% of the annual General Fund budgeted operating expenditures. The General Fund ended fiscal year 2024 with $5.5 million in the Catastrophic Event Reserve. This fully funds the Catastrophic Event Reserve at 3% of the prior fiscal year 2023 budgeted operating expenditures. Pension, Bond Call, and OPEB Reserve Funds Pension, Bond Call, and OPEB Reserve Funds ensure the City has adequate reserves to fund future pension, debt, and OPEB liabilities. These reserves are funded by annual, net savings related to the City’s 2021 POB s and remaining General Fund surplus funds after meeting the minimum targets of the General Fund Reserves. The Pension Reserve is a reserve in the form of an irrevocable Section 115 Trust (Trust). Pension Reserve contributions are deposited in a Trust for the following purposes: (1) City’s annual unfunded accrued liability (“UAL”) payment to CalPERS, (2) City’s annual normal cost payment to CalPERS, (3) reimbursement to the City for prior-year and current- year payments to CalPERS, and (4) Additional Discretionary Payments to CalPERS. This reserve has a minimum level of 15% of the annual General Fund budgeted operating expenditures. The fiscal year ended with $27.9 million in the Pension Reserve. This fully funds the Pension Reserve at 15.4% of the prior fiscal year 2023 budgeted operating expenditures. Bond Call Reserves are funds available to be used to pay outstanding debt prior to maturity that results in net annual savings. These funds will allow the City to accumulate funds to eliminate debt early. Fiscal year 2024 ended with $2.6 million in the Bond Call reserve. OPEB Reserves are funds available to provide funding for the City’s outstanding OPEB liability. OPEB Reserves will be funded up to 75% of the outstanding OPEB liability in the most recent annual actuarial valuation, to ensure there are adequate reserves to fund this liability in future years. These reserves do not have a minimum level and use of reserves will be recommended to the City Council during the budget process to fund and reduce future pension, debt, and OPEB liabilities. Fiscal year 2024 ended with $0.9 million in the OPEB Reserve. Page 18 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 4 Pursuant to the Citywide Reserve Policy, the table below reflects the five-year reserve balance projections. Estimated Reserve Balance (in millions) FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 General Fund Operating Reserve $ 29.1 $ 31.2 $ 33.4 $ 35.0 $ 36.4 Economic Contingency Reserve $ 9.7 $ 10.4 $ 11.2 $ 11.7 $ 12.1 Catastrophic Event Reserve $ 5.8 $ 6.2 $ 6.7 $ 7.0 $ 7.3 Pension Reserve1 $ 29.1 $ 31.2 $ 33.4 $ 35.0 $ 36.4 Bond Call Reserve1 $ 5.6 $ 5.0 $ 5.0 $ 6.8 $ 7.8 OPEB Reserve1 $ 2.7 $ 3.6 $ 4.4 $ 5.2 $ 5.7 1 Balances include contributions from all operating funds of the City, including non-general funds. DECISION-MAKER CONFLICT Staff has reviewed the decision contemplated by this action and has determined that it is not site-specific and consequently, the real property holdings of the City Council members do not create a disqualifying real property-related financial conflict of interest under the Political Reform Act (Cal. Gov't Code § 87100, et seq.). Staff is not independently aware and has not been informed by any City Council member, of any other fact that may constitute a basis for a decision-maker conflict of interest in this matter. CURRENT-YEAR FISCAL IMPACT There is no current-year fiscal impact as a result of this action. ONGOING FISCAL IMPACT There is no ongoing fiscal impact as a result of this action. ATTACHMENTS 1. Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2024 Staff Contact: Sarah Schoen, Director of Finance/Treasurer Amy Pope, Finance Manager, Finance Department Page 19 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESOLUTION NO. __________ RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA ACCEPTING THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR FISCAL YEAR ENDING JUNE 30, 2024 WHEREAS, City Charter Section 1012 requires that an annual audit be performed of the City's financial records by an independent accounting firm; and WHEREAS, the independent audit firm of Rogers, Anderson, Malody & Scott, LLP, has audited the basic financial statements of the City of Chula Vista as found in the Annual Comprehensive Financial Report (“ACFR”) for fiscal year ending June 30, 2024; and WHEREAS, Rogers, Anderson, Malody & Scott, LLP, has issued their opinion that the statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2024 and the respective changes in financial position, and where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, that it accepts the Annual Comprehensive Financial Report for Fiscal Year Ending June 30, 2024, a copy of which is on file with the City Clerk’s Office. Presented by Approved as to Form by Sarah Schoen Marco Verdugo Director of Finance/Treasurer City Attorney Page 20 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FISCAL YEAR ENDED June 30, 2024 CI7Y 2F C+8LA 9IS7A CALIF2RNIA ANNUAL COMPREHENSIVE FINANCIAL REPORT Page 21 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 22 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Annual Comprehensive Financial Report For The Fiscal Year Ended June 30, 2024 Compiled under the direction of Sarah Schoen Director of Finance/Treasurer State of California Mayor John McCann City Council Carolina Chavez Jose Preciado Alonso Gonzalez Rachel Morineau City Manager Maria Kachadoorian Page 23 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 24 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2024 TABLE OF CONTENTS INTRODUCTORY SECTION Page Number Letter of Transmittal ............................................................................................................................................. i List of City Officials ........................................................................................................................................... vi Organizational Chart ........................................................................................................................................... vii Certificate of Achievement for Excellence in Financial Reporting .................................................................... viii FINANCIAL SECTION Independent Auditors’ Report ........................................................................................................................... 1 Management’s Discussion and Analysis (Required Supplementary Information) ........................................ 5 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position ............................................................................................................................ 27 Statement of Activities ................................................................................................................................. 28 Fund Financial Statements: Governmental Fund Financial Statements: Balance Sheet ....................................................................................................................................... 34 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position .................................................................................................... 37 Statement of Revenues, Expenditures and Changes in Fund Balances......................................................................................................................................... 38 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ...................................................................................................................41 Proprietary Fund Financial Statements: Statement of Net Position ..................................................................................................................... 44 Statement of Revenues, Expenses and Changes in Fund Net Position .................................................. 46 Statement of Cash Flows ...................................................................................................................... 48 Fiduciary Fund Financial Statements: Statement of Fiduciary Net Position ..................................................................................................... 54 Statement of Changes in Fiduciary Net Position ................................................................................... 55 Notes to Basic Financial Statements ............................................................................................................. 57 Required Supplementary Information: Budgetary Comparison Schedule by Department - General Fund ...............................................................119 Budgetary Comparison Schedule – Federal, State, and Local Grants Special Revenue Fund......................129 Budgetary Comparison Schedule - Housing Successor Agency Special Revenue Fund ..............................131 Schedule of Changes in Net Pension Liability and Related Ratios - Miscellaneous .....................................132 Schedule of Changes in Net Pension Liability and Related Ratios - Safety .................................................134 Schedule of Plan Contributions ....................................................................................................................136 Schedule of Changes in the Total OPEB Liability and Related Ratios ........................................................137 Notes to Required Supplementary Information .................................................................................................. 138 Page 25 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2024 TABLE OF CONTENTS (CONTINUED) FINANCIAL SECTION (Continued) Page Number Supplementary Information: Budgetary Comparison Schedule by Expense Category: General Fund ....................................................................................................................................... 142 Federal, State, and Local Grants Special Revenue Fund ..................................................................... 144 Housing Successor Agency Special Revenue Fund ............................................................................ 145 Non-Major Governmental Funds: Total Non-Major Governmental Funds: Combining Balance Sheet.................................................................................................................... 147 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................. 149 Special Revenue Funds: Combining Balance Sheet.................................................................................................................... 153 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................. 157 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual ................ 161 Capital Projects Funds: Combining Balance Sheet.................................................................................................................... 178 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................. 180 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual ................ 182 Debt Service Funds: Combining Balance Sheet.................................................................................................................... 189 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................. 191 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual ................ 193 Non-Major Proprietary Funds: Combining Statement of Net Position ................................................................................................. 198 Combining Statement of Revenues, Expenses and Changes in Fund Net Position .............................. 200 Combining Statement of Cash Flows .................................................................................................. 202 Internal Service Funds: Combining Statement of Net Position ................................................................................................. 206 Combining Statement of Revenues, Expenses and Changes in Fund Net Position .............................. 207 Combining Statement of Cash Flows .................................................................................................. 208 Fiduciary Funds: Combining Statement of Fiduciary Net Position – All Custodial Funds .............................................. 210 Combining Statement of Changes in Fiduciary Net Position – All Custodial Funds ........................... 211 STATISTICAL SECTION Net Position by Component - Last Ten Fiscal Years .................................................................................. 214 Changes in Net Position - Last Ten Fiscal Years ........................................................................................ 216 Fund Balances of Governmental Funds – Last Ten Fiscal Years ................................................................ 218 Changes in Fund Balances of Governmental Funds – Last Ten Years ....................................................... 220 Assessed Value and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years .......................... 222 Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years .......................................................... 223 Principal Property Taxpayers - Current Year and Nine Years Ago ............................................................. 224 Property Tax Levies and Collections - Last Ten Fiscal Years .................................................................... 225 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years ..................................................................... 226 Page 26 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2024 TABLE OF CONTENTS (CONTINUED) Page Number STATISTICAL SECTION (Continued) Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years ........................................................ 228 Direct and Overlapping Bonded Debt ......................................................................................................... 229 Legal Debt Margin Information - Last Ten Fiscal Years ............................................................................ 230 Pledged-Revenue Coverage - Last Ten Fiscal Years .................................................................................. 232 Full-time and Part-time City Employees by Function - Last Ten Fiscal years ............................................ 233 Demographic and Economic Statistics - Last Ten Calendar Years ............................................................. 234 Principal Employers - Current Year and Nine Years Ago .......................................................................... 235 Operating Indicators by Function - Last Ten Fiscal Years .......................................................................... 236 Capital Asset Statistics by Function - Last Ten Fiscal Years ...................................................................... 237 Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ...............................................239 Page 27 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 28 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda December 11, 2024 Honorable Mayor, Councilmembers, and Residents of City of Chula Vista City of Chula Vista Chula Vista, CA 91910 Letter of Transmittal Annual Comprehensive Financial Report, For the Fiscal Year Ended June 30, 2024 To the Honorable Mayor, Councilmembers, and Residents of City of Chula Vista: We are pleased to submit the Annual Comprehensive Financial Report (ACFR) for the City of Chula Vista (City) for the fiscal year ended June 30, 2024. The City compiles and prepares the ACFR to provide interested parties with reliable information concerning the financial condition and results of operations for the City. The ACFR has been prepared in accordance with generally accepted accounting principles (GAAP) in the United States of America and the financial reporting requirements prescribed by the Governmental Accounting Standards Board (GASB). The City’s management is responsible for both the accuracy of the information and the completeness and fairness of the presentation, including all disclosures. This means that the financial statements have been prepared using guidelines that would allow the user to make a meaningful comparison to the financial statements of other similar entities. All disclosures necessary to enable the reader to gain an understanding of the City’s activities have been included. Pursuant to City Charter Section 1012, the basic financial statements are audited by an independent certified public accounting firm. The purpose of the audit is to ensure that the financial statements present fairly, in all material respects, the financial position and the results of operations of the City. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of a Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of the independent auditors. The ACFR for the City includes the activities of the primary government along with several "component units." A component unit is a legally separate entity for which the elected officials of the primary government are financially accountable. Component units, although they are legally separate entities, are in substance part of the primary government's operations and therefore included for financial reporting purposes. The component units included within the City's financial statements are the Chula Vista i Page 29 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Industrial Development Authority, Chula Vista Public Financing Authority, Chula Vista Municipal Financing Authority, Chula Vista Housing Authority, Chula Vista Bayfront Facilities Financing Authority, and Bayfront Project Special Tax Financing District. Profile of the Government The City is located in San Diego County with its western border adjacent to San Diego Bay, 8 miles south of Downtown San Diego and 7 miles north of the Mexican border. The City encompasses approximately 52 square miles. The City was incorporated in 1911 and was recognized as city in the State of California by election in 1949. The City functions under a City Charter with a Council/Manager form of government. The City is governed by a four-member Council and a Mayor, who serves four-year overlapping terms, and, in addition to the City Attorney, is elected on a citywide basis. The Council appoints the City Manager and the City Clerk. Municipal services provided include police, fire, parks and recreation, libraries, planning & building, housing programs, street and drainage construction and maintenance, and sewer services. Local Economy and Prospects for the Future Chula Vista residents enjoy all the benefits of a major city along with small town friendliness, affordable housing, and near perfect weather. The most recent data available from San Diego Association of Governments (SANDAG) estimates that the median household income in Chula Vista is $102,199. The City of Chula Vista, with an estimated population of 276,813, per SANDAG is the second largest community in San Diego County. SANDAG projects that the City of Chula Vista will reach a population of approximately 325,027 by the year 2050. SANDAG’s 2050 Growth Forecast indicates that the South County sub region will continue to host a substantial amount of the region’s projected growth over the next three decades, primarily through new development in the eastern portion of the City. In fiscal year 2024, the City made substantial progress on major City projects, including the Gaylord Pacific Hotel and Convention Center on the Chula Vista Bayfront and the University Innovation District in Eastern Chula Vista. The Gaylord Pacific Resort and Convention Center is anticipated to open summer of 2025 and is expected to have an enormous impact on the City and the San Diego region, attracting visitors from throughout the State of California and beyond. The developed bayfront will raise the City’s quality of life, with new parks and coastal access, and amenities for all to enjoy. The construction project has created 3,500 jobs and once open is expected to have an economic impact of half-a-billion dollars each year and produce 4,000 permanent jobs. The City-owned 383 acres of the University-Innovation District in Eastern Chula Vista is intended to be used to recruit and co-locate a unique mix of academic partners in an environment different than a traditional university campus. Instead academic institutions, including a four-year university, will integrate with commercial, retail and residential functions in an urban, mixed-use setting. This will provide a collaborative learning and research environment for engaging students, faculty and corporations in the creation and application of knowledge for cross-border economic, social and cultural development. The University Innovation District will offer a globally desirable range of academic, entrepreneurial, and urban amenities to attract the talent and investment that will sustain a world-class educational-innovation ecosystem in Chula Vista. Phase one of the University Innovation District, a 168,000 square-foot office building, will include the City’s newest library and office space for higher education opportunities and is expected to open in 2025. ii Page 30 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Long-Term Financial Planning The City updated the General Fund Long-Term Financial Plan (LTFP) for fiscal year 2025 through 2034 as part of its annual budget development process. The LTFP analyzed revenue and expenditure estimates and assumptions over a 10-year period to assess the City’s ability to maintain current or expand service levels based on projected growth, preserve the City’s long-term fiscal health by aligning operating revenues and costs, and to maintain the City’s reserve funds according to policy thresholds. The goal of the LTFP is to match the availability of revenues against expenditures over time and update budgetary and financial plans accordingly. In summary, the LTFP provides an in-depth analysis of the City’s fiscal condition to aide in proactive financial decision making and to serve as a planning tool to bring a long- term perspective to the budget development process. The LTFP anticipated moderate revenue growth from fiscal year 2025 to fiscal year 2027. The LTFP anticipated a decrease in revenue in fiscal year 2028 due to an expiring citizen approved sales tax measure. However, the sales tax measure was conditionally extended by citizens in fiscal year 2025 (pending certification of election results). The LTFP anticipated moderate revenue growth through fiscal year 2034. The LTFP anticipated expenditure growth to outpace revenue growth from fiscal year 2025 to fiscal year 2027. This structural shortfall is projected for the first three years of the ten-year LTFP period. The LTFP is expected to be updated in January 2025 including the new estimates and assumptions over a 10-year period. Reserves The City accumulates and maintains adequate reserves to help ensure both financial stability and the ability to provide core services during difficult times. Sufficient reserves create financial stability resulting in increased credit quality and allow the City to better weather downturn in the economy and the impacts of negative events, both major and minor. The establishment of prudent financial reserves is important to ensure long-term fiscal health of the City. The City’s Citywide Reserve Policy – Fiscal Health Plan establishes reserves, reserve levels, and the use of reserves in the General Fund and other funds. The table below reflects the City’s reserve targets and amounts as of June 30, 2024. Reserve Reserve Policy 2024 Target 2024 General Fund Reserves1 Operating Reserve 15% of the prior year's operating expenditures $ 27,283,447 $ 27,283,447 Economic Contingency Reserve 5% of the prior year's operating expenditures 9,094,483 9,094,483 Catastrophic Event Reserve 3% of the prior year's operating expenditures 5,456,690 5,456,690 Total General Fund Reserves 23% of the prior year's operating expenditures $ 41,834,620 $ 41,834,620 Pension Reserve 15% of the prior year's General Fund operating expenditures $ 27,283,447 $ 27,944,980 Bond Call Reserve No minimum or maximum, purpose is to reduce outstanding City debt obligations -2,604,950 OPEB Reserve No minimum. Maximum is equal to 75% of outstanding OPEB liability -868,316 Sewer Service Revenue Fund Reserves Includes Working Capital, Rate Stabilization, Emergency, and Vehicle Replacement Reserves 22,791,469 22,791,469 iii Page 31 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Measure A Fund Economic Contingency Reserve Minimum of 60 days of prior year's Measure A Fund operating expenditures less any budgeted debt service, no maximum reserve balance 4,340,757 4,340,757 Ambulance Transport System Enterprise Fund Reserves Includes Debt Obligation, Operating, Capital Replacement, Liability Insurance Reserves $ 3,091,730 $ 3,091,730 1 Calculation is based on the Adopted Budget for the General Fund Budgetary Controls The City currently adopts a single-year operating and capital budget. The provisions of these budgets are directly posted into the City's general ledger accounting system to help ensure compliance with the appropriations made by the City Council. Activities of the City’s Governmental Funds (general fund, special revenue funds, debt service funds, and capital project funds) are adopted in the operating budget. Budgetary control (which is the policy that actual expenditures may not exceed appropriations) is at the department and expenditure category level. City Council approval is required for any transfer between departments or overall increase to a department. The City Manager is authorized to transfer appropriations up to $75,000 between expenditure categories within a departmental budget. Any appropriation transfers between expenditure categories within departments greater than $75,000 require City Council approval. Appropriations, other than for capital projects, remaining unspent at the end of any fiscal year will be canceled and returned to available fund balance with the exception of any appropriations encumbered as the result of a valid purchase order or as approved for a specific project or purpose by the City Council or the City Manager. Appropriations for capital projects will necessarily be carried over from year to year until the project is deemed to be complete. The City Council also adopts amounts in the operating budget for the proprietary and internal service funds to provide a level of fiscal control. Internal Controls The City has developed and put into place systems of internal controls over various accounting and transaction processing functions. Management of the City is responsible for establishing and maintaining the internal control structure. This structure is designed to ensure that the assets of the City are protected from loss, theft, or misuse. These controls are also in place to ensure that adequate accounting information is compiled to allow for the preparation of financial statements in conformity with GAAP. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The idea of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of cost and benefits requires estimates and judgments by management. Independent Audit Each year the City has an audit performed by an independent certified public accounting firm. This year the audit was performed by the firm of Rogers, Anderson, Malody, & Scott, LLP. The auditor’s report on the basic financial statements can be found in the financial section of this report. The auditor’s report on internal controls over financial reporting and compliance with applicable laws and regulations can be found in a separately issued report at the conclusion of this document. iv Page 32 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda The auditors also conduct a "single audit" designed to meet the requirements of the federal Revised Single Audit Act of 1996 and the related United States Office of Management and Budget's Uniform Guidance. The single audit is a separate report and will be issued by March, 2025. Awards The Government Finance Officer Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Chula Vista for its ACFR for the year ended June 30, 2023. This was the 24th consecutive year that the City has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized ACFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current ACFR continues to meet the Certificate of Achievement Program's requirements, and we are again submitting it to GFOA to determine its eligibility for another certificate. Acknowledgments The preparation of this ACFR could not have been accomplished without the efficient and dedicated services of the entire finance staff throughout the fiscal year. We would like to thank all those individuals who assisted and contributed to the preparation of this report. Acknowledgement must also be given to the Mayor and City Council, along with the City Manager, for their continued interest in planning and conducting the operations of the City of Chula Vista in a responsible and progressive manner. Respectfully submitted, Sarah Schoen Director of Finance/Treasurer v Page 33 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda List of City Officials As of June 30, 2024 City Council John McCann Mayor Carolina Chavez Councilmember District 1 Jose Preciado Councilmember District 2 Alonso Gonzalez Councilmember District 3 Rachel Morineau Councilmember District 4 Administration Maria Kachadoorian City Manager Tiffany Allen Assistant City Manager Courtney Chase Deputy City Manager Matthew Little Deputy City Manager (Acting)/Director of Public Works/City Engineer Marco A. Verdugo City Attorney Kerry K. Bigelow City Clerk Department Heads Laura Black Director of Development Services Vacant Director of Engineering Harry Muns Fire Chief Sarah Schoen Director of Finance/Treasurer Stacey Kurz Director of Housing & Homeless Services Tanya Tomlinson Director of Human Resources & Risk Management Jose Cisneros Director of Information Technology Services Joy Whatley Director of Library Services Frank Carson Director of Parks and Recreation Roxana Kennedy Chief of Police vi Page 34 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Organizational Chart As of June 30, 2024 Citizens of Chula Vista Mayor City Council Citizen Advisory Commissions City Attorney Citizen Advisory Boards Development Services Fire Police Deputy City Manager Assistant City Manager City Clerk City Manager Parks & Recreation Information Technology Housing & Homeless Services Animal Services Economic Development Finance Library Deputy City Manager Human Resources & Risk Management Engineering Public Works vii Page 35 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to City of Chula Vista California For its Annual Comprehensive Financial Report For the Fiscal Year Ended June 30, 2023 Executive Director/CEO viii Page 36 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 735 E. Carneg ie Dr. Suite I 00 San Bernardino . CA 92408 909 889 0871 T 909 889 5361 F ramscpa . net PARTNERS Scott W Manno. CPA. CGMA Leena Shanbhag, CPA. MST. CGMA Bradferd A. Welebir. CPA. MBA. CGMA Jen ny W. Liu . CPA, MST Ga,·de nya Duran, CPA, CGMA Brianna Schultz, CPA. CGMA Brenda L. Odle. CPA. MST (Partne, Emeritus) Te, ry P Shea, CPA (Panner Emenws) MANAGERS/ STAFF Seong-Hyea Lee. CPA. MBA Eve lyn Morenlin-Barcena. CPA Vernnica Hernandez, CPA Laura A1v1zu. CPA John Maldonado, CPA, MSA Julia Rodriguez Fuentes. CPA, MSA Dem, Hite. CPA Jeffrey McKennan. CPA Mornca Wysock,, CPA Jacob Weatherb,e. CPA, MSA Bolim Han. CPA. MAcc A nny Gonzalez, CPA MEMBERS Amencan lnsutuce of Certified Public Accountants PCPS The A/CPA Alliance (01 CPA Fi,ms Governmental Audit Q11C1/1ty Cenre, Califot nia Society of Certified Public Accountants • Proud Member of AlliottGlobalAlliance~ ROGERS , ANDERSON , MALODY & SCOTT , LLP CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948 STAB ILITY. ACCURACY. TRUST. Independent Auditor’s Report To the Honorable Mayor and Members of the City Council City of Chula Vista Chula Vista, California Report on the Audit of the Financial Statements Opinions We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Chula Vista (the City), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the entity’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2024, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 1 Page 37 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about City’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit. 2 Page 38 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual nonmajor fund financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the accompanying supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report/annual comprehensive financial report (ACFR). The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. 3 Page 39 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 11, 2024 on our consideration of City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City’s internal control over financial reporting and compliance. San Bernardino, CA December 11, 2024 4 Page 40 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 The City of Chula Vista (City) offers readers this narrative overview and analysis of the City’s financial activities for the fiscal year ended June 30, 2024. It should be read in conjunction with the accompanying letter of transmittal beginning on page i and the accompanying basic financial statements. FINANCIAL HIGHLIGHTS The following outlines financial highlights for the year: 1. At June 30, 2024 the assets and deferred outflows of the City exceeded its liabilities and deferred inflows by $2,031 million (net position). Total net position consisted of net investment in capital assets of $1,611.3 million, restricted net position of $345.2 million, and unrestricted net position of $74.5 million. 2. Total unrestricted net position for governmental activities increased by $31.7 million from the prior fiscal year, a change of 26.4%, whereas unrestricted net position for business-type activities was $10.6 million higher than the previous year, a 6.9% increase. 3. The City’s total net position increased by $157.3 million or 8.4% in fiscal year 2024. The net position for governmental activities increased by a net $139.9 million or 10%, while the net position for business-type activities increased by $17.4 million or 3.6%. 4. The City’s governmental funds reported combined ending fund balances of $495.6 million, an increase of $86.5 million, or 21.1%. 5. Total Citywide liabilities decreased by $15.8 million or 2.3%. Liabilities for governmental activities decreased by $19.5 million or 3% and business-type activities increased by $3.7 million or 6.3%. 6. The City’s total long-term debt obligations for governmental activities had a net decrease of $25.7 million or 5.7%. OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis provided here is intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial statements are comprised of three components: (1) government-wide financial statements, (2) fund financial statements, and (3) notes to the basic financial statements. This report also contains required supplementary information (RSI) as well as other supplemental financial information intended to furnish additional detail to support the basic financial statements themselves. Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to private-sector business. They are comprised of the Statement of Net Position and the Statement of Activities. The Statement of Net Position presents information on all the City’s assets and deferred outflows, along with liabilities and deferred inflows, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is 5 Page 41 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 improving or deteriorating. This statement combines and consolidates governmental funds’ current financial resources with capital assets and long-term obligations. The Statement of Activities presents information showing how the government’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement, for some items, that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). The government-wide financial statements have separate sections for three different types of activities. These three types of activities are: Governmental Activities – The activities in this section are mostly supported by taxes and charges for services. The governmental activities of the City include General Government, Public Safety, Community Development, Public Works, Parks and Recreation, and Library. Business-Type Activities – These functions normally are intended to recover all or a significant portion of their costs through user fees and charges to external customers for goods and services. The business-type activities of the City include Sewer Fund, Sewer Development Impact Fees, Development Services Fund, Chula Vista Elite Athlete Training Center, Bayfront Trolley Station, Transit Fund, Chula Vista Muni Golf Course, Transport Enterprise, and Living Coast Discovery Center. Discretely Presented Component Units – The City of Chula Vista has no discretely presented component units to report upon. Fund Financial Statements and Major Component Unit Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. The fund financial statements provide detailed information about each of the City’s most significant funds, called Major Funds. The concept of Major Funds, and the determination of which are major funds, was established by GASB Statement No. 34 and replaces the concept of combining like funds and presenting them in total. Instead, each Major Fund is presented individually, with all Non-Major Funds summarized and presented in a single column. Governmental Funds – Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government- wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financial capacity. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and 6 Page 42 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 governmental activities. These reconciliations are presented on the pages immediately following each governmental fund financial statement. As of fiscal year 2024, the City maintains numerous governmental funds within the adopted budget and its financial system. However, for financial reporting, the funds are summarized as follows for presentation purposes: Each major fund is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balance. Information for the City’s remaining governmental funds is combined into a single, aggregated “Other Governmental Funds” column. Individual fund data for each of these non-major governmental funds is provided in the supplementary information portion of the report. Proprietary Funds – The City maintains two different types of proprietary funds - enterprise funds and internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its Sewer, Sewer Development Impact Fees, Development Services, Chula Vista Elite Athlete Training Center, Bayfront Trolley Station, Transit, Chula Vista Muni Golf Course, Transport Enterprise, and Living Coast Discovery Center. Internal service funds are used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for its fleet management, technology replacement, and workers compensation program. Because these services predominantly benefit governmental rather than business-type functions, they have been included within governmental activities in the governmental-wide financial statements. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. Like the government-wide financial statements, proprietary fund financial statements use the accrual basis of accounting. There is no reconciliation needed between the government-wide financial statements for business-type activities and the proprietary fund financial statements. Fiduciary Funds – Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City’s own programs. Notes to Basic Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. 7 Page 43 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 Required Supplementary Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City’s budgetary results for the general fund and all major special revenue funds with an appropriated budget. Required supplementary information also includes trend data for the City’s pension plans and other postemployment benefits. Other supplementary information, including combining statements for nonmajor governmental funds, nonmajor proprietary funds, internal service funds, and all custodial funds, are presented immediately following the required supplementary information. Budgetary comparison schedules are also included in this section for all nonmajor governmental funds with an appropriated budget. GOVERNMENT-WIDE FINANCIAL ANALYSIS Net Position As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. As of June 30, 2024, the City’s total net position (governmental and business-type activities) was $2,031 million, a net increase of $157.3 million or 8.4% from the prior fiscal year. The City’s governmental activities increased by $139.9 million and business-type activities increased by $17.4 million. The following Summary of Net Position table shows the components that make up the City’s net position at June 30, 2024 and 2023. Summary of Net Position Fiscal Year Ended June 30 As the Summary of Net Position table illustrates, fiscal year 2024 total amount of $1,611.3 million is reported as net investment in capital assets, which represents capital assets (e.g., land, streets, sewers, buildings, improvements, equipment, lease asset, subscription assets, and work in progress), less any related debt used to acquire those capital assets that are still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the 8 Page 44 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate this debt. A portion of the City’s fiscal year 2024 net position is restricted, $345.2 million and represents resources that are subject to external restrictions on how they may be used. Restricted net position increased $57.9 million from the prior year and is mainly related to capital projects and public works (maintenance of open space districts). Unrestricted net position represents the portion of net position that can be used to finance daily operations without constraints established by debt covenants, enabling legislation, or other legal requirements. Fiscal year 2024, unrestricted net position of $74.5 million is comprised of negative $88.5 million for governmental activities offset by positive $163 million for business-type activities. Unrestricted net position increased by $42.3 million from the prior fiscal year. At the end of the fiscal year, the City reported positive balances for all categories of net position for the total primary government. However, the governmental activities columns show a negative unrestricted net position. 9 Page 45 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 Changes in Net Position The statement of net position provides a snapshot at a given point in time of the assets, liabilities, and deferred inflows and outflows of resources of the City. The other citywide statement provided is the Statement of Activities. This statement provides the readers with information regarding the revenues, expenses, and changes in net position over the fiscal year. Generally, all changes to the City’s net position from one fiscal year to the next flow through the Statement of Activities. Summary of Changes in Net Position Fiscal Year Ended June 30 Further analysis is provided within the governmental and business-type activities in the following sections. 10 Page 46 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 Governmental Activities The City’s governmental activities net position increased by $139.9 million or 10%, which partially offsets the City’s negative unrestricted net position due to net pension and other post-employment benefits (OPEB) related liabilities. The chart below compares the cost of services by function for the City’s governmental activities along with the program revenues used to cover those costs. Total program revenues from governmental activities were $196.3 million in fiscal year 2024, an increase of $25.6 million or 15% from the previous year. Program revenues are derived directly from the program itself or from parties outside the reporting government’s taxpayers or citizenry. They reduce the net cost of the function to be financed from the City’s general revenues. A discussion of the different Program Revenue categories and its components follows. Charges for Services for governmental activities had a net decrease of $6.5 million or 11.9% from the previous fiscal year mainly due to a movement of chargeable activities within functions to other revenue categories. In fiscal year 2024, the environmental services activity was moved from the community development function to the public works function, resulting in a $2.2 million increase to public works, offset by a decrease in community development. In addition, contributions from developers were moved from charges for services to capital grants and contributions, resulting in a $4.1 million decrease to community development. Changes by function in comparison to the prior fiscal year are summarized in the table below. Charges for Services Fiscal Year Ended June 30 11 Page 47 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 Operating Grants and Contributions for governmental activities had a net increase of $5 million from the previous fiscal year mainly due to $28 million increased federal contributions from the application of American Rescue Plan Act of 2021 funds to general government, offset by $6 million decreased federal contributions from housing, health and human services programs in community development, and $17 million decreased state grant contributions to the Millenia: Cinematic Arts Academic Center and Library project (state grant contributions for this project were $7 million less than the prior fiscal year and the $10 million current fiscal year contribution is included in capital grants and contributions in fiscal year 2024). Changes by function in comparison to the prior fiscal year are summarized in the table below. Operating Grants and Contributions Fiscal Year Ended June 30 Capital Grants and Contributions for governmental activities had a net increase of $26.9 million from the previous fiscal year mainly due to $12.7 million related to contributions from developers in Community Development, $10 million in state grant contributions to the Millenia: Cinematic Arts Academic Center and Library project, $9.7 million in state grant contributions for library infrastructure renovations, $18.5 million increase from gas and transportation taxes moved to the capital grants and contributions revenue category in public works, offset by a $27 million decrease in developer contributions of capital assets in Public Works. Changes by function in comparison to the prior fiscal year are summarized in the table below. Capital Grants and Contribution Fiscal Year Ended June 30 12 Page 48 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 General Revenues are all other revenues not categorized as program revenues, such as property taxes, sales taxes and investment earnings. Total general revenues from governmental activities were $266.1 million in fiscal year 2024. The largest source of general revenues received during the year for governmental activities was taxes for a total of $219.8 million, which included amounts from property taxes for $79.9 million, sales taxes for $106.9 million, and franchise taxes for $13.7 million. All taxes combined decreased a total of $5.9 million in comparison to the prior fiscal year, mainly due to a movement of gas taxes from other taxes to capital grants and contributions as these taxes fund capital projects. The City’s General Revenues increased overall by $19.7 million when compared to the prior fiscal year. While most of the tax revenue categories increased moderately from last year, there was a significant decrease in other taxes from the movement of gas taxes to capital grants and contributions. There was significant increase in investment income of $22.7 million in fiscal year 2024 due to interest rates improving. The significant changes in comparison to the prior fiscal year are identified in the table below. General Revenues Fiscal Year Ended June 30 13 Page 49 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 Total governmental activity type expenses were $329.6 million in fiscal year 2024. The largest expenses were incurred for General Government, Public Safety, Community Development, and Public Works. These four activities combine for 93% of all governmental activity expenses. These expenses do not include capital outlays, which are reflected in the City’s capital assets. Business-Type Activities Net position for business-type activities was $495.4 million, an increase of $17.4 million or 3.6% from the prior fiscal year. Total revenues for the business-type activities were $102.7 million, an increase of $9.9 million or 10.7% from the prior fiscal year. Total program revenues for business-type activities were $91.2 million, an increase of $10.5 million or 13.1% from prior fiscal year. The program revenues composed primarily of sewer service charges for $48.9 million, development fees for $8.6 million, golf course fees for $3.5 million, and transport enterprise fees for $23.9 million. Total expenses for the business-type activities were $78.1 million, an increase of $10.9 million or 16.2% from the prior fiscal year. The total expenses were mainly related to sewer activities for $46.9 million, development services activities for $11.5 million, golf course activities for $3.4 million, and transport enterprise activities for $15.1 million. The net increase of $10.9 million is primarily related to increases in sewer activities of $5.9 million, development services activities of $1.4 million, and transport activities of $3.9 million. 14 Page 50 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 FUND LEVEL FINANCIAL ANALYSIS As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds The City uses governmental fund accounting to ensure compliance with budgetary allocations and to maintain control over resources that are legally, or otherwise, restricted for specific purposes. The following is a discussion of the significant changes for the City’s major funds as shown on the balance sheet for governmental funds in the basic financial statements. General Fund – The General Fund is used to account for the general operations of the City. It is used to account for all financial resources, except those required to be accounted for in another fund. The General Fund is always reported as a major fund. For fiscal year 2024, the General Fund reported $264.7 million in revenues and $219.2 million in expenditures. This resulted in revenues over expenditures in the amount of $45.5 million. After accounting for net other financing uses of $14.6 million, the fund balance for the General Fund increased by $30.9 million for the fiscal year. Fiscal year 2024 total revenues had a net increase of $17.7 million or 7.2% from the prior fiscal year primarily due to increases in taxes of $7.9 million, uses for money and property of $6.4 million, and charges for services of $2.4 million. Fiscal year 2024 expenditures increased by $3.9 million or 1.8% in comparison to the prior fiscal year with increases in public works of $2.2 million, public safety of $12.9 million, and general government of $2.9 million, along with decreases in community development of $3.3 million and capital outlay of $11.6 million. Total fund balance as of June 30, 2024, was $180.8 million, composed of $205.9 million in assets offset with $19.5 million in liabilities and $5.6 million in deferred inflows of resources related to unavailable revenues and leases. Total fund balance included $3.8 million of nonspendable amounts, which represents the portion of fund balance that is not available for appropriation. Restricted fund balance totaled $28.3 million, which is restricted for pension related expenditures. Committed fund balance totaled $29.5 million, including $9.1 million committed for economic contingency, $5.5 million committed for a catastrophic event contingency, $4.3 for the Measure A economic contingency reserve, $10.6 million for pension, bond call and OPEB reserves. This portion of fund balance includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the City Council and remains binding unless removed in the same manner. Assigned fund balance, totaling $93.3 million, represents the portion of fund balance that includes amounts that are constrained by the government’s intent to be used for specific purposes, but that are neither restricted nor committed. The City Council has delegated its authority to assign fund balance amounts to the City’s Director of Finance. The final component of total fund balance is unassigned fund balance. Unassigned fund balance totaling $25.9 million, represents the portion of fund balance that is available for appropriation for any purpose. Federal, State, and Local Grants Fund – The Federal, State and Local Grants fund is used to account for various grants, such as: Supplemental Law Enforcement Services, California Library Services Act, Public Library Act, asset seizure, local law enforcement block grants, California Recreation grants, Public Safety grants, federal library grants, waste management and recycling, energy conservation, parks and recreation, social service grants, Gayle McCandliss memorial cultural arts, federal assistance, CDBG program income projects, HOME project, Community Development Block grants and American Rescue Plan Act funding. 15 Page 51 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 The Federal, State and Local Grants fund had total revenues of $84.2 million and expenditures of $61.8 million, resulting in revenues over expenditures in the amount of $22.4 million. Revenues were $29.5 million or 53.9% more in comparison to the prior fiscal year mainly due to the increased activities of the American Rescue Plan Act of 2021, various federal public safety grants, and increased activities in state grants for library renovations. The Federal, State and Local Grants fund balance decreased by $3.6 million for the fiscal year, after accounting for net other financing uses of $25.9 million. Total fund balance as of June 30, 2024, was $16.2 million, composed primarily of restricted fund balance, except for the amount classified as nonspendable related to prepaid costs. Housing Successor Agency Fund – The California legislature voted to end redevelopment agencies on January 31, 2012. This fund was created on February 1, 2012, due to of the dissolution process and was formerly known as the Low- and Moderate-Income Housing Fund. The City opted to become the Successor Agency to the Redevelopment Agency and to the Low- and Moderate-Housing Successor. For fiscal year 2024, this fund had total revenues of $1.2 million composed primarily of investment income, property rentals and loan repayments from affordable housing projects. Total fund balance as of June 30, 2024, was $14.7 million, an increase of $1.1 million from the prior fiscal year. Fund balance is composed of restricted fund balance. Development Impact Fee Fund – This fund was established as a depository for various development impact fees (DIFs). The fees are levied against all new development in the City to pay for the construction or improvement of public facilities due to City growth. Revenues for this fund totaled $23.7 million attributable to building permit fees for new development and investment income. Expenditures totaled $18.7 million, of which, $16.1 million were capital expenditures on the Millenia: Cinematic Arts Academic Center and Library project, Traffic Signal and Transportation Development projects. Total fund balance for the year decreased by $0.2 million or 0.2% from prior fiscal year. At June 30, 2024, fund balance in the amount of $84.1 million was presented as restricted fund balance for various capital projects related to public facilities due to new development. 16 Page 52 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 Proprietary Funds The City’s Sewer Fund is reported as a major fund on the Statement of Net Position for Proprietary Funds in the basic financial statements. Sewer Fund – The Sewer fund is used to account for all activities related to providing sewer services to the residents of Chula Vista. Resources for the fund come primarily from sewer service charges paid for by users of the system. For fiscal year 2024, operating revenues totaled $49.4 million, a decrease of $6 million or 10.9% from the prior fiscal year. The majority of the decrease is due to the movement of capital assets contributed by developers from the operating revenue category to the non-operating, other changes in net position category. Operating expenses totaled $46.7 million for the fiscal year, with the most significant cost related to the wastewater treatment by the City of San Diego in the amount of $30.3 million. In addition, non-operating revenues netted to $7.8 million, which included investment income of $8.1 million. After accounting for all revenues and expenses, both operating and non-operating, transfers and other changes, restatements, the net position of the fund increased by $12.8 million from prior fiscal year, totaling $307.4 million as of June 30, 2024. Of total net position, $136 million represents the City’s net investment in sewer system infrastructures, such as pump stations, sewer lines and other related equipment, therefore, not available to fund the day-to-day operations of the sewer system. Current assets totaled $163.4 million, comprised of $152.1 million in cash and investments, and $11.3 million in receivables. Total liabilities at the end of the fiscal year were $17 million, of which $3.7 million were considered current liabilities, with the remainder non-current liabilities primarily related to pension, OPEB, and bonded debt. The fund had $9.7 million of bonded debt. In addition, the fund reported deferred outflows of resources in the amount of $3.7 million and deferred inflows of resources for $0.4 million related to pension and OPEB costs. Sewer Development Impact Fee Fund – This fund was established as a depository for sewer development impact fees. The fees are levied against all new development in the City to pay for the construction or improvement of public sewer facilities due to City growth. Operating revenues totaled $1.1 million for the fiscal year. Operating expenses are minimal in this fund, comprised mainly of depreciation expense and administrative costs. Non-operating expenses totaled $0.2 million, which included interest expense offset by investment income. Net position of the fund was a negative $12.5 million primarily due to an interfund loan and was comprised of $6.8 million in assets and $19.3 million in liabilities (including the interfund loan from the Sewer Fund). Please reference Note 6 of the basic financial statements for additional information on the advances from other funds. Development Services Fund – This fund accounts for revenues and expenses related to the processing of development plans and permits. The fund is comprised of three divisions, Planning, Building, and Engineering, which provide direct services to property owners, developers, and the City as required for the entitlement and/or improvement of property. The services provided encompass most development activities, including land use entitlements; public infrastructure, open space, and landscape planning; public infrastructure construction, grading and building permits. Operating revenues totaled $10.8 million and were primarily comprised of permits and fees. Operating expenses totaled $11.2 million for the year, mostly comprised of personnel service costs. Non-operating expenses totaled $0.2 million, which included interest expense offset by investment income. The sum of all transfers reflects funding to and from other funds for subsidies and overhead expenses. 17 Page 53 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 Net position of the fund was negative $14.2 million for the fiscal year primarily due to the allocation of pension obligation bonds. Current and noncurrent assets totaled $17 million for the fiscal year. Current liabilities were $15.5 million and noncurrent liabilities were $21.6 million primarily consisting of liabilities related to bonds, notes, pension, and OPEB. In addition, the fund also reported deferred outflows of resources in the amount of $6.4 million and deferred inflows of resources for $0.5 million related to pensions and OPEB. Chula Vista Elite Athlete Training Center (CVEATC) Fund – This fund was established to account for the contribution of the CVEATC from the US Olympic Committee in January 2017 and the CVEATC’s activities in partnership with its operator, Elite Athlete Services. Net position decreased by $0.4 million from the prior year mainly due to depreciation expense and administrative costs. This fund’s primary asset consists of the land and facilities held for the CVEATC in the net amount of $195 million. Current liabilities totaled $0.6 million. Net position of the fund was $194.4 million, primarily representing the City’s net investment in the facility, therefore, not available to fund the day-to-day operations of the facility. 18 Page 54 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 GENERAL FUND BUDGETARY HIGHLIGHTS Resolution Budget Amendments Expenditure 2023-083 Personnel Appropriations (Animal Care)156,800$ 2023-127 Appropriation for Vehicle Purchases (Fire)2,443,764 2023-141 Personnel Appropriations (City Clerk)68,557 2023-164 Appropriation for TRF408 (Engineering)225,000 2023-184 First Quarter Appropriations (Various)3,506,641 2023-200 Zoll Lease Agreement (Fire)347,662 2023-207 Measure A Personnel Appropriations (Fire)251,737 2024-010 Measure P Appropriation 1,250,000 2024-012 Personnel Appropriations (Various)11,647 2024-022 Measure A Drone Appropriation (Police)231,000 2024-028 Personnel Appropriations (Various)179,067 2024-046 Second Quarter Budget Adjustments 4,490,622 2024-089 Personnel Appropriations (Police)248,364 2024-113 Third Quarter Budget Adjustments 22,626,032 2024-220 Year-End Budget Adjustments 8,362,741 TOTAL GENERAL FUND BUDGET AMENDMENTS 44,399,634$ 1 Includes eliminating entries of $4.3 million The final amended general fund budget totaled $326.9 million including $44.4 million in budget amendments to the originally adopted budget, $35.5 million carried forward for capital improvements and encumbrances of $13.5 million, which will fund contractual obligations and outstanding purchase orders. The budget amendments occurred as a result of staffing and organizational changes within various City departments; American Rescue Plan Act of 2021 spending plan changes; modification of spending specific to Measure A, the City’s half cent sales tax which funds public safety staffing, and Measure P, the City’s half cent sales tax which funds infrastructure repair or replacement over the next several years; adoption of labor agreements; transfers out to other funds that were approved subsequent to budget adoption. The General Fund’s budget amendments of $44.4 million are summarized as follows: Gene ral Fund Budge t Amendments Per Council Re solutions as of June 30, 2024 - Unaudited 19 Page 55 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 Revenues – Overall budgeted revenues were $293.7 million, and actuals were $298.9 million resulting in revenues exceeding budget by $5.2 million. The significant General Fund revenue variances were the following: Charges for Services were below budget by a total of $0.9 million, primarily due to vacant positions in the Engineering and Capital Project department and lower than expected Passport Fee revenue. Use of Money and Property revenues exceeded budget by a total of $5.6 million, primarily due to increased investment earnings. Miscellaneous revenues were above budget by a total of $1.1 million, primarily due to reimbursements made to departments from FEMA revenues received for prior year COVID related expenditures. Transfers In were below budget by a total of $0.5 million, primarily due to reduced transfer to the Public Liability Trust Fund and Advanced Life Support Program Fund due to reduced expenditures in those funds. Expenditures – Overall budgeted expenditures were $326.9 million, and actuals were $292.2 million, resulting in under budget expenditures of $34.7 million. The significant General Fund expenditure variances were the following: Capital outlay expenditures were below budget by a total of $32 million, which is due to the timing of capital outlay expenditures for multi-year capital projects. Non-capital General Fund expenditures were below budget by a total of $2.6 million. The Finance Department was under budget by $1.5 million, primarily due to timing of equipment purchased in the Measure P fund. Additionally, the Police Department was under budget by $0.6 million, and the Fire Department was under budget by $0.4 million, all primarily from decreased expenditures in the personnel and the supplies and services categories. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The City’s investment in capital assets for its governmental and business-type activities as of June 30, 2024, amounts to $1,752.9 million, net of accumulated depreciation of $842.3 million. This investment in capital assets includes land, buildings, improvements, machinery and equipment, infrastructure, subscription assets, lease assets and construction in progress. Infrastructure assets are items that are normally immovable and of value only to the City such as roads, bridges, streets and sidewalks, drainage systems, lighting systems and similar items. The total change to the City’s investment in capital assets for the current fiscal year was an increase of $61.3 million, net of accumulated depreciation. Additional information on the City’s capital assets can be found in Note 7 of the basic financial statements. 20 Page 56 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 Debt Administration Long Term Debt - At June 30, 2024, the City had $449.4 million in debt outstanding compared to $476.9 million last year, a net decrease of $27.5 million. This was primarily due to bond payable deletions in the amount of $13.9 million, a $9 million deletion for pension related debt, and $4.3 million deletions for notes/finance purchases. Most of the debt is in the form of pension obligation bonds of $325.7 million, lease revenue bonds of $47.3 million, and certificates of participation of $54.5 million. The remainder of the outstanding long-term debt is in the form of CDBG Section 108 loan, unamortized bond premium, notes payable, financed purchases, leases and subscriptions. As of June 30, 2021, the City received an AA long-term rating for its 2021 Taxable Pension Obligation Bonds (POBs). At the same time, it was affirmed that the City maintains its AA- rating by Standard & Poor's for the Chula Vista Public Financing Authority Certificates of Participation and Chula Vista Municipal Financing Authority Lease Revenue Bonds, which represents a stable outlook. Additional information on the City's long-term debt obligations can be found in note 8 of the basic financial statements. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET Property Assessed Valuation and Tax According to the County of San Diego Assessors’ Office, the City’s total property assessed valuation (both secured and unsecured) for 2024 was $40,602 million. This was an increase of $2,536 million, or 6.7% over the 2023 property assessed valuation. It should be noted that assessed value was set as of January 1 each year. Actual current secured property tax revenues for fiscal year 2024 totaled $43.7 million, which is $2.6 million or 5.8% more than collected in the prior year. Local Economy Locally, the City’s fiscal outlook remains cautiously positive, demonstrated by the continued economic growth, infrastructure investments, and commercial and residential development throughout the City. The City continues to make substantial progress on major City projects, including the Gaylord Pacific Hotel and Convention Center on the Chula Vista Bayfront and the University and Innovation District in East Chula Vista. Despite the positive outlook, the City continues to closely monitor the state of the economy as a risk of recession continues to loom. According to the U.S. Bureau of Labor Statistics, the seasonally unadjusted unemployment rate in San Diego County was 4.6% in September 2024, which is higher than the 4.2% rate recorded one year ago in September 2023. The regional unemployment rate for September 2024 remained lower than the California state’s rate of 5.3% and was higher than the national unemployment rate of 3.9%. The San Diego city unemployment rate increased from the prior year, 4.4% in September 2024 in comparison to 4.1% in September 2023. In the UCLA Anderson Forecast from March 2024, Anderson economists profess the possibility of a recession is unlikely in the near term based on expansionary fiscal policy and a strong consumer base. Inflation continues to come down and is projected to stabilize in 2025, with the large interest rate increases ending and small decreases on the horizon. Consumer confidence remains strong despite the reinstatement of student loan payments and an end to the significant increase in transfer payments related to the pandemic. Unemployment remains low, at 3.9%, and growth is expected to return the trend of 2.5% in 2025 and 2026. The Anderson Forecast expects a recession is an eventuality, but beyond the Forecast 21 Page 57 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2024 period. Some risks to the Forecast are conflicts in the Middle East and Russia-Ukraine, as well as political gridlock in an election year. The annualized growth rate for gross domestic product (GDP), a metric for estimating the size of a country’s economy, declined in the first two quarters of 2023 but increased significantly in the third quarter, by 4.9%, before ending at 3.3% in the fourth quarter. The deceleration of GDP in late 2023 reflects slowdowns in business investment, federal spending, and consumer spending. Economic growth is likely to continue to show signs of both slight expansion and slight deceleration in 2024, demonstrating a “soft landing” in avoiding an economic downturn or overheating and increasing inflation. The Federal Open Market Committee (FOMC), part of the Federal Reserve, is committed to Congress’s mandate to promote maximum employment, stable prices, and moderate long-term interest rates. During the past two years, the FOMC increased interest rates several times, to the current 5.25 - 5.5% rate, the highest level since 2006. The FOMC signaled potential additional adjustments to the target rate range until labor market conditions improve and inflation returns to 2% for the long-term, which the FOMC admitted would take longer than expected to reach its price-stability goals. In September 2024, the FOMC chose to lower its key overnight borrowing rate by a half percentage point, or 50 basis points, amid signs that inflation was moderating, and the labor market was weaking. It is also anticipated that another 50 more basis points cut by the end of the calendar year. Fiscal Year 2025 Budget The City’s general fund ended the fiscal year 2024 with an unassigned fund balance of $25.9 million and a committed fund balance of $29.5 million, including $9.1 million for economic contingency, $5.5 million for catastrophic event contingency, $4.3 million for Measure A economic contingency, and $10.6 million for pension, bond call and OPEB. Assigned fund balance included $34.7 million related to capital projects funded by Measure P sales tax as well as $49.3 million related to Measure A sales tax. In May 2024, the Chula Vista City Council adopted the fiscal year 2025 budget which provides $595.3 million in appropriations to fund all City activities. The General Fund budget total is $274.1 million. The City continues to adopt a one-year budget. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the City’s finances for all its citizens, taxpayers, customers, investors and creditors. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the City of Chula Vista, Finance Department, 276 Fourth Avenue, Chula Vista, California 91910. 22 Page 58 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda BASIC FINANCIAL STATEMENTS 23 Page 59 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 24 Page 60 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda GOVERNMENT-WIDE FINANCIAL STATEMENTS 25 Page 61 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 26 Page 62 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF NET POSITION JUNE 30, 2024 Governmental Business-Type Activities Activities Total ASSETS Cash and investments 490,362,288$ 180,861,620$ 671,223,908$ Restricted assets: Cash and investments 900,107 - 900,107 Cash with fiscal agent 34,485,646 - 34,485,646 Receivables (net of allowance for uncollectables): Accounts 7,653,981 25,711,285 33,365,266 Taxes 27,034,506 - 27,034,506 Accrued interest 3,548,029 1,257,272 4,805,301 Deferred loans 65,990,605 - 65,990,605 Successor Agency 2,015,766 - 2,015,766 Leases 124,542 - 124,542 Due from other governments 6,779,598 - 6,779,598 Advances to Successor Agency of Chula Vista RDA 2,245,527 - 2,245,527 Internal balances 1,517,781 (1,517,781) - Inventories - 60,908 60,908 Prepaid costs 729,236 45,560 774,796 Capital assets not being depreciated 703,089,402 199,642,492 902,731,894 Capital assets, net of depreciation 712,769,164 137,355,699 850,124,863 Total Assets 2,059,246,178 543,417,055 2,602,663,233 DEFERRED OUTFLOWS OF RESOURCES Pension related 106,932,421 14,187,531 121,119,952 OPEB related 3,347,042 370,912 3,717,954 Deferred charge on refunding 3,015,873 - 3,015,873 Total Deferred Outflows of Resources 113,295,336 14,558,443 127,853,779 LIABILITIES Accounts payable 28,466,784 4,580,394 33,047,178 Accrued liabilities 8,446,059 1,016,945 9,463,004 Retention payable 1,271,221 241,382 1,512,603 Accrued interest payable 1,613,598 60,362 1,673,960 Deposits payable 3,029,309 13,479,421 16,508,730 Unearned revenue 15,638,337 - 15,638,337 Noncurrent liabilities: Due within one year: Total OPEB liability 1,095,458 121,397 1,216,855 Bonds, notes, leases, subscriptions and financed purchases 24,520,889 1,920,495 26,441,384 Compensated absences 7,444,372 490,038 7,934,410 Claims and judgments 4,000,000 - 4,000,000 Due in more than one year: Net pension liability 70,543,157 11,225,022 81,768,179 Total OPEB liability 20,090,172 2,226,352 22,316,524 Bonds, notes, leases, subscriptions and financed purchases 397,203,122 25,735,983 422,939,105 Compensated absences 2,857,436 348,685 3,206,121 Claims and judgments 36,749,504 - 36,749,504 Total Liabilities 622,969,418 61,446,476 684,415,894 DEFERRED INFLOWS OF RESOURCES Leases related 124,542 - 124,542 Pension related 8,631,320 581,104 9,212,424 OPEB related 5,131,830 568,699 5,700,529 Total Deferred Inflows of Resources 13,887,692 1,149,803 15,037,495 NET POSITION Net investment in capital assets 1,278,956,534 332,386,152 1,611,342,686 Restricted for: Community development 25,483,005 - 25,483,005 Public works 89,059,168 - 89,059,168 Capital projects 162,995,375 - 162,995,375 Debt service 5,752,468 - 5,752,468 Low-mod income housing 14,741,072 - 14,741,072 Grants 16,198,530 - 16,198,530 Section 115 trust for pension 28,369,808 - 28,369,808 Other 2,639,764 - 2,639,764 Unrestricted (88,511,320) 162,993,067 74,481,747 Total Net Position 1,535,684,404$ 495,379,219$ 2,031,063,623$ Primary Government The notes to financial statements are an integral part of this statement.27 Page 63 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Operating Capital Total Charges for Contributions Contributions Program Expenses Services and Grants and Grants Revenues FUNCTIONS/PROGRAMS: Primary Government: Governmental Activities: General government 46,486,124$ 1,713,291$ 36,601,184$ 2,430,093$ 40,744,568$ Public safety 154,452,619 7,550,885 13,207,766 - 20,758,651 Community development 46,748,103 2,285,392 5,782,988 36,292,110 44,360,490 Public works 59,261,678 33,587,379 3,605,912 30,515,613 67,708,904 Parks and recreation 6,324,693 2,182,815 18,127 - 2,200,942 Library 4,284,441 535,093 211,523 19,735,000 20,481,616 Interest on long-term debt 12,082,375 - - - - Total Governmental Activities 329,640,033 47,854,855 59,427,500 88,972,816 196,255,171 Business-Type Activities: Sewer Fund 46,870,622 48,861,451 - 5,292,292 54,153,743 Sewer Development Impact Fees 489,499 - 1,058,922 - 1,058,922 Development Services Fund 11,556,395 8,607,228 - - 8,607,228 CV Elite Athlete Training Ctr 501,587 - - - - Bayfront Trolley Station 30 - - - - Transit Fund 4,946 - - - - Chula Vista Muni Golf Course 3,401,065 3,534,111 - - 3,534,111 Transport Enterprise 15,104,503 23,865,048 - - 23,865,048 Living Coast Discovery Center 227,229 - - - - Total Business-Type Activities 78,155,876 84,867,838 1,058,922 5,292,292 91,219,052 Total Primary Government 407,795,909$ 132,722,693$ 60,486,422$ 94,265,108$ 287,474,223$ GENERAL REVENUES Taxes: Property taxes, levied for general purpose Transient occupancy taxes Sales taxes Franchise taxes Business licenses taxes Utility users tax Residential construction tax Property transfer tax Other taxes Investment Income Miscellaneous Gain (Loss) on sale of capital asset TRANSFERS Total General Revenues and Transfers Change in Net Position NET POSITION - Beginning NET POSITION - ENDING Program Revenues The notes to financial statements are an integral part of this statement.28 Page 64 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Primary Government Governmental Business-Type Activities Activities Total (5,741,556)$ -$ (5,741,556)$ (133,693,968) - (133,693,968) (2,387,613) - (2,387,613) 8,447,226 - 8,447,226 (4,123,751) - (4,123,751) 16,197,175 - 16,197,175 (12,082,375) - (12,082,375) (133,384,862) - (133,384,862) - 7,283,121 7,283,121 - 569,423 569,423 - (2,949,167) (2,949,167) - (501,587) (501,587) - (30) (30) - (4,946) (4,946) - 133,046 133,046 - 8,760,545 8,760,545 - (227,229) (227,229) - 13,063,176 13,063,176 (133,384,862) 13,063,176 (120,321,686) 79,895,724 - 79,895,724 8,345,458 - 8,345,458 106,895,750 - 106,895,750 13,709,817 - 13,709,817 2,018,879 - 2,018,879 3,607,996 - 3,607,996 552,600 - 552,600 1,217,183 - 1,217,183 3,557,417 - 3,557,417 32,189,702 8,753,432 40,943,134 14,094,288 2,730,814 16,825,102 25,291 - 25,291 7,130,765 (7,130,765) - 273,240,870 4,353,481 277,594,351 139,856,008 17,416,657 157,272,665 1,395,828,396 477,962,562 1,873,790,958 1,535,684,404$ 495,379,219$ 2,031,063,623$ Net (Expenses) Revenues and Changes in Net Position The notes to financial statements are an integral part of this statement.29 Page 65 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 30 Page 66 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FUND FINANCIAL STATEMENTS 31 Page 67 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 32 Page 68 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda GOVERNMENTAL FUND FINANCIAL STATEMENTS 33 Page 69 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2024 Capital Projects Fund General Federal, State, and Local Grants Housing Successor Agency Development Impact Funds ASSETS Cash and investments 136,833,554$ 35,995,259$ 13,355,057$ 93,559,336$ Receivables: Accounts (net of allowance for uncollectibles)6,055,852 127,898 - 13,442 Taxes 24,861,503 195,498 - - Accrued interest 794,499 331,586 91,542 540,945 Deferred loans (net of allowance for uncollectibles)- 24,672,840 26,083,769 5,872,689 Successor Agency 2,015,766 Leases 124,542 - - - Due from other governments 311,930 6,123,540 - - Due from other funds 2,617,941 - - - Prepaid costs 225,820 43,352 - - Advances to other funds 1,380,956 - - - Advances to Successor Agency of Chula Vista RDA 2,245,527 - - - Restricted assets: Cash and investments - - 900,107 - Cash and investments with fiscal agents 28,474,564 2,669 - - Total Assets 205,942,454$ 67,492,642$ 40,430,475$ 99,986,412$ LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable 7,920,609$ 8,314,646$ 2$ 8,674,575$ Retentions payable 583,171 12,813 - 21,093 Accrued liabilities 7,860,946 401,621 - - Deposits payable 1,609,318 - - - Due to other funds - - - - Unearned revenues 1,555,599 13,680,512 - - Total Liabilities 19,529,643 22,409,592 2 8,695,668 Deferred Inflows of Resources: Unavailable revenues 5,472,240 28,884,520 25,689,401 7,169,318 Related to leases 124,542 - - - Total Deferred Inflows of Resources 5,596,782 28,884,520 25,689,401 7,169,318 Fund Balances: Nonspendable 3,852,303 43,352 - - Restricted 28,369,808 16,155,178 14,741,072 84,121,426 Committed 29,455,853 - - - Assigned 93,284,726 - - - Unassigned (deficit)25,853,339 - - - Total Fund Balances 180,816,029 16,198,530 14,741,072 84,121,426 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Special Revenue Funds 205,942,454$ 99,986,412$ 40,430,475$ 67,492,642$ The notes to financial statements are an integral part of this statement. - - - 34 Page 70 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2024 ASSETS Cash and investments Receivables: Accounts (net of allowance for uncollectibles) Taxes Accrued interest Deferred loans (net of allowance for uncollectibles) Successor Agency Leases Due from other governments Due from other funds Prepaid costs Advances to other funds Advances to Successor Agency of Chula Vista RDA Restricted assets: Cash and investments Cash and investments with fiscal agents Total Assets LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable Retentions payable Accrued liabilities Deposits payable Due to other funds Unearned revenues Total Liabilities Deferred Inflows of Resources: Unavailable revenues Related to leases Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Committed Assigned Unassigned (deficit) Total Fund Balances TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Other Governmental Funds Total Governmental Funds 197,778,781$ 477,521,987$ 1,268,806 7,465,998 1,977,505 27,034,506 1,015,331 2,773,903 9,361,307 65,990,605 - 2,015,766 - 124,542 344,128 6,779,598 - 2,617,941 457,491 726,663 - 1,380,956 - 2,245,527 -900,107 6,008,374 34,485,607 218,211,723$ 632,063,706$ 3,142,873$ 28,052,705$ 654,144 1,271,221 81,995 8,344,562 1,419,991 3,029,309 2,051,223 2,051,223 402,226 15,638,337 7,752,452 58,387,357 10,720,985 77,936,464 - 124,542 10,720,985 78,061,006 457,491 4,353,146 201,350,863 344,738,347 - 29,455,853 - 93,284,726 (2,070,068) 23,783,271 199,738,286 495,615,343 632,063,706$ 218,211,723$ The notes to financial statements are an integral part of this statement.35 Page 71 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 36 Page 72 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION JUNE 30, 2024 Amounts reported for governmental activities in the statement of net position are different because: Total fund balances - governmental funds 495,615,343$ 1,415,215,533 Deferred outflows - pension related 105,817,644$ Deferred outflows - OPEB related 3,329,379 Deferred inflows - pension related (8,585,660) Deferred inflows - OPEB related (5,104,749) Total deferred outflows and inflows related to postemployment benefits 95,456,614 Long-term receivables 54,690,305 Development impact fees 13,108,880 Miscellaneous revenues 10,898,183 Total other long-term assets 78,697,368 10,944,785 Bonds payable (101,820,000) Private placement notes (3,740,982) Pension-related debt (298,404,197) Financed purchases (6,959,783) Leases (298,299) Subscriptions (1,380,985) Compensated absences (10,220,844) Claims (40,749,504) Total OPEB liability (21,073,832) Net pension liability (69,661,158) Accrued interest payable on long-term debt (1,610,302) Total long-term liabilities (555,919,886) Deferred amount on refunding 3,015,873 Premium on bonds payable (7,341,226) Total premiums, discounts, and deferred items (4,325,353) Net Position of Governmental Activities 1,535,684,404$ Other long-term assets that are not available to pay for current period expenditures and, therefore, are either deferred or not reported in the funds. Internal service funds are used by management to charge the cost of fleet management, technology replacement, and workers' compensation to individual funds. The assets, deferred outflows of resources, liabilities, and deferred inflows of resources of the internal service funds are included in governmental activities in the statement of net position. Long-term liabilities that are not due and payable in the current period, and therefore, are not reported in the funds. Governmental funds report the effect of premiums, discounts, and refundings and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. Capital assets used in governmental activities (less internal service fund allocations) are not financial resources and, therefore, are not reported in the funds. Differences between expected and actual experiences, assumption changes, net differences between projected and actual earnings, and contributions subsequent to the measurement date for the postretirement benefits (pension and OPEB) are recognized as deferred outflows of resources and deferred inflows of resources on the statement of net position. The notes to financial statements are an integral part of this statement.37 Page 73 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Capital Projects Fund General Federal, State, and Local Grants Housing Successor Agency Development Impact Funds Revenues: Taxes 220,504,491$ -$-$-$ License and permits 2,256,473 --- Intergovernmental 1,196,151 78,401,946 -- Charges for service 19,201,459 2,275,107 -618,993 Use of money and property 12,201,150 3,310,635 1,103,331 4,646,134 Fines and forfeitures 1,033,217 --- Developer participation ---18,117,485 Miscellaneous 8,313,233 204,336 148,739 300,000 Total Revenues (net losses)264,706,174 84,192,024 1,252,070 23,682,612 Expenditures: Current: General government 37,429,925 1,537,730 -- Public safety 121,690,748 12,440,875 -- Community development 4,254,696 5,267,028 96,406 745,383 Parks and recreation 5,123,577 --- Public works 32,397,755 3,879,924 -- Library 3,473,974 150,633 -- Capital outlay 12,998,280 38,405,068 -17,044,414 Debt service: Principal retirement 1,703,542 140,884 -126,209 Interest and fiscal charges 120,932 7 -798,928 Total Expenditures 219,193,429 61,822,149 96,406 18,714,934 Excess (Deficiency) Revenues over Expenditures 45,512,745 22,369,875 1,155,664 4,967,678 Other Financing Sources (Uses): Transfers in 34,518,095 118,533 -- Transfers out (49,318,155)(26,499,809)(5,110)(5,163,864) Subscription-based IT arrangement 230,887 447,859 -- Total Other Financing Sources (Uses)(14,569,173)(25,933,417)(5,110)(5,163,864) Net Change in Fund Balance 30,943,572 (3,563,542)1,150,554 (196,186) 149,872,457 19,762,072 13,590,518 84,317,612 Fund Balances - Beginning Fund Balances - Ending 180,816,029$ 16,198,530$ 14,741,072$ 84,121,426$ Special Revenue Funds The notes to financial statements are an integral part of this statement.38 Page 74 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Revenues: Taxes License and permits Intergovernmental Charges for service Use of money and property Fines and forfeitures Developer participation Miscellaneous Total Revenues (net losses) Expenditures: Current: General government Public safety Community development Parks and recreation Public works Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) Revenues over Expenditures Other Financing Sources (Uses): Transfers in Transfers out Subscription-based IT arrangement Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balances - Beginning Fund Balances - Ending Other Governmental Funds Total Governmental Funds 552,600$ 221,057,091$ 41,040 2,297,513 20,794,517 100,392,614 22,404,908 44,500,467 7,911,869 29,173,119 575,672 1,608,889 15,291,520 33,409,005 4,396,293 13,362,601 71,968,419 445,801,299 1,507,748 40,475,403 83,168 134,214,791 2,110,574 12,474,087 46,074 5,169,651 15,929,896 52,207,575 2 3,624,609 12,801,814 81,249,576 21,801,823 23,772,458 12,572,957 13,492,824 66,854,056 366,680,974 5,114,363 79,120,325 58,860,389 93,497,017 (5,989,085)(86,976,023) 162,332 841,078 53,033,636 7,362,072 58,147,999 86,482,397 141,590,287 409,132,946 199,738,286$ 495,615,343$ The notes to financial statements are an integral part of this statement.39 Page 75 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 40 Page 76 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances - total governmental funds 86,482,397$ Capital outlay 80,122,941$ Depreciation expense (38,729,133) 41,393,808 2,971,231 Contribution of capital assets 11,955,097 Gain/(loss) on disposal of capital assets 25,291 11,980,388 Proceeds from leases and subscriptions (841,078) Cancellation of private placement note 1,554,250 Principal paid on leases 154,939 Principal paid on subscriptions 652,575 Principal paid on bonds payable 12,410,000 Principal paid on pension-related debt 8,249,815 Principal paid on private placement notes 930,362 Principal paid on financed purchases 952,031 24,062,894 413,727 Accrued interest on long-term debt 199,938 Amortization of bond premiums and discounts 1,486,615 Amortization of deferred amounts on refunding (261,539) Compensated absences and claims (3,075,451) Changes in pension liabilities and related deferred outflows and inflows of resources (23,869,763) Changes in OPEB liabilities and related deferred outflows and inflows of resources (1,928,237) (27,448,437) Change in Net Position of Governmental Activities 139,856,008$ Governmental funds report capital outlays as expenditures. However, in the statement of activites, the cost of these assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlays exceeded depreciation expense in the current period. Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. The net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, and contributions) is to increase net position. Bond and other debt proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of bond and other debt principal is an expenditure in the governmental funds, but repayment reduces long-term liabilities in the statement of net position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. The internal service funds are used by management to charge the costs of fleet management, technology replacement, and workers' compensation to individual funds. The net revenue of certain activities of internal service funds is reported with governmental activities. Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. The notes to financial statements are an integral part of this statement.41 Page 77 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 42 Page 78 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda PROPRIETARY FUND FINANCIAL STATEMENTS 43 Page 79 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF NET POSITION PROPRIETARY FUNDS JUNE 30, 2024 Sewer Fund Sewer Development Impact Fees Development Services Fund CV Elite Athlete Training Ctr ASSETS Current Assets: Cash and investments 152,056,613$ 6,512,714$ 16,454,557$ -$ Cash with fiscal agent 212 - 348 - Receivables: Accounts (net of allowance for uncollectibles)10,208,400 - 13,199 9,370 Accrued interest 1,104,391 47,215 50,325 - Prepaid costs 13,993 - 23,276 - Inventories - - - - Total Current Assets 163,383,609 6,559,929 16,541,705 9,370 Noncurrent Assets: Advances to other funds 19,284,732 - - - Capital assets: Land - - - 180,677,144 Construction in progress 18,249,122 117,567 - - Buildings and structures - - - 17,027,588 Machinery and equipment 9,765,635 - 297,601 - Infrastructure 274,189,057 121,387 - - Lease asset 5,350 - - - Subscription asset 16,448 - 765,616 - Less accumulated depreciation/amortization (163,683,688) (27,359) (625,685) (2,698,872) Total Noncurrent Assets 157,826,656 211,595 437,532 195,005,860 Total Assets 321,210,265 6,771,524 16,979,237 195,015,230 DEFERRED OUTFLOWS OF RESOURCES Pension deferred outflows 3,471,377 - 6,255,976 - OPEB deferred outflows 194,287 - 158,962 - Total Deferred Outflows of Resources 3,665,664 - 6,414,938 - LIABILITIES Current Liabilities: Accounts payable 2,715,726 - 679,430 - Accrued liabilities 197,117 - 308,552 - Accrued interest payable 17,966 - 34,741 - Compensated absences 204,193 - 151,421 - Retention payable 184,578 - 56,804 - Deposits payable - - 13,479,421 - Due to other funds - - - 566,718 Total OPEB liability 63,589 - 52,027 - Bonds, notes, subscriptions, and financed purchases 276,686 - 731,756 - Total Current Liabilities 3,659,855 - 15,494,152 566,718 Noncurrent Liabilities: Advances from other funds - 19,284,732 - - Compensated absences 63,900 - 261,660 - Net pension liability 2,746,516 - 4,949,661 - Total OPEB liability 1,166,184 - 954,151 - Bonds, notes, subscriptions, and financed purchases 9,398,946 - 15,415,840 - Total Noncurrent Liabilities 13,375,546 19,284,732 21,581,312 - Total Liabilities 17,035,401 19,284,732 37,075,464 566,718 DEFERRED INFLOWS OF RESOURCES Pension deferred inflows 142,183 - 256,237 - OPEB deferred inflows 297,890 - 243,728 - Total Deferred Inflows of Resources 440,073 - 499,965 - NET POSITION (DEFICIT) Net investment in capital assets 136,046,061 211,595 154,606 195,005,860 Unrestricted 171,354,394 (12,724,803) (14,335,860) (557,348) Total Net Position (Deficit)307,400,455$ (12,513,208)$ (14,181,254)$ 194,448,512$ Business-Type Activities - Enteprise Funds The notes to financial statements are an integral part of this statement.44 Page 80 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF NET POSITION PROPRIETARY FUNDS JUNE 30, 2024 ASSETS Current Assets: Cash and investments Cash with fiscal agent Receivables: Accounts (net of allowance for uncollectibles) Accrued interest Prepaid costs Inventories Total Current Assets Noncurrent Assets: Advances to other funds Capital assets: Land Construction in progress Buildings and structures Machinery and equipment Infrastructure Lease asset Subscription asset Less accumulated depreciation/amortization Total Noncurrent Assets Total Assets DEFERRED OUTFLOWS OF RESOURCES Pension deferred outflows OPEB deferred outflows Total Deferred Outflows of Resources LIABILITIES Current Liabilities: Accounts payable Accrued liabilities Accrued interest payable Compensated absences Retention payable Deposits payable Due to other funds Total OPEB liability Bonds, notes, subscriptions, and financed purchases Total Current Liabilities Noncurrent Liabilities: Advances from other funds Compensated absences Net pension liability Total OPEB liability Bonds, notes, subscriptions, and financed purchases Total Noncurrent Liabilities Total Liabilities DEFERRED INFLOWS OF RESOURCES Pension deferred inflows OPEB deferred inflows Total Deferred Inflows of Resources NET POSITION (DEFICIT) Net investment in capital assets Unrestricted Total Net Position (Deficit) Adjustment to report the cumulative internal balance for the net effect of the activity between the internal service funds and the enterprise funds over time (Note 2C) Net Position of Business-Type Activities Governmental Activities Other Enterprise Funds Totals Internal Service Funds 4,745,115$ 179,768,999$ 12,840,301$ 1,092,061 1,092,621 39 15,480,316 25,711,285 187,983 55,341 1,257,272 13,222 8,291 45,560 2,573 60,908 60,908 - 21,442,032 207,936,645 13,044,118 - 19,284,732 - 598,659 181,275,803 - - 18,366,689 - 762,731 17,790,319 - 5,400,014 15,463,250 4,576,616 - 274,310,444 - - 5,350 - - 782,064 - (3,960,124) (170,995,728) (3,933,583) 2,801,280 356,282,923 643,033 24,243,312 564,219,568 13,687,151 4,460,178 14,187,531 1,114,777 17,663 370,912 17,663 4,477,841 14,558,443 1,132,440 1,185,238 4,580,394 414,079 511,276 1,016,945 101,497 7,655 60,362 3,296 134,424 490,038 50,123 - 241,382 - - 13,479,421 - - 566,718 - 5,781 121,397 5,781 912,053 1,920,495 50,317 2,756,427 22,477,152 625,093 1,380,956 20,665,688 - 23,125 348,685 30,841 3,528,845 11,225,022 881,999 106,017 2,226,352 106,017 921,197 25,735,983 1,728,222 5,960,140 60,201,730 2,747,079 8,716,567 82,678,882 3,372,172 182,684 581,104 45,660 27,081 568,699 27,081 209,765 1,149,803 72,741 968,030 332,386,152 643,033 18,826,791 162,563,174 10,731,645 19,794,821$ 494,949,326 11,374,678$ 429,893 495,379,219$ Business-Type Activities - Enteprise Funds The notes to financial statements are an integral part of this statement.45 Page 81 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 Sewer Fund Sewer Development Impact Fees Development Services Fund CV Elite Athlete Training Ctr OPERATING REVENUES Sales and service charges 48,861,451$ -$ 8,607,228$ -$ Interdepartmental charges - - - - Developer participation - 1,058,922 - - Other 499,481 - 2,230,857 - Total Operating Revenues 49,360,932 1,058,922 10,838,085 - OPERATING EXPENSES Administration and general 40,200,507 20,718 10,803,917 164,441 Depreciation/amortization expense 6,450,871 3,041 348,075 337,146 Total Operating Expenses 46,651,378 23,759 11,151,992 501,587 Operating Income (Loss)2,709,554 1,035,163 (313,907) (501,587) NONOPERATING REVENUES (EXPENSES) Investment earnings (loss)8,063,076 301,758 132,694 - Interest expense (228,115) (465,740) (381,849) - Total Nonoperating Revenues (Expenses)7,834,961 (163,982) (249,155) - Income (Loss) Before Transfers 10,544,515 871,181 (563,062) (501,587) Capital contributions 5,292,292 - - - Transfers in 745,628 - 1,003,694 132,940 Transfers out (3,737,730) (2,408) (2,544,769) (54,226) Change in Net Position 12,844,705 868,773 (2,104,137) (422,873) NET POSITION (DEFICIT) - Beginning as previously reported 293,911,415 (12,737,646) (12,077,117) 194,871,385 Error correction 644,335 (644,335) - - Net Position - Beginning, as Restated 294,555,750 (13,381,981) (12,077,117) 194,871,385 NET POSITION (DEFICIT) - ENDING 307,400,455$ (12,513,208)$ (14,181,254)$ 194,448,512$ Business-Type Activities - Enterprise Funds The notes to financial statements are an integral part of this statement.46 Page 82 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 OPERATING REVENUES Sales and service charges Interdepartmental charges Developer participation Other Total Operating Revenues OPERATING EXPENSES Administration and general Depreciation/amortization expense Total Operating Expenses Operating Income (Loss) NONOPERATING REVENUES (EXPENSES) Investment earnings (loss) Interest expense Total Nonoperating Revenues (Expenses) Income (Loss) Before Transfers Capital contributions Transfers in Transfers out Change in Net Position NET POSITION (DEFICIT) - Beginning as previously reported Error correction Net Position - Beginning, as Restated NET POSITION (DEFICIT) - ENDING Adjustment for the net effect of the current year activity between the internal service funds and the enterprise funds Change in Net Position of Business-Type Activities Governmental Activities Other Enterprise Funds Totals Internal Service Funds 27,399,159$ 84,867,838$ 113,081$ - - 10,449,115 - 1,058,922 - 476 2,730,814 475,062 27,399,635 88,657,574 11,037,258 17,613,314 68,802,897 11,037,183 1,062,489 8,201,622 226,272 18,675,803 77,004,519 11,263,455 8,723,832 11,653,055 (226,197) 255,904 8,753,432 58,110 (61,687) (1,137,391) (41,922) 194,217 7,616,041 16,188 8,918,049 19,269,096 (210,009) - 5,292,292 - 330,761 2,213,023 706,124 (3,004,655) (9,343,788) (96,354) 6,244,155 17,430,623 399,761 13,550,666 477,518,703 10,974,917 - - - 13,550,666 477,518,703 10,974,917 19,794,821$ 494,949,326 11,374,678$ (13,966) 494,935,360$ Business-Type Activities - Enterprise Funds The notes to financial statements are an integral part of this statement.47 Page 83 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 Sewer Fund Sewer Development Impact Fees Development Services Fund CV Elite Athlete Training Ctr CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers and users 49,600,333$ 1,058,922$ 10,805,958$ -$ Cash received from interfund service provided - - - - Cash paid to suppliers for goods and services (31,834,574) (20,718) (1,430,790) (193,627) Cash paid to employees for services (4,680,130) - (7,527,660) - Cash received from others 653,722 (644,335) 157 - Net Cash Provided by (Used for) Operating Activities 13,739,351 393,869 1,847,665 (193,627) CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Cash transfers in 895,628 - 1,003,694 132,940 Cash transfers out (3,887,730) (2,408) (2,544,769) (54,226) Interest paid on interfund borrowings - (465,740) - - Repayment of interfund borrowings (1,110,076) 1,110,076 - 114,913 Principal payments on pension bonds (311,499) - (631,724) - Interest paid on pension bonds (228,334) - (385,311) - Net Cash Provided by (Used for) Non-Capital Financing Activities (4,642,011) 641,928 (2,558,110) 193,627 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition and construction of capital assets (10,261,386) (27,225) (36,702) - Principal paid on capital debt - - - - Interest paid on capital debt - - - - Net Cash Used for Capital and Related Financing Activities (10,261,386) (27,225) (36,702) - CASH FLOWS FROM INVESTING ACTIVITIES Investment earnings (loss)7,748,110 285,598 122,341 - Net Cash Provided by Investing Activities 7,748,110 285,598 122,341 - Net Increase (Decrease) in Cash and Cash Equivalents 6,584,064 1,294,170 (624,806) - Cash and Cash Equivalents - July 1 145,472,761 5,218,544 17,079,711 - Cash and Cash Equivalents - June 30 152,056,825$ 6,512,714$ 16,454,905$ -$ Reconciliation of Cash and Cash Equivalents to the Amounts Reported on the Statement of Net Position Cash and investments 152,056,613$ 6,512,714$ 16,454,557$ -$ Cash with fiscal agent 212 - 348 - Total Cash and Cash Equivalents reported on the Statement of Net Position 152,056,825$ 6,512,714$ 16,454,905$ -$ Business-Type Activities - Enterprise Funds The notes to financial statements are an integral part of this statement.48 Page 84 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers and users Cash received from interfund service provided Cash paid to suppliers for goods and services Cash paid to employees for services Cash received from others Net Cash Provided by (Used for) Operating Activities CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Cash transfers in Cash transfers out Interest paid on interfund borrowings Repayment of interfund borrowings Principal payments on pension bonds Interest paid on pension bonds Net Cash Provided by (Used for) Non-Capital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition and construction of capital assets Principal paid on capital debt Interest paid on capital debt Net Cash Used for Capital and Related Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Investment earnings (loss) Net Cash Provided by Investing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents - July 1 Cash and Cash Equivalents - June 30 Reconciliation of Cash and Cash Equivalents to the Amounts Reported on the Statement of Net Position Cash and investments Cash with fiscal agent Total Cash and Cash Equivalents reported on the Statement of Net Position Governmental Activities Other Enterprise Funds Totals Internal Service Funds 24,585,075$ 86,050,288$ 368,646$ - - 10,515,521 (7,664,934) (41,144,643) (4,763,838) (9,203,173) (21,410,963) (6,017,862) (2,974) 6,570 131 7,713,994 23,501,252 102,598 330,761 2,363,023 706,124 (3,004,655) (9,493,788) (96,354) - (465,740) - (959,665) (844,752) - - (943,223) (49,170) - (613,645) (41,939) (3,633,559) (9,998,125) 518,661 (790,991) (11,116,304) (21,014) (903,001) (903,001) - (65,446) (65,446) - (1,759,438) (12,084,751) (21,014) 228,158 8,384,207 48,835 228,158 8,384,207 48,835 2,549,155 9,802,583 649,080 3,288,021 171,059,037 12,191,260 5,837,176$ 180,861,620$ 12,840,340$ 4,745,115$ 179,768,999$ 12,840,301$ 1,092,061 1,092,621 39 5,837,176$ 180,861,620$ 12,840,340$ Business-Type Activities - Enterprise Funds The notes to financial statements are an integral part of this statement.49 Page 85 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 Sewer Fund Sewer Development Impact Fees Development Services Fund CV Elite Athlete Training Ctr Business-Type Activities - Enterprise Funds Reconciliation of Operating Income (Loss) to Net Cash Provided by (Used for) Operating Activities: Operating income (loss)2,709,554$ 1,035,163$ (313,907)$ (501,587)$ Adjustments to Reconcile Operating Income (loss) to Net Cash Provided by (Used for) Operating Activities: Depreciation/Amortization 6,450,871 3,041 348,075 337,146 Restatement of beginning net position 644,335 (644,335) - - (Increase) decrease in accounts receivable 671,152 - (2,909) - (Increase) decrease in due from other governments - - 157 - (Increase) decrease in prepaid costs and inventories 666 - 768 - (Increase) decrease in deferred outflows from pensions 290,294 - 544,820 - (Increase) decrease in deferred outflows from OPEB 61,028 - 181,457 - Increase (decrease) in accounts payable 2,022,872 - 122,665 (29,186) Increase (decrease) in unearned revenue (422,364) - -- Increase (decrease) in retention payable 164,326 - 2,205 - Increase (decrease) in accrued liabilities (3,328) - 2,077 - Increase (decrease) in deposits payable - - (29,218) - Increase (decrease) in compensated absences 33,193 - (77,992) - Increase (decrease) in net pension liability 1,005,226 - 1,801,550 - Increase (decrease) in total OPEB liability 145,783 - (439,142) - Increase (decrease) in deferred inflows from pensions (195,935) - (355,053) - Increase (decrease) in deferred inflows from OPEB 161,678 - 62,112 - Total Adjustments 11,029,797 (641,294) 2,161,572 307,960 Net Cash Provided by (Used for) Operating Activities 13,739,351$ 393,869$ 1,847,665$ (193,627)$ Non-Cash Investing, Capital, and Financing Activities: Capital contributions 5,292,292$ -$ -$ -$ The notes to financial statements are an integral part of this statement.50 Page 86 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 CASH FLOWS FROM OPERATING ACTIVITIESReconciliation of Operating Income (Loss) to Net Cash Provided by (Used for) Operating Activities: Operating income (loss) Adjustments to Reconcile Operating Income (loss) to Net Cash Provided by (Used for) Operating Activities: Depreciation/Amortization Restatement of beginning net position (Increase) decrease in accounts receivable (Increase) decrease in due from other governments (Increase) decrease in prepaid costs and inventories (Increase) decrease in deferred outflows from pensions (Increase) decrease in deferred outflows from OPEB Increase (decrease) in accounts payable Increase (decrease) in unearned revenue Increase (decrease) in retention payable Increase (decrease) in accrued liabilities Increase (decrease) in deposits payable Increase (decrease) in compensated absences Increase (decrease) in net pension liability Increase (decrease) in total OPEB liability Increase (decrease) in deferred inflows from pensions Increase (decrease) in deferred inflows from OPEB Total Adjustments Net Cash Provided by (Used for) Operating Activities Non-Cash Investing, Capital, and Financing Activities: Capital contributions Governmental Activities Other Enterprise Funds Totals Internal Service Funds Business-Type Activities - Enterprise Funds 8,723,832$ 11,653,055$ (226,197)$ 1,062,489 8,201,622 226,272 - - - (2,814,084) (2,145,841) (152,960) - 157 - 54,814 56,248 122 (531,502) 303,612 (53,158) 317,438 559,923 40,846 703,415 2,819,766 15,921 - (422,364) - - 166,531 - 187,055 185,804 50,852 - (29,218) - (66,629) (111,428) 3,426 1,710,248 4,517,024 393,249 (1,310,939) (1,604,298) (142,397) (170,445) (721,433) (49,244) (151,698) 72,092 (4,134) (1,009,838) 11,848,197 328,795 7,713,994$ 23,501,252$ 102,598$ -$ 5,292,292$ -$ The notes to financial statements are an integral part of this statement.51 Page 87 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 52 Page 88 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FIDUCIARY FUND FINANCIAL STATEMENTS 53 Page 89 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS JUNE 30, 2024 Private-Purpose Trust Fund Successor Agency of the Former Chula Vista RDA Custodial Funds ASSETS Cash and cash equivalents 8,873,219$ 8,532,982$ Cash and cash equivalents held with fiscal agents 268 63,903,477 Receivables: Accounts - 492,530 Taxes - 81,204 Notes and loans 121,769 - Accrued interest 48,709 143,993 Capital assets, not being depreciated 5,600,080 - Capital assets, net of accumulated depreciation 702,683 - Total Assets 15,346,728 73,154,186 DEFERRED OUTFLOWS OF RESOURCES Deferred charge on refunding 1,001,806 - Total Deferred Outflows of Resources 1,001,806 - LIABILITIES Current Liabilities: Accounts payable - 625,173 Accrued interes t 185,705 1,477,322 Deposits Payable - 15,486 Due to other governments 55,141 - Due to bond holders - 8,938,943 Advances from the City of Chula Vista 4,261,293 - Unavailable revenues 121,769 - Bonds payable 2,075,000 - Total Current Liabilities 6,698,908 11,056,924 Noncurrent Liabilities: Bonds payable 17,752,679 - Total Noncurrent Liabilities 17,752,679 - Total Liabilities 24,451,587 11,056,924 NET POSITION (DEFICIT): Restricted: Individuals, organizations, and other governments (8,103,053) 62,097,262 Total Net Position (Deficit)(8,103,053)$ 62,097,262$ The notes to financial statements are an integral part of this statement.54 Page 90 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Private-Purpose Trust Fund Successor Agency of the Former Chula Vista RDA Custodial Funds ADDITIONS Investment Earnings: Net increase (decrease) in fair value of investments 40,393$ 76,991$ Interest, dividends, and other 125,563 6,073,005 Total Investment Earnings 165,956 6,149,996 Bond proceeds - 159,347,175 Taxes 7,918,403 - Contributions from other governments - 3,749,131 Special assessments - 17,907,364 Miscellaneous 57,900 - Special tax district contribution - 484,652 Total Additions 8,142,259 187,638,318 DEDUCTIONS Administrative expenses 17,717 6,355 Contractual services 359,680 8,504,106 Debt service and fiscal agent charges 624,571 80,831,613 Depreciation expense 47,724 - Capital outla y - 148,177,568 Total Deductions 1,049,692 237,519,642 Net Change in Fiduciary Net Position 7,092,567 (49,881,324) NET POSITION (DEFICIT) - Beginning as previously reported (15,195,620) 45,011,565 Error correction - 66,967,021 Net Position (Deficit) - Beginning, as restated (15,195,620) 111,978,586 NET POSITION (DEFICIT) - ENDING (8,103,053)$ 62,097,262$ The notes to financial statements are an integral part of this statement.55 Page 91 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 56 Page 92 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements For the Fiscal Year Ended June 30, 2024 NOTE DESCRIPTION PAGE Note 1 – Reporting Entity and Summary of Significant Accounting Policies ......................................................... 58 Note 2 – Reconciliation of Government-Wide and Fund Financial Statements ....................................................... 71 Note 3 – Stewardship, Compliance, and Accountability .......................................................................................... . 71 Note 4 – Cash and Investments ............................................................................................................................... . 72 Note 5 – Receivables ............................................................................................................................................... . 76 Note 6 – Interfund Balances and Transactions ........................................................................................................ . 81 Note 7 – Capital Assets ........................................................................................................................................... . 83 Note 8 – Long-Term Liabilities ............................................................................................................................... . 85 Note 9 – Unearned Revenue .................................................................................................................................... 100 Note 10 – Compensated Absences ........................................................................................................................... 100 Note 11 – Self-Insurance Accrued Liabilities .......................................................................................................... 101 Note 12 – Pension Plans .......................................................................................................................................... 102 Note 13 – Post Retirement Health Benefits ............................................................................................................. 110 Note 14 – Commitments and Contingencies ........................................................................................................... 113 Note 15 – Classification of Fund Balances .............................................................................................................. 115 Note 16 – Restatements of Fund Balance and Net Position ..................................................................................... 116 57 Page 93 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies The basic financial statements of the City of Chula Vista, California (the “City”) have been prepared in conformity with generally accepted accounting principles of the United States of America (“U.S. GAAP”) as applied to governmental agencies. The Governmental Accounting Standards Board (“GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the City’s accounting policies are described below. A.Reporting Entity The City, incorporated in 1911, was recognized as a city in the State of California by election in 1949. The City operates under an elected Council and appointed City Manager form of government and provides the following services as authorized by its charter: public safety, community services, engineering services, planning services, public works, general administrative services, and capital improvements. The financial reporting entity consists of the primary government, the City, and its component units. Component units are legally separate entities for which the elected officials of the primary government are financially accountable. In addition, component units can be other organizations for which the primary government is accountable, and their exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. Blended Component Unit Blended component units, although legally separate entities, are, in substance part of the primary government’s operation and so data from these units are combined with data of the primary government. Discretely presented component units, on the other hand, are reported in a separate column in the combined financial statements to emphasize that they are legally separate from the primary government. The City Council acts as the governing body and can impose its will on the following organizations, establishing financial accountability and operational responsibility. As a result, these organizations are considered component units of the City and are included within the financial statements of the City using the blended method. All component units have a June 30 year-end. The City has no discreetly presented component units. The Chula Vista Industrial Development Authority (the “Development Authority”) The Development Authority was formed in February 1982 for the purpose of promoting and developing commercial, industrial, and manufacturing enterprises and encouraging employment. The City Council acts as the governing body of the Development Authority and can impose its will on the Development Authority, establishing financial accountability and operational responsibility. The Development Authority’s financial data and transactions are included within the capital projects fund type. The City does not produce separate financial statements for the Development Authority. The Chula Vista Public Financing Authority (the “Public Financing Authority”) The Public Financing Authority was established by resolution, pursuant to the City Charter and Constitution of the State of California, as a public body, to serve the public purposes of the City. The resolution was adopted on April 4, 1995. The Public Financing Authority was established by a joint exercise of powers agreement between the City and the Redevelopment Agency. The governing body of the Public Financing Authority is comprised of the consenting members of the City Council. The Public Financing Authority is authorized to borrow money for the purpose of financing the acquisition of bonds, notes, and other obligations of, or for the purpose of making loans to the City and/or to refinance outstanding obligations of the City. 58 Page 94 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) A. Reporting Entity (Continued) The Chula Vista Municipal Financing Authority (the “Municipal Financing Authority”) The Municipal Financing Authority was established by resolution, pursuant to the City Charter and Constitution of the State of California, as a public body, to serve the public purposes of the City. The resolution was adopted on June 11, 2013. The Municipal Financing Authority was established by a joint exercise of powers agreement between the City and the Housing Authority. The governing body of the Municipal Financing Authority is comprised of the consenting members of the City Council. The Municipal Financing Authority is authorized to borrow money for the purpose of financing the acquisition of bonds, notes, and other obligations of, or for the purpose of making loans to the City and/or to refinance outstanding obligations of the City. The Chula Vista Housing Authority (the “Housing Authority”) The Housing Authority was created by the City of Chula Vista City Council (“City Council”) in March 1993 to centrally coordinate and administer the City’s programs for promoting balanced housing for families of all income levels. It was established pursuant to the State of California Health and Safety Code, Section 34200. The City Council acts as the governing body and can impose its will on the Housing Authority, establishing financial accountability and operational responsibility. It is empowered to develop, finance and own low- income housing within the territorial limits of the City of Chula Vista. It uses a variety of local, state, and federal funding sources to administer and finance these programs. It is also the financing vehicle for the issuance of bonds for housing programs and services. The Housing Authority’s financial data and transactions are included within the special revenue fund type. The City does not produce separate financial statements for the Housing Authority. Fiduciary Component Unit Fiduciary component units are legally separate entities for which the City has a financial accountability for due to the City Council appointing the majority of the members of the component units’ respective Boards of Directors, and thereby being able to significantly influence and impose the City’s will on the component units’ activities. The assets of these component units are not held in a trust but are held for the benefit of organizations and other governments that are not part of the City; additionally, the assets of these component units are not derived from the City’s provision of goods or services to them. The following entities are considered to be fiduciary component units and are reported as Custodial Funds: The Chula Vista Bayfront Facilities Financing Authority (the “Bayfront Financing Authority”) The Bayfront Financing Authority was created as a joint powers agreement between the City of Chula Vista, the County of San Diego, and the San Diego Unified Port District for the purpose of issuing tax exempt debt obligations to finance development of the Chula Vista Bayfront Master Plan area. The Bayfront Project Special Tax Financing District (the “Bayfront District”) The Bayfront District was created as a joint community facilities agreement between the City of Chula Vista and the San Diego Unified Port District for the purpose of financing the acquisition or construction of certain public and private improvement and funding of certain services within the Chula Vista Bayfront Master Plan area. The Bayfront District does not issue separate financial statements. B. Basis of Accounting and Measurement Focus The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for by providing a separate set of self-balancing accounts that 59 Page 95 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) B. Basis of Accounting and Measurement Focus (Continued) comprise its assets, liabilities, fund equity, revenues and expenditures, or expenses, as appropriate. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds is maintained in accordance with legal and managerial requirements. Government - Wide Financial Statements The City’s Government-Wide Financial Statements include a Statement of Net Position and a Statement of Activities. These statements present summaries of governmental and business-type activities for the City accompanied by a total column. Fiduciary activities of the City are not included in these statements. These financial statements are presented on an “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all the City’s assets and deferred outflows as well as liabilities and deferred inflows, with the difference reported as net position are presented in the accompanying Statement of Net Position. Also presented in this statement are capital assets including infrastructure assets as well as long-term liabilities. Statement of Activities presents changes in Net Position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. Certain types of transactions are reported as program revenues for the City in three categories:  Charges for services  Operating grants and contributions  Capital grants and contributions Governmental Fund Financial Statements Governmental Fund Financial Statements include a Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances for all major governmental funds and aggregate non-major governmental funds. An accompanying schedule is presented to reconcile and explain the differences in total fund balance as presented in these statements to the Net Position presented in the Government-Wide Financial Statements. The City has presented all major funds that met the applicable criteria. All governmental funds are accounted for on a spending, or "current financial resources" measurement focus and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the Balance Sheet. The Statement of Revenues, Expenditures and Changes in Fund Balances presents increases (revenues and other financing sources) and decreases (expenditures and other financing uses) to fund balances. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period. Revenues become available when received in cash, except for revenue which is subject to accrual and are recognized when due by the City. Generally, 60 days after year-end for primary revenue sources (i.e., property tax, sales tax, intergovernmental revenues, grants, and other taxes). Expenditures are recorded in the accounting period in which the related fund liability is incurred. Unavailable revenues arise when potential revenues do not meet both the “measurable” and “available” criteria for recognition in the current period. Unearned revenues arise when the government receives cash before it has a legal claim to them, as when grant monies are received prior to incurring qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met or when the government has a legal claim to the resources, unavailable and unearned revenue is removed from the Balance Sheet and recognized as revenue. 60 Page 96 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) B.Basis of Accounting and Measurement Focus (Continued) Governmental Fund Financial Statements (Continued) The Reconciliation of the Fund Financial Statements to the Government-Wide Financial Statements is provided to explain the differences created by the integrated approach of GASB Statement No. 34. The City reports the following major Governmental Funds: General Fund – This is the primary operating fund of the City. It is used to account for all revenues and expenditures that are not required to be accounted for in another fund. Federal, State, and Local Grants – This fund consists of miscellaneous grants/revenues such as: Supplemental law enforcement services, CBAG, California Library Services Act, asset seizure, local law enforcement block grants, California Recreation grants, Public Safety grants, waste management and recycling, energy conservation, emergency shelter program, HOME program, CDBG program income project, American Rescue Plan Act funding, and Community Development Block grants. Housing Successor Agency Special Revenue Fund – This fund was established pursuant to Health and Safety Code Section 34176(b)(2) and is used to fund Low- and Moderate-Income Housing and related expenditures through the collection of property taxes. The Low- and Moderate-Income Housing Successor Fund was created due to the dissolution of the Chula Vista RDA. In accordance with Health and Safety Code Section 34176(b)(2), on February 1, 2012, all rights, powers, assets, liabilities, duties, and obligations of the Low- and Moderate-Income Housing Fund were transferred to the Low- and Moderate-Income Housing Successor Agency special revenue fund. Development Impact Capital Projects Fund – This fund was established as a depository of various development impact fees. The fees are levied against all new development in the City in order to pay for the construction or improvement of public facilities as a result of City growth. Proprietary Fund Financial Statements Proprietary Fund Financial Statements include a Statement of Net Position, a Statement of Revenues, Expenses and Changes in Fund Net Position, and a Statement of Cash Flows for each major Proprietary Fund and aggregate non-major proprietary funds. A separate column representing internal service funds is also presented in these statements. However, internal service balances and activities have been combined with the governmental activities in the Government-Wide Financial Statements. The City’s internal service funds include three individual funds which provide services directly to other City funds. These areas of service include Fleet Management, Information Technology Replacement, and Workers Compensation. Proprietary funds are accounted for using the "economic resources" measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) are included on the Statement of Net Position. The Statement of Revenues, Expenses and Changes in Fund Net Position presents increases (revenues) and decreases (expenses) in total Net Position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. In these funds, receivables have been recorded as revenue and provisions have been made for uncollectible amounts. 61 Page 97 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) B.Basis of Accounting and Measurement Focus (Continued) Proprietary Fund Financial Statements (Continued) Operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. All other revenues are reported as non-operating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as non-operating expenses. The City reports the following major proprietary funds: Sewer Enterprise Fund – This fund consists of several sub-funds that are used to account for sewer activities: The Sewer Income Fund is a depository for all monies collected to cover the cost of connecting properties to the City's public sewer system. All monies received may be used only for the acquisition, construction, reconstruction, maintenance, and operation of sanitation or sewerage facilities. The Trunk Sewer Capital Reserve Fund is used to account for sewerage facility participation fee received from owner or person making application for a permit to develop or modify use of any residential, commercial, industrial, or other property, which increases the volume of flow into the City sewer system. All monies received shall be used for the enlargement of sewer facilities of the City to enhance efficiency of utilization and/or adequacy of capacity and for planning and/or evaluating any future proposals for area wide sewage treatment and/or water reclamation systems or facilities. The Sewer Service Revenue Fund is a depository for all monies collected from the monthly sewer service charge. Monies in this fund may be used for construction, maintenance, or operation of sewer. The Sewer Facility Replacement Fund is a depository for a portion of the revenue derived from the monthly sewer service charge. Monies in this fund shall be used solely for the purpose of refurbishment and/or replacement of sewerage facilities including related evaluation, engineering, and utility modification costs. Sewer Development Impact Fees Fund – This fund is a depository for sewer development impact fees (DIFs). Development Services Fund – This fund is a depository for a portion of developer fees and other development related activities. Chula Vista Elite Athlete Training Center (CVEATC) Fund – This fund is used to account for the CVEATC’s activities in partnership with the CVEATC operator Elite Athlete Services (EAS). Fiduciary Fund Financial Statements Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Fiduciary Net Position. The City’s fiduciary funds represent custodial funds and private purpose trust funds. Fiduciary fund types are accounted for according to the nature of the fund. The City’s custodial funds are used to account for money and property held by the City as custodian. They are also used to account for various assessment districts for which the City acts as an agent for debt service activities. The City’s private purpose trust fund is a fiduciary fund type used by the City to report assets, liabilities, and activities of the Successor Agency to the Chula Vista Redevelopment Agency. Its results of operations are presented on the Statement of Changes of Fiduciary Net Position. Both types of fiduciary funds follow the economic resources basis of accounting similar to proprietary funds. 62 Page 98 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) B.Basis of Accounting and Measurement Focus (Continued) Fiduciary Fund Financial Statements (Continued) The Successor Agency was created by the City of Chula Vista City Council (City Council) in August 2012. It was established pursuant to Assembly Bill x1 26. Its purpose is to expeditiously wind down the affairs of the dissolved RDA. The governing body of the Successor Agency is comprised of the members of the Oversight Board selected by the County of San Diego, City of Chula Vista, school, and special districts. The Successor Agency has been included in the accompanying basic financial statements as a private purpose trust fund. C.Encumbrances Formal budgetary integration is employed as a management control device. Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration. Encumbrances outstanding at year-end do not constitute U.S. GAAP basis expenditures or liabilities because the commitments will be honored during the subsequent year. Therefore, the City has assigned a portion of its fund balance for future encumbrances. D.Cash, Cash Equivalents, and Investments The City pools its available cash for investment purposes. The City considers pooled cash and investment amounts, with original maturities of three months or less, to be cash equivalents. Highly liquid market investments with maturities of one year or less at time of purchase are stated at amortized cost. All other investments are stated at fair value. Market value is used as fair value for those securities for which market quotations are readily available. The City reported its investments at fair value and the unrealized loss on investments amounted to $8,237,231 for the fiscal year ended June 30, 2024. The statement of cash flows requires presentation of “cash and cash equivalents”. For the purposes of the statement of cash flows, the City considers all proprietary fund pooled cash and investments as “cash and cash equivalents”, as such funds are available to the various funds as needed. Certain disclosure requirements, if applicable, for Deposits and Investment Risks in the following areas: Interest Rate Risk Credit Risk o Overall o Custodial Credit Risk o Concentration of Credit Risk Foreign Currency Risk In addition, other disclosures are specified including use of certain methods to present deposits and investments, highly sensitive investments, credit quality at year-end and other disclosures. E.Inventories and Prepaid items Inventories are valued on an average-cost basis which are adjusted to annual physical counts or estimates under the consumption method of accounting and are recorded in the internal service fund. Prepaid items are items the City has paid in advance and will receive future benefit from. 63 Page 99 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) F.Restricted Assets Fiscal agents acting on behalf of the City hold investment funds arising from the proceeds of long-term debt issuances. The funds may be used for specific capital outlays or for the payment of certain bonds, certificates of participation or tax allocation bonds and have been invested only as permitted by specific State statutes or applicable City ordinance, resolution, or bond indenture. In addition, the City restricts cash deposits from developers that are refundable. G.Interfund Transactions Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “due to/from other funds” or “advances to/from other funds” (i.e., the current portion of interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported in the Governmental-Wide Financial Statements as “internal balances.” H.Capital Assets Capital assets are valued at historical cost or estimated historical cost if actual historical cost was not available. Donated capital assets are valued at their acquisition value on the date donated. City policy has set the capitalization threshold for reporting capital assets at $10,000 for equipment and $50,000 for infrastructure. Depreciation is recorded on a straight-line basis over estimated useful lives of the assets as follows: Buildings 50 years Improvements other than buildings 50 years Machinery and equipment 3-15 years Infrastructure 30-75 years The useful life of lease assets and subscription-based information technology agreements is the shorter of the life of the lease/agreement or the useful life of the underlying asset on its own. If the City has the option to purchase the assets at the end of the lease term and is likely to exercise that option, the useful life of the underlying asset will be used. The City defines infrastructure as the basic physical assets that allow the City to function. The assets include: Street system Sewer system Site amenities such as parking and landscaped areas used by the City in the conduct of its business Each major infrastructure system can be divided into subsystems. For example, the street system can be subdivided into pavement, curbs and gutters, sidewalks, medians, streetlights, landscaping, and land. These subsystems were not delineated in the basic financial statements. The appropriate operating department maintains information regarding the subsystems. For all infrastructure systems, the City elected to use the Basic Approach for infrastructure reporting. I.Compensated Absences Government-Wide Financial Statements For governmental and business-type activities, compensated absences are recorded as expenses and liabilities as incurred. 64 Page 100 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) I. Compensated Absences (Continued) Fund Financial Statements In governmental funds, compensated absences are recorded as expenditures in the years paid, as it is the City’s policy to liquidate any unpaid compensated absences at June 30 from future resources, rather than currently available financial resources. The General Fund is typically used to liquidate compensated absences. In proprietary funds, compensated absences are expensed to the various funds in the period they are earned, and such fund’s share of the unpaid liability is recorded as a long-term liability of the fund. J. Pensions For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City’s California Public Employees’ Retirement System (CalPERS) plan (Plan) and additions to/deductions from the Plan’s fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. The net pension liability is typically liquidated through the General Fund for the portion reported in governmental activities, and also through the respective enterprise fund in which it is allocated. For this report, the following timeframes are used: Valuation Date June 30, 2022 Measurement Date June 30, 2023 Measurement Period July 1, 2022, to June 30, 2023 K. Other Post-Employment Benefits For purposes of measuring the total OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense have been determined by an independent actuary. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. The total OPEB liability is typically liquidated through the General Fund for the portion reported in governmental activities, and also through the respective enterprise fund in which it is allocated. Generally accepted accounting principles require that the reported results must pertain to liability information within certain defined timeframes. For this report, the following timeframes are used: Valuation Date June 30, 2023 Measurement Date June 30, 2024 Measurement Period July 1, 2023, to June 30, 2024 L. Long-Term Debt Government-Wide Financial Statements Long-term debt, including bonds, notes, financed purchases, leases and subscriptions are reported as liabilities in the appropriate funds. Bond premiums and discounts, as well as issuance costs relating to bond insurance, are deferred, and amortized over the life of the bonds using the effective interest method. Bonds payable is reported net of the applicable premium or discount. Fund Financial Statements The fund financial statements do not present long-term debt but are shown in the Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position. 65 Page 101 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) M.Leases City as Lessee The City is a lessee for noncancellable leases of land, buildings, and equipment. The City recognizes a lease liability and an intangible right-to-use leased asset (lease asset) in the Government-wide, Proprietary, and Fiduciary Fund financial statements. Lease assets are reported with depreciable capital assets and lease liabilities are reported with long-term liabilities. At the commencement of a lease, the City measures the lease liability at the present value of payments expected to be made over the course of the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight-line basis over the remaining lease term. City as Lessor The City is a lessor for noncancellable leases of portions of buildings. The City recognizes a lease receivable and a deferred inflow of resources in the Government-wide, Governmental, and Proprietary Fund financial statements. At the commencement of a lease, the City measures the lease receivable at the present value of payments expected to be received over the course of the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the lease term. N.Subscription Based Information Technology The City is the customer or buyer of subscription contracts for noncancellable uses of vendor software. The City recognizes a subscription liability and an intangible right-to-use subscription asset in the Government-wide, Proprietary, and Fiduciary Fund financial statements. Subscription assets are reported with depreciable capital assets and subscription liabilities are reported with long-term liabilities. At the commencement of a subscription, the City measures the subscription liability at the present value of payments expected to be made over the course of the subscription contract term. Subsequently, the subscription liability is reduced by the principal portion of subscription payments made. The subscription asset is measured as the initial amount of the subscription liability, adjusted for subscription payments made at or before the subscription commencement date, plus certain initial direct costs. Subsequently, the subscription asset is amortized on a straight-line basis over the remaining subscription contract term. O.Deferred Outflows/Inflows of Resources In addition to assets, the financial statements will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to future periods and will not be recognized as an outflow of resources (expense/ expenditure) until then. The City has three items that qualify for reporting in this category, which are reported in the government-wide statement of net position. One item is the deferred charge on refunding reported on the statement of net position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The second item is the deferred outflows related to pensions, which represents the City’s pension contributions made subsequent to the measurement date, change of assumptions, difference between expected and actual experience, and the net difference between projected and actual earnings on plan investments. The third item is related to OPEB, which represents the change of assumptions and difference between expected and actual experience. 66 Page 102 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) O. Deferred Outflows/Inflows of Resources (Continued) In addition to liabilities, the financial statements will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to future periods and so will not be recognized as an inflow of resources (revenue) until that time. The City has four types of deferred inflows of resources, one of which arises only under a modified accrual basis. Accordingly, the first item, unavailable revenue, is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues from two sources: taxes and grant receivables. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. The second and third items are deferred inflows related to pensions and OPEB reported in the statement of net position. These inflows are the results of changes in assumptions and differences between expected and actual experiences, and the net difference between projected and actual earnings on plan investments which are deferred and amortized over the expected average remaining service lifetime. The fourth item is related to the future inflows of lease revenues. P. Property Taxes The County of San Diego, California (County) bills and collects property taxes and remits them to the City according to a payment schedule established by the County. The County’s tax calendar is from July 1 to June 30. Property taxes attach as a lien on property on January 1. Taxes are levied on July 1, based on the assessed values as of the lien date, and are payable in two installments: November 1 and February 1 of each year. Property taxes become delinquent on December 10, and April 10, for the first and second installments, respectively. The County is permitted by State law to levy taxes at 1% of full market value (at time of purchase) and can increase the property tax rate no more than 2% per year or the current CPI, whichever is less. The City receives a share of this basic tax levy proportionate to what it received during the years 1980-1981. Property tax revenue is recognized in the fiscal year for which the taxes have been levied, provided the taxes are received within 60 days after the end of the fiscal year. Property taxes received after this date are not considered available as a resource that can be used to finance the current year operations of the City and, therefore, are not recorded as revenue until collected. No allowance for doubtful accounts was considered necessary. Q. Net Position In governmental-wide and proprietary fund financial statements, Net Position are categorized as follows: Net Investment in Capital Assets – This component of net position consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of debt that are attributable to the acquisition, construction, or improvement of those assets. Restricted – This component of net position consists of restricted assets reduced by liabilities and deferred inflows of resources related to those assets. Unrestricted – This component of net position is the amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted component of net position. When expenses are incurred for purposes for which both restricted and unrestricted Net Position are available, the City’s policy is to apply restricted Net Position first, then unrestricted Net Position as they are needed. 67 Page 103 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) R. Fund Balances In governmental fund financial statements, fund balances are categorized as follows: Nonspendable – Items that cannot be spent because they are not in spendable form, such as prepaid items and inventories, and items that are legally or contractually required to be maintained intact, such as principal of an endowment or revolving loan funds. Restricted – Restricted fund balances encompass the portion of net fund resources subject to externally enforceable legal restrictions. This includes externally imposed restrictions by creditors, such as through debt covenants, grantors, contributors, laws, or regulations of other governments, as well as restrictions imposed by law through constitutional provisions or enabling legislation. Committed – Committed fund balances encompass the portion of net fund resources, the use of which is constrained by limitations that the City imposes upon itself at its highest level of decision making, normally the governing body, and that remain binding unless removed in the same manner. The City Council is considered the highest authority for the City that can, by adoption of an ordinance or resolution prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the ordinance or resolution remains in place until a similar action is taken (the adoption of another ordinance or resolution) to remove or revise the limitation. Assigned – Assigned fund balances encompass the portion of net fund resources reflecting the government’s intended use of resources. Assignment of resources can be done by the highest level of decision making or by a committee or official designated for that purpose. City Council has by resolution, authorized the Director of Finance to assign fund balances. City Council may also assign fund balance as it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year’s appropriated budget. Unlike commitments, assignments generally only exist temporarily. In other words, an additional action does not normally have to be taken for the removal of an assignment. Conversely, as discussed above, an additional action is essential to either remove or revise a commitment. Unassigned – This amount is for any portion of the fund balances that do not fall into one of the above categories. This classification includes the residual fund balance for the General Fund. It also includes the negative residual balance for any other governmental fund that cannot be eliminated by offsetting assigned fund balance amounts. Sometimes the City will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last. S. Spending and Reserve Policy Government-Wide Financial Statements and the Proprietary Fund Financial Statements When an expense is incurred for purposes for which both restricted and unrestricted Net Position are available, the City’s policy is to apply restricted Net Position first. 68 Page 104 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) S. Spending and Reserve Policy (Continued) Governmental Fund Financial Statements When expenditures are incurred for purposes where only unrestricted fund balances are available, the City uses the unrestricted resources in the following order: committed, assigned, and unassigned. The City Council approved and adopted a Citywide Reserve Policy to provide for the establishment of reserves, reserve levels, methodology for calculating reserves, use of reserves, and replenishment of reserves for the General Fund and other funds. General Fund Reserves Pursuant to the Citywide Reserve Policy, the City maintains the following General Fund Reserves: General Fund Operating Reserve: represents unrestricted resources available for appropriation by the City Council to address extraordinary needs of an emergency nature, funded at 15% of prior year’s adopted General Fund budgeted operating expenditures, including transfers out related to debt service payments and recurring operating obligations. Economic Contingency Reserve: represents monies set aside to mitigate service impacts during a significant downturn in the economy which impacts City revenues such as sales tax, property tax, transient occupancy tax, etc., funded at minimum of 5% of prior year’s adopted General Fund budgeted operating expenditures, including transfers out related to debt service payments and recurring operating obligations. Catastrophic Event Reserve: represents monies set aside to fund unanticipated expenditures related to a major disaster in the City and are associated with the City’s Emergency Organization Department and Disaster Council, funded at 3% of prior year’s adopted General Fund budgeted operating expenditures, including transfers out related to debt service payments and recurring operating obligations. Pension, Bond Call, and OPEB Reserves Pursuant to the Citywide Reserve Policy, the City maintains Pension, Bond Call, and OPEB Reserves to ensure the City has adequate reserves to fund future pension, debt, and OPEB liabilities. These reserves are funded by annual, net savings related to the City’s 2021 issuance of pension obligation bonds and remaining General Fund surplus funds after meeting the minimum targets of the General Fund Reserves. Measure A Fund Reserve Pursuant to the Citywide Reserve Policy, the City maintains a Measure A Fund Economic Contingency Reserve. This reserve was established to avoid any impacts to the General Fund due to temporary sales tax revenue shortfalls, and to establish the reserves necessary to meet known and unknown future obligations for the City’s Police and Fire Departments. It is funded by 16% of Measure A fund’s annual operating budget. Enterprise Fund Reserves Pursuant to the Citywide Reserve Policy, the City maintains reserves for the following enterprise funds: Sewer Service Revenue Fund and Ambulance Transport System Enterprise Fund to help mitigate the impact of economic fluctuations on revenues, fund unforeseen expenditure requirements, provide minimum levels of cash balances, and avoid the need to borrow for cash management purposes. 69 Page 105 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) T. Use of Estimates The preparation of basic financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from these estimates and assumptions. U. Changes in Accounting Principles and New GASB Pronouncements During the year ended June 30, 2024, the City adopted the following accounting standard issued by the Governmental Accounting Standards Board (GASB): 1. GASB Statement No. 99, Omnibus 2022 The requirements of this Statement will enhance comparability in the application of accounting and financial reporting requirements and will improve the consistency of authoritative literature. Consistent authoritative literature enables governments and other stakeholders to more easily locate and apply the correct accounting and financial reporting provisions, which improves the consistency with which such provisions are applied. The comparability of financial statements also will improve as a result of this Statement. Better consistency and comparability improve the usefulness of information for users of state and local government financial statements. The requirements related to extension of the use of the London Interbank Offered Rate (LIBOR), accounting for Supplemental Nutrition Assistance Program (SNAP) distributions, disclosures of nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions in Statement No. 34, as amended, and terminology updates related to Statements No. 53 and No. 63 are effective upon issuance. The requirements related to leases, Public-Private and Public-Public Partnerships (PPPs), and Subscription-Based Information Technology Arrangements (SBITAs) are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. The requirements related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement No. 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter. 2. GASB Statement No. 100, Accounting Changes and Error Corrections The requirements of this Statement will improve the clarity of the accounting and financial reporting requirements for accounting changes and error corrections, which will result in greater consistency in application in practice. In turn, more understandable, reliable, relevant, consistent, and comparable information will be provided to financial statement users for making decisions or assessing accountability. In addition, the display and note disclosure requirements will result in more consistent, decision useful, understandable, and comprehensive information for users about accounting changes and error corrections. The requirements of this Statement are effective for accounting changes and error corrections made in fiscal years beginning after June 15, 2023, and all reporting periods thereafter. 70 Page 106 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 2 – Reconciliation of Government-Wide and Fund Financial Statements A. Explanation of Certain Differences Between the Proprietary Fund Statement of Net Position and the Government-Wide Statement of Net Position The proprietary fund statement of net position includes a reconciliation between net position – total enterprise funds and net position of business-type activities as reported in the government-wide statement of net position. The description of the sole element of that reconciliation is “adjustment to report the cumulative internal balance for the net effect of the activity between the internal service funds and the enterprise funds over time.” The details of the $429,893 difference are as follows: Internal receivable representing charges in excess of cost to business-type activities - prior years 443,859$ Internal receivable representing charges in excess of cost to business-type activities - current year (13,966) Net adjustment to increase net position - total enterprise funds to arrive at net position - business-type activities 429,893$ Note 3 – Stewardship, Compliance, and Accountability A. Deficit Fund Equity At June 30, 2024, the Sewer Development Impact Fees Fund and the Development Services Fund, both major proprietary funds, reported deficits in net position in the amounts of $12,513,208 and $14,181,254, respectively. The reason for the deficit in the Sewer Development Impact Fees Fund is the long-term advance payable in the amount of $19,284,732 to the General Fund discussed in Note 6. The deficit is expected to be eliminated in future years, as repayments to the General Fund are made on the advance. The reason for the deficit in the Development Services Fund is the allocation of the Fund’s share of the 2021 Pension Obligation Bonds issued during the 2021 fiscal year, with an outstanding balance in the amount of $15,427,350 as of June 30, 2024. The deficit is expected to be eliminated in future years as the revenue is recognized as a reduction to net pension liability. At June 30, 2024, the following non-major funds had deficit fund equity: Fund Type Funds Deficit Traffic Safety 1,685$ Transportation Sales Tax 24,070 Residential Construction Tax 1,409,110 Special Revenue Special Revenue Capital Projects Capital Projects Other Transportation Program Fund 635,203 Traffic Safety – The Traffic Safety Fund had an accumulated deficit of $1,685 as a result of fair market on investment losses and interfund transfer to the General Fund to cover administrative expenditures. The deficit is expected to be eliminated through future revenues. Transportation Sales Tax - The Transportation Sales Tax Fund had an accumulated deficit of $24,070 due to the timing of the receipt of the City’s allocation of SANDAG’s ½ cent sales tax levy compared to disbursements. The City expects to eliminate this deficit through future revenues. Residential Construction Tax – The Residential Construction Tax Fund had an accumulated deficit of $1,409,110 due to debt service payment that are expected to be eliminated through future revenues. Other Transportation Program – The Other Transportation Program Fund had an accumulated deficit of $635,203 due the timing of the reimbursement of grant revenues for the capital expenditures incurred. 71 Page 107 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 4 – Cash and Investments The following is a summary of pooled cash and investments, including cash and investments with fiscal agents at June 30, 2024. Fiduciary Funds Governmental Business-Type Statement of Net Activities Activities Subtotal Position Total Cash and investments 490,362,288$ 180,861,620$ 671,223,908$ 17,406,201$ 688,630,109$ Restricted cash and investments: Held by City 900,107 - 900,107 - 900,107 Held by fiscal agents 34,485,646 - 34,485,646 63,903,745 98,389,391 Total restricted cash and investments 35,385,753 - 35,385,753 63,903,745 99,289,498 Total cash and investments 525,748,041$ 180,861,620$ 706,609,661$ 81,309,946$ 787,919,607$ Government-Wide Statement of Net Position Cash, cash equivalents and investments consisted of the following at June 30, 2024: Petty Cash 9,789$ Deposits with financial institutions 25,555,367 Investments 692,094,729 Investments held by fiscal agents 70,259,722 Total cash and investments 787,919,607$ A. Deposits The carrying amount of the City’s cash deposits were $25,555,367 on June 30, 2024. Bank balances before reconciling items were $25,313,677 at that date, the total amount of which was insured or collateralized with securities held by the pledging financial institutions in the City’s name as discussed below. The California Government Code requires California banks and savings and loan associations to secure the City’s cash deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered to be held in the City's name. The market value of pledged securities must equal at least 110% of the City's cash deposits. California law also allows institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the City’s total cash deposits. The City may waive collateral requirements for cash deposits, which are fully insured up to $250,000 by the Federal Deposit Insurance Corporation. The City, however, has not waived the collateralization requirements. The City follows the practice of pooling cash and investments of all funds, except for funds required to be held by fiscal agents under the provisions of bond indentures. Interest income earned on pooled cash and investments is allocated on an accounting period basis to the various funds based on the period-end cash and investment balances. Interest income from cash and investments with fiscal agents is credited directly to the related fund. 72 Page 108 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 4 – Cash and Investments (Continued) B. Investments As of June 30, 2024, the City had the following investments and maturities: Investment Type Fair Value 1 year or fewer 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years LAIF 30,136,763$ 30,136,763$ -$ -$ -$ -$ Time deposits 310,000 310,000 - - - - San Diego County Investment Fund 323,192 323,192 - - - - United States Treasuries 175,823,824 71,875,373 37,570,778 23,142,673 23,623,980 19,611,020 Federal agency bonds 203,670,176 73,048,522 54,248,303 46,812,124 12,861,905 16,699,322 Municipal bonds 58,492,501 16,958,837 23,981,143 11,781,700 5,770,821 - Supranationals 26,824,835 5,931,150 6,248,265 9,620,320 - 5,025,100 Commercial Paper 4,901,089 4,901,089 - - - - Asset-backed securities - - - - - - Medium-term corporate notes 146,353,866 43,483,715 30,874,036 32,233,070 6,049,500 33,713,545 Certificates of deposit 11,709,971 11,459,139 - - 250,832 - Placement service deposits 4,391,782 4,391,782 - - - - Money market funds 29,156,730 29,156,730 - - - - Held by bond trustee: Mutual funds 61,921,693 61,921,693 - - - - LAIF 8,338,029 8,338,029 - - - - Total 762,354,451$ 362,236,014$ 152,922,525$ 123,589,887$ 48,557,038$ 75,048,987$ Investment Maturities Investments Authorized by the California Government Code and the City’s Investment Policy The table below identifies the investment types that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City’s investment policy, where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy. Authorized Investment Type Maximum Maturity Maximum Percentage of Portfolio* Maximum Investment in One Issuer Bankers' Acceptance 180 days 40%30% Negotiable Certificates of Deposits 5 years 30%None Commercial Paper 270 days 25%10% State and Local Agency Bond Issues 5 years None None U.S. Treasury Obligations 5 years None None U.S. Agency Securities 5 years None None Repurchase Agreement 1 year None None Reverse-Purchase Agreements 92 days 20%None Medium-Term Corporate Notes 5 years 30%10% Time Certificates of Deposits 5 years None None Money Market Funds N/A 20%10% San Diego County Treasurer's Pooled Money Fund N/A None None Local Agency Investment Fund (LAIF)N/A None $75 Million** Shares of Beneficial Interest issued by a JPA N/A None None Asset Backed Securities 5 years 20%None Supranationals 5 years 30%None Placement Service Deposits 5 years 30%None * Excluding amounts held by bond trustee that are not subject to California Government ** Maximum is $75 million per account 73 Page 109 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 4 – Cash and Investments (Continued) B. Investments (Continued) Investments Authorized by Debt Agreements Investments of debt proceeds held by bond trustee are governed by provisions of the debt agreement rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk. Authorized Investment Type Maximum Maturity Maximum Percentage of Portfolio Maximum Investment in One Issuer U.S Treasury Obligations None None None Federal Home Loan Mortgage Corporation None None None Farm Credit Banks None None None Federal Home Loan Banks None None None Federal National Mortgage Association None None None Student Loan Marketing Association None None None Financing Corporation None None None Resolution Funding Corporation None None None Certificates of Deposits, Time Deposits and Bankers' Acceptance 180 or 365 days None None Commercial Paper 270 days None None Money Market Funds None None None State Obligations None None None Municipal Obligations None None None Repurchase Agreements None None None Investment Agreements None None None Local Agency Investment Fund (LAIF)None None None C. Risks Disclosures Interest Rate Risk As a means of limiting its exposure to fair value losses arising from rising interest rates, the City’s investment policy provides that final maturities of securities cannot exceed five years. Specific maturities of investments depend on liquidity needs. At June 30, 2024, the City’s pooled cash and investments had the following maturities: Maturity Percentage of Investment Less than one year 47.5% 1 - 2 years 20.1% 2 - 3 years 16.2% 3 - 4 years 6.4% 4 - 5 years 9.8% The weighted average maturity of the portfolio was 1.8 years. Credit Risk Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. To be eligible to receive City money, a bank, savings association, federal association, or federally insured industrial loan company shall have received an overall rating of not less than "satisfactory" in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California's communities, including low-and moderate-income neighborhoods. 74 Page 110 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 4 – Cash and Investments (Continued) C. Risks Disclosures (Continued) The City’s investments are rated by the nationally recognized statistical rating organizations as follows: Standard & Investment Type Fair Value Moody's Poor's LAIF 30,136,763$ Not rated Not rated Time deposits 310,000 Not rated Not rated San Diego County Investment Fund 323,192 Not rated Not rated United States Treasuries 175,823,824 Exempt Exempt Federal agency bonds 203,670,176 Exempt Exempt Municipal bonds 58,492,501 A1 to Aa1 A to AA+ Supranationals 26,824,835 Aaa AAA Commercial Paper 4,901,089 P-1 Not rated Asset-backed securities - Aaa AAA Medium-term corporate notes 146,353,866 A3 to Aaa BBB+ to AAA Certificates of deposit 11,709,971 Not rated Not rated Placement service deposits 4,391,782 Not rated Not rated Money market funds 29,156,730 Not rated Not rated Held by bond trustee: Mutual funds 61,921,693 Not rated Not rated LAIF 8,338,029 Not rated Not rated Total 762,354,451$ Custodial Credit Risk Custodial credit risk is the risk that, in the event of the failure of the counter party, the City will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. All securities, with the exception of LAIF and other pooled investments, are held by a third-party custodian (BNY Western Trust). BNY is a registered member of the Federal Reserve Bank. Concentration of Credit Risk The City’s investment policy contains limitations on the amount that can be invested in any one issuer, in accordance with the limitations stipulated by the California Government Code. For the fiscal year ended June 30, 2024, the City had no investments in any one issuer that exceeded percentage of portfolio limitations set forth by either the City’s investment policy or the California Government Code. D. Investments in Local Agency Investment The City is a participant in LAIF which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. As of June 30, 2024, the City had $30,136,763 invested in LAIF. LAIF determines fair value on its investment portfolio based on market quotations for those securities where market quotations are readily available and based on amortized cost or best estimate for those securities where market value is not readily available. The City valued its investments in LAIF as of June 30, 2024, by multiplying its account balance with LAIF times a fair value factor determined by LAIF. This fair value factor was determined by dividing all LAIF participants’ total aggregate amortized cost by total aggregate fair value. The credit quality rating of LAIF is unrated as of June 30, 2024. There are no limitations or restrictions on participant withdrawals from LAIF. 75 Page 111 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 4 – Cash and Investments (Continued) E. Fair Value Hierarchy The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. The City had the following recurring fair value measurements as of June 30, 2024: Investment Type Totals Level 1 Level 2 Uncategorized LAIF 30,136,763$ -$ -$ 30,136,763$ Time deposits 310,000 - 310,000 - San Diego County Investment Fund 323,192 - - 323,192 United States Treasuries 175,823,824 175,823,824 - - Federal agency bonds 203,670,176 - 203,670,176 - Municipal bonds 58,492,501 - 58,492,501 - Supranationals 26,824,835 - 26,824,835 - Commercial Paper 4,901,089 - 4,901,089 - Asset-backed securities - - - - Medium-term corporate notes 146,353,866 - 146,353,866 - Certificates of deposit 11,709,971 - 11,709,971 - Placement service deposits 4,391,782 - - 4,391,782 Money market funds 29,156,730 - - 29,156,730 Held by bond trustee: Mutual funds 61,921,693 - - 61,921,693 LAIF 8,338,029 - - 8,338,029 Total 762,354,451$ 175,823,824$ 452,262,438$ 134,268,189$ U.S. Treasury Notes classified in Level 1 of the fair value hierarchy are valued using prices quoted in active markets for those securities. U.S. Agency Securities, Corporate Notes, Asset Backed Securities and Time Deposits classified in Level 2 of the fair value hierarchy are valued using institutional bond quotes or specified fair market value factors. Note 5 – Receivables A.Taxes Receivable At June 30, 2024, the City had the following taxes receivable: Governmental Fiduciary Activities Funds Total Sales Tax 19,372,174$ -$ 19,372,174$ Property Tax 609,569 - 609,569 Highway Users Tax 1,888,400 - 1,888,400 Franchise Fee Tax 3,168,705 - 3,168,705 Special Assessments - 81,204 81,204 Other Taxes 1,995,658 - 1,995,658 Total 27,034,506$ 81,204$ 27,115,710$ 76 Page 112 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 5 – Receivables (Continued) B.Loans Receivable At June 30, 2024, the City had the following loans receivable, including principal and accrued interest: Principal Interest Total South Bay Community Services (Trolley Trestle, Muncey Manor, CNV I, CNII, NCV II)2,022,483$ 2,498,829$ $ 4,521,312 Cordova and Trolley Terrace Apartments (Cordova Trolley, LP)2,672,511 509,049 3,181,560 St. Regis Park (Chelsea Investment Corp)1,232,822 149,993 1,382,815 Chula Vista Rehabilitation CHIP Loans 869,658 96,643 966,301 Los Vecinos (Wakeland Housing and Development Corporation)5,680,000 4,641,732 10,321,732 Brisa del Mar (Main Plaza, LP)1,800,000 847,440 2,647,440 Seniors on Broadway (MAAC Project)3,511,194 1,911,815 5,423,009 The Landings II (Chelsea Investment Corp)8,034,086 2,160,013 10,194,099 First Time Home Buyers Program 2,981,896 259,016 3,240,912 NSP Rental Housing Program 1,000,000 256,973 1,256,973 Lofts on Landis 2,000,000 608,486 2,608,486 Duetta Apartments (F Street Family CIC, LP)2,068,000 511,464 2,579,464 Volta Senior Apartments (G Street Seniors CIC, LP)932,000 227,618 1,159,618 Anita Street Apartments (Wakeland- Anita LP)5,195,165 492,331 5,687,496 Deferred development impact fees 10,040,010 779,378 10,819,388 50,039,825$ 15,950,780$ 65,990,605$ Governmental Activities South Bay Community Services In 1998, the former Chula Vista Redevelopment Agency (RDA) and City of Chula Vista entered into several loan agreements with South Bay Community Services, a California non-profit public benefit corporation. Prior years’ loan was made to South Bay Community Services for the purpose of purchasing several properties throughout the City of Chula Vista, including Concord Way (1-unit) and Trolley Trestle (11-unit). These projects are to provide housing to very low-income families. Deeds of trust and assignments of rent secure the notes. Principal and interest are payable annually out of any and all residual receipts derived from the property and/or operation of the property. Interest accrues annually on the unpaid balance with rates ranging from 3% to 6%. At June 30, 2024, the outstanding balance of the loan was $4,521,312, which included an interest accrual of $2,498,829. Cordova and Trolley Terrace Apartments- (Cordova Trolley, LP) In January 2019, the Housing Authority and the Cordova Trolley, LP (Developer) entered into a loan agreement to refinance two scattered site rental housing developments at 1280 E J Street (40-unit) and 750 ADA Street (18-unit). The developer partially repaid the outstanding accrued interest of the previous loan in the amount of $200,000 and carried forward the remaining balance of $2,672,511 as a new loan on the Project. The project provides affordable housing to very-low and low-income households for an additional 55-years. The amended and restated promissory note is secured by a deed of trust and will accrue 3.15% interest compounding annually. Residual receipt payments (if any) will be applied towards the outstanding loan balance until the loan is paid in full. At June 30, 2024, the outstanding balance of the loan was $3,181,560, which included an interest accrual of $509,049. St. Regis Park (Chelsea Investment Corporation) In 2000, the former RDA entered into a loan agreement with Chelsea Investment Corporation for the acquisition and rehabilitation of the 119-unit multi-family housing project (formerly known as Pear Tree Apartments) at 1025 Broadway. In June 2019, the developer repaid the outstanding principal balance of the previous loan in the amount of $1,387,152 and carried forward the accrued interest of $1,232,822 as a new loan amount. The project will remain affordable to very-low and low-income households for an additional 55-years. The amended and 77 Page 113 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 5 – Receivables (Continued) B. Loans Receivable (Continued) St. Regis Park (Chelsea Investment Corporation) (Continued) restated promissory note is secured by a deed of trust and will accrue 2.76% interest compounding annually. Residual receipt payments (if any) will be applied towards the outstanding loan balance until the loan is paid in full. At June 30, 2024, the outstanding balance of the loan was $1,382,815, which included an interest accrual of $149,993. Chula Vista Rehabilitation CHIP Loans The Chula Vista Rehabilitation Community Housing Improvement Program (CHIP) is under the direct control of the Housing Authority acting as the Successor Housing Entity for those loans that were funded using Low- and Moderate-Income Housing Funds. These loans provide funding to assist owner occupied or mobile homeowners with assistance to make health and safety repairs to their dwelling unit. CHIP loans funded by CDBG, or HOME funds are also managed by the Housing Authority. CHIP offers deferred and low interest rate home improvement loans to qualified borrowers residing within a target area. The rate terms vary from 0 to 5% deferred interest loans to forgivable loans for mobile homeowners. Loan repayments are re-deposited into the program cash accounts and are redistributed as future loans. At June 30, 2024, the outstanding balance of the loan was $966,301, which included an interest accrual of $96,643. Los Vecinos (Wakeland Housing and Development Corporation) In 2008, the former RDA entered into a loan agreement with Wakeland Housing and Development Corporation to assist the borrower in constructing 41 affordable multi-family rental housing units for occupancy by extremely low, very low, and low-income households. The loan amount of $5,680,000 was funded by the Low- and Moderate-Income Housing Fund. The loan bears an interest rate of 5% per annum. Principal and interest payments will be made on an annual basis out of a fund equal to 50% of the residual receipts for years 1-30 and 75% of the residual receipts for years 31-54, until 55 years from the date the improvements are placed in service, at which time, all principal and unpaid interest is due and payable. The improvements were placed in service on February 7, 2008. At June 30, 2024, the outstanding balance of the loan was $10,321,732, which included an interest accrual of $4,641,732. Brisa del Mar (Main Plaza, LP) In 2003, the former RDA and City entered into a loan agreement with Main Plaza, LP to assist in acquiring and improving certain real property for occupancy by very low, low, and moderate-income households. The loan bears an interest rate of 3% per annum. The loan is due and payable on the date that is 55 years from the date of the City’s issuance of the Certificate of Completion, which is in 2061. At June 30, 2024, the outstanding balance of the loan was $2,647,440 which included an interest accrual of $847,440. Seniors on Broadway (MAAC Project) The City entered into a loan agreement with Seniors on Broadway, Limited Partnership to assist in acquiring and improving certain real property for occupancy by very low, low, and moderate-income households. The loan bears an interest rate of 3% per annum. The loan is due and payable on the date that is 55 years from the date of the City’s issuance of the Certificate of Completion. At June 30, 2024, the outstanding balance of the loan was $5,432,009, which included an interest accrual of $1,911,815. The Landings II (Chelsea Investment Corporation) In July 2010, the former RDA and City entered into loan agreements with Landings II, L.P. to assist the borrower in constructing 143 affordable multifamily rental housing units for occupancy by very low- and low-income households. The loans bear interest rates ranging from 3% to 3.6% per annum and requires monthly payments based on a 25-year amortization schedule. At June 30, 2024, the outstanding balance of the loan was $10,194,009, which included an interest accrual of $2,160,013. 78 Page 114 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 5 – Receivables (Continued) B. Loans Receivable (Continued) First Time Home Buyers Program The Chula Vista First-Time Homebuyer Program is under the direct control of the City and its Housing Authority. The Programs is funded through U.S. Department of Housing and Urban Development HOME Investment Partnership Act and Neighborhood Stabilization Program funds. Cal Home funds from the State of California Department of Housing and Community Development are also used to fund loans. The application process is currently administered by the San Diego Housing Commission. The program offers low interest loans or equity share deferred gap financing loans to qualified borrowers. Loan repayments are re-deposited into the program and are redistributed as future loans. At June 30, 2024, the outstanding balance of the loan was $3,240,912, which included an interest accrual of $259,016. NSP Rental Housing Program The City entered into two separate loan agreements with San Diego Community Housing Corporation to acquire and rehabilitate rental housing for very low-income households. The loans are secured by promissory notes and a deed of trusts. The outstanding principal and interest amount of the loan will be repaid over fifty-five (55) years and shall accrue at the simple interest rate of three (3%) percent per annum. Principal and interest are payable annually out of a fund equal to 50% of residual receipts derived from the property and/or operation of the property. At June 30, 2024, the outstanding balance of the loan was $1,256,973, which included an interest accrual of $256,973. Lofts on Landis The City entered into two separate loan agreements with Lofts on Landis LP to assist in the construction of affordable apartments with 32 restricted units for occupancy by extremely low, very low, and low income households. The loans bear an interest rate of 3% simple interest per annum. Payment of principal and interest is due on an annual basis to the extent of the property’s residual receipts. The loan matures after a 55-year period. At June 30, 2024, the outstanding balance of the loan was $2,608,486, which included an interest accrual of $608,486. Duetta Apartments (F Street Family CIC, LP) In 2016, the City entered into a loan agreement with F Street Family CIC, LP to assist in the construction and permanent financing of affordable multifamily apartments with 86 deed restricted units for occupancy by extremely low, very low- and lower-income households. Loans are in the principal amount of $800,000 from the City’s federal HOME funds, $372,660 from the City’s Balanced Communities In-Lieu funds, and $895,340 from Low- and Moderate-Income Housing Fund. The loan bears an interest rate of 3% simple interest per annum for a 55-year period. Payment of principal and interest is made on an annual basis out of a fund equal to 50% of the residual receipts. The outstanding principal and accrued interest on the loan is to be repaid by December 31, 2072. Fund balance has been restricted in the Federal, State, and Local Grants Special Revenue Fund and in the Low- & Moderate-Income Housing Successor Special Revenue Fund. At June 30, 2024, the outstanding balance of the loans were $2,579,464, which included an interest accrual of $511,464. Volta Senior Apartments (G Street Seniors CIC, LP) In 2016, the City entered into a loan agreement with G Street Senior CIC, LP to assist in the construction and permanent financing of affordable multifamily apartments with 122 deed restricted units for occupancy by extremely low-, very low- and lower-income households. The loan amount of $932,000 was funded by the Low- and Moderate-Income Housing Fund. The loan bears an interest rate of 3% simple interest per annum for a 55- year period. Payment of principal and interest is made on an annual basis out of a fund equal to 50% of the residual receipts. The outstanding principal and accrued interest on the loan is to be repaid by December 31, 2072. Fund balance has been restricted in the Low- & Moderate-Income Housing Successor Special Revenue Fund. At June 30, 2024, the outstanding balance of the loans were $1,159,618, which included an interest accrual of $227,618. 79 Page 115 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 5 – Receivables (Continued) B. Loans Receivable (Continued) Anita Street Apartments (Wakeland- Anita LP) In 2017 and 2018, the Housing Authority entered into amended loan agreements with Wakeland Anita LP to assist in the acquisition of land and pre-development of an affordable multifamily apartment development known as Anita Street Apartments with up to 72 possible deed restricted units for occupancy by extremely low, very low- and lower-income households. This loan supports the proportionate share of costs for 30% and 45% AMI (area median income) units in the project. The total loan amount of $5,195,165 was made using low- and moderate- income housing funds. No interest accrues on the loan during the predevelopment phase of the Project. Upon completion of the predevelopment phase, the loan bears an interest rate of 3% simple interest per annum for a 55- year period. At June 30, 2024, the outstanding balance of the loans were $5,687,496, which includes an interest accrual of $492,331. Deferred development impact fees The DIF Deferral Community Facilities District (CFD 17-I) was established to promote development in specified areas of the City known as “Western Chula Vista” by deferring specific development impact fees for projects that met the specific criteria outlined in the CFD formation documents. The primary area included within the CFD plan was land west of the I-5 freeway to spur on early development in preparation for the new Bayfront project, as well as land in the portion of the City between Interstate 5 and Interstate 805, including the Palomar Gateway and Urban Core Specific Planning Areas and the Auto Park located East of the Interstate 805. As the Rate and Method of Apportionment defines, developers can defer their Development Impact Fees up to ten years or as otherwise defined in the CFD documents. Upon issuance of the Certificate of Occupancy (COO), the City calculates interest on an annual basis, and it is included as part of the long-term receivable. At June 30, 2024, the outstanding balance of the loans were $10,819,388 which includes interest accrual $779,378. C. Lease Receivable and Deferred Inflows of Resources 430 F Street Property License Agreement (Previously known as 430 F Street Lease) On July 1, 2021, the City entered into a 24-month lease as Lessor for the use of office space on 430 F Street. On March 28, 2023, the City replaced the 24-month lease with a 39-month property license agreement. An initial lease receivable for the property lease was recorded in the amount of $116,640. An initial lease receivable for the property license agreement was recorded in the amount of $199,542. As of June 30, 2024, the value of the lease receivable is $124,542. The lessee is required to make monthly fixed payments of $5,000 through 03/30/2024 and monthly fixed payments of $5,100 from 04/01/2024. The license agreement has an interest rate of 0%. The office space estimated useful life was 39 months as of the contract commencement. The value of the deferred inflow of resources as of June 30, 2024 was $124,542, and the City recognized lease revenue of $60,000 during the fiscal year. The term may be extended by mutual agreement of the parties. 80 Page 116 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 6 – Interfund Balances and Transactions Due to/Due from other funds At June 30, 2024, interfund receivables and payables were as follows: Due from Other Funds CV Elite Athlete Training Center Nonmajor Governmental Funds Total General Fund 566,718$ 2,051,223$ 2,617,941$ Current interfund balances arise in the normal course of operations to cover cash shortages and are expected to be repaid shortly after the end of the fiscal year. Long-Term Advances At June 30, 2024, balances were as follows: Sewer Other Development Enterprise Impact Fees Funds Total Advances to Other Funds: General -$ 1,380,956$ 1,380,956$ Sewer Fund 19,284,732 - 19,284,732 Total 19,284,732$ 1,380,956$ 20,665,688$ Advances from Other Funds: The City Council authorized and set terms for a loan from the Trunk Sewer Capital Reserve fund to the Salt Creek Trunk Sewer Development Impact Fee fund for $20,667,477, via Resolution 2015-029. In accordance with Council Policy No. 220-06, the financing costs shall be calculated using the City's pooled investment earning rate on a quarterly basis. The balance was $19,284,732 at June 30, 2024. The City Council authorized and set terms for loans from the General Fund to Transport Enterprise nonmajor enterprise fund for a maximum amount of $4,881,710, via Resolution 2020-152. In accordance with Council Policy No. 220-06, the financing costs shall be calculated using the City's pooled investment earning rate on a quarterly basis. The balance was $1,380,956 at June 30, 2024. 81 Page 117 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 6 – Interfund Balances and Transactions (Continued) Transfers In/Out Interfund transfers for the year ended June 30, 2024, were as follows: Federal, Other CV Elite Other State, and Governmental Development Athlete Enterprise Internal Transfers Out General Local Grants Funds Sewer Fund Services Fund Training Ctr Funds Service Funds Total General -$ 118,533$ 47,144,008$ 23,500$ 862,288$ 132,940$ 330,761$ 706,124$ 49,318,154$ Federal, State and Local Grants 19,862,531 - 5,791,357 722,128 123,793 - - - 26,499,809 Housing Successor Agency 5,110 - -- - - - - 5,110 Development Impact Funds 40,243 - 5,123,621 - - - - - 5,163,864 Other Governmental Funds 5,241,908 - 747,177 - - - - - 5,989,085 Sewer Fund 3,720,117 - -- 17,613 - - - 3,737,730 Sewer Development Impact Fee 2,408 - -- - - - - 2,408 Development Services Fund 2,544,769 - -- - - - - 2,544,769 CV Elite Athlete Training Ctr - - 54,226 - - - - - 54,226 Other Enterprise Funds 3,004,655 - - - - - - - 3,004,655 Internal Service Funds 96,354 - - - - - - - 96,354 Total 34,518,095$ 118,533$ 58,860,389$ 745,628$ 1,003,694$ 132,940$ 330,761$ 706,124$ 96,416,165$ Transfers In General Fund – Transfer from various Funds in the amount of $34,518,095 to the General Fund for operating support related to city staff services and equipment. Federal, State and Local Grants Fund – Transfer from the General Fund in the amount of $118,533 for matching contribution to federal grants and operating support to the Federal, State, and Local Grants Fund. Other Governmental Funds – Transfer from the General Fund in the amount of $47,144,008, transfer from the Development Impact Funds in the amount of $5,123,621 and transfer from Other Governmental Funds in the amount of $747,177 for various debt obligations. Transfer from the Chula Vista Elite Athlete Training Center Fund to Eastlake Maintenance District Zone C in the amount of $54,226 for taxes related to City owned property. Transfer from the Federal, State, and Local Grants Fund in the amount of $5,791,357 for various debt obligations and operating support. Sewer Fund – Transfer from the General Fund in the amount of $23,500 and transfer from the Federal, State, and Local Grants Fund in the amount of $722,128 to provide operating support to the Sewer Fund. Development Services Fund – Transfer from the General Fund in the amount of $862,288, transfer from the Federal, State, and Local Grants Fund in the amount of $123,793 and transfer from the Sewer Fund in the amount of $17,613 to provide operating support to the Development Services Fund. Chula Vista Elite Athlete Training Center – Transfer from the General Fund in the amount of $132,940 for telecom site license fees collected. Other Enterprise Funds – Transfer from the General Fund in the amount of $330,761 for operating support to the Other Enterprise Funds for services provided. Internal Service Funds – Transfer from the General Fund in the amount of $706,124 for operating support to the Internal Service Funds for services provided. 82 Page 118 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 7 – Capital Assets A. Government-Wide Financial Statements A Summary of changes in capital assets for governmental activities for the year ended June 30, 2024, was as follows: Balance CIP Balance July 1, 2023 Additions Deletions Transfers June 30, 2024 Capital assets, not being depreciated/amortized: Land 436,183,524$ -$ -$ -$ 436,183,524$ Construction in progress 202,583,216 73,270,610 - (8,947,948) 266,905,878 Total capital assets, not being depreciated/amortized 638,766,740 73,270,610 - (8,947,948) 703,089,402 Capital assets, being depreciated/amortized: Buildings 231,162,805 - - - 231,162,805 Improvements other than buildings 158,503,115 - - - 158,503,115 Machinery and equipment 59,518,261 5,927,704 (2,155,766) - 63,290,199 Infrastructure 906,119,939 11,955,097 - 8,947,948 927,022,984 Subscription assets 3,156,253 947,018 (964,754) - 3,138,517 Lease equipment assets 912,932 81,684 - - 994,616 Subtotal 1,359,373,305 18,911,503 (3,120,520) 8,947,948 1,384,112,236 Less accumulated depreciation/amortization Buildings (81,975,780) (4,540,590) - - (86,516,370) Improvements other than buildings (68,145,391) (3,554,707) - - (71,700,098) Machinery and equipment (40,795,709) (5,402,231) 2,155,766 - (44,042,174) Infrastructure (443,445,007) (23,926,323) - - (467,371,330) Subscription assets (600,595) (1,403,376) 827,229 - (1,176,742) Lease equipment assets (408,180) (128,178) - - (536,358) Subtotal (635,370,662) (38,955,405) 2,982,995 - (671,343,072) Total capital assets, being depreciated/amortized 724,002,643 (20,043,902) (137,525) 8,947,948 712,769,164 Total governmental activities 1,362,769,383$ 53,226,708$ (137,525)$ -$ 1,415,858,566$ Depreciation/amortization expense was charged to functions/programs as follows: General government 880,148$ Public safety 4,005,695 Public works 32,887,779 Community development 265,704 Parks and recreation 677,088 Library 12,719 Internal service 226,272 38,955,405$ 83 Page 119 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 7 – Capital Assets (Continued) A. Government-Wide Financial Statements (Continued) A Summary of changes in capital assets for business-type activities for the year ended June 30, 2024, was as follows: Balance CIP Balance July 1, 2023 Additions Deletions Transfers June 30, 2024 Capital assets, not being depreciated/amortized: Land 181,275,803$ -$ -$ -$ 181,275,803$ Construction in progress 10,302,900 8,540,190 - (476,401) 18,366,689 Total capital assets, not being depreciated/amortized 191,578,703 8,540,190 - (476,401) 199,642,492 Capital assets, being depreciated/amortized: Buildings and Structures 17,159,874 - - - 17,159,874 Improvements other than buildings 595,267 35,178 - - 630,445 Machinery and equipment 13,955,045 2,500,292 (992,087) - 15,463,250 Infrastructure 268,541,751 5,292,292 - 476,401 274,310,444 Subscription assets 872,626 40,647 (131,209) - 782,064 Lease equipment assets 5,350 - - - 5,350 Subtotal 301,129,913 7,868,409 (1,123,296) 476,401 308,351,427 Less accumulated depreciation/amortization Buildings and Structures (2,486,224) (339,817) - - (2,826,041) Improvements other than buildings (464,739) (30,938) - - (495,677) Machinery and equipment (9,266,558) (2,010,037) 992,087 - (10,284,508) Infrastructure (151,520,006) (5,452,097) - - (156,972,103) Subscription assets (174,525) (368,733) 131,209 - (412,049) Lease equipment assets (5,350) - - - (5,350) Subtotal (163,917,402) (8,201,622) 1,123,296 - (170,995,728) Total capital assets, being depreciated/amortized 137,212,511 (333,213) - 476,401 137,355,699 Total business-type activities 328,791,214$ 8,206,977$ -$ -$ 336,998,191$ Depreciation/amortization expense for business-type activities for the year ended June 30, 2024, was as follows: CV Elite Training Center 337,146$ Sewer 6,450,871 Sewer Development Impact Fees 3,041 Development Services 348,075 Transport Enterprise 993,277 Golf course 64,326 Transit 4,886 8,201,622$ 84 Page 120 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 7 – Capital Assets (Continued) B. Fiduciary Funds Financial Statements A Summary of changes in capital assets for fiduciary funds for the year ended June 30, 2024, were as follows: Balance Adjustments and CIP Balance July 1, 2023 Restatements Additions Deletions Transfers June 30, 2024 Capital assets, not being depreciated: Land 5,600,080$ -$ -$ -$ -$ 5,600,080$ Construction in progress 135,822,432 (135,822,432) - - - - Total capital assets, not being depreciated 141,422,512 (135,822,432) - - - 5,600,080 Capital assets, being depreciated: Buildings and Structures 2,386,218 ---- 2,386,218 Subtotal 2,386,218 - - - - 2,386,218 Less accumulated depreciation Buildings and Structures (1,635,811) - (47,724) -- (1,683,535) Subtotal (1,635,811) - (47,724) - - (1,683,535) Total capital assets, being depreciated 750,407 - (47,724) - - 702,683 Total fiduciary activities 142,172,919$ (135,822,432)$ (47,724)$ -$ -$ 6,302,763$ Depreciation expense for fiduciary funds for the year ended June 30, 2024, was $47,724 being reported in private-purpose trust funds. Note 8 – Long-Term Liabilities A summary of changes in long-term debt for the year ended June 30, 2024, was as follows: Balance Balance Amount Beginning of End Due Within Year Additions Deletions of Year One Year Governmental Activities: Bonds payable Certificates of participation 58,955,000$ -$ 4,475,000$ 54,480,000$ 4,660,000$ Lease revenue bonds 55,275,000 - 7,935,000 47,340,000 8,345,000 Premium 8,827,841 - 1,486,615 7,341,226 - Total bonds payable 123,057,841 - 13,896,615 109,161,226 13,005,000 Private placement notes 6,225,594 - 2,484,612 3,740,982 864,940 Pension-related debt 308,481,721 - 8,298,985 300,182,736 8,492,521 Financed purchases 7,911,814 - 952,031 6,959,783 1,319,037 Leases 442,467 - 144,168 298,299 148,142 Subscriptions 1,283,006 913,370 815,391 1,380,985 691,249 Total Governmental Activities 447,402,443$ 913,370$ 26,591,802$ 421,724,011$ 24,520,889$ Business-Type Activities: Pension-related debt 26,243,279$ -$ 706,015$ 25,537,264$ 722,479$ Financed purchases 2,736,252 - 903,001 1,833,251 912,053 Subscriptions 487,080 40,646 241,763 285,963 285,963 Total Business-Type Activities 29,466,611$ 40,646$ 1,850,779$ 27,656,478$ 1,920,495$ Governmental Activities A. Certificates of Participation 2014 Refunding COP In February 2014, the Chula Vista Public Financing Authority (Authority) issued $45,920,000 in 2014 Certificates of Participation to refinance the City’s outstanding 2002 Certificates of Participation (Police Facility Project), fund a reserve fund, and pay the costs incurred in connection with the execution and delivery of the Certificates. 85 Page 121 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Governmental Activities (Continued) A. Certificates of Participation (Continued) 2014 Refunding COP (Continued) The source of repayment of the certificates is the lease payments to be made by the City to the Authority. Should the City default under the lease, the Trustee, as assignee of the Authority, may terminate the lease and re-lease the leased premises or may retain the lease and hold the City liable for all lease payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate lease payments. Interest is payable semiannually on April 1 and October 1 of each year, commencing October 1, 2014. The certificates mature in 2032 and principal is payable on October 1 each year, commencing October 1, 2014. As of June 30, 2024, the outstanding balance was $27,095,000. 2015 Refunding COP In August 2015, the Chula Vista Public Financing Authority (Authority) issued $34,330,000 in 2015 Certificates of Participation to refinance the City’s outstanding 2004 Certificates of Participation (Civic Center Project Phase) and a portion of the 2006 Certificates of Participation (Civic Center Project Phase II), fund a reserve fund, and pay the costs incurred in connection with the execution and delivery of the Certificates. The refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $445,970, which is reported as a deferred outflow of resources in the accompanying financial statements and amortized over the remaining life of the refunded debt. The City completed the refunding to reduce its total debt service payments by $4,384,723 and to obtain an economic gain (difference between the present values of the old and new debt services payments) of $3,073,833. The source of repayment of the certificates is the lease payments to be made by the City to the Authority. Should the City default under the lease, the Trustee, as assignee of the Authority, may terminate the lease and re-lease the leased premises or may retain the lease and hold the City liable for all lease payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate lease payments. Interest is payable semi-annually on March 1 and September 1 of each year, commencing March 1, 2016. The certificates mature in 2034 and principal is payable on March 1 each year, commencing October 1, 2015. As of June 30, 2024, the outstanding balance was $18,785,000. The Chula Vista Public Financing Authority has pledged an estimated $10,862,574 in Residential Construction Tax (RCT) (Fund 717) revenues to the repayment of Principal ($7,826,813) and Interest ($3,035,761) of the 2015 Refunding COP from the first debt service payment date on March 1, 2016 through the final maturity of the bonds on March 1, 2034, or early retirement of the bonds, whichever comes first. Tax revenues consist of fees that are charged to new residential units, including hotels and motels, which generate householders who impose a burden upon public facilities and infrastructure of the City. More information on the RCT can be found in the Chula Vista Municipal Code Chapter 3.32. In Fiscal Year 2024, a total of $666,125.48 in RCT pledged revenues was applied towards the Principal and Interest Debt Service Payments. Estimated balance on pledged revenues as of June 30, 2024 was $5,085,909. 2016 Refunding COP In July 2016, the Chula Vista Public Financing Authority (Authority) issued $8,600,000 in 2016 Certificates of Participation (Certificates) to current refund all of the City’s outstanding 2006 Certificates of Participation (Civic Center Project – Phase 2), to satisfy the reserve requirement with respect to the Certificates and to pay the costs of issuance of the Certificates. The refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $221,204, which is reported as a deferred outflow of resources in the accompanying financial statements and amortized over the remaining life of the refunded debt. The City completed the refunding to reduce its total debt service payments by $1,144,525 and to obtain an economic gain (difference between the present values of the old and new debt services payments) of $973,849. The source of repayment of the certificates is the lease payments to be made by the City to the Authority. Should the City default under the lease, the Trustee, as assignee of the Authority, may terminate the lease and re-lease the leased premises or may retain the lease and hold the City liable for all lease payments thereunder on an annual basis. Under no 86 Page 122 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Governmental Activities (Continued) A. Certificates of Participation (Continued) 2016 Refunding COP (Continued) circumstances will the Trustee have the right to accelerate lease payments. Interest is payable semi-annually on March 1 and September 1 of each year, commencing March 1, 2017. The certificates mature in 2036 and principal is payable on March 1 each year, commencing March 1, 2027. As of June 30, 2024, the outstanding balance was $8,600,000. B. Lease Revenue Bonds 2016 Lease Revenue Refunding Bonds In July 2016, the Chula Vista Municipal Financing Authority (Authority) issued $25,885,000 in 2016 Lease Revenue Refunding Bonds to refinance an existing lease by advance refunding the City’s outstanding 2010 Certificates of Participation (Capital Facilities Refunding Projects) and to pay the costs of issuance of the Bonds. The refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $4,898,948, which is reported as a deferred outflow of resources in the accompanying financial statements and amortized over the remaining life of the refunded debt. The City completed the refunding to reduce its total debt service payments by $2,167,047 and to obtain an economic gain (difference between the present values of the old and new debt services payments) of $2,293,798. The source of repayment of the certificates is the lease payments to be made by the City to the Authority. Should the City default under the lease agreement, the Trustee, as assignee of the Authority, may terminate the lease agreement and re-lease the leased property or may retain the lease agreement and hold the City liable for all base rental payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate base rental payments. Interest is payable semi-annually on November 1 and May 1 of each year, commencing November 1, 2016. The certificates mature in 2033 and principal is payable on May 1 each year, commencing May 1, 2017. As of June 30, 2024, the outstanding balance was $14,455,000. 2017 Lease Revenue Bonds In June 2017, the Chula Vista Municipal Financing Authority (Authority) issued $61,355,000 in 2017 Lease Revenue Bonds to finance infrastructure, facilities, and equipment and to pay the costs of the issuance of the bonds. Should the City default under the lease agreement, the Trustee, as assignee of the Authority, may terminate the lease agreement and re-lease the leased property or may retain the lease agreement and hold the City liable for all base rental payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate base rental payments. Interest is payable semi-annually on November 1 and May 1 of each year, commencing November 1, 2017. The bonds mature in 2027 and principal is payable on May 1 each year, commencing May 1, 2019. As of June 30, 2024, the outstanding balance was $20,445,000. 2017 Lease Revenue Bonds, Series A (New Clean Renewable Energy Bonds – Federally Taxable) In December 2017, the Chula Vista Municipal Financing Authority (Authority) issued $12,045,000 in 2017 Lease Revenue Bonds, Series A (New Clean Renewable Energy Bonds – Federally Taxable), to finance photovoltaic energy systems at various City facilities, to capitalize interest on the bonds and to pay the costs of issuance of the bonds. Should the City default under the lease agreement, the Trustee, as assignee of the Authority, either may terminate the lease agreement and re-lease the leased property or may retain the lease agreement and hold the City liable for all base rental payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate base rental payments. Interest is payable semi-annually on December 1 and June 1 of each year, commencing June 1, 2018. The bonds mature in 2049 and principal is payable on December 1 each year, commencing December 1, 2021. As of June 30, 2024, the outstanding balance was $11,890,000. 87 Page 123 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Governmental Activities (Continued) B. Lease Revenue Bonds (Continued) 2017 Lease Revenue Bonds, Series B (Tax-Exempt) In December 2017, the Chula Vista Municipal Financing Authority (Authority) issued $1,085,000 in 2017 Lease Revenue Bonds, Series B (Tax-Exempt), to finance photovoltaic energy systems at various City facilities, to capitalize interest on the bonds and to pay the costs of issuance of the bonds. Should the City default under the lease agreement, the Trustee, as assignee of the Authority, either may terminate the lease agreement and re-lease the leased property or may retain the lease agreement and hold the City liable for all base rental payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate base rental payments. Interest is payable semi-annually on December 1 and June 1 of each year, commencing June 1, 2018. The bonds mature in 2029 and principal is payable on December 1 each year, commencing December 1, 2019. As of June 30, 2024, the outstanding balance was $550,000. C. Private Placement Notes Section 108 Loan In June 2008, the City entered into a contract for loan guarantee assistance with the U.S. Department of Housing and Urban Development (“HUD”) as part of the Section 108 Loan Program in the amount of $9,500,000. The Section 108 Loan is an “advance” of future CDBG entitlement funds and, as such, is repaid with a portion of the City’s annual entitlement. Proceeds of the loan will be used to fund multiple capital improvement projects. Debt service payments will be made with future CDBG entitlements for 20 years, with interest payments beginning with fiscal year 2009. On November 27, 2018, the City received notice from HUD regarding the opportunity to refinance the existing Section 108 Loan from an average of 5.19% interest rate (2019 through 2028) to an estimated average of 3.23% interest rate (2019 through 2028). On December 6, 2018, the City notified HUD of its election to redeem the current note. The City signed the agreement for the refinancing on January 23, 2019. No changes were made to the term of the loan. As of June 30, 2024, the outstanding balance was $3,299,000. Taxable QECB Lease/Purchase Agreement On December 31, 2012, the City entered into a lease purchase agreement with a private party to purchase certain energy conservation equipment. The lease/purchase agreement would bridge the financial gap between the Municipal Street Listing Retrofit Project capital costs and the available rebates for energy conservation equipment. As of June 30, 2024, the outstanding balance was $99,764. California Energy Commission Loans/SDG&E On-Bill Financing On September 25, 2007, the City Council approved Resolution 2007-241 authorizing the City’s participation in the California Energy Commission (“CEC”) and the SDG&E On-Bill Financing program. The loans would bridge the financial gap between energy conservation project capital costs and the available rebates for energy conservation equipment. As of June 30, 2024, the outstanding balance was $342,218. Department of Housing and Community Development Emergency Rental Assistance Program (ERAP) Loan On May 24, 2022, the City entered into a 0% interest “cashflow loan/note” agreement with the Department of Housing and Community Development for an ERAP loan in the amount of $8,567,338 for eligible rent and utilities assistance payments for rent arrears, utility arrears, and local administrative expenses, as defined in the U.S Treasury’s guidance. The loan was to be administered in three tranches, of which the City received tranche one in the amount of $3,426,934. In 2023, after only receiving one tranche, it was determined that only $1,554,249 would be utilized and $1,872,685 was returned to the lender. On October 23, 2023, the City received a notice from the Department of Housing and Community Development confirming the outstanding loan in the amount of $1,554,249 had been forgiven. As of June 30, 2024, the outstanding balance was $0. 88 Page 124 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Governmental Activities (Continued) D. Pension-Related Debt 2021 Taxable Pension Obligation Bonds In February 2021, the City issued $350,025,000 in 2021 Taxable Pension Obligation Bonds to finance the rolled forward Pension Liability as of June 30, 2019, as projected by CalPERS. Interest is payable semi-annually on December 1 and June 1 of each year, commencing December 1, 2021. The bonds mature in 2045 and principal is payable on December 1 each year, commencing June 1, 2022. As of June 30, 2023, the outstanding balance is $325,720,000. The bonds are allocated among the various funds on the same basis as the City’s net pension liability. The portion of the bonds attributable to governmental activities, after the allocation attributable to business-type activities of $25,537,264, on June 30, 2024, was $300,182,736. E. Financed Purchases Solar Energy Financing On July 23, 2013, the City Council approved Resolution 2013-149 authorizing the City to utilize a $2,121,500 Tax-Exempt Facility Lease Purchase Agreement with Banc of America, which would be repaid through the annual energy cost savings. As of June 30, 2024, the outstanding balance was $830,942. JP Morgan Equipment Financed Purchase Agreement In August 2016, the City entered into a financed purchase agreement with JP Morgan Chase Bank, N.A. for the acquisition of one Pierce Fire Engine. The agreement term is ten years and the agreement amount of $1,229,470 is to be paid in annual installments beginning in August 2017. As of June 30, 2024, the outstanding balance was $396,669. Motorola Solutions CAD Equipment Financed Purchase Agreement In July 2017, the City entered into a financed purchase agreement with Motorola Solutions, Inc. for the acquisition of a PSA System. The agreement term is ten years and the agreement amount of $1,351,409 is to be paid in annual installments beginning in July 2018. As of June 30, 2024, the outstanding balance was $479,417. JP Morgan Equipment Financed Purchase Agreement In October 2019, the City entered into a financed purchase agreement with JP Morgan Chase Bank, N.A. for the acquisition of one Pierce Fire Engine. The agreement term is ten years and the agreement amount of $720,786 is to be paid in annual installments beginning in October 2019. As of June 30, 2024, the outstanding balance was $392,917. Banc of America Equipment Financed Purchase Agreement In July 2020, the City entered into a financed purchase agreement with Banc of America Public Capital Corp. for the acquisition of two Pierce Arrow Pumpers. The agreement term is 5 years and the agreement amount of $2,273,805 is to be paid in annual installments beginning on July 30, 2021. As of June 30, 2024, the outstanding balance was $927,746. JP Morgan Equipment Financed Purchase Agreement In November 2022, the City entered into a financed purchase agreement with JP Morgan Chase Bank, N.A. for the acquisition of two Pierce Fire Engine and one Pierce Tractor Drawn Aerial Engine. The agreement term is ten years and the agreement amount of $3,986,967 is to be paid in annual installments beginning in May 2024. As of June 30, 2024, the outstanding balance was $3,932,092. 89 Page 125 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Governmental Activities (Continued) F. Leases Payable IPS Group Smart Parking Meters Lease On July 1, 2023, the City entered into a 30-month lease as Lessee for the use of IPS Group Smart Parking Meters Lease. An initial lease liability was recorded in the amount of $10,770. As of June 30, 2024, the value of the lease liability was $7,932. The lessee is required to make monthly fixed payments. The lease has an interest rate of 3.2410%. PNC Equipment Lease On July 1, 2021, the City entered into a 53-month lease as Lessee for the use of two 2016 Pierce Arrow XT Triple Combination Pumper apparatuses. An initial lease liability was recorded in the amount of $706,653. As of June 30, 2024, the value of the lease liability is $290,367. The City is required to make annual fixed payments. The lease has an interest rate of 3.2000%. The City has the option to purchase the equipment for $151,894. G. Subscriptions Payable Accela Software On July 1, 2022, the City entered into a 36-month subscription for the use of Accela Software. An initial subscription liability was recorded in the amount of $802,042. As of June 30, 2024, the value of the subscription liability is $297,663. The City is required to make annual payments. The subscription has an interest rate of 2.1840%. The portion of the subscription attributable to governmental activities, after the allocation attributable to business-type activities of $148,028, on June 30, 2024, was $149,635. AutoReturn Impound Management Software On October 3, 2023, the City entered into a 36-month subscription for the use of AutoReturn Impound Management Software. An initial subscription liability was recorded in the amount of $323,281. As of June 30, 2024, the value of the subscription liability is $223,282. The City is required to make annual fixed payments. The subscription has an interest rate of 3.7740%. The City has 2 extension option(s), each for 12 months, which are very likely of being exercised. The term and initial liability include the 2 extension options. Benevate Neighborly Software On July 1, 2023, the City entered into a 60-month subscription for the use of Benevate Neighborly Software. An initial subscription liability was recorded in the amount of $56,528. As of June 30, 2024, the value of the subscription liability is $44,528. The City is required to make annual fixed payments. The subscription has an interest rate of 3.0720%. The City has 4 extension option(s), each for 12 months, which are very likely of being exercised. The term and initial liability include the 4 extension options. Compliance Focus License Software HA On July 1, 2022, the City entered into a 24-month subscription for the use of Compliance Focus License Software HA. An initial subscription liability was recorded in the amount of $34,970. As of June 30, 2024, the value of the subscription liability is $34,791. The City is required to make annual fixed payments. The subscription has an interest rate of 3.0720%. The City has 3 extension option(s), each for 12 months, of which 2 have already been exercised. 90 Page 126 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Governmental Activities (Continued) G. Subscriptions Payable (Continued) DebtBook Platform On July 1, 2022, the City entered into a 42-month subscription for the use of DebtBook Platform. An initial subscription liability was recorded in the amount of $36,260. As of June 30, 2024, the value of the subscription liability is $12,222. The City is required to make annual fixed payments. The subscription has an interest rate of 2.2750%. e-Plan Electronic Plan Review On July 1, 2022, the City entered into a 40-month subscription for the use of e-Plan electronic plan review. An initial subscription liability was recorded in the amount of $253,073. As of June 30, 2024, the value of the subscription liability is $89,215. The City is required to make annual fixed payments. The subscription has an interest rate of 2.1840%. The City has 5 extension option(s), each for 12 months. The portion of the subscription attributable to governmental activities, after the allocation attributable to business-type activities of $70,176, on June 30, 2024, was $19,039. eSCRIBE Software On July 1, 2022, the City entered into a 38-month subscription for the use of eSCRIBE Software. An initial subscription liability was recorded in the amount of $167,129. As of June 30, 2024, the value of the subscription liability is $57,060. The City is required to make annual fixed payments. The subscription has an interest rate of 2.1840%. The City has 5 extension option(s), each for 12 months. Forensic Technology – IBIS Subscription Lease PD On November 28, 2022, the City entered into a 76-month subscription for the use of Forensic Technology IBIS Subscription. An initial subscription liability was recorded in the amount of $307,746. As of June 30, 2024, the value of the subscription liability is $227,345. The City is required to make annual fixed payments. The subscription has an interest rate of 1.7100%. The City has 5 extension option(s), each for 12 months. The term and initial liability include the 5 extension options. GovInvest Saas Licensing Agreement On June 1, 2024, the City entered into a 37-month subscription for the use of GovInvest Saas Platform. An initial subscription liability was recorded in the amount of $230,885. As of June 30, 2024, the value of the subscription liability is $230,885. The City is required to make annual fixed payments. The subscription has an interest rate of 2.8510%. IGM Technology Gravity Budget Book Software On July 1, 2022, the City entered into a 6-month subscription for the use of IGM Technology Gravity Budget Book Software. An initial subscription liability was recorded in the amount of $24,579. On January 11, 2023, the City exercised the 1st option to extend the agreement for 12 months. On January 11, 2024, the City exercised the 2nd and final option to extend the agreement for 12 months. As of June 30, 2024, the value of the subscription liability is $20,385. The City is required to make annual fixed payments. The subscription has an interest rate of 2.0380%. 91 Page 127 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Governmental Activities (Continued) G. Subscriptions Payable (Continued) IPS Group – Smart Parking Meters Software On December 1, 2023, the City entered into a 25-month subscription for the use of IPS Group – Smart Parking Meters Software. An initial subscription liability was recorded in the amount of $95,034. As of June 30, 2024, the value of the subscription liability is $69,149. The City is required to make monthly fixed payments. The subscription has an interest rate of 3.7120%. LinkedIn Learning Enterprise and License On January 16, 2023, the City entered into a 36-month subscription for the use of Linkedin Learning Enterprise and License. An initial subscription liability was recorded in the amount of $97,062. As of June 30, 2024, the value of the subscription liability is $33,919. The City is required to make annual fixed payments. The subscription has an interest rate of 2.6560%. Motorola Solutions – CAD Software On July 1, 2022, the City entered into a 60-month subscription for the use of Motorola Solutions - CAD Software. An initial subscription liability was recorded in the amount of $288,655. As of June 30, 2024, the value of the subscription liability is $173,130. The City is required to make annual fixed payments. The subscription has an interest rate of 2.3660%. NIC Partners Platform On July 1, 2022, the City entered into a 48-month subscription for the use of NIC Partners Platform. An initial subscription liability was recorded in the amount of $222,487. The subscription has an interest rate of 2.2750%. On September 14, 2023, the City sent out a notice of cancellation and this agreement was terminated effective December 31, 2023. As of June 30, 2024, the value of the subscription liability is $0. Public Input Software On August 8, 2023, the City entered into a 34-month subscription for the use of Public Input Software. An initial subscription liability was recorded in the amount of $124,578. As of June 30, 2024, the value of the subscription liability is $84,287. The city is required to make annual fixed payments. The subscription has an interest rate of 2.8480%. Qualtrax Platform On July 1, 2022, the City entered into a 27-month subscription for the use of Qualtrax Platform. An initial subscription liability was recorded in the amount of $39,500. As of June 30, 2024, the value of the subscription liability is $0. The subscription has an interest rate of 2.0240%. Tyler Software On July 1, 2022, the City entered into a 14-month subscription for the use of Tyler Software. An initial subscription liability was recorded in the amount of $362,971. As of June 30, 2024, the value of the subscription liability is $0. The subscription has an interest rate of 1.7100%. 92 Page 128 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Governmental Activities (Continued) G. Subscriptions Payable (Continued) Virtual Project Manager Software On July 1, 2022, the City entered into a 14-month subscription for the use of Virtual Project Manager Software. An initial subscription liability was recorded in the amount of $13,862. On September 15, 2023, the 12-month extension was exercised, and the contract was extended through September 14, 2024. As of June 30, 2024, the value of the subscription liability is $1,992. The City is required to make monthly fixed payments. The subscription has an interest rate of 3.0720%. The City has 1 extension option for 12 months. The term and initial liability include the one and final extension option. The portion of the subscription attributable to governmental activities, after the allocation attributable to business-type activities of $664, on June 30, 2024, was $1,328. 93 Page 129 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Governmental Activities (Continued) H. Debt Service to Maturity The debt service requirements to maturity for the long-term debts previously described are as follows: Year Ending June 30, Principal Interest Total Principal Interest Total 2025 4,660,000$ 2,158,319$ 6,818,319$ 8,345,000$ 2,021,878$ 10,366,878$ 2026 4,885,000 1,934,444 6,819,444 8,760,000 1,623,764 10,383,764 2027 5,025,000 1,716,794 6,741,794 9,185,000 1,205,839 10,390,839 2028 5,245,000 1,504,469 6,749,469 2,090,000 803,104 2,893,104 2029 5,465,000 1,278,794 6,743,794 2,155,000 751,782 2,906,782 2030-2034 27,245,000 2,974,878 30,219,878 7,415,000 2,591,583 10,006,583 2035-2039 1,955,000 88,500 2,043,500 2,350,000 1,730,869 4,080,869 2040-2044 - - - 3,065,000 1,185,782 4,250,782 2045-2049 - - - 3,975,000 441,928 4,416,928 Total 54,480,000$ 11,656,198$ 66,136,198$ 47,340,000$ 12,356,529$ 59,696,529$ Year Ending June 30, Principal Interest Total Principal Interest Total 2025 864,940$ 96,420$ 961,360$ 9,215,000$ 7,620,288$ 16,835,288$ 2026 801,042 72,814 873,856 9,475,000 7,559,469 17,034,469 2027 659,000 50,896 709,896 9,715,000 7,479,879 17,194,879 2028 692,000 31,542 723,542 10,030,000 7,366,796 17,396,796 2029 724,000 10,806 734,806 10,375,000 7,224,972 17,599,972 2030-2034 - - - 61,180,000 33,214,863 94,394,863 2035-2039 - - - 86,610,000 25,291,442 111,901,442 2040-2044 - - - 105,465,000 12,611,877 118,076,877 2045-2049 - - - 23,655,000 677,113 24,332,113 Total 3,740,982$ 262,478$ 4,003,460$ 325,720,000$ 109,046,699$ 434,766,699$ Year Ending June 30, Principal Interest Total Principal Interest Total 2025 1,319,037$ 223,772$ 1,542,808$ 148,142 9,470$ 157,612$ 2026 1,356,775 189,334 1,546,109 150,157 4,744 154,901 2027 924,982 154,824 1,079,806 - - - 2028 652,520 122,566 775,086 - - - 2029 681,164 97,476 778,640 - - - 2030-2034 2,025,305 148,491 2,173,796 - - - 2035-2039 - - - - - - 2040-2044 - - - - - - 2045-2049 - - - - - - Total 6,959,783$ 936,462$ 7,896,245$ 298,299$ 14,215$ 312,514$ Year Ending June 30, Principal Interest Total Principal Interest Total 2025 691,249$ 29,046$ 720,295$ 25,243,367$ 12,159,193$ 37,402,561$ 2026 383,858 17,721 401,579 25,811,832 11,402,290 37,214,121 2027 196,741 6,855 203,595 25,705,723 10,615,086 36,320,809 2028 59,244 2,025 61,269 18,768,764 9,830,502 28,599,266 2029 49,893 853 50,746 19,450,057 9,364,683 28,814,740 2030-2034 - 97,865,305 38,929,815 136,795,120 2035-2039 - - - 90,915,000 27,110,811 118,025,811 2040-2044 - - - 108,530,000 13,797,659 122,327,659 2045-2049 - - - 27,630,000 1,119,041 28,749,041 Total 1,380,985$ 56,499$ 1,437,484$ 439,920,048$ 134,329,080$ 574,249,128$ Total Future Debt ServiceSubscriptions Certificates of Participation Lease Revenue Bonds Private Placement Notes Pension-Related Debt* Financed Purchase Agreements Leases *Pension-Related Debt amounts contain both governmental activities and business-type activities totals. 94 $ Page 130 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Business-Type Activities A. Pension-Related Debt 2021 Taxable Pension Obligation Bonds In February 2021, the City issued $350,025,000 in 2021 Taxable Pension Obligation Bonds to finance the rolled forward pension liability as of June 30, 2019, as projected by CalPERS. Interest is payable semi-annually on December 1 and June 1 of each year, commencing December 1, 2021. The bonds mature in 2045 and principal is payable on December 1 each year, commencing June 1, 2022. As of June 30, 2024, the outstanding balance is $325,720,000. The bonds are allocated among the various funds on the same basis as the City’s net pension liability. The portion of the bonds attributable to business-type activities, after the allocation attributable to governmental activities of $300,182,736, on June 30, 2024, was $25,537,264. Refer to the debt service requirements to maturity for this bond on the previous page. B. Financed Purchase Agreements Banc of America Equipment Financed Purchase Agreement In July 2020, the City entered into a financed purchase agreement with Banc of America Public Capital Corp. for the acquisition of a Medix Ambulance, and various equipment associated with the ambulance. The financing term is 5 years and the payment amount of $4,493,100 is to be paid in annual installments beginning on July 30, 2021. As of June 30, 2024, the outstanding balance was $1,833,251. C. Subscriptions Payable Accela Software On July 1, 2022, the City entered into a 36-month subscription for the use of Accela Software. An initial subscription liability was recorded in the amount of $802,042. As of June 30, 2024, the value of the subscription liability is $297,663. The City is required to make annual payments. The subscription has an interest rate of 2.1840%. The portion of the subscription attributable to business-type activities, after the allocation attributable to governmental activities of $149,635, on June 30, 2024, was $148,028. Refer to the debt service requirements to maturity on the previous page for the governmental portion of the subscription. CXM CMS Software On September 1, 2023, the City entered into a 24-month subscription for the use of CXM CMS Software. An initial subscription liability was recorded in the amount of $36,702. As of June 30, 2024, the value of the subscription liability is $15,729. The City is required to make annual fixed payments. The subscription has an interest rate of 3.0720%. The City has 1 extension option for 12 months. e-Plan Electronic Plan Review On July 1, 2022, the City entered into a 40-month subscription for the use of e-Plan electronic plan review. An initial subscription liability was recorded in the amount of $253,073. As of June 30, 2024, the value of the subscription liability is $89,215. The City is required to make annual fixed payments. The subscription has an interest rate of 2.1840%. The City has 5 extension option(s), each for 12 months. The portion of the subscription attributable to business-type activities, after the allocation attributable to governmental activities of $19,039, on June 30, 2024, was $70,176. Refer to the debt service requirements to maturity on the previous page for the governmental portion of the subscription. 95 Page 131 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Business-Type Activities (Continued) C. Subscriptions Payable (Continued) Velosimo Software Integration Platform On July 1, 2022, the City entered into a 40-month subscription for the use of Velosimo Software Integration Platform. An initial subscription liability was recorded in the amount of $141,772. As of June 30, 2024, the value of the subscription liability is $51,366. The City is required to make annual fixed payments. The subscription has an interest rate of 2.1840%. The City has 5 extension option(s), each for 12 months. Virtual Project Manager Software On July 1, 2022, the City entered into a 14-month subscription for the use of Virtual Project Manager Software. An initial subscription liability was recorded in the amount of $13,862. On September 15, 2023, the 12-month extension was exercised, and the contract was extended through September 14, 2024. As of June 30, 2024, the value of the subscription liability is $1,992. The City is required to make monthly fixed payments. The subscription has an interest rate of 3.0720%. The City has 1 extension option for 12 months. The term and initial liability include the one and final extension option. The portion of the subscription attributable to business-type activities, after the allocation attributable to governmental activities of $1328, on June 30, 2024, was $664. Refer to the debt service requirements to maturity on the previous page for the governmental portion of the subscription. D. Debt Service to Maturity The debt service requirements to maturity for the long-term debts previously described are as follows: Year Ending June 30, Principal Interest Total Principal Interest Total 2025 912,054$ 16,058$ 928,113$ -$ -$ -$ 2026 921,197 6,913 928,110 - - - Total 1,833,251$ 22,971$ 1,856,222$ -$ -$ -$ Year Ending June 30, Principal Interest Total Principal Interest Total 2025 285,963$ 6,373$ 292,336$ 1,198,018$ 22,431$ 1,220,449$ 2026 - - - 921,197 6,913 928,110 Total 285,963$ 6,373$ 292,336$ 2,119,214$ 29,344$ 2,148,559$ Financed Purchase Agreements Leases Subscriptions Total Future Debt Service Fiduciary Funds Long-Term Debt A. Tax Allocation Bonds Balance Balance Amount Beginning End Due Within of Year Additions Deletions of Year One Year Private Purpose Trust Funds Bonds payable Tax Allocation Refunding Bonds 19,010,000$ -$ 1,995,000$ 17,015,000$ 2,075,000$ Premium 3,047,069 - 234,390 2,812,679 - Total Private Purpose Trust Funds 22,057,069$ -$ 2,229,390$ 19,827,679$ 2,075,000$ 96 Page 132 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Fiduciary Funds Long-Term Debt (Continued) A. Tax Allocation Bonds (Continued) 2016 Tax Allocation Refunding Bonds In July 2016, the Successor Agency to the Redevelopment Agency of the City of Chula Vista (the Successor Agency) issued $29,315,000 in 2016 Tax Allocation Refunding Bonds to refinance the following obligations of the Former Agency:  Bayfront/Town Centre Redevelopment Project 2006 Senior Tax Allocation Refunding Bonds, Series A, currently outstanding in the principal amount of $8,770,000.  Bayfront/Town Centre Redevelopment Project 2006 Subordinate Tax Allocation Refunding Bonds, Series B, currently outstanding in the principal amount of $8,245,000; and  2008 Tax Allocation Refunding Bonds (Merged Redevelopment Project), currently outstanding in the principal amount of $20,450,000. The refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $1,669,678, which is reported as a deferred outflow of resources in the accompanying financial statements and amortized over the remaining life of the refunded debt. The City completed the refunding to reduce its total debt service payments by $9,561,410 and to obtain an economic gain (difference between the present values of the old and new debt services payments) of $4,617,835. In the event of default of the payment of the scheduled principal of or interest on the 2016 Insured Bonds when all or some becomes due, the Trustee on behalf of any owner of the 2016 Insured Bonds shall have a claim under the 2016 Insurance Policy for such payments. The maturity of Insured bonds shall not be accelerated without the consent of the 2016 Insurer. Interest is payable semi-annually on April 1 and October 1 of each year, commencing April 1, 2017. The certificates mature in 2037 and principal is payable on October 1 each year, commencing October 1, 2017. As of June 30, 2024, the outstanding balance was $17,015,000. The annual debt service requirements for the 2016 Tax Allocation Refunding Bonds outstanding at June 30, 2024, are as follows: Year Ending June 30,Principal Interest Total 2025 2,075,000$ 713,700$ 2,788,700$ 2026 2,155,000 629,100 2,784,100 2027 1,520,000 555,600 2,075,600 2028 1,585,000 485,575 2,070,575 2029 880,000 423,950 1,303,950 2030-2034 5,100,000 1,397,750 6,497,750 2035-2039 3,700,000 199,975 3,899,975 Total 17,015,000$ 4,405,650$ 21,420,650$ Pledged Revenues The Successor Agency has pledged tax revenues to the repayment of the RDA’s debts transferred to it on February 1, 2012, through the final maturity of the bonds, or early retirement of the bonds, whichever comes first. Tax revenues consist of Redevelopment Property Tax Trust Fund distributions allocated to the RDA’s project areas pursuant to Section 33670 of the Redevelopment Law excluding that portion of such tax increment revenues required to be paid under tax-sharing agreements unless the payment of such amounts has been subordinated to payment of debt services on the bonds. Redevelopment Property Tax Trust Fund distributions earned in fiscal year 2024 was $7,600,054 and total debt service of all Tax Allocation Bonds paid was $2,790,100. The bonds 97 Page 133 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Fiduciary Funds Long-Term Debt (Continued) A. Tax Allocation Bonds (Continued) Pledged Revenues (Continued) required 37% of net distributions. In future years, annual principal and interest payments on the Tax Allocation Bonds are expected to require 86% of Redevelopment Property Tax Trust Fund distributions. B. Revenue Bonds – Non-City Obligations The City of Chula Vista and the San Diego Unified Port District (“the Port District”) are currently implementing the Chula Vista Bayfront Master Plan, approved August 2012, to develop approximately 535 acres in Chula Vista adjacent to the San Diego Bay. In April 2018, the City, the Port District and the Developer RIDA Chula Vista, LLC (“RIDA”), entered into a Disposition and Development Agreement for the development of a Resort Hotel and Convention Center (the “RHCC”) on a 36.7-acre site located west of Marina Parkway between G and H Streets in Chula Vista. The site is on tidelands and held in trust by the Port District, which entered into a 66-year Ground Lease Agreement with RIDA. The Port District and the City of Chula Vista created the Chula Vista Bayfront Facilities Financing Authority to assist in financing a portion of the construction of the Convention Center component of the RHCC and related public infrastructure (“Phase 1A Infrastructure Improvements”) through the issuance of revenue bonds. The Authority will sublease the Convention Center to the City of Chula Vista, who will then sublease the Convention Center to RIDA. In May 2022, the Chula Vista Bayfront Facilities Financing Authority approved the issuance of $372,562,201 in Federally Taxable Revenue Bonds (Series 2022A) to finance a portion of the cost of constructing the Convention Center and issued $10,000,000 in Tax-Exempt revenue Bonds (Series 2022B) to finance a portion of the costs of the Phase 1A Infrastructure Improvements. The Series 2022A and Series 2022B Revenue Bonds have an optional redemption date of June 1, 2026 and a required redemption date of June 1, 2027. The annual debt service requirements for the Series 2022A and Series 2022B Revenue Bonds outstanding as of June 30, 2024, are as follows: Year Ending June 30,Principal Interest Total 2025 -$ 24,724,802$ 24,724,802$ 2026 - 28,712,974 28,712,974 2027 382,562,201 28,712,974 411,275,175 Total 382,562,201$ 82,150,751$ 464,712,952$ Pledged Revenues The City, the Bayfront Special Tax District, and the Port District have pledged several revenue streams, totaling an estimated $656.6 million, generated by the RHCC and several nearby properties to repay the Series 2022A and the Series 2022B Revenue Bonds (Payment of principal, redemption premium, if any, and interest). The City’s pledged revenue streams are as follows: Transient Occupancy Taxes (“TOT”) attributable to the RHCC (estimated at $325.8 million), and an RV Park Lease in the Bayfront area (estimated at $22.5 million). Sales and Use Tax attributable to the RHCC (estimated at $36.1 million), and an RV Park Lease in the Bayfront area (estimated at $111,000), exclusive of any locally adopted district sales and use taxes (e.g. Measure A and Measure P tax revenues). 98 Page 134 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Fiduciary Funds Long-Term Debt (Continued) B. Revenue Bonds – Non-City Obligations (Continued) Pledged Revenues (Continued) Property Tax Revenue generated by the increased assessed valuation of the RHCC parcels attributable to the development of the RHCC project (estimated at $40.0 million). An amount equivalent to the funds received by the City from the Port District pursuant to Municipal Services Agreement No. 88-2012 between the City and the Port District for the provision of Police, Fire, and Emergency Medical Services in fiscal year 2016 increasing 3% on July 1 of each year, commencing July 1, 2017 (estimated at $144.0 million). C. Special Assessment Debt – Non-City Obligations Bonds issued to finance public improvement projects in certain assessment districts are liabilities of the property owners and are secured by liens against the assessed properties. The City acts as an agent for collection of principal and interest payments by the property owners and remittance of such monies to the bondholders. The City has no obligation or duty to pay any delinquency out of any available funds of the City. Neither the faith, credit, nor the taxing power of the City is pledged to the payment of the bonds. At June 30, 2024, the special assessment debts recorded in custodial funds outstanding were as follows: Original Outstanding Amount June 30, 2024 Bayfront Special Tax District Loan 104,415,871$ 103,453,162$ Special Tax Revenue Refunding Bonds, Series 2013 72,100,000 *- Special Tax Revenue Refunding Bonds, Series 2015A 30,460,000 23,190,000 Revenue Refunding Bonds, Series 2015B 43,695,000 25,115,000 CFD 16-1 1A1 12,280,000 10,740,000 CFD 16-1 1A2 11,255,000 11,125,000 Local Agency Revenue Refunding Bonds, Series 2024 32,285,000 ** 32,285,000 Bond Premium 13,214,263 8,446,039 Total 319,705,134$ 214,354,201$ * Defeased in Fiscal Year 2023-2024. **Bonds were issued in Fiscal Year 2023-24 to refund the Special Tax Revenue Refunding Bonds, Series 2013. D. Multi-Family Housing Bonds – Non-City Obligations Bonds issued to finance public improvement and/or affordable multifamily housing projects are liabilities of the developers and are secured by liens against the assessed property. The City has no obligation or duty to pay any delinquency out of any available funds of the City. Neither the faith, credit, nor the taxing power of the City is pledged to the payment of the bonds. Therefore, none of the following obligations are included in the accompanying basic financial statements. At June 30, 2024, the multi-family housing bonds outstanding were as follows: 99 Page 135 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 8 – Long-Term Liabilities (Continued) Fiduciary Funds Long-Term Debt (Continued) D. Multi-Family Housing Bonds – Non-City Obligations (Continued) Original Outstanding Amount June 30, 2024 2007 A Oxford Terrace Apartments 2,276,000$ 1,475,000$ 2007 B Oxford Terrace Apartments 2,363,000 2,363,000 2006 A Teresina Apartment Projects 37,940,000 37,940,000 2007 C The Landing Apartment 16,670,000 5,338,497 2013 A Congregational Tower 20,540,000 18,157,220 2016 A-1 Duetta Apts Homes 18,675,000 7,348,525 2016 A-3 Duetta Apts Homes junior 725,000 719,000 2016 B-1 Volta Apts Homes 20,925,000 9,344,421 2016 B-3 Volga Apts Homes Junior 775,000 - 2010 A-1 Landings II Senior 11,786,233 9,106,200 2019 A Cordova and Trolley Apartments 6,450,000 3,781,094 2019 Series B-1 St. Regis Park Apartmenrs 13,300,000 12,683,540 2019 Series B-4 Sub St. Regis Park Apartmenrs 6,800,000 7,339,623 2020 Series A Otay Ranch Apartments 5,354,124 35,000,000 2021 Series A-3 Columbia Apartments 2,600,000 2,600,000 2021 Series A-1 Columbia Apartments 13,316,443 46,500,000 2021 Series A-2 Columbia Apartments 1,434,112 - 2023 Series A-1 Otay Ranch Apartments 4,000,000 4,000,000 2023 Series A-2 Otay Ranch Apartments 890,829 - Total 186,820,741$ 203,696,120$ Note 9 – Unearned Revenue At June 30, 2023, unearned revenue was reported in the amount of $15,638,337 in governmental activities and related to recreation fees, franchise fees, grant program funding, National Opioid Settlements, and Mobile Park Fees received but not expended for allowable costs as of June 30, 2024. Note 10 – Compensated Absences The City’s liability for vested and unpaid compensated absences (accrued vacation) has been accrued and amounts to $11,140,531 at June 30, 2024. For the governmental activities claims and judgments and compensated absences are generally liquidated by the general fund and the fleet management internal service fund. In business-type funds, the liabilities are typically liquidated by the Sewer Fund, Development Services Fund, and Other Enterprise Funds. The table and schedule below describe the dollar amount of compensated absences allocated to the different activities and funds, the percentage of liquidation applicable to those funds or activities, and the changes in compensated absences for the year. 100 Page 136 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 10 – Compensated Absences (Continued) Percentage of Balance Liquidation Governmental Activities General Fund 10,220,844$ 91.7% Fleet Management internal service fund 80,964 0.7% Subtotal - Governmental Activities 10,301,808 Business-Type Activities Sewer Fund 268,093 2.4% Development Services Fund 413,081 3.7% Other Enterprise Funds 157,549 1.4% Subtotal - Business-Type Activities 838,723 Total Compensated Absences 11,140,531$ 100.0% Balance Balance Amount Beginning End Due Within of Year Additions Deletions of Year One Year Governmental Activites Compensated Absences 9,894,562$ 7,507,956$ 7,100,710$ 10,301,808$ 7,444,372$ Business-Type Activities Compensated Absences 986,242 489,692 637,211 838,723 490,038 Grand Total 10,880,804$ 7,997,648$ 7,737,921$ 11,140,531$ 7,934,410$ Note 11 – Self-Insurance Accrued Liabilities California employers, including the cities, are required to provide for workers’ compensation when the employees are injured on the job and the City, in compliance with its workers’ compensation obligations, has a self-insurance workers’ compensation program. To administer City’s workers’ compensation program, the City requires a qualified workers’ compensation claims management service company (commonly called "Third Party Administrators" or "TPA") to supervise and administer the workers’ compensation claims made upon the City's self-insurance program. City Council of the City of Chula Vista authorized the City Manager to execute an Agreement with Intercare Holdings Insurance Services, Inc., to act as the Third-Party Administrator for the City’s Workers’ Compensation Program, effective July 1, 2023. The term of this agreement began July 1, 2023, and ends on June 30, 2026, for completion of all Required Services. The Agreement may be extended for up to three (3) additional terms. The City is self-insured for the first $1,000,000 per occurrence for workers’ compensation liabilities. Excess workers’ compensation coverage is obtained through participation in the Public Risk Innovation, Solutions, and Management (PRISM), formerly known as CSAC - Excess Insurance Authority. As of June 30, 2024, the program that offers per occurrence coverage up to $5,000,000 through pooled resources and from $5,000,000 to statutory limits via group purchased excess insurance policies. 101 Page 137 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 11 – Self-Insurance Accrued Liabilities (Continued) The City is exposed to various risks of loss related to California government tort liability and participates in pooled insurance coverage, group purchased through Public Risk Innovation, Solutions, and Management (“PRISM”). The City’s Self-Insured Retention (SIR) amount for general liability claims is $500,000 per occurrence. The City maintains excess general liability policies with PRISM, for amounts up to $50 million. Only the probable amounts of loss as estimated by the City’s liability actuarial consultant, including an estimate of incurred-but-not reported losses, have been recorded as liabilities in the accompanying basic financial statements. There were no reductions in insurance from the prior year and there were no insurance settlements that exceeded coverage in each of the past three years. The aggregate change in the balance of claims payable for self-insured general liability and worker’s compensation claims as recorded in the Governmental Activities, were as follows: Year Ended June 30, Beginning Balance Claims and Changes in Estimates Claims Payments Ending Balance 2022 31,007,667$ 4,790,376$ (4,565,636)$ 31,232,407$ 2023 31,232,407 15,508,678 (8,663,212) 38,077,873 2024 38,077,873 4,768,153 (3,096,522) 39,749,504 The City determines that $4,000,000 of the $39,749,504 in self-insured claims to be short term. The liabilities for claims and judgments are typically liquidated from the General Fund. The City has also accrued $1,000,000 related to uninsured liabilities. For more information, refer to Note 14. Note 12 – Pension Plans A. California Public Employees’ Retirement Plans Plan Description All qualified permanent and probationary employees are eligible to participate in the City’s Miscellaneous Plan or the City’s Safety Plan, both agent multiple-employer defined benefit pension plans administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website. Benefits Provided CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 (52 under PEPRA) with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law. 102 Page 138 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 12 – Pension Plans (Continued) A. California Public Employees’ Retirement Plans (Continued) Benefits Provided (Continued) The Plan’s provisions and benefits in effect at June 30, 2024, are summarized as follows: Miscellaneous Plan Tier 1* Tier 2 PEPRA Hire date Prior to April 22, 2011 New Member on or after April 22, 2011, but prior to January 1, 2013 New Member on or after January 1, 2013 Benefit formula 3% @ 60 2% @ 60 2% @ 62 Benefit vesting schedule 5 years’ service 5 years’ service 5 years’ service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 50 52 Monthly benefits, as a % of eligible compensation 2.0% to 3.0% 1.092% to 2.418% 1.0% to 2.5% Member paid contribution rate 8.0% 7.0% 7.5% Employer Contribution rate – normal cost 16.21% 12.45% 8.67% Safety Fire Plan Tier 1* Tier 2 PEPRA Hire date Prior to April 22, 2011 New Member on or after April 22, 2011, but prior to January 1, 2013 New Member on or after January 1, 2013 Benefit formula 3% @ 50 3% @ 55 2.7% @ 57 Benefit vesting schedule 5 years’ service 5 years’ service 5 years’ service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 50 50 Monthly benefits, as a % of eligible compensation 3.00% 2.4% to 3.0% 2.0% to 2.7% Member paid contribution rate 9.0% 9.0% 14.25% Employer contribution rate – normal cost 24.12% 28.7% 13.09% *Closed to new entrants 103 Page 139 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 12 – Pension Plans (Continued) A. California Public Employees’ Retirement Plans (Continued) Benefits Provided (Continued) Safety Police Plan Tier 1* Tier 2 PEPRA Hire date Prior to April 22, 2011 New Member on or after April 22, 2011, but prior to January 1, 2013 New Member on or after January 1, 2013 Benefit formula 3% @ 50 3% @ 55 2.7% @ 57 Benefit vesting schedule 5 years’ service 5 years’ service 5 years’ service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 50 50 Monthly benefits, as a % of eligible compensation 3.00% 2.4% to 3.0% 2.0% to 2.7% Member paid contribution rate 9.0% 9.0% 14.25% Employer contribution rate – normal cost 28.66% 28.01% 15.56% Employees Covered At June 30, 2024, the following employees were covered by the benefit terms of the plans: Miscellaneous Plan Inactive employees or beneficiaries currently receiving benefits 958 Inactive employees entitled to but not yet receiving benefits 767 Active employees 682 Total 2,407 Safety Plan Inactive employees or beneficiaries currently receiving benefits 419 Inactive employees entitled to but not yet receiving benefits 126 Active employees 383 Total 928 Contribution Description Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions. $7,132,923 and $10,189,886 of contributions for the Miscellaneous and Safety Plan respectively, were recognized as a reduction in the net pension liability calculation for fiscal year ending June 30, 2024. 104 Page 140 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 12 – Pension Plans (Continued) A. California Public Employees’ Retirement Plans (Continued) Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 2022 valuation was rolled forward to determine the June 30, 2023 total pension liability, based on the following actuarial methods and assumptions: Actuarial Cost Method Entry Age Normal in accordance with the requirements of GASB 68 Actuarial Assumptions Discount Rate 6.90% Inflation 2.50% Salary Increases Varies by Entry Age and Service Mortality Rate Table 1 Derived using CalPERS' membership data for all funds Post Retirement Benefit Increase 1 The mortality table was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2017CalPERS Experience Study for the period from1997 to 2015. Pre-retirement and post-retirement mortality rates include 15years ofprojected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from December 2017 that can be found on the CalPERS website. Contract COLA up to 2.30% until Purchasing Power Protection Allowance floor on purchasing power applies, 2.50% thereafter. Long-term Expected Rate of Return In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated and combined with risk estimates, are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. The expected real rates of return by asset class are as follows: Assumed Asset Real Return Asset Class Allocation Years 1-10 1,2 Global equity cap weighted 30.00% 4.45% Global equity non-cap weighted 12.00% 3.84% Private equity 13.00% 7.28% Treasury 5.00% 0.27% Mortgage-backed securities 5.00% 0.50% Investment grade corp 10.00% 1.56% High yield 5.00% 2.27% Emerging market debt 5.00% 2.48% Private debt 5.00% 3.57% Real assets 15.00% 3.21% Leverage -5.00% -0.59% 1 An expected inflation rate of 2.30% is used for this period. 2 Figures are based on the 2021-22 Asset Liability Management study. 105 Page 141 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 12 – Pension Plans (Continued) A. California Public Employees’ Retirement Plans (Continued) Discount Rate The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Amortization of Deferred Outflows and Deferred Inflows of Resources Under GASB 68, gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time. The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense. The amortization period differs depending on the source of the gain or loss: Net Difference between projected 5-year straight-line amortization and actual earnings on pension plan investments All other amounts Straight-line amortization over the expected average remaining service lifetime (EARSL) of all members that are provided with benefits (active, inactive, and retired) at the beginning of the measurement period. (3.0 years for Miscellaneous and 5.0 years for Safety) 106 Page 142 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 12 – Pension Plans (Continued) A. California Public Employees’ Retirement Plans (Continued) Changes in the Net Pension Liability The following table shows the changes in net pension liability recognized over the measurement period. Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a)(b)(c) = (a) - (b) Miscellaneous Plan: Balance at: 06/30/2022 645,252,726$ 618,832,086$ 26,420,640$ (Valuation Date) Changes Recognized for the Measurement Period: Service Cost 10,867,994 - 10,867,994 Interest on Total Pension Liability 44,385,485 - 44,385,485 Changes of Assumptions - - - Differences Between Expected and Actual Experience 9,417,461 - 9,417,461 Net Plan to Plan Resource Movement - - Contributions - Employer - 7,132,923 (7,132,923) Contributions - Employees - 4,484,052 (4,484,052) Net Investment Income - 37,589,065 (37,589,065) Benefit Payments, Including Refunds of Employee Contributions (33,672,591) (33,672,591) - Administrative Expense - (455,060) 455,060 Net Changes During 2022-23 30,998,349 15,078,389 15,919,960 Balance at: 06/30/2023 676,251,075$ 633,910,475$ 42,340,600$ (Measurement Date) Safety Plan: Balance at: 06/30/2022 637,068,159$ 609,975,036$ 27,093,123$ (Valuation Date) Changes Recognized for the Measurement Period: Service Cost 14,872,219 - 14,872,219 Interest on Total Pension Liability 43,864,687 - 43,864,687 Changes of Assumptions - - Differences Between Expected and Actual Experience 6,308,350 - 6,308,350 Net Plan to Plan Resource Movement - - Contributions - Employer - 10,189,886 (10,189,886) Contributions - Employees - 5,899,681 (5,899,681) Net Investment Income - 37,069,780 (37,069,780) Benefit Payments, Including Refunds of Employee Contributions (30,185,040) (30,185,040) - Administrative Expense - (448,547) 448,547 Net Changes During 2022-23 34,860,216 22,525,760 12,334,456 Balance at: 06/30/2023 671,928,375$ 632,500,796$ 39,427,579$ (Measurement Date) 107 Page 143 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 12 – Pension Plans (Continued) A. California Public Employees’ Retirement Plans (Continued) Sensitivity of the Net Pension Liability to Changes in the Discount Rates The following presents the net pension liability of the Plans as of the measurement date, calculated using the discount rate of 6.90 percent, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.90 percent) or 1 percentage-point higher (7.90 percent) than the current rate: Discount Rate - 1% (5.90%) Current Discount Rate (6.90%) Discount Rate +1% (7.90%) Miscellaneous Plan 129,651,009$ 42,340,600$ (29,935,393)$ Safety Plan 134,646,169 39,427,579 (38,166,976) TOTAL 264,297,178$ 81,768,179$ (68,102,369)$ Pension Plan Fiduciary Net Position Detailed information about the plans’ fiduciary net position is available in the separately issued CalPERS financial reports. See CalPERS website for additional information. Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions For the year ended June 30, 2024, the City incurred pension expense of $24,013,668 and $23,720,658 for the Miscellaneous and Safety Plans, respectively. At June 30, 2024, the City had deferred outflows and deferred inflows of resources related to pensions as follows: Deferred Outflows Deferred Inflows of Resources of Resources Miscellaneous Plan Contributions Subsequent to Measurement Date 5,482,182$ -$ Changes of Assumptions 6,159,102 - Differences Between Expected and Actual Experience 6,278,307 (2,191,915) Net Difference Between Projected and Actual Earnings on Pension Plan Investments 35,595,534 - Subtotal - Miscellaneous Plan 53,515,125 (2,191,915) Safety Plan Contributions Subsequent to Measurement Date 13,190,777 - Changes of Assumptions 14,116,435 - Differences Between Expected and Actual Experience 5,071,419 (7,020,509) Net Difference Between Projected and Actual Earnings on Pension Plan Investments 35,226,196 - Subtotal - Safety Plan 67,604,827 (7,020,509) Total - All Plans 121,119,952$ (9,212,424)$ 108 Page 144 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 12 – Pension Plans (Continued) A. California Public Employees’ Retirement Plans (Continued) Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions (Continued) The $5,482,182 and $13,190,777 for the Miscellaneous and Safety Plan, respectively, reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows: Fiscal Years Ending June 30, Miscellaneous Safety Total 2024 15,034,662$ 10,794,598$ 25,829,260$ 2025 9,429,088 9,811,026 19,240,114 2026 20,516,927 24,524,991 45,041,918 2027 860,351 2,139,231 2,999,582 2028 - 123,695 123,695 2029 - -- Deferred Outflows/(Inflows) of Resources B.Defined Contribution Pension Plan The City provides pension plan benefits for all of its part-time hourly employees through a defined contribution plan (Public Agency Retirement Plan). In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. The plan is administered by Public Agency Retirement Services (PARS). All part-time employees are eligible to participate from the date of employment. Federal legislation requires contributions of at least 7.5% to a retirement plan, and City Council resolved to match the employees’ contributions of 3.75%. The City’s contributions for each employee (and interest earned by the accounts) are fully vested immediately. The authority to establish or amend the plan’s provisions resides with City Council. For the year ended June 30, 2024, the City’s total hourly payroll (for eligible PARS members) and covered payroll was $4,315,746. The City made employer contributions of $161,840 (3.75% of current covered payroll), and employees contributed $161,840 (3.75% of current covered payroll). C.Deferred Compensation 457B Plan The City offers to its employees an optional deferred compensation plan created in accordance with Section 457 of the Internal Revenue Code. This plan is available to substantially all employees and allows participants to defer a portion of their current income until future years, up to a maximum of $22,500 (in whole dollars) per calendar year, so as to shelter such funds and earnings from state and federal taxation until withdrawal. The deferred compensation is not available to participants until termination, retirement, death, or unforeseeable emergency. This plan is administered through a third‐party administrator. The City does not perform the investing function and has no fiduciary accountability for the plan. Thus, plan assets and any related liability to plan participants have been excluded from the City’s financial statements. At June 30, 2024, the balance in the plan was $135,292,176. D.Deferred Compensation 401A Plan The City previously offered a deferred compensation plan under Section 401(a) of the Internal Revenue Code to certain employee groups. The plan provided for mandatory employee and City contributions. The City’s contribution for most participating employees was suspended in 2009. The plan is not available for any new employees. The deferred compensation is not available to participants until retirement, death, or unforeseeable 109 Page 145 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 12 – Pension Plans (Continued) D. Deferred Compensation 401A Plan (Continued) emergency. This plan is administered through a third-party administrator. The City does not perform the investing function and has no fiduciary accountability for the plan. Thus, plan assets and any related liability to plan participants have been excluded from the City’s financial statements. At June 30, 2024, the balance in the plan was $4,629,237. Note 13 – Post Retirement Health Benefits A. Defined Benefit Other-Post Employment Benefits Plan Plan Description The City administers a single-employer defined-benefit post-employment healthcare plan (the Plan). Dependents are eligible to enroll, and benefits continue to surviving spouses. Benefits Provided Pre-Medicare Miscellaneous employees hired before January 1, 2011, and Safety employees hired before April 22, 2011, pay 100% of the pre-Medicare active/retiree blended rate. All other pre-Medicare employees pay 100% of the unblended (pure retiree) pre-Medicare premium. Medicare retirees pay 100% of the unblended (pure retiree) premium. Employees Covered by Benefit Terms At June 30, 2023 (the census date), the benefit terms covered the following employees: Active 324 Inactive employees or beneficiaries currently receiving benefits 227 Inactive employees entitled to, but not yet receiving benefits - 551 The information above does not reflect eligible retirees that are in the process of enrolling in the healthcare plan. Contributions The City pays benefits as they come due. Contribution Rate:Benefits due Reporting period contributions: $1,624,246 (includes implicit subsidy credit) Total OPEB Liability The City's total OPEB liability was valued as of June 30, 2023 and was used to calculate the total OPEB liability measured as of June 30, 2024. Actuarial Assumptions The total OPEB liability in the June 30, 2024, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified: 110 Page 146 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 13 – Post Retirement Health Benefits (Continued) A. Defined Benefit Other-Post Employment Benefits Plan (Continued) Projections of the sharing of benefit-related costs are based on an established pattern of practice. Experience studies come from the CalPERS Pension Assumption Model, revised November 17, 2021. Inactive employees (retirees) pay 100% of the cost of benefits. There were no ad hoc post-employment benefit changes (including ad hoc COLAs) to the plan. There were no changes between the measurement date and the report date that are expected to have a significant effect on the net OPEB liability. Discount Rate The discount rate used to measure the total OPEB liability is 3.97%. The City's OPEB Plan is an unfunded plan, therefore the discount rate was set to the rate of tax-exempt, high-quality 20-year municipal bonds, as of the valuation date. Trust Assets There are no assets accumulated in a trust that meets the criteria in paragraph 4 of GASB 75 to pay related benefits. Changes in the Total OPEB Liability The changes in the Total OPEB Liability for the Plan are as follows: Increase (Decrease) Total OPEB Liability Balance at June 30, 2023 27,703,842$ Changes recognized over the measurement period: Service Cost 1,272,879 Interest 1,087,153 Differences between actual and expected experience (5,168,881) Changes of assumptions 262,632 Implicit rate subsidy fulfilled (1,624,246) Net Changes (4,170,463) Balance at June 30, 2024 23,533,379$ Measurement Date 6/30/2024 Discount Rate 3.97% Inflation 2.30% Health Cost Trend Rates Pre-Medicare 7.6%* Medicare N/A Salary Increases 2.8% ** Mortality Rates Based on CalPERS tables. * Trending down to 4.04% over 52 years. Applies to calendar years. ** Additional merit-based increases based on CalPERS merit salary increase tables. 111 Page 147 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 13 – Post Retirement Health Benefits (Continued) A. Defined Benefit Other-Post Employment Benefits Plan (Continued) Sensitivity of the Total OPEB Liability to Changes in the Discount Rate Sensitivity of the total OPEB liability to changes in the discount rate. The total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using a discount rate that is one percentage point lower (2.97%) or one percentage point higher (4.97%) follows: 1% Decrease Discount Rate 1% Increase 2.97% 3.97% 4.97% Total OPEB Liability 25,053,107$ 23,533,379$ 22,089,270$ Increase (Decrease) 1,519,728 (1,444,109) % Change 6.5%-6.1% Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rate Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates. The healthcare trend for this valuation started at 7.60% and decreased to 4.04% over 52 years. The total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using healthcare cost trend rates that are one percentage point lower (6.60%) or one percentage point higher (8.60%) than current healthcare cost trend rates follows: 1% Decrease 1% Increase 6.60% 7.60% 8.60% Total OPEB Liability 21,243,869$ 23,533,379$ 26,116,942$ Increase (Decrease) (2,289,510) 2,583,563 % Change -9.7%11.0% OPEB Expense and Deferred Outflows and Inflows of Resources Related to OPEB For the report year ended June 30, 2024, the City recognized an OPEB expense of $2,480,296. The City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Changes of Assumptions 1,123,811$ (1,792,351)$ Differences Between Expected and Actual Experience 2,594,143 (3,908,178) Total 3,717,954$ (5,700,529)$ Amounts reported as deferred outflows or deferred inflows of resources related to OPEB will be recognized as OPEB expense as follows: 112 Page 148 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 13 – Post Retirement Health Benefits (Continued) A. Defined Benefit Other-Post Employment Benefits Plan (Continued) Fiscal Years Ending June 30, Deferred Outflows/(Inflows) of Resources 2025 167,225$ 2026 (688,587) 2027 (1,273,914) 2028 (187,299) 2029 - Remaining - The effects on the total OPEB liability of (1) changes of economic and demographic assumptions or of other inputs and (2) differences between expected and actual experience are required to be included in OPEB expense in a systematic and rational manner over a closed period equal to the average of the expected remaining service lives of all employees that are provided with benefits through the OPEB plan (active employees and inactive employees), beginning in the current period. The expected average remaining service lives (EARSL) for the current period is 4.1 years. Note, however that for calculation purposes, we use 1 when calculating amortizations if the EARSL is less than 1 year. B. Defined Contribution Other Post-Employment Benefits Plan The City offers eligible retiring employees a Post-Employment Health Plan (PEHP). This plan is administered through a third-party administrator. PEHP is a tax-exempt Voluntary Employee’s Beneficiary Association (VEBA) Trust, which provides employee benefits pursuant to IRC Code Section 501(c)(9). PEHP creates a defined contribution health reimbursement program that allows for money to be set aside to pay for future medical expenses. PEHP is funded with mandatory eligible employee contributions. Depending on the bargaining unit and its respective plan agreements, these mandatory contributions can be unused vacation and/or compensatory time off due to the employee at the time of retirement. At June 30, 2024, the balance of the assets held by the trustee for this plan was $1,997,651. Note 14 – Commitments and Contingencies Litigation The City is presently involved in certain matters of litigation that have risen in the normal course of conducting City business. City management believes, based upon consultation with the City Attorney, that these cases, in the aggregate, are not expected to result in a material adverse financial impact on the City as the City’s insurance programs are sufficient to cover most potential losses should an unfavorable outcome materialize. Although the City’s insurance programs are expected to cover most potential losses, there may be matters of litigation that are not covered by the City’s insurance programs. Of those potential uninsured matters, the City estimates $1,000,000 is probable and has included this amount as part of the claims and judgments liabilities on the government-wide statement of net position. Grants The City participates in a number of federally assisted grant programs, including those from the U.S. Department of Housing and Urban Development, U.S. Department of Justice, U.S. Department of Treasury, U.S. Department of Transportation, US. Department of Homeland Security, National Highway Traffic Safety Administration and the Executive Office of the President. Receipts from these grant programs are subject to audit to ensure that the funds were used in compliance with relevant statutes, grant terms and regulations. The City anticipates that this audit will not result in any significant liabilities. 113 Page 149 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 14 – Commitments and Contingencies (Continued) Construction Commitments Expenditures Remaining Project Description PO Amount to Date Balance Bike Lane Improv Broadway Ph I Bike Lanes on Broadway 3,568,000$ 3,018,636$ 549,364$ Traffic Sig Sys-Fiber Network 3,200,000 1,751,218 1,448,782 Major Pavement Rehab FY17/18 Bonita Rd & Allen School Lane 3,010,780 2,622,890 387,890 Loma Verde Quatic and Rec Ph I 12,812,639 8,329,869 4,482,770 Encumbrances At June 30, 2024, there were encumbrances of $23,928,642 in the General Fund, $5,715,719 in the Federal, State, and Local Grants Fund, $1,427 in the Housing Successor Agency, $17,109,683 in the Development Impact Fee Fund, $19,811,402 in the Sewer Fund, $127,176 in the Development Services Fund, $65,040 in the Sewer Development Impact Fees Fund, and $38,120,403 in the Non-Major Funds. Successor Agency – Long-Range Property Management Plan The City, acting as the Successor Agency to the Chula Vista Redevelopment Agency, prepared a Long-Range Property Management Plan (LRPMP) in compliance with AB 1484. The Successor Agency Oversight Board reviewed and approved the LRPMP on May 12, 2014 and submitted it to the California Department of Finance for review on May 27, 2014. The Department of Finance approved the LRPMP in their July 15, 2014, determination letter. Pollution Remediation Obligations The United States Fish and Wildlife Service (“FWS”) has asserted an administrative claim under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) against the City arising out of environmental contamination at the Sweetwater Marsh Unit of the San Diego Bay National Wildlife Refuge in National City and Chula Vista (the “Site”). The Site consists of three operable units (“OU”) each of which is alleged to have been impacted by historical activities including construction, dumping, and manufacturing. Site cleanup will mainly consist of soil excavation and disposal. The FWS has engaged with the City and other potentially responsible parties at the Site in an attempt to evaluate respective liabilities. There are multiple other potentially responsible parties for cleanup costs at each of the OUs. Although the FWS estimated the costs of cleanup several years ago, the City’s potential liability is not reasonably estimable. The FWS issued Engineering Evaluation/Cost Analyses (“EE/CA”), which contained cleanup cost estimates, for each of the three OUs in 2017. However, the City considers these estimates unreliable because they are not final determinations of the cleanup action nor the associated costs; due to the lapse of time since they were issued; and recent inflation. The City anticipates the FWS will update the cost estimates and finalize cleanup plans in forthcoming administrative documents. Moreover, the City is contesting its liability at the Site and any potential liability would be subject to allocation among the City and the other potentially responsible parties. 114 Page 150 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 15 – Classification and Fund Balances Major Funds Federal, State, Housing Other General and Local Grants Successor Development Governmental Fund Fund Agency Impact Fund Funds Total Nonspendable Prepaid costs 225,820$ 43,352$ -$ -$ 457,491$ 726,663 Due from Successor Agency of Chula Vista RDA 2,245,527 - - - - 2,245,527 Advances to other funds 1,380,956 - - - - 1,380,956 Total Nonspendable 3,852,303 43,352 - - 457,491 4,353,146 Restricted Section 115 Trust for Pension 28,369,808 - - - - 28,369,808 Cultural Arts - 13,416 - - - 13,416 Environmental Services - 1,625,793 - - - 1,625,793 Federal Grants - 1,453,232 - - - 1,453,232 State Grants - 8,190,480 - - - 8,190,480 Local Grants - 4,872,257 - - - 4,872,257 Community and housing development - -14,741,072 - - 14,741,072 Public facilities - -- 18,359,422 - 18,359,422 Drainage facilities - -- 3,208,090 - 3,208,090 Pedestrian Bridge DIF - -- 5,091,582 - 5,091,582 Traffic signal and safety - -- 1,275,152 - 1,275,152 Transportation improvements - -- 56,187,180 55,583,875 111,771,055 HOME Program - -- - 6,002,373 6,002,373 CDBG Programs - -- - 83,923 83,923 Park acquisitions and development - -- - 47,792,583 47,792,583 Parking meter services - -- - 1,358,678 1,358,678 Public Educational & Govt. Fee - -- - 433,662 433,662 Debt Service - -- - 5,313,365 5,313,365 Developer Contributions - -- - 18,913,511 18,913,511 Donations - -- - 594,758 594,758 National Opioid Settlement - -- - 144,546 144,546 Industrial Development - -- - 58 58 LRBs - -- - 7,412 7,412 Storm drains - -- - 3,009,887 3,009,887 Open space maintenance - -- - 60,349,253 60,349,253 Telecom Utility Tax - -- - 108,121 108,121 Mobile home admin fee - -- - 210,616 210,616 Assessment district improvements - -- - 1,171,660 1,171,660 Town Center I - -- - 272,582 272,582 Total Restricted 28,369,808 16,155,178 14,741,072 84,121,426 201,350,863 344,738,347 Committed Economic contingency 9,094,483 ----9,094,483 Catastrophic events contingency 5,456,690 ----5,456,690 Measure A Reserve 4,340,757 ----4,340,757 Pension Reserve 7,091,122 7,091,122 OPEB Reserve 868,200 ----868,200 Bond Call Fund 2,604,601 ----2,604,601 Total Committed 29,455,853 - - - - 29,455,853 Assigned 3,000 ----3,000 2,688 ----2,688 129,045 ----129,045 7,082 ----7,082 10,344 ----10,344 16,936 ----16,936 5,782,369 ----5,782,369 20,073 ----20,073 155,715 ----155,715 555 ----555 120,393 ----120,393 283,564 ----283,564 518,166 ----518,166 1,637 ----1,637 34,745,134 ---- 34,745,134 49,312,754 ---- 49,312,754 Boards and Commissions City Clerk City Attorney Information Technology Services Department Human Resources Finance Department Non-Departmental Animal Services Economic Development Development Services Engineering Fire Department Public Works Department Recreation Department Measure P Sales Tax Measure A Sales Tax ALS 457,709 ----457,709 Bayfront Lease Revenue 455,680 ----455,680 Flexible Spending Account 1,257,879 ----1,257,879 Public liability 4,801 ----4,801 Total Assigned 93,284,726 - - - - 93,284,726 Unassigned 25,853,339 - - - (2,070,068) 23,783,271 Total Fund Balances 180,816,029$ 16,198,530$ 14,741,072$ 84,121,426$ 199,738,286$ 495,615,343$ 115 $ Page 151 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Notes to Basic Financial Statements (Continued) For the Fiscal Year Ended June 30, 2024 Note 16 – Restatements of Fund Balance and Net Position A.Correction of Errors in Previously Issued Financial Statements For the fiscal year ended June 30, 2024, the City determined the financing costs on its Interfund Loans was not calculated according to the City’s existing Interfund Loan policy. Therefore, the balances of Advances to other funds and Investment earnings (cumulative) reported for the Sewer Fund were understated by $644,335 as of June 30, 2023. In addition, the balances of Advances from other funds and Interest expense (cumulative) reported for the Sewer Development Impact Fees fund was understated by $644,335 as of June 30, 2023. The effect of correcting this error is shown in the table below. For the fiscal year ended June 30, 2024, the City determined a correction was needed regarding the prior years’ implementation of GASB Statement No. 84 for two Custodial Funds. For the two funds, the City operates as a custodian for the collections for and payments of debt. In the Bayfront Special Tax District fund, the balance in Loans Payable (due within one year) was overstated by $550,000 and the balance in Loans Payable (due in more than one year) was overstated by $103,387,814 as of June 30, 2023. In the CV Bayfront Facilities Financing Authority fund, the balance in Notes and loans receivables was overstated by $103,937,814, the balance in Capital assets, not being depreciation was overstated by $135,822,432, and the balance of Bonds Payable was overstated by $202,789,453 as of June 30, 2023. The effect of correcting this error is shown in the table below. For the year ended June 30, 2024, error corrections resulted in adjustments to and restatements of beginning net position and fund net position, as follows: Sewer Fund Sewer Development Impact Fees Bayfront Special Tax District CV Bayfront Facilities Financing Authority Net Position (Deficit), as previously reported 293,911,415$ (12,737,646)$ (103,693,329)$ 121,231,324$ Error correction 644,335 (644,335) 103,937,814 (36,970,793) Net Position (Deficit), as restated 294,555,750$ (13,381,981)$ 244,485$ 84,260,531$ Enterprise Funds Custodial Funds Reporting Units Affected by Adjustments to and Restatements of Beginning Balances 116 Page 152 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda REQUIRED SUPPLEMENTARY INFORMATION 117 Page 153 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 118 Page 154 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 General Fund Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 53,194,174$ 53,194,174$ 53,194,174$ -$ Encumbrances, Prior Year - 2,701,089 2,701,089 - Resources (Inflow): Taxes 214,639,286 220,525,551 220,504,491 (21,060) Licenses and permits 1,994,842 2,256,473 2,256,473 - Intergovernmental 1,401,690 1,091,968 1,112,817 20,849 Charges for services 19,258,526 20,076,620 19,200,887 (875,733) Use of money and property 3,881,520 6,283,034 8,838,236 2,555,202 Fines and forfeitures 1,049,221 1,033,217 1,033,217 - Miscellaneous 2,521,266 6,743,222 7,619,170 875,948 Transfers in 13,475,810 32,484,011 32,484,010 (1) Amounts Available for Appropriations 311,416,335 346,389,359 348,944,564 2,555,205 Charges to Appropriations (Outflow): Current General government: City council 1,524,206 1,498,534 1,498,529 5 City clerk 3,428,932 3,040,257 3,040,257 - City attorney 3,169,303 2,767,693 2,767,693 - Administration 2,591,692 2,419,713 2,419,713 - Information technology 4,457,481 4,588,173 4,586,912 1,261 Human resources 3,526,095 3,439,598 3,439,598 - Finance 4,699,655 4,524,616 4,524,616 - Non-departmental 9,077,837 15,646,639 15,525,698 120,941 Boards and commissions 2,088 4,376 4,376 - Public Safety: 55,376,776 59,113,254 59,113,246 8 34,427,946 36,027,490 36,015,521 11,969 Police Fire Animal services 3,191,270 3,167,724 3,167,724 - Community development: Economic development 1,646,858 1,676,756 1,676,756 - Development services 2,754,043 2,675,434 2,675,434 - Parks and recreation 4,302,988 5,125,223 5,125,218 6 Public Works: Public works 22,800,342 22,665,251 22,578,644 86,607 Engineering 10,492,112 10,106,195 10,106,195 - Library 3,805,683 3,473,172 3,473,172 - Capital outlay 192,806 702,969 654,230 48,739 Debt service: Principal retirement - - - - Interest and fiscal charges - - - - Transfers out 86,754,048 112,838,570 112,838,569 1 Total Charges to Appropriations 258,222,161 295,501,637 295,232,102 269,535 Budgetary fund Balance, June 30 53,194,174$ 50,887,722$ 53,712,462$ 2,824,740$ The notes to required supplementary information are an integral part of this schedule.119 Page 155 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Budgetary Fund Balance, July 1 Encumbrances, Prior Year Resources (Inflow): Taxes Licenses and permits Intergovernmental Charges for services Use of money and property Fines and forfeitures Miscellaneous Transfers in Amounts Available for Appropriations Charges to Appropriations (Outflow): Current General government: City council City clerk City attorney Administration Information technology Human resources Finance Non-departmental Boards and commissions Public Safety: Police Fire Animal services Community development: Economic development Development services Parks and recreation Public Works: Public works Engineering Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Transfers out Total Charges to Appropriations Budgetary fund Balance, June 30 (CONTINUED) Bayfront Lease Revenue Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) 519,111$ 519,111$ 519,111$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,045,827 2,045,827 1,952,914 (92,913) 2,564,938 2,564,938 2,472,025 (92,913) - - - - - - - - - - - - - - - - - - - - - - - - 2,092,981 2,092,981 2,016,345 76,636 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (47,155) - - - - - - - - - - - - - - - 2,045,826 2,092,981 2,016,345 76,636 519,112$ 471,957$ 455,680$ (16,277)$ The notes to required supplementary information are an integral part of this schedule.120 Page 156 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Budgetary Fund Balance, July 1 Encumbrances, Prior Year Resources (Inflow): Taxes Licenses and permits Intergovernmental Charges for services Use of money and property Fines and forfeitures Miscellaneous Transfers in Amounts Available for Appropriations Charges to Appropriations (Outflow): Current General government: City council City clerk City attorney Administration Information technology Human resources Finance Non-departmental Boards and commissions Public Safety: Police Fire Animal services Community development: Economic development Development services Parks and recreation Public Works: Public works Engineering Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Transfers out Total Charges to Appropriations Budgetary fund Balance, June 30 (CONTINUED) 2016 Measure P Sales Tax Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) 17,090,650$ 17,090,650$ 17,090,650$ -$ - 8,130,631 8,130,631 - - - - - - - - - - - - - - - - - - - 1,670,811 1,670,811 - - - - - - 108,745 108,745 27,515,846 29,183,788 29,183,788 - 44,606,496 54,405,069 56,184,625 1,779,556 - - - - - - - - - - - - - - - - - - - - - - - - 492,725 1,699,170 430,879 1,268,291 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7,225,901 55,415,225 24,385,741 31,029,484 1,200,045 1,231,799 1,189,955 41,844 95,454 114,411 85,368 29,043 7,513,397 7,518,029 7,518,029 - 16,527,522 65,978,634 33,609,972 32,368,662 28,078,974$ (11,573,565)$ 22,574,653$ 34,148,218$ The notes to required supplementary information are an integral part of this schedule.121 Page 157 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Budgetary Fund Balance, July 1 Encumbrances, Prior Year Resources (Inflow): Taxes Licenses and permits Intergovernmental Charges for services Use of money and property Fines and forfeitures Miscellaneous Transfers in Amounts Available for Appropriations Charges to Appropriations (Outflow): Current General government: City council City clerk City attorney Administration Information technology Human resources Finance Non-departmental Boards and commissions Public Safety: Police Fire Animal services Community development: Economic development Development services Parks and recreation Public Works: Public works Engineering Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Transfers out Total Charges to Appropriations Budgetary fund Balance, June 30 (CONTINUED) 2018 Measure A Sales Tax Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) 48,935,284$ 48,935,284$ 48,935,284$ -$ - 2,507,515 2,507,515 - - - - - - - - - 83,334 83,334 83,334 - - - 436 436 40,000 40,000 40,335 335 - - - - - - 23,328 23,328 27,515,604 29,293,239 29,383,514 90,275 76,574,222 80,859,372 80,973,746 114,374 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 12,701,472 12,973,198 12,397,328 575,870 9,750,839 10,943,634 10,669,455 274,179 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,500,000 5,135,452 4,431,108 704,344 - - - - - - - - 2,453,961 2,474,165 2,473,966 199 26,406,272 31,526,449 29,971,858 1,554,591 50,167,950$ 49,332,923$ 51,001,888$ 1,668,965$ The notes to required supplementary information are an integral part of this schedule.122 Page 158 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Budgetary Fund Balance, July 1 Encumbrances, Prior Year Resources (Inflow): Taxes Licenses and permits Intergovernmental Charges for services Use of money and property Fines and forfeitures Miscellaneous Transfers in Amounts Available for Appropriations Charges to Appropriations (Outflow): Current General government: City council City clerk City attorney Administration Information technology Human resources Finance Non-departmental Boards and commissions Public Safety: Police Fire Animal services Community development: Economic development Development services Parks and recreation Public Works: Public works Engineering Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Transfers out Total Charges to Appropriations Budgetary fund Balance, June 30 (CONTINUED) Advanced Life Support Program Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) 489,474$ 489,474$ 489,474$ -$ - 62,792 62,792 - - - - - - - - - 214,000 214,000 - (214,000) - - - - - - - - - - - - - 60,000 174,874 114,874 2,295,522 2,502,280 2,217,647 (284,633) 2,998,996 3,328,546 2,944,787 (383,759) - - - - - - - - - - - - - - - - - - - - - - - - 120,531 120,531 - 120,531 - - - - - - - - - - - - 1,090,934 1,151,472 1,080,074 71,398 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 193,469 525,480 274,055 251,426 - - - - - - - - 1,317,140 1,317,140 1,317,128 12 2,722,074 3,114,623 2,671,257 443,366 276,922$ 213,923$ 273,530$ 59,607$ The notes to required supplementary information are an integral part of this schedule.123 Page 159 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Budgetary Fund Balance, July 1 Encumbrances, Prior Year Resources (Inflow): Taxes Licenses and permits Intergovernmental Charges for services Use of money and property Fines and forfeitures Miscellaneous Transfers in Amounts Available for Appropriations Charges to Appropriations (Outflow): Current General government: City council City clerk City attorney Administration Information technology Human resources Finance Non-departmental Boards and commissions Public Safety: Police Fire Animal services Community development: Economic development Development services Parks and recreation Public Works: Public works Engineering Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Transfers out Total Charges to Appropriations Budgetary fund Balance, June 30 (CONTINUED) Section 115 Trust Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) 19,132,300$ 19,132,300$ 19,132,300$ -$ - - - - - - - - - - - - - - - - - - - - - 11,650 1,409,977 1,398,327 - - - - - - - - 10,848,629 10,848,629 11,500,446 651,817 29,980,929 29,992,579 32,042,723 2,050,144 - - - - - - - - - - - - - - - - - - - - - - - - - 91,650 91,650 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 91,650 91,650 - 29,980,929$ 29,900,929$ 31,951,073$ 2,050,144$ The notes to required supplementary information are an integral part of this schedule.124 Page 160 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Budgetary Fund Balance, July 1 Encumbrances, Prior Year Resources (Inflow): Taxes Licenses and permits Intergovernmental Charges for services Use of money and property Fines and forfeitures Miscellaneous Transfers in Amounts Available for Appropriations Charges to Appropriations (Outflow): Current General government: City council City clerk City attorney Administration Information technology Human resources Finance Non-departmental Boards and commissions Public Safety: Police Fire Animal services Community development: Economic development Development services Parks and recreation Public Works: Public works Engineering Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Transfers out Total Charges to Appropriations Budgetary fund Balance, June 30 (CONTINUED) Public Liability Trust Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) 397,400$ 397,400$ 397,400$ -$ - 83,644 83,644 - - - - - - - - - - - - - - - 137 137 - - - - - - - - - 135,662 135,662 - 2,484,078 2,886,581 2,625,313 (261,268) 2,881,478 3,503,287 3,242,156 (261,131) - - - - - - - - - - - - - - - - - - - - - - - - 2,484,078 3,445,696 3,445,695 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,484,078 3,445,696 3,445,695 1 397,400$ 57,591$ (203,539)$ (261,130)$ The notes to required supplementary information are an integral part of this schedule.125 Page 161 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Budgetary Fund Balance, July 1 Encumbrances, Prior Year Resources (Inflow): Taxes Licenses and permits Intergovernmental Charges for services Use of money and property Fines and forfeitures Miscellaneous Transfers in Amounts Available for Appropriations Charges to Appropriations (Outflow): Current General government: City council City clerk City attorney Administration Information technology Human resources Finance Non-departmental Boards and commissions Public Safety: Police Fire Animal services Community development: Economic development Development services Parks and recreation Public Works: Public works Engineering Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Transfers out Total Charges to Appropriations Budgetary fund Balance, June 30 (CONTINUED) Eliminating Entries Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (70,496,945) (74,829,537) (74,829,537) - (70,496,945) (74,829,537) (74,829,537) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (70,496,945) (74,829,537) (74,829,537) - (70,496,945) (74,829,537) (74,829,537) - -$ -$ -$ -$ The notes to required supplementary information are an integral part of this schedule.126 Page 162 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Budgetary Fund Balance, July 1 Encumbrances, Prior Year Resources (Inflow): Taxes Licenses and permits Intergovernmental Charges for services Use of money and property Fines and forfeitures Miscellaneous Transfers in Amounts Available for Appropriations Charges to Appropriations (Outflow): Current General government: City council City clerk City attorney Administration Information technology Human resources Finance Non-departmental Boards and commissions Public Safety: Police Fire Animal services Community development: Economic development Development services Parks and recreation Public Works: Public works Engineering Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Transfers out Total Charges to Appropriations Budgetary fund Balance, June 30 (CONTINUED) Total General Fund Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) 139,758,393$ 139,758,393$ 139,758,393$ -$ - 13,485,671 13,485,671 - 214,639,286 220,525,551 220,504,491 (21,060) 1,994,842 2,256,473 2,256,473 - 1,699,024 1,389,302 1,196,151 (193,151) 19,258,526 20,076,620 19,201,460 (875,160) 3,921,520 6,334,684 11,959,359 5,624,675 1,049,221 1,033,217 1,033,217 - 2,521,266 6,938,884 8,061,779 1,122,895 15,684,371 34,414,818 34,518,095 103,277 400,526,449 446,213,613 451,975,089 5,761,476 1,524,206 1,498,534 1,498,529 5 3,428,932 3,040,257 3,040,257 - 3,169,303 2,767,693 2,767,693 - 2,591,692 2,419,713 2,419,713 - 4,457,481 4,588,173 4,586,912 1,261 3,526,095 3,439,598 3,439,598 - 9,889,970 11,974,644 10,509,185 1,465,459 9,077,837 15,646,639 15,525,698 120,941 2,088 4,376 4,376 - 68,078,248 72,086,452 71,510,574 575,878 45,269,719 48,122,596 47,765,050 357,546 3,191,270 3,167,724 3,167,724 - 1,646,858 1,676,756 1,676,756 - 2,754,043 2,675,434 2,675,434 - 4,302,988 5,125,223 5,125,218 6 22,800,342 22,665,251 22,578,644 86,607 10,492,112 10,106,195 10,106,195 - 3,805,683 3,473,172 3,473,172 - 9,065,021 61,779,126 29,745,134 32,033,992 1,200,045 1,231,799 1,189,955 41,844 95,454 114,411 85,368 29,043 27,541,601 49,318,367 49,318,155 212 237,910,988 326,922,133 292,209,341 34,712,792 162,615,461$ 119,291,480$ 159,765,748$ 40,474,268$ The notes to required supplementary information are an integral part of this schedule.127 Page 163 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 128 Page 164 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE FEDERAL, STATE, AND LOCAL GRANTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 (11,727,250)$ (11,727,250)$ (11,727,250)$ -$ Encumbrances, Prior Year - 31,818,766 31,818,766 - Resources (Inflow): Intergovernmental 57,822,155 104,708,742 78,401,946 (26,306,796) Charges for services 1,588,455 1,638,455 2,275,107 636,652 Use of money and property (1,520,703) (1,520,703) 3,704,797 5,225,500 Miscellaneous 120,000 120,000 204,336 84,336 Transfers in 86,299 136,470 118,533 (17,937) Amounts Available for Appropriations 46,368,956 125,174,480 104,796,235 (20,378,245) Charges to Appropriations (Outflow): Current General government: Finance 1,133,559 3,481,607 3,002,316 479,291 Public Safety: 4,268,122 12,895,612 11,071,144 1,824,468 286,975 1,938,331 1,610,469 327,862 Police Fire Animal services - 172,723 69,341 103,382 Community development: Economic development 492,931 450,752 432,867 17,885 Development services - 18,610,613 6,176,190 12,434,423 Public Works: Public works 2,749,796 4,948,533 4,058,701 889,832 Library - 183,789 152,026 31,763.00 Capital outlay 23,111,092 83,619,531 40,516,957 43,102,574 Transfers out 24,077,562 32,094,412 26,499,809 5,594,603 Total Charges to Appropriations 56,120,037 158,395,903 93,589,819 64,806,084 Budgetary fund Balance, June 30 (9,751,081)$ (33,221,423)$ 11,206,416$ 44,427,839$ Budget Amounts The notes to required supplementary information are an integral part of this schedule.129 Page 165 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 130 Page 166 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE HOUSING SUCCESSOR AGENCY FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 13,667,848$ 13,667,848$ 13,667,848$ -$ Encumbrances, Prior Year - 1,427 1,427 - Resources (Inflow): Use of money and property 215,000 215,000 1,189,034 974,034 Miscellaneous 255,000 255,000 148,739 (106,261) Amounts Available for Appropriations 14,137,848 14,139,275 15,007,048 867,773 Charges to Appropriations (Outflow): Current General government: Development services 2,072,400 3,023,827 97,833 2,925,994 Transfers out 9,858 9,858 5,110 4,748 Total Charges to Appropriations 2,082,258 3,033,685 102,943 2,930,742 Budgetary fund Balance, June 30 12,055,590$ 11,105,590$ 14,904,105$ 3,798,515$ Budget Amounts The notes to required supplementary information are an integral part of this schedule.131 Page 167 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA MISCELLANEOUS PLAN SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS 2015 2016 2017 2018 2019 Measurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 TOTAL PENSION LIABILITY Service Cost 8,696,183$ 8,570,421$ 8,451,918$ 9,370,865$ 9,048,165$ Interest 32,359,841 34,103,210 35,618,575 36,639,997 37,305,907 Difference Between Expected and Actual Experience - 925,960 (2,524,995) (6,331,454) (8,223,685) Changes of Assumptions - (8,500,698) - 30,693,812 (4,314,060) Benefit Payments, Including Refunds of Employee Contributions (18,639,387) (19,539,333) (21,022,078) (23,072,106) (24,924,595) Net Change in Total Pension Liability 22,416,637 15,559,560 20,523,420 47,301,114 8,891,732 Total Pension Liability - Beginning 436,436,153 458,852,790 474,412,350 494,935,770 542,236,884 Total Pension Liability - Ending (a)458,852,790 474,412,350 494,935,770 542,236,884 551,128,616 PLAN FIDUCIARY NET POSITION Contribution - Employer 9,134,182 13,499,144 12,461,946 13,663,149 14,479,069 Contribution - Employee 4,555,300 3,679,749 3,764,641 3,536,418 3,603,297 Plan to Plan Resource Movement - 5,268 - - (874) Net Investment Income 48,303,496 7,195,063 1,747,676 36,763,992 30,032,849 Benefit Payments, Including Refunds of Employee Contributions (18,639,387) (19,539,333) (21,022,078) (23,072,106) (24,924,595) Administrative Expense - (368,694) (199,512) (478,539) (552,457) Other Miscellaneous Income/(Expense)- -- - (1,049,125) Net Change in Fiduciary Net Position 43,353,591 4,471,197 (3,247,327) 30,412,914 21,588,164 Plan Fiduciary Net Position - Beginning 279,540,671 322,894,262 327,365,459 324,118,132 354,531,046 Plan Fiduciary Net Position - Ending (b)322,894,262 327,365,459 324,118,132 354,531,046 376,119,210 Plan Net Pension Liability/(Assets) - Ending (a) - (b)135,958,528$ 147,046,891$ 170,817,638$ 187,705,838$ 175,009,406$ 70.37%69.00%65.49%65.38%68.25% Covered Payroll 42,760,249$ 44,135,521$ 45,990,463$ 44,435,640$ 44,578,340$ 317.96%333.17%371.42%422.42%392.59% Notes to Schedule of Changes in Net Pension Liability and Related Ratios: Plan Fiduciary Net Position as a Percentage of the Total Pension Liability Plan Net Pension Liability/(Asset) as a Percentage of Covered Payroll Changes of Assumptions: Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014. No changes in 2020 or 2021. In 2019, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017. Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occured on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary. The notes to required supplementary information are an integral part of this schedule.132 Page 168 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2020 2021 2022 2023 2024 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 8,696,267$ 8,953,165$ 9,145,103$ 10,380,919$ 10,867,994$ 38,721,727 40,325,600 41,542,929 42,332,179 44,385,485 (413,302) 2,562,816 (3,234,587) (6,575,745) 9,417,461 - - - 18,477,304 - (27,001,672) (28,353,268) (29,875,845) (31,559,480) (33,672,591) 20,003,020 23,488,313 17,577,600 33,055,177 30,998,349 551,128,616 571,131,636 594,619,949 612,197,549 645,252,726 571,131,636 594,619,949 612,197,549 645,252,726 676,251,075 16,244,599 18,211,675 205,182,523 6,529,685 7,132,923 3,592,996 3,800,444 3,856,589 4,348,890 4,484,052 - - - 2,001 - 24,600,973 19,625,933 106,512,033 (51,347,007) 37,589,065 (27,001,672) (28,353,268) (29,875,845) (31,559,480) (33,672,591) (268,407) (554,440) (405,588) (430,632) (455,060) 874 - - - - 17,169,363 12,730,344 285,269,712 (72,456,543) 15,078,389 376,119,210 393,288,573 406,018,917 691,288,629 618,832,086 393,288,573 406,018,917 691,288,629 618,832,086 633,910,475 177,843,063$ 188,601,032$ (79,091,080)$ 26,420,640$ 42,340,600$ 68.86%68.28%112.92%95.91%93.74% 45,798,549$ 47,627,626$ 48,617,605$ 55,375,215$ 57,341,438$ 388.32%395.99%-162.68%47.71%73.84% The notes to required supplementary information are an integral part of this schedule.133 Page 169 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SAFETY PLAN SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS 2015 2016 2017 2018 2019 Measurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 TOTAL PENSION LIABILITY Service Cost 10,220,233$ 9,646,806$ 9,971,492$ 11,594,959$ 12,044,725$ Interest 28,334,465 29,979,452 31,658,073 33,213,616 34,751,830 Difference Between Expected and Actual Experience - 460,215 768,421 (1,210,352) (307,813) Changes of Assumptions - (7,813,969) - 29,393,364 (2,112,530) Benefit Payments, Including Refunds of Employee Contributions (15,869,862) (17,767,853) (19,460,670) (20,397,814) (21,801,437) Net Change in Total Pension Liability 22,684,836 14,504,651 22,937,316 52,593,773 22,574,775 Total Pension Liability - Beginning 380,617,699 403,302,535 417,807,186 440,744,502 493,338,275 Total Pension Liability - Ending (a)403,302,535 417,807,186 440,744,502 493,338,275 515,913,050 PLAN FIDUCIARY NET POSITION Contribution - Employer 11,684,174 7,555,357 10,971,712 11,670,017 13,529,290 Contribution - Employee 3,157,921 3,230,989 3,420,273 3,620,014 3,804,814 Plan to Plan Resource Movement 47,649,285 6,999,744 1,664,170 35,554,749 29,258,121 Net Investment Income (15,869,862) (17,767,853) (19,460,670) (20,397,814) (21,801,437) Benefit Payments, Including Refunds of Employee Contributions - (359,830) (194,899) (466,842) (539,438) Administrative Expense - -- - (858) Other Miscellaneous Income/(Expense)- -- - (1,024,401) Net Change in Fiduciary Net Position 46,621,518 (341,593) (3,599,414) 29,980,124 23,226,091 Plan Fiduciary Net Position - Beginning 273,515,399 320,136,917 319,795,324 316,195,910 346,176,034 Plan Fiduciary Net Position - Ending (b)320,136,917 319,795,324 316,195,910 346,176,034 369,402,125 Plan Net Pension Liability/(Assets) - Ending (a) - (b)83,165,618$ 98,011,862$ 124,548,592$ 147,162,241$ 146,510,925$ 79.38%76.54%71.74%70.17%71.60% Covered Payroll 34,243,101$ 34,117,846$ 37,174,663$ 37,817,316$ 39,384,099$ 242.87%287.27%335.04%389.14%372.01% Notes to Schedule of Changes in Net Pension Liability and Related Ratios: Plan Fiduciary Net Position as a Percentage of the Total Pension Liability Plan Net Pension Liability/(Asset) as a Percentage of Covered Payroll Changes of Assumptions: Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014. No changes in 2020 or 2021. In 2019, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017. Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occured on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary. The notes to required supplementary information are an integral part of this schedule.134 Page 170 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2020 2021 2022 2023 2024 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 12,267,031$ 12,575,630$ 13,253,770$ 14,319,314$ 14,872,219$ 36,853,969 38,422,153 39,881,546 41,558,338 43,864,687 4,868,911 (3,779,764) (6,175,468) (6,077,244) 6,308,350 - - - 23,527,391 - (22,950,693) (24,175,102) (25,325,483) (27,889,190) (30,185,040) 31,039,218 23,042,917 21,634,365 45,438,609 34,860,216 515,913,050 546,952,268 569,995,185 591,629,550 637,068,159 546,952,268 569,995,185 591,629,550 637,068,159 671,928,375 15,445,861 17,861,917 183,166,596 10,002,548 10,189,886 3,966,723 4,257,612 4,884,978 5,197,226 5,899,681 24,248,349 19,386,578 - (2,001) - (22,950,693) (24,175,102) 104,361,444 (50,226,472) 37,069,780 (263,613) (549,592) (25,325,483) (27,889,190) (30,185,040) - - (406,200) (419,433) (448,547) 858 - - - - 20,447,485 16,781,413 266,681,335 (63,337,322) 22,525,760 369,402,125 389,849,610 406,631,023 673,312,358 609,975,036 389,849,610 406,631,023 673,312,358 609,975,036 632,500,796 157,102,658$ 163,364,162$ (81,682,808)$ 27,093,123$ 39,427,579$ 71.28%71.34%113.81%95.75%94.13% 40,374,060$ 37,732,745$ 39,655,225$ 47,183,733$ 48,967,579$ 389.12%432.95% -205.98%57.42%80.52% The notes to required supplementary information are an integral part of this schedule.135 Page 171 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULES OF PLAN CONTRIBUTIONS AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS 1 Fiscal Year Actuarially Actual Contribution Contribution Ending Determined Employer Deficiency Covered as a % of June 30,Contribution Contribution (Excess)Payroll Covered Payroll 2015 9,637,382$ 9,637,382$ -$ 44,135,521$ 21.84% 2016 10,214,678 10,214,678 - 45,990,463 22.21% 2017 10,864,203 10,864,203 - 44,435,640 24.45% 2018 10,942,584 10,942,584 - 44,578,340 24.55% 2019 12,333,078 12,333,078 - 45,798,549 26.93% 2020 10,890,567 10,890,567 - 47,627,626 22.87% 2021 10,904,285 196,350,263 (185,445,978) 48,617,605 403.87% 2022 3,590,926 3,590,926 - 55,375,215 6.48% 2023 5,143,861 5,143,861 - 57,341,438 8.97% 2024 5,482,182 5,482,182 - 60,735,461 9.03% Fiscal Year Actuarially Actual Contribution Contribution Ending Determined Employer Deficiency Covered as a % of June 30,Contribution Contribution (Excess)Payroll Covered Payroll 2015 12,553,815$ 12,553,815$ $ 34,117,846 - $ 36.80% 2016 13,859,572 13,859,572 - 37,174,663 37.28% 2017 14,965,975 14,965,975 - 37,817,316 39.57% 2018 17,324,929 17,324,929 - 39,384,099 43.99% 2019 19,585,859 19,585,859 - 40,374,060 48.51% 2020 24,641,503 24,641,503 - 37,732,745 65.31% 2021 28,332,777 191,117,507 (162,784,730) 39,655,225 481.95% 2022 11,120,663 11,120,663 - 47,183,733 23.57% 2023 11,371,612 11,371,612 - 48,967,579 23.22% 2024 13,190,777 13,190,777 - 56,063,284 23.53% CalPERS Miscellaneous Employees Agent, Multiple-Employer Pension Plan: CalPERS Safety Employees Agent, Multiple-Employer Pension Plan: 1 Historical information is required only for measurement for which GASB 68 and GASB 75 is applicable. The notes to required supplementary information are an integral part of this schedule.136 Page 172 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS 1 2018 2019 2020 2021 2022 2023 2024 TOTAL OPEB LIABILITY Service cost 825,786$ 819,100$ 921,271$ 1,468,936$ 1,647,777$ 1,255,377$ 1,272,879$ Interest on the total OPEB liability 495,822 549,699 516,371 636,356 533,534 1,031,876 1,087,153 Difference between expected and actual experience 4,128 - 5,786,481 - 2,804,304 - (5,168,881) Change of assumptions 183,361 504,190 2,640,687 751,555 (3,029,111) (550,759) 262,632 Implicit rate subsidy fulfilled (536,155) (634,315) (724,009) (1,148,517) (1,293,716) (1,482,784) (1,624,246) Net change in total OPEB liability 972,942 1,238,674 9,140,801 1,708,330 662,788 253,710 (4,170,463) Total OPEB Liability - Beginning 13,726,597 14,699,539 15,938,213 25,079,014 26,787,344 27,450,132 27,703,842 Total OPEB Liability - Ending 14,699,539$ 15,938,213$ 25,079,014$ 26,787,344$ 27,450,132$ 27,703,842$ 23,533,379$ Plan fiduciary net position as a percentage of the total OPEB liability 2 0.00%0.00%0.00%0.00%0.00%0.00%0.00% Covered-employee payroll 53,738,469$ 55,216,277$ 56,734,725$ 58,294,930$ 42,628,588$ 40,763,648$ 44,262,192$ Total OPEB liability as a percentage of covered-employee payroll 27.35%28.87%44.20%45.95%64.39%67.96%53.17% Notes to Schedule of Changes in the Total OPEB Liability and Related Ratios: 2 The plan is not funded through a qualifying trust; therefore, there is no fiduciary net position to offset the total OPEB liability. 1 Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available. The notes to required supplementary information are an integral part of this schedule.137 Page 173 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED JUNE 30, 2024 1. Budgetary Information An annual budget is adopted by the City Council prior to the first day of the fiscal year. The budget process includes submittal of each department's budget request for the next fiscal year, a detailed review of each department's proposed budget by the City Manager, and a final City Manager recommended budget transmitted to the City Council for its review before the required date of adoption. Once transmitted to the City Council, the proposed budget is made available for public inspection. A public hearing is held to give the public the opportunity to comment upon the proposed budget. Notice of such public hearing is published in a newspaper of general circulation. The adoption of the budget is accomplished by the approval of a Budget Resolution. The legal level of budgetary control is at the department and expenditure category level. Council approval is required for any transfer between departments or overall increase to a department. The City Manager is authorized to transfer appropriations up to $75,000 between expenditure categories within a departmental budget. Any appropriation transfers between expenditure categories within departments greater than $75,000 require City Council approval. Appropriations, other than for capital projects, remaining unspent at the end of any fiscal year will be canceled and returned to Available Fund Balance with the exception of any appropriations encumbered as the result of a valid purchase order or as approved for a specific project or purpose by the City Council or the City Manager. Appropriations for capital projects will necessarily be carried over from year to year until the project is deemed to be complete. Reported budget figures are as originally adopted or subsequently amended plus prior year continuing appropriations. Such budget amendments during the year, including those related to supplemental appropriations, did not cause these reported budget amounts to be significantly different than the originally adopted budget amounts. All appropriations which are not obligated, encumbered, or expended at the end of the fiscal year lapse and become a part of the unassigned fund balance which may be appropriated for the next fiscal year. An annual budget for the year ended June 30, 2024, was adopted and approved by the City Council for the general, special revenue, capital project and debt service funds. These budgets are prepared on the modified accrual basis of accounting, excluding the effects of GASB 31, GASB 87, and GASB 96. 138 Page 174 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2024 2. Reconciliation of Net Change in Fund Balance for the General Fund prepared on a GAAP basis to that prepared on the budgetary basis for the year ended June 30, 2024 3.Reconciliation of Net Change in Fund Balance for the Federal, State, And Local Grant Fund prepared on a GAAP basis to that prepared on the budgetary basis for the year ended June 30, 2024 4. Reconciliation of Net Change in Fund Balance for the Housing Successor Agency Fund prepared on a GAAP basis to that prepared on the budgetary basis for the year ended June 30, 2024 General Fund Net Change in Fund Balance - GAAP Basis $ 30,943,572 Add (Deduct): GASB 31 Fair Market Value (241,791) Encumbrances (10,442,972) Flexible Spending Account (251,454) Net Change in Fund Balance - Budgetary Basis $ 20,007,355 Housing Successor Agency Net Change in Fund Balance - GAAP Basis $ 1,150,554 Add (Deduct): GASB 31 Fair Market Value 85,703 Net Change in Fund Balance - Budgetary Basis $ 1,236,257 Federal, State, and Local Grants Net Change in Fund Balance - GAAP Basis $ (3,563,542) Add (Deduct): GASB 31 Fair Market Value 394,162 Encumbrances 26,103,046 Net Change in Fund Balance - Budgetary Basis $ 22,933,666 139 Page 175 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2024 5. ACTUARIAL ASSUMPTIONS UNDERLYING THE SCHEDULE OF PLAN CONTRIBUTIONS FOR MISCELLANEOUS AND SAFETY PENSION PLANS The actuarial methods and assumptions used to set the actuarially determined contributions for fiscal year ended June 30, 2024 were derived from the June 30, 2020 funding valuation report. Actuarial Cost Method: Entry Age Normal Amortization Method/Period: For details, see the June 30, 2020 funding valuation report, available at CalPERS' website Asset Valuation Method: Market Value of Assets Inflation:2.50 percent Salay Increases:Varies by Entry Age and Service Payroll Growth:2.75 percent Investment Rate of Return: 7.00 percent, net of investment and administrative expenses Retirement Age:The probabilities of retirement are based on the 2017 CalPERS Experience Study for the period of 1997 to 2015. Mortality:The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period of 1997 to 2015. Pre-retirement and post-retirement mortality rates include 15years ofprojected mortality improvement using 90.00 percent of Scale MP-2016 published by the Society of Actuaries. 140 Page 176 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda SUPPLEMENTARY INFORMATION 141 Page 177 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE BY EXPENDITURE CATEGORY GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on Positive Final Budget Budgetary Basis (Negative) Current: City council Personnel Services 1,417,040$ 1,417,035$ 5$ Supplies and Services 80,976 80,976 - Utilities 518 518 - Total City council 1,498,534 1,498,529 5 City clerk Personnel Services 1,173,631 1,173,631 - Supplies and Services 1,866,052 1,866,052 - Utilities 574 574 - Total City clerk 3,040,257 3,040,257 - City attorney Personnel Services 1,832,744 1,832,744 - Supplies and Services 934,077 934,077 - Utilities 872 872 - Total City attorney 2,767,693 2,767,693 - Administration Personnel Services 2,186,091 2,186,091 - Supplies and Services 232,709 232,709 - Utilities 913 913 - Total Administration 2,419,713 2,419,713 - Information technology Personnel Services 2,893,410 2,893,410 - Supplies and Services 1,692,712 1,691,451 1,261 Utilities 1,586 1,586 - Internal Service 465 465 - Total Information technology 4,588,173 4,586,912 1,261 Human resources Personnel Services 2,856,346 2,856,346 - Supplies and Services 581,537 581,537 - Utilities 1,715 1,715 - Total Human resources 3,439,598 3,439,598 - Finance Personnel Services 4,242,931 4,242,931 - Supplies and Services 3,180,646 1,789,271 1,391,375 Utilities 1,661 1,661 - Other Expenses 4,549,406 4,475,321 74,085 Total Finance 11,974,644 10,509,185 1,465,459 Non-departmental Personnel Services 544,976 544,976 - Supplies and Services 8,631,826 8,510,885 120,941 Utilities 39,184 39,184 - Other Expenses 6,430,653 6,430,653 - Total Non-departmental 15,646,639 15,525,698 120,941 Board and commissions Supplies and Services 4,376 4,376 - Total Board and commissions 4,376 4,376 - Police Personnel Services 64,737,863 64,407,670 330,193 Supplies and Services 4,310,716 4,126,409 184,307 Utilities 861,182 861,182 - Other Expenses 675,139 675,139 - Internal Service 1,501,552 1,440,174 61,378 Total Police 72,086,452 71,510,574 575,878 Fire Personnel Services 41,333,198 41,263,339 69,859 Supplies and Services 4,131,804 3,855,354 276,450 Utilities 355,254 355,254 - Other Expenses 551,937 547,182 4,755 Internal Service 1,750,403 1,743,921 6,482 Total Fire 48,122,596 47,765,050 357,546 142 Page 178 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE BY EXPENDITURE CATEGORY GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on Positive Final Budget Budgetary Basis (Negative) Animal services Personnel Services 2,640,419 2,640,419 - Supplies and Services 397,196 397,196 - Utilities 65,065 65,065 - Other Expenses 3,691 3,691 - Internal Service 61,353 61,353 - Total Animal services 3,167,724 3,167,724 - Economic development Personnel Services 1,220,720 1,220,720 - Supplies and Services 347,640 347,640 - Utilities 1,732 1,732 - Other Expenses 106,664 106,664 - Total Economic development 1,676,756 1,676,756 - Development services Personnel Services 2,408,267 2,408,267 - Supplies and Services 204,177 204,177 - Utilities 2,548 2,548 - Other Expenses 46,613 46,613 - Internal Service 13,829 13,829 - Total Development services 2,675,434 2,675,434 - Parks and recreation Personnel Services 3,628,082 3,628,082 - Supplies and Services 866,522 866,517 6 Utilities 394,588 394,588 - Other Expenses 220,933 220,933 - Internal Service 15,098 15,098 - Total Parks and recreation 5,125,223 5,125,218 6 Public works Personnel Services 12,789,126 12,789,126 - Supplies and Services 4,824,150 4,800,006 24,144 Utilities 3,681,772 3,678,127 3,645 Other Expenses 240,112 181,294 58,818 Internal Service 1,130,091 1,130,091 - Total Public works 22,665,251 22,578,644 86,607 Engineering Personnel Services 7,375,762 7,375,762 - Supplies and Services 957,880 957,880 - Utilities 1,498,479 1,498,479 - Other Expenses 90,149 90,149 - Internal Service 183,925 183,925 - Total Engineering 10,106,195 10,106,195 - Library Personnel Services 2,814,493 2,814,493 - Supplies and Services 305,361 305,361 - Utilities 336,565 336,565 - Other Expenses 10,360 10,360 - Internal Service 6,393 6,393 - Total Library 3,473,172 3,473,172 - Debt service Principal retirement 1,231,799 1,189,955 41,844 Interest and fiscal charges 114,411 85,368 29,043 Total Debt Service 1,346,210 1,275,323 70,887 Capital outlay 61,779,126 29,745,134 32,033,992 Transfers out 49,318,367 49,318,155 212 Total Expenditures 326,922,133$ 292,209,341$ 34,712,792$ $$$ 143 Page 179 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE BY EXPENDITURE CATEGORY FEDERAL, STATE, AND LOCAL GRANTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on Positive Final Budget Budgetary Basis (Negative) Current: Finance Other Expenses 3,481,607$ 3,002,316$ 479,291$ Total Finance 3,481,607 3,002,316 479,291 Police Personnel Services 7,465,308 6,761,191 704,117 Supplies and Services 4,371,099 3,283,360 1,087,739 Other Expenses 1,059,205 1,026,593 32,612 Total Police 12,895,612 11,071,144 1,824,468 Fire Personnel Services 207,808 123,079 84,729 Supplies and Services 332,675 106,210 226,465 Other Expenses 1,397,848 1,381,180 16,668 Total Fire 1,938,331 1,610,469 327,862 Animal services Supplies and Services 15,142 6,133 9,009 Other Expenses 157,581 63,208 94,373 Total Animal services 172,723 69,341 103,382 Economic development Supplies and Services 73,254 68,669 4,585 Other Expenses 377,498 364,198 13,300 Total Economic development 450,752 432,867 17,885 Development services Supplies and Services 4,103,162 165,570 3,937,592 Other Expenses 14,507,451 6,010,621 8,496,830 Total Development services 18,610,613 6,176,190 12,434,423 Public works Personnel Services 1,093,796 962,020 131,776 Supplies and Services 1,630,411 1,230,760 399,651 Utilities 18,558 -18,558 Other Expenses 2,192,094 1,853,591 338,503 Internal Service 13,674 12,330 1,344 Total Public works 4,948,533 4,058,701 889,832 Library Personnel Services 83,000 70,425 12,575 Supplies and Services 12,841 1,393 11,448 Other Expenses 87,948 80,208 7,740 Total Library 183,789 152,026 31,763 Capital outlay 83,619,531 40,516,957 43,102,574 Transfers out 32,094,412 26,499,809 5,594,603 Total Expenditures 158,395,903$ 93,589,819$ 64,806,084$ 144 Page 180 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA BUDGETARY COMPARISON SCHEDULE BY EXPENDITURE CATEGORY HOUSING SUCCESSOR AGENCY FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on Positive Final Budget Budgetary Basis (Negative) Current: Development services Supplies and Services 309,327$ 91,390$ 217,937$ Other Expenses 2,714,500 6,443 2,708,057 Total Development services 3,023,827 97,833 2,925,994 Transfers out 9,858 5,110 4,748 Total Expenditures 3,033,685$ 102,943$ 2,930,742$ 145 Page 181 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 146 Page 182 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS JUNE 30, 2024 ASSETS Cash and investments Receivables: Accounts (net of allowance for uncollectibles) Taxes Accrued interest Deferred loans (net of allowance for uncollectibles) Due from other governments Prepaid costs Restricted assets: Cash and investments with fiscal agents Total Assets LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable Retentions payable Accrued liabilities Deposits payable Due to other funds Unearned revenues Total Liabilities Deferred Inflows of Resources: Unavailable revenues Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Unassigned (Deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources, and Fund Balances Total Special Revenue Capital Projects Debt Service Governmental Funds Funds Funds Funds 119,048,462$ 78,686,760$ 43,559$ 197,778,781$ 384,060 884,746 - 1,268,806 1,977,505 - - 1,977,505 649,388 302,995 62,948 1,015,331 4,414,608 4,946,699 - 9,361,307 - 344,128 - 344,128 25,801 - 431,690 457,491 - 791,803 5,216,571 6,008,374 126,499,824$ 85,957,131$ 5,754,768$ 218,211,723$ 2,800,641$ 339,932$ 2,300$ 3,142,873$ 170,188 483,956 - 654,144 64,615 17,380 - 81,995 1,419,991 - - 1,419,991 20,101 2,031,122 - 2,051,223 402,226 - - 402,226 4,877,762 2,872,390 2,300 7,752,452 4,465,882 6,255,103 - 10,720,985 4,465,882 6,255,103 - 10,720,985 25,801 - 431,690 457,491 117,156,134 78,873,951 5,320,778 201,350,863 (25,755) (2,044,313) - (2,070,068) 117,156,180 76,829,638 5,752,468 199,738,286 126,499,824$ 85,957,131$ 5,754,768$ 218,211,723$ 147 Page 183 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 148 Page 184 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Revenues: Taxes License and permits Intergovernmental Charges for service Use of money and property Fines and forfeitures Developer participation Miscellaneous Total Revenues (net losses) Expenditures: Current: General government Public safety Community development Parks and recreation Public works Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) Revenues over Expenditures Other Financing Sources (Uses): Transfers in Transfers out Subscription-based IT arrangement Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balances - Beginning Fund Balances (Deficit) - Ending Total Special Revenue Capital Projects Debt Service Governmental Funds Funds Funds Funds -$ 552,600$ -$ 552,600$ 41,040 - - 41,040 18,560,516 2,234,001 - 20,794,517 22,404,908 - - 22,404,908 5,056,908 2,636,499 218,462 7,911,869 575,672 - - 575,672 13,593,076 1,698,444 - 15,291,520 2,873,832 1,239,118 283,343 4,396,293 63,105,952 8,360,662 501,805 71,968,419 1,474,090 366 33,292 1,507,748 83,168 - - 83,168 2,087,937 22,637 - 2,110,574 46,074 - - 46,074 15,392,962 536,934 - 15,929,896 2 - - 2 8,972,332 3,829,482 - 12,801,814 117,548 932 21,683,343 21,801,823 4,985 628,358 11,939,614 12,572,957 28,179,098 5,018,709 33,656,249 66,854,056 34,926,854 3,341,953 (33,154,444) 5,114,363 389,697 25,273,578 33,197,114 58,860,389 (5,315,194) (673,891) - (5,989,085) 162,332 - - 162,332 (4,763,165) 24,599,687 33,197,114 53,033,636 30,163,689 27,941,640 42,670 58,147,999 86,992,491 48,887,998 5,709,798 141,590,287 117,156,180$ 76,829,638$ 5,752,468$ 199,738,286$ 149 Page 185 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 150 Page 186 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda NON-MAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS: Transportation Gas Taxes - This fund accounts for revenues and expenditures received from the State of California under the Street and Safety Code Sections 2103, 2105, 2106, 2107, 2107.5 and the Road Repair and Accountability Act of 2017 (Senate Bill 1). The allocations must be spent for street maintenance or construction and a limited amount for engineering. Parking Meter - This fund accounts for revenues and expenditures from the operation of parking meters located in the downtown area and parking citation payments for expired meter violations within the parking district. The funds pay for the collection and maintenance of parking meters, parking enforcement staff that monitor the downtown area, general upkeep and signage of the downtown parking lots. Traffic Safety - This fund is a depository for monies derived from vehicle code fines (excluding parking violations). The fines are collected through the County court system and remitted to the City monthly. These monies may be expended only for traffic control equipment and maintenance thereof or for the maintenance, improvement or construction of public streets. Storm Drain - This fund is a depository for monies collected from the monthly storm drain service charge. Monies in this fund may be used for storm drain purposes. Town Center I - This fund accounts for revenues from an in-lieu parking fee. The in-lieu parking fee applies to any developer of a new commercial building or addition to an existing commercial building within the Downtown Parking district. Monies in this fund are restricted for the purchase or development of parking sites. Open Space Districts - This fund is a depository for monies received for all flat rate property tax assessments levied against benefiting property owners for the maintenance of open space areas. Housing Programs - This fund is a depository for federal housing rehabilitation monies held in trust by Bank of America for the issuance of housing rehabilitation loans to qualified low- and moderate-income recipients. Housing Authority - This fund accounts for all housing related activity which is reimbursed from various Local, State and Federal funding sources. The Housing Authority focuses on the development of sustainable neighborhoods through investments in and administration of programs that seek to improve, preserve and increase the supply of affordable housing in the City and serve low-income residents. Transportation Sales Tax - This fund accounts for the City’s share of the San Diego countywide one-half cent transportation sales tax to be used for local street and road improvements. Mobile Park Fee - This fund accounts for the Mobile Home Park Space Rent Review Administrative Fee to reimburse the City for labor and other costs associated with administering the review. 151 Page 187 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda NON-MAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS (Continued): Public Education and Government (PEG) Fee - This fund accounts for the 1% of gross revenues assessed on all video service providers that use the public rights-of-way, including all local franchisees and all holders of state franchises as consistent with state or Federal law. PEG Fees collected are used to provide public, educational, or governmental programming. Utility Tax Settlement - This fund accounts for funds in accordance with a 2014 settlement agreement that resolved a class action lawsuit challenging the City’s collection of Telephone Users’ Taxes from wireless customers. National Opioid Settlement - This fund is utilized for the National Opioid Settlement against manufacturers, distributors and other entities responsible for aiding the opioid epidemic. Funds are to be utilized for opioid abatement activities. Payments are expected to be received through 2038. Special Revenue Endowments - This fund accounts for the donation of money and property meant to be used for operations or programs that are consistent with the wishes of the donor(s). Developer Contributions - This fund accounts for contributions from developers used to fund the construction of City facilities. Donations - This fund accounts for monies received from a donor(s) for various programming. 152 Page 188 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS JUNE 30, 2024 Transportation Gas Taxes Parking Meter Traffic Safety Storm Drain ASSETS Cash and investments 23,757,250$ 1,366,257$ -$ 2,896,375$ Receivables: Accounts (net of allowance for uncollectibles)- 47,157 22,621 113,976 Taxes 1,888,400 - - - Accrued interest 139,643 8,575 1,260 17,584 Deferred loans (net of allowance for uncollectibles)- - - - Due from other governments - - - - Prepaid costs - - - - Restricted assets: Cash and investments with fiscal agents - - - - Total Assets 25,785,293$ 1,421,989$ 23,881$ 3,027,935$ LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable 87,249$ 63,311$ 5,465$ 15,822$ Retentions payable 14,464 - - - Accrued liabilities 9,355 - - - Deposits payable - - - - Due to other funds - - 20,101 - Unearned revenues - - - - Total Liabilities 111,068 63,311 25,566 15,822 Deferred Inflows of Resources: Unavailable revenues - - - 2,226 Total Deferred Inflows of Resources - - - 2,226 Fund Balances: Nonspendable - - - - Restricted 25,674,225 1,358,678 - 3,009,887 Unassigned (Deficit)--(1,685) - Total Fund Balances (Deficit)25,674,225 1,358,678 (1,685) 3,009,887 Total Liabilities, Deferred Inflows of Resources, and Fund Balances Special Revenue Funds 25,785,293$ 3,027,935$ 23,881$ 1,421,989$ 153 Page 189 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS JUNE 30, 2024 ASSETS Cash and investments Receivables: Accounts (net of allowance for uncollectibles) Taxes Accrued interest Deferred loans (net of allowance for uncollectibles) Due from other governments Prepaid costs Restricted assets: Cash and investments with fiscal agents Total Assets LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable Retentions payable Accrued liabilities Deposits payable Due to other funds Unearned revenues Total Liabilities Deferred Inflows of Resources: Unavailable revenues Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Unassigned (Deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources, and Fund Balances (CONTINUED) Open Space Housing Housing Town Center I Districts Programs Authority 271,042$ 61,840,457$ 84,009$ 6,103,393$ - 60,544 - 71,622 - -- - 1,540 355,885 - 34,075 - - 515,860 3,898,748 - - - - - 25,801 - - - - - - 272,582$ 62,282,687$ 599,869$ 10,107,838$ -$ 1,775,429$ 86$ 102,421$ - 132,204 - - - -- 55,260 - -- - - -- - - -- - - 1,907,633 86 157,681 - - 515,860 3,947,784 - - 515,860 3,947,784 - 25,801 - - 272,582 60,349,253 83,923 6,002,373 ---- 272,582 60,375,054 83,923 6,002,373 Special Revenue Funds 10,107,838$ 599,869$ 62,282,687$ 272,582$ 154 Page 190 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS JUNE 30, 2024 ASSETS Cash and investments Receivables: Accounts (net of allowance for uncollectibles) Taxes Accrued interest Deferred loans (net of allowance for uncollectibles) Due from other governments Prepaid costs Restricted assets: Cash and investments with fiscal agents Total Assets LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable Retentions payable Accrued liabilities Deposits payable Due to other funds Unearned revenues Total Liabilities Deferred Inflows of Resources: Unavailable revenues Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Unassigned (Deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources, and Fund Balances (CONTINUED) Transportation Public Education Utility Tax Sales Tax Mobile Park Fee and Govt Fee Settlement 306,949$ 221,805$ 462,041$ 107,510$ 63,128 12 - - - - 89,105 - - - - 611 - - - - - - - - - - - - - - - - 370,077$ 221,817$ 551,146$ 108,121$ 381,193$ 2,769$ 117,484$ -$ 12,954 - - - - - - - - - - - - - - - - 8,420 - - 394,147 11,189 117,484 - - 12 - - - 12 - - - - - - - 210,616 433,662 108,121 (24,070) --- (24,070) 210,616 433,662 108,121 Special Revenue Funds 221,817$ 370,077$ 108,121$ 551,146$ 155 Page 191 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS JUNE 30, 2024 ASSETS Cash and investments Receivables: Accounts (net of allowance for uncollectibles) Taxes Accrued interest Deferred loans (net of allowance for uncollectibles) Due from other governments Prepaid costs Restricted assets: Cash and investments with fiscal agents Total Assets LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable Retentions payable Accrued liabilities Deposits payable Due to other funds Unearned revenues Total Liabilities Deferred Inflows of Resources: Unavailable revenues Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Unassigned (Deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources, and Fund Balances (CONTINUED) Total National Opioid Special Revenue Developer Special Revenue Settlement Endowments Contributions Donations Funds 535,621$ 1,451,240$ 18,857,388$ 787,125$ 119,048,462$ - - - 5,000 384,060 - - - - 1,977,505 2,731 8,272 74,749 4,463 649,388 - - - - 4,414,608 - - - - - - - - - 25,801 - - - - - 538,352$ 1,459,512$ 18,932,137$ 796,588$ 126,499,824$ -$ 28,955$ 18,626$ 201,831$ 2,800,641$ - 10,566 - - 170,188 - -- - 64,615 - 1,419,991 - - 1,419,991 - -- - 20,101 393,806 - - - 402,226 393,806 1,459,512 18,626 201,831 4,877,762 - - - - 4,465,882 - - - - 4,465,882 - - - - 25,801 144,546 - 18,913,511 594,757 117,156,134 ----(25,755) 144,546 - 18,913,511 594,757 117,156,180 126,499,824$ Special Revenue Funds 796,588$ 18,932,137$ 1,459,512$ 538,352$ 156 Page 192 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Special Revenue Funds Transportation Gas Taxes Parking Meter Traffic Safety Storm Drain Revenues: Taxes -$ -$ -$ -$ License and permits - 41,040 - - Intergovernmental 14,620,717 - - - Charges for service 525 - - 615,693 Use of money and property 1,052,873 518,241 7,912 134,087 Fines and forfeitures - 285,718 289,954 - Developer participation - -- - Miscellaneous 18,675 2,713 - - Total Revenues (net losses)15,692,790 847,712 297,866 749,780 Expenditures: Current: General government - 750,096 - - Public safety - -36,119 - Community development - -- - Parks and recreation - -- - Public works 298,988 - - 255,552 Library - - - - Capital outlay 4,542,902 176,718 - - Debt service: Principal retirement 1,041 28,724 - - Interest and fiscal charges 14 2,125 - - Total Expenditures 4,842,945 957,663 36,119 255,552 Excess (Deficiency) Revenues over Expenditures 10,849,845 (109,951) 261,747 494,228 Other Financing Sources (Uses): Transfers in 1,500 - - 9,700 Transfers out (4,695,656) (614) (258,698) (218,081) Subscription-based IT arrangement - 105,804 - - Total Other Financing Sources (Uses)(4,694,156) 105,190 (258,698) (208,381) Net Change in Fund Balance 6,155,689 (4,761) 3,049 285,847 19,518,536 1,363,439 (4,734) 2,724,040 Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending 25,674,225$ 1,358,678$ (1,685)$ 3,009,887$ 157 Page 193 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Revenues: Taxes License and permits Intergovernmental Charges for service Use of money and property Fines and forfeitures Developer participation Miscellaneous Total Revenues (net losses) Expenditures: Current: General government Public safety Community development Parks and recreation Public works Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) Revenues over Expenditures Other Financing Sources (Uses): Transfers in Transfers out Subscription-based IT arrangement Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending (CONTINUED) Special Revenue Funds Open Space Housing Housing Town Center I Districts Programs Authority -$ -$ -$ -$ - - - - - - - - 13,125 21,138,747 - 613,148 12,617 2,627,230 - 310,295 - - - - - - - - - 18,320 - 1,395,954 25,742 23,784,297 - 2,319,397 - - - - - - - - 87 - 30,207 1,722,501 - - - - - 14,838,422 - - - -- - - 56,918 - 84,028 - - - 29,310 - - - 350 87 14,895,340 30,207 1,836,189 25,655 8,888,957 (30,207) 483,208 - 377,497 - 1,000 - (15,944) - (125,513) - -- 56,528 - 361,553 - (67,985) 25,655 9,250,510 (30,207) 415,223 246,927 51,124,544 114,130 5,587,150 272,582$ 60,375,054$ 83,923$ 6,002,373$ 158 Page 194 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Revenues: Taxes License and permits Intergovernmental Charges for service Use of money and property Fines and forfeitures Developer participation Miscellaneous Total Revenues (net losses) Expenditures: Current: General government Public safety Community development Parks and recreation Public works Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) Revenues over Expenditures Other Financing Sources (Uses): Transfers in Transfers out Subscription-based IT arrangement Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending (CONTINUED) Special Revenue Funds Transportation Public Education Utility Tax Sales Tax Mobile Park Fee and Govt Fee Settlement -$ -$ -$ -$ - - - - 3,939,799 - - - - 23,670 - - 1,841 - - 5,172 - - - - - - - - 63,128 - 856,517 - 4,004,768 23,670 856,517 5,172 - - 604,196 34 - - - - - 47,132 - - - -- - - -- - - -- - 3,391,253 - 382,179 - 3,723 - 54,750 - 54 - 2,442 - 3,395,030 47,132 1,043,567 34 609,738 (23,462) (187,050) 5,138 - - - - - - - - - - - - - - - - 609,738 (23,462) (187,050) 5,138 (633,808) 234,078 620,712 102,983 (24,070)$ 210,616$ 433,662$ 108,121$ 159 Page 195 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Revenues: Taxes License and permits Intergovernmental Charges for service Use of money and property Fines and forfeitures Developer participation Miscellaneous Total Revenues (net losses) Expenditures: Current: General government Public safety Community development Parks and recreation Public works Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) Revenues over Expenditures Other Financing Sources (Uses): Transfers in Transfers out Subscription-based IT arrangement Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending (CONTINUED) Total National Opioid Special Revenue Developer Special Revenue Settlement Endowments Contributions Donations Funds -$ -$ -$ -$ -$ - - - - 41,040 - - - - 18,560,516 - - - - 22,404,908 16,758 - 338,131 31,751 5,056,908 - - - - 575,672 - - 13,593,076 - 13,593,076 46,781 - - 471,744 2,873,832 63,539 - 13,931,207 503,495 63,105,952 154 - 792 118,818 1,474,090 - - - 47,049 83,168 - - 25,338 262,672 2,087,937 - - - 46,074 46,074 - - - - 15,392,962 - - - 2 2 - - 277,450 60,884 8,972,332 - - - - 117,548 - - - - 4,985 154 - 303,580 535,499 28,179,098 63,385 - 13,627,627 (32,004) 34,926,854 - - - - 389,697 - - (688) - (5,315,194) - - - - 162,332 - - (688) - (4,763,165) 63,385 - 13,626,939 (32,004) 30,163,689 81,161 - 5,286,572 626,761 86,992,491 144,546$ -$ 18,913,511$ 594,757$ 117,156,180$ Special Revenue Funds 160 Page 196 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TRANSPORTATION GAS TAXES FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Intergovernmental 14,759,410$ 14,620,717$ (138,693)$ Charges for service - 525 525 Use of money and property 28,496 1,125,252 1,096,756 Other revenues -18,675 18,675 Total Revenues 14,787,906 15,765,169 977,263 Expenditures: Current: Public works 300,041 300,041 - Capital outlay 28,560,933 5,188,623 23,372,310 Total Expenditures 28,860,974 5,488,664 23,372,310 Excess (Deficiency) Revenues over Expenditures (14,073,068) 10,276,506 24,349,574 Other Financing Sources (Uses): Transfers in 3,522 1,500 (2,022) Transfers out (4,715,678) (4,695,656) 20,022 Total Other Financing Sources (Uses)(4,712,156) (4,694,156) 18,000 Net Change in Fund Balance (18,785,224)$ 5,582,350 24,367,574$ Fund Balances - Beginning 17,938,607 Encumbrances, Prior Year 1,812,288 Fund Balances - Ending 25,333,244$ 161 Page 197 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL PARKING METER FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Licenses and permits 90,000$ 41,040$ (48,960)$ Use of money and property 427,177 527,855 100,678 Fines and forfeitures 278,151 285,718 7,567 Other revenues -2,713 2,713 Total Revenues 795,328 857,326 61,998 Expenditures: Current: General government 854,863 854,646 217 Capital outlay 24,904 2,475 22,429 Total Expenditures 879,767 857,121 22,646 Excess (Deficiency) Revenues over Expenditures (84,439) 204 84,643 Other Financing Sources (Uses): Transfers out (615) (614) 1 Total Other Financing Sources (Uses)(615) (614) 1 Net Change in Fund Balance (85,054)$ (410) 84,644$ Fund Balances - Beginning 1,291,793 Encumbrances, Prior Year 80,744 Fund Balances - Ending 1,372,127$ 162 Page 198 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TRAFFIC SAFETY FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Use of money and property -$ 11,238$ 11,238$ Fines and forfeitures 437,640 289,954 (147,686) Total Revenues 437,640 301,192 (136,448) Expenditures: Current: Public safety 38,500 36,120 2,380 Total Expenditures 38,500 36,120 2,380 Excess (Deficiency) Revenues over Expenditures 399,140 265,072 (134,068) Other Financing Sources (Uses): Transfers out (399,140) (258,698) 140,442 Total Other Financing Sources (Uses)(399,140) (258,698) 140,442 Net Change in Fund Balance -$ 6,374 6,374$ Fund Balances - Beginning (5,312) Fund Balances - Ending 1,062$ 163 Page 199 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL STORM DRAIN FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Charges for service 585,000$ 615,693$ 30,693$ Use of money and property -145,708 145,708 Fines and forfeitures 5,000 -(5,000) Total Revenues 590,000 761,401 171,401 Expenditures: Current: Public works 511,274 255,553 255,721 Total Expenditures 511,274 255,553 255,721 Excess (Deficiency) Revenues over Expenditures 78,726 505,848 427,122 Other Financing Sources (Uses): Transfers in (5,598) 9,700 15,298 Transfers out (218,284) (218,081) 203 Total Other Financing Sources (Uses)(223,882) (208,381) 15,501 Net Change in Fund Balance (145,156)$ 297,467 442,623$ Fund Balances - Beginning 2,587,619 Encumbrances, Prior Year 163,174 Fund Balances - Ending 3,048,260$ 164 Page 200 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TOWN CENTER I FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Charges for service -$ 13,125$ 13,125$ Use of money and property 87 13,261 13,174 Total Revenues 87 26,386 26,299 Expenditures: Current: Community development 87 87 - Capital outlay 10,120 -10,120 Total Expenditures 10,207 87 10,120 Net Change in Fund Balance (10,120)$ 26,299 36,419$ Fund Balances - Beginning 249,643 Fund Balances - Ending 275,942$ 165 Page 201 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL OPEN SPACE DISTRICTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Charges for service 20,507,027$ 21,138,747$ 631,720$ Use of money and property 15,944 2,924,764 2,908,820 Other revenues -18,320 18,320 Total Revenues 20,522,971 24,081,831 3,558,860 Expenditures: Current: Public works 20,382,419 15,188,190 5,194,229 Capital outlay 64,706 56,918 7,788 Total Expenditures 20,447,125 15,245,108 5,202,017 Excess (Deficiency) Revenues over Expenditures 75,846 8,836,723 8,760,877 Other Financing Sources (Uses): Transfers in 377,497 377,497 - Transfers out (15,944) (15,944) - Total Other Financing Sources (Uses)361,553 361,553 - Net Change in Fund Balance 437,399$ 9,198,276 8,760,877$ Fund Balances - Beginning 51,250,096 Encumbrances, Prior Year 353,547 Fund Balances - Ending 60,801,919$ 166 Page 202 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL HOUSING PROGRAMS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Intergovernmental 819,863$ -$ (819,863)$ Total Revenues 819,863 -(819,863) Expenditures: Current: Community development 666,685 30,208 636,477 Total Expenditures 666,685 30,208 636,477 Excess (Deficiency) Revenues over Expenditures 153,178 (30,208) (183,386) Net Change in Fund Balance 153,178$ (30,208) (183,386)$ Fund Balances - Beginning 111,005 Encumbrances, Prior Year 3,125 Fund Balances - Ending 83,922$ 167 Page 203 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL HOUSING AUTHORITY FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Charges for service 2,022,749$ 613,148$ (1,409,601)$ Use of money and property -366,568 366,568 Other revenues 170,000 1,395,954 1,225,954 Total Revenues 2,192,749 2,375,670 182,921 Expenditures: Current: Community development 2,583,705 1,890,880 692,825 Total Expenditures 2,583,705 1,890,880 692,825 Excess (Deficiency) Revenues over Expenditures (390,956) 484,790 875,746 Other Financing Sources (Uses): Transfers in 237,797 1,000 (236,797) Transfers out (452,803) (125,513) 327,290 Total Other Financing Sources (Uses)(215,006) (124,513) 90,493 Net Change in Fund Balance (605,962)$ 360,277 966,239$ Fund Balances - Beginning 5,491,280 Encumbrances, Prior Year 113,959 Fund Balances - Ending 5,965,516$ 168 Page 204 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TRANSPORTATION SALES TAX FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Intergovernmental 6,673,500$ 3,939,799$ (2,733,701)$ Use of money and property -1,841 1,841 Other revenues -63,128 63,128 Total Revenues 6,673,500 4,004,768 (2,668,732) Expenditures: Current: Capital outlay 28,506,202 3,603,138 24,903,064 Total Expenditures 28,506,202 3,603,138 24,903,064 Net Change in Fund Balance (21,832,702)$ 401,630 22,234,332$ Fund Balances - Beginning (2,046,851) Encumbrances, Prior Year 1,413,043 Fund Balances - Ending (232,178)$ 169 Page 205 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL MOBILE PARK FEE FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Charges for service 65,000$ 23,670$ (41,330)$ Total Revenues 65,000 23,670 (41,330) Expenditures: Current: Community development 69,952 49,001 20,951 Total Expenditures 69,952 49,001 20,951 Net Change in Fund Balance (4,952)$ (25,331) (20,379)$ Fund Balances - Beginning 229,127 Encumbrances, Prior Year 4,952 Fund Balances - Ending 208,748$ 170 Page 206 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL PUBLIC EDUCATION AND GOVT FEE FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Other revenues 492,658$ 856,517$ 363,859$ Total Revenues 492,658 856,517 363,859 Expenditures: Current: General government 662,388 662,388 - Capital outlay 382,179 382,179 - Total Expenditures 1,044,567 1,044,567 - Net Change in Fund Balance (551,909)$ (188,050) 363,859$ Fund Balances - Beginning 493,802 Encumbrances, Prior Year 126,909 Fund Balances - Ending 432,661$ 171 Page 207 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL UTILITY TAX SETTLEMENT FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Use of money and property 34$ 5,916$ 5,882$ Total Revenues 34 5,916 5,882 Expenditures: Current: General government 34 34 - Total Expenditures 34 34 - Excess (Deficiency) Revenues over Expenditures -5,882 5,882 Net Change in Fund Balance -$ 5,882 5,882$ Fund Balances - Beginning 103,572 Fund Balances - Ending 109,454$ 172 Page 208 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL NATIONAL OPIOID SETTLEMENT FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Use of money and property -$ 11,534$ 11,534$ Other revenues 440,587 46,781 (393,806) Total Revenues 440,587 58,315 (382,272) Expenditures: Current: General government 528,710 154 528,556 Total Expenditures 528,710 154 528,556 Excess (Deficiency) Revenues over Expenditures (88,123) 58,161 146,284 Net Change in Fund Balance (88,123)$ 58,161 146,284$ Fund Balances - Beginning 92,345 Fund Balances - Ending 150,506$ 173 Page 209 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SPECIAL REVENUE ENDOWMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Expenditures: Current: Community development 119,528$ 64,342$ 55,186$ Total Expenditures 119,528 64,342 55,186 Net Change in Fund Balance (119,528)$ (64,342) 55,186$ Fund Balances - Beginning (99,527) Encumbrances, Prior Year 99,527 Fund Balances - Ending (64,342)$ 174 Page 210 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL DEVELOPER CONTRIBUTIONS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Developer participation 31,584,438$ 13,593,076$ (17,991,362)$ Use of money and property 1,480 306,257 304,777 Total Revenues 31,585,918 13,899,333 (17,686,585) Expenditures: Current: General government 792 792 - Community development 893,333 48,905 844,428 Capital outlay 34,709,201 34,709,201 - Total Expenditures 35,603,326 34,758,898 844,428 Excess (Deficiency) Revenues over Expenditures (4,017,408) (20,859,565) (16,842,157) Other Financing Sources (Uses): Transfers out (688) (688) - Total Other Financing Sources (Uses)(688) (688) - Net Change in Fund Balance (4,018,096)$ (20,860,253) (16,842,157)$ Fund Balances - Beginning 5,469,716 Fund Balances - Ending (15,390,537)$ 175 Page 211 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL DONATIONS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Use of money and property -$ 18,568$ 18,568$ Other revenues 737,261 471,744 (265,517) Total Revenues 737,261 490,312 (246,949) Expenditures: Current: General government 215,895 119,071 96,824 Community development 348,892 262,672 86,220 Public safety 405,995 47,049 358,946 Parks and recreation 192,721 50,189 142,532 Library 9,664 2 9,662 Capital outlay 105,000 104,300 700 Total Expenditures 1,278,167 583,283 694,884 Excess (Deficiency) Revenues over Expenditures (540,906) (92,971) 447,935 Net Change in Fund Balance (540,906)$ (92,971) 447,935$ Fund Balances - Beginning 649,684 Fund Balances - Ending 556,713$ 176 Page 212 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda NON-MAJOR GOVERNMENTAL FUNDS CAPITAL PROJECTS FUNDS: Park Acquisition Development - This fund is a depository for fees collected from subdividers for the purpose of providing park and recreational facilities directly benefiting and serving the residents of the regulated subdivisions east and west of the California Interstate Highway 805. Residential Construction Tax - This fund is a depository for fees levied for the construction, replacement, or conversion of all dwelling units within the City including hotels and motels. Highway Safety - This fund is a depository for revenues received from State of California per Proposition 1B. Funds must be spent for transportation projects to relieve congestion, improve the movement of goods, improve air quality and security of the transportation system. Bicycle Facility - This fund is a depository for local Transportation Development Act funds (TDA), Article 3.0, received from the San Diego County for bicycle related programs. Industrial Development Authority - The Industrial Development Authority (IDA) is a conduit-issuer of bonds, formed in February 1982 (Ordinance 1970) by the City of Chula Vista City Council. The IDA enables bonds to be issued with a tax-exempt status but does not pledge City funds to repay the bond issues. The City can issue and sell bonds to provide financial assistance that has a public benefit for the acquisition, construction, and installation of facilities for industrial, commercial, business, or public utility purposes. Assessment District Improvement - This fund is a depository for monies received from issuance of bonds for various assessment districts. The monies are used to finance the construction of public works improvements in the related districts. Transportation Partnership - This fund is a depository for revenues received from the State of California and Local Transportation Partnership Program. Funds must be spent for street purposes. Other Transportation Program - This fund is a depository for revenues received from the Federal Highway Safety Improvement Program. Funds must be spent for street, public highway bridges and other regional surface transportation programs. Capital Projects Fund - This fund accounts for general purpose capital projects funded primarily from General Fund. Funds are utilized to account for resources used for the acquisition and construction of capital facilities by the City. 177 Page 213 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS JUNE 30, 2024 ASSETS Cash and investments Receivables: Accounts (net of allowance for uncollectibles) Taxes Accrued interest Deferred loans (net of allowance for uncollectibles) Due from other governments Prepaid costs Restricted assets: Cash and investments with fiscal agents Total Assets LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable Retentions payable Accrued liabilities Deposits payable Due to other funds Unearned revenues Total Liabilities Deferred Inflows of Resources: Unavailable revenues Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Unassigned (Deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources, and Fund Balances Industrial Park Acquisition Residential Development Development Construction Tax Highway Safety Bicycle Facility Authority 48,455,096$ -$ 1,019$ -$ 58$ 55,044 - - - - - - - - - 275,307 3,393 6 - - 4,946,699 - - - - - - - - - - - - - - - - - - - 53,732,146$ 3,393$ 1,025$ -$ 58$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - 1,412,503 - - - - - - - - - 1,412,503 - - - 5,939,563 - - - - 5,939,563 - - - - - - - - - 47,792,583 - 1,025 - 58 - (1,409,110) -- 47,792,583 (1,409,110) 1,025 - 58 53,732,146$ 3,393$ 1,025$ -$ 58$ Capital Project Funds 178 Page 214 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS JUNE 30, 2024 ASSETS Cash and investments Receivables: Accounts (net of allowance for uncollectibles) Taxes Accrued interest Deferred loans (net of allowance for uncollectibles) Due from other governments Prepaid costs Restricted assets: Cash and investments with fiscal agents Total Assets LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable Retentions payable Accrued liabilities Deposits payable Due to other funds Unearned revenues Total Liabilities Deferred Inflows of Resources: Unavailable revenues Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Unassigned (Deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources, and Fund Balances (CONTINUED) Assessment Other Total District Transportation Transportation Capital Projects Capital Projects Improvement Partnership Program Fund Funds 1,165,098$ 113$ -$ 29,065,376$ 78,686,760$ - - - 829,702 884,746 - - - - - 6,562 1 - 17,726 302,995 - - - - 4,946,699 - - 344,128 - 344,128 - - - - - - - - 791,803 791,803 1,171,660$ 114$ 344,128$ 30,704,607$ 85,957,131$ -$ -$ 12,927$ 327,005$ 339,932$ - - 32,245 451,711 483,956 - - - 17,380 17,380 - - - - - - - 618,619 - 2,031,122 - - - - - - - 663,791 796,096 2,872,390 - - 315,540 - 6,255,103 - - 315,540 - 6,255,103 - - - - - 1,171,660 114 - 29,908,511 78,873,951 --(635,203) - (2,044,313) 1,171,660 114 (635,203) 29,908,511 76,829,638 1,171,660$ 114$ 344,128$ 30,704,607$ 85,957,131$ Capital Project Funds 179 Page 215 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Revenues: Taxes License and permits Intergovernmental Charges for service Use of money and property Fines and forfeitures Developer participation Miscellaneous Total Revenues (net losses) Expenditures: Current: General government Public safety Community development Parks and recreation Public works Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) Revenues over Expenditures Other Financing Sources (Uses): Transfers in Transfers out Subscription-based IT arrangement Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending Industrial Park Acquisition Residential Development Development Construction Tax Highway Safety Bicycle Facility Authority -$ 552,600$ -$ -$ -$ - - - - - - - - - - - - - - - 2,505,810 3,394 49 - 2 - - - - - 1,698,444 - - - - - - - - - 4,204,254 555,994 49 - 2 - - - - - - - - - - 22,637 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 628,344 - - - - 650,981 - - - - 3,553,273 555,994 49 - 2 - - - 4,460 - (18,918) (654,973) - - - - - - - - (18,918) (654,973) - 4,460 - 3,534,355 (98,979) 49 4,460 2 44,258,228 (1,310,131) 976 (4,460) 56 47,792,583$ (1,409,110)$ 1,025$ -$ 58$ Capital Project Funds 180 Page 216 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Revenues: Taxes License and permits Intergovernmental Charges for service Use of money and property Fines and forfeitures Developer participation Miscellaneous Total Revenues (net losses) Expenditures: Current: General government Public safety Community development Parks and recreation Public works Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) Revenues over Expenditures Other Financing Sources (Uses): Transfers in Transfers out Subscription-based IT arrangement Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending (CONTINUED) Assessment Other Total District Transportation Transportation Capital Projects Capital Projects Improvement Partnership Program Fund Funds -$ -$ -$ -$ 552,600$ - - - - - - - 1,784,001 450,000 2,234,001 - - - - - 55,871 6 - 71,367 2,636,499 - - - -- - - - - 1,698,444 - - - 1,239,118 1,239,118 55,871 6 1,784,001 1,760,485 8,360,662 366 - - - 366 - - - - - - - - - 22,637 - - - - - - - - 536,934 536,934 - - - - - - - 1,943,283 1,886,199 3,829,482 - - - 932 932 - - - 14 628,358 366 - 1,943,283 2,424,079 5,018,709 55,505 6 (159,282) (663,594) 3,341,953 - - - 25,269,118 25,273,578 - - - - (673,891) - - - - - - - - 25,269,118 24,599,687 55,505 6 (159,282) 24,605,524 27,941,640 1,116,155 108 (475,921) 5,302,987 48,887,998 1,171,660$ 114$ (635,203)$ 29,908,511$ 76,829,638$ Capital Project Funds 181 Page 217 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL DEVELOPMENT IMPACT FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Developer participation 12,271,075$ 18,117,485$ 5,846,410$ Charges for service 250,000 618,993 368,993 Use of money and property 164,000 5,059,596 4,895,596 Total Revenues 12,985,075 24,096,074 11,110,999 Expenditures: Current: Community development 2,321,030 977,807 1,343,223 Capital outlay 70,616,820 33,922,621 36,694,199 Debt service: Principal retirement 181,363 125,279 56,084 Interest and fiscal charges 798,915 798,915 - Total Expenditures 73,918,128 35,824,623 38,093,505 Excess (Deficiency) Revenues over Expenditures (60,933,053) (11,728,549) 49,204,504 Other Financing Sources (Uses): Transfers out (5,257,843) (5,163,865) 93,978 Total Other Financing Sources (Uses)(5,257,843) (5,163,865) 93,978 Net Change in Fund Balance (66,190,896)$ (16,892,414) 49,298,482$ Fund Balances - Beginning 53,795,205 Encumbrances, Prior Year 31,166,079 Fund Balances - Ending 68,068,870$ 182 Page 218 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL PARK ACQUISITION DEVELOPMENT FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Developer participation 800,000$ 1,698,444$ 898,444$ Use of money and property 185,000 2,831,034 2,646,034 Total Revenues 985,000 4,529,478 3,544,478 Expenditures: Current: Community development 610,000 22,638 587,362 Capital outlay 3,118,445 - 3,118,445 Debt service: Interest and fiscal charges 628,344 628,344 - Total Expenditures 4,356,789 650,982 3,705,807 Excess (Deficiency) Revenues over Expenditures (3,371,789) 3,878,496 7,250,285 Other Financing Sources (Uses): Transfers in 50,000 - (50,000) Transfers out (81,743) (18,918) 62,825 Total Other Financing Sources (Uses)(31,743) (18,918) 12,825 Net Change in Fund Balance (3,403,532)$ 3,859,578 7,263,110$ Fund Balances - Beginning 44,033,797 Encumbrances, Prior Year 500,000 Fund Balances - Ending 48,393,375$ 183 Page 219 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL RESIDENTIAL CONSTRUCTION TAX FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Taxes 325,505$ 552,600$ 227,095$ Use of money and property - 3,393 3,393 Total Revenues 325,505 555,993 230,488 Other Financing Sources (Uses): Transfers out (667,267) (654,973) 12,294 Total Other Financing Sources (Uses)(667,267) (654,973) 12,294 Net Change in Fund Balance (341,762)$ (98,980) 242,782$ Fund Balances - Beginning (1,310,131) Fund Balances - Ending (1,409,111)$ 184 Page 220 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ASSESSMENT DISTRICT IMPROVEMENT FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Use of money and property 370$ 63,808$ 63,438$ Total Revenues 370 63,808 63,438 Expenditures: Current: General government 370 368 2 Total Expenditures 370 368 2 Excess (Deficiency) Revenues over Expenditures - 63,440 63,440 Net Change in Fund Balance -$ 63,440 63,440$ Fund Balances - Beginning 1,122,538 Fund Balances - Ending 1,185,978$ 185 Page 221 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL OTHER TRANSPORTATION PROGRAM FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Intergovernmental 12,772,000$ 1,784,001$ (10,987,999)$ Total Revenues 12,772,000 1,784,001 (10,987,999) Expenditures: Current: Capital outlay 20,333,997 2,197,860 18,136,137 Total Expenditures 20,333,997 2,197,860 18,136,137 Excess (Deficiency) Revenues over Expenditures (7,561,997) (413,859) 7,148,138 Net Change in Fund Balance (7,561,997)$ (413,859) 7,148,138$ Fund Balances - Beginning (2,306,144) Encumbrances, Prior Year 1,830,222 Fund Balances - Ending (889,781)$ 186 Page 222 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL CAPITAL PROJECTS FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Intergovernmental -$ 450,000$ 450,000$ Use of money and property - 137,817 137,817 Other revenues - 1,239,118 1,239,118 Total Revenues - 1,826,935 1,826,935 Expenditures: Current: Public works 854,573 654,575 199,998 Capital outlay 23,785,893 3,076,347 20,709,546 Total Expenditures 24,640,466 3,730,922 20,909,544 Excess (Deficiency) Revenues over Expenditures (24,640,466) (1,903,987) 22,736,479 Other Financing Sources (Uses): Transfers in 19,227,211 25,269,118 6,041,907 Transfers out (1,434) -1,434 Total Other Financing Sources (Uses)19,225,777 25,269,118 6,043,341 Net Change in Fund Balance (5,414,689)$ 23,365,131 28,779,820$ Fund Balances - Beginning (681,439) Encumbrances, Prior Year 5,936,722 Fund Balances - Ending 28,620,414$ 187 Page 223 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda NON-MAJOR GOVERNMENTAL FUNDS DEBT SERVICE FUNDS: Public Financing Authority Debt Service Fund – This fund is used to account for financing the acquisition of bonds, notes and other obligations of, or for the purpose of making loans to the City and / or to refinance outstanding obligations of the City. Municipal Financing Authority Debt Service Fund – This fund is used to account for the financing or refinancing activities for the acquisition, construction, and improvement of public capital improvements. City Debt Service - This fund accounts for the activities of the City’s bonds, notes, and financed purchases. Notes Payable - This fund accounts for principal and interest payments on various notes payable. Lease Payable - This fund accounts for the City's portion of the infrastructure and financing costs of the San Diego County regional communications systems (RCS) and lease purchase of the City Fire Department's medical resuscitation equipment. 188 Page 224 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS JUNE 30, 2024 ASSETS Cash and investments Receivables: Accounts (net of allowance for uncollectibles) Taxes Accrued interest Deferred loans (net of allowance for uncollectibles) Due from other governments Prepaid costs Restricted assets: Cash and investments with fiscal agents Total Assets LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable Retentions payable Accrued liabilities Deposits payable Due to other funds Unearned revenues Total Liabilities Deferred Inflows of Resources: Unavailable revenues Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Unassigned (Deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources, and Fund Balances Public Municipal Financing Financing City Debt Authority Authority Service Notes Payable 2,299$ -$ 1,130$ 40,127$ - - - - - - - - 62,939 - - - - - - - - - - - - - 431,690 - 5,202,614 7,412 6,545 - 5,267,852$ 7,412$ 439,365$ 40,127$ 2,300$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - 2,300 - - - - - - - - - - - - - 431,690 - 5,265,552 7,412 7,675 40,127 --- 5,265,552 7,412 439,365 40,127 Debt Service Funds 40,127$ 5,267,852$ 439,365$ 7,412$ 189 Page 225 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS JUNE 30, 2024 ASSETS Cash and investments Receivables: Accounts (net of allowance for uncollectibles) Taxes Accrued interest Deferred loans (net of allowance for uncollectibles) Due from other governments Prepaid costs Restricted assets: Cash and investments with fiscal agents Total Assets LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE Liabilities: Accounts payable Retentions payable Accrued liabilities Deposits payable Due to other funds Unearned revenues Total Liabilities Deferred Inflows of Resources: Unavailable revenues Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Unassigned (Deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources, and Fund Balances (CONTINUED) Total Debt Service Lease Payable Funds 3$ 43,559$ - - - - 9 62,948 - - - - - 431,690 - 5,216,571 12$ 5,754,768$ -$ 2,300$ - - - - - - - - - - - 2,300 - - - - - 431,690 12 5,320,778 -- 12 5,752,468 5,754,768$ Debt Service Funds 12$ 190 Page 226 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Revenues: Taxes License and permits Intergovernmental Charges for service Use of money and property Fines and forfeitures Developer participation Miscellaneous Total Revenues (net losses) Expenditures: Current: General government Public safety Community development Parks and recreation Public works Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) Revenues over Expenditures Other Financing Sources (Uses): Transfers in Transfers out Subscription-based IT arrangement Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balances - Beginning Fund Balances (Deficit) - Ending Public Municipal Financing Financing City Debt Authority Authority Service Notes Payable -$ -$ -$ -$ - - - - - - - - - - - - 201,146 8,705 8,582 - - - - - - - - - - 276,191 - - 201,146 284,896 8,582 - 14,900 14,545 3,847 - - - - - - - - - - - - - - - - - - - - - - - - - 4,475,000 7,935,000 8,249,815 825,350 2,341,894 2,401,049 7,036,353 150,477 6,831,794 10,350,594 15,290,015 975,827 (6,630,648) (10,065,698) (15,281,433) (975,827) 6,684,809 10,069,712 15,265,916 975,827 - - - - - - - - 6,684,809 10,069,712 15,265,916 975,827 54,161 4,014 (15,517) - 5,211,391 3,398 454,882 40,127 5,265,552$ 7,412$ 439,365$ 40,127$ Debt Service Funds 191 Page 227 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Revenues: Taxes License and permits Intergovernmental Charges for service Use of money and property Fines and forfeitures Developer participation Miscellaneous Total Revenues (net losses) Expenditures: Current: General government Public safety Community development Parks and recreation Public works Library Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) Revenues over Expenditures Other Financing Sources (Uses): Transfers in Transfers out Subscription-based IT arrangement Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balances - Beginning Fund Balances (Deficit) - Ending (CONTINUED) Total Debt Service Lease Payable Funds -$ -$ - - - - - - 29 218,462 - - - - 7,152 283,343 7,181 501,805 - 33,292 - - - - - - - - - - - - 198,178 21,683,343 9,841 11,939,614 208,019 33,656,249 (200,838) (33,154,444) 200,850 33,197,114 - - - - 200,850 33,197,114 12 42,670 - 5,709,798 12$ 5,752,468$ Debt Service Funds 192 Page 228 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL PUBLIC FINANCING AUTHORITY FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Use of money and property -$ 200,826$ 200,826$ Total Revenues - 200,826 200,826 Expenditures: Current: General government 18,002 14,900 3,102 Debt service: Principal retirement 4,475,003 4,474,999 4 Interest and fiscal charges 2,341,899 2,341,893 6 Total Expenditures 6,834,904 6,831,792 3,112 Excess (Deficiency) Revenues over Expenditures (6,834,904) (6,630,966) 203,938 Other Financing Sources (Uses): Transfers in 6,833,904 6,684,809 (149,095) Total Other Financing Sources (Uses)6,833,904 6,684,809 (149,095) Net Change in Fund Balance (1,000)$ 53,843 54,843$ Fund Balances - Beginning 5,210,519 Encumbrances, Prior Year 1,000 Fund Balances - Ending 5,265,362$ 193 Page 229 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL MUNICIPAL FINANCING AUTHORITY FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Use of money and property -$ 8,622$ 8,622$ Other revenues 273,242 276,191 2,949 Total Revenues 273,242 284,813 11,571 Expenditures: Current: General government 47,865 14,544 33,321 Debt service: Principal retirement 7,935,000 7,935,000 - Interest and fiscal charges 2,401,049 2,401,049 - Total Expenditures 10,383,914 10,350,593 33,321 Excess (Deficiency) Revenues over Expenditures (10,110,672) (10,065,780) 44,892 Other Financing Sources (Uses): Transfers in 10,081,291 10,069,712 (11,579) Total Other Financing Sources (Uses)10,081,291 10,069,712 (11,579) Net Change in Fund Balance (29,381)$ 3,932 33,313$ Fund Balances - Beginning 2,381 Encumbrances, Prior Year 1,000 Fund Balances - Ending 7,313$ 194 Page 230 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL CITY DEBT SERVICE FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Use of money and property -$ 5,315$ 5,315$ Total Revenues - 5,315 5,315 Expenditures: Current: General government 4,886 3,848 1,038 Debt service: Principal retirement 8,249,815 8,249,815 - Interest and fiscal charges 7,036,353 7,036,353 - Total Expenditures 15,291,054 15,290,016 1,038 Excess (Deficiency) Revenues over Expenditures (15,291,054) (15,284,701) 6,353 Other Financing Sources (Uses): Transfers in 14,710,110 15,265,916 555,806 Total Other Financing Sources (Uses)14,710,110 15,265,916 555,806 Net Change in Fund Balance (580,944)$ (18,785) 562,159$ Fund Balances - Beginning 454,569 Encumbrances, Prior Year 305 Fund Balances - Ending 436,089$ 195 Page 231 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL NOTES PAYABLE FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Expenditures: Debt service: Principal retirement 825,351$ 825,350$ 1$ Interest and fiscal charges 150,478 150,477 1 Total Expenditures 975,829 975,827 2 Excess (Deficiency) Revenues over Expenditures (975,829) (975,827) 2 Other Financing Sources (Uses): Transfers in 975,829 975,827 (2) Total Other Financing Sources (Uses)975,829 975,827 (2) Net Change in Fund Balance -$ - -$ Fund Balances - Beginning 40,127 Fund Balances - Ending 40,127$ 196 Page 232 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LEASE PAYABLE FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Variance with Final Budget Actual on a Positive Final Budget Budgetary Basis (Negative) Revenues: Use of money and property -$ 3,087$ 3,087$ Other revenues 7,000 7,152 152 Total Revenues 7,000 10,239 3,239 Expenditures: Debt service: Principal retirement 198,178 198,178 - Interest and fiscal charges 9,841 9,841 - Total Expenditures 208,019 208,019 - Excess (Deficiency) Revenues over Expenditures (201,019) (197,780) 3,239 Other Financing Sources (Uses): Transfers in 201,019 200,850 (169) Total Other Financing Sources (Uses)201,019 200,850 (169) Net Change in Fund Balance -$ 3,070 3,070$ Fund Balances - Beginning (3,058) Fund Balances - Ending 12$ 197 Page 233 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF NET POSITION NON-MAJOR PROPRIETARY FUNDS JUNE 30, 2024 Bayfront Trolley Station Transit Fund Chula Vista Muni Golf Course Transport Enterprise ASSETS Current Assets: Cash and investments 93,994$ 189,610$ 55,975$ 4,388,382$ Cash with fiscal agent - - 1,092,061 - Receivables: Accounts (net of allowance for uncollectibles)- - 30,262 15,450,054 Accrued interest 683 1,377 - 53,281 Prepaid costs - - 8,291 - Inventories - - 60,908 - Total Current Assets 94,677 190,987 1,247,497 19,891,717 Capital assets: Land - - 598,659 - Buildings and structures - - 762,731 - Machinery and equipment - 42,304 199,567 5,158,143 Less accumulated depreciation/amortization - (42,304) (712,613) (3,205,207) Total Noncurrent Assets - - 848,344 1,952,936 Total Assets 94,677 190,987 2,095,841 21,844,653 DEFERRED OUTFLOWS OF RESOURCES Pension deferred outflows - - - 4,460,178 OPEB deferred outflows - - - 17,663 Total Deferred Outflows of Resources - - - 4,477,841 LIABILITIES Current Liabilities: Accounts payable - - 195,387 972,697 Accrued liabilities - - 71,742 439,534 Accrued interest payable - 7,655 Compensated absences - - - 134,424 Total OPEB liability - - - 5,781 Bonds, notes, subscriptions, and financed purchases - - - 912,053 Total Current Liabilities - - 267,129 2,472,144 Noncurrent Liabilities: Advances from other funds - - - 1,380,956 Compensated absences - - 23,125 - Net pension liability - - - 3,528,845 Total OPEB liability - - - 106,017 Bonds, notes, subscriptions, and financed purchases - - - 921,197 Total Noncurrent Liabilities - - 23,125 5,937,015 Total Liabilities - - 290,254 8,409,159 DEFERRED INFLOWS OF RESOURCES Pension deferred inflows - - - 182,684 OPEB deferred inflows - - - 27,081 Total Deferred Inflows of Resources - - - 209,765 NET POSITION (DEFICIT) Net investment in capital assets - - 848,344 119,686 Unrestricted 94,677 190,987 957,243 17,583,884 Total Net Position (Deficit)94,677$ 190,987$ 1,805,587$ 17,703,570$ Business-Type Activities - Enteprise Funds 198 Page 234 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF NET POSITION NON-MAJOR PROPRIETARY FUNDS JUNE 30, 2024 ASSETS Current Assets: Cash and investments Cash with fiscal agent Receivables: Accounts (net of allowance for uncollectibles) Accrued interest Prepaid costs Inventories Total Current Assets Capital assets: Land Buildings and structures Machinery and equipment Less accumulated depreciation/amortization Total Noncurrent Assets Total Assets DEFERRED OUTFLOWS OF RESOURCES Pension deferred outflows OPEB deferred outflows Total Deferred Outflows of Resources LIABILITIES Current Liabilities: Accounts payable Accrued liabilities Accrued interest payable Compensated absences Total OPEB liability Bonds, notes, subscriptions, and financed purchases Total Current Liabilities Noncurrent Liabilities: Advances from other funds Compensated absences Net pension liability Total OPEB liability Bonds, notes, subscriptions, and financed purchases Total Noncurrent Liabilities Total Liabilities DEFERRED INFLOWS OF RESOURCES Pension deferred inflows OPEB deferred inflows Total Deferred Inflows of Resources NET POSITION (DEFICIT) Net investment in capital assets Unrestricted Total Net Position (Deficit) Living Coast Discovery Center Totals 17,154$ 4,745,115$ - 1,092,061 - 15,480,316 - 55,341 - 8,291 - 60,908 17,154 21,442,032 - 598,659 - 762,731 - 5,400,014 - (3,960,124) - 2,801,280 17,154 24,243,312 - 4,460,178 - 17,663 - 4,477,841 17,154 1,185,238 - 511,276 - 7,655 - 134,424 - 5,781 - 912,053 17,154 2,756,427 - 1,380,956 - 23,125 - 3,528,845 - 106,017 - 921,197 - 5,960,140 17,154 8,716,567 - 182,684 - 27,081 - 209,765 - 968,030 - 18,826,791 -$ 19,794,821$ Business-Type Activities - Enteprise Funds 199 Page 235 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION NON-MAJOR PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 Bayfront Trolley Station Transit Fund Chula Vista Muni Golf Course Transport Enterprise OPERATING REVENUES Sales and service charges -$ -$ 3,534,111$ 23,865,048$ Other - - - - Total Operating Revenues - - 3,534,111 23,865,048 OPERATING EXPENSES Administration and general 30 60 3,336,739 14,048,655 Depreciation/amortization expense - 4,886 64,326 993,277 Total Operating Expenses 30 4,946 3,401,065 15,041,932 Operating Income (Loss)(30) (4,946) 133,046 8,823,116 NONOPERATING REVENUES (EXPENSES) Investment earnings (loss)4,671 9,911 - 241,322 Interest expense - - - (61,687) Total Nonoperating Revenues (Expenses):4,671 9,911 - 179,635 Income (Loss) Before Transfers 4,641 4,965 133,046 9,002,751 Transfers in - 93,109 - 9,500 Transfers out - -- (3,004,655) Change in Net Position 4,641 98,074 133,046 6,007,596 NET POSITION (DEFICIT) - Beginning 90,036 92,913 1,672,541 11,695,974 NET POSITION (DEFICIT) - ENDING 94,677$ 190,987$ 1,805,587$ 17,703,570$ Business -Type Activities - Enterprise Funds 200 Page 236 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION NON-MAJOR PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 OPERATING REVENUES Sales and service charges Other Total Operating Revenues OPERATING EXPENSES Administration and general Depreciation/amortization expense Total Operating Expenses Operating Income (Loss) NONOPERATING REVENUES (EXPENSES) Investment earnings (loss) Interest expense Total Nonoperating Revenues (Expenses): Income (Loss) Before Transfers Transfers in Transfers out Change in Net Position NET POSITION (DEFICIT) - Beginning NET POSITION (DEFICIT) - ENDING Living Coast Discovery Center Totals -$ 27,399,159$ 476 476 476 27,399,635 227,830 17,613,314 - 1,062,489 227,830 18,675,803 (227,354) 8,723,832 - 255,904 - (61,687) - 194,217 (227,354) 8,918,049 228,152 330,761 - (3,004,655) 798 6,244,155 (798) 13,550,666 -$ 19,794,821$ Business -Type Activities - Enterprise Funds 201 Page 237 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF CASH FLOWS NON-MAJOR PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 Bayfront Trolley Station Transit Fund Chula Vista Muni Golf Course Transport Enterprise CASH FLOWS FROM OPERATING ACTIVITES Cash received from customers and users -$ -$ 3,503,849$ 21,081,226$ Cash paid to suppliers for goods and services (30) (60) (1,863,491) (5,560,586) Cash paid to employees for services - -(1,371,769) (7,831,404) Cash received from others - (3,450) - Net Cash Provided by (Used for) Operating Activities (30) (60) 265,139 7,689,236 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Cash transfers in - 93,109 - 9,500 Cash transfers out - -- (3,004,655) Repayment of interfund borrowings - -- (959,665) Net Cash Provided by (Used for) Non-Capital Financing Activities - 93,109 - (3,954,820) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition and construction of capital assets - - (117,363) (673,628) Principal paid on capital debt - - - (903,001) Interest paid on capital debt - - - (65,446) Net Cash Used for Capital and Related Financing Activities - - (117,363) (1,642,075) CASH FLOWS FROM INVESTING ACTIVITIES Investment earnings (loss)4,476 9,029 - 214,290 Net Cash Provided by Investing Activities 4,476 9,029 - 214,290 Net Increase (Decrease) in Cash and Cash Equivalents 4,446 102,078 147,776 2,306,631 Cash and Cash Equivalents - July 1 89,548 87,532 1,000,260 2,081,751 Cash and Cash Equivalents - June 30 93,994$ 189,610$ 1,148,036$ 4,388,382$ Reconciliation of Cash and Cash Equivalents to the Amounts Reported on the Statement of Net Position Cash and investments 93,994$ 189,610$ 55,975$ 4,388,382$ Cash with fiscal agent - - 1,092,061 - Total Cash and Cash Equivalents reported on the Statement of Net Position 93,994$ 189,610$ 1,148,036$ 4,388,382$ Business-Type Activities - Enterprise Funds 202 Page 238 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF CASH FLOWS NON-MAJOR PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 CASH FLOWS FROM OPERATING ACTIVITES Cash received from customers and users Cash paid to suppliers for goods and services Cash paid to employees for services Cash received from others Net Cash Provided by (Used for) Operating Activities CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Cash transfers in Cash transfers out Repayment of interfund borrowings Net Cash Provided by (Used for) Non-Capital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition and construction of capital assets Principal paid on capital debt Interest paid on capital debt Net Cash Used for Capital and Related Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Investment earnings (loss) Net Cash Provided by Investing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents - July 1 Cash and Cash Equivalents - June 30 Reconciliation of Cash and Cash Equivalents to the Amounts Reported on the Statement of Net Position Cash and investments Cash with fiscal agent Total Cash and Cash Equivalents reported on the Statement of Net Position Living Coast Discovery Center Totals -$ 24,585,075$ (240,767) (7,664,934) - (9,203,173) 476 (2,974) (240,291) 7,713,994 228,152 330,761 - (3,004,655) - (959,665) 228,152 (3,633,559) - (790,991) - (903,001) - (65,446) - (1,759,438) 363 228,158 363 228,158 (11,776) 2,549,155 28,930 3,288,021 17,154$ 5,837,176$ 17,154$ 4,745,115$ - 1,092,061 17,154$ 5,837,176$ Business -Type Activities - Enterprise Funds 203 Page 239 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF CASH FLOWS NON-MAJOR PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 Bayfront Trolley Station Transit Fund Chula Vista Muni Golf Course Transport Enterprise Business-Type Activities - Enterprise Funds Reconciliation of Operating Income (Loss) to Net Cash Provided by (Used for) Operating Activities: Operating income (loss)(30)$ (4,946)$ 133,046$ 8,823,116$ Adjustments to Reconcile Operating Income (loss) to Net Cash Provided by (Used for) Operating Activities: Depreciation/Amortization - 4,886 64,326 993,277 (Increase) decrease in accounts receivable - -(30,262) (2,783,822) (Increase) decrease in prepaid costs and inventories - -54,814 - (Increase) decrease in deferred outflows from pensions - -- (531,502) (Increase) decrease in deferred outflows from OPEB - -- 317,438 Increase (decrease) in accounts payable - -(3,450) 719,802 Increase (decrease) in accrued liabilities - -48,510 138,545 Increase (decrease) in compensated absences - -(1,845) (64,784) Increase (decrease) in net pension liability - -- 1,710,248 Increase (decrease) in total OPEB liability - -- (1,310,939) Increase (decrease) in deferred inflows from pensions - -- (170,445) Increase (decrease) in deferred inflows from OPEB - -- (151,698) Total Adjustments - 4,886 132,093 (1,133,880) Net Cash Provided by (Used for) Operating Activities (30)$ (60)$ 265,139$ 7,689,236$ 204 Page 240 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF CASH FLOWS NON-MAJOR PROPRIETARY FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 CASH FLOWS FROM OPERATING ACTIVITESReconciliation of Operating Income (Loss) to Net Cash Provided by (Used for) Operating Activities: Operating income (loss) Adjustments to Reconcile Operating Income (loss) to Net Cash Provided by (Used for) Operating Activities: Depreciation/Amortization (Increase) decrease in accounts receivable (Increase) decrease in prepaid costs and inventories (Increase) decrease in deferred outflows from pensions (Increase) decrease in deferred outflows from OPEB Increase (decrease) in accounts payable Increase (decrease) in accrued liabilities Increase (decrease) in compensated absences Increase (decrease) in net pension liability Increase (decrease) in total OPEB liability Increase (decrease) in deferred inflows from pensions Increase (decrease) in deferred inflows from OPEB Total Adjustments Net Cash Provided by (Used for) Operating Activities Living Coast Discovery Center Totals Business -Type Activities - Enterprise Funds (227,354)$ 8,723,832$ - 1,062,489 - (2,814,084) - 54,814 - (531,502) - 317,438 (12,937) 703,415 - 187,055 - (66,629) - 1,710,248 - (1,310,939) - (170,445) - (151,698) (12,937) (1,009,838) (240,291)$ 7,713,994$ 205 Page 241 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS JUNE 30, 2024 Fleet Management Technology Replacement Workers Compensation Totals ASSETS Current Assets: Cash and investments 4,395,869$ 2,650$ 8,441,782$ 12,840,301$ Cash with fiscal agent 39 - - 39 Receivables: Accounts (net of allowance for uncollectibles)187,983 - - 187,983 Accrued interest 13,222 - - 13,222 Prepaid costs 2,573 - - 2,573 Total Current Assets 4,599,686 2,650 8,441,782 13,044,118 Capital assets: Machinery and equipment 4,576,616 - - 4,576,616 Less accumulated depreciation/amortization (3,933,583) - - (3,933,583) Total Noncurrent Assets 643,033 - - 643,033 Total Assets 5,242,719 2,650 8,441,782 13,687,151 DEFERRED OUTFLOWS OF RESOURCES Pension deferred outflows 1,114,777 - - 1,114,777 OPEB deferred outflows 17,663 - - 17,663 Total Deferred Outflows of Resources 1,132,440 - - 1,132,440 LIABILITIES Current Liabilities: Accounts payable 370,035 - 44,044 414,079 Accrued liabilities 101,497 - -101,497 Accrued interest payable 3,296 - -3,296 Compensated absences 50,123 - -50,123 Total OPEB liability 5,781 - -5,781 Bonds, notes, subscriptions, and financed purchases 50,317 - -50,317 Total Current Liabilities 581,049 - 44,044 625,093 Noncurrent Liabilities: Compensated absences 30,841 - - 30,841 Net pension liability 881,999 - - 881,999 Total OPEB liability 106,017 - - 106,017 Bonds, notes, subscriptions, and financed purchases 1,728,222 - - 1,728,222 Total Noncurrent Liabilities 2,747,079 - - 2,747,079 Total Liabilities 3,328,128 - 44,044 3,372,172 DEFERRED INFLOWS OF RESOURCES Pension deferred inflows 45,660 - - 45,660 OPEB deferred inflows 27,081 - - 27,081 Total Deferred Inflows of Resources 72,741 - - 72,741 NET POSITION (DEFICIT) Net investment in capital assets 643,033 - - 643,033 Unrestricted 2,331,257 2,650 8,397,738 10,731,645 Total Net Position (Deficit):2,974,290$ 2,650$8,397,738$ 11,374,678$ Governmental Activities - Internal Service Funds 206 Page 242 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION INTERNAL SERVICE FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 Fleet Management Technology Replacement Workers Compensation Totals OPERATING REVENUES Sales and service charges 113,081$ -$ -$ 113,081$ Interdepartmental charges 5,494,474 - 4,954,641 10,449,115 Other 408,656 - 66,406 475,062 Total Operating Revenues 6,016,211 - 5,021,047 11,037,258 OPERATING EXPENSES Administration and general 5,565,304 - 5,471,879 11,037,183 Depreciation/amortization expense 226,272 - -226,272 Total Operating Expenses 5,791,576 - 5,471,879 11,263,455 Operating Income (Loss)224,635 - (450,832) (226,197) NONOPERATING REVENUES (EXPENSES) Investment earnings (loss)58,110 - - 58,110 Interest expense (41,922) - - (41,922) Total Nonoperating Revenues (Expenses)16,188 - - 16,188 Income (Loss) Before Transfers 240,823 - (450,832) (210,009) Transfers in 706,124 - - 706,124 Transfers out (96,354) - - (96,354) Change in Net Position 850,593 - (450,832) 399,761 NET POSITION (DEFICIT) - Beginning 2,123,697 2,650 8,848,570 10,974,917 NET POSITION (DEFICIT) - ENDING 2,974,290$ 2,650$8,397,738$ 11,374,678$ Governmental Activities - Internal Service Funds 207 Page 243 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 Fleet Management Technology Replacement Workers Compensation Totals CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers and users 368,646$ -$ -$ 368,646$ Cash received from interfund service provided 5,494,474 - 5,021,047 10,515,521 Cash paid to suppliers for goods and services (3,943,048) - (820,790) (4,763,838) Cash paid to employees for services (1,288,082) - (4,729,780) (6,017,862) Cash received from others 131 - -131 Net Cash Provided by (Used for) Operating Activities 632,121 - (529,523) 102,598 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Cash transfers in 706,124 - - 706,124 Cash transfers out (96,354) - - (96,354) Principal payments on pension bonds (49,170) - - (49,170) Interest paid on pension bonds (41,939) - - (41,939) Net Cash Provided by (Used for) Non-Capital Financing Activities 518,661 -- 518,661 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition and construction of capital assets (21,014) - - (21,014) Net Cash Used for Capital and Related Financing Activities (21,014)--(21,014) CASH FLOWS FROM INVESTING ACTIVITIES Investment earnings (loss)48,835 - - 48,835 Net Cash Provided by Investing Activities 48,835 --48,835 Net Increase in Cash and Cash Equivalents 1,178,603 - (529,523) 649,080 Cash and Cash Equivalents - July 1 3,217,305 2,650 8,971,305 12,191,260 Cash and Cash Equivalents - June 30 4,395,908$ 2,650$ 8,441,782$ 12,840,340$ Reconciliation of Cash and Cash Equivalents to the Amounts Reported on the Statement of Net Position Cash and investments 4,395,869$ 2,650$ 8,441,782$ 12,840,301$ Cash with fiscal agent 39 - - 39 Total Cash and Cash Equivalents reported on the Statement of Net Position 4,395,908$ 2,650$ 8,441,782$ 12,840,340$ Governmental Activities - Internal Service Funds 208 Page 244 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2024 Fleet Management Technology Replacement Workers Compensation Totals Governmental Activities - Internal Service Funds Reconciliation of Operating Income (Loss) to Net Cash Provided by Operating Activities: Operating income (loss)224,635$ -$ (450,832)$ (226,197)$ Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Depreciation/Amortization 226,272 - - 226,272 (Increase) decrease in accounts receivable (152,960) - - (152,960) (Increase) decrease in prepaid costs and inventories 122 - - 122 (Increase) decrease in deferred outflows from pensions (53,158) - - (53,158) (Increase) decrease in deferred outflows from OPEB 40,846 - - 40,846 Increase (decrease) in accounts payable 94,612 - (78,691) 15,921 Increase (decrease) in accrued liabilities 50,852 - -50,852 Increase (decrease) in compensated absences 3,426 - -3,426 Increase (decrease) in net pension liability 393,249 - -393,249 Increase (decrease) in total OPEB liability (142,397) - -(142,397) Increase (decrease) in deferred inflows from pensions (49,244) - -(49,244) Increase (decrease) in deferred inflows from OPEB (4,134) - -(4,134) Total Adjustments 407,486 -(78,691) 328,795 Net Cash Provided by (Used for) Operating Activities 632,121$ -$(529,523)$ 102,598$ 209 Page 245 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF FIDUCIARY NET POSITION CUSTODIAL FUNDS JUNE 30, 2024 Special Assessment Districts Bayfront Special Tax District CV Bayfront Facilities Financing Authority Total ASSETS Cash and cash equivalents 8,380,261$ 152,721$ -$ 8,532,982$ Cash and cash equivalents held with fiscal agents 25,971,178 - 37,932,299 63,903,477 Receivables: Accounts 46,327 - 446,203 492,530 Taxes - 81,204 - 81,204 Accrued interest 143,278 715 - 143,993 Total Assets 34,541,044 234,640 38,378,502 73,154,186 LIABILITIES Current liabilities: Accounts payable 2,294 1,500 621,379 625,173 Accrued interest 1,464,932 12,390 - 1,477,322 Deposits payable 15,486 - - 15,486 Due to bond holders 8,938,943 - - 8,938,943 Total Current Liabilities 10,421,655 13,890 621,379 11,056,924 Total Liabilities 10,421,655 13,890 621,379 11,056,924 NET POSITION (DEFICIT): Restricted: Individuals, organizations, and other governments 24,119,389 220,750 37,757,123 62,097,262 Total Net Position (Deficit)24,119,389$ 220,750$ 37,757,123$ 62,097,262$ 210 Page 246 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION CUSTODIAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Special Assessment Districts Bayfront Special Tax District CV Bayfront Facilities Financing Authority Total ADDITIONS Investment Earnings: Net decrease in fair value of investments 308,834$ 3,585$ (235,428)$ 76,991$ Interest, dividends, and other 1,472,209 6,592 4,594,204 6,073,005 Total Investment Earnings 1,781,043 10,177 4,358,776 6,149,996 Bond proceeds 35,109,432 - 124,237,743 159,347,175 Contributions from other governments - - 3,749,131 3,749,131 Special assessments 17,383,435 523,929 - 17,907,364 Special tax district contribution - - 484,652 484,652 Total Additions 54,273,910 534,106 132,830,302 187,638,318 DEDUCTIONS Administrative expenses 6,314 41 - 6,355 Contractual services 241,009 3,355 8,259,742 8,504,106 Debt service and fiscal agent charges 57,380,768 554,445 22,896,400 80,831,613 Capital outlay - - 148,177,568 148,177,568 Total Deductions 57,628,091 557,841 179,333,710 237,519,642 Net Increase in Fiduciary Net Position (3,354,181) (23,735) (46,503,408) (49,881,324) NET POSITION (DEFICIT) - Beginning as previously reported 27,473,570 (103,693,329) 121,231,324 45,011,565 Error correction - 103,937,814 (36,970,793) 66,967,021 Net Position (Deficit) - Beginning, as restated 27,473,570 244,485 84,260,531 111,978,586 NET POSITION (DEFICIT) - ENDING 24,119,389$ 220,750$ 37,757,123$ 62,097,262$ 211 Page 247 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 212 Page 248 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page No. Financial Trends 214-221These schedules contain information to help the reader understand how the city's financial performance and well-being have changed over time. Revenue Capacity 222-225These schedules contain information to help the reader assess the factors affecting the city's ability to generate its property and sales taxes. Debt Capacity 226-232These schedules present information to help the reader assess the affordability of the city's current levels of outstanding debt and the city's ability to issue additional debt in the future. Demographic and Economic Information 233-235 These schedules offer demographic and economic indicators to help the reader understand the environment within which the city's financial activities take place and to help make comparisons over time and with other governments. Operating Information 236-237 These schedules contain information about the city’s operations and resources to help the reader understand how the city’s financial information relates to the services the city provides and the activities it performs. CITY OF CHULA VISTA Statistical Section June 30 Table of Contents This part of the City of Chula Vista's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health. 213 Page 249 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Net Position by Component Last Ten Fiscal Years (accrual basis of accounting) Fiscal Year 2015 2016 2017 2018 2019 Governmental activities: Net investment in capital assets 643,174,160$ 672,940,012$ 1,031,902,782$ 963,595,553$ 997,561,287$ Restricted 129,460,665 125,439,323 128,114,370 143,958,910 167,223,184 Unrestricted (245,432,296) (222,570,459) (222,843,737) (139,744,867) (139,394,302) Total governmental activities net position 527,202,529 575,808,876 937,173,415 967,809,596 1,025,390,169 Business-type activities: Net investment in capital assets 134,368,634 135,989,851 331,199,513 327,687,650 322,072,495 Restricted 5,141,430 2,803,451 2,593,403 - - Unrestricted 71,945,411 67,970,476 72,366,978 78,539,054 90,839,632 Total business-type activities net position 211,455,475 206,763,778 406,159,894 406,226,704 412,912,127 Primary government: Net investment in capital assets 777,542,794 808,929,863 1,363,102,295 1,291,283,203 1,319,633,782 Restricted 134,602,095 128,242,774 130,707,773 143,958,910 167,223,184 Unrestricted (173,486,885) (154,599,983) (150,476,759) (61,205,813) (48,554,670) Total primary government net position 738,658,004$ 782,572,654$ 1,343,333,309$ 1,374,036,300$ 1,438,302,296$ 214 Page 250 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2020 2021 2022 2023 2024 1,048,711,594$ 1,092,307,720$ 1,139,225,615$ 1,228,680,322$ 1,278,956,534$ 181,367,432 196,782,954 230,821,470 287,363,139 345,239,190 (135,426,227) (123,311,317) (109,552,312) (120,215,065) (88,511,320) 1,094,652,799 1,165,779,357 1,260,494,773 1,395,828,396 1,535,684,404 317,722,714 317,133,368 324,179,036 325,567,886 332,386,152 - 565,547 - - - 102,067,475 107,279,738 136,075,366 152,394,676 162,993,067 419,790,189 424,978,653 460,254,402 477,962,562 495,379,219 1,366,434,308 1,409,441,088 1,463,404,651 1,554,248,208 1,611,342,686 181,367,432 197,348,501 230,821,470 287,363,139 345,239,190 (33,358,752) (16,031,579) 26,523,054 32,179,611 74,481,747 1,514,442,988$ 1,590,758,010$ 1,720,749,175$ 1,873,790,958$ 2,031,063,623$ 215 Page 251 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Changes in Net Position Last Ten Fiscal Years Fiscal Year 2015 2016 2017 2018 2019 Expenses: Governmental activities: General government 36,693,953$ 25,564,824$ 35,375,230$ 29,311,449$ 27,922,521$ Public safety 81,002,999 87,749,418 94,716,683 106,802,130 111,269,341 Community development - 1,974,046 1,552,750 18,617,269 11,153,109 Community services 12,837 5,632 14,990 - - Public works 62,454,130 67,910,401 68,885,918 72,192,449 57,563,725 Parks and recreation 6,441,907 6,834,240 6,875,635 9,553,392 14,633,191 Library 3,906,984 3,997,677 5,018,878 1,542,733 1,007,869 Interest on long-term debt 6,776,635 6,073,434 4,673,047 7,718,906 6,740,877 Total governmental activities expenses 197,289,445 200,109,672 217,113,131 245,738,328 230,290,633 Business-type activities: Transit 4,807,985 86,512 39,594 13,008 160,797 Bayfront trolley station 59,863 - - 27 - Transport enterprise - - - - - Sewer fund 31,615,457 25,234,891 32,179,875 34,857,066 36,815,795 Sewer development impact fees 120,197 1,146,838 8,305 34,547 495,865 Development services fund 5,996,109 5,741,600 6,655,654 10,683,709 10,755,535 Chula Vista Mini Golf Course - - 27,092 - - CV Elite Athlete Training Center - - 449,028 676,260 595,579 Living Coast Discovery Center - - - - - Total business-type activities expenses 42,599,611 32,209,841 39,359,548 46,264,617 48,823,571 Total primary government expenses 239,889,056 232,319,513 256,472,679 292,002,945 279,114,204 Program revenues: Governmental activities: Charges for services: General government 7,623,676 6,468,756 12,317,921 8,562,792 5,004,895 Public safety 12,100,712 11,764,603 11,997,221 178,674 5,865,227 Community development 297,866 730,197 771,603 17,920,527 4,701,195 Public works 31,703,848 24,218,733 32,598,199 23,487,119 23,562,841 Parks and recreation 4,511,278 10,683,649 8,221,019 1,490,236 2,134,964 Library 1,302,869 1,943,416 1,575,837 872,352 877,744 Operating contributions and grants 25,102,165 22,416,276 22,751,556 21,246,015 20,686,617 Capital contributions and grants 12,954,191 7,143,130 5,619,731 33,859,885 27,052,711 Total governmental activities program revenues 95,596,605 85,368,760 95,853,087 107,617,600 89,886,194 Business-type activities: Charges for services: Transit fund 1,503,262 - - - - Sewer fund 36,054,603 35,775,374 36,289,930 37,870,947 44,213,351 Sewer DIFs 166,333 239,143 111,907 1,201,669 1,265,579 Development services fund 6,118,566 6,546,936 7,291,037 10,596,287 9,317,298 Chula Vista Muni Golf Course - - - - - Transport Enterprise - - - - - Operating grants and contributions 5,474,658 306,884 - 104,899 163,380 Capital grants and contributions - - - -- Total business-type activities program revenues 49,317,422 42,868,337 43,692,874 49,773,802 54,959,608 Total primary government program revenues 144,914,027 128,237,097 139,545,961 157,391,402 144,845,802 Net revenues (expenses): Governmental activities (101,692,840) (114,740,912) (121,260,044) (138,120,728) (140,404,439) Business-type activities 6,717,811 10,658,496 4,333,326 3,509,185 6,136,037 Total net revenues (expenses)(94,975,029) (104,082,416) (116,926,718) (134,611,543) (134,268,402) General revenues and other changes in net assets: Governmental activities: Taxes: Property taxes 47,485,292 50,136,856 53,248,196 56,512,850 59,841,972 Sales tax 41,883,924 33,317,380 36,469,033 57,541,043 73,187,780 Other taxes 23,225,498 24,463,262 24,101,777 32,496,156 35,204,174 Investment income 4,216,186 6,233,144 2,954,403 5,652,663 12,243,685 Other general revenues 12,921,129 1,034,027 8,970 - - Miscellaneous 27,882 336,661 1,677,271 12,675,502 13,963,434 Gain (loss) on sale of capital asset - - - - 102,283 Special Item - - - - - Transfers 3,848,746 2,799,555 4,180,778 4,170,702 4,339,276 Total governmental activities 133,608,657 118,320,885 122,640,428 169,048,916 198,882,604 Business-type activities: Investment income 657,343 1,357,938 322,527 1,155,739 4,575,679 Miscellaneous 2,789,595 524,616 198,847,750 414,696 252,213 Gain (loss) on sale of capital asset - - 115,703 - 60,770 Transfers (3,848,746) (2,799,555) (4,180,778) (4,170,702) (4,339,276) Total business-type activities (401,808) (917,001) 195,105,202 (2,600,267) 549,386 Total primary government 133,206,849 117,403,884 317,745,630 166,448,649 199,431,990 Changes in net position Governmental activities 31,915,817 3,579,973 1,380,384 30,928,188 58,478,165 Business-type activities 6,316,003 9,741,495 199,438,528 908,918 6,685,423 Total primary government 38,231,820$ 13,321,468$ 200,818,912$ 31,837,106$ 65,163,588$ 216 Page 252 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2020 2021 2022 2023 2024 33,033,582$ 18,121,564$ 57,993,429$ 43,199,147$ 46,486,124$ 125,991,666 131,262,122 111,173,472 130,847,798 154,452,619 11,768,626 8,555,836 45,701,258 25,674,814 46,748,103 - - - - - 69,016,706 68,218,192 58,402,021 81,289,367 59,261,678 16,592,077 40,789,923 13,542,362 5,783,062 6,324,693 1,107,068 4,505,740 2,954,806 3,749,853 4,284,441 6,027,344 8,857,969 15,631,745 13,400,138 12,082,375 263,537,069 280,311,346 305,399,093 303,944,179 329,640,033 13,923 8,461 8,500 8,483 4,946 - - 19 11 30 - 3,634,677 12,006,347 11,191,576 15,104,503 38,523,661 39,808,699 33,398,914 40,934,038 46,870,622 510,789 438,680 305,619 387,959 489,499 9,644,465 10,165,866 8,233,072 10,155,101 11,556,395 - - 2,982,489 3,173,834 3,401,065 691,256 585,009 575,339 1,219,972 501,587 95,405 101,112 118,750 172,989 227,229 49,479,499 54,742,504 57,629,049 67,243,963 78,155,876 313,016,568 335,053,850 363,028,142 371,188,142 407,795,909 1,194,045 3,685,466 6,763,379 1,943,828 1,713,291 8,154,003 6,912,095 7,752,570 8,933,510 7,550,885 46,290,223 10,780,843 5,836,312 9,647,486 2,285,392 24,140,150 20,949,678 30,823,899 30,697,778 33,587,379 2,066,000 1,576,819 2,101,823 2,479,537 2,182,815 653,790 701,945 810,146 604,712 535,093 16,656,454 25,787,760 47,300,700 54,392,158 59,427,500 25,449,043 59,987,995 58,796,673 62,001,863 88,972,816 124,603,708 130,382,601 160,185,502 170,700,872 196,255,171 - - - - - 44,740,438 42,091,953 49,050,723 49,117,788 48,861,451 834,494 594,707 886,029 832,475 - 9,269,133 10,617,448 10,807,052 9,298,438 8,607,228 - - 3,300,593 3,214,664 3,534,111 - - 19,980,980 18,224,005 23,865,048 33,893 185,587 - - 1,058,922 - 2,672,900 - - 5,292,292 54,877,958 56,162,595 84,025,377 80,687,370 91,219,052 179,481,666 186,545,196 244,210,879 251,388,242 287,474,223 (138,933,361) (149,928,745) (145,213,591) (133,243,307) (133,384,862) 5,398,459 1,420,091 26,396,328 13,443,407 13,063,176 (133,534,902) (148,508,654) (118,817,263) (119,799,900) (120,321,686) 62,905,983 66,864,796 69,565,097 75,655,629 79,895,724 78,964,672 92,895,930 102,428,825 103,350,833 106,895,750 35,247,893 38,175,933 41,671,204 46,690,873 33,009,350 14,062,136 4,836,055 (6,855,109) 9,523,650 32,189,702 - - - - - 13,897,888 12,696,745 21,755,785 11,184,009 14,094,288 - 105,741 192,543 (296,411) 25,291 - -- (2,765,896) - 4,352,954 4,664,733 7,527,863 7,965,818 7,130,765 209,431,526 220,239,933 236,286,208 251,308,505 273,240,870 5,450,627 1,175,687 (3,650,561) 2,319,648 8,753,432 380,617 7,245,994 16,545,269 9,730,345 2,730,814 1,313 11,425 47,609 70,150 - (4,352,954) (4,664,733) (7,527,863) (7,965,818) (7,130,765) 1,479,603 3,768,373 5,414,454 4,154,325 4,353,481 210,911,129 224,008,306 241,700,662 255,462,830 277,594,351 70,498,165 70,311,188 91,072,617 118,065,197 139,856,008 6,878,062 5,188,464 31,810,782 17,597,732 17,416,657 77,376,227$ 75,499,652$ 122,883,399$ 135,662,929$ 157,272,665$ 217 Page 253 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2015 2016 2017 2018 2019 CITY OF CHULA VISTA Fund Balances of Governmental Funds Last Ten Fiscal Years (modified accrual basis of accounting) Fiscal Year General fund: Nonspendable 7,419,002$ 1,527,055$ 7,363,413$ 7,676,350$ 7,578,086$ Restricted ----- Committed 7,602,021 6,417,095 5,938,600 64,147,929 46,370,754 Assigned 4,688,124 4,315,568 8,526,339 11,866,874 41,546,738 Unassigned 16,412,879 25,132,939 20,020,613 24,512,363 23,378,859 Total general fund 36,122,026 37,392,657 41,848,965 108,203,516 118,874,437 All other governmental funds: Nonspendable -$5,834,630$ 5,460$ 3,459$ 4,277$ Restricted 129,464,688 125,439,323 128,114,370 143,915,260 167,241,347 Committed 9,584,176 9,068,623 6,583,603 6,303,075 5,219,729 Assigned - 1,459,891 -10,891 64,202 Unassigned (37,216,118) (26,983,855) (19,394,021) (4,433) (2,147,643) Total all other governmental funds 101,832,746$ 114,818,612$ 115,309,412$ 150,228,252$ 170,381,912$ 218 Page 254 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2020 2021 2022 2023 2024 9,290,599$ 12,559,029$ 12,121,324$ 5,302,883$ 3,852,303$ - 1,042,970 9,465,060 25,673,596 28,369,808 11,082,859 11,904,304 11,731,844 18,253,033 29,455,853 66,514,060 65,282,025 79,567,415 75,747,000 93,284,726 25,636,659 28,315,924 27,682,371 24,895,945 25,853,339 112,524,177 119,104,252 140,568,014 149,872,457 180,816,029 189,587$ 519,258$ 504,336$ 490,908$ 500,843$ 181,367,432 195,739,984 220,356,410 261,198,635 316,368,539 5,321,988 5,344,272 - - - 122,922 - - - - (878,624) (2,583,780) (1,978,532) (2,429,054) (2,070,068) 186,123,305$ 199,019,734$ 218,882,214$ 259,260,489$ 314,799,314$ 219 Page 255 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years (modified accrual basis of accounting) Fiscal Year 2015 2016 2017 2018 2019 Revenues: Taxes 112,594,714$ 110,452,962$ 121,462,604$ 139,296,422$ 157,824,296$ Licenses and permits 1,322,254 1,328,020 1,290,968 1,601,980 2,367,165 Fines and forfeitures 2,280,880 1,942,656 1,805,508 2,035,823 2,218,235 Investment income (loss)5,044,602 7,006,545 3,766,457 5,682,112 12,212,190 Developer fees 7,484,592 11,657,266 8,810,178 23,506,237 18,068,217 Intergovernmental 26,409,294 23,868,074 23,427,460 25,522,199 26,409,517 Charges for services 20,112,124 22,647,645 26,662,094 23,630,103 24,925,513 Contributions - - - 11,176,064 15,244,658 Other 15,932,194 15,839,288 23,529,357 21,132,605 17,419,459 Total revenues 191,180,654 194,742,456 210,754,626 253,583,545 276,689,250 Expenditures Current: General government 26,413,901 29,087,838 33,218,003 23,723,205 23,452,836 Public safety 80,235,099 83,637,644 87,731,136 95,424,528 101,580,642 Public works 41,459,698 49,775,141 45,135,590 37,856,917 29,974,482 Community Development - 1,974,046 2,030,654 17,601,341 10,860,838 Parks and recreation 3,746,349 4,059,567 4,246,605 4,276,366 11,208,237 Library 3,625,949 3,969,307 4,721,120 3,943,063 3,948,154 Capital outlay 22,216,530 12,976,408 19,172,666 40,843,898 49,253,675 Debt service: Principal retirement 5,340,205 34,980,737 6,110,055 11,898,280 11,760,783 Interest and fiscal charges 6,678,144 6,437,941 5,194,264 8,382,476 8,023,403 Payment to refunded bond escrow agent - 422,751 2,673,892 - - Total expenditures 189,715,875 227,321,380 210,233,985 243,950,074 250,063,050 Excess (deficiency) of revenues over (under) expenditures 1,464,779 (32,578,924) 520,641 9,633,471 26,626,200 Other financing sources (uses): Transfers in 30,478,465 21,708,446 27,905,430 49,858,764 20,965,197 Transfers out (27,503,760) (18,897,272) (25,949,256) (47,177,986) (16,625,921) Proceeds from long-term debt 2,121,500 578,224 377,487 - - Proceeds from bond sale 45,920,000 - 34,330,000 34,485,000 - Payment to escrow agent trust - - (7,135,000) (36,860,637) - Bond premium/(bond discount)3,537,111 - 2,262,493 2,836,273 Subscriptions - - - - - Financed Purchase - - - - - Leases - - - 1,285,053 759,697 Total other financing sources (uses)54,553,316 3,389,398 31,791,154 4,426,467 5,098,973 Special item - - - - - Net change in fund balances 56,018,095$ (29,189,526)$ 32,311,795$ 14,059,938$ 31,725,173$ Debt service as a percentage of noncapital expenditures 6.3%18.2%5.4%8.3%7.9% 220 Page 256 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2020 2021 2022 2023 2024 166,215,250$ 185,983,649$ 201,616,493$ 212,781,244$ 221,057,091$ 1,834,236 2,005,923 1,962,967 1,961,064 2,297,513 1,670,628 1,346,492 1,572,303 1,598,385 1,608,889 14,062,136 4,836,055 (6,841,017) 9,499,084 29,173,119 10,653,015 15,955,351 25,983,157 28,445,159 33,409,005 27,836,371 37,274,120 67,809,266 69,732,761 100,392,614 27,616,079 30,993,090 38,459,855 40,032,188 44,500,467 11,984,032 7,679,652 - - - 16,225,790 19,790,763 11,027,272 8,663,030 13,362,601 278,097,537 305,865,095 341,590,296 372,712,915 445,801,299 28,002,094 81,861,532 56,671,621 39,194,530 40,475,403 114,661,942 286,042,703 109,040,668 117,430,150 134,214,791 33,284,800 87,018,056 34,949,572 46,209,666 52,207,575 10,951,941 19,453,357 45,770,658 24,315,988 12,474,087 10,661,708 44,357,263 11,596,166 4,837,190 5,169,651 3,580,413 10,709,718 3,115,863 3,478,517 3,624,609 51,371,872 49,508,887 31,055,664 62,025,766 81,249,576 12,810,263 13,254,548 20,191,204 22,461,553 23,772,458 7,348,481 7,961,316 15,626,455 13,074,203 13,492,824 - - - - - 272,673,514 600,167,380 328,017,871 333,027,563 366,680,974 5,424,023 (294,302,285) 13,572,425 39,685,352 79,120,325 22,619,355 31,219,762 51,475,566 58,865,855 93,497,017 (18,443,510) (26,732,447) (44,115,233) (51,139,125) (86,976,023) - - 3,426,935 - - - 308,476,104 - - - - - - - - - - - - - - - - 404,808 841,078 - - - 3,986,967 - 1,023,800 - 13,323,750 - - 5,199,645 312,963,419 24,111,018 12,118,505 7,362,072 - - - (2,765,896) 10,623,668$ 18,661,134$ 37,683,443$ 49,037,961$ 86,482,397$ 7.4%3.5%10.9%10.7%10.2% 221 Page 257 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years Fiscal Year Taxable Total Ended Less:Assessed Direct Tax June 30,Secured Unsecured Exemptions Value ¹Rate 2015 23,413,030,465$ 542,342,957$ (864,933,069)$ 23,090,440,353$ 0.1438% 2016 24,754,131,895 549,312,047 (847,445,301) 24,455,998,641 0.1438% 2017 26,210,551,258 543,505,450 (977,982,199) 25,776,074,509 0.1438% 2018 27,801,823,181 559,678,820 (1,009,910,410) 27,351,591,591 0.1438% 2019 29,390,231,110 592,221,286 (1,118,567,598) 28,863,884,798 0.1438% 2020 31,185,048,225 602,642,833 (1,191,602,603) 30,596,088,455 0.1437% 2021 33,136,962,193 641,452,322 (1,374,268,953) 32,404,145,562 0.1438% 2022 34,629,964,921 570,315,343 (1,606,360,066) 33,593,920,198 0.1438% 2023 37,345,350,471 721,184,037 (1,688,479,696) 36,378,054,812 0.1438% 2024 39,769,182,364 832,997,140 (1,824,784,127) 38,777,395,377 0.1437% 1 Includes redevelopment incremental valuation. Source: County of San Diego Property Tax Services Valuation Report, Tax Rate by Tax Rate Area, ACAP 345B Note: In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above. 222 Page 258 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CITY OF CHULA VISTA Direct and Overlapping Property Tax Rates (Rate per $100 of Assessed Value) Last Ten Fiscal Years Fiscal Year City Direct Rates: City basic rate 0.1438 0.1438 0.1438 0.1438 0.1438 0.1437 0.1438 0.1438 0.1438 0.1437 Overlapping Rates: Chula Vista Elementary School District Bonds 0.0475 0.0430 0.0432 0.0359 0.0392 0.0374 0.0646 0.0628 0.0505 0.0623 Sweetwater Union High School District Bonds 0.0541 0.0517 0.0516 0.0516 0.0528 0.0516 0.0488 0.0461 0.0691 0.0646 Southwestern Community College Bonds 0.0358 0.0396 0.0386 0.0498 0.0467 0.0448 0.0279 0.0485 0.0422 0.0458 MWD D/S Remainder of SDCWA 15019999 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 County of San Diego*1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 Total Overlapping Rates 1.1409 1.1378 1.1369 1.1408 1.1422 1.1373 1.1448 1.1609 1.1653 1.1762 *Breakdown of the County of San Diego 1.00 Rate: County General 0.15928411 Gen Elem Chula Vista 0.29035206 High Sweetwater Union 0.18779946 Southwestern Community College 0.05062263 County School Service 0.00783527 County School Service - Capital Outlay 0.00216716 Childrens Institutions Tuition 0.00186755 Regional Occupational Centers 0.00509063 Chula Vista Project (19/84601)0.00023731 Chula Vista Project (19/84602)0.00040896 Educational Revenue Augmentation Fund 0.14682124 Chula Vista City 0.14374232 South Bay Irrigation - CWA South Bay Irrigation 0.00377130 San Diego Unified Port - Total Note: In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of school bonds and other debt service. Overlapping rates may vary by tax rate area. The data listed in this table is representative of tax rate area 001001. Source: County of San Diego Property Tax Services and ACAP 345B 1.00000000 223 Page 259 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Principal Property Tax Payers Current Year and Nine Years Ago Percent of Percent of Total City Total City Taxable Taxable Taxable Taxable Assessed Assessed Assessed Assessed Taxpayer Value Rank Value Value Rank Value Rohr Inc.191,780,486$ 1 0.49%225,819,454$ 1 0.98% John Hancock Life Insurance Co USA 164,393,713.00 2 0.42%- - - R-12 B LLC 139,463,864 3 0.36%- - - Chula Vista Apartments LLC 137,483,735 4 0.35%- - - Regulo Place Apartments Invest 127,738,226 5 0.33%100,348,224 4 0.43% Mark II LLP 121,259,491 6 0.31%- - - 1925 Avenida Escaya Investors LLC 121,000,000 7 0.31%- - - Homefed Otay Land II LLC 119,587,659 8 0.31%- - - Ryan Millenia Owner LLC 117,674,066 9 0.30%- - - Rivue MCA LLC 114,957,235 10 0.30%- - - JPB Development - - - 206,435,871 2 0.89% Brisa Acquisitions LLC - - - 117,000,000 3 0.51% EQR Teresina LP - - - 68,091,753 8 0.29% Vista Pacific Villas LP - - - 89,856,103 5 0.39% Chula Vista Center LLC - - - 70,679,733 7 0.31% Camden USA Inc - - - 65,770,597 9 0.28% Olympic Pointe West Communities - - - 79,773,634 6 0.35% Essel LP - - - 51,803,100 10 0.22% Total 1,355,338,475$ 3.48%1,075,578,469$ 4.65% Sources: MuniServices, LLC, an Avenu Insights & Analytics Company HdL, Coren & Cone County of San Diego Property Tax Services PT Base Tab Taxable Assessed Value for FYE 2024 2015 224 Page 260 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Property Tax Levies and Collections Last Ten Fiscal Years Fiscal Taxes Levied Collections in Year Ended for the Percent Subsequent Percent June 30,Fiscal Year 1 Amount of Levy Years 2 Amount of Levy 2015 27,726,666$ 27,398,740$ 98.82%36,404$ 27,435,143$ 98.95% 2016 29,083,269 28,800,156 99.03%68,973 28,869,128 99.26% 2017 30,632,668 30,388,650 99.20%49,984 30,438,634 99.37% 2018 32,518,946 32,206,343 99.04%58,329 32,264,672 99.22% 2019 34,198,598 33,877,270 99.06%6,562 33,883,832 99.08% 2020 36,202,585 35,677,358 98.55%80,701 35,758,059 98.77% 2021 38,360,550 37,854,693 98.68%211,814 38,066,507 99.23% 2022 39,703,800 39,278,153 98.93%158,717 39,436,870 99.33% 2023 42,826,740 42,399,453 99.00%(75,775) 42,323,678 98.83% 2024 45,518,625 45,005,784 98.87%338,213 45,343,998 99.62% 1 Levy amounts do not include supplemental taxes. 2 Collection amounts represent delinquencies collected for all prior years during the current tax year. Total delinquent collections are reduced by any refunds processed from prior year tax collections. Source: County of San Diego Property Tax Services ACAP234A 1% Collected within the Fiscal Year of Levy Total Collections to Date 225 Page 261 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Ratios of Outstanding Debt by Type Last Ten Fiscal Years Fiscal Year Pension Certificates Total Ended Obligation of Capital Financed Governmental June 30,Bonds Loans Participation Leases 2 Leases 2 Purchases 2 SBITA 3 Activities 2015 -$ 15,455,642$ 117,590,000$ 2,393,674$ -$ -$ -$ 135,439,316$ 2016 - 16,205,773 111,195,000 2,467,714 - - - 129,868,487 2017 - 42,581,074 81,610,000 3,279,703 - - - 127,470,777 2018 - 117,927,392 78,260,000 5,125,643 - - - 201,313,035 2019 - 108,811,346 74,770,000 5,243,991 - - - 188,825,337 2020 - 99,253,322 71,110,000 5,188,939 - - - 175,552,261 2021 311,272,126 89,342,072 67,250,000 6,497,094 - - - 474,361,292 2022* 316,587,171 82,444,480 63,205,000 - 694,262 4,800,982 - 467,731,895 2023 308,481,721 15,053,436 114,230,000 - 442,467 7,911,814 1,283,006 447,402,444 2024 300,182,736 3,740,982 109,161,226 - 298,299 6,959,783 1,380,985 421,724,011 1 These ratios are calculated using personal income and population for the prior calendar year. 2 GASB Statement No. 87, Leases implementation in FY2022. 3 GASB Statement No. 96, Subscription-Based Information Technology Arrangement (SBITA) implementation in FY2023. ** SANDAG's estimates for FY2024 are not available. Note: Details regarding the City's outstanding debt can be found in the notes to basic financial statements. Source: San Diego Association of Governments (SANDAG) City Finance Department Governmental Activities * The Pension Obligation Bonds balance was reallocated between Governmental Activities and Business-Type Activities due to changes in accounting estimates. 226 Page 262 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Pension Total Total Percentage Debt Obligation Capital Financed Bus-Type Primary of Personal Per Bonds Leases 2 Leases 2 Purchases 2 SBITA 3 Activities Government Income 1 Capita 1 -$ -$ -$ -$ -$ -$ 135,439,316$ 0.99% 516 - - - - - - 129,868,487 0.97% 492 - - - - - - 127,470,777 0.88% 478 - - - - - - 201,313,035 1.46% 750 - - - - - - 188,825,337 1.29% 696 - 10,858 - - - 10,858 175,563,119 1.13% 642 38,752,874 4,500,499 - - - 43,253,373 517,614,665 2.85% 1,722 26,932,829 - 184,617 3,630,290 - 30,747,736 498,479,631 2.87% 1,698 26,243,279 - - 2,736,251 487,080 29,466,610 476,869,054 2.69% 1,616 25,537,264 - - 1,833,251 285,963 27,656,478 449,380,489 n/a** n/a** Business-Type Activities 227 Page 263 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Fiscal Year Pension Percent of Ended Obligation Assessed Per June 30,Bonds Total Value 1 Capita 2015 -$ -$0.00%-$ 2016 - - 0.00%- 2017 - - 0.00%- 2018 - - 0.00%- 2019 - - 0.00%- 2020 - - 0.00%- 2021 350,025,000 350,025,000 1.08%1,271 2022 343,520,000 343,520,000 1.02%1,247 2023 334,725,000 334,725,000 0.92%1,209 2024 325,720,000 325,720,000 0.84%n/a * * Per Capita estimate from SANDAG for FY2024 is not available. Source: San Diego Association of Governments (SANDAG) City Finance Department Outstanding General Bonded Debt General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds. 1 Assessed value has been used because the actual value of taxable property is not readily available in the State of California. 228 Page 264 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 38,777,395,377$ Total Debt City's Share of Debt 6/30/2024 % Applicable 1 6/30/2024 18,210,000$ 1.000%182,100$ 739,044,345 50.187% 370,904,185 596,765,971 59.448% 354,765,434 198,022,000 88.194% 174,643,523 72,395,000 81.010% 58,647,190 34,637,000 3.591% 1,243,815 100,190,000 100.000% 100,190,000 9,263,412 100.000% 9,263,412 54,824 100.000%54,824 2,950,217 100.000% 2,950,217 1,565,911 100.000% 1,565,911 781,242 64.964%507,526 3,433,353 100.000% 3,433,353 2,192,960 21.762%477,232 2,285,476 100.000% 2,285,476 1,031,377 100.000% 1,031,377 1,319,203 100.000% 1,319,203 2,446,521 100.000% 2,446,521 1,432,277 100.000% 1,432,277 1,528,219 100.000% 1,528,219 2,357,432 100.000% 2,357,432 54,824 100.000%54,824 2,240,000 100.000% 2,240,000 39,380,000 100.000% 39,380,000 9,670,000 100.000% 9,670,000 410,241 100.000%410,241 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 1,142,984,292$ DIRECT AND OVERLAPPING GENERAL FUND DEBT: San Diego County General Fund Obligations 374,600,000$ 5.516% 20,662,936$ San Diego County Pension Obligation Bonds 211,225,000 5.516% 11,651,171 San Diego County Superintendent of Schools Obligations 6,050,000 5.516%333,718 Sweetwater Union High School District General Fund Obligations 390,000 59.448%1 231,847 Chula Vista City School District Certificates of Participation 167,735,000 88.194% 147,932,206 City of Chula Vista General Fund Obligations 121,541,271 100.000% 121,541,271 2 City of Chula Vista Pension Obligation Bonds 300,182,734 100.000% 300,182,734 TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 602,535,883$ OVERLAPPING TAX INCREMENT DEBT (Successor Agency):17,015,000$ 99.711% 16,965,827$ TOTAL DIRECT DEBT 421,724,005$ TOTAL OVERLAPPING DEBT 1,340,761,997 COMBINED TOTAL DEBT 1,762,486,002$ 3 1 2 3 Ratios to 2023-24 Assessed Valuation: Total Overlapping Tax and Assessment Debt 2.95% Total Direct Debt 421,724,005 1.09% Combined Total Debt 4.55% Ratios to Redevelopment Successor Agency Incremental Valuation 2,434,965,524$ Total Overlapping Tax Increment Debt 0.70% Sources: California Municipal Statistics, Inc. City Finance Department The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value. Includes certificates of participation, lease revenue bonds, notes payable, financed purchases, bond premium, leases and subscriptions. Excludes tax and revenue anticipation notes, enterprise revenue and mortgage revenue. Qualified Zone Academy Bonds are included based on principal due at maturity. CITY OF CHULA VISTA Direct and Overlapping Debt June 30, 2024 2023-24 Assessed Valuation: OVERLAPPING TAX AND ASSESSMENT DEBT: Metropolitan Water District Southwestern Community College District Sweetwater Union High School District Chula Vista City School District Chula Vista City School District Schools Facilities Improvement District No. 1 National School District City of Chula Vista Community Facilities Districts Sweetwater Union High School District Community Facilities District No. 1 Sweetwater Union High School District Community Facilities District No. 2 Sweetwater Union High School District Community Facilities District No. 3 Sweetwater Union High School District Community Facilities District No. 4 Sweetwater Union High School District Community Facilities District No. 5 Sweetwater Union High School District Community Facilities District No. 6 Sweetwater Union High School District Community Facilities District No. 10 Sweetwater Union High School District Community Facilities District No. 11 Sweetwater Union High School District Community Facilities District No. 12 Sweetwater Union High School District Community Facilities District No. 13 Sweetwater Union High School District Community Facilities District No. 14 Sweetwater Union High School District Community Facilities District No. 15 Sweetwater Union High School District Community Facilities District No. 16 Sweetwater Union High School District Community Facilities District No. 17 Sweetwater Union High School District Community Facilities District No. 18 City of Chula Vista 1915 Act Bonds California Municipal Financing Authority Community Facilities District No. 2021-11 California Municipal Financing Authority Community Facilities District No. 2022-27 California Statewide Communities Development Authority 1915 Act Bonds 229 Page 265 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2015 2016 2017 2018 2019 23,090,440$ 24,455,999$ 25,776,075$ 27,351,592$ 28,863,885$ 25%25%25%25%25% 5,772,610 6,114,000 6,444,019 6,837,898 7,215,971 15%15%15%15%15% 865,892 917,100 966,603 1,025,685 1,082,396 CITY OF CHULA VISTA Legal Debt Margin Information (Dollars in Thousands) Last Ten Fiscal Years Fiscal Year Assessed valuation Conversion percentage Adjusted assessed valuation Debt limit percentage Debt limit Total net debt applicable to limit: Pension obligation bonds - - - - - Legal debt margin 865,892$ 917,100$ 966,603$ 1,025,685$ 1,082,396$ Total debt applicable to the limit as a percentage of debt limit 0.0%0.0%0.0%0.0%0.0% County of San Diego Property Tax Services Note: The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local governments located within the state. Sources: City Finance Department 230 Page 266 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2020 2021 2022 2023 2024 30,596,088$ 32,404,145.562$ 33,593,920.198$ 36,378,054.812$ 38,777,395.377$ 25%25%25%25%25% 7,649,022 8,101,036.391 8,398,480.050 9,094,513.703 9,694,348.844 15%15%15%15%15% 1,147,353 1,215,155 1,259,772 1,364,177 1,454,152 - 350,025 343,520.000 334,725.000 325,720.000 1,147,353$ 865,130$ 916,252$ 1,029,452$ 1,128,432$ 0.0%28.8%27.3%24.5%22.4% 231 Page 267 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Pledged-Revenue Coverage Last Ten Fiscal Years Note: Source: City Finance Department The City does not have debt in the last ten fiscal years with this requirement. Details regarding the City's outstanding debt can be found in the notes to basic financial statements. 232 Page 268 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Full-time and Part-time City Employees by Function Last Ten Fiscal Years Fiscal Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 General Government 288 205 210 198 160 160 172 165 189 181 Public Safety 469 470 474 492 527 554 620 642 656 704 Public Works/Engr 161 241 228 228 184 180 189 185 251 260 Parks and Recreation 161 176 153 158 229 69 137 192 164 161 Library 88 70 77 73 74 24 39 53 66 64 Development Services 49 57 55 58 73 71 69 71 72 73 Total 1,216 1,219 1,197 1,207 1,247 1,058 1,226 1,308 1,398 1,443 Source: City Finance Department 233 Page 269 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Demographic and Economic Statistics Last Ten Calendar Years % of S.D. % Change Avg. % High % Bachelor's Personal Per Capita Total County from Previous Median Household School Degree or % Below Unemployment Income Personal Year Population 1 Population 1 Year 1 Age 2 Size 1 Graduate 3 Higher 3 Poverty 3 Rate 4 (in thousands) 5 Income 5 2015 262,484 8.0% 0.9% 33.0 3.30 82.3% 29.8% 10.6% 6.60% 13,615,626$ 51,872$ 2016 264,046 8.0% 0.6% 33.0 3.30 80.1% 27.4% 10.5% 5.2%13,358,859 50,593 2017 266,427 8.1% 0.9% 33.1 3.30 80.9% 28.1% 11.5% 4.4%14,432,090 54,169 2018 268,588 8.1% 0.8% 33.1 3.29 85.5% 27.4% 8.4% 3.7%13,834,485 51,508 2019 271,362 8.1% 1.0% 33.1 3.27 83.2% 29.2% 8.7%3.60% 14,606,180 53,825 2020 273,384 8.2% 0.7% 33.1 3.25 83.8% 29.2%9.5%10.7% 15,598,460 57,057 2021 275,498 8.3% 0.8% 32.9 3.23 82.6% 33.0%8.9% 7.5%16,658,152 60,482 2022 275,428 8.4% -0.03% 37.0 3.19 87.1% 34.2%10.1%4.0%16,307,159 59,207 2023 276,813 8.4% 50.0% 37 3.17 86.1% 34.1%6.0% 4.2% 16,628,622 60,072 2024 n/a* n/a* n/a* n/a* n/a* n/a* n/a* n/a* n/a*n/a*n/a* Educational Attainment * SANDAG estimates for FY2024 are not available. Source: 1California Department of Finance, "January Population and Housing Estimates"; 2SANDAG Estimates Program; 3American Community Survey (ACS) 1-Year Estimates, Tables B15003 (Educational Attainment) and B17001 (Poverty); 4California Employment Development Department (EDD), Local Area Unemployment Statistics (LAUS), Annual Average; 5U.S. Bureau of Economic Analysis (BEA), Regional Economic Accounts "Local Area Personal Income Accounts," Table CA5N; ACS 1 Year Estimates, Table B19301; Bureau of Labor Statistics (BLS), retrieved from FRED, Chained Consumer Price Index (CPI) Notes: Year-to-year variation for Educational Attainment and Poverty are the result of both actual change and sampling error. Per Capita Personal Income (PCPI) is the share of the jurisdiction's Per Capita Income to the region's based on the ACS 1-Year Estimates, Table B19301, multiplied by the region's PCPI from BEA. Personal Income is the product of PCPI and Total Population. Dollar values are inflation-adjusted to latest year dollars. Personal Income and PCPI for 2023 were estimated using the prior year's region's PCPI from BEA as 2023 was unavailable. BEA Personal Income definition: "Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses." 234 Page 270 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Principal Employers Current Year and Nine Years Ago Percent of Percent of Number of Total Number of Total Employer Employees Rank Employment Employees Rank Employment Sweetwater Union High School District 3,983 1 6.08%4,121 1 7.05% Chula Vista Elementary School District 3,923 2 5.99%3,135 2 5.36% Sharp Chula Vista Medical Center 3,114 3 4.75%1,878 5 3.21% Southwestern Community College 1,994 4 3.04%1,918 4 3.28% Wal-Mart 1,451 5 2.22%1,239 6 2.12% City of Chula Vista 1,443 6 2.20%1,178 7 2.02% Rohr Inc./Goodrich Aerospace 1,303 7 1.99%2,468 3 4.22% Scripps Mercy Hospital Chula Vista 1,073 8 1.64%1,058 8 1.81% SBCS Corporation 1,004 9 1.53%- - - Costco Wholesale 777 10 1.19%597 9 1.02% 24 Hour Fitness - - - 559 10 0.96% Note: "Total Employment" as used above represents the total employment of all employers located within City limits. Per State Employment Development Department's CY2022 Quarter 4 average, this amounts to 65,504 employees in current FY. Sources: State Employment Development Department City Finance Department Sweetwater Union High School District Chula Vista Elementary School District Southwestern Community College 2024 2015 235 Page 271 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CITY OF CHULA VISTA Operating Indicators by Function Last Ten Fiscal Years Fiscal Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Police: Citizen-initiated calls for service 64,486 67,512 65,672 65,643 64,066 66,470 65,537 66,882 61,623 61,951 Fire: ¹ Number of emergency calls 18,328 19,612 19,612 21,397 21,803 22,843 24,794 30,895 31,711 29,466 Inspections 4,209 4,207 4,207 3,907 3,862 4,029 6,071 7,776 9,479 8,205 Public works: Street resurfacing/maintenance ²61,640 39,338 61,640 16,178 14,734 61,640 32,923 35,859 26,302 17,237 (square feet) Parks and recreation: ³ Number of recreation classes 2,388 3,859 3,124 2,658 3,552 2,008 575 2,303 2,408 200 Number of facility rentals 1,921 1,573 1,482 688 771 1,100 121 525 663 3,277 Library: Circulation 839,616 706,594 706,594 637,119 539,762 500,195 115,005 502,326 498,753 497,654 Attendance ⁴803,535 857,475 857,475 958,117 1,635,849 961,848 162,300 958,723 922,542 921,675 Sewer: New connections 210 2,211 211 502 1,456 1,628 425 107 187 150 Average daily sewage treatment 15.5 15.4 15.4 15.2 15.9 16.6 16.1 16.8 17.0 16.5 (millions of gallons) 1 Emergency calls and inspections reported by calendar year. 2 Excludes filling of potholes and crack sealing. 3 Parks and Recreation closed majority of FY2021, offered limited number of classes and rentals in between. 4 Library closed from March 2020 to May 2021. Source: City of Chula Vista 236 Page 272 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CITY OF CHULA VISTA Capital Asset Statistics by Function Last Ten Fiscal Years Fiscal Year Police: Stations 1 1 1 1 1 1 1 1 1 1 Fire: Fire stations 9 9 9 9 9 10 10 10 10 10 Public works: Streets (miles)433.9 433.9 433.9 434.2 434.2 445.2 445.2 445.2 447.0 450.2 Streetlights ³9,069 9,144 9,282 9,539 9,787 9,818 9,828 9,921 9,952 9,984 Traffic signals ³273 275 275 282 288 294 301 303 315 319 Parks and recreation: Parks (acreage) 1 557.2 557.2 708.0 660.0 660.0 704.0 716.9 722.0 560.0 560.0 Recreation facilities 11 11 11 11 11 11 11 11 11 11 Library: Libraries 3 3 3 3 3 3 3 3 3 3 Sewer: Sewer pipes (miles) ² 514.3 514.6 514.6 514.6 514.6 516.8 517.0 522.4 527.9 533.0 Storm drains (miles) ² 263.2 266.2 269.6 272.4 273.8 280.6 282.5 307.1 316.7 318.7 Maximum daily treatment capacity 20.9 20.9 20.9 20.9 20.9 20.9 20.9 20.9 20.9 20.9 (millions of gallons) 1 Includes community, neighborhood, special purpose, mini, urban, and privately maintained public parks within City Boundaries. 2 Updated Sewer: Sewer Pipes and Storm Drains (miles) per GASB 34 in FY2024. 3 Updated Public Works: Streetlights and Traffic Signals per GASB 34 in FY2024. Source: City of Chula Vista 237 Page 273 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 238 Page 274 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 735 E. Carneg ie Dr. Suite I 00 San Bernardino . CA 92408 909 889 0871 T 909 889 5361 F ramscpa . net PARTNERS Scott W Manno. CPA. CGMA Leena Shanbhag, CPA. MST. CGMA Bradferd A. Welebir. CPA. MBA. CGMA Jen ny W. Liu . CPA, MST Ga,·de nya Duran, CPA, CGMA Brianna Schultz, CPA. CGMA Brenda L. Odle. CPA. MST (Partne, Emeritus) Te, ry P Shea, CPA (Panner Emenws) MANAGERS/ STAFF Seong-Hyea Lee. CPA. MBA Eve lyn Morenlin-Barcena. CPA Vernnica Hernandez, CPA Laura A1v1zu. CPA John Maldonado, CPA, MSA Julia Rodriguez Fuentes. CPA, MSA Dem, Hite. CPA Jeffrey McKennan. CPA Mornca Wysock,, CPA Jacob Weatherb,e. CPA, MSA Bolim Han. CPA. MAcc A nny Gonzalez, CPA MEMBERS Amencan lnsutuce of Certified Public Accountants PCPS The A/CPA Alliance (01 CPA Fi,ms Governmental Audit Q11C1/1ty Cenre, Califot nia Society of Certified Public Accountants • Proud Member of AlliottGlobalAlliance~ ROGERS , ANDERSON , MALODY & SCOTT , LLP CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948 STAB ILITY. ACCURACY. TRUST. REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Independent Auditor’s Report To the Honorable Mayor and Members of the City Council City of Chula Vista Chula Vista, California We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards), the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Chula Vista (the entity) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the entity’s basic financial statements, and have issued our report thereon dated December 11, 2024. Report on Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered the entity’s internal control over financial reporting (internal control) as a basis for designing procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we do not express an opinion on the effectiveness of the entity’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. 239 Page 275 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the entity’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. San Bernardino, California December 11, 2024 240 Page 276 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda v . 0 0 5 P a g e | 1 February 11, 2025 ITEM TITLE Policy and Investment Report: Amend City Council Policy No. 220-01, Delegate Investment Activity Authority to the Director of Finance/Treasurer, and Accept the Investment Report for Quarter Ending December 31, 2024 Report Number: 25-0012 Location: No specific geographic location Department: Finance G.C. § 84308 Regulations Apply: No Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines. Therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required. Recommended Action Adopt a resolution acknowledging receipt of City Council Policy No. 220-01 Investment Policy and Guidelines, amending the existing policy, delegating investment activity authority to the Director of Finance/Treasurer, and accepting the investment report for the quarter ending December 31, 2024. SUMMARY In accordance with California Government Code Section 53607, on an annual basis the City Council may delegate to the City Treasurer the authority to conduct the investment activities of the City. And, under Government Code Section 53646, the City Treasurer may annually present the City’s Investment Policy to the City Council to reaffirm or make any changes to the existing policy. City Council Policy No. 220-01 Investment Policy and Guidelines (the “Policy”) provides guidelines for the investment of idle funds and affords the City various investment opportunities, as long as the investment is deemed prudent and is allowable under Government Code Section 53600, et seq. The Policy was last reviewed and adopted by City Council on February 13, 2024. Staff is recommending non-substantive changes to the Policy to improve overall clarity that aligns with the California Government Code. Transmitted herewith is the City’s investment report for the quarter ending December 31, 2024, to meet the reporting requirements set forth in the California Government Code Sections 53600 et seq. and the City’s Investment Policy and Guidelines. Page 277 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 2 ENVIRONMENTAL REVIEW The Director of Development Services has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a “Project” as defined under Section 15378 of the State CEQA Guidelines because the proposed activity consists of a governmental fiscal/administrative activity which does not result in a physical change in the environment. Therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines, the activity is not subject to CEQA. Thus, no environmental review is required. BOARD/COMMISSION/COMMITTEE RECOMMENDATION Not applicable. DISCUSSION Investment Policy The Policy was last amended on February 13, 2024 via Resolution 2024-023 and was intended to provide direction for the prudent investment of temporarily idle cash, and for maximizing the efficiency of the cash management process. The stated goal is to enhance the economic condition of the City while ensuring the safety of funds invested. The Policy includes a list of specific investment instruments available under the relevant California Government Code Section 53600 et seq. Each investment transaction is made in the context of first ensuring the “safety” of principal, second, investing only for that timeframe that the cash is not needed for operational purposes (“liquidity”), and last, seeking the highest return possible (“yield”) provided that the first two factors are met. Per Section 18.0 of the Policy, each fiscal year the Finance Director/Treasurer shall provide a copy of the Policy for adoption by the City Council. Staff recommends non-substantive changes to improve overall clarity of the Policy that aligns with the California Government Code. Quarterly Investment Report As shown in the table below, the total cash and investment portfolio held by the City as of December 31, 2024, was $666,809,521 and total cash and investments held by the trustees were $75,472,988. Summary of Cash and Investments as of December 31, 2024 Cash and Investments Book Value Managed Investment Portfolio $ 613,794,118 State of California Local Agency Investment Fund 30,585,734 County of San Diego Pooled Investment Fund 25,479 Total Investments Held by the City 644,405,331 Cash/Time Deposits 22,404,190 Total Cash and Investments Held by the City 666,809,521 Cash and Investments Held by Bank Trustee 75,472,988 Total Cash and Investment Portfolio $ 742,282,509 Page 278 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 3 Cash and investments held by the City and the trustees continue to be invested in accordance with the Government Code and City Council Policy 220-01 Investment Policy and Guidelines as adopted by Resolution No. 2024-023 on February 13, 2024. During the quarter, $25,000,000 was transferred to the State of California Local Agency Investment Fund (“LAIF”), pooled investment account. $10,000,000 was transferred from Bank of New York, the City’s investment custodian bank account, to the City. These funds were used to maintain adequate cashflows during the quarter. Additionally, thirty investments matured, totaling $63,111,000. Eleven purchases were made to replace those investments. Purchased investments include: one corporate note ($7,500,000), one municipal bond ($6,000,000) and nine U.S. treasury notes ($52,500,000). The Finance Department continues to manage the portfolio and execute transactions as financial and economic conditions warrant. There is no further activity to report other than routine investments. Two-year Treasuries were yielding 3.66% at the beginning of the quarter and ended the quarter at a yield of 4.25%. As of December 31, 2024, the Weighted Yield to Maturity on the Managed Investment Portfolio was 3.68%, which was an increase of 6 basis points from the previous quarter. The average yield of the two-year U.S. treasury note over the last twelve months is 4.38%. Purchases are made at current market yields with fixed interest rates. At the end of this quarter, the Weighted Average Maturity of the Managed Investment Portfolio was 1.94 years, which is an increase from 1.91 years from the prior quarter. The Federal Open Market Committee (“FOMC”) meets approximately every six weeks and determines the level of the Federal Funds Rate. During this quarter, the FOMC met on November 6 and December 17. At their December 17 meeting, the FOMC voted to lower the Federal Funds Rate target range. The Federal Funds Rate target range is 4.25%-4.50%. The following excerpts are from the statement issued by the FOMC following their December 17 meeting. "Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate. I n support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.....In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments." The Finance Department, with the assistance of Chandler Asset Management, Inc, continues to manage the City’s investment portfolio in accordance with the Government Code and City Council Policy 220-01 Page 279 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 4 Investment Policy and Guidelines. Considering the projected timing of cash receipts and disbursements and the structure of the Pooled Investment Portfolio, the City will be able to comfortably meet overall cash flow needs over the next six months. DECISION-MAKER CONFLICT Staff has reviewed the decision contemplated by this action and has determined that it is not site-specific and consequently, the real property holdings of the City Council members do not create a disqualifying real property-related financial conflict of interest under the Political Reform Act (Cal. Gov’t Code § 87100, et seq.). Staff is not independently aware and has not been informed by any City Council member, of any other fact that may constitute a basis for a decision-maker conflict of interest in this matter. CURRENT-YEAR FISCAL IMPACT Considering the projected timing of cash receipts and disbursements and the structure of the Pooled Investment Portfolio, the City should be able to comfortably meet overall cash flow needs over the next six months. There is no direct current-year fiscal impact as a result of this action. ONGOING FISCAL IMPACT There is no ongoing fiscal impact as a result of this action. ATTACHMENTS 1. Summary of Cash and Investments as of December 31, 2024 2. Investment Report for the Quarter Ended December 31, 2024 3. Council Policy 220-01 Investment Policy and Guidelines – Redline Version Staff Contact: Galen Fleming, Fiscal Services Analyst, Finance Department Sarah Schoen, Director of Finance/Treasurer Page 280 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Form Rev 3/6/2023 RESOLUTION NO. 2025-__________ RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA ACKNOWLEDGING RECEIPT OF COUNCIL POLICY 220-01, INVESTMENT POLICY AND GUIDELINES, AMENDING THE EXISTING POLICY, DELEGATING INVESTMENT ACTIVITY AUTHORITY TO THE DIRECTOR OF FINANCE/TREASURER, AND ACCEPTING THE INVESTMENT REPORT FOR THE QUARTER ENDING DECEMBER 31, 2024 WHEREAS, the City of Chula Vista’s “Investment Policy and Guidelines,” amended on February 13, 2024 by Resolution No. 2024-023 (the Policy), is intended to provide direction for the prudent investment of temporarily idle cash and to maximize the efficiency of the cash management process; and WHEREAS, the stated goal of the Policy is to enhance the economic condition of the City while ensuring the safety of funds invested; and WHEREAS, the Policy includes a list of specific investment instruments available pursuant to California Government Code sections 53600, et seq. and 53635; and WHEREAS, each investment transaction is made in the context of first ensuring the “safety” of principal, second, investing only for that timeframe that the cash is not needed for the operational purposes (“liquidity”), and last seeking the highest return possible (“yield”) provided that the first two factors are met; and WHEREAS, in accordance with Section 18.0 of the Policy, staff has provided the City Council with a copy of the City’s Investment Policy; and WHEREAS, staff recommends that the Policy be amended with non-substantive changes, to improve overall clarity of the Policy to align with the California Government Code; and WHEREAS, staff recommends that the Policy be amended to reflect these changes; and WHEREAS, pursuant to California Government Code section 53607, the City Council may delegate authority to conduct investment activities of the City to the Finance Director/Treasurer on an annual basis; and WHEREAS, City staff has prepared, and provided the City Council with, a copy of the City’s Investment Report for the quarter ending December 31, 2024. Page 281 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Resolution No. 2025-______ Page 2 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, that it:  Acknowledges receipt of Council Policy 220-01, Investment Policy and Guidelines;  Amends the existing policy as set forth in Exhibit 1 to this resolution, attached hereto and incorporated herein;  Delegates the authority to conduct and supervise the investment activities of the City to the Director of Finance/Treasurer; and  Accepts the Investment Report for the quarter ending December 31, 2024 Presented by Approved as to form by Sarah Schoen Marco A. Verdugo Director of Finance City Attorney Page 282 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 1 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); 1.0 Purpose: This “Investment Policy and Guidelines” (the “Investment Policy”) Policy is intended to provide guidelines for the prudent investment of the City of Chula Vista’s (the “City”) cash balances, and outline policies to assist in maximizing the efficiency of the City’s cash management system, while meeting the daily cash flow demands of the City. 2.0 Policy: The investment practices and policies of the City of Chula Vista are based upon state law and prudent money management. 3.0 Scope: This Investment Policy applies to all financial assets of the City of Chula Vista, as indicated in 3.1 below. These funds are accounted for in the City’s Comprehensive Annual Financial Report. 3.1 Funds: The Director of Finance/Treasurer is responsible for investing the unexpended cash in the City Treasury for all funds, except for the employee’s retirement funds, which are administered separately, and those funds which are managed separately by trustees appointed under indenture agreements. The Director of Finance/Treasurer will strive to maintain the level of investment of this cash as close as possible to 100%. These funds are described in the City’s annual financial report and include:  General Fund  Special Revenue Funds  Capital Project Funds  Enterprise Funds  Fiduciary Funds  Any new fund created by the legislative body, unless specifically exempted This Investment Policy applies to all transactions involving the financial assets and related activity of the foregoing funds. Page 283 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 2 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); Bond proceeds shall be invested in the investments permitted by the applicable bond documents. If the bond documents are silent as to the permitted investments, the bond proceeds will be invested in the securities permitted by this Policy. Notwithstanding the other provisions of this Policy, the percentage limitations listed elsewhere in this Policy do not apply to bond proceeds. 4.0 Prudence: The standard of prudence to be used by the Director of Finance/Treasurer shall be the “prudent investor standard”. This shall be applied in the context of managing an overall portfolio. The “prudent investor standard” is applied to local agencies, pursuant to California Government Code Section 53600.3 which provides, in pertinent part: “ … all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. 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 of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency…” 4.1 Personal Responsibility: The Director of Finance/Treasurer, Assistant Director of Finance, Treasury Manager and Finance Manager as investment officers acting in accordance with written procedures and the Investment Policy and exercising due diligence, shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported to the City Council in a timely fashion and appropriate action is taken to control adverse developments. Page 284 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 3 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); 5.0 Objective: Consistent with this aim, investments are made under the terms and conditions of California Government Code Section 53600, et seq. Criteria for selecting investments and the absolute order of priority are: 5.1 Safety: Safety of principal is the foremost objective of the investment program. Investments of the City of Chula Vista shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, diversification is required in order that potential losses on individual securities do not exceed the income generated from the remainder of the portfolio. 5.2 Liquidity: The City of Chula Vista’s investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated and to maintain compliance with any indenture agreement, as applicable. Liquidity is essential to the safety of principal. 5.3 Return on Investments: The City of Chula Vista’s investment portfolio shall be designed with the objective of attaining a market-average rate of return throughout budgetary and economic cycles (market interest rates), within the City’s Investment Policy’s risk parameters and the City’s cash flow needs. See also Section 16.0. 6.0 Delegation of Authority: The City Council delegates responsibility for the investment program to the Director of Finance/Treasurer for a period of one year. Subject to review, the City Council may renew the delegation of authority each year. The Director of Finance/Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls and written procedures to regulate the activities of subordinate officials. The responsibility for the day-to-day investment of City funds will be delegated to the Assistant Director of Finance or their designee. The Director of Finance/Treasurer may delegate day-to-day investment decision making and execution authority to an investment advisor. The advisor shall follow the Investment Policy and such other written instructions as are provided. Page 285 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 4 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); 7.0 Ethics and Conflicts of Interest: In addition to state and local statutes relating to conflicts of interest, all persons involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. Employees and investment officers, including investment advisors, are required to file annual disclosure statements as required for “public officials who manage public investments” [as defined and required by the Political Reform Act and related regulations, including Government Code Sections 81000, et seq., and the rules, regulations and guidelines promulgated by California’s Fair Political Practices Commission (FPPC)]. 8.0 Authorized Financial Dealers and Institutions: For any transactions executed by the City, the City’s Director of Finance/Treasurer will maintain a list of the financial institutions and brokers/dealers authorized to provide investment and depository services and will perform an annual review of their financial condition. The City will utilize Moody’s Securities or other such services to determine financially sound institutions with which to do business. The City shall annually send a copy of the current Investment Policy to all financial institutions and brokers/dealers approved to do business with the City. As far as possible, all money belonging to, or in the custody of, a local agency, including money paid to the City’s Director of Finance/Treasurer or other official to pay the principal, interest, or penalties of bonds, shall be deposited for safekeeping in state or national banks, savings associations, federal associations, credit unions, or federally insured industrial loan companies in this state selected by the City’s Director of Finance/Treasurer; or may be invested in the investments set forth in Section 9.0. To be eligible to receive local agency money, a bank, savings association, federal association, or federally insured industrial loan company shall have received an overall rating of not less than “satisfactory” in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California’s communities, including low- and moderate-income neighborhoods. To provide for the optimum yield in the investment of City funds, the City’s investment procedures shall encourage competitive bidding on transactions. Any transactions not executed directly with the issuer shall be made with approved brokers/dealers. In order to be approved by the City, the Page 286 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 5 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); broker/dealer must meet the following criteria: (i) the broker/dealer must be a “primary” dealer or regional broker/dealer that qualifies under Securities and Exchange Commission Rule 15C3-1 (Uniform Net Capital Rule); (ii) the broker/dealer must be experienced in institutional trading practices and familiar with the California Government Code as related to investments appropriate for the City; and (iii) all other applicable criteria, as may be established in the investment procedures. All brokers/dealers and financial institutions who desire to become qualified bidders for investment transactions must submit documents relative to eligibility including U4 form for the broker, proof of Financial Industry Regulatory Authority (FINRA) certification and a certification of having read and understood the City’s Investment Policy and agreeing to comply with the Investment Policy. The City’s Director of Finance/Treasurer shall determine if they are adequately capitalized (i.e. minimum capital requirements of $10,000,000 and five years of operation). If the City has an investment advisor, the investment advisor may use its own list of authorized issuers and broker/dealers to conduct transactions on behalf of the City. 9.0 Authorized and Suitable Investments: The City is authorized by California Government Code Section 53600, et. seq., to invest in specific types of securities. Where this section specifies a percentage limitation for a particular security type, that percentage is applicable only on the date of purchase. Credit criteria listed in this section refers to the credit rating at the time the security is purchased. If an investment’s credit rating falls below the minimum rating required at the time of purchase, the Director of Finance/Treasurer will perform a timely review and decide whether to sell or hold the investment. Investments not specifically listed below are deemed inappropriate and prohibited: A. BANKERS’ ACCEPTANCES. A maximum of 40% of the total portfolio may be invested in bankers’ acceptances. The maximum maturity is 180 days. No more than 30% of the agency’s moneys may be invested in the bankers’ acceptances of any one commercial bank. See Government Code Section 53601(g). B. NEGOTIABLE CERTIFICATES OF DEPOSIT. A maximum of 30% of the total portfolio may be invested in negotiable certificates of deposit (NCD’s). The maximum maturity of a NCD issue shall be 5 years. These are issued by commercial banks and thrift institutions against funds deposited for specified periods of time and earn specified or variable rates of interest. Negotiable certificates of Page 287 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 6 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); deposit (NCD’s) differ from other certificates of deposit by their liquidity. NCD’s are traded actively in secondary markets. See Government Code Section 53601(i). C. COMMERCIAL PAPER. A maximum of 40% of the total portfolio may be invested in commercial paper. No more than 10% of the City’s total investment assets may be invested in the commercial paper and the medium-term notes of any single issuer. The maximum maturity is 270 days. Commercial paper of prime quality of the highest ranking or of the highest letter and number rating as provided for by a NRSRO. The entity that issues the commercial paper shall meet all of the following conditions in either paragraph (1) or paragraph (2): 1) The entity meets the following criteria: a. Is organized and operating in the United States as a general corporation. b. Has total assets in excess of five hundred million dollars ($500,000,000). c. Has debt other than commercial paper, if any, that is rated in a rating category of “A” or higher, or the equivalent, by a NRSRO. 2) The entity meets the following criteria: a. Is organized within the United States as a special purpose corporation, trust, or limited liability company. b. Has program wide credit enhancements including, but not limited to, over collateralization, letters of credit, or surety bond. c. Has commercial paper that is rated in a rating category of “A-1” or higher, or the equivalent, by a NRSRO. See Government Code Section 53601(h). D. BONDS ISSUED BY THE CITY OR ANY LOCAL AGENCY WITHIN THE STATE OF CALIFORNIA. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(a) and 53601(e). E. OBLIGATIONS OF THE UNITED STATES TREASURY. United States Treasury Notes, bonds, bills or certificates of indebtedness, or those for which the faith and credit of the United States are pledged for the payment of principal and interest. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(b). F. FEDERAL AGENCIES. Federal agency or United States government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to Page 288 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 7 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); principal and interest by federal agencies or United States government-sponsored enterprises. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(f). G. REPURCHASE AGREEMENT, maximum term 1 year. Investments in repurchase agreements may be made, on any investment authorized in this section, when the term of the agreement does not exceed 1 year. A Master Repurchase Agreement must be signed with the bank or broker/dealer who is selling the securities to the City. There is no limit on the percentage of the total portfolio that can be invested in this category. See Government Code Section 53601(j). H. REVERSE-REPURCHASE AGREEMENTS (Requires Council approval for each transaction). Per Government Code Section 53601(j), reverse repurchase agreements or securities lending agreements may be utilized only when all of the following conditions are met: a) The security to be sold on reverse repurchase agreement or securities lending agreement has been owned and fully paid for by the local agency for a minimum of 30 days prior to sale. b) The total of all reverse repurchase agreements and securities lending agreements on investments owned by the local agency does not exceed 20% of the base value of the total portfolio. c) The agreement does not exceed a term of 92 days, unless the agreement includes a written codicil guaranteeing a minimum earning or spread for the entire period between the sale of a security using a reverse repurchase agreement or securities lending agreement and the final maturity date of the same security. d) Funds obtained or funds within the pool of an equivalent amount to that obtained from selling a security to a counter party by way of a reverse repurchase agreement or securities lending agreement, shall not be used to purchase another security with a maturity longer than 92 days from the initial settlement date of the reverse repurchase agreement or securities lending agreement, unless the reverse repurchase agreement or securities lending agreement includes a written codicil guaranteeing a minimum earning or spread for the entire period between the sale of a security using a reverse repurchase agreement or securities lending agreement and the final maturity date of the same security. e) Investments in reverse repurchase agreements, securities lending agreements, or similar investments in which the local agency sells securities prior to purchase with a simultaneous agreement to repurchase the security shall only be made with primary Page 289 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 8 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); dealers of the Federal Reserve Bank of New York or with a nationally or state-chartered bank that has or has had a significant banking relationship with a local agency. f) For purposes of this policy, “significant banking relationship” means any of the following activities of a bank: i. Involvement in the creation, sale, purchase, or retirement of a local agency’s bonds, warrants, notes, or other evidence of indebtedness. ii. Financing of a local agency’s activities. iii. Acceptance of a local agency’s securities or funds as deposits. I. MEDIUM-TERM CORPORATE NOTES. A maximum of 30% of the total portfolio may be invested in medium-term corporate notes, with a maximum remaining maturity of five years or less. Notes eligible for investment shall be rated in a rating category of “A,” its equivalent or better by a NRSRO. See Government Code Section 53601(k). No more than 10% of the City’s total investment assets may be invested in the commercial paper and the medium-term notes of any single issuer. J. NON-NEGOTIABLE CERTIFICATES OF DEPOSIT. The maximum maturity is 5 years. Certificates of deposit are required to be collateralized as specified under Government Code Section 53630 et seq. The City, at its discretion, may waive the collateralization requirements for any portion that is covered by Federal Deposit Insurance Corporation (FDIC) insurance. There is no limit on the percentage of the portfolio that can be invested in this category. K. OBLIGATIONS OF THE STATE OF CALIFORNIA. Including bonds payable solely out of revenues from a revenue producing property owned, controlled or operated by the state, or by a department, board, agency or authority of the state. The maximum maturity is 5 years. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(d). L. OBLIGATIONS OF THE OTHER 49 STATES. Including bonds payable solely out of revenues from a revenue producing property owned, controlled or operated by any of these states, or by a department, board, agency or authority of the state. The maximum maturity is 5 years. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(d). Page 290 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 9 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); M. MONEY MARKET FUNDS. A maximum of 20% of the total portfolio may be invested in money market funds. No more than 10% of the agency’s funds may be invested in shares of beneficial interest of any one mutual fund. Local agencies may invest in “shares of beneficial interest” issued by diversified management companies which invest in the securities and obligations as authorized by California Government Code Section 53601, subdivisions (a) to (k), inclusive, and subdivisions (m) to (q), inclusive. They must have the highest rating from two NRSRO’s or have retained an investment advisor registered or exempt from registration with the Securities and Exchange Commission with not less than five years of experience managing money market mutual funds and with assets under management in excess of $500,000,000. The purchase price of the shares may not include commission. See Government Code Section 53601(l). N. SAN DIEGO COUNTY TREASURER’S POOLED MONEY FUND. Also known as the San Diego County Investment Pool, the pool is a local government money fund created to invest the assets of the County of San Diego and other public agencies located within the County. The three primary objectives of the County Pool are to safeguard principal; to meet liquidity needs of Pool participants; and to achieve an investment return on the funds within the guidelines of prudent risk management. Investment in the County Pool is highly liquid and the City may invest with no portfolio percentage limit. See Government Code Section 27133. O. THE LOCAL AGENCY INVESTMENT FUND (LAIF). LAIF is a special fund of the California State Treasury through which any local government may pool investments. The City may invest up to $75 million in this fund. Investments in LAIF are highly liquid and may be converted to cash within 24 hours. See Government Code Section 16429.1. P. SHARES OF BENEFICIAL INTEREST ISSUED BY A JOINT POWERS AUTHORITY (Local Government Investment Pools [LGIP]). Per Government Code Section 53601(p), there is no limit on the percentage of the portfolio that can be invested in this category. LGIP’s organized pursuant to Government Code Section 6509.7 that invests in the securities and obligations authorized in subdivisions (a) to (q) of California Government Code Section 53601, inclusive. Each share will represent an equal proportional interest in the underlying pool of securities owned by the joint powers authority. To be eligible under this section the joint powers authority issuing the shares will have retained an investment adviser that meets all of the following criteria: • The adviser is registered or exempt from registration with the Securities and Exchange Commission. Page 291 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 10 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); • The adviser has not less than five years of experience investing in the securities and obligations authorized in subdivisions (a) to (q) Government Code Section 53601, inclusive. • The adviser has assets under management in excess of five hundred million dollars ($500,000,000). Q. ASSET BACKED SECURITIES (ABS). A maximum of 20% of the total portfolio may be invested in ABS. The maximum maturity is five years. Securities eligible for investment under this subdivision not issued or guaranteed by issuers identified in subdivision E and F, shall be rated in a rating category of “AA” or its equivalent or better by an NRSRO. ABS constitutes a mortgage pass- through 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. See Government Code Section 53601(o). R. SUPRANATIONALS. A maximum of 30% of the portfolio may be invested in supranationals. The maximum maturity is five years. Securities eligible for purchase under this subdivision shall be United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank that are eligible for purchase and sale within the United States. Investments under this subdivision shall be rated in a rating category of “AA,” its equivalent or better by an NRSRO. See Government Code Section 53601(q). S. PLACEMENT SERVICE DEPOSITS. A maximum of 30% of the total portfolio may be invested in placement service deposits. The maximum maturity is 5 years. Deposits placed through a deposit placement service shall meet the requirements under Government Code Section 53601.8 and 53635.8. The full amount of the principal and the interest that may be accrued during the maximum term of each certificate of deposit shall at all times be insured by federal deposit insurance. T. COLLATERALIZED BANK DEPOSITS. Notes, bonds, or other obligations that are at all times secured by a valid first priority security interest in securities of the types listed by California Government Code Section 53651 as eligible securities for the purpose of securing local agency deposits having a market value at least equal to that required by California Government Code Section 53652 for the purpose of securing local agency deposits. The securities serving as collateral shall be placed by delivery or book entry into the custody of a trust company or the trust department of a bank that is not affiliated with the issuer of the secured obligation. The maximum maturity is Page 292 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 11 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); 5 years. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(n) and 53630 et seq. 9.1 Investment Pools: The City’s Director of Finance/Treasurer or designee shall be required to investigate all local government investment pools and money market mutual funds prior to investing and performing at least a quarterly review thereafter while the City is invested in the pool or the money market fund. LAIF is authorized under provisions in Section 16429.1 of the California Government Code as an allowable investment for local agencies even though some of the individual investments of the pool are not allowed as a direct investment by a local agency. 10.0 Portfolio Adjustments: Should any investment listed in section 9.0 exceed a percentage-of-portfolio limitation due to an incident such as fluctuation in portfolio size, the affected securities may be held to maturity to avoid losses. When no loss is indicated, the Director of Finance/Treasurer shall consider reconstructing the portfolio basing his or her decision on the expected length of time the portfolio will be unbalanced. If this occurs, the City Council shall be notified. 11.0 Collateralization: Under provisions of the California Government Code, California banks, and savings and loan associations are required to secure the City’s deposits by pledging letters of credit issued by the Federal Home Loan Bank of San Francisco with a value of 105% of the principal and accrued interest, government securities with a value of 110% of principal and accrued interest or first trust deed mortgage notes having a value of 150% of the City’s total deposits. Collateral will be handled as required by the California Government Code. The Director of Finance/Treasurer, at his or her discretion, may waive the collateral requirement for deposits that are fully insured up to $250,000 by the Federal Deposit Insurance Corporation. The market value of securities that underlay a repurchase agreement shall be valued at 102% or greater of the funds borrowed against those securities and the value shall be adjusted no less than quarterly. Since the market value of the underlying securities is subject to daily market fluctuations, the investments in repurchase agreements shall be in compliance if the value of the underlying securities is Page 293 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 12 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); brought back up to 102% no later than the next business day. Collateral will always be held by an independent third party. A clearly marked evidence of ownership (safekeeping receipt) must be supplied to the City and retained. The right of collateral substitution is granted. 12.0 Safekeeping and Custody: All City investments shall identify the City of Chula Vista as the registered owner, and all interest and principal payments and withdrawals shall indicate the City of Chula Vista as the payee. All securities shall be safe kept with the City itself or with a qualified financial institution, contracted by the City as a third party. All agreements and statements will be subject to review annually by external auditors in conjunction with their audit. In the event that the City has a financial institution hold the securities, a separate custodial agreement shall be required. All deliverable securities shall be acquired by the safekeeping institution on a “Delivery-Vs-Payment” (DVP) basis. For Repurchase Agreements, the purchase may be delivered by book entry, physical delivery or by third-party custodial agreement consistent with the Government Code. The transfer of securities to the counter party bank’s customer book entry account may be used for book entry delivery. 13.0 Diversification: The City’s investment portfolio will be diversified to avoid incurring unreasonable and avoidable risks associated with concentrating investments in specific security types, maturity segment, or in individual financial institutions. No more than 5% of the investment portfolio shall be in securities of any one issuer except for U.S. Treasuries, U.S. Government Agency issues, and investment pools such as LAIF, the San Diego County Pool, money market funds, Joint Power Authorities (JPA’s), and local government investment pools (LGIP’s). A. Credit risk, defined as the risk of loss due to failure of the insurer of a security, shall be mitigated by investing in those securities with an “A” or above rating and approved in the Investment Policy and by diversifying the investment portfolio so that the failure of any one issuer would not unduly harm the City’s cash flow. B. Market risk, defined as the risk of market value fluctuations due to overall changes in the general level of interest rates, shall be mitigated by implementing a long-term investment strategy. It is explicitly recognized herein, however, that in a diversified portfolio, occasional measured losses are inevitable and must be considered within the context of overall investment return. The City’s Page 294 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 13 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated. 14.0 Maximum Maturities: To the extent possible, the City will attempt to match its investments with anticipated cash flow requirements. The City will not directly invest in securities maturing more than five (5) years from the date of purchase, unless, the legislative body has granted express authority to make that investment either specifically, or as a part of an investment program approved by the City Council at least three (3) months prior to the investment. 15.0 Internal Control: The Director of Finance/Treasurer shall establish a system of internal controls designed to prevent loss of public funds due to fraud, employee error, or misrepresentation by third parties. No investment personnel, including an investment advisor, may engage in an investment transaction except as provided for under the terms of this Investment Policy and the procedure established by the Director of Finance/Treasurer. The external auditors shall annually review the investments with respect to the Investment Policy. This review will provide internal control by assuring compliance with policies and procedures for the investments that are selected for testing. Additionally, account reconciliation and verification of general ledger balances relating to the purchasing or maturing of investments and allocation of investments to fund balances shall be performed by the Finance Department and approved by the Director of Finance/Treasurer. To provide further protection of City funds, written procedures prohibit the wiring of any City funds without the authorization of at least two of the following six designated City staff: 1. Director of Finance/Treasurer 2. Assistant Director of Finance 3. Treasury Manager 4. Finance Manager 5. Revenue Manager Page 295 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 14 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); 6. Budget and Analysis Manager 16.0 Performance Standards: The investment portfolio shall be managed to attain a market-average rate of return throughout budgetary and economic cycles, taking into account the City’s investment risk constraints and cash flow. Investment return becomes a consideration only after the basic requirements of investment safety and liquidity have been met. In evaluating the performance of the City’s portfolio in complying with this policy, the City shall establish an appropriate performance benchmark and compare the return of its portfolio to the return of the benchmark. 17.0 Reporting: The Director of Finance/Treasurer shall submit a quarterly investment report to the City Council and City Manager within 45 days following the end of each quarter. This report will include the following elements:  Type of investment  Institutional issuer  Purchase date  Date of maturity  Amount of deposit or cost of the investment  Face value of the investment  Current market value of securities and source of valuation  Rate of interest  Interest earnings  Statement relating the report to its compliance with the Statement of Investment Policy or the manner in which the portfolio is not in compliance  Statement on availability of funds to meet the next six month’s obligations  Monthly and year-to-date budget amounts for interest income  Percentage of portfolio by investment type  Days to maturity for all investments  Comparative report on interest yields  Monthly transactions Page 296 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 15 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025);  Compare portfolio total return to market benchmark total return In addition, a commentary on capital markets and economic conditions may be included with the report. 18.0 Investment Policy Review and Adoption: This Investment Policy shall be reviewed at least annually by the Director of Finance/Treasurer to ensure its consistency with the overall objective of preservation of principal, liquidity, and return, and its relevance to current law and financial and economic trends. Each fiscal year, the Finance Director shall provide a copy of the City’s current Investment Policy and Guidelines to the City Council. By virtue of a resolution of the City Council of the City of Chula Vista, the Council shall acknowledge the receipt of the Policy for the respective fiscal year. Page 297 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 16 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); GLOSSARY AGENCIES: Federal agency securities. ASSET BACKED SECURITIES: Securities supported by pools of installment loans or leases or by pools of revolving lines of credit. ASKED: The price at which securities are offered. (The price at which a firm will sell a security to an investor.) BANKERS’ ACCEPTANCE (BA): A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill, as well as the issuer. The drafts are drawn on a bank by an exporter or importer to obtain funds to pay for specific merchandise. An acceptance is a high-grade negotiable instrument. BASIS POINT: One one-hundredth of a percent (i.e., 0.01 %). BID: The price offered by a buyer of securities. (When you are selling securities, you ask for a bid.) BROKER: A broker brings buyers and sellers together for a commission. He does not take a position. CALLABLE: A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline, the issuer will likely call its current securities and reissue them at a lower rate of interest. CERTIFICATE OF DEPOSIT (CD): A time deposit with a specific maturity evidenced by a certificate. Large-denomination CD’s are typically negotiable. COLLATERAL: Securities, evidence of deposit or other property, which a borrower pledges to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public monies. COLLATERALIZED MORTGAGE OBLIGATIONS (CMO): Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities. COMMERCIAL PAPER: Short term unsecured promissory note issued by a corporation to raise working capital. These negotiable instruments are purchased at a discount to par value or at par value Page 298 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 17 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); with interest bearing. Commercial paper is issued by corporations such as General Motors Acceptance Corporation, IBM, Bank of America, etc. DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own account. DELIVERY VERSUS PAYMENT: There are two methods of delivery of securities: delivery versus payment and delivery versus receipt. Delivery versus payment is delivery of securities with an exchange of money for the securities. Delivery versus receipt is delivery of securities with an exchange of a signed receipt for the securities. DIVERSIFICATION: Dividing investment funds among a variety of securities offering independent returns. FEDERAL AGENCIES: Agencies of the Federal government set up to supply credit to various classes of institutions (e.g., S&L’s, small business firms, students, farmers, farm cooperatives, and exporters). FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): A Federal agency that insures bank deposits, currently up to $250,000 per deposit. FEDERAL RESERVE SYSTEM: The central bank of the United States created by Congress and consisting of a seven-member Board of Governors in Washington, D.C.; 12 regional banks and about 5,700 commercial banks are members of the system. FIDUCIARY: A person or organization that acts on behalf of another person(s) or organization that puts their clients’ interest ahead of their own as they are bound both legally and ethically to act in the other’s best interests. LIQUIDITY: A liquid asset is one that can be converted easily and rapidly into cash without a substantial loss of value. In the money market, a security is said to be liquid if the spread between bid and asked prices is narrow and reasonable size can be done at those quotes. LOCAL AGENCY INVESTMENT FUND (LAIF): The aggregate of all funds from political subdivisions that are placed in the custody of the State Treasurer for investment and reinvestment. Page 299 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 18 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); LOCAL GOVERNMENT INVESTMENT POOL (LGIP): An investment pool offered by a state or local agency to public entities for the investment of public funds. MARKET VALUE: The price at which a security is trading and could presumable be purchased or sold. MATURITY: The date upon which the principal or stated value of an investment becomes due and payable. The investment’s term or remaining maturity is measured from the settlement date to final maturity. MORTGAGE PASS-THROUGH SECURITIES: A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security. NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS (NRSROs): Credit rating agencies that issue credit ratings that the Securities and Exchange Commission (SEC) permits other financial firms to use for certain regulatory purposes. NEGOTIABLE CERTIFICATES OF DEPOSIT : Unsecured obligations of the financial institution, bank or savings and loan, bought at par value with the promise to pay face value plus accrued interest at maturity. They are high-grade negotiable instruments, paying a higher interest rate than regular certificates of deposit. OFFER: The price asked by a seller of securities. (When you are buying securities, you ask for an offer). PORTFOLIO: Collection of securities held by an investor. PRIMARY DEALER: A group of government securities dealers who submit daily reports of market activity and positions and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC)-registered securities broker/dealers, banks and a few unregulated firms. PRUDENT INVESTOR STANDARD: An investment standard. In some states, the law requires that a fiduciary, such as a trustee, may invest money only in a list of securities selected by the custody state - Page 300 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 19 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); the so-called “legal list”. In other states, the trustee may invest in a security if it is one that would be bought by a prudent person of discretion and intelligence who is seeking a reasonable income and preservation of capital. RATE OF RETURN: The yield obtainable on a security based on its purchase price or its current market price. SAFEKEEPING: A service to customers rendered by banks for a fee whereby securities and valuables of all types and descriptions are held in the bank’s vaults for protection. SECONDARY MARKET: A market made for the purchase and sale of outstanding issues following the initial distribution. SECURITIES & EXCHANGE COMMISSION (SEC): Agency created by Congress to protect investors in securities transactions by administering securities legislation. SEC RULE 15C3-1: See “Uniform Net Capital Rule”. TREASURY BILLS: A non-interest bearing discount security issued by the U.S. Treasury to finance the national debt. Most bills are issued to mature in three months, six months, or one year. TREASURY BOND: Long-term U.S. Treasury securities having initial maturities of more than 10 years. TREASURY NOTES: Intermediate-term coupon bearing U.S. Treasury having initial maturities of one year to ten years. UNIFORM NET CAPITAL RULE: Securities and Exchange Commission requirement that member firms as well as nonmember broker/dealers in securities maintain a maximum ratio of indebtedness to liquid capital of 15 to 1; also called net capital rule and net capital ratio. Indebtedness covers all money owed to a firm, including margin loans and commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash. YIELD: The rate of annual income return on an investment, expressed as a percentage. (a) Income Page 301 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/11/2025 20 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); Yield is obtained by dividing the current dollar income by the current market price for the security. (b) Net Yield or Yield to Maturity is the current income yield minus any premium above par or plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond. Page 302 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda % of Investment Type Par Value Market Value Book Value Portfolio Managed Investment Portfolio Asset Back Securities - - - 0.00% Federal Agency 168,026,000 166,665,184 167,782,218 22.60% Commercial Paper - - - 0.00% Corporate Note 156,039,000 154,257,975 155,073,422 20.89% BNY Custodial Cash Account 606,903 606,903 606,903 0.08% Municipal Bond 55,453,531 54,238,066 54,879,202 7.39% Negotiable Certificate of Deposit 5,722,000 5,692,853 5,722,000 0.77% Supranationals 21,500,000 21,149,056 21,382,029 2.88% U.S. Treasury Bond/Note 206,750,000 203,879,674 204,063,966 27.49% Placement Service Deposits (CDARS) 4,062,941 4,062,941 4,062,941 0.55% Cash Purchase in Transit (Payable)- - - 0.00% Interest in Transit (Receivable)221,438 221,438 221,438 0.03% Cash - - - 0.00% Cash Subtotal 221,438 221,438 221,438 0.03% Managed Investment Portfolio Subtotal 618,381,813 610,774,089 613,794,118 82.14% Pooled Investments State of CA Local Agency Investment Fund 30,585,734 30,585,734 30,585,734 4.12% County of San Diego Pooled Investment Fund 25,479 25,479 25,479 0.00% Pooled Investments Subtotal 30,611,213 30,611,213 30,611,213 4.12% Investments Held by the City 648,993,025 641,385,301 644,405,331 86.27% Cash/Time Deposits 22,404,190 22,404,190 22,404,190 3.02% Total Cash & Investments Held by the City $671,397,215 $663,789,491 $666,809,521 89.83% Held by Bank Trustee/Fiduciary Funds Cash with Fiscal Agents 919,166 919,166 919,166 0.12% Mutual Funds 31,295,374 31,295,374 31,295,374 4.22% United States Treasury Securities - - - 0.00% San Diego County Investment Pool 5,980,379 5,980,379 5,980,379 0.81% Local Agency Investment Fund 8,532,374 8,529,149 8,532,374 1.15% Section 115 Trust 28,745,695 28,745,695 28,745,695 3.87% Total Held by Bank Trustee/Fiduciary Funds $75,472,988 $75,469,763 $75,472,988 10.17% Total Portfolio $746,870,203 $739,259,254 $742,282,509 100.00% Notes: 1. Reflects bond proceeds and tax levy revenues held by trustee in accordance with bond covenants. 2. Par value is the principal amount of the investment on maturity. 3. Market values contained herein are received from sources we believe are reliable, however we do not guarantee their accuracy. 4. Market values do not include accrued interest. 5. Book value is the value at which an asset is carried on the balance sheet and does not include accrued interest. Summary of Cash and Investments as of December 31, 2024 City of Chula Vista Page 303 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 PORTFOLIO SUMMARY Portfolio Characteristics Sector Allocation Account Summary Maturity Distribution Top Issuers Credit Quality Average Modified Duration 1.67 Average Coupon 3.18% Average Purchase YTM 3.70% Average Market YTM 4.39% Average Quality AA Average Final Maturity 1.82 Average Life 1.71 Beg. Values as of 12/01/2024 End Values as of 12/31/2024 Market Value 630,711,756.28 641,385,301.38 Accrued Interest 4,566,711.74 4,715,495.27 Total Market Value 635,278,468.02 646,100,796.65 Income Earned 1,505,093.21 2,243,075.53 Cont/WD (14,986,379.79)10,007,519.53 Par 637,264,718.42 648,993,025.34 Book Value 632,578,644.99 644,405,330.59 Cost Value 630,452,529.06 642,288,298.70 Government of The United States 31.79% Farm Credit System 11.91% Federal Home Loan Banks 11.72% LAIF 4.77% FNMA 1.75% JPMorgan Chase & Co.1.74% The Home Depot, Inc.1.68% State of California 1.54% *See Footnote The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch Investment Report for the Quarter Ended December 31, 2024 City of Chula Vista 1 of 27Page 304 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 STATEMENT OF COMPLIANCE Rules Name Limit Actual Compliance Status Notes AGENCY MORTGAGE SECURITIES (CMOS) Max % (MV)100.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant ASSET-BACKED SECURITIES (ABS) Max % (MV; Non Agency ABS & MBS)20.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant BANKERS' ACCEPTANCES Max % (MV)40.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Days)180 0.0 Compliant CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS) Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant COLLATERALIZED BANK DEPOSITS Max % (MV)100.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE CD/TD) Max % (MV)100.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)3.0 0.0 Compliant COMMERCIAL PAPER Max % (MV)40.0 0.0 Compliant Max % Issuer (Corporate & Commercial Paper; MV)10.0 1.7 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Days)270 0.0 Compliant Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant CORPORATE MEDIUM TERM NOTES Max % (MV)30.0 24.1 Compliant 2 of 27Page 305 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 STATEMENT OF COMPLIANCE Rules Name Limit Actual Compliance Status Notes Max % Issuer (Corporate & Commercial Paper; MV)10.0 1.7 Compliant Max % Issuer (MV)5.0 1.7 Compliant Max Maturity (Years)5 4 Compliant Min Rating (A- by 1)0.0 1 Not Compliant Complied at Time of Purchase; Intel Ratings Downgraded by S&P, Moody's and Fitch FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/ TD) Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant FEDERAL AGENCIES Max % (MV)100.0 26.0 Compliant Max Maturity (Years)5 4 Compliant LOCAL AGENCY INVESTMENT FUND (LAIF) Max Concentration (MV)75.0 30.6 Compliant LOCAL GOVERNMENT INVESTMENT POOL (LGIP) Max % (MV)100.0 0.0 Compliant MONEY MARKET MUTUAL FUNDS Max % (MV; Money Market Fund & Mutual Fund)20.0 0.1 Compliant Min Rating (AAA by 2)0.0 0.0 Compliant MORTGAGE-BACKED SECURITIES (NON-AGENCY) Max % (MV)20.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant MUNICIPAL SECURITIES (CA, LOCAL AGENCY) Max % (MV)100.0 7.4 Compliant Max % Issuer (MV)5.0 1.5 Compliant Max Maturity (Years)5 4 Compliant MUNICIPAL SECURITIES (CA, OTHER STATES) Max % (MV)100.0 1.1 Compliant Max % Issuer (MV)5.0 0.7 Compliant Max Maturity (Years)5 1 Compliant MUTUAL FUNDS Max % (MV; Money Market Fund & Mutual Fund)20.0 0.1 Compliant 3 of 27Page 306 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 STATEMENT OF COMPLIANCE Rules Name Limit Actual Compliance Status Notes Max % Issuer (MV)10.0 0.0 Compliant Min Rating (AAA by 2)0.0 0.0 Compliant NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD) Max % (MV)30.0 0.9 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant REPURCHASE AGREEMENTS Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)1.0 0.0 Compliant REVERSE REPURCHASE AGREEMENTS Max % (MV)20.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Days)92.0 0.0 Compliant SUPRANATIONAL OBLIGATIONS Max % (MV)30.0 3.3 Compliant Max % Issuer (MV)5.0 1.4 Compliant Max Maturity (Years)5 3 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant U.S. TREASURIES Max % (MV)100.0 31.8 Compliant Max Maturity (Years)5 5 Compliant 4 of 27Page 307 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration AGENCY 3133ENKS8 FEDERAL FARM CREDIT BANKS FUNDING CORP 1.125 01/06/2025 1,500,000.00 01/10/2022 1.19% 1,496,925.00 1,499,985.92 99.96 4.34% 1,499,461.23 8,203.13 0.23% (524.69) Aaa/AA+ AA+ 0.02 0.01 3130A4CH3 FEDERAL HOME LOAN BANKS 2.375 03/14/2025 3,000,000.00 12/17/2021 0.95% 3,137,340.00 3,008,358.82 99.59 4.40% 2,987,740.89 21,177.08 0.47% (20,617.93) Aaa/AA+ AA+ 0.20 0.20 3130ARA35 FEDERAL HOME LOAN BANKS 2.0 03/24/2025 3,000,000.00 03/02/2022 2.00% 3,000,000.00 3,000,000.00 99.48 4.27% 2,984,460.21 16,166.67 0.47% (15,539.79) Aaa/AA+ AA+ 0.23 0.23 3130ANX96 FEDERAL HOME LOAN BANKS 0.6 03/28/2025 3,500,000.00 12/15/2021 1.06% 3,447,500.00 3,496,234.36 99.13 4.26% 3,469,643.91 5,425.00 0.54% (26,590.46) Aaa/AA+ AA+ 0.24 0.24 3130ARJP7 FEDERAL HOME LOAN BANKS 2.67 04/21/2025 2,500,000.00 03/25/2022 2.67% 2,500,000.00 2,500,000.00 99.49 4.37% 2,487,159.18 12,979.17 0.39% (12,840.83) Aaa/AA+ AA+ 0.30 0.30 3130APKK0 FEDERAL HOME LOAN BANKS 0.85 04/28/2025 1,730,000.00 10/15/2021 0.85% 1,730,000.00 1,730,000.00 98.87 4.38% 1,710,535.49 2,573.38 0.27% (19,464.51) Aaa/AA+ AA+ 0.32 0.32 3130APXP5 FEDERAL HOME LOAN BANKS 1.15 05/23/2025 3,000,000.00 11/17/2021 1.15% 3,000,000.00 3,000,000.00 98.75 4.40% 2,962,385.16 3,641.67 0.46% (37,614.84) Aaa/AA+ AA+ 0.39 0.39 3130ASG86 FEDERAL HOME LOAN BANKS 3.375 06/13/2025 2,500,000.00 08/01/2022 2.85% 2,536,625.00 2,505,701.89 99.55 4.39% 2,488,829.80 4,218.75 0.39% (16,872.09) Aaa/AA+ AA+ 0.45 0.44 3135G04Z3 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.5 06/17/2025 4,000,000.00 12/27/2021 1.07% 3,921,600.00 3,989,674.45 98.32 4.24% 3,932,771.28 777.78 0.61% (56,903.17) Aaa/AA+ AA+ 0.46 0.45 3133ENHW3 FEDERAL FARM CREDIT BANKS FUNDING CORP 1.17 06/23/2025 3,000,000.00 12/14/2021 1.17% 3,000,000.00 3,000,000.00 98.49 4.42% 2,954,571.99 780.00 0.46% (45,428.01) Aaa/AA+ AA+ 0.48 0.47 3130APK38 FEDERAL HOME LOAN BANKS 0.875 06/27/2025 3,500,000.00 01/06/2022 1.21% 3,459,774.50 3,494,384.93 98.38 4.27% 3,443,472.66 5,444.44 0.54% (50,912.27) Aaa/AA+ AA+ 0.49 0.48 3130AQ5S8 FEDERAL HOME LOAN BANKS 1.25 06/30/2025 3,500,000.00 12/01/2021 1.25% 3,500,000.00 3,500,000.00 98.54 4.26% 3,449,060.27 121.53 0.54% (50,939.74) Aaa/AA+ AA+ 0.50 0.48 3130AQGV9 FEDERAL HOME LOAN BANKS 1.2 07/18/2025 3,500,000.00 12/29/2021 1.20% 3,500,000.00 3,500,000.00 98.36 4.28% 3,442,611.94 19,016.67 0.54% (57,388.07) Aaa/AA+ AA+ 0.54 0.53 3130AQHV8 FEDERAL HOME LOAN BANKS 1.25 07/25/2025 3,000,000.00 01/06/2022 1.25% 3,000,000.00 3,000,000.00 98.33 4.29% 2,949,763.20 16,250.00 0.46% (50,236.80) Aaa/AA+ AA+ 0.56 0.55 3135G05X7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.375 08/25/2025 4,000,000.00 11/17/2021 1.05% 3,899,720.00 3,982,813.30 97.50 4.34% 3,899,838.48 5,250.00 0.61% (82,974.82) Aaa/AA+ AA+ 0.65 0.63 3130AP3F0 FEDERAL HOME LOAN BANKS 0.7 08/29/2025 4,000,000.00 01/06/2022 1.32% 3,911,796.91 3,984,095.61 97.70 4.29% 3,907,829.92 7,155.56 0.61% (76,265.69) Aaa/AA+ AA+ 0.66 0.64 3130A8ZQ9 FEDERAL HOME LOAN BANKS 1.75 09/12/2025 4,000,000.00 11/30/2021 1.05% 4,104,240.00 4,019,158.44 98.22 4.37% 3,928,926.72 21,194.44 0.61% (90,231.72) Aaa/AA+ AA+ 0.70 0.68 5 of 27Page 308 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 3134GWUG9 FEDERAL HOME LOAN MORTGAGE CORP 0.57 09/24/2025 4,000,000.00 12/27/2021 1.18% 3,910,000.00 3,982,487.20 97.35 4.31% 3,893,891.52 6,143.33 0.61% (88,595.68) Aaa/AA+ AA+ 0.73 0.71 3130ARGJ4 FEDERAL HOME LOAN BANKS 2.5 10/14/2025 3,500,000.00 03/22/2022 2.50% 3,500,000.00 3,500,000.00 98.65 4.27% 3,452,783.99 18,715.28 0.54% (47,216.02) Aaa/AA+ AA+ 0.79 0.76 3133ENUZ1 FEDERAL FARM CREDIT BANKS FUNDING CORP 3.09 10/20/2025 3,200,000.00 05/05/2022 3.24% 3,183,877.34 3,196,275.46 99.03 4.33% 3,168,996.06 19,501.33 0.49% (27,279.40) Aaa/AA+ AA+ 0.80 0.78 3130ARLT6 FEDERAL HOME LOAN BANKS 3.1 10/29/2025 3,500,000.00 03/30/2022 3.10% 3,500,000.00 3,500,000.00 99.04 4.30% 3,466,301.69 18,686.11 0.54% (33,698.32) Aaa/AA+ AA+ 0.83 0.80 3135G06G3 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.5 11/07/2025 3,500,000.00 12/08/2021 1.18% 3,408,615.00 3,480,189.26 96.88 4.29% 3,390,680.34 2,625.00 0.53% (89,508.93) Aaa/AA+ AA+ 0.85 0.83 3133ENEG1 FEDERAL FARM CREDIT BANKS FUNDING CORP 1.05 11/17/2025 2,030,000.00 11/17/2021 1.06% 2,028,802.30 2,029,737.67 97.22 4.33% 1,973,477.51 2,605.17 0.31% (56,260.16) Aaa/AA+ AA+ 0.88 0.85 3133ENMM9 FEDERAL FARM CREDIT BANKS FUNDING CORP 1.44 01/27/2026 3,500,000.00 02/01/2022 1.55% 3,485,300.00 3,496,052.40 97.10 4.24% 3,398,567.55 21,560.00 0.53% (97,484.85) Aaa/AA+ AA+ 1.07 1.04 3133ENRG7 FEDERAL FARM CREDIT BANKS FUNDING CORP 2.22 03/10/2026 3,500,000.00 03/08/2022 2.23% 3,498,250.00 3,499,482.06 97.53 4.37% 3,413,487.49 23,957.50 0.53% (85,994.57) Aaa/AA+ AA+ 1.19 1.15 3133ERDZ1 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.75 05/08/2026 6,000,000.00 05/06/2024 4.85% 5,988,360.00 5,992,154.96 100.68 4.22% 6,040,814.28 41,958.33 0.94% 48,659.32 Aaa/AA+ AA+ 1.35 1.29 3130AWGR5 FEDERAL HOME LOAN BANKS 4.375 06/12/2026 5,000,000.00 06/28/2023 4.45% 4,989,050.00 4,994,651.85 100.12 4.29% 5,006,090.05 11,545.14 0.78% 11,438.20 Aaa/AA+ AA+ 1.45 1.38 3133ENV72 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.5 07/27/2026 3,000,000.00 10/24/2022 4.51% 2,998,950.00 2,999,562.24 100.35 4.27% 3,010,368.36 57,750.00 0.47% 10,806.12 Aaa/AA+ AA+ 1.57 1.47 3133ENH45 FEDERAL FARM CREDIT BANKS FUNDING CORP 3.125 08/24/2026 1,666,000.00 09/09/2022 3.58% 1,637,861.26 1,654,316.10 98.21 4.26% 1,636,155.28 18,366.49 0.26% (18,160.82) Aaa/AA+ AA+ 1.65 1.56 3130ASUB3 FEDERAL HOME LOAN BANKS 4.0 08/25/2026 3,500,000.00 07/29/2022 4.00% 3,500,000.00 3,500,000.00 99.24 4.48% 3,473,514.17 49,000.00 0.54% (26,485.83) Aaa/AA+ AA+ 1.65 1.55 3133EPUW3 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.75 09/01/2026 6,000,000.00 09/25/2023 4.96% 5,966,280.00 5,980,857.37 100.78 4.26% 6,046,529.16 95,000.00 0.94% 65,671.79 Aaa/AA+ AA+ 1.67 1.56 3130AWTQ3 FEDERAL HOME LOAN BANKS 4.625 09/11/2026 5,250,000.00 08/30/2023 4.67% 5,243,332.50 5,246,277.76 100.57 4.27% 5,280,167.92 74,192.71 0.82% 33,890.15 Aaa/AA+ AA+ 1.70 1.59 3133EJD55 FEDERAL FARM CREDIT BANKS FUNDING CORP 3.3 09/28/2026 1,000,000.00 09/28/2022 4.14% 968,590.00 986,348.15 98.38 4.27% 983,817.87 8,525.00 0.15% (2,530.28) Aaa/AA+ AA+ 1.74 1.65 3130ARHY0 FEDERAL HOME LOAN BANKS 3.0 10/21/2026 3,750,000.00 03/24/2022 3.00% 3,750,000.00 3,750,000.00 97.55 4.43% 3,658,158.60 21,875.00 0.57% (91,841.40) Aaa/AA+ AA+ 1.80 1.72 6 of 27Page 309 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 3130APRK3 FEDERAL HOME LOAN BANKS 1.43 11/23/2026 2,600,000.00 02/28/2022 1.92% 2,541,500.00 2,576,620.30 94.71 4.37% 2,462,586.41 3,924.56 0.38% (114,033.89) Aaa/AA+ AA+ 1.90 1.83 3130ATVE4 FEDERAL HOME LOAN BANKS 4.5 12/11/2026 1,650,000.00 11/30/2022 4.09% 1,675,007.40 1,662,045.00 100.47 4.24% 1,657,821.58 4,125.00 0.26% (4,223.43) Aaa/AA+ AA+ 1.94 1.84 3130AYPN0 FEDERAL HOME LOAN BANKS 4.125 01/15/2027 6,500,000.00 01/26/2024 4.20% 6,486,090.00 6,490,435.27 99.86 4.20% 6,490,658.59 123,635.42 1.01% 223.32 Aaa/AA+ AA+ 2.04 1.90 3133EP6K6 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.5 03/26/2027 7,000,000.00 04/18/2024 4.88% 6,928,250.00 6,945,467.32 100.50 4.26% 7,035,198.24 83,125.00 1.10% 89,730.92 Aaa/AA+ AA+ 2.23 2.08 3133ERDS7 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.75 05/06/2027 5,500,000.00 06/27/2024 4.57% 5,525,630.00 5,521,030.37 100.88 4.35% 5,548,315.41 39,913.19 0.87% 27,285.04 Aaa/AA+ AA+ 2.34 2.18 3133ENL99 FEDERAL FARM CREDIT BANKS FUNDING CORP 3.375 09/15/2027 3,500,000.00 09/08/2022 3.45% 3,487,890.00 3,493,479.23 97.66 4.30% 3,418,128.39 34,781.25 0.53% (75,350.85) Aaa/AA+ AA+ 2.71 2.52 3133ENW63 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.375 10/27/2027 3,500,000.00 10/24/2022 4.38% 3,498,460.00 3,499,133.59 100.06 4.35% 3,502,019.05 27,222.22 0.55% 2,885.45 Aaa/AA+ AA+ 2.82 2.61 3133ERGL9 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.5 06/07/2028 6,000,000.00 06/25/2024 4.44% 6,012,120.00 6,010,531.46 100.35 4.39% 6,020,845.26 18,000.00 0.94% 10,313.80 Aaa/AA+ AA+ 3.44 3.14 3133EPUN3 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.5 08/28/2028 5,250,000.00 08/30/2023 4.35% 5,281,920.00 5,273,362.50 100.62 4.31% 5,282,520.81 80,718.75 0.82% 9,158.31 Aaa/AA+ AA+ 3.66 3.29 3133EPC45 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.625 11/13/2028 6,400,000.00 11/10/2023 4.70% 6,379,648.00 6,384,270.92 100.91 4.36% 6,458,345.41 39,466.67 1.01% 74,074.49 Aaa/AA+ AA+ 3.87 3.49 3133ERAK7 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.375 04/10/2029 5,000,000.00 04/25/2024 4.76% 4,915,350.00 4,927,041.99 99.92 4.39% 4,995,881.15 49,218.75 0.78% 68,839.16 Aaa/AA+ AA+ 4.27 3.82 Total Agency 168,026,000.00 3.04% 167,434,655.21 167,782,218.16 99.21 4.31% 166,665,184.42 1,146,512.45 25.99% (1,117,033.74) Aaa/AA+ AA+ 1.55 1.45 CASH PP3112$02 Neighborhood Bank CASH 4,062,941.46 -- 1.92% 4,062,941.46 4,062,941.46 1.00 1.92% 4,062,941.46 0.00 0.63% 0.00 NA/NA NA 0.00 0.00 CCYUSD Receivable 198,337.00 -- 0.00% 198,337.00 198,337.00 1.00 0.00% 198,337.00 0.00 0.03% 0.00 Aaa/AAA AAA 0.00 0.00 CCYUSD Receivable 13,134.69 -- 0.00% 13,134.69 13,134.69 1.00 0.00% 13,134.69 0.00 0.00% 0.00 Aaa/AAA AAA 0.00 0.00 7 of 27Page 310 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration CCYUSD Receivable 9,966.09 -- 0.00% 9,966.09 9,966.09 1.00 0.00% 9,966.09 0.00 0.00% 0.00 Aaa/AAA AAA 0.00 0.00 Total Cash 4,284,379.24 1.82% 4,284,379.24 4,284,379.24 1.00 1.82% 4,284,379.24 0.00 0.67% 0.00 Aaa/AAA AAA 0.00 0.00 CORPORATE 00724FAC5 ADOBE INC 3.25 02/01/2025 2,595,000.00 05/05/2022 3.12% 2,603,405.15 2,595,000.00 99.86 4.89% 2,591,437.30 35,140.63 0.40% (3,562.70) A1/A+ NA 0.09 0.08 69371RQ66 PACCAR FINANCIAL CORP 1.8 02/06/2025 1,000,000.00 07/29/2021 0.67% 1,039,501.74 1,001,104.09 99.72 4.73% 997,213.64 7,250.00 0.16% (3,890.45) A1/A+ NA 0.10 0.09 89236TGT6 TOYOTA MOTOR CREDIT CORP 1.8 02/13/2025 1,000,000.00 10/15/2021 1.04% 1,025,005.34 1,000,883.51 99.66 4.79% 996,575.68 6,900.00 0.16% (4,307.83) A1/A+ A+ 0.12 0.11 88579YBH3 3M CO 2.0 02/14/2025 2,500,000.00 01/19/2022 1.44% 2,540,850.00 2,500,486.76 99.66 4.92% 2,491,429.40 19,027.78 0.39% (9,057.36) A3/BBB+ A- 0.12 0.12 384802AE4 WW GRAINGER INC 1.85 02/15/2025 580,000.00 07/23/2021 1.85% 602,805.02 580,000.00 99.58 5.39% 577,536.89 4,053.56 0.09% (2,463.12) A2/A+ NA 0.13 0.12 24422EUE7 JOHN DEERE CAPITAL CORP 3.45 03/13/2025 1,250,000.00 11/19/2021 1.11% 1,345,784.48 1,255,620.41 99.77 4.59% 1,247,106.20 12,937.50 0.19% (8,514.21) A1/A A+ 0.20 0.20 458140BP4 INTEL CORP 3.4 03/25/2025 2,001,000.00 11/22/2022 4.51% 1,951,375.20 1,996,176.98 99.65 4.87% 1,994,081.18 18,142.40 0.31% (2,095.80) Baa1/BBB BBB+ 0.23 0.23 023135CE4 AMAZON.COM INC 3.0 04/13/2025 3,000,000.00 05/09/2022 2.99% 3,000,780.00 3,000,074.35 99.59 4.44% 2,987,811.45 19,500.00 0.47% (12,262.90) A1/AA AA- 0.28 0.28 87612EBL9 TARGET CORP 2.25 04/15/2025 3,000,000.00 01/27/2022 1.74% 3,046,902.17 3,002,995.50 99.26 4.85% 2,977,768.32 14,250.00 0.46% (25,227.18) A2/A A 0.29 0.28 037833DT4 APPLE INC 1.125 05/11/2025 1,131,000.00 11/19/2021 1.12% 1,131,188.51 1,131,015.58 98.69 4.83% 1,116,218.96 1,767.19 0.17% (14,796.61) Aaa/AA+ NA 0.36 0.35 438516CB0 HONEYWELL INTERNATIONAL INC 1.35 06/01/2025 3,000,000.00 11/19/2021 1.15% 3,020,786.76 3,001,981.26 98.70 4.55% 2,960,924.85 3,375.00 0.46% (41,056.41) A2/A A 0.42 0.41 023135BQ8 AMAZON.COM INC 0.8 06/03/2025 1,678,000.00 12/14/2021 1.19% 1,655,794.57 1,675,318.52 98.54 4.35% 1,653,433.32 1,044.09 0.26% (21,885.20) A1/AA AA- 0.42 0.41 46625HMN7 JPMORGAN CHASE & CO 3.9 07/15/2025 2,000,000.00 01/21/2022 1.74% 2,137,260.00 2,012,097.49 99.64 4.58% 1,992,862.08 35,966.67 0.31% (19,235.41) A1/A AA- 0.54 0.51 69371RR99 PACCAR FINANCIAL CORP 3.55 08/11/2025 2,300,000.00 12/13/2022 4.36% 2,253,206.04 2,289,312.49 99.41 4.54% 2,286,375.90 31,752.78 0.36% (2,936.59) A1/A+ NA 0.61 0.59 857477AT0 STATE STREET CORP 3.55 08/18/2025 1,600,000.00 03/25/2022 3.10% 1,623,320.62 1,604,299.86 99.40 4.53% 1,590,335.30 20,984.44 0.25% (13,964.56) Aa3/A AA- 0.63 0.61 8 of 27Page 311 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 231021AU0 CUMMINS INC 0.75 09/01/2025 3,000,000.00 -- 1.20% 2,950,986.16 2,991,246.58 97.48 4.64% 2,924,485.95 7,500.00 0.46% (66,760.63) A2/A NA 0.67 0.65 437076BK7 HOME DEPOT INC 3.35 09/15/2025 3,200,000.00 07/29/2022 3.07% 3,224,486.40 3,203,840.55 99.15 4.59% 3,172,799.10 31,564.44 0.49% (31,041.44) A2/A A 0.71 0.68 89236THP3 TOYOTA MOTOR CREDIT CORP 0.8 10/16/2025 3,000,000.00 12/08/2021 1.41% 2,931,090.00 2,985,904.77 97.13 4.54% 2,914,014.72 5,000.00 0.45% (71,890.05) A1/A+ A+ 0.79 0.77 92826CAD4 VISA INC 3.15 12/14/2025 2,500,000.00 03/24/2022 2.72% 2,535,958.53 2,507,248.33 98.87 4.38% 2,471,631.20 3,718.75 0.39% (35,617.13) Aa3/AA- NA 0.95 0.92 713448DF2 PEPSICO INC 2.85 02/24/2026 1,872,000.00 10/04/2022 4.31% 1,785,214.08 1,842,651.09 98.23 4.45% 1,838,940.12 18,821.40 0.29% (3,710.97) A1/A+ WR 1.15 1.10 17275RBC5 CISCO SYSTEMS INC 2.95 02/28/2026 3,500,000.00 11/22/2022 4.31% 3,353,490.00 3,448,095.70 98.29 4.48% 3,440,125.89 35,277.08 0.54% (7,969.82) A1/AA- NA 1.16 1.11 87612EBE5 TARGET CORP 2.5 04/15/2026 3,751,000.00 -- 4.26% 3,539,669.29 3,671,769.20 97.55 4.48% 3,659,172.97 19,796.94 0.57% (12,596.23) A2/A A 1.29 1.24 69371RR32 PACCAR FINANCIAL CORP 1.1 05/11/2026 3,000,000.00 10/03/2022 4.33% 2,673,850.54 2,877,322.20 95.47 4.58% 2,864,052.63 4,583.33 0.45% (13,269.57) A1/A+ NA 1.36 1.32 931142EM1 WALMART INC 3.05 07/08/2026 1,900,000.00 09/23/2022 4.09% 1,829,939.40 1,872,006.13 98.01 4.42% 1,862,148.20 27,848.19 0.29% (9,857.93) Aa2/AA AA 1.52 1.44 17275RBL5 CISCO SYSTEMS INC 2.5 09/20/2026 1,150,000.00 10/04/2022 4.04% 1,084,622.50 1,121,671.25 96.91 4.39% 1,114,437.85 8,065.97 0.17% (7,233.41) A1/AA- NA 1.72 1.64 654106AF0 NIKE INC 2.375 11/01/2026 1,035,000.00 08/02/2022 3.13% 1,003,598.10 1,021,464.00 96.40 4.44% 997,731.02 4,096.88 0.16% (23,732.99) A1/AA- NA 1.84 1.76 438516BL9 HONEYWELL INTERNATIONAL INC 2.5 11/01/2026 1,185,000.00 08/01/2022 3.02% 1,160,092.98 1,174,270.57 96.52 4.50% 1,143,784.27 4,937.50 0.18% (30,486.31) A2/A A 1.84 1.75 452308AX7 ILLINOIS TOOL WORKS INC 2.65 11/15/2026 1,421,000.00 10/14/2022 4.82% 1,305,557.96 1,368,188.94 97.11 4.28% 1,379,889.03 4,811.66 0.22% 11,700.09 A1/A+ NA 1.87 1.79 002824BF6 ABBOTT LABORATORIES 3.75 11/30/2026 1,000,000.00 10/17/2022 4.69% 964,363.96 983,472.46 98.81 4.41% 988,050.00 3,229.17 0.15% 4,577.54 Aa3/AA- WR 1.91 1.82 26442CAS3 DUKE ENERGY CAROLINAS LLC 2.95 12/01/2026 7,500,000.00 08/23/2024 4.29% 7,285,500.00 7,318,699.52 97.10 4.55% 7,282,663.80 18,437.50 1.14% (36,035.72) Aa3/A WR 1.92 1.83 78016HZT0 ROYAL BANK OF CANADA 4.875 01/19/2027 6,500,000.00 01/26/2024 4.75% 6,521,645.00 6,514,922.08 100.39 4.67% 6,525,049.83 142,593.75 1.02% 10,127.75 A1/A AA- 2.05 1.89 61746BEF9 MORGAN STANLEY 3.625 01/20/2027 2,500,000.00 09/20/2023 5.62% 2,350,375.00 2,407,837.89 98.18 4.57% 2,454,429.80 40,529.51 0.38% 46,591.91 A1/A- A+ 2.05 1.92 46647PBA3 JPMORGAN CHASE & CO 3.96 01/29/2027 2,500,000.00 09/20/2023 5.86% 2,396,750.00 2,452,817.15 99.22 5.24% 2,480,574.53 41,800.00 0.39% 27,757.37 A1/A AA- 2.08 1.02 9 of 27Page 312 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 06048WS84 BANK OF AMERICA CORP 2.75 03/02/2027 4,000,000.00 02/28/2022 2.75% 4,000,000.00 4,000,000.00 94.19 5.64% 3,767,492.08 36,361.11 0.59% (232,507.92) A1/A- AA- 2.17 2.04 808513BY0 CHARLES SCHWAB CORP 2.45 03/03/2027 2,205,000.00 08/01/2022 3.34% 2,121,115.19 2,165,386.34 95.49 4.66% 2,105,585.61 17,707.38 0.33% (59,800.73) A2/A- A 2.17 2.06 713448ER5 PEPSICO INC 2.625 03/19/2027 1,935,000.00 08/02/2022 3.14% 1,892,043.00 1,914,487.40 96.34 4.38% 1,864,172.15 14,391.56 0.29% (50,315.25) A1/A+ WR 2.21 2.10 22160KAM7 COSTCO WHOLESALE CORP 3.0 05/18/2027 3,200,000.00 11/21/2022 4.29% 3,030,376.96 3,110,272.62 97.12 4.29% 3,107,814.88 11,466.67 0.48% (2,457.74) Aa3/A+ WR 2.38 2.26 58933YBC8 MERCK & CO INC 1.7 06/10/2027 3,200,000.00 08/02/2022 3.16% 2,988,096.00 3,093,629.69 93.76 4.43% 3,000,193.15 3,173.33 0.47% (93,436.54) A1/A+ WR 2.44 2.34 437076DB5 HOME DEPOT INC 4.875 06/25/2027 7,500,000.00 07/08/2024 4.76% 7,522,650.00 7,518,853.43 100.95 4.47% 7,571,062.73 6,093.75 1.18% 52,209.30 A2/A A 2.48 2.24 63743HFT4 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.12 09/16/2027 7,500,000.00 09/10/2024 4.04% 7,517,400.00 7,515,650.19 98.65 4.65% 7,398,977.63 90,125.00 1.15% (116,672.56) A2/A- A 2.71 2.50 857477CP6 STATE STREET CORP 4.33 10/22/2027 7,500,000.00 11/08/2024 4.53% 7,458,525.00 7,460,455.87 99.38 4.57% 7,453,649.03 62,243.75 1.16% (6,806.84) Aa3/A AA- 2.81 2.59 46647PEE2 JPMORGAN CHASE & CO 5.571 04/22/2028 6,000,000.00 05/15/2024 5.19% 6,061,500.00 6,048,337.85 101.70 4.94% 6,101,912.22 64,066.50 0.95% 53,574.37 A1/A AA- 3.31 2.12 24422EXH7 JOHN DEERE CAPITAL CORP 4.5 01/16/2029 6,250,000.00 01/11/2024 4.56% 6,234,375.00 6,237,376.85 99.09 4.75% 6,193,423.44 128,906.25 0.97% (43,953.41) A1/A A+ 4.04 3.58 14913UAJ9 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 7,000,000.00 06/04/2024 4.77% 7,024,150.00 7,021,215.10 100.53 4.71% 7,037,170.07 116,938.89 1.10% 15,954.97 A2/A A+ 4.16 3.66 09290DAA9 BLACKROCK INC 4.7 03/14/2029 6,800,000.00 03/08/2024 4.56% 6,843,180.00 6,836,143.44 100.07 4.68% 6,805,003.64 94,992.22 1.06% (31,139.79) Aa3/AA- NA 4.20 3.72 89115A2Y7 TORONTO-DOMINION BANK 4.994 04/05/2029 6,800,000.00 03/28/2024 4.98% 6,804,148.00 6,803,532.39 99.83 5.04% 6,788,570.36 81,124.76 1.06% (14,962.03) A2/A- AA- 4.26 3.75 58989V2H6 MET TOWER GLOBAL FUNDING 5.25 04/12/2029 7,000,000.00 04/18/2024 5.49% 6,928,250.00 6,938,285.52 101.26 4.92% 7,087,856.30 80,645.83 1.11% 149,570.78 Aa3/AA- AA- 4.28 3.75 Total Corporate 156,039,000.00 3.90% 154,300,964.65 155,073,421.91 98.89 4.67% 154,257,974.65 1,462,941.11 24.05% (815,447.25) A1/A A+ 2.18 1.94 LAIF 90LAIF$00 Local Agency Investment Fund State Pool 30,585,733.79 -- 4.43% 30,585,733.79 30,585,733.79 1.00 4.43% 30,585,733.79 0.00 4.77% 0.00 NA/NA NA 0.00 0.00 10 of 27Page 313 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration Total LAIF 30,585,733.79 4.43% 30,585,733.79 30,585,733.79 1.00 4.43% 30,585,733.79 0.00 4.77% 0.00 NA/NA NA 0.00 0.00 LOCAL GOV INVESTMENT POOL 90SDCP$00 County of San Diego Investment Pool 25,479.03 -- 3.75% 25,479.03 25,479.03 1.00 3.75% 25,479.03 0.00 0.00% 0.00 NA/NA AAA 0.00 0.00 Total Local Gov Investment Pool 25,479.03 3.75% 25,479.03 25,479.03 1.00 3.75% 25,479.03 0.00 0.00% 0.00 NA/NA AAA 0.00 0.00 MONEY MARKET FUND X9USDJPMR JPMORGAN:US GVT MM INST 258,298.36 -- 4.34% 258,298.36 258,298.36 1.00 4.34% 258,298.36 0.00 0.04% 0.00 Aaa/ AAAm AAA 0.00 0.00 X9USDJPMR JPMORGAN:US GVT MM INST 348,604.20 -- 4.34% 348,604.20 348,604.20 1.00 4.34% 348,604.20 0.00 0.05% 0.00 Aaa/ AAAm AAA 0.00 0.00 Total Money Market Fund 606,902.56 4.34% 606,902.56 606,902.56 1.00 4.34% 606,902.56 0.00 0.09% 0.00 Aaa/ AAAm AAA 0.00 0.00 MUNICIPAL BONDS 20772KAG4 CONNECTICUT ST 3.23 01/15/2025 1,700,000.00 07/29/2022 3.02% 1,708,347.00 1,700,129.70 99.95 4.47% 1,699,201.00 25,319.61 0.26% (928.70) Aa3/AA- AA- 0.04 0.04 13063CQS2 CALIFORNIA STATE 4.0 03/01/2025 750,000.00 04/27/2020 1.35% 845,032.50 753,169.54 100.17 2.95% 751,237.50 10,000.00 0.12% (1,932.04) Aa2/AA- AA 0.16 0.16 797679CC9 SAN FRANCISCO CALIF CITY & CNTY PORT COMMN REV 1.894 03/01/2025 255,000.00 02/13/2020 1.89% 255,000.00 255,000.00 99.57 4.54% 253,890.75 1,609.90 0.04% (1,109.25) Aa3/A A 0.16 0.16 365471AE1 GARDENA CALIF PENSION OBLIG 1.702 04/01/2025 250,000.00 11/20/2020 1.01% 257,455.00 250,421.19 99.31 4.49% 248,282.50 1,063.75 0.04% (2,138.69) NA/AA- NA 0.25 0.24 735000TM3 PORT OAKLAND CALIF REV 1.181 05/01/2025 863,530.72 11/30/2021 1.08% 866,440.82 863,810.54 98.87 4.64% 853,781.46 1,699.72 0.13% (10,029.08) A1/A+ A+ 0.33 0.33 11 of 27Page 314 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 68304FAE6 ONTARIO CALIF PENSION OBLIG 2.537 06/01/2025 1,000,000.00 05/20/2020 1.97% 1,027,770.00 1,002,281.43 99.20 4.49% 992,020.00 2,114.17 0.15% (10,261.43) NA/AA AA 0.42 0.41 13079XBT2 CALIFORNIA STATEWIDE CMNTYS DEV AUTH TRANSN REV CT 1.061 06/01/2025 1,000,000.00 09/23/2020 1.06% 1,000,000.00 1,000,000.00 98.65 4.39% 986,450.00 884.17 0.15% (13,550.00) NA/AA NA 0.42 0.41 91412GU94 UNIVERSITY CALIF REVS 3.063 07/01/2025 1,600,000.00 12/16/2021 1.10% 1,702,096.00 1,607,644.46 99.40 4.29% 1,590,432.00 24,504.00 0.25% (17,212.46) Aa2/AA AA 0.50 0.49 197036PL4 COLTON CALIF JT UNI SCH DIST 1.052 08/01/2025 2,475,000.00 10/15/2020 1.05% 2,475,000.00 2,475,000.00 98.16 4.29% 2,429,509.50 10,848.75 0.38% (45,490.50) Aa3/AA NA 0.58 0.57 73208PBF7 POMONA CALIF PENSION OBLIG 4.0 08/01/2025 1,675,000.00 09/14/2020 1.46% 1,878,964.75 1,699,265.17 99.71 4.51% 1,670,109.00 27,916.67 0.26% (29,156.17) NA/AA- AA- 0.58 0.56 144393NA9 CARPINTERIA CALIF UNI SCH DIST 1.1 08/01/2025 1,210,000.00 10/28/2020 1.05% 1,212,758.80 1,210,336.52 98.16 4.34% 1,187,748.10 5,545.83 0.19% (22,588.42) NA/AA- AAA 0.58 0.57 796711G94 SAN BERNARDINO CALIF CITY UNI SCH DIST 1.114 08/01/2025 2,250,000.00 09/11/2020 1.11% 2,250,000.00 2,250,000.00 98.17 4.34% 2,208,802.50 10,443.75 0.34% (41,197.50) A1/AA NA 0.58 0.57 798170AH9 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF TH 3.076 08/01/2025 4,675,000.00 11/18/2021 1.13% 5,007,345.75 4,727,113.39 99.20 4.49% 4,637,413.00 59,917.92 0.72% (89,700.39) NA/AA AA+ 0.58 0.56 798135E88 SAN JOSE CALIF 2.45 09/01/2025 2,275,000.00 12/16/2021 0.97% 2,398,164.08 2,297,087.73 98.84 4.24% 2,248,541.75 18,579.17 0.35% (48,545.98) Aa1/AA+ AAA 0.67 0.64 419792ZL3 HAWAII ST 0.852 10/01/2025 2,290,000.00 03/25/2022 2.70% 2,146,417.00 2,259,519.32 97.52 4.26% 2,233,162.20 4,877.70 0.35% (26,357.12) Aa2/AA+ AA 0.75 0.73 13077DQD7 CALIFORNIA ST UNIV REV 0.862 11/01/2025 2,500,000.00 05/05/2022 3.32% 2,295,050.00 2,451,171.79 97.19 4.34% 2,429,775.00 3,591.67 0.38% (21,396.79) Aa2/AA- NA 0.84 0.81 13077DML3 CALIFORNIA ST UNIV REV 0.885 11/01/2025 775,000.00 12/13/2021 1.28% 763,452.50 772,526.12 97.21 4.34% 753,377.50 1,143.13 0.12% (19,148.62) Aa2/AA- NA 0.84 0.81 13063DMA3 CALIFORNIA STATE 2.65 04/01/2026 3,200,000.00 05/05/2022 3.26% 3,127,936.00 3,177,022.34 98.10 4.23% 3,139,136.00 21,200.00 0.49% (37,886.34) Aa2/AA- AA 1.25 1.20 817409N43 SEQUOIA CALIF UN HIGH SCH DIST 1.831 07/01/2026 2,050,000.00 10/26/2022 4.61% 1,856,131.50 1,971,240.92 96.53 4.25% 1,978,885.50 18,767.75 0.31% 7,644.58 Aaa/NA NA 1.50 1.45 446222US8 HUNTINGTON BEACH CALIF UN HIGH SCH DIST 1.208 08/01/2026 3,510,000.00 08/01/2022 3.23% 3,241,765.80 3,404,064.93 95.17 4.41% 3,340,361.70 17,667.00 0.52% (63,703.23) NA/AA- NA 1.58 1.53 544351MS5 LOS ANGELES CALIF 3.5 09/01/2026 1,085,000.00 09/23/2022 4.30% 1,053,144.40 1,071,540.51 98.73 4.30% 1,071,231.35 12,658.33 0.17% (309.16) Aa2/AA NA 1.67 1.58 12 of 27Page 315 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 20772KEX3 CONNECTICUT ST 3.8 09/15/2026 3,000,000.00 09/14/2022 3.91% 2,987,880.00 2,994,843.61 98.99 4.42% 2,969,640.00 33,566.67 0.46% (25,203.61) Aa3/AA- AA- 1.71 1.61 91412HGF4 UNIVERSITY CALIF REVS 1.316 05/15/2027 1,340,000.00 08/30/2022 3.81% 1,194,878.00 1,267,059.10 92.91 4.51% 1,244,967.20 2,253.28 0.19% (22,091.90) Aa2/AA AA 2.37 2.28 769036BP8 RIVERSIDE CALIF PENSION OBLIG 2.64 06/01/2027 1,500,000.00 11/03/2022 5.22% 1,341,120.00 1,416,233.82 95.79 4.50% 1,436,835.00 3,300.00 0.22% 20,601.18 NA/AA AA 2.42 2.30 817409N50 SEQUOIA CALIF UN HIGH SCH DIST 1.951 07/01/2027 2,150,000.00 08/30/2022 3.83% 1,969,658.00 2,056,969.67 94.36 4.36% 2,028,761.50 20,973.25 0.32% (28,208.17) Aaa/NA NA 2.50 2.40 786318LF0 SADDLEBACK VY UNI SCH DIST CALIF 2.4 08/01/2027 1,805,000.00 08/10/2022 3.34% 1,726,681.05 1,764,396.56 95.15 4.41% 1,717,457.50 18,050.00 0.27% (46,939.06) Aa1/NA NA 2.58 2.44 797272QS3 SAN DIEGO CALIF CMNTY COLLEGE DIST 2.407 08/01/2027 1,300,000.00 08/04/2022 3.25% 1,249,326.00 1,273,815.19 95.26 4.37% 1,238,393.00 13,037.92 0.19% (35,422.19) Aa1/AAA NA 2.58 2.44 62451FKL3 MOUNTAIN VIEW-WHISMAN CALIF SCH DIST 1.912 09/01/2027 970,000.00 10/13/2022 4.85% 844,928.20 901,785.39 93.79 4.41% 909,763.00 6,182.13 0.14% 7,977.61 Aaa/AAA NA 2.67 2.53 13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 6,000,000.00 11/22/2024 4.37% 6,005,880.00 6,005,752.77 99.82 4.54% 5,988,900.00 42,000.00 0.93% (16,852.77) Aa2/AA- AA 4.58 4.02 Total Municipal Bonds 55,453,530.72 2.77% 54,688,623.15 54,879,201.68 97.84 4.37% 54,238,065.51 419,716.22 8.46% (641,136.17) Aa2/AA AA 1.53 1.43 NEGOTIABLE CD 35637RDC8 Freedom Financial Bank 1.55 02/14/2025 249,000.00 02/06/2020 1.55% 249,000.00 249,000.00 99.66 4.44% 248,155.90 190.33 0.04% (844.10) NA/NA NA 0.12 0.12 32114VBT3 First National Bank of Michigan 1.65 02/14/2025 249,000.00 02/04/2020 1.65% 249,000.00 249,000.00 99.67 4.44% 248,185.50 202.61 0.04% (814.50) NA/NA NA 0.12 0.12 029728BC5 American State Bank 1.6 02/21/2025 249,000.00 02/06/2020 1.60% 249,000.00 249,000.00 99.61 4.42% 248,040.97 120.07 0.04% (959.03) NA/NA NA 0.14 0.14 07815AAZ0 Bell Bank 1.6 02/27/2025 249,000.00 02/10/2020 1.60% 249,000.00 249,000.00 99.57 4.41% 247,929.91 54.58 0.04% (1,070.09) NA/NA NA 0.16 0.15 02554BCZ2 American Eagle Bank 1.6 02/28/2025 249,000.00 02/18/2020 1.60% 249,000.00 249,000.00 99.56 4.41% 247,911.41 43.66 0.04% (1,088.59) NA/NA NA 0.16 0.16 32117WAN2 Clear Fork Bank National Association 1.6 02/28/2025 249,000.00 02/25/2020 1.60% 249,000.00 249,000.00 99.56 4.41% 247,911.41 43.66 0.04% (1,088.59) NA/NA NA 0.16 0.16 44042TBX1 Horizon Bank 1.55 02/28/2025 249,000.00 02/06/2020 1.55% 249,000.00 249,000.00 99.55 4.41% 247,891.81 42.30 0.04% (1,108.19) NA/NA NA 0.16 0.16 13 of 27Page 316 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 46256YBF5 Iowa State Bank 1.5 03/05/2025 248,000.00 02/24/2020 1.50% 248,000.00 248,000.00 99.50 4.42% 246,768.33 1,202.63 0.04% (1,231.67) NA/NA NA 0.18 0.17 58117WAG2 McHenry Savings Bank 1.55 03/13/2025 249,000.00 02/25/2020 1.55% 249,000.00 249,000.00 99.44 4.48% 247,609.11 200.91 0.04% (1,390.89) NA/NA NA 0.20 0.19 00435JBH5 Access Bank 1.6 03/13/2025 249,000.00 02/27/2020 1.60% 249,000.00 249,000.00 99.45 4.48% 247,633.85 207.39 0.04% (1,366.15) NA/NA NA 0.20 0.19 30257JAR6 FNB Bank, Inc. 1.15 03/18/2025 249,000.00 03/02/2020 1.15% 249,000.00 249,000.00 99.32 4.49% 247,303.42 109.83 0.04% (1,696.58) NA/NA NA 0.21 0.20 152577AZ5 Central Bank 1.0 03/27/2025 249,000.00 03/11/2020 1.00% 249,000.00 249,000.00 99.21 4.48% 247,021.07 34.11 0.04% (1,978.93) NA/NA NA 0.24 0.23 064657BB4 The Bank of Romney 1.15 03/27/2025 249,000.00 03/02/2020 1.15% 249,000.00 249,000.00 99.24 4.47% 247,109.66 39.23 0.04% (1,890.34) NA/NA NA 0.24 0.23 79772FAF3 San Francisco Federal Credit Union 1.1 03/27/2025 249,000.00 03/10/2020 1.10% 249,000.00 249,000.00 99.23 4.47% 247,080.13 37.52 0.04% (1,919.87) NA/NA NA 0.24 0.23 411822CN7 The Hardin County Bank 1.0 03/27/2025 249,000.00 03/09/2020 1.00% 249,000.00 249,000.00 99.21 4.48% 247,021.07 34.11 0.04% (1,978.93) NA/NA NA 0.24 0.23 499724AM4 Knoxville TVA Employees Credit Union 1.0 03/31/2025 249,000.00 03/11/2020 1.00% 249,000.00 249,000.00 99.18 4.42% 246,959.36 6.82 0.04% (2,040.64) NA/NA NA 0.25 0.24 15201QCJ4 CenterState Bank Of Florida 1.0 03/31/2025 248,000.00 03/10/2020 1.00% 248,000.00 248,000.00 99.19 4.40% 245,982.97 631.89 0.04% (2,017.03) NA/NA NA 0.25 0.24 38058KEF9 Gold Coast Bank 1.3 04/15/2025 249,000.00 03/31/2020 1.30% 249,000.00 249,000.00 99.13 4.39% 246,845.11 150.76 0.04% (2,154.89) NA/NA NA 0.29 0.28 87164WZS0 Synchrony Bank 1.45 04/17/2025 248,000.00 04/06/2020 1.45% 248,000.00 248,000.00 99.16 4.38% 245,927.63 748.76 0.04% (2,072.37) NA/BBB BBB 0.29 0.28 856285TF8 State Bank of India - New York Branch 1.6 04/29/2025 248,000.00 04/13/2020 1.60% 248,000.00 248,000.00 99.13 4.35% 245,832.04 695.76 0.04% (2,167.96) Baa3/BBB- NA 0.33 0.32 08016PDP1 Belmont Bank & Trust Company 1.3 04/30/2025 249,000.00 04/03/2020 1.30% 249,000.00 249,000.00 99.02 4.36% 246,558.58 17.74 0.04% (2,441.42) NA/NA NA 0.33 0.32 55316CAY2 M1 Bank 1.0 05/08/2025 248,000.00 04/27/2020 1.00% 248,000.00 248,000.00 98.86 4.34% 245,179.96 366.90 0.04% (2,820.04) NA/NA NA 0.35 0.34 01882MAC6 Alliant Credit Union 5.0 12/30/2027 249,000.00 12/21/2022 5.00% 249,000.00 249,000.00 102.81 4.00% 255,993.35 68.22 0.04% 6,993.35 NA/NA NA 3.00 2.78 Total Negotiable CD 5,722,000.00 1.52% 5,722,000.00 5,722,000.00 99.50 4.41% 5,692,852.56 5,249.77 0.89% (29,147.44) Baa3/ BBB BBB 0.34 0.33 14 of 27Page 317 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration SUPRANATIONAL 459058EP4 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 2.5 07/29/2025 3,500,000.00 12/13/2021 1.10% 3,675,035.00 3,527,630.15 98.82 4.60% 3,458,627.27 36,944.44 0.54% (69,002.88) Aaa/AAA AAA 0.57 0.56 4581X0CU0 INTER-AMERICAN DEVELOPMENT BANK 2.0 06/02/2026 3,000,000.00 08/03/2022 3.09% 2,881,139.04 2,956,074.97 96.74 4.40% 2,902,087.08 4,833.33 0.45% (53,987.89) Aaa/AAA AAA 1.42 1.37 45950KCX6 INTERNATIONAL FINANCE CORP 0.75 10/08/2026 4,000,000.00 01/20/2022 1.61% 3,842,373.68 3,940,958.78 93.96 4.34% 3,758,478.32 6,916.67 0.59% (182,480.46) Aaa/AAA NA 1.77 1.72 4581X0EM6 INTER-AMERICAN DEVELOPMENT BANK 4.375 02/01/2027 6,000,000.00 12/06/2023 4.40% 5,996,640.00 5,997,770.74 99.96 4.40% 5,997,415.98 109,375.00 0.94% (354.76) Aaa/AAA NA 2.09 1.93 459058KW2 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4.625 08/01/2028 5,000,000.00 10/04/2023 4.88% 4,945,600.00 4,959,593.87 100.65 4.43% 5,032,447.05 96,354.17 0.78% 72,853.18 Aaa/AAA NA 3.59 3.21 Total Supranational 21,500,000.00 3.30% 21,340,787.72 21,382,028.51 98.43 4.43% 21,149,055.70 254,423.61 3.30% (232,972.81) Aaa/AAA AAA 2.05 1.90 US TREASURY 912797MW4 UNITED STATES TREASURY 01/07/2025 8,000,000.00 09/27/2024 4.56% 7,902,243.00 7,994,075.33 99.94 4.15% 7,995,452.96 0.00 1.25% 1,377.63 P-1/A-1+ F1+ 0.02 0.01 912797LY1 UNITED STATES TREASURY 01/16/2025 5,000,000.00 10/16/2024 4.62% 4,943,030.21 4,990,609.38 99.84 4.30% 4,991,764.05 0.00 0.78% 1,154.67 P-1/A-1+ F1+ 0.04 0.04 912797NG8 UNITED STATES TREASURY 02/11/2025 5,000,000.00 10/16/2024 4.57% 4,927,776.88 4,974,691.04 99.54 4.26% 4,976,757.15 0.00 0.78% 2,066.11 P-1/A-1+ F1+ 0.11 0.11 912797MM6 UNITED STATES TREASURY 03/06/2025 3,500,000.00 10/16/2024 4.51% 3,440,451.39 3,472,777.78 99.27 4.27% 3,474,368.28 0.00 0.54% 1,590.50 P-1/A-1+ F1+ 0.18 0.17 912797NZ6 UNITED STATES TREASURY 04/15/2025 5,750,000.00 12/18/2024 4.34% 5,671,192.94 5,679,949.28 98.80 4.29% 5,681,269.39 0.00 0.89% 1,320.11 P-1/A-1+ F1+ 0.29 0.28 912797NM5 UNITED STATES TREASURY 05/22/2025 5,750,000.00 12/18/2024 4.29% 5,647,813.30 5,656,439.45 98.39 4.26% 5,657,564.38 0.00 0.88% 1,124.93 P-1/A-1+ F1+ 0.39 0.38 91282CHD6 UNITED STATES TREASURY 4.25 05/31/2025 6,750,000.00 01/31/2024 4.49% 6,728,906.25 6,743,476.16 99.97 4.30% 6,748,291.10 25,219.78 1.05% 4,814.94 Aaa/AA+ AA+ 0.41 0.40 91282CEY3 UNITED STATES TREASURY 3.0 07/15/2025 6,750,000.00 01/31/2024 4.41% 6,617,373.05 6,701,203.29 99.35 4.23% 6,706,442.25 93,546.20 1.05% 5,238.96 Aaa/AA+ AA+ 0.54 0.52 15 of 27Page 318 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 912810EV6 UNITED STATES TREASURY 6.875 08/15/2025 3,000,000.00 11/28/2022 4.26% 3,201,679.69 3,045,993.55 101.84 3.83% 3,055,311.09 77,904.21 0.48% 9,317.54 Aaa/AA+ AA+ 0.62 0.59 91282CFK2 UNITED STATES TREASURY 3.5 09/15/2025 6,500,000.00 01/26/2024 4.46% 6,403,007.81 6,458,105.89 99.47 4.27% 6,465,406.22 67,872.93 1.01% 7,300.33 Aaa/AA+ AA+ 0.71 0.68 91282CFP1 UNITED STATES TREASURY 4.25 10/15/2025 6,750,000.00 01/31/2024 4.31% 6,742,880.86 6,746,715.12 100.03 4.21% 6,751,703.16 61,473.21 1.05% 4,988.04 Aaa/AA+ AA+ 0.79 0.76 91282CJV4 UNITED STATES TREASURY 4.25 01/31/2026 8,000,000.00 09/04/2024 4.00% 8,026,875.00 8,020,693.23 100.00 4.25% 8,000,154.16 142,282.61 1.25% (20,539.07) Aaa/AA+ AA+ 1.08 1.03 9128286F2 UNITED STATES TREASURY 2.5 02/28/2026 5,000,000.00 10/09/2024 4.13% 4,891,210.94 4,909,055.79 98.04 4.25% 4,901,871.05 42,472.38 0.76% (7,184.74) Aaa/AA+ AA+ 1.16 1.12 91282CGR6 UNITED STATES TREASURY 4.625 03/15/2026 5,000,000.00 11/03/2023 4.73% 4,987,695.31 4,993,733.19 100.43 4.25% 5,021,610.20 68,991.71 0.78% 27,877.01 Aaa/AA+ AA+ 1.20 1.14 91282CGV7 UNITED STATES TREASURY 3.75 04/15/2026 2,400,000.00 09/11/2024 3.77% 2,399,250.00 2,399,393.53 99.37 4.26% 2,384,789.62 19,285.71 0.37% (14,603.92) Aaa/AA+ AA+ 1.29 1.23 91282CHB0 UNITED STATES TREASURY 3.625 05/15/2026 5,000,000.00 11/28/2023 4.69% 4,877,148.44 4,931,733.93 99.18 4.25% 4,958,765.25 23,532.46 0.77% 27,031.32 Aaa/AA+ AA+ 1.37 1.31 91282CHH7 UNITED STATES TREASURY 4.125 06/15/2026 5,000,000.00 11/28/2023 4.69% 4,933,398.44 4,962,003.42 99.83 4.25% 4,991,409.40 9,632.55 0.78% 29,405.98 Aaa/AA+ AA+ 1.45 1.39 912810EX2 UNITED STATES TREASURY 6.75 08/15/2026 3,500,000.00 11/22/2022 4.11% 3,821,152.34 3,639,354.65 104.09 4.11% 3,643,055.82 89,235.73 0.57% 3,701.17 Aaa/AA+ AA+ 1.62 1.50 91282CJP7 UNITED STATES TREASURY 4.375 12/15/2026 6,500,000.00 02/13/2024 4.44% 6,489,082.03 6,492,478.73 100.23 4.25% 6,514,727.90 13,281.25 1.02% 22,249.16 Aaa/AA+ AA+ 1.96 1.85 912828V98 UNITED STATES TREASURY 2.25 02/15/2027 3,200,000.00 09/20/2023 4.67% 2,959,125.00 3,049,816.47 95.97 4.26% 3,070,897.57 27,195.65 0.48% 21,081.10 Aaa/AA+ AA+ 2.13 2.02 91282CEN7 UNITED STATES TREASURY 2.75 04/30/2027 10,500,000.00 -- 4.65% 9,882,773.44 10,075,184.80 96.68 4.26% 10,151,124.80 49,454.42 1.58% 75,939.99 Aaa/AA+ AA+ 2.33 2.21 91282CLG4 UNITED STATES TREASURY 3.75 08/15/2027 8,000,000.00 08/07/2024 3.85% 7,978,437.50 7,981,174.66 98.73 4.27% 7,898,361.20 113,315.22 1.23% (82,813.46) Aaa/AA+ AA+ 2.62 2.43 91282CFZ9 UNITED STATES TREASURY 3.875 11/30/2027 6,000,000.00 10/23/2023 4.86% 5,782,500.00 5,845,659.21 98.87 4.29% 5,932,282.08 20,439.56 0.92% 86,622.87 Aaa/AA+ AA+ 2.91 2.71 91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 6,000,000.00 12/06/2023 4.20% 5,927,812.50 5,946,819.44 98.85 4.29% 5,931,131.52 642.27 0.92% (15,687.92) Aaa/AA+ AA+ 3.00 2.79 91282CGH8 UNITED STATES TREASURY 3.5 01/31/2028 6,000,000.00 12/06/2023 4.20% 5,840,859.38 5,881,904.22 97.71 4.30% 5,862,461.70 87,880.43 0.91% (19,442.52) Aaa/AA+ AA+ 3.08 2.84 9128283W8 UNITED STATES TREASURY 2.75 02/15/2028 6,400,000.00 11/10/2023 4.67% 5,931,250.00 6,056,350.48 95.27 4.39% 6,096,998.40 66,478.26 0.95% 40,647.92 Aaa/AA+ AA+ 3.13 2.91 16 of 27Page 319 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista| As of December 31, 2024 HOLDINGS REPORT Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 91282CCR0 UNITED STATES TREASURY 1.0 07/31/2028 8,000,000.00 09/24/2024 3.50% 7,284,687.50 7,334,581.18 89.02 4.34% 7,121,912.40 33,478.26 1.11% (212,668.78) Aaa/AA+ AA+ 3.58 3.43 91282CJA0 UNITED STATES TREASURY 4.625 09/30/2028 6,000,000.00 10/23/2023 4.82% 5,949,375.00 5,961,589.02 100.94 4.35% 6,056,103.06 70,899.73 0.94% 94,514.04 Aaa/AA+ AA+ 3.75 3.37 91282CJF9 UNITED STATES TREASURY 4.875 10/31/2028 6,500,000.00 01/26/2024 4.02% 6,737,148.44 6,691,002.11 101.80 4.36% 6,616,896.98 54,271.41 1.03% (74,105.14) Aaa/AA+ AA+ 3.84 3.44 91282CKG5 UNITED STATES TREASURY 4.125 03/31/2029 7,000,000.00 04/18/2024 4.68% 6,830,195.31 6,854,345.73 99.02 4.38% 6,931,182.23 73,774.04 1.08% 76,836.50 Aaa/AA+ AA+ 4.25 3.81 91282CEV9 UNITED STATES TREASURY 3.25 06/30/2029 7,500,000.00 07/29/2024 4.09% 7,222,558.59 7,246,502.59 95.42 4.38% 7,156,702.88 673.34 1.12% (89,799.71) Aaa/AA+ AA+ 4.50 4.12 91282CLN9 UNITED STATES TREASURY 3.5 09/30/2029 7,500,000.00 10/28/2024 4.08% 7,307,812.50 7,314,657.24 96.22 4.39% 7,216,453.05 67,067.31 1.13% (98,204.19) Aaa/AA+ AA+ 4.75 4.27 91282CMA6 UNITED STATES TREASURY 4.125 11/30/2029 7,000,000.00 12/04/2024 4.09% 7,011,757.81 7,011,583.48 98.86 4.38% 6,920,471.53 25,384.62 1.08% (91,111.95) Aaa/AA+ AA+ 4.91 4.38 91282CMD0 UNITED STATES TREASURY 4.375 12/31/2029 8,000,000.00 12/30/2024 4.37% 8,000,312.50 8,000,312.33 99.95 4.39% 7,995,981.12 966.85 1.25% (4,331.21) Aaa/AA+ AA+ 5.00 4.44 Total US Treasury 206,750,000.00 4.35% 203,298,773.35 204,063,965.72 98.68 4.28% 203,879,673.91 1,426,652.10 31.79% (184,291.80) Aaa/AA+ AA+ 2.19 2.02 Total Portfolio 648,993,025.34 3.70% 642,288,298.70 644,405,330.59 93.39 4.39% 641,385,301.38 4,715,495.27 100.00% (3,020,029.22) Aa2/AA- AA 1.82 1.67 Total Market Value + Accrued 646,100,796.65 17 of 27Page 320 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Maturity Dec 2024 Sept 2024 Change Dec 2023 Dec 2022 Dec 2021 Dec 2020 3-Month 4.37%4.73%-0.36%4.23%4.41%0.73%0.13% 1-Year 4.16%3.98%0.18% 2-Year 4.25%3.66%0.59% 3-Year 4.27%3.58%0.69%Jan-24 4.27 Jul-24 4.29 5-Year 4.38%3.58%0.80%Feb-24 4.64 Aug-24 3.91 10-Year 4.58%3.81%0.77%Mar-24 4.59 Sep-24 3.66 Apr-24 5.04 Oct-24 4.16 May-24 4.89 Nov-24 4.13 Jun-24 4.71 Dec-24 4.25 12 Month Average 4.38 Investment Report for the Quarter Ended December 31, 2024 City of Chula Vista U.S. Treasury Yields and Interest Earnings 2-Year U.S. Treasury Yield - 12 Month Average Total for Quarter 1,481,751.56$ 3,803,039.05$ 5,284,790.61$ U.S. Treasury Yields - Quarterly Comparison 2-Year U.S. Treasury Yield - Historical Data Interest Earnings - Quarter Ending 12/31/2024 & 12/31/2023 1,058,673.61$ 1,611,438.26$ 2,123,730.88$ 1,058,840.08$ 2,102,219.65$ Change20232024 December November October 990,803.70$ 166.47$ 490,781.39$ 1,132,927.18$ 18 of 27Page 321 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista|10/01/2024 Through 12/31/2024| Buy Settlement Date CUSIP Quantity Security Description Acq/Disp Yield Book Value S&P Rating Security Type 10/10/2024 9128286F2 5,000,000.00 UNITED STATES TREASURY 2.5 02/28/2026 4.1256 4,891,210.94 AA+ US Treasury 10/17/2024 912797LY1 5,000,000.00 UNITED STATES TREASURY 01/16/2025 4.6228 4,943,030.21 A-1+ US Treasury 10/17/2024 912797MM6 3,500,000.00 UNITED STATES TREASURY 03/06/2025 4.5125 3,440,451.39 A-1+ US Treasury 10/17/2024 912797NG8 5,000,000.00 UNITED STATES TREASURY 02/11/2025 4.5723 4,927,776.88 A-1+ US Treasury 10/29/2024 91282CLN9 7,500,000.00 UNITED STATES TREASURY 3.5 09/30/2029 4.0796 7,307,812.50 AA+ US Treasury 11/12/2024 857477CP6 7,500,000.00 STATE STREET CORP 4.33 10/22/2027 4.5319 7,458,525.00 A Corporate 11/25/2024 13063EGT7 6,000,000.00 CALIFORNIA ST 4.5 08/01/2029 4.4775 6,005,880.00 AA- Municipal Bonds 12/05/2024 91282CMA6 7,000,000.00 UNITED STATES TREASURY 4.125 11/30/2029 4.0873 7,011,757.81 AA+ US Treasury 12/19/2024 912797NM5 5,750,000.00 UNITED STATES TREASURY 05/22/2025 4.2883 5,647,813.30 A-1+ US Treasury 12/19/2024 912797NZ6 5,750,000.00 UNITED STATES TREASURY 04/15/2025 4.3351 5,671,192.94 A-1+ US Treasury 12/31/2024 91282CMD0 8,000,000.00 UNITED STATES TREASURY 4.375 12/31/2029 4.3741 8,000,312.50 AA+ US Treasury 66,000,000.00 19 of 27Page 322 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista|10/01/2024 Through 12/31/2024| Maturity Settlement Date CUSIP Quantity Security Description Acq/Disp Yield Book Value S&P Rating Security Type 10/01/2024 70450YAC7 (950,000.00) PAYPAL HOLDINGS INC 2.4 10/01/2024 0.6418 (950,000.00) A-Corporate 10/16/2024 903572DX0 (247,000.00) Uinta Bank 1.7 10/16/2024 1.6985 (247,000.00) NA Negotiable CD 10/17/2024 3133EGYR0 (1,000,000.00) FEDERAL FARM CREDIT BANKS FUNDING CORP 1.82 10/17/2024 1.5250 (1,000,000.00) AA+ Agency 10/17/2024 912797KU0 (5,500,000.00) UNITED STATES TREASURY 10/17/2024 5.3755 (5,500,000.00) A-1+ US Treasury 10/17/2024 912797KU0 (5,000,000.00) UNITED STATES TREASURY 10/17/2024 5.3705 (5,000,000.00) A-1+ US Treasury 10/22/2024 62844AAP2 (249,000.00) MutualBank 1.7 10/22/2024 1.7000 (249,000.00) NA Negotiable CD 10/24/2024 06406RAL1 (1,000,000.00) BANK OF NEW YORK MELLON CORP 2.1 10/24/2024 1.1614 (1,000,000.00) A Corporate 10/25/2024 3130AQHL0 (3,500,000.00) FEDERAL HOME LOAN BANKS 1.05 10/25/2024 1.2406 (3,500,000.00) AA+ Agency 10/30/2024 32116PAM0 (249,000.00) FirstBank of Nebraska 1.7 10/30/2024 1.7000 (249,000.00) NA Negotiable CD 11/01/2024 13077DQC9 (450,000.00) CALIFORNIA ST UNIV REV 0.563 11/01/2024 0.5629 (450,000.00) AA- Municipal Bonds 11/01/2024 3133EK4Y9 (3,000,000.00) FEDERAL FARM CREDIT BANKS FUNDING CORP 1.65 11/01/2024 1.5227 (3,000,000.00) AA+ Agency 11/01/2024 63540QAC1 (300,000.00) NATIONAL CITY 1.019 11/01/2024 1.0597 (300,000.00) AA- Municipal Bonds 11/06/2024 62479LL60 (5,000,000.00) MUFG Bank, Ltd. - New York Branch 11/06/2024 5.4848 (5,000,000.00) A-1 Commercial Paper 11/08/2024 14913Q3B3 (3,000,000.00) CATERPILLAR FINANCIAL SERVICES CORP 2.15 11/08/2024 1.0706 (3,000,000.00) A Corporate 11/08/2024 29367SJQ8 (249,000.00) Enterprise Bank & Trust 1.8 11/08/2024 1.8000 (249,000.00) NA Negotiable CD 11/08/2024 560507AN5 (245,000.00) Maine Savings Bank 1.9 11/08/2024 1.7003 (245,000.00) A-Negotiable CD 11/08/2024 89579NCB7 (249,000.00) Triad Bank 1.8 11/08/2024 1.8000 (249,000.00) NA Negotiable CD 11/13/2024 201282JB7 (249,000.00) Commercial Bank 1.75 11/13/2024 1.7500 (249,000.00) NA Negotiable CD 11/14/2024 912797LD7 (6,500,000.00) UNITED STATES TREASURY 11/14/2024 5.3745 (6,500,000.00) A-1+ US Treasury 11/15/2024 427866BC1 (677,000.00) HERSHEY CO 2.05 11/15/2024 1.8755 (677,000.00) A Corporate 11/18/2024 3130APQM0 (2,300,000.00) FEDERAL HOME LOAN BANKS 1.0 11/18/2024 0.9998 (2,300,000.00) AA+ Agency 11/25/2024 3130AQ3B7 (1,000,000.00) FEDERAL HOME LOAN BANKS 1.0 11/25/2024 0.9998 (1,000,000.00) AA+ Agency 11/25/2024 459058DX8 (3,000,000.00)INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 2.5 11/25/2024 2.3314 (3,000,000.00) AAA Supranational 11/30/2024 91282CFX4 (3,000,000.00) UNITED STATES TREASURY 4.5 11/30/2024 4.4714 (3,000,000.00) AA+ US Treasury 12/02/2024 20404YCF0 (249,000.00) Community State Bank 1.55 12/02/2024 1.5500 (249,000.00) NA Negotiable CD 12/04/2024 204161BJ1 (249,000.00) Communitybank of Texas, National Association 1.8 12/04/2024 1.8000 (249,000.00) NA Negotiable CD 12/12/2024 912797LP0 (9,500,000.00) UNITED STATES TREASURY 12/12/2024 5.3301 (9,500,000.00) A-1+ US Treasury 12/18/2024 062163BN9 (249,000.00) Bank Forward 1.75 12/18/2024 1.7500 (249,000.00) NA Negotiable CD 12/20/2024 3133EN4N7 (1,200,000.00) FEDERAL FARM CREDIT BANKS FUNDING CORP 4.25 12/20/2024 4.4673 (1,200,000.00) AA+ Agency 12/31/2024 91282CGD7 (4,750,000.00) UNITED STATES TREASURY 4.25 12/31/2024 4.8491 (4,750,000.00) AA+ US Treasury (63,111,000.00) 20 of 27Page 323 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista Reporting Date:12/31/2024 Portfolio Maturity Distribution 0 - 182 Days 183 - 365 Days 366 - 730 Days 731 - 1095 Days 1096 - 1460 Days 1461 - 1825 Days Issuer Original Par Maturity Date Days to Maturity Under 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Farm Credit System 1,500,000.00 1/6/2025 6 1,500,000.00$ -$ -$ -$ -$ -$ Federal Home Loan Banks 3,000,000.00 3/14/2025 73 3,000,000.00$ -$ -$ -$ -$ -$ Federal Home Loan Banks 3,000,000.00 3/24/2025 83 3,000,000.00$ -$ -$ -$ -$ -$ Federal Home Loan Banks 3,500,000.00 3/28/2025 87 3,500,000.00$ -$ -$ -$ -$ -$ Federal Home Loan Banks 2,500,000.00 4/21/2025 111 2,500,000.00$ -$ -$ -$ -$ -$ Federal Home Loan Banks 1,730,000.00 4/28/2025 118 1,730,000.00$ -$ -$ -$ -$ -$ Federal Home Loan Banks 3,000,000.00 5/23/2025 143 3,000,000.00$ -$ -$ -$ -$ -$ Federal Home Loan Banks 2,500,000.00 6/13/2025 164 2,500,000.00$ -$ -$ -$ -$ -$ FNMA 4,000,000.00 6/17/2025 168 4,000,000.00$ -$ -$ -$ -$ -$ Farm Credit System 3,000,000.00 6/23/2025 174 3,000,000.00$ -$ -$ -$ -$ -$ Federal Home Loan Banks 3,500,000.00 6/27/2025 178 3,500,000.00$ -$ -$ -$ -$ -$ Federal Home Loan Banks 3,500,000.00 6/30/2025 181 3,500,000.00$ -$ -$ -$ -$ -$ Federal Home Loan Banks 3,500,000.00 7/18/2025 199 -$ 3,500,000.00$ -$ -$ -$ -$ Federal Home Loan Banks 3,000,000.00 7/25/2025 206 -$ 3,000,000.00$ -$ -$ -$ -$ FNMA 4,000,000.00 8/25/2025 237 -$ 4,000,000.00$ -$ -$ -$ -$ Federal Home Loan Banks 4,000,000.00 8/29/2025 241 -$ 4,000,000.00$ -$ -$ -$ -$ Federal Home Loan Banks 4,000,000.00 9/12/2025 255 -$ 4,000,000.00$ -$ -$ -$ -$ FHLMC 4,000,000.00 9/24/2025 267 -$ 4,000,000.00$ -$ -$ -$ -$ Federal Home Loan Banks 3,500,000.00 10/14/2025 287 -$ 3,500,000.00$ -$ -$ -$ -$ Farm Credit System 3,200,000.00 10/20/2025 293 -$ 3,200,000.00$ -$ -$ -$ -$ Federal Home Loan Banks 3,500,000.00 10/29/2025 302 -$ 3,500,000.00$ -$ -$ -$ -$ FNMA 3,500,000.00 11/7/2025 311 -$ 3,500,000.00$ -$ -$ -$ -$ Farm Credit System 2,030,000.00 11/17/2025 321 -$ 2,030,000.00$ -$ -$ -$ -$ Farm Credit System 3,500,000.00 1/27/2026 392 -$ -$ 3,500,000.00$ -$ -$ -$ Farm Credit System 3,500,000.00 3/10/2026 434 -$ -$ 3,500,000.00$ -$ -$ -$ Farm Credit System 6,000,000.00 5/8/2026 493 -$ -$ 6,000,000.00$ -$ -$ -$ Federal Home Loan Banks 5,000,000.00 6/12/2026 528 -$ -$ 5,000,000.00$ -$ -$ -$ Farm Credit System 3,000,000.00 7/27/2026 573 -$ -$ 3,000,000.00$ -$ -$ -$ Farm Credit System 1,666,000.00 8/24/2026 601 -$ -$ 1,666,000.00$ -$ -$ -$ Federal Home Loan Banks 3,500,000.00 8/25/2026 602 -$ -$ 3,500,000.00$ -$ -$ -$ Farm Credit System 6,000,000.00 9/1/2026 609 -$ -$ 6,000,000.00$ -$ -$ -$ Federal Home Loan Banks 5,250,000.00 9/11/2026 619 -$ -$ 5,250,000.00$ -$ -$ -$ Farm Credit System 1,000,000.00 9/28/2026 636 -$ -$ 1,000,000.00$ -$ -$ -$ Federal Home Loan Banks 3,750,000.00 10/21/2026 659 -$ -$ 3,750,000.00$ -$ -$ -$ Federal Home Loan Banks 2,600,000.00 11/23/2026 692 -$ -$ 2,600,000.00$ -$ -$ -$ Federal Home Loan Banks 1,650,000.00 12/11/2026 710 -$ -$ 1,650,000.00$ -$ -$ -$ Federal Home Loan Banks 6,500,000.00 1/15/2027 745 -$ -$ -$ 6,500,000.00$ -$ -$ Farm Credit System 7,000,000.00 3/26/2027 815 -$ -$ -$ 7,000,000.00$ -$ -$ Farm Credit System 5,500,000.00 5/6/2027 856 -$ -$ -$ 5,500,000.00$ -$ -$ Farm Credit System 3,500,000.00 9/15/2027 988 -$ -$ -$ 3,500,000.00$ -$ -$ Farm Credit System 3,500,000.00 10/27/2027 1030 -$ -$ -$ 3,500,000.00$ -$ -$ Farm Credit System 6,000,000.00 6/7/2028 1254 -$ -$ -$ -$ 6,000,000.00$ -$ Farm Credit System 5,250,000.00 8/28/2028 1336 -$ -$ -$ -$ 5,250,000.00$ -$ Farm Credit System 6,400,000.00 11/13/2028 1413 -$ -$ -$ -$ 6,400,000.00$ -$ Farm Credit System 5,000,000.00 4/10/2029 1561 -$ -$ -$ -$ -$ 5,000,000.00$ Agency 34,730,000.00$ 38,230,000.00$ 46,416,000.00$ 26,000,000.00$ 17,650,000.00$ 5,000,000.00$ 21 of 27Page 324 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista Reporting Date:12/31/2024 Portfolio Maturity Distribution 0 - 182 Days 183 - 365 Days 366 - 730 Days 731 - 1095 Days 1096 - 1460 Days 1461 - 1825 Days Issuer Original Par Maturity Date Days to Maturity Under 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Commercial Paper -$ -$ -$ -$ -$ -$ Adobe Inc.2,595,000.00 2/1/2025 32 2,595,000.00$ -$ -$ -$ -$ -$ PACCAR Inc 1,000,000.00 2/6/2025 37 1,000,000.00$ -$ -$ -$ -$ -$ Toyota Motor Corporation 1,000,000.00 2/13/2025 44 1,000,000.00$ -$ -$ -$ -$ -$ 3M Company 2,500,000.00 2/14/2025 45 2,500,000.00$ -$ -$ -$ -$ -$ W.W. Grainger, Inc.580,000.00 2/15/2025 46 580,000.00$ -$ -$ -$ -$ -$ Deere & Company 1,250,000.00 3/13/2025 72 1,250,000.00$ -$ -$ -$ -$ -$ Intel Corporation 2,001,000.00 3/25/2025 84 2,001,000.00$ -$ -$ -$ -$ -$ Amazon.com, Inc.3,000,000.00 4/13/2025 103 3,000,000.00$ -$ -$ -$ -$ -$ Target Corporation 3,000,000.00 4/15/2025 105 3,000,000.00$ -$ -$ -$ -$ -$ Apple Inc.1,131,000.00 5/11/2025 131 1,131,000.00$ -$ -$ -$ -$ -$ Honeywell International Inc.3,000,000.00 6/1/2025 152 3,000,000.00$ -$ -$ -$ -$ -$ Amazon.com, Inc.1,678,000.00 6/3/2025 154 1,678,000.00$ -$ -$ -$ -$ -$ JPMorgan Chase & Co.2,000,000.00 7/15/2025 196 -$ 2,000,000.00$ -$ -$ -$ -$ PACCAR Inc 2,300,000.00 8/11/2025 223 -$ 2,300,000.00$ -$ -$ -$ -$ State Street Corporation 1,600,000.00 8/18/2025 230 -$ 1,600,000.00$ -$ -$ -$ -$ Cummins Inc.743,000.00 9/1/2025 244 -$ 743,000.00$ -$ -$ -$ -$ Cummins Inc.2,257,000.00 9/1/2025 244 -$ 2,257,000.00$ -$ -$ -$ -$ The Home Depot, Inc.3,200,000.00 9/15/2025 258 -$ 3,200,000.00$ -$ -$ -$ -$ Toyota Motor Corporation 3,000,000.00 10/16/2025 289 -$ 3,000,000.00$ -$ -$ -$ -$ Visa Inc.2,500,000.00 12/14/2025 348 -$ 2,500,000.00$ -$ -$ -$ -$ PepsiCo, Inc.1,872,000.00 2/24/2026 420 -$ -$ 1,872,000.00$ -$ -$ -$ Cisco Systems, Inc.3,500,000.00 2/28/2026 424 -$ -$ 3,500,000.00$ -$ -$ -$ Target Corporation 1,850,000.00 4/15/2026 470 -$ -$ 1,850,000.00$ -$ -$ -$ Target Corporation 1,901,000.00 4/15/2026 470 -$ -$ 1,901,000.00$ -$ -$ -$ PACCAR Inc 3,000,000.00 5/11/2026 496 -$ -$ 3,000,000.00$ -$ -$ -$ Walmart Inc.1,900,000.00 7/8/2026 554 -$ -$ 1,900,000.00$ -$ -$ -$ Cisco Systems, Inc.1,150,000.00 9/20/2026 628 -$ -$ 1,150,000.00$ -$ -$ -$ NIKE, Inc.1,035,000.00 11/1/2026 670 -$ -$ 1,035,000.00$ -$ -$ -$ Honeywell International Inc.1,185,000.00 11/1/2026 670 -$ -$ 1,185,000.00$ -$ -$ -$ Illinois Tool Works Inc.1,421,000.00 11/15/2026 684 -$ -$ 1,421,000.00$ -$ -$ -$ Abbott Laboratories 1,000,000.00 11/30/2026 699 -$ -$ 1,000,000.00$ -$ -$ -$ Duke Energy Corporation 7,500,000.00 12/1/2026 700 -$ -$ 7,500,000.00$ -$ -$ -$ Royal Bank of Canada 6,500,000.00 1/19/2027 749 -$ -$ -$ 6,500,000.00$ -$ -$ Morgan Stanley 2,500,000.00 1/20/2027 750 -$ -$ -$ 2,500,000.00$ -$ -$ JPMorgan Chase & Co.2,500,000.00 1/29/2027 759 -$ -$ -$ 2,500,000.00$ -$ -$ Bank of America Corporation 4,000,000.00 3/2/2027 791 -$ -$ -$ 4,000,000.00$ -$ -$ The Charles Schwab Corporation 2,205,000.00 3/3/2027 792 -$ -$ -$ 2,205,000.00$ -$ -$ PepsiCo, Inc.1,935,000.00 3/19/2027 808 -$ -$ -$ 1,935,000.00$ -$ -$ Costco Wholesale Corporation 3,200,000.00 5/18/2027 868 -$ -$ -$ 3,200,000.00$ -$ -$ Merck & Co., Inc.3,200,000.00 6/10/2027 891 -$ -$ -$ 3,200,000.00$ -$ -$ The Home Depot, Inc.7,500,000.00 6/25/2027 906 -$ -$ -$ 7,500,000.00$ -$ -$ National Rural Utilities Cooperative 7,500,000.00 9/16/2027 989 -$ -$ -$ 7,500,000.00$ -$ -$ State Street Corporation 7,500,000.00 10/22/2027 1025 -$ -$ -$ 7,500,000.00$ -$ -$ JPMorgan Chase & Co.6,000,000.00 4/22/2028 1208 -$ -$ -$ -$ 6,000,000.00$ -$ Deere & Company 6,250,000.00 1/16/2029 1477 -$ -$ -$ -$ -$ 6,250,000.00$ 22 of 27Page 325 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista Reporting Date:12/31/2024 Portfolio Maturity Distribution 0 - 182 Days 183 - 365 Days 366 - 730 Days 731 - 1095 Days 1096 - 1460 Days 1461 - 1825 Days Issuer Original Par Maturity Date Days to Maturity Under 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Caterpillar Inc.7,000,000.00 2/27/2029 1519 -$ -$ -$ -$ -$ 7,000,000.00$ BlackRock, Inc.6,800,000.00 3/14/2029 1534 -$ -$ -$ -$ -$ 6,800,000.00$ The Toronto-Dominion Bank 6,800,000.00 4/5/2029 1556 -$ -$ -$ -$ -$ 6,800,000.00$ Met Tower Global Funding 7,000,000.00 4/12/2029 1563 -$ -$ -$ -$ -$ 7,000,000.00$ Corporate 22,735,000.00$ 17,600,000.00$ 27,314,000.00$ 48,540,000.00$ 6,000,000.00$ 33,850,000.00$ State of Connecticut 1,700,000.00 1/15/2025 15 1,700,000.00$ -$ -$ -$ -$ -$ State of California 750,000.00 3/1/2025 60 750,000.00$ -$ -$ -$ -$ -$ San Francisco California City & Coun 255,000.00 3/1/2025 60 255,000.00$ -$ -$ -$ -$ -$ City of Gardena, California 250,000.00 4/1/2025 91 250,000.00$ -$ -$ -$ -$ -$ Port Of Oakland 863,530.72 5/1/2025 121 863,530.72$ -$ -$ -$ -$ -$ City of Ontario, California 1,000,000.00 6/1/2025 152 1,000,000.00$ -$ -$ -$ -$ -$ California Statewide Communities Dev 1,000,000.00 6/1/2025 152 1,000,000.00$ -$ -$ -$ -$ -$ University of California 1,600,000.00 7/1/2025 182 1,600,000.00$ -$ -$ -$ -$ -$ Colton Joint Unified School District 2,475,000.00 8/1/2025 213 -$ 2,475,000.00$ -$ -$ -$ -$ City of Pomona, California 1,675,000.00 8/1/2025 213 -$ 1,675,000.00$ -$ -$ -$ -$ Carpinteria Unified School District 1,210,000.00 8/1/2025 213 -$ 1,210,000.00$ -$ -$ -$ -$ San Bernardino City Unified School D 2,250,000.00 8/1/2025 213 -$ 2,250,000.00$ -$ -$ -$ -$ Successor Agency to the San Jose Red 4,675,000.00 8/1/2025 213 -$ 4,675,000.00$ -$ -$ -$ -$ San Jose, California 2,275,000.00 9/1/2025 244 -$ 2,275,000.00$ -$ -$ -$ -$ State of Hawaii 2,290,000.00 10/1/2025 274 -$ 2,290,000.00$ -$ -$ -$ -$ California State University 2,500,000.00 11/1/2025 305 -$ 2,500,000.00$ -$ -$ -$ -$ California State University 775,000.00 11/1/2025 305 -$ 775,000.00$ -$ -$ -$ -$ State of California 3,200,000.00 4/1/2026 456 -$ -$ 3,200,000.00$ -$ -$ -$ Sequoia Union High School District 2,050,000.00 7/1/2026 547 -$ -$ 2,050,000.00$ -$ -$ -$ Huntington Beach Union High School D 3,510,000.00 8/1/2026 578 -$ -$ 3,510,000.00$ -$ -$ -$ City of Los Angeles 1,085,000.00 9/1/2026 609 -$ -$ 1,085,000.00$ -$ -$ -$ State of Connecticut 3,000,000.00 9/15/2026 623 -$ -$ 3,000,000.00$ -$ -$ -$ University of California 1,340,000.00 5/15/2027 865 -$ -$ -$ 1,340,000.00$ -$ -$ City of Riverside, California 1,500,000.00 6/1/2027 882 -$ -$ -$ 1,500,000.00$ -$ -$ Sequoia Union High School District 2,150,000.00 7/1/2027 912 -$ -$ -$ 2,150,000.00$ -$ -$ Saddleback Valley Unified School Dis 1,805,000.00 8/1/2027 943 -$ -$ -$ 1,805,000.00$ -$ -$ San Diego Community College District 1,300,000.00 8/1/2027 943 -$ -$ -$ 1,300,000.00$ -$ -$ Mountain View Whisman School Distric 970,000.00 9/1/2027 974 -$ -$ -$ 970,000.00$ -$ -$ State of California 6,000,000.00 8/1/2029 1674 -$ -$ -$ -$ -$ 6,000,000.00$ Municipal Bonds 7,418,530.72$ 20,125,000.00$ 12,845,000.00$ 9,065,000.00$ -$ 6,000,000.00$ Freedom Financial Bank 249,000.00 2/14/2025 45 249,000.00$ -$ -$ -$ -$ -$ First National Bank of Michigan 249,000.00 2/14/2025 45 249,000.00$ -$ -$ -$ -$ -$ American State Bank 249,000.00 2/21/2025 52 249,000.00$ -$ -$ -$ -$ -$ Bell Bank 249,000.00 2/27/2025 58 249,000.00$ -$ -$ -$ -$ -$ American Eagle Bank 249,000.00 2/28/2025 59 249,000.00$ -$ -$ -$ -$ -$ Clear Fork Bank National Association 249,000.00 2/28/2025 59 249,000.00$ -$ -$ -$ -$ -$ Horizon Bank 249,000.00 2/28/2025 59 249,000.00$ -$ -$ -$ -$ -$ Iowa State Bank 248,000.00 3/5/2025 64 248,000.00$ -$ -$ -$ -$ -$ McHenry Savings Bank 249,000.00 3/13/2025 72 249,000.00$ -$ -$ -$ -$ -$ Access Bank 249,000.00 3/13/2025 72 249,000.00$ -$ -$ -$ -$ -$ FNB Bank, Inc.249,000.00 3/18/2025 77 249,000.00$ -$ -$ -$ -$ -$ 23 of 27Page 326 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista Reporting Date:12/31/2024 Portfolio Maturity Distribution 0 - 182 Days 183 - 365 Days 366 - 730 Days 731 - 1095 Days 1096 - 1460 Days 1461 - 1825 Days Issuer Original Par Maturity Date Days to Maturity Under 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Central Bank 249,000.00 3/27/2025 86 249,000.00$ -$ -$ -$ -$ -$ The Bank of Romney 249,000.00 3/27/2025 86 249,000.00$ -$ -$ -$ -$ -$ San Francisco Federal Credit Union 249,000.00 3/27/2025 86 249,000.00$ -$ -$ -$ -$ -$ The Hardin County Bank 249,000.00 3/27/2025 86 249,000.00$ -$ -$ -$ -$ -$ Knoxville TVA Employees Credit Union 249,000.00 3/31/2025 90 249,000.00$ -$ -$ -$ -$ -$ CenterState Bank Of Florida 248,000.00 3/31/2025 90 248,000.00$ -$ -$ -$ -$ -$ Gold Coast Bank 249,000.00 4/15/2025 105 249,000.00$ -$ -$ -$ -$ -$ Synchrony Bank 248,000.00 4/17/2025 107 248,000.00$ -$ -$ -$ -$ -$ State Bank of India - New York Branc 248,000.00 4/29/2025 119 248,000.00$ -$ -$ -$ -$ -$ Belmont Bank & Trust Company 249,000.00 4/30/2025 120 249,000.00$ -$ -$ -$ -$ -$ M1 Bank 248,000.00 5/8/2025 128 248,000.00$ -$ -$ -$ -$ -$ Alliant Credit Union 249,000.00 12/30/2027 1094 -$ -$ -$ 249,000.00$ -$ -$ Negotiable CD 5,473,000.00$ -$ -$ 249,000.00$ -$ -$ International Bank for Recon and Dev 3,500,000.00 7/29/2025 210 -$ 3,500,000.00$ -$ -$ -$ -$ Inter-American Development Bank 3,000,000.00 6/2/2026 518 -$ -$ 3,000,000.00$ -$ -$ -$ International Finance Corporation 4,000,000.00 10/8/2026 646 -$ -$ 4,000,000.00$ -$ -$ -$ Inter-American Development Bank 6,000,000.00 2/1/2027 762 -$ -$ -$ 6,000,000.00$ -$ -$ International Bank for Recon and Dev 5,000,000.00 8/1/2028 1309 -$ -$ -$ -$ 5,000,000.00$ -$ Supranational -$ 3,500,000.00$ 7,000,000.00$ 6,000,000.00$ 5,000,000.00$ -$ Government of The United States 8,000,000.00 1/7/2025 7 8,000,000.00$ -$ -$ -$ -$ -$ Government of The United States 5,000,000.00 1/16/2025 16 5,000,000.00$ -$ -$ -$ -$ -$ Government of The United States 5,000,000.00 2/11/2025 42 5,000,000.00$ -$ -$ -$ -$ -$ Government of The United States 3,500,000.00 3/6/2025 65 3,500,000.00$ -$ -$ -$ -$ -$ Government of The United States 5,750,000.00 4/15/2025 105 5,750,000.00$ -$ -$ -$ -$ -$ Government of The United States 5,750,000.00 5/22/2025 142 5,750,000.00$ -$ -$ -$ -$ -$ Government of The United States 6,750,000.00 5/31/2025 151 6,750,000.00$ -$ -$ -$ -$ -$ Government of The United States 6,750,000.00 7/15/2025 196 -$ 6,750,000.00$ -$ -$ -$ -$ Government of The United States 3,000,000.00 8/15/2025 227 -$ 3,000,000.00$ -$ -$ -$ -$ Government of The United States 6,500,000.00 9/15/2025 258 -$ 6,500,000.00$ -$ -$ -$ -$ Government of The United States 6,750,000.00 10/15/2025 288 -$ 6,750,000.00$ -$ -$ -$ -$ Government of The United States 8,000,000.00 1/31/2026 396 -$ -$ 8,000,000.00$ -$ -$ -$ Government of The United States 5,000,000.00 2/28/2026 424 -$ -$ 5,000,000.00$ -$ -$ -$ Government of The United States 5,000,000.00 3/15/2026 439 -$ -$ 5,000,000.00$ -$ -$ -$ Government of The United States 2,400,000.00 4/15/2026 470 -$ -$ 2,400,000.00$ -$ -$ -$ Government of The United States 5,000,000.00 5/15/2026 500 -$ -$ 5,000,000.00$ -$ -$ -$ Government of The United States 5,000,000.00 6/15/2026 531 -$ -$ 5,000,000.00$ -$ -$ -$ Government of The United States 3,500,000.00 8/15/2026 592 -$ -$ 3,500,000.00$ -$ -$ -$ Government of The United States 6,500,000.00 12/15/2026 714 -$ -$ 6,500,000.00$ -$ -$ -$ Government of The United States 3,200,000.00 2/15/2027 776 -$ -$ -$ 3,200,000.00$ -$ -$ Government of The United States 5,000,000.00 4/30/2027 850 -$ -$ -$ 5,000,000.00$ -$ -$ Government of The United States 5,500,000.00 4/30/2027 850 -$ -$ -$ 5,500,000.00$ -$ -$ Government of The United States 8,000,000.00 8/15/2027 957 -$ -$ -$ 8,000,000.00$ -$ -$ Government of The United States 6,000,000.00 11/30/2027 1064 -$ -$ -$ 6,000,000.00$ -$ -$ Government of The United States 6,000,000.00 12/31/2027 1095 -$ -$ -$ 6,000,000.00$ -$ -$ Government of The United States 6,000,000.00 1/31/2028 1126 -$ -$ -$ -$ 6,000,000.00$ -$ Government of The United States 6,400,000.00 2/15/2028 1141 -$ -$ -$ -$ 6,400,000.00$ -$ 24 of 27Page 327 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista Reporting Date:12/31/2024 Portfolio Maturity Distribution 0 - 182 Days 183 - 365 Days 366 - 730 Days 731 - 1095 Days 1096 - 1460 Days 1461 - 1825 Days Issuer Original Par Maturity Date Days to Maturity Under 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Government of The United States 8,000,000.00 7/31/2028 1308 -$ -$ -$ -$ 8,000,000.00$ -$ Government of The United States 6,000,000.00 9/30/2028 1369 -$ -$ -$ -$ 6,000,000.00$ -$ Government of The United States 6,500,000.00 10/31/2028 1400 -$ -$ -$ -$ 6,500,000.00$ -$ Government of The United States 7,000,000.00 3/31/2029 1551 -$ -$ -$ -$ -$ 7,000,000.00$ Government of The United States 7,500,000.00 6/30/2029 1642 -$ -$ -$ -$ -$ 7,500,000.00$ Government of The United States 7,500,000.00 9/30/2029 1734 -$ -$ -$ -$ -$ 7,500,000.00$ Government of The United States 7,000,000.00 11/30/2029 1795 -$ -$ -$ -$ -$ 7,000,000.00$ Government of The United States 8,000,000.00 12/31/2029 1826 -$ -$ -$ -$ -$ 8,000,000.00$ US Treasury 39,750,000.00$ 23,000,000.00$ 40,400,000.00$ 33,700,000.00$ 32,900,000.00$ 37,000,000.00$ Neighborhood National Bank 4,062,941.46 8/14/2025 226 -$ 4,062,941.46$ -$ -$ -$ -$ Placement Service Deposits Total Maturity 110,106,530.72$ 102,455,000.00$ 133,975,000.00$ 123,554,000.00$ 61,550,000.00$ 81,850,000.00$ 613,490,530.72$ 1.94 Weighted Average Maturity (in years) 3.68%Weighted Yield to Maturity 25 of 27Page 328 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda City of Chula Vista Corporate Bonds - Sector Distribution Issuer Maturity Date CUSIP Purchase YTM Original Par GICS Sector Adobe Inc.2/1/2025 00724FAC5 3.12 2,595,000.00 Information Technology PACCAR Inc 2/6/2025 69371RQ66 0.67 1,000,000.00 Financials Toyota Motor Corporation 2/13/2025 89236TGT6 1.04 1,000,000.00 Consumer Discretionary 3M Company 2/14/2025 88579YBH3 1.44 2,500,000.00 Industrials W.W. Grainger, Inc.2/15/2025 384802AE4 1.85 580,000.00 Industrials Deere & Company 3/13/2025 24422EUE7 1.11 1,250,000.00 Industrials Intel Corporation 3/25/2025 458140BP4 4.51 2,001,000.00 Information Technology Amazon.com, Inc.4/13/2025 023135CE4 2.99 3,000,000.00 Consumer Discretionary Target Corporation 4/15/2025 87612EBL9 1.74 3,000,000.00 Consumer Discretionary Apple Inc.5/11/2025 037833DT4 1.12 1,131,000.00 Information Technology Honeywell International Inc.6/1/2025 438516CB0 1.15 3,000,000.00 Industrials Amazon.com, Inc.6/3/2025 023135BQ8 1.19 1,678,000.00 Consumer Discretionary JPMorgan Chase & Co.7/15/2025 46625HMN7 1.74 2,000,000.00 Financials PACCAR Inc 8/11/2025 69371RR99 4.36 2,300,000.00 Financials State Street Corporation 8/18/2025 857477AT0 3.10 1,600,000.00 Financials Cummins Inc.9/1/2025 231021AU0 1.20 743,000.00 Industrials Cummins Inc.9/1/2025 231021AU0 1.20 2,257,000.00 Industrials The Home Depot, Inc.9/15/2025 437076BK7 3.07 3,200,000.00 Consumer Discretionary Toyota Motor Corporation 10/16/2025 89236THP3 1.41 3,000,000.00 Consumer Discretionary Visa Inc.12/14/2025 92826CAD4 2.72 2,500,000.00 Financials PepsiCo, Inc.2/24/2026 713448DF2 4.31 1,872,000.00 Consumer Staples Cisco Systems, Inc.2/28/2026 17275RBC5 4.31 3,500,000.00 Information Technology Target Corporation 4/15/2026 87612EBE5 4.26 1,850,000.00 Consumer Discretionary Target Corporation 4/15/2026 87612EBE5 4.26 1,901,000.00 Consumer Discretionary PACCAR Inc 5/11/2026 69371RR32 4.33 3,000,000.00 Financials Walmart Inc.7/8/2026 931142EM1 4.09 1,900,000.00 Consumer Discretionary Cisco Systems, Inc.9/20/2026 17275RBL5 4.04 1,150,000.00 Information Technology NIKE, Inc.11/1/2026 654106AF0 3.13 1,035,000.00 Consumer Discretionary Honeywell International Inc.11/1/2026 438516BL9 3.02 1,185,000.00 Industrials Illinois Tool Works Inc.11/15/2026 452308AX7 4.82 1,421,000.00 Industrials Abbott Laboratories 11/30/2026 002824BF6 4.69 1,000,000.00 Health Care Duke Energy Corporation 12/1/2026 26442CAS3 4.29 7,500,000.00 Energy Royal Bank of Canada 1/19/2027 78016HZT0 4.75 6,500,000.00 Financials Morgan Stanley 1/20/2027 61746BEF9 5.62 2,500,000.00 Financials JPMorgan Chase & Co.1/29/2027 46647PBA3 5.86 2,500,000.00 Financials Bank of America Corporation 3/2/2027 06048WS84 2.75 4,000,000.00 Financials The Charles Schwab Corporation 3/3/2027 808513BY0 3.34 2,205,000.00 Financials PepsiCo, Inc.3/19/2027 713448ER5 3.14 1,935,000.00 Consumer Staples Costco Wholesale Corporation 5/18/2027 22160KAM7 4.29 3,200,000.00 Consumer Discretionary Merck & Co., Inc.6/10/2027 58933YBC8 3.16 3,200,000.00 Health Care The Home Depot, Inc.6/25/2027 437076DB5 4.76 7,500,000.00 Consumer Discretionary National Rural Utilities Cooperative 9/16/2027 63743HFT4 4.04 7,500,000.00 Utilities State Street Corporation 10/22/2027 857477CP6 4.53 7,500,000.00 Financials JPMorgan Chase & Co.4/22/2028 46647PEE2 5.19 6,000,000.00 Financials Deere & Company 1/16/2029 24422EXH7 4.56 6,250,000.00 Industrials Caterpillar Inc.2/27/2029 14913UAJ9 4.77 7,000,000.00 Financials BlackRock, Inc.3/14/2029 09290DAA9 4.56 6,800,000.00 Financials The Toronto-Dominion Bank 4/5/2029 89115A2Y7 4.98 6,800,000.00 Financials Met Tower Global Funding 4/12/2029 58989V2H6 5.49 7,000,000.00 Financials 156,039,000.00 26 of 27Page 329 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda GICS Sector Amount Percent Communication Services - 0.00% Consumer Discretionary 32,264,000.00 20.68% Consumer Staples 3,807,000.00 2.44% Energy 7,500,000.00 4.81% Financials 71,205,000.00 45.63% Health Care 4,200,000.00 2.69% Industrials 19,186,000.00 12.30% Information Technology 10,377,000.00 6.65% Materials - 0.00% Real Estate - 0.00% Utilities 7,500,000.00 4.81% Total 156,039,000.00 100.00% Consumer Discretionary 21% Consumer Staples 2% Energy 5% Financials 45% Health Care 3% Industrials 12% Information Technology 7% Utilities 5% CORPORATE BONDS -SECTOR DISTRIBUTION 27 of 27Page 330 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 1 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); 1.0 Purpose: This “Investment Policy and Guidelines” (the “Investment Policy”) Policy is intended to provide guidelines for the prudent investment of the City of Chula Vista’s (the “City”) cash balances, and outline policies to assist in maximizing the efficiency of the City’s cash management system, while meeting the daily cash flow demands of the City. 2.0 Policy: The investment practices and policies of the City of Chula Vista are based upon state law and prudent money management. 3.0 Scope: This Investment Policy applies to all financial assets of the City of Chula Vista, as indicated in 3.1 below. These funds are accounted for in the City’s Comprehensive Annual Financial Report. 3.1 Funds: The Director of Finance/Treasurer is responsible for investing the unexpended cash in the City Treasury for all funds, except for the employee’s retirement funds, which are administered separately, and those funds which are managed separately by trustees appointed under indenture agreements. The Director of Finance/Treasurer will strive to maintain the level of investment of this cash as close as possible to 100%. These funds are described in the City’s annual financial report and include:  General Fund  Special Revenue Funds  Capital Project Funds  Enterprise Funds  Fiduciary Funds  Any new fund created by the legislative body, unless specifically exempted This Investment Policy applies to all transactions involving the financial assets and related activity of the foregoing funds. Page 331 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 2 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); Bond proceeds shall be invested in the investments permitted by the applicable bond documents. If the bond documents are silent as to the permitted investments, the bond proceeds will be invested in the securities permitted by this Policy. Notwithstanding the other provisions of this Policy, the percentage limitations listed elsewhere in this Policy do not apply to bond proceeds. 4.0 Prudence: The standard of prudence to be used by the Director of Finance/Treasurer shall be the “prudent investor standard”. This shall be applied in the context of managing an overall portfolio. The “prudent investor standard” is applied to local agencies, pursuant to California Government Code Section 53600.3 which provides, in pertinent part: “ … all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. 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 of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency…” 4.1 Personal Responsibility: The Director of Finance/Treasurer, Assistant Director of Finance, Treasury Manager and Finance Manager as investment officers acting in accordance with written procedures and the Investment Policy and exercising due diligence, shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported to the City Council in a timely fashion and appropriate action is taken to control adverse developments. Page 332 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 3 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); 5.0 Objective: Consistent with this aim, investments are made under the terms and conditions of California Government Code Section 53600, et seq. Criteria for selecting investments and the absolute order of priority are: 5.1 Safety: Safety of principal is the foremost objective of the investment program. Investments of the City of Chula Vista shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, diversification is required in order that potential losses on individual securities do not exceed the income generated from the remainder of the portfolio. 5.2 Liquidity: The City of Chula Vista’s investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated and to maintain compliance with any indenture agreement, as applicable. Liquidity is essential to the safety of principal. 5.3 Return on Investments: The City of Chula Vista’s investment portfolio shall be designed with the objective of attaining a market-average rate of return throughout budgetary and economic cycles (market interest rates), within the City’s Investment Policy’s risk parameters and the City’s cash flow needs. See also Section 16.0. 6.0 Delegation of Authority: The City Council delegates responsibility for the investment program to the Director of Finance/Treasurer for a period of one year. Subject to review, the City Council may renew the delegation of authority each year. The Director of Finance/Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls and written procedures to regulate the activities of subordinate officials. The responsibility for the day-to-day investment of City funds will be delegated to the Assistant Director of Finance or their designee. The Director of Finance/Treasurer may delegate day-to-day investment decision making and execution authority to an investment advisor. The advisor shall follow the Investment Policy and such other written instructions as are provided. Page 333 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 4 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); 7.0 Ethics and Conflicts of Interest: In addition to state and local statutes relating to conflicts of interest, all persons involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. Employees and investment officers, including investment advisors, are required to file annual disclosure statements as required for “public officials who manage public investments” [as defined and required by the Political Reform Act and related regulations, including Government Code Sections 81000, et seq., and the rules, regulations and guidelines promulgated by California’s Fair Political Practices Commission (FPPC)]. 8.0 Authorized Financial Dealers and Institutions: For any transactions executed by the City, the City’s Director of Finance/Treasurer will maintain a list of the financial institutions and brokers/dealers authorized to provide investment and depository services and will perform an annual review of their financial condition. The City will utilize Moody’s Securities or other such services to determine financially sound institutions with which to do business. The City shall annually send a copy of the current Investment Policy to all financial institutions and brokers/dealers approved to do business with the City. As far as possible, all money belonging to, or in the custody of, a local agency, including money paid to the City’s Director of Finance/Treasurer or other official to pay the principal, interest, or penalties of bonds, shall be deposited for safekeeping in state or national banks, savings associations, federal associations, credit unions, or federally insured industrial loan companies in this state selected by the City’s Director of Finance/Treasurer; or may be invested in the investments set forth in Section 9.0. To be eligible to receive local agency money, a bank, savings association, federal association, or federally insured industrial loan company shall have received an overall rating of not less than “satisfactory” in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California’s communities, including low- and moderate-income neighborhoods. To provide for the optimum yield in the investment of City funds, the City’s investment procedures shall encourage competitive bidding on transactions. Any transactions not executed directly with the issuer shall be made with approved brokers/dealers. In order to be approved by the City, the Page 334 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 5 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); broker/dealer must meet the following criteria: (i) the broker/dealer must be a “primary” dealer or regional broker/dealer that qualifies under Securities and Exchange Commission Rule 15C3-1 (Uniform Net Capital Rule); (ii) the broker/dealer must be experienced in institutional trading practices and familiar with the California Government Code as related to investments appropriate for the City; and (iii) all other applicable criteria, as may be established in the investment procedures. All brokers/dealers and financial institutions who desire to become qualified bidders for investment transactions must submit documents relative to eligibility including U4 form for the broker, proof of Financial Industry Regulatory Authority (FINRA) certification and a certification of having read and understood the City’s Investment Policy and agreeing to comply with the Investment Policy. The City’s Director of Finance/Treasurer shall determine if they are adequately capitalized (i.e. minimum capital requirements of $10,000,000 and five years of operation). If the City has an investment advisor, the investment advisor may use its own list of authorized issuers and broker/dealers to conduct transactions on behalf of the City. 9.0 Authorized and Suitable Investments: The City is authorized by California Government Code Section 53600, et. seq., to invest in specific types of securities. Where this section specifies a percentage limitation for a particular security type, that percentage is applicable only on the date of purchase. Credit criteria listed in this section refers to the credit rating at the time the security is purchased. If an investment’s credit rating falls below the minimum rating required at the time of purchase, the Director of Finance/Treasurer will perform a timely review and decide whether to sell or hold the investment. Investments not specifically listed below are deemed inappropriate and prohibited: A. BANKERS’ ACCEPTANCES. A maximum of 40% of the total portfolio may be invested in bankers’ acceptances. The maximum maturity is 180 days. No more than 30% of the agency’s moneys may be invested in the bankers’ acceptances of any one commercial bank. See Government Code Section 53601(g). B. NEGOTIABLE CERTIFICATES OF DEPOSIT. A maximum of 30% of the total portfolio may be invested in negotiable certificates of deposit (NCD’s). The maximum maturity of a NCD issue shall be 5 years. These are issued by commercial banks and thrift institutions against funds deposited for specified periods of time and earn specified or variable rates of interest. Negotiable certificates of Page 335 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 6 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); deposit (NCD’s) differ from other certificates of deposit by their liquidity. NCD’s are traded actively in secondary markets. See Government Code Section 53601(i). C. COMMERCIAL PAPER. A maximum of 40% of the total portfolio may be invested in commercial paper. No more than 10% of the City’s total investment assets may be invested in the outstanding commercial paper and the medium-term notes of any single issuer. may be purchased. The maximum maturity is 270 days. Commercial paper of prime quality of the highest ranking or of the highest letter and number rating as provided for by a NRSRO. The entity that issues the commercial paper shall meet all of the following conditions in either paragraph (1) or paragraph (2): 1) The entity meets the following criteria: a. Is organized and operating in the United States as a general corporation. b. Has total assets in excess of five hundred million dollars ($500,000,000). c. Has debt other than commercial paper, if any, that is rated in a rating category of “A” or higher, or the equivalent, by a NRSRO. 2) The entity meets the following criteria: a. Is organized within the United States as a special purpose corporation, trust, or limited liability company. b. Has program wide credit enhancements including, but not limited to, over collateralization, letters of credit, or surety bond. c. Has commercial paper that is rated in a rating category of “A-1” or higher, or the equivalent, by a NRSRO. See Government Code Section 53601(h). D. BONDS ISSUED BY THE CITY OR ANY LOCAL AGENCY WITHIN THE STATE OF CALIFORNIA. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(a) and 53601(e). E. OBLIGATIONS OF THE UNITED STATES TREASURY. United States Treasury Notes, bonds, bills or certificates of indebtedness, or those for which the faith and credit of the United States are pledged for the payment of principal and interest. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(b). F. FEDERAL AGENCIES. Federal agency or United States government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to Page 336 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 7 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); principal and interest by federal agencies or United States government-sponsored enterprises. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(f). G. REPURCHASE AGREEMENT, maximum term 1 year. Investments in repurchase agreements may be made, on any investment authorized in this section, when the term of the agreement does not exceed 1 year. A Master Repurchase Agreement must be signed with the bank or broker/dealer who is selling the securities to the City. There is no limit on the percentage of the total portfolio that can be invested in this category. See Government Code Section 53601(j). H. REVERSE-REPURCHASE AGREEMENTS (Requires Council approval for each transaction). Per Government Code Section 53601(j), reverse repurchase agreements or securities lending agreements may be utilized only when all of the following conditions are met: a) The security to be sold on reverse repurchase agreement or securities lending agreement has been owned and fully paid for by the local agency for a minimum of 30 days prior to sale. b) The total of all reverse repurchase agreements and securities lending agreements on investments owned by the local agency does not exceed 20% of the base value of the total portfolio. c) The agreement does not exceed a term of 92 days, unless the agreement includes a written codicil guaranteeing a minimum earning or spread for the entire period between the sale of a security using a reverse repurchase agreement or securities lending agreement and the final maturity date of the same security. d) Funds obtained or funds within the pool of an equivalent amount to that obtained from selling a security to a counter party by way of a reverse repurchase agreement or securities lending agreement, shall not be used to purchase another security with a maturity longer than 92 days from the initial settlement date of the reverse repurchase agreement or securities lending agreement, unless the reverse repurchase agreement or securities lending agreement includes a written codicil guaranteeing a minimum earning or spread for the entire period between the sale of a security using a reverse repurchase agreement or securities lending agreement and the final maturity date of the same security. e) Investments in reverse repurchase agreements, securities lending agreements, or similar investments in which the local agency sells securities prior to purchase with a simultaneous agreement to repurchase the security shall only be made with primary Page 337 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 8 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); dealers of the Federal Reserve Bank of New York or with a nationally or state-chartered bank that has or has had a significant banking relationship with a local agency. f) For purposes of this policy, “significant banking relationship” means any of the following activities of a bank: i. Involvement in the creation, sale, purchase, or retirement of a local agency’s bonds, warrants, notes, or other evidence of indebtedness. ii. Financing of a local agency’s activities. iii. Acceptance of a local agency’s securities or funds as deposits. I. MEDIUM-TERM CORPORATE NOTES. A maximum of 30% of the total portfolio may be invested in medium-term corporate notes, with a maximum remaining maturity of five years or less. Notes eligible for investment shall be rated in a rating category of “A,” its equivalent or better by a NRSRO. See Government Code Section 53601(k). No more than 10% of the City’s total investment assets may be invested in the commercial paper and the medium-term notes of any single issuer. J. NON-NEGOTIABLE CERTIFICATES OF DEPOSIT. The maximum maturity is 5 years. Certificates of deposit are required to be collateralized as specified under Government Code Section 53630 et seq. The City, at its discretion, may waive the collateralization requirements for any portion that is covered by Federal Deposit Insurance Corporation (FDIC) insurance. There is no limit on the percentage of the portfolio that can be invested in this category. K. OBLIGATIONS OF THE STATE OF CALIFORNIA. Including bonds payable solely out of revenues from a revenue producing property owned, controlled or operated by the state, or by a department, board, agency or authority of the state. The maximum maturity is 5 years. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(d). L. OBLIGATIONS OF THE OTHER 49 STATES. Including bonds payable solely out of revenues from a revenue producing property owned, controlled or operated by any of these states, or by a department, board, agency or authority of the state. The maximum maturity is 5 years. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(d). Page 338 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 9 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); M. MONEY MARKET FUNDS. A maximum of 20% of the total portfolio may be invested in money market funds. No more than 10% of the agency’s funds may be invested in shares of beneficial interest of any one mutual fund. Local agencies may invest in “shares of beneficial interest” issued by diversified management companies which invest in the securities and obligations as authorized by California Government Code Section 53601, subdivisions (a) to (k), inclusive, and subdivisions (m) to (q), inclusive. They must have the highest rating from two NRSRO’s or have retained an investment advisor registered or exempt from registration with the Securities and Exchange Commission with not less than five years of experience managing money market mutual funds and with assets under management in excess of $500,000,000. The purchase price of the shares may not include commission. See Government Code Section 53601(l). N. SAN DIEGO COUNTY TREASURER’S POOLED MONEY FUND. Also known as the San Diego County Investment Pool, the pool is a local government money fund created to invest the assets of the County of San Diego and other public agencies located within the County. The three primary objectives of the County Pool are to safeguard principal; to meet liquidity needs of Pool participants; and to achieve an investment return on the funds within the guidelines of prudent risk management. Investment in the County Pool is highly liquid and the City may invest with no portfolio percentage limit. See Government Code Section 27133. O. THE LOCAL AGENCY INVESTMENT FUND (LAIF). LAIF is a special fund of the California State Treasury through which any local government may pool investments. The City may invest up to $75 million in this fund. Investments in LAIF are highly liquid and may be converted to cash within 24 hours. See Government Code Section 16429.1. P. SHARES OF BENEFICIAL INTEREST ISSUED BY A JOINT POWERS AUTHORITY (Local Government Investment Pools [LGIP]). Per Government Code Section 53601(p), there is no limit on the percentage of the portfolio that can be invested in this category. LGIP’s organized pursuant to Government Code Section 6509.7 that invests in the securities and obligations authorized in subdivisions (a) to (q) of California Government Code Section 53601, inclusive. Each share will represent an equal proportional interest in the underlying pool of securities owned by the joint powers authority. To be eligible under this section the joint powers authority issuing the shares will have retained an investment adviser that meets all of the following criteria: • The adviser is registered or exempt from registration with the Securities and Exchange Commission. Page 339 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 10 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); • The adviser has not less than five years of experience investing in the securities and obligations authorized in subdivisions (a) to (q) Government Code Section 53601, inclusive. • The adviser has assets under management in excess of five hundred million dollars ($500,000,000). Q. ASSET BACKED SECURITIES (ABS). A maximum of 20% of the total portfolio may be invested in ABS. The maximum maturity is five years. Securities eligible for investment under this subdivision not issued or guaranteed by issuers identified in subdivision E and F, shall be rated in a rating category of “AA” or its equivalent or better by an NRSRO. ABS constitutes a mortgage pass- through 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. See Government Code Section 53601(o). R. SUPRANATIONALS. A maximum of 30% of the portfolio may be invested in supranationals. The maximum maturity is five years. Securities eligible for purchase under this subdivision shall be United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank that are eligible for purchase and sale within the United States. Investments under this subdivision shall be rated in a rating category of “AA,” its equivalent or better by an NRSRO. See Government Code Section 53601(q). S. PLACEMENT SERVICE DEPOSITS. A maximum of 30% of the total portfolio may be invested in placement service deposits. The maximum maturity is 5 years. Deposits placed through a deposit placement service shall meet the requirements under Government Code Section 53601.8 and 53635.8. The full amount of the principal and the interest that may be accrued during the maximum term of each certificate of deposit shall at all times be insured by federal deposit insurance. T. COLLATERALIZED BANK DEPOSITS. Notes, bonds, or other obligations that are at all times secured by a valid first priority security interest in securities of the types listed by California Government Code Section 53651 as eligible securities for the purpose of securing local agency deposits having a market value at least equal to that required by California Government Code Section 53652 for the purpose of securing local agency deposits. The securities serving as collateral shall be placed by delivery or book entry into the custody of a trust company or the trust department of a bank that is not affiliated with the issuer of the secured obligation. The maximum maturity is Page 340 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 11 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); 5 years. There is no limit on the percentage of the portfolio that can be invested in this category. See Government Code Section 53601(n) and 53630 et seq. 9.1 Investment Pools: The City’s Director of Finance/Treasurer or designee shall be required to investigate all local government investment pools and money market mutual funds prior to investing and performing at least a quarterly review thereafter while the City is invested in the pool or the money market fund. LAIF is authorized under provisions in Section 16429.1 of the California Government Code as an allowable investment for local agencies even though some of the individual investments of the pool are not allowed as a direct investment by a local agency. 10.0 Portfolio Adjustments: Should any investment listed in section 9.0 exceed a percentage-of-portfolio limitation due to an incident such as fluctuation in portfolio size, the affected securities may be held to maturity to avoid losses. When no loss is indicated, the Director of Finance/Treasurer shall consider reconstructing the portfolio basing his or her decision on the expected length of time the portfolio will be unbalanced. If this occurs, the City Council shall be notified. 11.0 Collateralization: Under provisions of the California Government Code, California banks, and savings and loan associations are required to secure the City’s deposits by pledging letters of credit issued by the Federal Home Loan Bank of San Francisco with a value of 105% of the principal and accrued interest, government securities with a value of 110% of principal and accrued interest or first trust deed mortgage notes having a value of 150% of the City’s total deposits. Collateral will be handled as required by the California Government Code. The Director of Finance/Treasurer, at his or her discretion, may waive the collateral requirement for deposits that are fully insured up to $250,000 by the Federal Deposit Insurance Corporation. The market value of securities that underlay a repurchase agreement shall be valued at 102% or greater of the funds borrowed against those securities and the value shall be adjusted no less than quarterly. Since the market value of the underlying securities is subject to daily market fluctuations, the investments in repurchase agreements shall be in compliance if the value of the underlying securities is Page 341 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 12 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); brought back up to 102% no later than the next business day. Collateral will always be held by an independent third party. A clearly marked evidence of ownership (safekeeping receipt) must be supplied to the City and retained. The right of collateral substitution is granted. 12.0 Safekeeping and Custody: All City investments shall identify the City of Chula Vista as the registered owner, and all interest and principal payments and withdrawals shall indicate the City of Chula Vista as the payee. All securities shall be safe kept with the City itself or with a qualified financial institution, contracted by the City as a third party. All agreements and statements will be subject to review annually by external auditors in conjunction with their audit. In the event that the City has a financial institution hold the securities, a separate custodial agreement shall be required. All deliverable securities shall be acquired by the safekeeping institution on a “Delivery-Vs-Payment” (DVP) basis. For Repurchase Agreements, the purchase may be delivered by book entry, physical delivery or by third-party custodial agreement consistent with the Government Code. The transfer of securities to the counter party bank’s customer book entry account may be used for book entry delivery. 13.0 Diversification: The City’s investment portfolio will be diversified to avoid incurring unreasonable and avoidable risks associated with concentrating investments in specific security types, maturity segment, or in individual financial institutions. No more than 5% of the investment portfolio shall be in securities of any one issuer except for U.S. Treasuries, U.S. Government Agency issues, and investment pools such as LAIF, the San Diego County Pool, money market funds, Joint Power Authorities (JPA’s), and local government investment pools (LGIP’s). A. Credit risk, defined as the risk of loss due to failure of the insurer of a security, shall be mitigated by investing in those securities with an “A” or above rating and approved in the Investment Policy and by diversifying the investment portfolio so that the failure of any one issuer would not unduly harm the City’s cash flow. B. Market risk, defined as the risk of market value fluctuations due to overall changes in the general level of interest rates, shall be mitigated by implementing a long-term investment strategy. It is explicitly recognized herein, however, that in a diversified portfolio, occasional measured losses are inevitable and must be considered within the context of overall investment return. The City’s Page 342 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 13 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated. 14.0 Maximum Maturities: To the extent possible, the City will attempt to match its investments with anticipated cash flow requirements. The City will not directly invest in securities maturing more than five (5) years from the date of purchase, unless, the legislative body has granted express authority to make that investment either specifically, or as a part of an investment program approved by the City Council at least three (3) months prior to the investment. 15.0 Internal Control: The Director of Finance/Treasurer shall establish a system of internal controls designed to prevent loss of public funds due to fraud, employee error, or misrepresentation by third parties. No investment personnel, including an investment advisor, may engage in an investment transaction except as provided for under the terms of this Investment Policy and the procedure established by the Director of Finance/Treasurer. The external auditors shall annually review the investments with respect to the Investment Policy. This review will provide internal control by assuring compliance with policies and procedures for the investments that are selected for testing. Additionally, account reconciliation and verification of general ledger balances relating to the purchasing or maturing of investments and allocation of investments to fund balances shall be performed by the Finance Department and approved by the Director of Finance/Treasurer. To provide further protection of City funds, written procedures prohibit the wiring of any City funds without the authorization of at least two of the following six designated City staff: 1. Director of Finance/Treasurer 2. Assistant Director of Finance 3. Treasury Manager 4. Finance Manager 5. Revenue Manager Page 343 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 14 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); 6. Budget and Analysis Manager 16.0 Performance Standards: The investment portfolio shall be managed to attain a market-average rate of return throughout budgetary and economic cycles, taking into account the City’s investment risk constraints and cash flow. Investment return becomes a consideration only after the basic requirements of investment safety and liquidity have been met. In evaluating the performance of the City’s portfolio in complying with this policy, the City shall establish an appropriate performance benchmark and compare the return of its portfolio to the return of the benchmark. 17.0 Reporting: The Director of Finance/Treasurer shall submit a quarterly investment report to the City Council and City Manager within 45 days following the end of each quarter. This report will include the following elements:  Type of investment  Institutional issuer  Purchase date  Date of maturity  Amount of deposit or cost of the investment  Face value of the investment  Current market value of securities and source of valuation  Rate of interest  Interest earnings  Statement relating the report to its compliance with the Statement of Investment Policy or the manner in which the portfolio is not in compliance  Statement on availability of funds to meet the next six month’s obligations  Monthly and year-to-date budget amounts for interest income  Percentage of portfolio by investment type  Days to maturity for all investments  Comparative report on interest yields  Monthly transactions Page 344 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 15 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025);  Compare portfolio total return to market benchmark total return In addition, a commentary on capital markets and economic conditions may be included with the report. 18.0 Investment Policy Review and Adoption: This Investment Policy shall be reviewed at least annually by the Director of Finance/Treasurer to ensure its consistency with the overall objective of preservation of principal, liquidity, and return, and its relevance to current law and financial and economic trends. Each fiscal year, the Finance Director shall provide a copy of the City’s current Investment Policy and Guidelines to the City Council. By virtue of a resolution of the City Council of the City of Chula Vista, the Council shall acknowledge the receipt of the Policy for the respective fiscal year. Page 345 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 16 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); GLOSSARY AGENCIES: Federal agency securities. ASSET BACKED SECURITIES: Securities supported by pools of installment loans or leases or by pools of revolving lines of credit. ASKED: The price at which securities are offered. (The price at which a firm will sell a security to an investor.) BANKERS’ ACCEPTANCE (BA): A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill, as well as the issuer. The drafts are drawn on a bank by an exporter or importer to obtain funds to pay for specific merchandise. An acceptance is a high-grade negotiable instrument. BASIS POINT: One one-hundredth of a percent (i.e., 0.01 %). BID: The price offered by a buyer of securities. (When you are selling securities, you ask for a bid.) BROKER: A broker brings buyers and sellers together for a commission. He does not take a position. CALLABLE: A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline, the issuer will likely call its current securities and reissue them at a lower rate of interest. CERTIFICATE OF DEPOSIT (CD): A time deposit with a specific maturity evidenced by a certificate. Large-denomination CD’s are typically negotiable. COLLATERAL: Securities, evidence of deposit or other property, which a borrower pledges to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public monies. COLLATERALIZED MORTGAGE OBLIGATIONS (CMO): Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities. COMMERCIAL PAPER: Short term unsecured promissory note issued by a corporation to raise working capital. These negotiable instruments are purchased at a discount to par value or at par value Page 346 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 17 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); with interest bearing. Commercial paper is issued by corporations such as General Motors Acceptance Corporation, IBM, Bank of America, etc. DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own account. DELIVERY VERSUS PAYMENT: There are two methods of delivery of securities: delivery versus payment and delivery versus receipt. Delivery versus payment is delivery of securities with an exchange of money for the securities. Delivery versus receipt is delivery of securities with an exchange of a signed receipt for the securities. DIVERSIFICATION: Dividing investment funds among a variety of securities offering independent returns. FEDERAL AGENCIES: Agencies of the Federal government set up to supply credit to various classes of institutions (e.g., S&L’s, small business firms, students, farmers, farm cooperatives, and exporters). FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): A Federal agency that insures bank deposits, currently up to $250,000 per deposit. FEDERAL RESERVE SYSTEM: The central bank of the United States created by Congress and consisting of a seven-member Board of Governors in Washington, D.C.; 12 regional banks and about 5,700 commercial banks are members of the system. FIDUCIARY: A person or organization that acts on behalf of another person(s) or organization that puts their clients’ interest ahead of their own as they are bound both legally and ethically to act in the other’s best interests. LIQUIDITY: A liquid asset is one that can be converted easily and rapidly into cash without a substantial loss of value. In the money market, a security is said to be liquid if the spread between bid and asked prices is narrow and reasonable size can be done at those quotes. LOCAL AGENCY INVESTMENT FUND (LAIF): The aggregate of all funds from political subdivisions that are placed in the custody of the State Treasurer for investment and reinvestment. Page 347 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 18 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); LOCAL GOVERNMENT INVESTMENT POOL (LGIP): An investment pool offered by a state or local agency to public entities for the investment of public funds. MARKET VALUE: The price at which a security is trading and could presumable be purchased or sold. MATURITY: The date upon which the principal or stated value of an investment becomes due and payable. The investment’s term or remaining maturity is measured from the settlement date to final maturity. MORTGAGE PASS-THROUGH SECURITIES: A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security. NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS (NRSROs): Credit rating agencies that issue credit ratings that the Securities and Exchange Commission (SEC) permits other financial firms to use for certain regulatory purposes. NEGOTIABLE CERTIFICATES OF DEPOSIT : Unsecured obligations of the financial institution, bank or savings and loan, bought at par value with the promise to pay face value plus accrued interest at maturity. They are high-grade negotiable instruments, paying a higher interest rate than regular certificates of deposit. OFFER: The price asked by a seller of securities. (When you are buying securities, you ask for an offer). PORTFOLIO: Collection of securities held by an investor. PRIMARY DEALER: A group of government securities dealers who submit daily reports of market activity and positions and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC)-registered securities broker/dealers, banks and a few unregulated firms. PRUDENT INVESTOR STANDARD: An investment standard. In some states, the law requires that a fiduciary, such as a trustee, may invest money only in a list of securities selected by the custody state - Page 348 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 19 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); the so-called “legal list”. In other states, the trustee may invest in a security if it is one that would be bought by a prudent person of discretion and intelligence who is seeking a reasonable income and preservation of capital. RATE OF RETURN: The yield obtainable on a security based on its purchase price or its current market price. SAFEKEEPING: A service to customers rendered by banks for a fee whereby securities and valuables of all types and descriptions are held in the bank’s vaults for protection. SECONDARY MARKET: A market made for the purchase and sale of outstanding issues following the initial distribution. SECURITIES & EXCHANGE COMMISSION (SEC): Agency created by Congress to protect investors in securities transactions by administering securities legislation. SEC RULE 15C3-1: See “Uniform Net Capital Rule”. TREASURY BILLS: A non-interest bearing discount security issued by the U.S. Treasury to finance the national debt. Most bills are issued to mature in three months, six months, or one year. TREASURY BOND: Long-term U.S. Treasury securities having initial maturities of more than 10 years. TREASURY NOTES: Intermediate-term coupon bearing U.S. Treasury having initial maturities of one year to ten years. UNIFORM NET CAPITAL RULE: Securities and Exchange Commission requirement that member firms as well as nonmember broker/dealers in securities maintain a maximum ratio of indebtedness to liquid capital of 15 to 1; also called net capital rule and net capital ratio. Indebtedness covers all money owed to a firm, including margin loans and commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash. YIELD: The rate of annual income return on an investment, expressed as a percentage. (a) Income Page 349 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COUNCIL POLICY CITY OF CHULA VISTA SUBJECT: INVESTMENT POLICY AND GUIDELINES POLICY NUMBER EFFECTIVE DATE PAGE 220-01 02/1311/20245 20 OF 20 ADOPTED BY: Resolution No. 17578 DATED: 07/26/94 AMENDED BY: Resolution Nos. 18571 (2/4/97); 19375 (2/16/99); 2000-050 (2/15/00); 2001-026 (2/13/01); 2002-039 (2/12/02); 2005-184 (6/7/05); 2006-176 (6/13/06); 2008-054 (2/12/08); 2010-045 (3/2/10); 2011-020 (2/22/11); 2012-034(3/13/12); 2013-020 (2/26/13); 2014-039 (3/11/14); 2014-191 (10/28/14); 2015-041 (3/03/2015); 2016-046 (03/15/2016); 2017-078 (05/23/2017); 2018-090 (05/22/2018); 2019-086 (05/21/2019); 2020-024 (02/18/2020); 2021-022 (02/16/2021); 2022-052 (03/01/2022); 2023-024 (03/07/2023); 2024-023 (02/13/2024); 2025-xxx (02/11/2025); Yield is obtained by dividing the current dollar income by the current market price for the security. (b) Net Yield or Yield to Maturity is the current income yield minus any premium above par or plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond. Page 350 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda v . 0 0 5 P a g e | 1 February 11, 2025 ITEM TITLE Employee Compensation and Positions: Approve Classification Plan and Compensation Schedule; Position Counts; Revised Compensation Schedule; and Unclassified Ordinance Report Number: 25-0054 Location: No specific geographic location Department: Human Resources G.C. § 84308 Regulations Apply: No Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines; therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required. Recommended Action Adopt resolutions: A) Amending the Classification Plan and Compensation Schedule to reflect the addition and deletion of position titles and amending the authorized position count in various departments; B) Approving the revised Fiscal Year 2024-25 Compensation Schedule effective February 21, 2025, as required by the California Code of Regulations, Title 2, Section 570.5; and place an Ordinance on first reading amending Chula Vista Municipal Code Section 2.05.010 to add the unclassified position titles of Chief Communications Officer and Chief Veterinarian and delete the position title of Communications Manager. (First Reading) (4/5 Vote Required) SUMMARY In an effort to address the needs of various departments and the City's workforce, the Human Resources Department, in conjunction with the affected departments, is proposing the addition and deletion of certain classifications and positions. These changes necessitate amendments to the City’s Compensation Schedule and Classification Plan requiring the revised Fiscal Year 2024-25 Compensation Schedule effective February 21, 2025, and ordinance revising Chula Vista Municipal Code Section 2.05.010 to add the unclassified position titles of Chief Communications Officer and Chief Veterinarian and delete the unclassified position title of Communications Manager. Page 351 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 2 ENVIRONMENTAL REVIEW The Director of Development Services has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines; therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required. BOARD/COMMISSION/COMMITTEE RECOMMENDATION The Civil Service Commission is slated to approve the new Safety Program Manager classification at their February 6, 2025, meeting. DISCUSSION Classification Plan and Compensation Schedule In an effort to address the needs of various departments and the City's workforce, the Human Resources Department, in conjunction with the affected departments, is proposing certain position changes, with corresponding updates to the Classification Plan, Compensation Schedule, and authorized departmental position counts. The following identifies the affected positions and proposed changes. Department Position Title FTE General Fund Administration Communications Manager -1.00 Chief Communications Officer 1.00 Special Events Coordinator -1.00 Animal Care Services Veterinarian (Permitted) -1.75 Chief Veterinarian 1.00 Veterinarian II 0.75 Human Resources Senior Risk Management Specialist -1.00 Safety Program Manager 1.00 Library Special Events Coordinator 1.00 General Fund Total 0.00 Summary of New and Updated Classifications Position Title Employee Group E Step Salary Chief Communications Officer Senior Management $6,353.00 bi-weekly Chief Veterinarian Senior Management $6,444.70 bi-weekly Safety Program Manager Mid-Management Confidential $5,539.20 bi-weekly Page 352 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 3 Compensation Schedule Requirement California Code of Regulations, Title 2, Section 570.5 requires that, for purposes of determining a retiring employee's pension allowance, the pay rate be limited to the amount listed on a pay schedule that meets certain requirements, including approval by the City’s governing body in accordance with the requirements of applicable public meeting laws. The revised Fiscal Year 2024-25 Compensation Schedule ("Compensation Schedule") was last approved by the City Council at their meeting on February 4, 2025. Adoption of Resolution B will approve the revised Fiscal Year 2024-25 Compensation Schedule effective February 21, 2025, reflecting the addition of the Chief Communications Officer, Chief Veterinarian and Safety Program Manager position titles and the deletion of the Communications Manager and Veterinarian (Permitted) position titles. The Compensation Schedule reflecting these revisions is Attachment 1 to this staff report. Ordinance Chula Vista Municipal Code Section 2.05.010 requires updating to reflect the position changes impacting the unclassified positions. Chula Vista City Charter Section 500(D) requires that all management level unclassified positions not mentioned specifically in Charter Section 500(D) be adopted by ordinance. Adoption of the Ordinance will add the position titles of Chief Communications Officer and Chief Veterinarian and delete the position title of Communications Manager as required by Municipal Code Section 2.05.010. DECISION-MAKER CONFLICT Staff has reviewed the decision contemplated by this action and has determined that it is not site-specific and consequently, the real property holdings of the City Council members do not create a disqualifying real property-related financial conflict of interest under the Political Reform Act (Cal. Gov't Code § 87100, et seq.). Staff is not independently aware, and has not been informed by any Councilmember, of any other fact that may constitute a basis for a decision-maker conflict of interest in this matter. CURRENT-YEAR FISCAL IMPACT The additional cost for the updated classifications and salary ranges is estimated at $7,434. This increase will be absorbed by the respective departments, resulting in no additional fiscal impact to the General Fund for fiscal year 2024-25. ONGOING FISCAL IMPACT The fiscal year 2025-26 projected impact is reflected in the table below: Fund FY 2026 General Fund $ 20,959 Total Estimated Cost for All Funds $ 20,959 These costs will be incorporated during the fiscal year 2025-26 budget development process. Page 353 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 4 ATTACHMENTS 1. Revised Fiscal Year 2024-25 Compensation Schedule Effective February 21, 2025 Staff Contact: Tanya Tomlinson, Director of Human Resources/Risk Management Page 354 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESOLUTION NO. __________ RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AMENDING THE CLASSIFICATION PLAN AND COMPENSATION SCHEDULE TO REFLECT THE ADDITION AND DELETION OF POSITION TITLES AND AMENDING THE AUTHORIZED POSITION COUNT IN DEPARTMENTS WHEREAS, in an effort to address the needs of various departments and the City's workforce, the Human Resources Department, in conjunction with the affected departments, is proposing the addition and deletion of certain positions and amending authorized position counts which necessitates amendments to the City’s Classification Plan, Compensation Schedule and departmental authorized position counts. WHEREAS, a summary of updated classifications and the E-Step salaries are as follows: Position Title Employee Group E Step Salary Chief Communications Officer Senior Management $6,353.00 bi-weekly Chief Veterinarian Senior Management $6,444.70 bi-weekly Safety Program Manager Mid-Management Confidential $5,539.20 bi-weekly NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, that it approves amendments to the Compensation Schedule and Classification Plan to reflect the changes described above. BE IT FURTHER RESOLVED by the City Council of the City of Chula Vista, that it approves the following changes to the Fiscal Year 2024-25 authorized departmental position counts: Department Position Title FTE General Fund Administration Communications Manager -1.00 Chief Communications Officer 1.00 Special Events Coordinator -1.00 Animal Care Services Veterinarian (Permitted) -1.75 Chief Veterinarian 1.00 Veterinarian II 0.75 Human Resources Senior Risk Management Specialist -1.00 Safety Program Manager 1.00 Library Special Events Coordinator 1.00 General Fund Total 0.00 Page 355 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Presented by Approved as to Form by Tanya Tomlinson Marco A. Verdugo Director of Human Resources /Risk Management City Attorney Page 356 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESOLUTION NO. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE REVISED FISCAL YEAR 2024-25 COMPENSATION SCHEDULE EFFECTIVE FEBRUARY 21, 2025, AS REQUIRED BY CALIFORNIA CODE OF REGULATIONS, TITLE 2, SECTION 570.5 WHEREAS, California Code of Regulations, Title 2, Section 570.5 requires that, for purposes of determining a retiring employee's pension allowance, the pay rate be limited to the amount listed on a pay schedule that meets certain requirements, including approval by the City’s governing body in accordance with the requirements of applicable public meeting laws; and WHEREAS, the Fiscal Year 2024-25 Compensation Schedule ("Compensation Schedule") was last approved by the City Council at their February 4, 2025 meeting; and WHEREAS, any changes including, but not limited to, across-the-board increases, classification changes and salary adjustments, approved subsequent to the date of approval, must be reflected on a revised Compensation Schedule and submitted to the City Council for approval; and WHEREAS, the revised Fiscal Year 2024-25 Compensation Schedule effective February 21, 2025, reflects the addition of the Chief Communications Officer, Chief Veterinarian and Safety Program Manager position titles and the deletion of the Communications Manager and Veterinarian (Permitted) position titles. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, that it hereby does adopt, as required by California Code of Regulations Title 2, Section 570.5, the revised Fiscal Year 2024-25 Compensation Schedule effective February 21, 2025, in the form presented, a copy of which is available in the City Clerk’s Office, that reflects the addition of the Chief Communications Officer, Chief Veterinarian and Safety Program Manager position titles and the deletion of the Communications Manager and Veterinarian (Permitted) position titles. Presented by Approved as to Form by Tanya Tomlinson Marco A. Verdugo Director of Human Resources/Risk Management City Attorney Page 357 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ORDINANCE OF THE CITY OF CHULA VISTA AMENDING CHULA VISTA MUNICIPAL CODE SECTION 2.05.010 ADDING THE UNCLASSIFIED POSITION TITLES OF CHIEF COMMUNICATIONS OFFICER AND CHIEF VETERINARIAN AND DELETING THE UNCLASSIFIED POSITION TITLE OF COMMUNICATIONS MANAGER (FIRST READING) (4/5 VOTE REQUIRED) WHEREAS, the Human Resources Department has created new classifications to better reflect the needs of the City’s workforce; and WHEREAS, the Chief Communications Officer and Chief Veterinarian, given their duties and responsibilities, are unclassified management positions, within the meaning of Charter Section 701; and WHEREAS, Chula Vista City Charter Section 500(D) requires that all new unclassified management level positions be adopted by ordinance and a four-fifths vote of the Council. NOW, THEREFORE, the City Council of the City of Chula Vista does ordain as follows: Section I. That Section 2.05.010 of the Chula Vista Municipal Code is hereby amended to read as follows: 2.05.10 Unclassified positions established. In addition to those unclassified positions specifically delineated in Section 500 of the Charter of the City, there are established the unclassified positions entitled: Administrative Secretary (Mayor, At Will), Administrative Services Manager, Assistant Chief of Police, Assistant Director of Development Services, Assistant Director of Engineering, Assistant Director of Human Resources, Assistant Director of Finance, Assistant Director of Parks and Recreation, Assistant Director of Public Works, Budget and Analysis Manager, Building Official, Chief Communications Officer, Chief Information Security Officer, Chief of Staff, Chief Veterinarian, Code Enforcement Manager, Communications Manager, Communications Officer, Deputy Fire Chief, Deputy Director of Animal Services, Deputy Director of Community Services, Deputy Director of Development Services, Development Project Manager, Development Services Department Director, Director of Animal Services, Economic Development Manager, Emergency Services Manager, Fire Division Chief, FA Accounting Technician, FA Administrative Analyst I, FA Administrative Analyst II, FA Administrative Program Manager, FA Analyst, FA Cyber Security Program Manager, FA Deputy Director IV-LECC, FA Deputy Director LECC, FA Deputy Executive Director, FA Executive Director, FA Public Private Partnership and Exercise Program Manager, FA Director of San Diego Law Enforcement Coordination Center, FA Executive Assistant, FA Financial Manager, FA Geospatial Intelligence Analyst, FA IVDC-LECC Executive Director, FA Law Enforcement Coordination Center Information Technology Manager, FA Intelligence Analyst, FA Management Assistant, FA Microcomputer Specialist, FA Network Administrator I, FA Network Administrator II, FA Network Administrator III, FA Program Page 358 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Ordinance No. Page No. 2 Analyst, FA Program Assistant Supervisor, FA Program Manager, FA Network Engineer, FA Senior Financial Analyst, FA Senior Intelligence Analyst, FA Senior Program Assistant, FA Senior Secretary, FA Supervisory Intelligence Analyst, Facilities Financing Manager, Finance Manager, Human Resources Manager, Information Technology Manager, Law Office Manager, Office Specialist (Mayor’s Office), Planning Manager, Police Administrative Services Administrator, Police Captain, Policy Aide, Public Works Superintendent, Purchasing Agent, Revenue Manager, Risk Manager, Senior Council Assistant, Special Events Coordinator and Special Projects Manager. Section II. Severability If any portion of this Ordinance, or its application to any person or circumstance, is for any reason held to be invalid, unenforceable or unconstitutional, by a court of competent jurisdiction, that portion shall be deemed severable, and such invalidity, unenforceability or unconstitutionality shall not affect the validity or enforceability of the remaining portions of the Ordinance, or its application to any other person or circumstance. The City Council of the City of Chula Vista hereby declares that it would have adopted each section, sentence, clause or phrase of this Ordinance, irrespective of the fact that any one or more other sections, sentences, clauses or phrases of the Ordinance be declared invalid, unenforceable or unconstitutional. Section III. Construction The City Council of the City of Chula Vista intends this Ordinance to supplement, not to duplicate or contradict, applicable state and federal law and this Ordinance shall be construed i n light of that intent. Section IV. Effective Date This Ordinance shall take effect and be in force on the thirtieth day after its final passage. Section V. Publication The City Clerk shall certify to the passage and adoption of this Ordinance and shall cause the same to be published or posted according to law. Presented by Approved as to Form by ___________________________________ ________________________________ Tanya Tomlinson Marco A. Verdugo Director of Human Resources/Risk Management City Attorney Page 359 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 1 of 73 3633 CONF ACCOUNTANT 0 33.36 2,668.52 1 35.02 2,801.94 2 36.78 2,942.04 3 38.61 3,089.14 4 40.55 3,243.60 3641 ACE ACCOUNTING ASSISTANT 0 24.26 1,940.45 1 25.47 2,037.47 2 26.74 2,139.34 3 28.08 2,246.31 4 29.48 2,358.63 3643 CONF ACCOUNTING TECHNICIAN 0 28.47 2,277.92 1 29.90 2,391.82 2 31.39 2,511.41 3 32.96 2,636.98 4 34.61 2,768.83 3675 ACE ACCOUNTING TECHNICIAN 0 28.47 2,277.92 1 29.90 2,391.82 2 31.39 2,511.41 3 32.96 2,636.98 4 34.61 2,768.83 3677 ACE ACCOUNTING TECHNICIAN II (T) 0 30.68 2,454.66 1 32.22 2,577.40 2 33.83 2,706.27 3 35.52 2,841.58 4 37.30 2,983.66 3645 ACE ACCOUNTS PAYABLE SUPERVISOR 0 35.29 2,822.85 1 37.05 2,963.99 2 38.90 3,112.19 3 40.85 3,267.80 4 42.89 3,431.19 0149 CONF ADMINISTRATIVE SECRETARY 0 29.97 2,397.95 1 31.47 2,517.85 2 33.05 2,643.74 3 34.70 2,775.93 4 36.43 2,914.73 Page 360 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 2 of 73 0179 ACE ADMINISTRATIVE SECRETARY 0 29.97 2,397.95 1 31.47 2,517.85 2 33.05 2,643.74 3 34.70 2,775.93 4 36.43 2,914.73 0154 CONF ADMINISTRATIVE SECRETARY-MAYOR 0 29.97 2,397.95 1 31.47 2,517.85 2 33.05 2,643.74 3 34.70 2,775.93 4 36.43 2,914.73 0215 SM ADMINISTRATIVE SERVICES MGR 0 51.21 4,096.73 1 -- -- 2 -- -- 3 -- -- 4 62.25 4,979.60 0181 ACE ADMINISTRATIVE TECHNICIAN 0 29.97 2,397.95 1 31.47 2,517.85 2 33.05 2,643.74 3 34.70 2,775.93 4 36.43 2,914.73 5316 UCHR ANIMAL CARE AIDE 0 17.25 -- 1 18.11 -- 2 19.02 -- 3 19.97 -- 4 20.97 -- 5317 ACE ANIMAL CARE FACILITY SUPV 0 36.84 2,947.30 1 38.68 3,094.66 2 40.62 3,249.40 3 42.65 3,411.87 4 44.78 3,582.46 5343 ACE ANIMAL CARE SPECIALIST 0 23.21 1,857.15 1 24.38 1,950.01 2 25.59 2,047.51 3 26.87 2,149.88 4 28.22 2,257.38 Page 361 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 3 of 73 5344 UCHR ANIMAL CARE SPECIALIST 0 23.21 -- 1 24.38 -- 2 25.59 -- 3 26.87 -- 4 28.22 -- 5319 ACE ANIMAL CARE SUPERVISOR 0 32.04 2,562.87 1 33.64 2,691.01 2 35.32 2,825.56 3 37.09 2,966.84 4 38.94 3,115.18 5303 ACE ANIMAL CONTROL OFFICER 0 27.86 2,228.58 1 29.25 2,340.01 2 30.71 2,457.01 3 32.25 2,579.86 4 33.86 2,708.85 5304 ACE ANIMAL CONTROL OFFICER SUPVR 0 32.04 2,562.87 1 33.64 2,691.01 2 35.32 2,825.56 3 37.09 2,966.84 4 38.94 3,115.18 5309 ACE ANIMAL SERVICES SPECIALIST 0 25.54 2,042.87 1 26.81 2,145.01 2 28.15 2,252.26 3 29.56 2,364.87 4 31.04 2,483.12 3083 MM APPLICATIONS SUPPORT MANAGER 0 54.90 4,391.80 1 57.64 4,611.38 2 60.52 4,841.94 3 63.55 5,084.04 4 66.73 5,338.24 3088 PROF APPLICATIONS SUPPORT SPEC 0 41.79 3,343.08 1 43.88 3,510.24 2 46.07 3,685.74 3 48.38 3,870.03 4 50.79 4,063.55 Page 362 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 4 of 73 7579 ACE AQUATIC SUPERVISOR I 0 30.03 2,402.25 1 31.53 2,522.36 2 33.11 2,648.48 3 34.76 2,780.91 4 36.50 2,919.95 7577 ACE AQUATIC SUPERVISOR II 0 33.03 2,642.48 1 34.68 2,774.60 2 36.42 2,913.33 3 38.24 3,059.00 4 40.15 3,211.95 7575 ACE AQUATIC SUPERVISOR III 0 37.99 3,038.85 1 39.88 3,190.79 2 41.88 3,350.33 3 43.97 3,517.85 4 46.17 3,693.74 5011 SM ASSISTANT CHIEF OF POLICE 0 97.53 7,802.19 1 -- -- 2 -- -- 3 -- -- 4 118.55 9,483.62 2405 SM ASSISTANT CITY ATTORNEY 0 89.83 7,186.71 1 -- -- 2 -- -- 3 -- -- 4 109.19 8,735.50 2707 EXEC ASSISTANT CITY MANAGER 0 121.72 9,737.64 1 -- -- 2 -- -- 3 -- -- 4 147.95 11,836.17 4040 SM ASSISTANT DIR OF DEVLPMNT SVCS 0 83.68 6,694.43 1 -- -- 2 92.07 7,365.26 3 -- -- 4 101.71 8,137.12 Page 363 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 5 of 73 6008 SM ASSISTANT DIR OF ENGINEERING 0 83.68 6,694.43 1 89.94 7,195.46 2 -- -- 3 -- -- 4 101.71 8,137.12 3604 SM ASSISTANT DIR OF FINANCE 0 83.68 6,694.43 1 -- -- 2 -- -- 3 98.74 7,899.49 4 101.71 8,137.12 3304 SM ASSISTANT DIR OF HR 0 83.68 6,694.43 1 -- -- 2 -- -- 3 96.85 7,747.72 4 101.71 8,137.12 7403 SM ASSISTANT DIR OF PARKS & REC 0 83.68 6,694.43 1 87.13 6,970.24 2 -- -- 3 -- -- 4 101.71 8,137.12 6322 SM ASSISTANT DIR OF PUBLIC WORKS 0 83.68 6,694.43 1 -- -- 2 -- -- 3 98.74 7,899.49 4 101.71 8,137.12 6015 WCE ASSISTANT ENGINEER 0 47.15 3,772.30 1 49.51 3,960.91 2 51.99 4,158.96 3 54.59 4,366.90 4 57.32 4,585.25 6289 WCE ASSISTANT LAND SURVEYOR 0 47.15 3,772.30 1 49.51 3,960.91 2 51.99 4,158.96 3 54.59 4,366.90 4 57.32 4,585.25 Page 364 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 6 of 73 4749 WCE ASSISTANT PLAN CHECK ENGINEER 0 47.48 3,798.78 1 49.86 3,988.72 2 52.35 4,188.15 3 54.97 4,397.56 4 57.72 4,617.44 4439 ACE ASSISTANT PLANNER 0 37.03 2,962.00 1 38.88 3,110.10 2 40.82 3,265.61 3 42.86 3,428.89 4 45.00 3,600.33 3635 CONF ASSOCIATE ACCOUNTANT 0 36.69 2,935.37 1 38.53 3,082.14 2 40.45 3,236.24 3 42.48 3,398.06 4 44.60 3,567.96 6017 WCE ASSOCIATE ENGINEER 0 54.23 4,338.14 1 56.94 4,555.05 2 59.79 4,782.80 3 62.77 5,021.94 4 65.91 5,273.04 6287 WCE ASSOCIATE LAND SURVEYOR 0 54.23 4,338.14 1 56.94 4,555.05 2 59.79 4,782.80 3 62.77 5,021.94 4 65.91 5,273.04 4747 WCE ASSOCIATE PLAN CHECK ENGINEER 0 54.61 4,368.60 1 57.34 4,587.03 2 60.20 4,816.38 3 63.22 5,057.20 4 66.38 5,310.06 4437 ACE ASSOCIATE PLANNER 0 40.73 3,258.20 1 42.76 3,421.11 2 44.90 3,592.17 3 47.15 3,771.78 4 49.50 3,960.37 Page 365 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 7 of 73 5123 ACE AUTOMATED FINGERPRINT TECH 0 24.60 1,967.89 1 25.83 2,066.28 2 27.12 2,169.59 3 28.48 2,278.07 4 29.90 2,391.98 3404 MMCF BENEFITS MANAGER 0 56.21 4,496.42 1 59.58 4,766.20 2 63.15 5,052.18 3 66.94 5,355.31 4 70.96 5,676.63 2222 SM BUDGET AND ANALYSIS MANAGER 0 68.94 5,515.04 1 -- -- 2 -- -- 3 -- -- 4 83.79 6,703.58 4769 MM BUILDING INSPECTION MANAGER 0 52.98 4,238.77 1 55.63 4,450.71 2 58.42 4,673.24 3 61.34 4,906.91 4 64.40 5,152.26 4771 ACE BUILDING INSPECTOR I 0 34.61 2,769.00 1 36.34 2,907.45 2 38.16 3,052.82 3 40.07 3,205.46 4 42.07 3,365.74 4770 UCHR BUILDING INSPECTOR I (HOURLY) 0 34.61 -- 1 36.34 -- 2 38.16 -- 3 40.07 -- 4 42.07 -- 4773 ACE BUILDING INSPECTOR II 0 38.07 3,045.90 1 39.98 3,198.20 2 41.98 3,358.10 3 44.08 3,526.01 4 46.28 3,702.31 Page 366 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 8 of 73 4774 UCHR BUILDING INSPECTOR II (HOURLY) 0 38.07 -- 1 39.98 -- 2 41.98 -- 3 44.08 -- 4 46.28 -- 4775 ACE BUILDING INSPECTOR III 0 41.88 3,350.49 1 43.98 3,518.01 2 46.17 3,693.92 3 48.48 3,878.61 4 50.91 4,072.54 4705 SM BUILDING OFFICIAL 0 72.22 5,777.38 1 -- -- 2 -- -- 3 -- -- 4 87.78 7,022.43 6412 PROF BUILDING PROJECT MANAGER 0 46.65 3,731.76 1 48.98 3,918.34 2 51.43 4,114.25 3 54.00 4,319.97 4 56.70 4,535.97 6402 MM BUILDING SERVICES MANAGER 0 56.03 4,482.68 1 58.84 4,706.80 2 61.78 4,942.14 3 64.87 5,189.25 4 68.11 5,448.72 6669 ACE BUILDING SERVICES SUPERVISOR 0 33.47 2,677.21 1 35.14 2,811.07 2 36.90 2,951.62 3 38.74 3,099.20 4 40.68 3,254.16 4505 ACE BUSINESS LICENSE REPRESENTATIV 0 24.26 1,940.45 1 25.47 2,037.47 2 26.74 2,139.34 3 28.08 2,246.31 4 29.48 2,358.63 Page 367 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 9 of 73 6444 ACE CARPENTER 0 32.13 2,570.14 1 33.73 2,698.65 2 35.42 2,833.58 3 37.19 2,975.26 4 39.05 3,124.02 3669 ACE CASHIER 0 23.32 1,865.25 1 24.48 1,958.51 2 25.71 2,056.44 3 26.99 2,159.26 4 28.34 2,267.22 2767 SM CHIEF COMMUNICATIONS OFFICER 0 65.33 65.33 1 -- -- 2 -- -- 3 -- -- 4 79.41 79.41 3053 SM CHIEF INFO SEC OFFICER 0 58.85 4,708.27 1 -- -- 2 -- -- 3 -- -- 4 71.54 5,722.94 5001 EXEC CHIEF OF POLICE 0 121.72 9,737.64 1 -- -- 2 -- -- 3 -- -- 4 147.95 11,836.17 2011 MMUC CHIEF OF STAFF 0 46.64 3,731.51 1 49.44 3,955.41 2 52.41 4,192.73 3 55.55 4,444.29 4 58.89 4,710.95 5301 SM CHIEF VETERINARIAN 0 66.28 5,302.07 1 -- -- 2 -- -- 3 -- -- 4 80.56 6,444.70 Page 368 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 10 of 73 2400 CATY CITY ATTORNEY (ELECTED) 0 -- -- Effective 07/01/2024 1 -- -- 2 -- -- 3 -- -- 4 117.66 9,412.58 2435 CONF CITY ATTY INVESTIGATOR 0 35.67 2,853.20 1 37.45 2,995.86 2 39.32 3,145.66 3 41.29 3,302.94 4 43.35 3,468.09 2201 CCLK CITY CLERK 0 -- -- 1 -- -- 2 -- -- 3 -- -- 4 109.19 8,735.50 2710 CMGR CITY MANAGER 0 -- -- 1 -- -- 2 -- -- 3 -- -- 4 167.76 13,420.92 5429 ACE CIVILIAN BCKGRND INVESTIGATOR 0 30.39 2,431.18 1 31.91 2,552.74 2 33.50 2,680.37 3 35.18 2,814.39 4 36.94 2,955.11 5431 UCHR CIVILIAN POLICE INVESTIGATOR 0 25.79 -- 1 27.08 -- 2 28.43 -- 3 29.85 -- 4 31.35 -- 0241 UCHR CLERICAL AIDE 0 16.53 -- 1 17.35 -- 2 18.22 -- 3 19.13 -- 4 20.09 -- Page 369 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 11 of 73 4757 SM CODE ENFORCEMENT MANAGER 0 57.75 4,620.29 1 -- -- 2 -- -- 3 66.86 5,348.56 4 70.20 5,616.00 4777 ACE CODE ENFORCEMENT OFFICER I 0 30.13 2,410.68 1 31.64 2,531.21 2 33.22 2,657.77 3 34.88 2,790.66 4 36.63 2,930.19 4778 UCHR CODE ENFORCEMENT OFFICER II 0 33.15 -- 1 34.80 -- 2 36.54 -- 3 38.37 -- 4 40.29 -- 4779 ACE CODE ENFORCEMENT OFFICER II 0 33.15 2,651.74 1 34.80 2,784.33 2 36.54 2,923.55 3 38.37 3,069.72 4 40.29 3,223.21 4789 ACE CODE ENFORCEMENT TECHNICIAN 0 26.20 2,096.24 1 34.80 2,784.33 2 36.54 2,923.55 3 38.37 3,069.72 4 40.29 3,223.21 3683 MM COLLECTIONS SUPERVISOR 0 39.80 3,184.37 1 41.80 3,343.60 2 43.88 3,510.76 3 46.08 3,686.32 4 48.38 3,870.63 2787 PRUC COMMUNICATIONS OFFICER 0 43.56 3,484.82 1 46.17 3,693.91 2 48.94 3,915.54 3 51.88 4,150.47 4 54.99 4,399.50 Page 370 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 12 of 73 2757 ACE COMMUNITY ENGAGEMENT SPEC 0 37.03 2,962.00 1 38.88 3,110.10 2 40.82 3,265.61 3 42.86 3,428.89 4 45.00 3,600.33 5141 ACE COMMUNITY SERVICES OFFICER 0 25.32 2,025.98 1 26.59 2,127.28 2 27.92 2,233.65 3 29.32 2,345.33 4 30.78 2,462.59 5142 UCHR COMMUNITY SERVICES OFFICER 0 25.32 -- 1 26.59 -- 2 27.92 -- 3 29.32 -- 4 30.78 -- 6201 UCHR CONSERV SPECIALIST I (HOURLY) 0 33.25 -- 1 34.91 -- 2 36.65 -- 3 38.49 -- 4 40.41 -- 6200 ACE CONSERVATION SPECIALIST I 0 33.25 2,659.72 1 34.91 2,792.70 2 36.65 2,932.34 3 38.49 3,078.95 4 40.41 3,232.90 6202 ACE CONSERVATION SPECIALIST II 0 36.57 2,925.69 1 38.40 3,071.97 2 40.32 3,225.57 3 42.34 3,386.85 4 44.45 3,556.19 6427 ACE CONSTRUCTION & REPAIR SUPV 0 44.51 3,560.87 1 46.74 3,738.92 2 49.07 3,925.86 3 51.53 4,122.15 4 54.10 4,328.26 Page 371 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 13 of 73 2023 UCHR COUNCIL ASSISTANT 0 24.60 -- 1 25.83 -- 2 27.12 -- 3 28.48 -- 4 29.90 -- 2003 CL COUNCILPERSON 0 -- -- Effective 07/01/2024 1 -- -- 2 -- -- 3 -- -- 4 31.06 2,484.92 5757 UCHR COVID SITE ASST 0 16.50 -- 1 17.33 -- 2 18.19 -- 3 19.10 -- 4 20.06 -- 5101 MM CRIME LABORATORY MANAGER 0 51.54 4,123.54 1 54.12 4,329.71 2 56.83 4,546.21 3 59.67 4,773.51 4 62.65 5,012.19 5143 UCHR CSO (TEMPORARY APPOINTMENT) 0 25.32 -- 1 26.59 -- 2 27.92 -- 3 29.32 -- 4 30.78 -- 6667 ACE CUSTODIAL SUPERVISOR 0 27.75 2,219.96 1 29.14 2,330.96 2 30.59 2,447.50 3 32.12 2,569.88 4 33.73 2,698.37 6661 ACE CUSTODIAN 0 21.94 1,754.89 1 23.03 1,842.63 2 24.18 1,934.76 3 25.39 2,031.50 4 26.66 2,133.08 Page 372 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 14 of 73 6662 UCHR CUSTODIAN 0 21.94 -- 1 23.03 -- 2 24.18 -- 3 25.39 -- 4 26.66 -- 7191 ACE DELIVERY DRIVER 0 21.78 1,742.13 1 22.87 1,829.24 2 24.01 1,920.70 3 25.21 2,016.73 4 26.47 2,117.57 2703 EXEC DEP CITY MGR/DIR OF PUB WORKS 0 109.88 8,790.47 1 -- -- 2 -- -- 3 123.98 9,918.64 4 133.56 10,684.89 5352 SM DEP DIR OF ANIMAL SERVICES 0 72.90 5,832.26 1 -- -- 2 -- -- 3 -- -- 4 88.61 7,089.16 4043 SM DEP DIRECTOR OF DEVLPMNT SVCS 0 79.70 6,375.65 1 87.27 6,981.27 2 91.63 7,330.34 3 -- -- 4 96.87 7,749.66 2212 SM DEP DIRECTOR, CITY CLERK SVCS 0 49.85 3,987.80 1 -- -- 2 -- -- 3 57.70 4,616.37 4 60.59 4,847.20 2410 PRUC DEPUTY CITY ATTORNEY I 0 63.45 5,075.67 1 67.25 5,380.21 2 71.29 5,703.02 3 75.57 6,045.20 4 80.10 6,407.91 Page 373 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 15 of 73 2408 PRUC DEPUTY CITY ATTORNEY II 0 69.79 5,583.23 1 73.98 5,918.23 2 78.42 6,273.32 3 83.12 6,649.72 4 88.11 7,048.70 2411 SM DEPUTY CITY ATTORNEY III 0 81.67 6,533.38 1 88.11 7,048.71 2 92.30 7,384.36 3 -- -- 4 99.27 7,941.35 2245 CONF DEPUTY CITY CLERK I 0 34.49 2,759.51 1 36.22 2,897.49 2 38.03 3,042.36 3 39.93 3,194.48 4 41.93 3,354.20 2243 CONF DEPUTY CITY CLERK II 0 37.94 3,035.46 1 39.84 3,187.24 2 41.83 3,346.60 3 43.92 3,513.93 4 46.12 3,689.63 2705 EXEC DEPUTY CITY MANAGER 0 109.88 8,790.47 1 -- -- 2 -- -- 3 -- -- 4 133.56 10,684.89 5505 SM DEPUTY FIRE CHIEF 0 92.44 7,395.52 1 -- -- 2 -- -- 3 -- -- 4 112.37 8,989.31 5137 ACE DETENTIONS OFFICER 0 30.39 2,431.18 1 31.91 2,552.74 2 33.50 2,680.37 3 35.18 2,814.39 4 36.94 2,955.11 Page 374 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 16 of 73 5135 ACE DETENTIONS SUPERVISOR 0 34.95 2,795.86 1 36.70 2,935.65 2 38.53 3,082.43 3 40.46 3,236.55 4 42.48 3,398.38 4718 PROF DEVELOPMENT AUTOMATION SPEC 0 44.67 3,573.57 1 46.90 3,752.26 2 49.25 3,939.86 3 51.71 4,136.86 4 54.30 4,343.71 4025 SM DEVELOPMENT PROJECT MGR 0 71.29 5,703.54 1 74.86 5,988.72 2 78.60 6,288.16 3 82.53 6,602.57 4 86.66 6,932.69 4547 MM DEVELOPMENT SERVICES COUNTER M 0 49.72 3,977.81 1 52.21 4,176.69 2 54.82 4,385.54 3 57.56 4,604.81 4 60.44 4,835.05 4540 UCHR DEVELOPMENT SERVICES TECH I 0 27.69 -- 1 29.07 -- 2 30.53 -- 3 32.05 -- 4 33.66 -- 4542 ACE DEVELOPMENT SERVICES TECH I 0 27.69 2,215.13 1 29.07 2,325.88 2 30.53 2,442.18 3 32.05 2,564.29 4 33.66 2,692.50 4541 ACE DEVELOPMENT SERVICES TECH II 0 30.46 2,436.64 1 31.98 2,558.47 2 33.58 2,686.39 3 35.26 2,820.71 4 37.02 2,961.75 Page 375 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 17 of 73 4544 UCHR DEVELOPMENT SERVICES TECH II 0 30.46 -- 1 31.98 -- 2 33.58 -- 3 35.26 -- 4 37.02 -- 4543 ACE DEVELOPMENT SERVICES TECH III 0 35.03 2,802.14 1 36.78 2,942.24 2 38.62 3,089.35 3 40.55 3,243.82 4 42.58 3,406.01 5249 ACE DIGITAL FORENSICS ANLYT I 0 35.64 2,851.17 1 37.42 2,993.73 2 39.29 3,143.42 3 41.26 3,300.59 4 43.32 3,465.62 5247 ACE DIGITAL FORENSICS ANLYT II 0 40.99 3,278.85 1 43.03 3,442.79 2 45.19 3,614.93 3 47.45 3,795.67 4 49.82 3,985.46 5245 ACE DIGITAL FORENSICS TECH I 0 28.09 2,247.32 1 29.50 2,359.69 2 30.97 2,477.67 3 32.52 2,601.56 4 34.15 2,731.64 5246 UCHR DIGITAL FORENSICS TECH I 0 28.09 -- 1 29.50 -- 2 30.97 -- 3 32.52 -- 4 34.15 -- 5243 ACE DIGITAL FORENSICS TECH II 0 32.31 2,584.42 1 33.92 2,713.64 2 35.62 2,849.32 3 37.40 2,991.79 4 39.27 3,141.38 Page 376 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 18 of 73 5244 UCHR DIGITAL FORENSICS TECH II 0 32.31 -- 1 33.92 -- 2 35.62 -- 3 37.40 -- 4 39.27 -- 5350 EXEC DIR OF ANIMAL SERVICES 0 87.48 6,998.72 1 -- -- 2 -- -- 3 -- -- 4 106.34 8,507.00 4039 EXEC DIR OF DEVELOPMENT SERVICES 0 96.23 7,698.60 1 -- -- 2 -- -- 3 112.71 9,016.95 4 116.97 9,357.70 2734 EXEC DIR OF ECONOMIC DEVELOPMENT 0 88.31 7,065.02 1 -- -- 2 -- -- 3 -- -- 4 107.34 8,587.57 6006 EXEC DIR OF ENGINEERING/CITY ENG 0 96.23 7,698.60 1 -- -- 2 -- -- 3 -- -- 4 116.97 9,357.70 3601 EXEC DIR OF FINANCE 0 96.23 7,698.60 1 -- -- 2 -- -- 3 112.71 9,016.95 4 116.97 9,357.70 4301 EXEC DIR OF HOUSING & HOMELESS SVS 0 87.48 6,998.72 1 88.61 7,088.96 2 93.04 7,443.41 3 -- -- 4 106.34 8,507.00 Page 377 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 19 of 73 3300 EXEC DIR OF HUMAN RESOURCES/RISK MG 0 96.23 7,698.60 1 -- -- 2 -- -- 3 112.71 9,016.95 4 116.97 9,357.70 3001 EXEC DIR OF INFO TECH SERVICES 0 96.23 7,698.60 1 -- -- 2 107.20 8,575.80 3 -- -- 4 116.97 9,357.70 7001 EXEC DIR OF LIBRARY SERVICES 0 87.48 6,998.72 1 -- -- 2 -- -- 3 102.09 8,167.13 4 106.34 8,507.00 7301 EXEC DIR OF PARKS & RECREATION 0 96.23 7,698.60 1 -- -- 2 108.17 8,653.85 3 -- -- 4 116.97 9,357.70 6320 EXEC DIR OF PUBLIC WORKS 0 96.23 7,698.60 1 -- -- 2 -- -- 3 -- -- 4 116.97 9,357.70 2720 SM ECONOMIC DEVELOPMENT MGR 0 71.26 5,700.71 1 -- -- 2 -- -- 3 -- -- 4 86.62 6,929.27 2747 ACE ECONOMIC DEVELOPMENT SPEC I 0 33.94 2,715.17 1 35.64 2,850.93 2 37.42 2,993.48 3 39.29 3,143.15 4 41.25 3,300.31 Page 378 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 20 of 73 2749 ACE ECONOMIC DEVELOPMENT SPEC II 0 40.73 3,258.20 1 42.76 3,421.11 2 44.90 3,592.17 3 47.15 3,771.78 4 49.50 3,960.37 6438 ACE ELECTRICIAN 0 33.66 2,692.53 1 35.34 2,827.16 2 37.11 2,968.51 3 38.96 3,116.94 4 40.91 3,272.79 6492 ACE ELECTRONIC/EQUIPMENT INSTALLER 0 30.60 2,447.76 1 32.13 2,570.14 2 33.73 2,698.65 3 35.42 2,833.58 4 37.19 2,975.26 6475 ACE ELECTRONICS TECHNICIAN 0 37.02 2,961.78 1 38.87 3,109.87 2 40.82 3,265.37 3 42.86 3,428.63 4 45.00 3,600.07 6472 ACE ELECTRONICS TECHNICIAN SUPV 0 42.58 3,406.05 1 44.70 3,576.35 2 46.94 3,755.17 3 49.29 3,942.93 4 51.75 4,140.08 5560 SM EMERGENCY SERVICES MGR 0 53.77 4,301.57 1 -- -- 2 -- -- 3 -- -- 4 65.36 5,228.58 5557 PROF EMS EDUCATOR 0 45.27 3,621.96 1 47.54 3,803.06 2 49.92 3,993.23 3 52.41 4,192.88 4 55.03 4,402.52 Page 379 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 21 of 73 5567 PROF EMS NURSE COORDINATOR 0 54.33 4,346.36 1 57.05 4,563.66 2 59.90 4,791.86 3 62.89 5,031.45 4 66.04 5,283.01 5657 NIAF EMT (NON -SAFETY) - A 0 17.19 1 18.05 2 18.96 3 19.90 4 20.90 5659 NIAF EMT (NON-SAFETY) - C 0 27.51 1 28.88 2 30.33 3 31.84 4 33.44 5658 UCHR EMT (NON -SAFETY/HRLY) 0 17.19 -- 1 18.05 -- 2 18.96 -- 3 19.90 -- 4 20.90 -- 6081 ACE ENGINEERING TECHNICIAN I 0 31.22 2,497.30 1 32.78 2,622.17 2 34.42 2,753.28 3 36.14 2,890.94 4 37.94 3,035.49 6071 ACE ENGINEERING TECHNICIAN II 0 34.34 2,747.03 1 36.05 2,884.39 2 37.86 3,028.60 3 39.75 3,180.03 4 41.74 3,339.04 6205 MM ENVIRONMENTAL SERVICES MANAGER 0 56.03 4,482.20 1 58.83 4,706.30 2 61.77 4,941.61 3 64.86 5,188.70 4 68.10 5,448.12 Page 380 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 22 of 73 6207 MM ENVIRONMENTAL SUSTNBILITY MGR 0 56.03 4,482.20 1 58.83 4,706.30 2 61.77 4,941.61 3 64.86 5,188.70 4 68.10 5,448.12 6505 MM EQUIPMENT MAINTENANCE MANAGER 0 42.54 3,403.38 1 44.67 3,573.54 2 46.90 3,752.23 3 49.25 3,939.84 4 51.71 4,136.83 6542 ACE EQUIPMENT MECHANIC 0 31.29 2,503.37 1 32.86 2,628.54 2 34.50 2,759.97 3 36.22 2,897.97 4 38.04 3,042.86 6361 ACE EQUIPMENT OPERATOR 0 31.85 2,548.10 1 33.44 2,675.50 2 35.12 2,809.28 3 36.87 2,949.74 4 38.72 3,097.23 0187 CONF EXECUTIVE SECRETARY 0 36.27 2,901.53 1 38.08 3,046.60 2 39.99 3,198.93 3 41.99 3,358.88 4 44.09 3,526.82 5270 CONF FA ACCOUNTING TECHNICIAN 0 30.68 2,454.66 1 32.22 2,577.40 2 33.83 2,706.27 3 35.52 2,841.58 4 37.30 2,983.66 5456 PRUC FA ADMIN PROGRAM MGR 0 39.99 3,198.84 1 42.38 3,390.78 2 44.93 3,594.22 3 47.62 3,809.88 4 50.48 4,038.47 Page 381 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 23 of 73 5297 CONF FA ADMINSTRATIVE ANALYST I 0 33.70 2,696.11 1 35.39 2,830.91 2 37.16 2,972.46 3 39.01 3,121.08 4 40.96 3,277.13 5296 CONF FA ADMINSTRATIVE ANALYST II 0 37.07 2,965.72 1 38.93 3,114.00 2 40.87 3,269.70 3 42.91 3,433.19 4 45.06 3,604.85 5277 CONF FA ANALYST 0 25.75 2,060.28 1 27.04 2,163.29 2 28.39 2,271.46 3 29.81 2,385.03 4 31.30 2,504.28 5455 MMUC FA CYBER SECURITY PROG MGR 0 48.46 3,876.90 1 51.37 4,109.51 2 54.45 4,356.08 3 57.72 4,617.44 4 61.18 4,894.49 5467 SM FA DEPUTY DIRECTOR OF IV-LECC 0 60.02 4,801.32 Effective 01/01/2025 1 -- -- 2 -- -- 3 -- -- 4 72.95 5,836.04 5465 SM FA DEPUTY DIRECTOR OF LECC 0 60.02 4,801.32 Effective 01/01/2025 1 -- -- 2 -- -- 3 -- -- 4 72.95 5,836.04 5463 SM FA DEPUTY EXECUTIVE DIRECTOR 0 72.80 5,824.10 Effective 01/01/2025 1 -- -- 2 -- -- 3 -- -- 4 88.49 7,079.23 Page 382 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 24 of 73 5274 SM FA DIRECTOR OF SD LECC 0 68.39 5,471.13 Effective 01/01/2025 1 -- -- 2 -- -- 3 -- -- 4 83.13 6,650.19 5286 CONF FA EXECUTIVE ASSISTANT 0 32.99 2,639.59 1 34.64 2,771.57 2 36.38 2,910.15 3 38.20 3,055.66 4 40.11 3,208.44 5461 EXEC FA EXECUTIVE DIRECTOR 0 60.19 4,815.34 1 -- -- 2 -- -- 3 -- -- 4 73.16 5,853.08 5493 MMUC FA FINANCE MANAGER 0 63.77 5,101.42 Effective 01/01/2025 1 -- -- 2 -- -- 3 -- -- 4 77.51 6,200.81 5439 PRUC FA GEOSPATIAL INTEL ANALYST 0 46.21 3,696.96 1 48.98 3,918.77 2 51.92 4,153.90 3 55.04 4,403.14 4 58.34 4,667.32 5453 MMUC FA INFO SYSTEMS PROGRAM MGR 0 53.91 4,312.52 1 57.14 4,571.27 2 60.57 4,845.55 3 64.20 5,136.28 4 68.06 5,444.46 5485 CONF FA INTEL ANLYT 0 34.86 2,788.92 1 36.60 2,928.36 2 38.43 3,074.78 3 40.36 3,228.52 4 42.37 3,389.95 Page 383 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 25 of 73 5491 SM FA IVDC-LECC EXEC DIRECTOR 0 72.05 5,763.75 Effective 01/01/2025 1 -- -- 2 -- -- 3 -- -- 4 87.57 7,005.88 5440 MMUC FA LECC INFO TECH MANAGER 0 49.29 3,943.41 1 52.25 4,180.02 2 55.39 4,430.82 3 58.71 4,696.67 4 62.23 4,978.47 5278 CONF FA MANAGEMENT ASSISTANT 0 31.42 2,513.90 1 32.99 2,639.59 2 34.64 2,771.57 3 36.38 2,910.15 4 38.20 3,055.66 5443 PRUC FA MICROCOMPUTER SPECIALIST 0 40.08 3,206.24 1 42.48 3,398.61 2 45.03 3,602.53 3 47.73 3,818.68 4 50.60 4,047.80 5292 PRUC FA NETWORK ADMINISTRATOR I 0 40.33 3,226.72 1 42.75 3,420.33 2 45.32 3,625.55 3 48.04 3,843.08 4 50.92 4,073.66 5294 PRUC FA NETWORK ADMINISTRATOR II 0 44.37 3,549.40 1 47.03 3,762.36 2 49.85 3,988.10 3 52.84 4,227.39 4 56.01 4,481.03 5457 PRUC FA NETWORK ADMINISTRATOR III 0 46.73 3,738.43 1 49.53 3,962.74 2 52.51 4,200.50 3 55.66 4,452.53 4 59.00 4,719.69 Page 384 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 26 of 73 5444 PRUC FA PROGRAM ANALYST 0 47.81 3,825.16 1 50.68 4,054.66 2 53.72 4,297.94 3 56.95 4,555.82 4 60.36 4,829.17 5451 CONF FA PROGRAM ASSISTANT 0 25.10 2,008.14 1 26.36 2,108.54 2 27.67 2,213.97 3 29.06 2,324.67 4 30.51 2,440.90 5452 PRUC FA PROGRAM ASSISTANT SUPV 0 34.78 2,782.05 1 36.86 2,948.97 2 39.07 3,125.91 3 41.42 3,313.46 4 43.90 3,512.27 5445 SM FA PROGRAM MANAGER 0 52.81 4,224.87 1 55.52 4,441.89 2 58.22 4,657.93 3 61.14 4,890.81 4 64.19 5,135.37 5497 MMUC FA PUBLIC-PRVT PART EXER MGR 0 50.13 4,010.60 1 53.14 4,251.24 2 56.33 4,506.31 3 59.71 4,776.69 4 63.29 5,063.29 5284 CONF FA RCFL NETWORK ENGINEER 0 40.46 3,236.45 1 42.48 3,398.27 2 44.60 3,568.18 3 46.83 3,746.59 4 49.17 3,933.92 5495 PRUC FA SENIOR FINANCIAL ANALYST 0 37.47 2,997.55 1 39.72 3,177.40 2 42.10 3,368.05 3 44.63 3,570.13 4 47.30 3,784.34 Page 385 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 27 of 73 5483 PRUC FA SENIOR INTELLIGENCE ANALYST 0 39.46 3,156.73 1 41.83 3,346.13 2 44.34 3,546.90 3 47.00 3,759.71 4 49.82 3,985.30 5454 CONF FA SENIOR PROGRAM ASSISTANT 0 29.86 2,389.18 1 31.36 2,508.64 2 32.93 2,634.08 3 34.57 2,765.78 4 36.30 2,904.07 5477 CONF FA SENIOR SECRETARY 0 25.82 2,065.79 1 27.11 2,169.08 2 28.47 2,277.53 3 29.89 2,391.41 4 31.39 2,510.98 5489 PRUC FA SUP INTEL ANALYST I 0 43.41 3,472.41 1 46.01 3,680.75 2 48.77 3,901.60 3 51.70 4,135.69 4 54.80 4,383.83 5487 PRUC FA SUP INTEL ANALYST II 0 49.92 3,993.27 1 52.91 4,232.87 2 56.09 4,486.84 3 59.45 4,756.05 4 63.02 5,041.42 4051 SM FAC FINANCE MANAGER 0 56.03 4,482.18 1 -- -- 2 62.25 4,979.60 3 -- -- 4 68.10 5,448.12 6425 MM FACILITIES MANAGER 0 48.46 3,876.41 1 50.88 4,070.22 2 53.42 4,273.74 3 56.09 4,487.43 4 58.90 4,711.81 Page 386 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 28 of 73 7471 ACE FIELD MAINTENANCE SPECIALIST 0 25.42 2,033.62 1 26.69 2,135.30 2 28.03 2,242.06 3 29.43 2,354.16 4 30.90 2,471.87 3623 SM FINANCE MGR 0 64.70 5,176.32 1 -- -- 2 -- -- 3 -- -- 4 78.65 6,291.85 3624 SM FINANCE MGR (CPA) 0 71.17 5,693.95 1 -- -- 2 78.25 6,260.10 3 -- -- 4 86.51 6,921.04 5511 IAFF FIRE BATTALION CHIEF - A 0 43.29 4,848.94 1 45.46 5,091.40 2 47.73 5,345.96 3 50.12 5,613.26 4 52.62 5,893.92 5513 IAFF FIRE BATTALION CHIEF - C 0 60.61 4,848.94 1 63.64 5,091.39 2 66.82 5,345.96 3 70.17 5,613.25 4 73.67 5,893.92 5584 UCHR FIRE CAPT - C (HOURLY) 0 48.94 -- 1 51.39 -- 2 53.95 -- 3 56.65 -- 4 59.49 -- 5583 IAFF FIRE CAPTAIN - A 0 34.96 3,915.11 1 36.70 4,110.85 2 38.54 4,316.40 3 40.47 4,532.21 4 42.49 4,758.81 Page 387 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 29 of 73 5582 IAFF FIRE CAPTAIN - B 0 46.61 3,915.10 1 48.94 4,110.84 2 51.39 4,316.39 3 53.95 4,532.21 4 56.65 4,758.81 5581 IAFF FIRE CAPTAIN - C 0 48.94 3,915.10 1 51.39 4,110.84 2 53.95 4,316.38 3 56.65 4,532.21 4 59.49 4,758.81 5501 EXEC FIRE CHIEF 0 106.01 8,481.11 1 -- -- 2 -- -- 3 -- -- 4 128.86 10,308.85 5507 MMUC FIRE DIVISION CHIEF 0 77.21 6,176.44 1 81.84 6,547.02 2 86.75 6,939.84 3 91.95 7,356.23 4 97.47 7,797.61 5603 IAFF FIRE ENGINEER - A 0 30.36 3,400.70 1 31.88 3,570.74 2 33.48 3,749.28 3 35.15 3,936.74 4 36.91 4,133.57 5601 IAFF FIRE ENGINEER - C 0 42.51 3,400.72 1 44.63 3,570.74 2 46.87 3,749.28 3 49.21 3,936.74 4 51.67 4,133.58 5536 UCHR FIRE INSPECTOR 0 35.08 -- 1 36.84 -- 2 38.68 -- 3 40.61 -- 4 42.64 -- Page 388 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 30 of 73 5530 IAFF FIRE INSPECTOR/INVESTIGATOR I 0 35.08 2,806.70 1 36.84 2,947.04 2 38.68 3,094.40 3 40.61 3,249.12 4 42.64 3,411.57 5531 IAFF FIRE INSPECTOR/INVESTIGATOR II 0 38.59 3,087.36 1 40.52 3,241.73 2 42.55 3,403.82 3 44.68 3,574.00 4 46.91 3,752.70 5555 ACE FIRE INVENTORY SPECIALIST 0 29.66 2,372.42 1 31.14 2,491.04 2 32.69 2,615.59 3 34.33 2,746.37 4 36.05 2,883.69 5533 UCHR FIRE PREVENTION AIDE 0 16.50 -- 1 17.33 -- 2 18.19 -- 3 19.10 -- 4 20.06 -- 5528 IAFF FIRE PREVENTION ENG/INVSTGTR 0 46.55 3,723.73 1 48.87 3,909.92 2 51.32 4,105.41 3 53.88 4,310.69 4 56.58 4,526.22 5537 ACE FIRE PREVENTION SPECIALIST 0 30.46 2,436.64 1 31.98 2,558.47 2 33.58 2,686.39 3 35.26 2,820.71 4 37.02 2,961.75 5625 ACE FIRE RECRUIT 0 27.02 2,161.72 1 28.37 2,269.80 2 29.79 2,383.30 3 31.28 2,502.46 4 32.84 2,627.58 Page 389 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 31 of 73 5623 IAFF FIREFIGHTER - A 0 25.18 2,820.52 1 26.44 2,961.55 2 27.76 3,109.62 3 29.15 3,265.11 4 30.61 3,428.34 5621 IAFF FIREFIGHTER - C 0 35.26 2,820.52 1 37.02 2,961.55 2 38.87 3,109.62 3 40.81 3,265.10 4 42.85 3,428.36 5613 IAFF FIREFIGHTER/PARAMEDIC - A 0 28.96 3,243.60 1 30.41 3,405.79 2 31.93 3,576.07 3 33.53 3,754.87 4 35.20 3,942.60 5612 IAFF FIREFIGHTER/PARAMEDIC - B 0 38.61 3,243.59 1 40.55 3,405.78 2 42.57 3,576.07 3 44.70 3,754.86 4 46.94 3,942.62 5611 IAFF FIREFIGHTER/PARAMEDIC - C 0 40.55 3,243.60 1 42.57 3,405.78 2 44.70 3,576.07 3 46.94 3,754.86 4 49.28 3,942.62 0216 PRCF FISCAL AND MANAGEMENT ANALYST 0 52.40 4,191.69 1 55.54 4,443.20 2 58.87 4,709.79 3 62.40 4,992.37 4 66.15 5,291.92 3627 MMCF FISCAL DEBT MGMT ANALYST 0 52.40 4,191.69 1 55.54 4,443.20 2 58.87 4,709.79 3 62.40 4,992.37 4 66.15 5,291.92 Page 390 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 32 of 73 0169 ACE FISCAL OFFICE SPECIALIST 0 22.62 1,809.98 1 23.76 1,900.48 2 24.94 1,995.50 3 26.19 2,095.28 4 27.50 2,200.04 0170 UCHR FISCAL OFFICE SPECIALIST 0 22.62 -- 1 23.76 -- 2 24.94 -- 3 26.19 -- 4 27.50 -- 3610 PROF FISCAL SERVICES ANALYST 0 51.59 4,127.44 1 54.17 4,333.81 2 56.88 4,550.50 3 59.73 4,778.03 4 62.71 5,016.93 6513 ACE FLEET INVENTORY CONTROL SPEC 0 29.66 2,372.42 1 31.14 2,491.04 2 32.69 2,615.59 3 34.33 2,746.37 4 36.05 2,883.69 6501 MM FLEET MANAGER 0 47.26 3,780.79 1 49.62 3,969.83 2 52.10 4,168.32 3 54.71 4,376.74 4 57.44 4,595.56 6507 ACE FLEET SUPERVISOR 0 41.42 3,313.57 1 43.49 3,479.25 2 45.67 3,653.21 3 47.95 3,835.87 4 50.35 4,027.67 5114 ACE FORENSICS SPECIALIST 0 35.54 2,842.86 1 37.31 2,985.01 2 39.18 3,134.26 3 41.14 3,290.97 4 43.19 3,455.52 Page 391 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 33 of 73 5759 UCHR FUELS MODULE CREWMEMBER 0 19.32 -- 1 20.29 -- 2 -- -- 3 -- -- 4 -- -- 3075 ACE GIS ANALYST 0 37.98 3,038.39 1 39.88 3,190.31 2 41.87 3,349.83 3 43.97 3,517.32 4 46.16 3,693.18 3079 MM GIS MANAGER 0 49.89 3,991.41 1 52.39 4,190.99 2 55.01 4,400.53 3 57.76 4,620.56 4 60.65 4,851.60 3077 ACE GIS TECHNICIAN 0 31.06 2,484.94 1 32.61 2,609.18 2 34.25 2,739.64 3 35.96 2,876.62 4 37.76 3,020.46 2775 ACE GRAPHIC DESIGNER 0 31.70 2,536.08 1 33.29 2,662.88 2 34.95 2,796.03 3 36.70 2,935.83 4 38.53 3,082.62 4321 MM HOMELESS SOLUTIONS MANAGER 0 56.03 4,482.20 1 58.83 4,706.30 2 61.77 4,941.61 3 64.86 5,188.70 4 68.10 5,448.12 4325 ACE HOMELESS SERVICES SPEC I 0 29.97 2,397.95 1 31.47 2,517.85 2 33.05 2,643.74 3 34.70 2,775.93 4 36.43 2,914.73 Page 392 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 34 of 73 4323 ACE HOMELESS SERVICES SPEC II 0 32.97 2,637.75 1 34.62 2,769.64 2 36.35 2,908.12 3 38.17 3,053.53 4 40.08 3,206.21 4311 MM HOUSING MANAGER 0 56.03 4,482.20 1 58.83 4,706.30 2 61.77 4,941.61 3 64.86 5,188.70 4 68.10 5,448.12 3310 PRCF HUMAN RESOURCES ANALYST 0 41.39 3,311.53 1 43.88 3,510.22 2 46.51 3,720.83 3 49.30 3,944.08 4 52.26 4,180.73 3312 UCHR HUMAN RESOURCES ANALYST 0 41.39 -- 1 43.88 -- 2 46.51 -- 3 49.30 -- 4 52.26 -- 3331 SM HUMAN RESOURCES MANAGER 0 65.12 5,209.57 1 -- -- 2 -- -- 3 75.38 6,030.73 4 79.15 6,332.27 3332 UCHR HUMAN RESOURCES MANAGER 0 62.02 -- 1 -- -- 2 -- -- 3 -- -- 4 75.38 -- 3315 CONF HUMAN RESOURCES TECHNICIAN 0 30.05 2,403.99 1 31.55 2,524.19 2 33.13 2,650.40 3 34.79 2,782.92 4 36.53 2,922.06 Page 393 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 35 of 73 6430 ACE HVAC TECHNICIAN 0 33.66 2,692.53 1 35.34 2,827.16 2 37.11 2,968.51 3 38.96 3,116.94 4 40.91 3,272.79 5104 SM INFO TECHNOLOGY MANAGER 0 68.60 5,487.68 1 71.19 5,695.53 2 -- -- 3 -- -- 4 83.38 6,670.31 3033 SM INFO TECHNOLOGY PROJ MANAGER 0 61.55 4,924.38 1 64.63 5,170.59 2 67.31 5,385.00 3 -- -- 4 74.82 5,985.62 3055 PROF INFO TECHNOLOGY SEC ANALYST 0 50.03 4,002.03 1 52.53 4,202.12 2 55.15 4,412.23 3 57.91 4,632.84 4 60.81 4,864.48 3017 ACE INFO TECHNOLOGY TECHNICIAN 0 31.83 2,546.13 1 33.42 2,673.44 2 35.09 2,807.11 3 36.84 2,947.46 4 38.69 3,094.84 3018 UCHR INFO TECHNOLOGY TECHNICIAN 0 31.83 -- 1 33.42 -- 2 35.09 -- 3 36.84 -- 4 38.69 -- 0269 UCHR INTERN - GRADUATE 0 18.15 -- 1 19.05 -- 2 20.01 -- 3 21.01 -- 4 22.06 -- Page 394 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 36 of 73 0267 UCHR INTERN - UNDERGRADUATE 0 16.50 -- 1 17.33 -- 2 18.19 -- 3 19.10 -- 4 20.06 -- 4480 PROF LANDSCAPE ARCHITECT 0 43.20 3,455.87 1 45.36 3,628.66 2 47.63 3,810.09 3 50.01 4,000.59 4 52.51 4,200.63 6291 ACE LANDSCAPE INSPECTOR 0 38.07 3,045.90 1 39.98 3,198.20 2 41.98 3,358.10 3 44.08 3,526.01 4 46.28 3,702.31 4482 ACE LANDSCAPE PLANNER I 0 37.03 2,962.00 1 38.88 3,110.10 2 40.82 3,265.61 3 42.86 3,428.89 4 45.00 3,600.33 4483 ACE LANDSCAPE PLANNER II 0 40.73 3,258.20 1 42.76 3,421.11 2 44.90 3,592.17 3 47.15 3,771.78 4 49.50 3,960.37 5111 ACE LATENT PRINT EXAMINER 0 40.99 3,278.85 1 43.03 3,442.79 2 45.19 3,614.93 3 47.45 3,795.67 4 49.82 3,985.46 2465 MMUC LAW OFFICE MANAGER 0 40.16 3,212.46 1 42.57 3,405.21 2 45.12 3,609.52 3 47.83 3,826.09 4 50.70 4,055.66 Page 395 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 37 of 73 2466 UCHR LAW OFFICE MGR (HOURLY) 0 40.16 -- 1 42.57 -- 2 45.12 -- 3 47.83 -- 4 50.70 -- 6663 ACE LEAD CUSTODIAN 0 24.13 1,930.39 1 25.34 2,026.91 2 26.60 2,128.26 3 27.93 2,234.67 4 29.33 2,346.40 0183 CONF LEGAL ASSISTANT 0 30.27 2,421.71 1 31.78 2,542.79 2 33.37 2,669.93 3 35.04 2,803.43 4 36.80 2,943.60 7075 ACE LIBRARIAN I 0 30.72 2,457.66 1 32.26 2,580.54 2 33.87 2,709.57 3 35.56 2,845.05 4 37.34 2,987.30 7076 UCHR LIBRARIAN I 0 30.72 -- 1 32.26 -- 2 33.87 -- 3 35.56 -- 4 37.34 -- 7073 ACE LIBRARIAN II 0 33.79 2,703.43 1 35.48 2,838.60 2 37.26 2,980.53 3 39.12 3,129.56 4 41.08 3,286.03 7071 ACE LIBRARIAN III 0 37.17 2,973.77 1 39.03 3,122.46 2 40.98 3,278.58 3 43.03 3,442.51 4 45.18 3,614.64 Page 396 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 38 of 73 7181 UCHR LIBRARY AIDE 0 16.50 -- 1 17.33 -- 2 18.19 -- 3 19.10 -- 4 20.06 -- 7157 ACE LIBRARY ASSISTANT 0 22.34 1,787.41 1 23.46 1,876.78 2 24.63 1,970.62 3 25.86 2,069.15 4 27.16 2,172.61 7091 ACE LIBRARY ASSOCIATE 0 26.81 2,144.89 1 28.15 2,252.14 2 29.56 2,364.74 3 31.04 2,482.98 4 32.59 2,607.13 7092 UCHR LIBRARY ASSOCIATE 0 26.81 -- 1 28.15 -- 2 29.56 -- 3 31.04 -- 4 32.59 -- 7025 MM LIBRARY DIGITAL SERVICES MGR 0 46.96 3,757.01 1 49.31 3,944.85 2 51.78 4,142.08 3 54.37 4,349.20 4 57.08 4,566.66 7029 MM LIBRARY OPERATIONS MANAGER 0 54.03 4,322.50 1 56.73 4,538.63 2 59.57 4,765.55 3 62.55 5,003.83 4 65.68 5,254.02 7121 ACE LIBRARY TECHNICIAN 0 24.37 1,949.90 1 25.59 2,047.40 2 26.87 2,149.77 3 28.22 2,257.25 4 29.63 2,370.12 Page 397 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 39 of 73 7587 UCHR LIFEGUARD I 0 17.18 -- 1 18.04 -- 2 18.94 -- 3 19.89 -- 4 20.88 -- 7585 UCHR LIFEGUARD II 0 18.90 -- 1 19.84 -- 2 20.83 -- 3 21.87 -- 4 22.97 -- 6443 ACE LOCKSMITH 0 33.66 2,692.53 1 35.34 2,827.16 2 37.11 2,968.51 3 38.96 3,116.94 4 40.91 3,272.79 6377 ACE MAINTENANCE WORKER I 0 23.76 1,900.51 1 24.94 1,995.53 2 26.19 2,095.31 3 27.50 2,200.07 4 28.88 2,310.08 6379 UCHR MAINTENANCE WORKER I 0 23.76 -- 1 24.94 -- 2 26.19 -- 3 27.50 -- 4 28.88 -- 6373 ACE MAINTENANCE WORKER II 0 26.13 2,090.56 1 27.44 2,195.08 2 28.81 2,304.84 3 30.25 2,420.08 4 31.76 2,541.09 0228 CONF MANAGEMENT ANALYST I 0 35.24 2,818.97 1 37.00 2,959.92 2 38.85 3,107.92 3 40.79 3,263.32 4 42.83 3,426.48 Page 398 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 40 of 73 0229 ACE MANAGEMENT ANALYST I 0 35.24 2,818.97 1 37.00 2,959.92 2 38.85 3,107.92 3 40.79 3,263.32 4 42.83 3,426.48 0224 CONF MANAGEMENT ANALYST II 0 38.76 3,100.87 1 40.70 3,255.92 2 42.73 3,418.71 3 44.87 3,589.65 4 47.11 3,769.13 0227 ACE MANAGEMENT ANALYST II 0 38.76 3,100.87 1 40.70 3,255.92 2 42.73 3,418.71 3 44.87 3,589.65 4 47.11 3,769.13 2001 MY MAYOR 0 -- -- Effective 07/01/2024 1 -- -- 2 -- -- 3 -- -- 4 77.65 6,212.30 6550 ACE MECHANIC ASSISTANT 0 25.88 2,070.52 1 27.18 2,174.05 2 28.53 2,282.75 3 29.96 2,396.89 4 31.46 2,516.73 0230 UCHR MGMT ANALYST I (HOURLY) 0 35.24 -- 1 37.00 -- 2 38.85 -- 3 40.79 -- 4 42.83 -- 0221 UCHR MGMT ANALYST II (HOURLY) 0 38.76 -- 1 40.70 -- 2 42.73 -- 3 44.87 -- 4 47.11 -- Page 399 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 41 of 73 5571 PROF MULTIMEDIA DESIGNER 0 35.62 2,849.89 1 37.40 2,992.39 2 39.28 3,142.00 3 41.24 3,299.10 4 43.30 3,464.05 5569 ACE MULTIMEDIA PRODUCTON SPCLST 0 30.58 2,446.37 1 32.11 2,568.69 2 33.71 2,697.13 3 35.40 2,831.98 4 37.17 2,973.58 0160 UCHR OFFICE SPECIALIST 0 21.55 -- 1 22.62 -- 2 23.76 -- 3 24.94 -- 4 26.19 -- 0161 ACE OFFICE SPECIALIST 0 21.55 1,723.79 1 22.62 1,809.98 2 23.76 1,900.48 3 24.94 1,995.50 4 26.19 2,095.28 0162 ACE OFFICE SPECIALIST-MAYOR 0 21.55 1,723.79 1 22.62 1,809.98 2 23.76 1,900.48 3 24.94 1,995.50 4 26.19 2,095.28 6311 ACE OPEN SPACE INSPECTOR 0 38.07 3,045.90 1 39.98 3,198.20 2 41.98 3,358.10 3 44.08 3,526.01 4 46.28 3,702.31 6302 MM OPEN SPACE MANAGER 0 45.81 3,664.72 1 48.10 3,847.96 2 50.50 4,040.36 3 53.03 4,242.37 4 55.68 4,454.50 Page 400 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 42 of 73 3025 MM OPERATIONS AND TELECOMM MGR 0 49.89 3,991.41 1 52.39 4,190.99 2 55.01 4,400.53 3 57.76 4,620.56 4 60.65 4,851.60 6434 ACE PAINTER 0 30.60 2,447.76 1 32.13 2,570.14 2 33.73 2,698.65 3 35.42 2,833.58 4 37.19 2,975.26 2475 CONF PARALEGAL 0 32.49 2,598.86 1 34.11 2,728.81 2 35.82 2,865.25 3 37.61 3,008.51 4 39.49 3,158.94 2476 UCHR PARALEGAL 0 32.49 -- 1 34.11 -- 2 35.82 -- 3 37.61 -- 4 39.49 -- 5655 NIAF PARAMEDIC (NON-SAFETY) - A 0 22.30 1 23.41 2 24.58 3 25.81 4 27.10 5653 NIAF PARAMEDIC (NON-SAFETY) - C 0 35.68 1 37.46 2 39.33 3 41.30 4 43.37 5656 UCHR PARAMEDIC (NS/HRLY) 0 22.30 -- 1 23.41 -- 2 24.58 -- 3 25.81 -- 4 27.10 -- Page 401 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 43 of 73 5654 NIAF PARAMEDIC RECRUIT (NS) 0 -- 1 -- 2 -- 3 -- 4 19.08 7434 UCHR PARK RANGER 0 17.25 -- 1 18.11 -- 2 19.02 -- 3 19.97 -- 4 20.97 -- 7431 PROF PARK RANGER PROGRAM MANAGER 0 47.29 3,783.48 1 49.66 3,972.65 2 52.14 4,171.28 3 54.75 4,379.85 4 57.49 4,598.84 7441 ACE PARK RANGER SUPERVISOR 0 36.78 2,942.30 1 38.62 3,089.41 2 40.55 3,243.89 3 42.58 3,406.08 4 44.70 3,576.38 5154 ACE PARKING ENFORCEMENT OFFICER 0 23.02 1,841.80 1 24.17 1,933.89 2 25.38 2,030.59 3 26.65 2,132.12 4 27.98 2,238.72 3693 ACE PARKING METER TECHNICIAN 0 25.32 2,025.98 1 26.59 2,127.28 2 27.92 2,233.65 3 29.32 2,345.33 4 30.78 2,462.59 6619 ACE PARKS MAINT WORKER I 0 23.76 1,900.51 1 24.94 1,995.53 2 26.19 2,095.31 3 27.50 2,200.07 4 28.88 2,310.08 Page 402 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 44 of 73 6620 UCHR PARKS MAINT WORKER I (HOURLY) 0 23.76 -- 1 24.94 -- 2 26.19 -- 3 27.50 -- 4 28.88 -- 6617 ACE PARKS MAINT WORKER II 0 26.13 2,090.56 1 27.44 2,195.08 2 28.81 2,304.84 3 30.25 2,420.08 4 31.76 2,541.09 6604 MM PARKS MANAGER 0 45.81 3,664.99 1 48.10 3,848.23 2 50.51 4,040.64 3 53.03 4,242.67 4 55.68 4,454.79 6605 ACE PARKS SUPERVISOR 0 36.78 2,942.30 1 38.62 3,089.41 2 40.55 3,243.89 3 42.58 3,406.08 4 44.70 3,576.38 3665 CONF PAYROLL SPECIALIST 0 31.53 2,522.12 1 33.10 2,648.22 2 34.76 2,780.63 3 36.50 2,919.67 4 38.32 3,065.65 3663 MMCF PAYROLL SUPERVISOR 0 41.77 3,341.32 1 44.27 3,541.80 2 46.93 3,754.31 3 49.74 3,979.57 4 52.73 4,218.34 5061 POA PEACE OFFICER 0 46.04 3,683.35 1 48.34 3,867.51 2 50.76 4,060.88 3 53.30 4,263.92 4 55.96 4,477.12 5 58.76 4,700.98 Page 403 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 45 of 73 4731 MM PLAN CHECK SUPERVISOR 0 52.91 4,232.71 1 55.55 4,444.34 2 58.33 4,666.56 3 61.25 4,899.89 4 64.31 5,144.86 4753 ACE PLAN CHECK TECHNICIAN 0 34.34 2,747.03 1 36.05 2,884.39 2 37.86 3,028.60 3 39.75 3,180.03 4 41.74 3,339.04 4727 SM PLANNING MANAGER 0 72.52 5,801.92 1 -- -- 2 79.43 6,354.08 3 -- -- 4 88.15 7,052.27 4527 ACE PLANNING TECHNICIAN 0 30.69 2,455.05 1 32.22 2,577.80 2 33.83 2,706.69 3 35.53 2,842.03 4 37.30 2,984.13 6432 ACE PLUMBER 0 33.66 2,692.53 1 35.34 2,827.16 2 37.11 2,968.51 3 38.96 3,116.94 4 40.91 3,272.79 5219 UCHR POL WELLNESS COORDINATOR 0 45.92 -- 1 48.21 -- 2 50.62 -- 3 53.15 -- 4 55.81 -- 5025 SM POLICE ADMIN SVCS ADMINISTRATR 0 64.70 5,176.32 1 -- -- 2 -- -- 3 77.18 6,174.20 4 78.65 6,291.85 Page 404 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 46 of 73 5051 POA POLICE AGENT 0 50.70 4,055.95 1 53.23 4,258.75 2 55.90 4,471.68 3 58.69 4,695.25 4 61.63 4,930.01 5 64.71 5,176.52 5022 SM POLICE CAPTAIN 0 93.88 7,510.64 1 -- -- 2 -- -- 3 -- -- 4 114.12 9,129.24 5258 ACE POLICE COMM RELATIONS SPEC 0 29.12 2,329.88 1 30.58 2,446.37 2 32.11 2,568.69 3 33.71 2,697.13 4 35.40 2,831.98 5185 MM POLICE COMMUNICATIONS SYS MGR 0 56.21 4,496.58 1 59.02 4,721.41 2 61.97 4,957.48 3 65.07 5,205.35 4 68.32 5,465.62 5187 UCHR POLICE DISPATCH CALLTAKER 0 27.69 -- 1 29.07 -- 2 30.53 -- 3 32.05 -- 4 33.66 -- 5180 UCHR POLICE DISPATCHER 0 35.52 -- 1 37.30 -- 2 39.16 -- 3 41.12 -- 4 43.18 -- Page 405 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 47 of 73 5181 ACE POLICE DISPATCHER 0 35.52 2,841.78 1 37.30 2,983.86 2 39.16 3,133.06 3 41.12 3,289.71 4 43.18 3,454.20 5183 ACE POLICE DISPATCHER SUPERVISOR 0 41.81 3,344.42 1 43.90 3,511.64 2 46.09 3,687.22 3 48.39 3,871.58 4 50.81 4,065.16 5179 ACE POLICE DISPATCHER TRAINEE 0 32.29 2,583.44 1 33.91 2,712.61 2 35.60 2,848.24 3 37.38 2,990.65 4 39.25 3,140.18 5191 ACE POLICE FACILITY & SUPPLY COORD 0 29.66 2,372.42 1 31.14 2,491.04 2 32.69 2,615.59 3 34.33 2,746.37 4 36.05 2,883.69 5031 POA POLICE LIEUTENANT 0 69.99 5,599.09 1 73.49 5,879.04 2 77.16 6,172.99 3 81.02 6,481.66 4 85.07 6,805.74 5 89.33 7,146.03 5203 ACE POLICE RECORDS & SUPPORT SUPV 0 30.22 2,417.55 1 31.73 2,538.43 2 33.32 2,665.35 3 34.98 2,798.62 4 36.73 2,938.55 Page 406 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 48 of 73 0165 ACE POLICE RECORDS SPECIALIST 0 22.85 1,828.02 1 23.99 1,919.42 2 25.19 2,015.39 3 26.45 2,116.16 4 27.77 2,221.97 0166 UCHR POLICE RECORDS SPECIALIST 0 22.85 -- 1 23.99 -- 2 25.19 -- 3 26.45 -- 4 27.77 -- 5071 ACE POLICE RECRUIT 0 34.53 2,762.73 1 36.26 2,900.86 2 38.07 3,045.90 3 39.98 3,198.20 4 41.98 3,358.11 5041 POA POLICE SERGEANT 0 58.32 4,665.56 1 61.24 4,898.84 2 64.30 5,143.79 3 67.51 5,400.97 4 70.89 5,671.02 5 74.43 5,954.57 5415 ACE POLICE SERVICES TECHNICIAN 0 28.94 2,315.41 1 30.39 2,431.18 2 31.91 2,552.74 3 33.50 2,680.37 4 35.18 2,814.39 5207 UCHR POLICE SUPPORT SERVICES AIDE 0 16.50 -- 1 17.33 -- 2 18.19 -- 3 19.10 -- 4 20.06 -- Page 407 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 49 of 73 5205 MM POLICE SUPPORT SERVICES MGR 0 46.90 3,751.61 1 49.24 3,939.19 2 51.70 4,136.15 3 54.29 4,342.95 4 57.00 4,560.10 5209 MM POLICE TECHNOLOGY MANAGER 0 49.89 3,991.41 1 52.39 4,190.99 2 55.01 4,400.53 3 57.76 4,620.56 4 60.65 4,851.60 5107 ACE POLICE TECHNOLOGY SPECIALIST 0 43.30 3,464.02 1 45.47 3,637.22 2 47.74 3,819.09 3 50.13 4,010.04 4 52.63 4,210.54 2013 PRUC POLICY AIDE 0 32.11 2,568.44 1 34.03 2,722.55 2 36.07 2,885.90 3 38.24 3,059.06 4 40.53 3,242.60 3629 MMCF PRINCIPAL ACCOUNTANT 0 51.00 4,080.20 1 54.06 4,325.01 2 57.31 4,584.51 3 60.74 4,859.58 4 64.39 5,151.16 6021 MM PRINCIPAL CIVIL ENGINEER 0 70.63 5,650.63 1 74.16 5,933.17 2 77.87 6,229.82 3 81.77 6,541.33 4 85.85 6,868.39 2724 MM PRINCIPAL ECON DEV SPECIALIST 0 56.03 4,482.20 1 58.83 4,706.30 2 61.77 4,941.61 3 64.86 5,188.70 4 68.10 5,448.12 Page 408 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 50 of 73 2724 PROF PRINCIPAL ECON DEV SPECIALIST 0 47.50 3,800.10 1 49.88 3,990.11 2 52.37 4,189.61 3 54.99 4,399.09 4 57.74 4,619.04 3305 MMCF PRINCIPAL HR ANALYST 0 54.74 4,379.50 1 58.03 4,642.27 2 61.51 4,920.80 3 65.20 5,216.05 4 69.11 5,529.02 4486 MM PRINCIPAL LANDSCAPE ARCHITECT 0 54.00 4,320.22 1 56.70 4,536.24 2 59.54 4,763.05 3 62.52 5,001.21 4 65.64 5,251.26 7051 MM PRINCIPAL LIBRARIAN 0 46.96 3,757.01 1 49.31 3,944.85 2 51.78 4,142.08 3 54.37 4,349.20 4 57.08 4,566.66 0208 PROF PRINCIPAL MANAGEMENT ANALYST 0 49.14 3,930.93 1 51.59 4,127.48 2 54.17 4,333.85 3 56.88 4,550.55 4 59.73 4,778.08 0214 PRCF PRINCIPAL MANAGEMENT ANALYST 0 49.14 3,930.93 1 51.59 4,127.48 2 54.17 4,333.85 3 56.88 4,550.55 4 59.73 4,778.08 0209 UCHR PRINCIPAL MGMT ANALYST (HRLY) 0 49.14 -- 1 51.59 -- 2 54.17 -- 3 56.88 -- 4 59.73 -- Page 409 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 51 of 73 4431 MM PRINCIPAL PLANNER 0 56.03 4,482.20 1 58.83 4,706.30 2 61.77 4,941.61 3 64.86 5,188.70 4 68.10 5,448.12 4212 PROF PRINCIPAL PROJECT COORDINATOR 0 56.03 4,482.20 1 58.83 4,706.30 2 61.77 4,941.61 3 64.86 5,188.70 4 68.10 5,448.12 7410 MM PRINCIPAL RECREATION MANAGER 0 47.23 3,778.54 1 49.59 3,967.47 2 52.07 4,165.84 3 54.68 4,374.13 4 57.41 4,592.84 3363 MMCF PRINCIPAL RISK MANAGEMENT SPEC 0 54.84 4,387.57 1 58.14 4,650.82 2 61.62 4,929.87 3 65.32 5,225.66 4 69.24 5,539.20 6020 MM PRINCIPAL TRAFFIC ENGINEER 0 70.63 5,650.63 1 74.16 5,933.17 2 77.87 6,229.82 3 81.77 6,541.33 4 85.85 6,868.39 3717 MM PROCUREMENT SERVICES ANALYST 0 46.50 3,720.20 1 48.83 3,906.20 2 51.27 4,101.51 3 53.83 4,306.58 4 56.52 4,521.92 3721 ACE PROCUREMENT SPECIALIST 0 33.65 2,692.27 1 35.34 2,826.88 2 37.10 2,968.23 3 38.96 3,116.64 4 40.91 3,272.47 Page 410 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 52 of 73 3090 PROF PROGRAMMER ANALYST 0 41.87 3,349.88 1 43.97 3,517.37 2 46.17 3,693.25 3 48.47 3,877.91 4 50.90 4,071.80 4217 ACE PROJECT COORDINATOR I 0 37.03 2,962.00 1 38.88 3,110.10 2 40.82 3,265.61 3 42.86 3,428.89 4 45.00 3,600.33 4215 ACE PROJECT COORDINATOR II 0 40.73 3,258.20 1 42.76 3,421.11 2 44.90 3,592.17 3 47.15 3,771.78 4 49.50 3,960.37 5127 ACE PROPERTY & EVIDENCE SPECIALIST 0 24.60 1,967.89 1 25.83 2,066.28 2 27.12 2,169.59 3 28.48 2,278.07 4 29.90 2,391.98 5121 ACE PROPERTY & EVIDENCE SUPERVISOR 0 32.53 2,602.53 1 34.16 2,732.66 2 35.87 2,869.29 3 37.66 3,012.75 4 39.54 3,163.39 2784 UCHR PUBLIC INFO SPECIALIST (HRLY) 0 33.88 -- 1 35.57 -- 2 37.35 -- 3 39.22 -- 4 41.18 -- 2782 CONF PUBLIC INFORMATION SPECIALIST 0 33.88 2,710.20 1 35.57 2,845.71 2 37.35 2,988.00 3 39.22 3,137.40 4 41.18 3,294.27 Page 411 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 53 of 73 2783 ACE PUBLIC INFORMATION SPECIALIST 0 33.88 2,710.20 1 35.57 2,845.71 2 37.35 2,988.00 3 39.22 3,137.40 4 41.18 3,294.27 5254 ACE PUBLIC SAFETY ANALYST 0 37.07 2,965.72 1 38.93 3,114.00 2 40.87 3,269.70 3 42.91 3,433.19 4 45.06 3,604.85 5256 UCHR PUBLIC SAFETY ANALYST 0 37.07 -- 1 38.93 -- 2 40.87 -- 3 42.91 -- 4 45.06 -- 6123 ACE PUBLIC WORKS INSPECTOR I 0 34.61 2,769.01 1 36.34 2,907.46 2 38.16 3,052.83 3 40.07 3,205.47 4 42.07 3,365.74 6121 ACE PUBLIC WORKS INSPECTOR II 0 38.07 3,045.90 1 39.98 3,198.20 2 41.98 3,358.10 3 44.08 3,526.01 4 46.28 3,702.31 6336 MM PUBLIC WORKS MANAGER 0 48.15 3,851.61 1 50.55 4,044.19 2 53.08 4,246.40 3 55.73 4,458.73 4 58.52 4,681.66 6712 ACE PUBLIC WORKS SPECIALIST 0 28.61 2,289.19 1 30.05 2,403.65 2 31.55 2,523.84 3 33.13 2,650.03 4 34.78 2,782.53 Page 412 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 54 of 73 6327 SM PUBLIC WORKS SUPERINTENDENT 0 63.57 5,085.59 1 -- -- 2 -- -- 3 -- -- 4 77.27 6,181.58 6337 ACE PUBLIC WORKS SUPERVISOR 0 39.54 3,163.46 1 41.52 3,321.63 2 43.60 3,487.72 3 45.78 3,662.10 4 48.07 3,845.21 6392 ACE PUMP MAINTENANCE SUPERVISOR 0 37.62 3,009.74 1 39.50 3,160.22 2 41.48 3,318.23 3 43.55 3,484.15 4 45.73 3,658.35 6396 ACE PUMP MAINTENANCE TECHNICIAN 0 32.71 2,617.16 1 34.35 2,748.02 2 36.07 2,885.42 3 37.87 3,029.69 4 39.76 3,181.18 3711 SM PURCHASING AGENT 0 60.21 4,816.92 1 -- -- 2 -- -- 3 -- -- 4 73.19 5,855.00 5417 ACE RANGE MASTER 0 27.86 2,228.58 1 29.25 2,340.01 2 30.71 2,457.01 3 32.25 2,579.86 4 33.86 2,708.85 6037 MMUC REAL PROPERTY MANAGER 0 58.52 4,681.57 1 62.03 4,962.47 2 65.75 5,260.21 3 69.70 5,575.83 4 73.88 5,910.38 Page 413 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 55 of 73 2211 MM RECORDS MANAGER 0 41.56 3,324.56 1 43.63 3,490.79 2 45.82 3,665.32 3 48.11 3,848.59 4 50.51 4,041.02 2217 ACE RECORDS SPECIALIST 0 23.70 1,896.17 1 24.89 1,990.98 2 26.13 2,090.52 3 27.44 2,195.05 4 28.81 2,304.80 7605 UCHR RECREATION AIDE 0 16.50 -- 1 17.33 -- 2 18.19 -- 3 19.10 -- 4 20.06 -- 7603 UCHR RECREATION LEADER 0 18.98 -- 1 19.92 -- 2 20.92 -- 3 21.97 -- 4 23.06 -- 7601 UCHR RECREATION SPECIALIST 0 22.77 -- 1 23.91 -- 2 25.10 -- 3 26.36 -- 4 27.68 -- 7425 ACE RECREATION SUPERVISOR I 0 30.03 2,402.25 1 31.53 2,522.36 2 33.11 2,648.48 3 34.76 2,780.91 4 36.50 2,919.95 7426 UCHR RECREATION SUPERVISOR I 0 30.03 -- 1 31.53 -- 2 33.11 -- 3 34.76 -- 4 36.50 -- Page 414 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 56 of 73 7423 ACE RECREATION SUPERVISOR II 0 33.03 2,642.48 1 34.68 2,774.60 2 36.42 2,913.33 3 38.24 3,059.00 4 40.15 3,211.95 7422 ACE RECREATION SUPERVISOR III 0 37.99 3,038.85 1 39.88 3,190.79 2 41.88 3,350.33 3 43.97 3,517.85 4 46.17 3,693.74 2742 ACE RECYCLING SPECIALIST I 0 33.25 2,659.72 1 34.91 2,792.70 2 36.65 2,932.34 3 38.49 3,078.95 4 40.41 3,232.90 2744 ACE RECYCLING SPECIALIST II 0 36.57 2,925.69 1 38.40 3,071.97 2 40.32 3,225.57 3 42.34 3,386.85 4 44.45 3,556.19 5307 ACE REGISTERED VETERINARY TECH 0 27.86 2,228.58 1 29.25 2,340.01 2 30.71 2,457.01 3 32.25 2,579.86 4 33.86 2,708.85 5312 UCHR REGISTERED VETERINARY TECH 0 27.86 -- 1 29.25 -- 2 30.71 -- 3 32.25 -- 4 33.86 -- 5081 UCHR RESERVE OFFICER 0 16.50 -- 1 17.33 -- 2 18.19 -- 3 -- -- 4 -- -- Page 415 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 57 of 73 3689 SM REVENUE MANAGER 0 64.70 5,176.32 1 -- -- 2 -- -- 3 74.36 5,949.09 4 78.65 6,291.85 3367 PRCF RISK MANAGEMENT SPECIALIST 0 41.47 3,317.63 1 43.96 3,516.69 2 46.60 3,727.69 3 49.39 3,951.35 4 52.36 4,188.43 3368 UCHR RISK MGMT SPECIALIST (HOURLY) 0 41.47 -- 1 43.96 -- 2 46.60 -- 3 49.39 -- 4 52.36 -- 3371 MMCF SAFETY PROGRAM MGR 0 54.84 4,387.57 1 58.14 4,650.82 2 61.62 4,929.87 3 65.32 5,225.66 4 69.24 5,539.20 0231 UCHR SEASONAL ASSISTANT 0 16.50 -- 1 17.33 -- 2 18.19 -- 3 19.10 -- 4 20.06 -- 0171 ACE SECRETARY 0 23.70 1,896.17 1 24.89 1,990.98 2 26.13 2,090.52 3 27.44 2,195.05 4 28.81 2,304.80 3630 MMCF SENIOR ACCOUNTANT 0 45.24 3,618.91 1 47.95 3,836.04 2 50.83 4,066.20 3 53.88 4,310.18 4 57.11 4,568.79 Page 416 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 58 of 73 3651 ACE SENIOR ACCOUNTING ASSISTANT 0 27.89 2,231.52 1 29.29 2,343.09 2 30.75 2,460.25 3 32.29 2,583.26 4 33.91 2,712.42 0185 ACE SENIOR ADMIN SECRETARY 0 32.97 2,637.75 1 34.62 2,769.64 2 36.35 2,908.12 3 38.17 3,053.53 4 40.08 3,206.21 5345 ACE SENIOR ANIMAL CARE SPECIALIST 0 26.70 2,135.72 1 28.03 2,242.51 2 29.43 2,354.63 3 30.90 2,472.37 4 32.45 2,595.98 3089 PROF SENIOR APPLICATION SUPP SPEC 0 46.39 3,710.91 1 48.71 3,896.47 2 51.14 4,091.28 3 53.70 4,295.86 4 56.38 4,510.65 2403 SM SENIOR ASSISTANT CITY ATTORNEY 0 89.83 7,186.71 1 -- -- 2 -- -- 3 -- -- 4 109.19 8,735.50 4781 ACE SENIOR BUILDING INSPECTOR 0 43.98 3,518.01 1 46.17 3,693.92 2 48.48 3,878.61 3 50.91 4,072.54 4 53.45 4,276.17 4507 ACE SENIOR BUSINESS LICENSE REP 0 27.89 2,231.52 1 29.29 2,343.09 2 30.75 2,460.25 3 32.29 2,583.26 4 33.91 2,712.42 Page 417 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 59 of 73 6019 WCE SENIOR CIVIL ENGINEER 0 64.12 5,129.33 1 67.32 5,385.79 2 70.69 5,655.08 3 74.22 5,937.84 4 77.93 6,234.73 4763 ACE SENIOR CODE ENFORCEMNT OFFICER 0 41.93 3,354.72 1 44.03 3,522.46 2 46.23 3,698.58 3 48.54 3,883.51 4 50.97 4,077.68 6204 ACE SENIOR CONSERVATION SPECIALIST 0 42.06 3,364.54 1 44.16 3,532.77 2 46.37 3,709.41 3 48.69 3,894.88 4 51.12 4,089.62 2025 UCHR SENIOR COUNCIL ASSISTANT 0 31.00 -- 1 32.55 -- 2 34.18 -- 3 35.88 -- 4 37.68 -- 2027 CONF SENIOR COUNCIL ASSISTANT 0 31.00 2,479.88 1 32.55 2,603.87 2 34.18 2,734.07 3 35.88 2,870.77 4 37.68 3,014.31 2725 PROF SENIOR ECON DEVELOPMENT SPEC 0 47.29 3,783.48 1 49.66 3,972.65 2 52.14 4,171.28 3 54.75 4,379.85 4 57.49 4,598.84 6442 ACE SENIOR ELECTRICIAN 0 38.71 3,096.41 1 40.64 3,251.23 2 42.67 3,413.79 3 44.81 3,584.48 4 47.05 3,763.71 Page 418 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 60 of 73 6471 ACE SENIOR ELECTRONICS TECHNICIAN 0 42.58 3,406.05 1 44.70 3,576.35 2 46.94 3,755.17 3 49.29 3,942.93 4 51.75 4,140.08 6059 ACE SENIOR ENGINEERING TECHNICIAN 0 39.49 3,159.09 1 41.46 3,317.04 2 43.54 3,482.90 3 45.71 3,657.04 4 48.00 3,839.89 6512 ACE SENIOR EQUIPMENT MECHANIC 0 35.99 2,878.88 1 37.79 3,022.82 2 39.67 3,173.96 3 41.66 3,332.66 4 43.74 3,499.29 5529 IAFF SENIOR FIRE INSPECTOR/INVESTIG 0 44.83 3,586.35 1 47.07 3,765.65 2 49.42 3,953.94 3 51.90 4,151.65 4 54.49 4,359.21 0175 ACE SENIOR FISCAL OFFICE SPECIALST 0 24.89 1,990.98 1 26.13 2,090.52 2 27.44 2,195.05 3 28.81 2,304.80 4 30.25 2,420.04 3073 ACE SENIOR GIS ANALYST 0 41.78 3,342.23 1 43.87 3,509.34 2 46.06 3,684.81 3 48.36 3,869.05 4 50.78 4,062.50 2764 PROF SENIOR GRAPHIC DESIGNER 0 39.04 3,123.42 1 40.99 3,279.59 2 43.04 3,443.58 3 45.20 3,615.75 4 47.46 3,796.53 Page 419 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 61 of 73 3308 PRCF SENIOR HR ANALYST 0 47.60 3,808.26 1 50.46 4,036.75 2 53.49 4,278.96 3 56.70 4,535.70 4 60.10 4,807.84 3313 UCHR SENIOR HR ANALYST 0 47.60 -- 1 50.46 -- 2 53.49 -- 3 56.70 -- 4 60.10 -- 3316 CONF SENIOR HR TECHNICIAN 0 34.56 2,764.59 1 36.29 2,902.82 2 38.10 3,047.96 3 40.00 3,200.36 4 42.00 3,360.37 6441 ACE SENIOR HVAC TECHNICIAN 0 38.71 3,096.41 1 40.64 3,251.23 2 42.67 3,413.79 3 44.81 3,584.48 4 47.05 3,763.71 3012 PROF SENIOR INFO TECH SUPPORT SPEC 0 40.98 3,278.30 1 43.03 3,442.22 2 45.18 3,614.33 3 47.44 3,795.05 4 49.81 3,984.79 3031 PROF SENIOR ITS/POL SPEC II (T) 0 45.16 3,612.57 1 47.42 3,793.20 2 49.79 3,982.87 3 52.28 4,182.01 4 54.89 4,391.11 6285 WCE SENIOR LAND SURVEYOR 0 64.12 5,129.33 1 67.32 5,385.79 2 70.69 5,655.08 3 74.22 5,937.84 4 77.93 6,234.73 Page 420 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 62 of 73 6295 ACE SENIOR LANDSCAPE INSPECTOR 0 43.78 3,502.79 1 45.97 3,677.92 2 48.27 3,861.82 3 50.69 4,054.91 4 53.22 4,257.66 5110 ACE SENIOR LATENT PRINT EXAMINER 0 47.13 3,770.67 1 49.49 3,959.21 2 51.96 4,157.17 3 54.56 4,365.03 4 57.29 4,583.28 2463 CONF SENIOR LEGAL ASSISTANT 0 33.30 2,663.89 1 34.96 2,797.08 2 36.71 2,936.93 3 38.55 3,083.78 4 40.47 3,237.97 7053 MM SENIOR LIBRARIAN 0 37.47 2,997.68 1 39.34 3,147.57 2 41.31 3,304.95 3 43.38 3,470.19 4 45.55 3,643.70 7589 UCHR SENIOR LIFEGUARD 0 20.79 -- 1 21.82 -- 2 22.92 -- 3 24.06 -- 4 25.26 -- 6371 ACE SENIOR MAINTENANCE WORKER 0 31.36 2,508.67 1 32.93 2,634.10 2 34.57 2,765.81 3 36.30 2,904.10 4 38.12 3,049.30 0206 PROF SENIOR MANAGEMENT ANALYST 0 44.67 3,573.57 1 46.90 3,752.26 2 49.25 3,939.86 3 51.71 4,136.86 4 54.30 4,343.71 Page 421 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 63 of 73 0226 PRCF SENIOR MANAGEMENT ANALYST 0 44.67 3,573.57 1 46.90 3,752.26 2 49.25 3,939.86 3 51.71 4,136.86 4 54.30 4,343.71 3051 PROF SENIOR NETWORK ENGINEER 0 55.09 4,406.86 1 57.84 4,627.21 2 60.73 4,858.57 3 63.77 5,101.50 4 66.96 5,356.57 0173 ACE SENIOR OFFICE SPECIALIST 0 23.70 1,896.17 1 24.89 1,990.98 2 26.13 2,090.52 3 27.44 2,195.05 4 28.81 2,304.80 0174 UCHR SENIOR OFFICE SPECIALIST 0 23.70 -- 1 24.89 -- 2 26.13 -- 3 27.44 -- 4 28.81 -- 6309 ACE SENIOR OPEN SPACE INSPECTOR 0 43.78 3,502.79 1 45.97 3,677.92 2 48.27 3,861.82 3 50.69 4,054.91 4 53.22 4,257.66 7439 ACE SENIOR PARK RANGER 0 31.36 2,508.67 1 32.93 2,634.10 2 34.57 2,765.81 3 36.30 2,904.10 4 38.12 3,049.30 5157 ACE SENIOR PARKING ENFORCEMENT OFF 0 25.32 2,025.98 1 26.59 2,127.28 2 27.92 2,233.65 3 29.32 2,345.33 4 30.78 2,462.59 Page 422 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 64 of 73 6615 ACE SENIOR PARKS MAINT WORKER 0 31.36 2,508.67 1 32.93 2,634.10 2 34.57 2,765.81 3 36.30 2,904.10 4 38.12 3,049.30 4746 WCE SENIOR PLAN CHECK ENGINEER 0 60.07 4,805.46 1 63.07 5,045.74 2 66.23 5,298.02 3 69.54 5,562.92 4 73.01 5,841.07 4751 ACE SENIOR PLAN CHECK TECHNICIAN 0 39.49 3,159.09 1 41.46 3,317.04 2 43.54 3,482.90 3 45.71 3,657.04 4 48.00 3,839.89 4432 PROF SENIOR PLANNER 0 47.29 3,783.48 1 49.66 3,972.65 2 52.14 4,171.28 3 54.75 4,379.85 4 57.49 4,598.84 4529 ACE SENIOR PLANNING TECHNICIAN 0 35.29 2,823.31 1 37.06 2,964.47 2 38.91 3,112.70 3 40.85 3,268.33 4 42.90 3,431.75 0135 ACE SENIOR POLICE RECORDS SPEC 0 26.28 2,102.22 1 27.59 2,207.33 2 28.97 2,317.70 3 30.42 2,433.58 4 31.94 2,555.26 0136 UCHR SENIOR POLICE RECORDS SPEC 0 26.28 -- 1 27.59 -- 2 28.97 -- 3 30.42 -- 4 31.94 -- Page 423 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 65 of 73 3728 PROF SENIOR PROCUREMENT SPECIALIST 0 37.46 2,996.43 1 39.33 3,146.26 2 41.29 3,303.57 3 43.36 3,468.75 4 45.53 3,642.19 3091 PROF SENIOR PROGRAMMER ANALYST 0 47.74 3,818.94 1 50.12 4,009.90 2 52.63 4,210.39 3 55.26 4,420.91 4 58.02 4,641.95 4214 PROF SENIOR PROJECT COORDINATOR 0 47.29 3,783.48 1 49.66 3,972.65 2 52.14 4,171.28 3 54.75 4,379.85 4 57.49 4,598.84 5125 ACE SENIOR PROPRTY & EVIDENCE SPEC 0 28.29 2,263.07 1 29.70 2,376.22 2 31.19 2,495.03 3 32.75 2,619.79 4 34.38 2,750.78 2785 ACE SENIOR PUBLIC INFO SPECIALIST 0 38.96 3,116.73 1 40.91 3,272.57 2 42.95 3,436.20 3 45.10 3,608.01 4 47.36 3,788.41 5248 UCHR SENIOR PUBLIC SAFETY ANALYST 0 44.67 -- 1 46.90 -- 2 49.25 -- 3 51.71 -- 4 54.30 -- 5260 PROF SENIOR PUBLIC SAFETY ANALYST 0 44.67 3,573.57 1 46.90 3,752.26 2 49.25 3,939.86 3 51.71 4,136.86 4 54.30 4,343.71 Page 424 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 66 of 73 6101 ACE SENIOR PUBLIC WORKS INSPECTOR 0 43.78 3,502.78 1 45.97 3,677.91 2 48.27 3,861.81 3 50.69 4,054.90 4 53.22 4,257.65 6702 ACE SENIOR PUBLIC WORKS SPECIALIST 0 34.34 2,747.03 1 36.05 2,884.39 2 37.86 3,028.60 3 39.75 3,180.03 4 41.74 3,339.04 2215 ACE SENIOR RECORDS SPECIALIST 0 27.26 2,180.59 1 28.62 2,289.62 2 30.05 2,404.10 3 31.55 2,524.31 4 33.13 2,650.52 2216 UCHR SENIOR RECORDS SPECIALIST 0 27.26 -- 1 28.62 -- 2 30.05 -- 3 31.55 -- 4 33.13 -- 2746 ACE SENIOR RECYCLING SPECIALIST 0 42.06 3,364.54 1 44.16 3,532.77 2 46.37 3,709.41 3 48.69 3,894.88 4 51.12 4,089.62 3365 PRCF SENIOR RISK MANAGEMENT SPEC 0 47.69 3,815.28 1 50.55 4,044.19 2 53.59 4,286.84 3 56.80 4,544.06 4 60.21 4,816.70 0177 ACE SENIOR SECRETARY 0 26.07 2,085.78 1 27.38 2,190.07 2 28.74 2,299.58 3 30.18 2,414.56 4 31.69 2,535.28 Page 425 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 67 of 73 6573 ACE SENIOR TREE TRIMMER 0 34.49 2,759.54 1 36.22 2,897.51 2 38.03 3,042.39 3 39.93 3,194.51 4 41.93 3,354.23 2779 PROF SENIOR WEBMASTER 0 39.19 3,134.88 1 41.15 3,291.60 2 43.20 3,456.20 3 45.36 3,629.01 4 47.63 3,810.46 6169 ACE SIGNAL SYSTEMS ENGINEER I 0 39.79 3,183.38 1 41.78 3,342.55 2 43.87 3,509.68 3 46.06 3,685.16 4 48.37 3,869.42 6170 ACE SIGNAL SYSTEMS ENGINEER II 0 43.77 3,501.72 1 45.96 3,676.81 2 48.26 3,860.65 3 50.67 4,053.68 4 53.20 4,256.36 6355 ACE SIGNING AND STRIPING SUPV 0 39.54 3,163.46 1 41.52 3,321.63 2 43.60 3,487.72 3 45.78 3,662.10 4 48.07 3,845.21 2751 SM SPECIAL PROJECTS MGR 0 54.17 4,333.81 1 -- -- 2 -- -- 3 65.36 5,228.58 4 65.85 5,267.77 2752 UCHR SPECIAL PROJECTS MGR (HOURLY) 0 51.21 -- 1 52.51 -- 2 55.13 -- 3 57.89 -- 4 62.25 -- Page 426 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 68 of 73 2799 PRUC SPECL EVENTS COORD 0 43.56 3,484.82 1 46.17 3,693.91 2 48.94 3,915.54 3 51.88 4,150.47 4 54.99 4,399.50 3318 UCHR SR HUMAN RESOURCES TECHNICIAN 0 34.56 -- 1 36.29 -- 2 38.10 -- 3 40.00 -- 4 42.00 -- 6614 UCHR SR PARKS MAINT WRKR (HOURLY) 0 31.36 -- 1 32.93 -- 2 34.57 -- 3 36.30 -- 4 38.12 -- 3734 ACE STOREKEEPER 0 26.13 2,090.56 1 27.44 2,195.08 2 28.81 2,304.84 3 30.25 2,420.08 4 31.76 2,541.09 3732 ACE STOREKEEPER SUPERVISOR 0 31.36 2,508.67 1 32.93 2,634.10 2 34.57 2,765.81 3 36.30 2,904.10 4 38.12 3,049.30 6127 ACE STORMWATER COMPLNCE INSP I 0 32.96 2,637.14 1 34.61 2,769.00 2 36.34 2,907.45 3 38.16 3,052.82 4 40.07 3,205.46 6125 ACE STORMWATER COMPLNCE INSP II 0 36.26 2,900.86 1 38.07 3,045.90 2 39.98 3,198.20 3 41.98 3,358.10 4 44.08 3,526.01 Page 427 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 69 of 73 6137 ACE STORMWATER ENV SPECIALIST I 0 36.19 2,894.88 1 38.00 3,039.63 2 39.90 3,191.61 3 41.89 3,351.19 4 43.98 3,518.75 6135 ACE STORMWATER ENV SPECIALIST II 0 39.80 3,184.37 1 41.79 3,343.59 2 43.88 3,510.77 3 46.08 3,686.31 4 48.38 3,870.63 6131 MM STORMWATER PROGRAM MANAGER 0 52.19 4,175.47 1 54.80 4,384.24 2 57.54 4,603.44 3 60.42 4,833.63 4 63.44 5,075.30 5241 MM SUPRVSNG PUBLIC SAFETY ANALYST 0 51.37 4,109.61 1 53.94 4,315.10 2 56.64 4,530.85 3 59.47 4,757.39 4 62.44 4,995.25 6151 ACE SURVEY TECHNICIAN I 0 31.22 2,497.30 1 32.78 2,622.17 2 34.42 2,753.28 3 36.14 2,890.94 4 37.94 3,035.49 6141 ACE SURVEY TECHNICIAN II 0 34.34 2,747.03 1 36.05 2,884.39 2 37.86 3,028.60 3 39.75 3,180.03 4 41.74 3,339.04 3015 PROF SYSTEMS/DATABASE ADMINISTRATOR 0 43.61 3,488.43 1 45.79 3,662.87 2 48.08 3,846.00 3 50.48 4,038.31 4 53.00 4,240.21 Page 428 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 70 of 73 7503 UCHR TINY TOT AIDE 0 18.98 -- 1 19.92 -- 2 20.92 -- 3 21.97 -- 4 23.06 -- 7505 UCHR TINY TOT SPECIALIST 0 22.77 -- 1 23.91 -- 2 25.10 -- 3 26.36 -- 4 27.68 -- 5155 UCHR TRAFFIC CONTROL ASSISTANT 0 16.50 -- 1 17.33 -- 2 18.19 -- 3 19.10 -- 4 20.06 -- 5293 UCHR TRAFFIC OFFICER 0 16.50 -- 1 17.33 -- 2 18.19 -- 3 19.10 -- 4 20.06 -- 6187 ACE TRAFFIC SIGNAL & LIGHT TECH I 0 31.71 2,537.16 1 33.30 2,664.02 2 34.97 2,797.22 3 36.71 2,937.08 4 38.55 3,083.94 6185 ACE TRAFFIC SIGNAL & LIGHT TECH II 0 34.89 2,790.88 1 36.63 2,930.42 2 38.46 3,076.94 3 40.38 3,230.79 4 42.40 3,392.33 6181 ACE TRAFFIC SIGNAL & LIGHTING SUPV 0 40.12 3,209.51 1 42.12 3,369.99 2 44.23 3,538.48 3 46.44 3,715.41 4 48.76 3,901.18 Page 429 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 71 of 73 5262 ACE TRAINING PROGRAM SPECIALIST 0 29.12 2,329.88 1 30.58 2,446.37 2 32.11 2,568.69 3 33.71 2,697.13 4 35.40 2,831.98 6031 WCE TRANSPORTATION ENGR W LIC 0 64.12 5,129.33 1 67.32 5,385.79 2 70.69 5,655.08 3 74.22 5,937.84 4 77.93 6,234.73 6033 WCE TRANSPORTATION ENGR W/O LIC 0 61.06 4,885.09 1 64.12 5,129.35 2 67.32 5,385.81 3 70.69 5,655.10 4 74.22 5,937.86 6575 ACE TREE TRIMMER 0 28.75 2,299.61 1 30.18 2,414.59 2 31.69 2,535.32 3 33.28 2,662.09 4 34.94 2,795.19 6572 ACE TREE TRIMMER SUPERVISOR 0 39.67 3,173.47 1 41.65 3,332.14 2 43.73 3,498.75 3 45.92 3,673.68 4 48.22 3,857.37 5308 UCHR VETERINARIAN 0 46.77 -- 1 49.11 -- 2 51.57 -- 3 54.15 -- 4 56.85 -- 5335 PROF VETERINARIAN I 0 44.26 3,540.81 1 46.47 3,717.86 2 48.80 3,903.74 3 51.24 4,098.93 4 53.80 4,303.88 Page 430 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Job BU Position Title Step Hourly Period Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 72 of 73 5333 PROF VETERINARIAN II 0 50.90 4,071.93 1 53.44 4,275.51 2 56.12 4,489.30 3 58.92 4,713.75 4 61.87 4,949.45 5334 UCHR VETERINARIAN II 0 50.90 -- 1 53.44 -- 2 56.12 -- 3 58.92 -- 4 61.87 -- 5323 UCHR VETERINARY ASSISTANT 0 21.75 -- 1 22.84 -- 2 23.98 -- 3 25.18 -- 4 26.44 -- 5325 ACE VETERINARY ASSISTANT 0 21.75 1,739.93 1 22.84 1,826.93 2 23.98 1,918.28 3 25.18 2,014.19 4 26.44 2,114.90 3029 ACE VOIP/VIDEOCONF SPECIALIST 0 38.19 3,055.36 1 40.10 3,208.12 2 42.11 3,368.53 3 44.21 3,536.96 4 46.42 3,713.80 7131 ACE VOLUNTEER COORDINATOR 0 23.78 1,902.01 1 24.96 1,997.12 2 26.21 2,096.97 3 27.52 2,201.82 4 28.90 2,311.91 2777 ACE WEBMASTER 0 37.98 3,038.39 1 39.88 3,190.31 2 41.87 3,349.83 3 43.97 3,517.32 4 46.16 3,693.18 Page 431 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Fiscal Year 2024-2025 Compensation Schedule Effective February 21, 2025 Step 0 = Step A, Step 1 = Step B, Step 2 = Step C, Step 3 = Step D, Step 4 = Step E, Step 5 = Step F Period rate shown is based on an 80‐hour per pay period, with exception of Fire Department positions with an A or B designation. Approved and Adopted: Resolution No.: Page 73 of 73 Revised July 16, 2024 (Effective July 12, 2024 | Salaries for FA Deputy Executive Director, FA IVDC-LECC Executive Director, FA Finance Manager, and FA Deputy Director of LECC are effective July 1, 2024) August 20, 2024 (Effective August 23, 2024) September 17, 2024 (Effective September 20, 2024 | Salary for City Attorney, Councilperson and Mayor are effective July 1, 2024) October 8, 2024 (Effective October 18, 2024) December 3, 2024 (Effective December 13, 2024 | Salary for City Attorney, Councilperson and Mayor are effective July 1, 2024) December 17, 2024 (Effective December 27, 2024) December 17, 2024 (Effective January 10, 2025) January 7, 2025 (Effective January 10, 2025) February 4, 2025 (Effective February 7, 2025 | Salaries for FA Deputy Executive Director, FA IVDC-LECC Executive Director, FA Director of SD-LECC, FA Finance Manager, and FA Deputy Director of IV-LECC and Deputy Director of LECC are effective J anuary 1, 2025) February 11, 2025 (Effective February 21, 2025) Page 432 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Carolina my question to you After Andrea was, found Guilty, Why did you during a council meeting not asked? Andrea to step Down, resign or censure her? I just do not believe that you are right person to be a Supervisor and to represent me. Written Communications - PC Acosta - Received 2/6/25 Page 433 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda I just cannot trust those who are associated with politician who were convicted Written Communications - PC Acosta - Received 2/6/25 Page 434 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LOCAL NEWS Chula Vista subcommittee may soon weigh in on suspending officials facing criminal charges The Charter Review Commission explored the topic after recent indictment of former Councilmember Andrea Cardenas, who pleaded guilty to felony charges in February. By TAMMY MURGA | tammy.murga@sduniontribune.com | The San Diego Union- Tribune UPDATED: April 25, 2024 at 1:46 PM PDT Should a Chula Vista elected official facing felony charges be suspended from office? Should they receive their salary and benefits? What should happen to their staff? Last year, council members debated whether felony charges alone — not just a conviction — should be grounds for removal from office via a City Council vote. They ultimately decided to forgo that provision in a list of charter amendments that voters approved in 2022. But when the San Diego County District Attorney’s Office filed charges of fraud, grand theft and money laundering against Cardenas in November 2023, many questioned whether Chula Vista should reconsider suspending an indicted official. More Councilmember Jose Preciado said he wanted to explore what other cities do, what the City Attorney’s Office recommended and if all of his council colleagues would agree to place the issue on a future ballot, which would cost the taxpayers money. Councilmember Alonso Gonzalez said he would prefer a subcommittee take up the topic and consider any other additional charter amendments. Written Communications - PC Acosta - Received 2/6/25 Page 435 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda •National City censores a newly re- elected council member •Summary by San Diego Union Tribune •On Tuesday, the majority of the City of National City voted in favor of censoring •José Rodríguez, whom voters re- elected for a second term last month, for allegedly violating various city policies. Officials voted 3-2, , LOCAL Poway City Council votes to censure councilmember over misconduct SAN DIEGO (FOX 5/KUSI) Ȅ The Poway City Council has voted to censure fellow councilmember Tony Blain over a string of inappropriate and unprofessional behavior. Written Communications - PC Acosta - Received 2/6/25 Page 436 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Carolina While receiving payment from me a Chula Vista Taxpayer and Voter your main priority should be to improve quality of life in Chula Vista I just do not think that you could ever stop protecting your friends as you already have shown as Chula Vista City Council member and yout personal interest. I personally believe that, if you Carolina were to be elected as a supervisor. There would be NO transparency or communication and that you would have too many GATE KEEPERS like you presently have your focus Shound be my community you would represent. Written Communications - PC Acosta - Received 2/6/25 Page 437 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Carolina “To me is all political talk.” As Deputy Mayor of Chula Vista, You had the opportunity to resolve those Concerns. What have you done to solve those issues? That you are identifying that already exists in your district Dear Neighbor, Xټm !aȸoliȇa !ǝaɮeɿ aȇƳ Xټm ȸɖȇȇiȇǕ ǔoȸ ³aȇ (ieǕo !oɖȇtɵ ³ɖpeȸɮisoȸً (istȸict 1. As Deputy Mayor of Chula Vista, I have seen firsthand the challenges our communities face. From economic insecurity to public safety concerns and the escalating homelessness crisis to the urgent need for equitable healthcare and attainable housing, I am ready to lead with bold, results- driven solutions that put our families and communities first. “To me is all political talk.” As Deputy Mayor of Chula Vista, You had the opportunity to resolve those Concerns. What have you done to solve those issues? Our district deserves leadership that delivers: Pathways to Economic Prosperity : I will champion job creation, support small businesses, and expand workforce development. Together, we can foster innovation, build career pathways, and ensure every resident has access to opportunities for success. “To me is all political talk.” As Deputy Mayor of Chula Vista, You had the opportunity to resolve those Concerns. What have you done to solve those issues? Safe and Thriving Neighborhoods : Everyone deserves to feel secure in their home and community. I will ensure our law enforcement has the resources they need to keep our neighborhoods safe while fostering partnerships that prioritize safety and trust. Comprehensive Approaches to Homelessness : We need to address homelessness with both compassion and urgency. My focus will be on expanding access to mental health care, substance abuse treatment, emergency shelter, and wraparound services while working with our cities and nonprofits to create housing options and job opportunities. “To me is all political talk.” As Deputy Mayor of Chula Vista, You had the opportunity to resolve those Concerns. What have you done to solve those issues? What was your Focus before and Now? Written Communications - PC Acosta - Received 2/6/25 Page 438 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Carolina during you at the political Speaking interview on Sunday Not sure if you purposely answer. without specific answers to any of the question you were ask during the interview. Yes it is a very ingenious Political method to answer questions and talk without answering. Yes, I notice. you are using other people’s political PLAY BOOK Written Communications - PC Acosta - Received 2/6/25 Page 439 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Written Communications item # Name hin freusts 497 Contribution Report Amounts may be rounded to whole dollars. Carolina Chavez for Supervisor 2025 This Filing __91/31/2025 FORM 49 7 AREA CODE/PHONE NUMBER 1D. NUMBER ('f applicabie} SSSii ads Amendment Filed Date: (oo ee 01/31/2025 08:33 City STATE ZiP CODE ASSEN SEO) PM La Mesa CA 91942 No. of Page 3 For Officia’ Use Ory 1. Contribution({s) Received iF AN INDIVIDUAL, AMOUNT DATE FULL NAME, STREET ADDRESS AND Z'P CODE OF CONTR'BUTOR CONTRIBUTOR ENTER OCCUPATION AND EMPLOYER RECEIVED RECEIVED PF COMMITTEE ALSO ENTER 1.0, NUMBER; CODE ** (if SELF-EMPLOYED, ENTER NAME OF BUSINESS} J IND 4,100.00 Jaim Esparza C) com 0 oTH Vp [[] Check if Loan Cpi C] pty é Chula Vista CA 91914 [} sec @ Provide interest rate 1/31/2025 M IND 1,100.00 Miguel Garcia [ COM ; C] PTY Chula Vista CA 91914 5 scc —_______. Provide interest rate (¥] IND 4,100.00 _} com 4/31/2025 1} (9 OTH C} PTY Chula Vista CA 91913 Cj} scc % Provide interest rate 1/31/2025 7} Check if Loan “Contributor Codes . IND — individual Reason for Amendment: COM ~ Recipient Committee (other than PTY or SCC) OTH ~ Other (e.g., business entity) PTY - Political Party SCC - Small Contributor Committee FPPC Form 497 (Jan/2016)} FPPC Advice: advice@fppc.ca.gov (866/275-3772) www.fppe.ca.gov Page 440 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda v . 0 0 5 P a g e | 1 February 11, 2025 ITEM TITLE Otay Ranch Village Seven Sectional Planning Area: Amend the Otay Ranch Village Seven Sectional Planning Area Plan, Including Associated Regulatory Documents, and a Tentative Map Report Number: 25-0028 Location: Generally, south of Birch Road, east of La Media Road, west of California State Route 125, and north of Otay Ranch Village Eight West Department: Development Services G.C. § 84308 Regulations Apply: Yes Environmental Notice: The Project is substantially covered in the previously certified Final Environmental Impact Report (“FEIR”) and Mitigation Monitoring and Reporting Program (“MMRP”) for the Otay Ranch Village Seven Sectional Planning Area Plan (FEIR 04-06; SCH #2003111050; certified by City Council Resolution No. 2004-330 on October 12, 2004). However, minor technical changes and/or additions are necessary, and a First Addendum to FEIR 04-06 has been prepared. Recommended Actions Conduct a public hearing and 1) Adopt a resolution: a. certifying the First Addendum to FEIR 04-06; b. approving amendments to the Chula Vista General Plan, the Otay Ranch General Development Plan, and the Otay Ranch Village Seven Sectional Planning Area Plan in accordance with the required findings; and c. approving a Tentative Map incorporating the proposed changes to the Otay Ranch Village Seven Sectional Planning Area in accordance with the required findings and subject to conditions. 2) Place an ordinance on first reading approving modifications to the Otay Ranch Village Seven Planned Community District Regulations. (First Reading) Page 441 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 2 SUMMARY Baldwin & Sons (the “Applicant”) proposes to amend the Otay Ranch Village Seven Sectional Planning Area (“SPA”) Plan and the associated Planned Community District Regulations to reclassify 287 previously approved and analyzed single-family residential units for multifamily development (the “Project”). The Applicant’s proposal seeks to allow for housing types more appropriate for the Project Site based on existing development and changes in adjacent land uses since the initial approval of the Otay Ranch Village Seven SPA Plan in 2004. The Project includes a Tentative Map to assign units to three multi-family neighborhoods (R-3, R-4, and R-8). ENVIRONMENTAL REVIEW The Director of Development Services has reviewed the proposed Project for compliance with the California Environmental Quality Act (“CEQA”) and determined that the Project is substantially covered in the previously certified FEIR for the Otay Ranch Village Seven SPA Plan (FEIR 04-06; SCH #2003111050; certified by Resolution No. 2004-330 on October 12, 2004). Minor technical changes or additions to this document are necessary to account for the expected Project impacts of reclassifying the dwelling units. However, none of the conditions described in Section 15162 of the CEQA Guidelines calling for the preparation of a subsequent or supplemental environmental impact report exist; therefore, a First Addendum to FEIR 04-06 was prepared for the Project (Attachment 2). BOARD/COMMISSION/COMMITTEE RECOMMENDATION On December 11, 2024, the Planning Commission considered the proposed amendments to the Otay Ranch Village Seven SPA Plan, associated regulatory documents, and a Tentative Map. The Commission voted 6-1- 0 to adopt Resolution No. 2024-16 (Attachment 3), recommending the City Council adopt a resolution and an ordinance approving the amendments and the Tentative Map. The primary concerns from the Commission were reduced revenues from upzoning the subject neighborhoods from single-family to multifamily residential uses and parking, which the Applicant addressed during the hearing. DISCUSSION Background The Otay Ranch Village Seven SPA Plan and its associated Tentative Maps were originally approved on October 12, 2004, authorizing a total of 1,501 dwelling units. The 2004 approval authorized 1,204 residential units for immediate development in the northern portion of the Village. On February 26, 2013, the City Council approved the removal of a portion of Village Seven and incorporated it into Villages Eight West and Eight East as part of General Plan and Otay Ranch General Development Plan (“GDP”) amendments designed to support the City’s University and Regional Technology Park. This decrease of approximately 40 acres in the land area of Village Seven resulted in a reduction in the planned residential development from 1,501 to 1,456 units. Since the approval of the Otay Ranch Village Seven SPA Plan in 2004, 1,120 housing units have been constructed, leaving 336 units unbuilt. The Applicant proposes to reclassify 287 of the remaining units from single-family to multifamily housing and develop them as part of the Project, leaving 49 units undeveloped. Given the small sizes of the Applicant’s remaining parcels, development according to the original SPA Plan documents would limit the number of dwelling units to between 34 and 66 total units leaving over 200 entitled units undeveloped. Page 442 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 3 Village Seven includes the Federal Aviation Administration’s (“FAA”) Very High Frequency Omnidirectional Range Tactical (“VORTAC”) air navigation system, situated on approximately 50 acres in the village's southwest corner. This facility supports both military and civilian aircraft navigation. While the Village Seven SPA Plan designates the VORTAC site as "undesignated" with potential for future development, the FAA has not indicated any plans to abandon, develop, or sell the site. The Applicant believes the original Site Utilization Plan for Village Seven no longer represents the highest and best land use given the transformation of the surrounding area into a higher-intensity, mixed-use district anchored by the Village Eight West Town Center located south of the Project Site. The Applicant believes the upzoning of their remaining parcels in Village Seven from single-family to multifamily would better complement the higher-density housing and Town Center core of Village Eight West. The requested upzoning would not increase the number of units in Village Seven but would instead allow for multifamily housing options to be constructed instead of the single-family homes originally entitled with the 2004 approvals. Chula Vista General Plan The Applicant’s three properties (R-3, R-4, and R-8; see Attachment 4) currently have a General Plan land use designation of RLM (Low-Medium Residential), allowing residential densities between three and six dwelling units per acre. A portion of Neighborhood R-3, located within the VORTAC site, is also designated as Mixed Use Residential. The proposed amendment changes the designations of the Applicant’s portion of Neighborhood R-3 and all of R-8 to RMH (Medium-High Residential), which allows densities between 11 and 18 dwelling units per acre. Neighborhood R-4 would be redesignated as TC (Town Center), with allowable densities between 18 and 45 dwelling units per acre. If the VORTAC is ever decommissioned and sold by the FAA, the property will go through a separate entitlement process. The requested amendment would increase residential density of 14.5 acres in Village Seven and supports the City's Housing Element by facilitating a broader range of housing types, particularly rental options, while enhancing connectivity to the emerging mixed-use Town Center in Village Eight West. Additionally, the proposed amendment promotes compatibility with planned and developing adjacent uses and aligns with the Chula Vista General Plan’s Land Use & Transportation, Economic Development, Housing, Public Facilities & Services, and Environmental objectives and policies (Attachment 5a). Otay Ranch General Development Plan The Otay Ranch GDP identifies Village Seven as an urban village comprised of single-family and multifamily residential uses, a mixed-use district located in the village core, a public park, two schools, and areas of open space. The GDP allows for 1,456 dwelling units to be built in Village Seven. The Project does not result in an overall increase in the residential units beyond the currently approved threshold. Instead, the Project reclassifies 287 residential units to the Medium-High Residential and Town Center land use designations. The proposed amendments to the GDP also include revisions to the Village Land Use Table (Attachment 5, see page II-14, Exhibit 50: Village Seven Land Use Table) to reflect previous approvals (indicated as “2013 Amendment” in the table below). These revisions reflect corrections to the land area of Village Seven following the removal of certain property from its boundary into Villages Eight West and Eight East. The revisions also recalculate acreages associated with the formerly planned uses for the removed property. These changes are cleanup items carried over from amendments approved in 2013 and are not initiated by Page 443 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 4 the current application. The table below reflects the cumulative changes in the GDP land use designations associated with the 2013 amendment and the current application: Village Seven General Development Plan Land Use Entitlements vs. Proposed Amendments Original 2013 Amendment Current Application Proposed Land Uses Land Uses Land Use Acres Units Acres Units Acres Units Ac. In VORTAC Ac. Rest of V7 Units Low-Medium Village Density Residential 154.3 1,053 0 0 -8.2 -287 42 104.1 721 Medium-High Density Residential 37.9 448 -7 -45 14.5 166 0 45.4 614 Town Center 0 0 0 0 3.1 121 0 3.1 121 Mixed-Use 3.7 0 0 0 0 0 3.7 0 0 School Site (S-2) 25.6 0 -25.6 0 0 0 0 Open Space/CPF/Misc. 141 0 -7 -9.4 0 6 118.6 Circulation 62.9 0 -3 0 0 0 59.9 TOTAL 425.4 1,501 -42.6 -45 0 0 51.7 331.1 1,456 The proposed GDP amendment will remain consistent with the recommended General Plan amendments for this area, per the Chula Vista Municipal Code (“CVMC”), and the Project will remain consistent with the Otay Ranch GDP’s land use goals and objectives of integration and compatibility within the village and with adjacent communities and natural resources (Attachment 5). Village Seven SPA Plan The majority of the Village Seven SPA has already been developed, except for the VORTAC site and the Applicant’s three remaining undeveloped parcels that are the subject of this Project. The scope of the SPA Plan amendment is confined to the rezoning of the Applicant’s parcels. Neighborhoods R-3 and R-8 are currently designated as Single-Family Three (SF3) under the existing SPA Plan, which permits single-family residences on lots exceeding 5,000 square feet. These neighborhoods are within a short walking distance from high intensity uses and are planned for future integration with the adjacent mixed-use urban village of Cota Vera within Village Eight West. The proposed amendment seeks to rezone both neighborhoods to Residential Multifamily One (RM1), allowing for densities ranging from eight to 14.9 dwelling units per acre. Neighborhood R-4 directly abuts a high-density multifamily neighborhood and the Town Center district in Village Eight West. This neighborhood is currently zoned as Single -Family Four (SF4) in the SPA Plan, permitting single-family homes on lots smaller than 5,000 square feet. The amendment proposes to rezone Neighborhood R-4 to Town Center (TC), which accommodates densities between 18 and 45 dwelling units per acre, further enhancing compatibility with the abutting neighborhood (Attachment 6). Page 444 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 5 Design Plan The Village Seven Design Plan serves as a blueprint for outlining the intended character and design elements of the planned community. Minor amendments are proposed to incorporate updated architectural influences, such as Contemporary Spanish Mediterranean, California Farmhouse, and California Coastal styles. Additionally, the design criteria for the three neighborhoods transitioning from single-family to multifamily residential are being updated. Affordable Housing Program Minor amendments reflect the proposed Project changes and changes to housing policies in the City of Chula Vista and the State of California. Public Facilities Financing Plan and Fiscal Impact Analysis A Public Facilities Financing Plan (“PFFP”) is required by CVMC section 19.92.030 for any SPA Plan or Tentative Map. The purpose of the PFFP is to establish compliance mechanisms and standards to ensure public facilities, infrastructure, and services will exist or concurrently be provided to meet the demands of infrastructure and climate protection generated by new development. The Project includes an updated memo to the previously approved PFFP for Village Seven (Attachment 7). The Project does not result in an increase of units in Village Seven beyond the previously approved 1,456 units. Additionally, the facilities necessary to serve Village Seven have already been completed, and as demonstrated by the technical studies for the Project, the existing facilities have sufficient capacity to serve the proposed multifamily units in neighborhoods R-3, R-4, and R-8. No additional or offsite facilities are required. Therefore, the PFFP analysis prepared by a qualified consultant determined that no update or supplement to the PFFP is necessary. Pursuant to the requirements of CVMC section 19.09.040, the Applicant prepared an updated fiscal impact analysis for the Project (Attachment 7). The Applicant utilized the City of Chula Vista fiscal year 2024-25 model. The base (current entitlement) scenario that includes single-family homes results in larger revenues to the City due to the estimated assessed values on single-family homes being higher than those assessed on multifamily homes. Based on the adjusted Fiscal Impact Analysis Model prepared for the Project, the Project is estimated to cumulatively generate a net positive fiscal impact totaling $1.22 million during the first 20 years of operation. This compares with a net positive fiscal impact of $4.38 million during the first 20 years of operation projected for the base (current entitlement) scenario. Air Quality Improvement Plan Updates reflect the proposed Project and changes in state building and energy codes. Code references and greenhouse gas reduction measures have also been updated, but none of the proposed changes have any impact on the existing MMRP or thresholds established in the original PFFP. Water Conservation Plan Updates reflect the proposed changes in residential unit type, the net effect of which is a reduction in projected water use by approximately 36.4 percent compared to the original SPA Plan. None of the proposed changes to the Water Conservation Plan result in changes to the MMRP or thresholds established in the original PFFP. Page 445 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 6 Non-Renewable Energy Conservation Plan Updates reflect proposed changes in the Village Seven SPA Plan and to California Building and Energy codes, which have no impact on the MMRP or thresholds established in the original PFFP. Fire Protection Plan Proposed amendments to the Fire Protection Plan for Village Seven reflect the proposed Project changes, but the requirements of the original plan remain applicable with some minor adjustments. The 100-foot Fuel Modification Zones will remain the same throughout the Village Seven Project area. None of the proposed changes to the Fire Protection Plan result in changes to the MRRP, conditions of approval, or thresholds established in the original PFFP. Planned Community District Regulations The Planned Community District Regulations reflect the change from 287 single-family to 287 multifamily residential units, as well as updated development standards and regulations associated with the density changes. Like the GDP amendment, the SPA Plan amendment includes additional revisions to tables and exhibits that reflect corrections to the Village Seven boundaries. These revisions were never updated in the Village Seven SPA Plan following the transfer of property to Villages Eight West and Eight East in 2014. These revisions are cleanup items carried over from previously approved amendments by other property owners’ actions and are not initiated by the current application. The Project would also allow Design Review applications to be administratively approved by the City’s Zoning Administrator, implementing a more streamlined approach to the Design Review process in Village Seven. This approach would align with the approval procedure established in other Otay Ranch villages. Zoning Administrator decisions could be appealed to the Planning Commission, consistent with appeal procedures within CVMC Title 19 (Planning & Zoning). The amended Planned Community District Regulations for Village Seven include minor modifications to maximize design flexibility and streamline processes (Attachment 8). For example, the required private and common open space may be combined to meet the minimum open space standard. Parkland Obligations The construction of the Project (287 multifamily units) results in a parkland acquisition and development obligation of 2.25 acres. After accounting for an existing parkland acquisition credit of 0.89 acres associated with parkland dedications previously provided in Village Seven in excess of their obligation and a Village Seven 2004 SPA outstanding parkland obligation of 0.07 acres, the Project’s net parkland acquisition obligation is 1.43 acres. The parkland development obligation for the project is 2.25 acres plus an outstanding obligation of 0.07 acres in the Village Seven 2004 SPA, totaling 2.32 acres. The Applicant has elected to pay in-lieu fees equivalent to 1.43 acres to satisfy the parkland acquisition and 2.32 acres to satisfy the parkland development portion of the Parkland Acquisition and Development (“PAD”) Page 446 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 7 fee, in accordance with Chapter 17.10 of the CVMC. Tentative Map The Project’s proposed Tentative Map (Attachment 4) consists of two multifamily residential lots and two open space lots in Neighborhood R-8, one multifamily residential lot in Neighborhood R-3, and one multifamily residential lot in Neighborhood R-4. This also reflects the allocation of a total of 287 multifamily units to Neighborhoods R-3 (43 units), R-4 (121 units), and R-8 (123 units). Access to Neighborhood R-8 is provided from La Media Road, access to Neighborhood R-4 is provided from La Media Road and Santa Luna Street, and access to Neighborhood R-3 is provided from Magdalena Avenue. All of these are public streets and have been constructed to their final design standards under the full buildout of the Village. Housing Impact Statement The Project would re-entitle previously approved dwelling units within the Otay Ranch Village Seven SPA. CVMC Chapter 19.91 requires residential developments consisting of 50 or more dwellings to provide a minimum of 10 percent of the total number of dwellings as affordable for low - and moderate-income households. Ten percent (10%) of the 287 units approved for development will be reserved as housing affordable to lower-income households, with five percent (5%) being reserved for low-income households and five percent (5%) for moderate-income households. The Project Site is not identified in the General Plan’s Housing Element as a site that could accommodate a portion of the City’s obligation toward the indicated regional housing need. Compliance with Council Policy No. 400-02 (Public Participation) The Applicant held a community meeting on June 25, 2024, at the HUB at Otay Ranch Town Center with one City staff representative in attendance. No one from the public attended this meeting. Property owners and residents within 500 feet of the Project Site were notified by mail of the community meeting, and the Montecito Ridge Homeowners Association provided residents within Village Seven with a meeting notice via e-mail. DECISION-MAKER CONFLICT Staff has reviewed the decision contemplated by this action and has determined that it is not site-specific and consequently, the 500-foot rule found in California Code of Regulations Title 2, section 18702.2(a)(11), is not applicable to this decision for purposes of determining a disqualifying real property-related financial conflict of interest under the Political Reform Act (Cal. Gov't Code § 87100, et seq.). Staff is not independently aware and has not been informed by any City Council member, of any o ther fact that may constitute a basis for a decision maker conflict of interest in this matter. Staff has reviewed the property holdings of the City Council members and has found no property holdings within 1,000 feet of the boundaries of the subject property. Consequently, this item does not present a disqualifying real property-related financial conflict of interest under California Code of Regulations Title 2, section 18702.2(a)(7) or (8), for purposes of the Political Reform Act (Cal. Gov’t Code § 87100, et seq.). Page 447 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 8 Staff is not independently aware and has not been informed by any City Council member of any other fact that may constitute a basis for a decision-maker conflict of interest in this matter. CURRENT-YEAR FISCAL IMPACT All processing costs associated with the Project are borne by the Applicant. There are no current-year fiscal impacts to the General Fund or the Development Services Fund as a result of this action. ONGOING FISCAL IMPACT The base (current entitlement) scenario projects a net positive fiscal impact to the City totaling $4.38 million over 20 years, and the proposed scenario projects a net positive fiscal impact totaling $1.22 million over the same period, a difference of $3.2 million. The base scenario that includes single-family homes results in greater real property tax revenues to the City due to the estimated assessed values on single - family homes being higher than multifamily homes. General Fund expenditures are anticipated to be incurred to accommodate the development and population growth in community services, public safety, maintenance costs and other general government costs. ATTACHMENTS 1. Location Map 2. First Addendum to FEIR 04-06 and Technical Reports 3. Planning Commission Resolution No. 2024-16 4. Tentative Map 5. General Plan and Otay Ranch General Development Plan Amended Pages a. Project Narrative & General Plan/Sectional Planning Area Consistency Analysis 6. Otay Ranch Village Seven Sectional Planning Area Plan Amendment and Appendices 7. Update Letter to Public Facilities Financing Plan and Fiscal Impact Analysis 8. Otay Ranch Village Seven Planned Community District Regulations 9. Disclosure Statement Staff Contact: Chris Mallec, AICP, Senior Planner D. Todd Philips, Planning Manager Rebecca Bridgeford, Deputy Director of Development Services Page 448 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESOLUTION NO. 2025- RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA CERTIFYING A FIRST ADDENDUM (IS23-0001) TO THE FINAL ENVIRONMENTAL IMPACT REPORT FOR THE OTAY RANCH VILLAGE SEVEN SECTIONAL PLANNING AREA PLAN (FEIR 04-06) AND APPROVING AMENDMENTS TO THE CITY OF CHULA VISTA GENERAL PLAN (GPA23-0005); THE OTAY RANCH GENERAL DEVELOPMENT PLAN (GDP23- 0001); THE OTAY RANCH VILLAGE SEVEN SECTIONAL PLANNING AREA PLAN AND ASSOCIATED REGULATORY DOCUMENTS (SPA23-0002); AND A TENTATIVE MAP FOR OTAY RANCH VILLAGE SEVEN (TM23-0001) WHEREAS, the area of land that is the subject of this Resolution, for the purpose of general description, is located south of Birch Road, east of La Media Road, west of California State Route 125, and north of Otay Ranch Village Eight West (“Project Site”); and WHEREAS, on April 10, 2023, a duly verified application was filed with the City of Chula Vista Development Services Department by Baldwin & Sons (“Applicant”) requesting approval of amendments to the City of Chula Vista General Plan (GPA23-0005), the Otay Ranch General Development Plan (“GDP”) (GDP23-0001), the Otay Ranch Village Seven Sectional Planning Area (“SPA”) Plan (SPA23-0002), including the Planned Community District Regulations, and a Tentative Map for Otay Ranch Village Seven to reclassify 287 previously approved single-family residential units to multifamily residential units on the Project Site (“Project”); and WHEREAS, the Director of Development Services has reviewed the proposed Project for compliance with the California Environmental Quality Act (“CEQA”) and determined that the Project is substantially covered in the previously certified Final Environmental Impact Report (“FEIR”) for the Otay Ranch Village Seven SPA Plan (FEIR 04-06; SCH #2003111050; certified by City Council Resolution No. 2004-330 on October 12, 2004) but that minor technical changes or additions are necessary to account for the expected Project impacts; and WHEREAS, the Director of Development Services also determined that none of the conditions described in Section 15162 of the CEQA Guidelines calling for the preparation of a subsequent or supplemental environmental impact report exist; therefore, a First Addendum to FEIR 04-06 was prepared for the Project (IS23-0001); and WHEREAS, the Director of Development Services set the time and place for a hearing before the Planning Commission, and notice of said hearing, together with its purpose, was given by its publication in a newspaper of general circulation in the City and its mailing to property owners within 500 feet of the exterior boundaries of the property at least ten (10) days prior to the hearing; and WHEREAS, City staff recommended that the Planning Commission recommend approval of the Project to the City Council; and Page 449 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 2 of 22 WHEREAS, after review and consideration of the Staff Report and related materials for the Project, the hearing on the Project was held at the time and place as advertised in the City Council Chambers, 276 Fourth Avenue, and the Planning Commission voted 6-1-0 to recommend to the City Council approval of the subject amendments; and WHEREAS, the proceedings and all evidence introduced before the Planning Commission at the public hearing on the Project held on December 11, 2024, and the Minutes and Resolution resulting therefrom are incorporated into the record of this proceeding; and WHEREAS, the City Clerk set the time and place for a hearing before the City Council on the Project, and notice of said hearing, together with its purpose, was given by its publication in a newspaper of general circulation in the City and its mailing to property owners within 500 feet of the exterior boundaries of the property at least ten (10) days prior to the hearing; and WHEREAS, after review and consideration of the Staff Report and related materials for the Project, the duly called and noticed public hearing on the Project was held before the City Council in the City Council Chambers, 276 Fourth Avenue, to hear public testimony with regard to the same, and the proceedings and any documents submitted to the City Council as the decision-makers shall comprise the entire record of the proceedings, NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Chula Vista, after hearing public testimony and the staff presentation, and after reviewing all of the subject documents, does hereby find, determine, and resolve as follows: I. CERTIFICATION OF COMPLIANCE WITH CEQA Pursuant to Section 15164 of the CEQA Guidelines, the City Council finds the proposed modifications to the FEIR for the Otay Ranch Village Seven SPA Plan (FEIR 04-06) will result in only minor technical changes and additions necessary to make the document adequate under CEQA. The City Council, in the exercise of its independent review and judgment, therefore certifies the First Addendum to FEIR 04-06 as represented in Attachment 2 to the Staff Report, which is incorporated herein by this reference and on file in the office of the City Clerk. II. GENERAL PLAN INTERNAL CONSISTENCY The City Council hereby finds and determines that the General Plan, as amended, is internally consistent and shall remain internally consistent following amendments thereof by this Resolution as discussed and determined in the Otay Ranch Village Seven Chula Vista General Plan Amendment Justification Report for the Project. III. ADOPTION OF GENERAL PLAN AMENDMENTS In light of the findings above, the General Plan amendments, specifically as they pertain to the changes in land use designation(s) for the Project Site, are hereby approved and adopted Page 450 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 3 of 22 in substantially the form presented in Attachment 3 to the Staff Report and incorporated herein and on file in the office of the City Clerk. IV. OTAY RANCH GENERAL DEVELOPMENT PLAN CONSISTENCY The City Council hereby finds and determines that the Otay Ranch GDP, as amended, is internally consistent and shall remain internally consistent following amendment thereof by this Resolution as discussed and determined in the Otay Ranch Village Seven General Development Plan Amendment Report for the Project. V. ADOPTION OF OTAY RANCH GENERAL DEVELOPMENT PLAN AMENDMENTS In light of the findings above, the Otay Ranch GDP amendments are hereby approved and adopted in the form as presented in Attachment 5 to the Staff Report and incorporated herein by this reference and on file in the office of the City Clerk. VI. SECTIONAL PLANNING AREA FINDINGS AND ADOPTION OF RELATED AMENDMENTS A. The proposed Sectional Planning Area plan, as amended, is in conformity with the Otay Ranch General Development Plan, as amended, any adopted specific plans, and the Chula Vista General Plan, as amended, and its several elements. The proposed SPA Plan amendment continues to implement the Chula Vista General Plan and the Otay Ranch GDP. The current General Plan land use designations for the Otay Ranch Village Seven SPA are primarily Low-Medium Residential (RLM), with a portion being Mixed Use Residential (MUR). The Project consists of changing these land use designations to Medium-High Residential (RMH) and Town Center (TC) respectively, which remains consistent with the zoning designations under the existing SPA Plan. Additionally, the increase in density will represent the highest and best land use for the Project Site and enable the creation of an integrated, mixed-use community. B. The proposed Sectional Planning Area plan, as amended, would promote the orderly, sequentialized development of the involved Sectional Planning Area. The subdivision design consists of two multifamily residential lots and two open space lots in Neighborhood R-8, one multifamily residential lot in Neighborhood R-3, and one multifamily residential lot in Neighborhood R-4. The proposed subdivision allows up to 287 residential units, which does not exceed the previously approved and analyzed unit count under the existing SPA Plan. The Project will also support Smart Growth principles, as it promotes compact pedestrian- oriented development with shopping and recreational uses conveniently and centrally located and will minimize segregated and auto-dependent development patterns. Page 451 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 4 of 22 C. The proposed Sectional Planning Area plan, as amended, would not adversely affect adjacent land use, residential enjoyment, circulation, or environmental quality. The proposed modifications to land use and development standard provisions within the SPA Plan for the Project Site have been fully analyzed and will not adversely affect the circulation system and overall land uses as previously envisioned in the Otay Ranch GDP and Otay Ranch Village Seven SPA Plan. The existing infrastructure (sewer, water, public services and facilities) is adequate to serve the Project. A First Addendum to FEIR 04-06 was prepared to analyze the Project’s impacts, and no additional environmental impacts were identified. VII. TENTATIVE SUBDIVISION MAP FINDINGS A. Pursuant to Government Code Section 66473.5 of the Subdivision Map Act, the City Council finds that the Tentative Subdivision Map, as conditioned herein, is in conformance with the elements of the City’s General Plan, based on the following: 1. Land Use and Circulation The Project is in a community that provides a variety of residential, commercial, park, open space, and school uses, as well as public and private improvements to serve them. The Project is consistent with the policies and objectives of the Chula Vista General Plan, the Otay Ranch GDP, and the Otay Ranch Village Seven SPA Plan related to land use and circulation. 2. Economic Development Otay Ranch Village Seven is designed to help achieve the General Plan’s objectives that seek to promote a variety of job and housing opportunities to improve the City’s jobs/housing balance and provide a diverse economic base. The Project is consistent with those objectives. 3. Public Facilities and Services Sewer Sewer infrastructure obligations are conditioned under this Resolution. Parks Parks, recreation, and open space obligations are conditioned under this Resolution and other regulatory documents for this Project. Construction of park, recreation , and open space areas identified in this Resolution are the responsibility of the Applicant. 4. Housing Otay Ranch Village Seven remains consistent with the Housing Element of the City’s General Plan by providing for high-quality multifamily residential opportunities in the eastern portion of the City. Page 452 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 5 of 22 5. Environmental FEIR 04-06 addressed the goals and policies of the Environmental Element of the General Plan and found development of this site to be consistent with those goals and policies. The Project includes an amendment that does not propose material changes to the approved Otay Ranch Village Seven SPA Plan. Accordingly, the City Council, in the exercise of its independent review and judgment, certifies the First Addendum to FEIR 04-06 as represented in Attachment 2 to the Staff Report, which is incorporated herein by this reference and on file in the office of the City Clerk. B. Pursuant to Government Code Section 66473.1 of the Subdivision Map Act, the configuration, orientation, and topography of the site allows for the optimum siting of lots for natural and passive heating and cooling opportunities. Development of the Project Site will be subject to site plan and architectural review to ensure the maximum utilization of natural and passive heating and cooling opportunities. C. Pursuant to Government Code Section 66412.3 of the Subdivision Map Act, the City Council has considered the effect of this approval on the housing needs of the region and has balanced those needs against the public service needs of the residents of the City and the available fiscal and environmental resources. D. Pursuant to Government Code Section 66474 (a-g) of the Subdivision Map Act, the Project meets the following requirements: 1. The Project is consistent with applicable general and specific plans as specified in Section 65451 because the proposed amendments are consistent with the Otay Ranch GDP and the Otay Ranch Village Seven SPA Plan. 2. The Project’s design or proposed improvements are consistent with applicable general and specific plans because the Project’s design is consistent with the General Plan, the Otay Ranch GDP, and the Otay Ranch Village Seven SPA Plan land use designations and intended circulation for Otay Ranch. 3. The Project Site is suitable for the proposed density of development. 4. The Project Site is physically suitable for the type of development. The Project is surrounded by existing planned community developments with available access and infrastructure to serve the proposed Project. 5. The design of the subdivision or the proposed improvements are not likely to cause substantial environmental damage or substantially and avoidably injure fish or wildlife or their habitats. The Project is designed to minimize landform disturbance and avoids permanent disturbance or injury to wildlife or their habitats. 6. The design of the subdivision or type of improvements is not likely to cause serious public health problems because the Project is designed to have suitable separation between structures and parcels and can be served by fire and emergency services. Page 453 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 6 of 22 7. The subdivision or the type of improvements will not conflict with easements, acquired by the public at large, for access through or use of property within the proposed subdivision The Project’s roadways and utilities are within and are not in conflict with existing easements. E. The Project Site is physically suited for development and will be developed in conformance with the Otay Ranch Village Seven SPA Plan and FEIR 04-06 and its Mitigation Monitoring and Reporting Program (“MMRP”) and Addenda, which ensure that the Project Site is developed in a manner consistent with the standards established by the City for a master-planned community. F. The conditions herein imposed on the Project are approximately proportional in nature and extent to the impacts created by the Project based upon the City’s police powers and evidence provided by the record of the proceedings of the First Addendum to FEIR 04-06. VIII. TENTATIVE MAP CONDITIONS OF APPROVAL Unless otherwise specified or required by law, the conditions and Chula Vista Municipal Code (“CVMC” or “Municipal Code”) requirements set forth below shall be completed prior to approval of the related Final Map as determined by the Director of Development Services and the City Engineer or their designees. Unless otherwise specified, “dedicate” means grant the appropriate easement, rather than fee title. Where an easement is required, the Applicant shall provide subordination of any prior lien and easement holders to ensure that the City has a first-priority interest and rights in such land unless otherwise excused by the City. Where fee title is granted or dedicated to the City, said fee title shall be free and clear of all encumbrances unless otherwise excused by the City. Any conflicts between the language or standards set forth in these conditions of approval and any other City entitlement or approval document relating to the Project shall be resolved by the City Manager or their designee. General: 1. All development on the Project Site by the Applicant or any successors in interest shall be consistent with the Tentative Subdivision Map, Chula Vista Tract No. 23- 0001. 2. Development of the Project Site shall comply with the approved Project as described in this Resolution and any supporting documents, including but not limited to the Parks, Recreation, Open Space, and Trails Plan; the Affordable Housing Plan; the Nonrenewable Energy Conservation Plan; the Air Quality Improvement Plan; the Water Conservation Plan; the Fire Protection Plan; and the City of Chula Vista Standard Tentative Map Conditions, all on file in the Development Services Department and incorporated herein by this reference. Page 454 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 7 of 22 3. The Applicant shall comply with all requirements and guidelines of the City of Chula Vista General Plan, the CVMC, the Chula Vista Subdivision Manual (including the Standard Tentative Map Conditions (STMC) in Section 5-300), the City of Chula Vista Design and Construction Standards, the Development Storm Water Manual for Development and Redevelopment Projects, the Chula Vista Best Management Practices (“BMP”) Design Manual, the City of Chula Vista Grading Ordinance (Ordinance No. 1797), and the Subdivision Map Act. 4. The Applicant shall implement the mitigation measures identified in FEIR 04-06, including any subsequent Addenda and the associated MMRP, within the timeframe specified in the MMRP and to the satisfaction of the Director of Development Services and the City Engineer. 5. Prior to approval of any Final Map showing public or private streets, the Applicant shall obtain approval of street names for affected parcels to the satisfaction of the Director of Development Services and the City Engineer. 6. The Applicant shall notify the City at least 60 days prior to its consideration of the first Final Map whether any offsite right-of-way or any interest in real property is necessary to construct or install offsite improvements for affected parcels, which cannot be obtained as required by these conditions of approval. 7. Prior to approval of any Final Map or grading plan, the Engineer-of-Work shall submit and obtain approval of a waiver request for all subdivision design items for affected parcels not specifically waived on the Tentative Map and not conforming to adopted City standards within the applicable subdivision boundary. The Engineer-of-Work shall outline the requested subdivision design deviations and state that, in his/her professional opinion, no safety issues will arise resulting from the requested deviations. The waiver request is subject to approval by the City Engineer at the City Engineer’s sole discretion. 8. Prior to approval of any Final Map for a parcel, the Applicant shall present a letter from Otay Water District verifying that the subdivision will be provided adequate water service and long-term water storage facilities within the applicable subdivision boundary. 9. Prior to development of condominiums within any Planning Area proposing mixed residential/commercial or multifamily residential uses, the Applicant shall obtain approval of a subsequent Final Map showing condominium ownership. 10. The Applicant shall agree to hold the City harmless from any liability for erosion, siltation, habitat impact, or increased flow volume or discharge rate resulting from this project. 11. Prior to any activity that may potentially impact biological resources, such as grading, clearing and grubbing, or maintenance activities, the Applicant shall comply with all Page 455 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 8 of 22 applicable requirements of the California Department of Fish and Game, the California State Water Resources Quality Control Board, the U.S. Fish and Wildlife Service, and the U.S. Army Corps of Engineers. 12. Prior to the approval of a Design Review application that includes any portion of lot R-3, the Applicant shall prepare a conceptual residential, multi-family site plan that shall be subject to review and approval by the Director of Development Services and City Engineer. 13. The subsequent development of a multifamily lot that does not require the filing of a “B” map shall meet, prior to issuance of a building permit for that lot, all the applicable conditions of approval of the tentative map, as determined by the City Engineer. 14. In the event of a filing of a final “B” Map which requires oversizing of the improvements necessary to serve other properties within the Project, said final map shall require the Applicant to install all necessary improvements to serve the project plus the necessary oversizing of facilities required to serve such other properties (in accordance with the restrictions of state law and City ordinances). 15. Prior to issuance of the first Building Permit, a “Will Serve” letter from Otay Water District shall be required. 16. Prior to Building Permit issuance, all private utility and federal easements on Lot R - 8 shall be quitclaimed, including, but not limited to: i. The existing United States of America easement for roadway, utility lines, and incidental purposes, recorded on April 23, 1980, as instrument no. 80-137651 of official records. ii. The existing Pacific Telephone and Telegraph Company easement for roadway, utility lines, and incidental purposes, recorded on June 14, 1982, as instrument no. 82-181896 of official records. iii. The existing document entitled “Agreement for the Provision of Community Purpose Facility Acreage for Otay Ranch Village Two JPB SPA Amendment” (instrument nos. 2012-0722468 and 2012-0722469). Public Facilities: 17. The Final Map for each applicable phase shall include easements for any public utility and access easements shown on the Tentative Map, with such easements to be accepted by the City upon completion of the phase of development for which such easements are required. 18. The Applicant shall install public facilities in accordance with the Public Facilities Finance Plan (PFFP) or phased development as applicable and as may be amended from time to time or as required by the City Engineer to meet threshold standards Page 456 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 9 of 22 adopted by the City of Chula Vista. At the Applicant’s request, the City Engineer and Director of Development Services may, at their discretion, modify the sequence, schedule, alignment, and design of improvement construction should conditions change to warrant such a revision. 19. The amount of the security for any required improvements not constructed at the time of the final map shall be 110% times a construction cost estimate approved by the City Engineer if improvement plans have been approved by the City, 150% times the approved cost estimate if improvement plans are being processed by the City or 200% times the construction cost estimate approved by the City Engineer if improvement plans have not been submitted for City review. A lesser percentage may be required if it is demonstrated to the satisfaction of the City Engineer that sufficient data or other information is available to warrant such a reduction. 20. Prior to the approval of a grading permit which requires oversizing of the improvements necessary to serve other properties, Applicant shall install all necessary improvements to serve the project plus the necessary oversizing of facilities required to serve such other properties to the satisfaction of the City Engineer (in accordance with the restrictions of state law and City ordinances). 21. Prior to approval of a grading permit, Applicant shall acquire and then grant to the City all applicable off-site rights-of-way and easements necessary for the installation of required street improvements and/or utilities, subject to the City’s Subdivision Ordinance and the State Subdivision Map Act. 22. At the time and in the manner determined by City Engineer the Applicant shall install all underground conduits, improvements, standards and luminaries for streetlights and traffic signals in conjunction with the construction of the applicable street improvements. In addition, the Applicant shall install mast arm, signal heads, and associated equipment when traffic signals warrant and as determined by the City Engineer. 23. Applicant shall obtain the approval of the City Engineer for striping plans for all collector or higher classification streets simultaneously with the associated improvement plans. Grading/Improvements: 24. The Applicant shall apply for a grading permit for each development consistent with the applicable provisions of CVMC Chapter 15.04 and the Subdivision Manual, reviewed and approved by the Land Development Division. This permit shall reflect all grading required to create building pads and all storm drainage systems necessary to address drainage leaving the site and shall include, but not be limited to, the following: Page 457 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 10 of 22 i. Grading plans prepared by a registered Civil Engineer in conformance with the City’s Subdivision Manual and the City’s most current BMP Design Manual and approved by the City Engineer. ii. Drainage studies and geotechnical/soils investigations with the first submittal of grading plans for each phase of development. Drainage studies shall calculate pre- and post-development flows for the applicable parcel(s) comprising each phase and show impacts to downstream properties and storm drain facilities. Designs shall incorporate stormwater runoff detention facilities if post-development flows exceed pre-development flows; analysis shall include flows from two-, 10-, and 50-year return frequency storms. Drainage studies shall also demonstrate that no property damage will occur during a 100-year storm event. iii. Analysis of any offsite drainage flows. iv. Private onsite drainage facilities. 25. Grading plans that include freestanding walls or sound walls adjacent to slopes that are 2:1 or greater and that are more than six feet in height shall include a minimum two-foot-wide level bench for landscaping and maintenance access adjacent to the wall. 26. Prior to issuance of any grading permit, the Applicant shall ensure that all related earthwork for the applicable phase of development within its subdivision boundaries shall balance to the satisfaction of the Director of Development Services and the City Engineer. In the event earthwork cannot be balanced onsite, an export material haul route shall be submitted to the Director of Development Services and the City Engineer for their approval. 27. Prior to the issuance of any grading or construction permit impacting offsite property, the Applicant shall submit a notarized letter of permission from affected property owners to commence the relevant construction activity. 28. Prior to issuance of any grading or construction permit based on plans proposing the creation of downslopes adjacent to public or private streets, the Applicant shall obtain the City Engineer’s approval of a study to determine the necessity of providing guardrail improvements at those locations. The Applicant shall construct and secure any required guardrail improvements in conjunction with the associated construction permit as determined by and to the satisfaction of the City Engineer. The guardrail shall be installed in accordance with Caltrans Traffic Manual and Roadside Design Guide requirements and American Association of State Highway and Transportation Officials (AASHTO) standards to the satisfaction of the City Engineer. 29. All private lot drainage and slopes shall comply with the current edition of the California Building Code as adopted by the City of Chula Vista, the geological recommendations of the geotechnical engineer, or as otherwise approved by the City’s Building Official. Page 458 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 11 of 22 30. Prior to the issuance of the first grading or construction permit, the Applicant shall enter into a Storm Water Management Facilities Maintenance Agreement for such phase of development for the perpetual maintenance and funding of all post- construction permanent BMP facilities located within the boundaries of the affected parcel(s). The agreement must be prepared to the satisfaction of the City Engineer and the City Attorney. 31. Prior to the approval of any grading permit, permanent structural BMP designs must be approved to the satisfaction of the Director of Development Services and the City Engineer. The structural BMPs represented in the Tentative Map may require additional refinement, including revisions to the size, type, and location of the BMPs. 32. Prior to issuance of the first building permit for any phase of development that includes private facilities within public rights-of-way, City property, or a City easement, the Applicant shall enter into an Encroachment Agreement with the City. 33. All private sewer laterals and storm drains connecting each building unit to the City- maintained public facilities shall be privately maintained. 34. Prior to the issuance of any grading permit, any existing San Diego Association of Governments and Otay Water District easements over affected parcels shall be vacated, or a letter of permission to grade and install improvements shall be provided to the City from the appropriate agency. 35. Prior to the issuance of any building permit in each phase of development, the Applicant shall obtain a construction permit to install private driveways and associated signage and striping in the City’s right-of-way within the applicable subdivision boundary of the affected parcel(s). 36. The drainage report approved by this Resolution is considered conceptually complete and provides adequate information regarding the Project’s drainage objectives to move forward with construction drawings. Additional requirements may be imposed at the time of development and/or at the time a land development permit application is submitted, depending upon the final plans submitted for review and approval. 37. The Priority Development Project Storm Water Quality Management Plan approved by this Resolution is considered conceptually complete and provides adequate information regarding the Project’s BMP objectives to move forward with construction drawings. Additional requirements may be imposed at the time of development and/or at the time a land development permit application is submitted, depending upon the final plans submitted for review and approval. 38. Prior to issuance of any grading permit, a complete and accurate Notice-of-Intent (“NOI”) must be filed with the State Water Resources Control Board (“SWRCB”) to ensure the applicable phase of the Project is covered under the Construction General Permit. A copy of the acknowledgement from the SWRCB that an NOI has been Page 459 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 12 of 22 received for the Project shall be filed with the City of Chula Vista when received. Additionally, a copy of the completed NOI from the SWRCB showing the Permit Number for the Project shall be filed with the City of Chula Vista when received. 39. Street signs shall be installed to the satisfaction of the Department of Public Works. Temporary street signs shall be subject to the approval of the Department of Public Works and Fire Department. Locations and identification of temporary street signs shall be subject to review and approval by the Department of Public Works and Fire Department. 40. Prior to the approval of the first grading permit proposing construction of private utilities in the right of way the Applicant shall enter into an agreement with the City where the Applicant agrees to the following: i. Apply for an encroachment permit for installation of the private facilities within the public right-of-way; and, ii. Maintain membership in an advance notice such as the USA Dig Alert Service; and, iii. Mark out any private facilities owned by the Applicant whenever work is performed in the area; and, iv. The terms of the agreement shall be binding upon the successors and assigns of the Applicant. 41. Shutoff devices as determined by the City Engineer are provided at those locations where private facilities traverse public streets. 42. Prior to issuance of any grading permit based on plans proposing the creation of down slopes adjacent to public or private streets, Applicant shall obtain the City Engineer’s approval of a study to determine the necessity of providing guardrail improvements at those locations. Applicant shall construct and secure any required guardrail improvements in conjunction with the associated grading and/or construction permit as determined by and to the satisfaction of the City Engineer. The guardrail shall be installed in accordance with CalTrans Traffic Manual and Roadside Design Guide requirements to the satisfaction of the City Engineer. 43. The Applicant shall provide drainage improvements in accordance with the Preliminary Drainage Study for Tentative Map CVT 23-0001 for Otay Ranch Village Seven, R-3, R-4, & R-8, dated July 26, 2024, or a subsequent Hydrology Study submitted to, and approved by, the City Engineer. The Applicant shall maintain all such drainage improvements until said improvements are formally accepted by the City or an applicable maintenance district, or other mechanism as approved by the City. Said maintenance shall ensure that drainage facilities will continue to operate as designed. 44. Prior to approval of any grading permit or any other grant of approval, the Applicant shall demonstrate that the design of the existing regional retention/detention basin(s) Page 460 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 13 of 22 to be used reduce the 10-, 50-, and 100-year post-development peak flows, to any natural drainage course, to an amount not exceeding pre-development conditions, to the satisfaction of the City Engineer. 45. Storm drain systems that collect water from private property shall be designated private on grading and drainage and/or improvement plans to the point of connection with a public system or to the point at which storm water that is collected from public street right-of-way, public park or open space areas is first introduced into the system. Downstream from that point, the storm drain system shall be public. An encroachment permit shall be processed and approved by the City for private storm drains within the public right-of-way or within C.F.D. maintained Open Space lots. 46. The Applicant shall submit with grading and drainage and/or improvement plans, as applicable, hydrologic and hydraulic studies and calculations, including dry lane calculations for all public streets. Calculations shall also be provided to demonstrate the adequacy of downstream drainage structures, pipes and inlets. 47. Storm drain design shall conform to the requirements of the Subdivision Manual and the Grading Ordinance as may be amended from time to time. 48. Proposed Fire Access Road(s) and Driveway(s) shall follow the Traffic Index and Pavement Structural Section Calculations Directive No. 2024-03 from the Department of Engineering & Capital Projects, as published on September 6, 2024. 49. All grading and pad elevations shall be within 2-feet of the grades and elevations shown on the approved tentative map or as otherwise approved by the City Engineer and Director of Development Services Department. 50. Development of the subdivision shall comply with all applicable regulations established by the United States Environmental Protection Agency (USEPA) as set forth in the National Pollutant Discharge Elimination System (N.P.D.E.S.) permit requirements for urban runoff and storm water discharge and any regulations adopted by the City of Chula Vista pursuant to the N.P.D.E.S. regulations or requirements. Further, the Applicant shall file a Notice of Intent with the State Water Resources Control Board to obtain coverage under the N.P.D.E.S. General Permit for Storm Water Discharges Associated with Construction Activity and shall implement a Storm Water Pollution Prevention Plan (“SWPPP”) concurrent with the commencement of grading activities. The SWPPP shall include both construction and post construction pollution prevention and pollution control measures and shall identify funding mechanisms for post construction control measures. The Applicant, and successors in interest, shall comply with all the provisions of the N.P.D.E.S. and the Clean Water Program during and after all phases of the development process, including but not limited to: mass grading, rough grading, construction of street and landscaping improvements, and construction of dwelling units. The Applicant shall comply with the City of Chula Vista Development and Redevelopment Projects Storm Water Management Standards Requirements Manual (Storm Water Management Standards Page 461 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 14 of 22 Manual) and shall design the Project’s storm drains and other drainage facilities to include Best Management Practices (BMPs) to minimize non-point source pollution, satisfactory to the City Engineer. 51. The Applicant shall submit to, and obtain approval from, the City Engineer and Director of Development Services for an erosion and sedimentation control plan as part of grading plans. 52. Brow ditch locations shall be consistent and substantially conform with the Tentative Map. The Applicant shall ensure that brow channels and ditches emanating from and/or running through City Open Space are not routed through private property. Brow ditches and channels from private property shall not be routed through City open space unless approved by the City Engineer. 53. Indicate on all affected grading plans that all walls, which are to be maintained by open space districts, shall be constructed entirely within open space lots dedicated to the City. 54. Locate lot lines at the top of slopes except as shown on the Tentative Map or as approved by the City Engineer and Director of Development Services. Lots shall be so graded as to drain to the street or an approved drainage system. Drainage shall not be permitted to flow over slopes or onto adjacent property. 55. The Applicant shall provide a setback, as determined by the City Engineer and is based on Applicant’s Soils Engineer recommendations, between the property lines of the proposed lots and the top or toe of any slope to be constructed where the proposed grading adjoins undeveloped property or property owned by others. The City Engineer will not approve the creation of any lot that does not meet the required setback. 56. The Applicant shall construct temporary de-silting basins to the satisfaction of the City Engineer. The exact design and location of such facilities shall be based on hydrological modeling and determined pursuant to direction by the City Engineer. 57. Prior to issuance of grading permits, Applicant shall demonstrate that the grading plans are in substantial compliance with the grading concepts outlined in the Village Seven SPA Plan consistent with the landform grading policies described in the City’s General Plan. Said grading concepts will ensure that manufactured slopes are contoured to blend with and reflect adjacent slopes. 58. Prior to the issuance of the first grading permit for the Project, Applicant shall enter into an agreement with the City of Chula Vista, wherein the Applicant agrees to the following: Page 462 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 15 of 22 i. Comply with the requirements of the Storm Water Management Standards Manual including revision of approved grading and improvement plans as necessary; and ii. Indemnify, and hold harmless the City, its elected and appointed officers and employees, from and against all fines, costs, and expenses and damages arising out of non-compliance with the requirements of the N.P.D.E.S. regulations, in connection with the execution of any construction and/or grading work for the Project, whether the non-compliance results from any action by the Applicant, any agent or employee, subcontractors, or others. The Applicant’s indemnification shall include any and all costs, expenses, attorney’s fees and liability incurred by the City. 59. The Applicant agrees to not protest the formation of a facilities-benefit district or any other funding mechanism approved by the City to finance the operation, maintenance, inspection, and monitoring of N.P.D.E.S. facilities. This agreement to not protest shall not be deemed a waiver of the right to challenge the amount of any assessment that may be imposed due to the addition of these improvements and shall not interfere with the right of any person to vote in a secret ballot election. 60. Such Applicant obligation may be reassigned to a Master Homeowner’s Association or other appropriate Maintenance District subject to the approval of the City Engineer. 61. Grading Plans that include freestanding walls or sound walls adjacent to 2:1 or greater slopes more than 6-feet high shall include a minimum 2-foot-wide level bench for landscaping and maintenance access adjacent to the wall. 62. The Applicant shall ensure that all private lot drainage and slopes comply with the current Building Code used by the City of Chula Vista. 63. Prior to the issuance of any grading permit which impacts off-site property, the applicant shall deliver to the City a notarized letter of permission to grade and drain for all off-site grading. 64. Applicant shall provide improved all-weather access with H-20 loading to all public storm drain clean-outs or as otherwise approved by the City Engineer. 65. Storm drain clean outs shall not be located on slopes or in inaccessible areas for maintenance equipment. Public storm drains shall be installed as close to perpendicular to the slope contours as possible but in no case greater than 15 degrees from perpendicular to the contours. 66. Prior to installation of base paving and placement of curb and gutter form work related to approved construction plans the Applicant shall demonstrate, to the City Engineer's satisfaction that highly expansive fill soils (with an expansion index over 90) are not within the upper five feet of any public right of way or public easement. Applicant Page 463 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 16 of 22 shall selectively grade fill soils with an expansion index above 90 within the upper five feet of any public right of way or propose an alternate method to mitigate expansive soils. Said alternate method shall be subject to the approval of the City Engineer prior to placement of curb and gutter, sidewalk or aggregate base. Additionally, any formational materials within three feet of sub grade shall be tested for expansion and replaced with a soil satisfactory to the City Engineer. 67. Prior to approval of a grading permit, Applicant shall accomplish the following: Prepare a maintenance program of all the proposed drainage and water quality treatment facilities. The maintenance program shall include, but not be limited to: a) a plan describing the inspection, operation and maintenance of the drainage and water quality treatment facilities; b) an estimate of the cost of such operation and maintenance activities; and c) a funding mechanism and schedule for financing the maintenance program. Said maintenance program shall be subject to approval by the City Engineer. The Applicant shall be responsible for obtaining the approval of the maintenance program from all applicable federal and state agencies. Sewer: 68. Applicant shall grant a 20-foot minimum sewer and access easement for sewer and storm drain lines located between residential units unless otherwise directed by the City Engineer. 69. The Applicant shall construct the off-site sewer connections to route the flows identified in the PBS&J “Otay Ranch Village Seven Conceptual Sewer Study”, dated April 14, 2004, to the corresponding Salt Creek Sewer Basin. 70. Prior to construction of permanent connections of the Village Seven sewer system, the Applicant shall be required to: i. Verify the condition of the existing pipes to be used to re-route the flows to the Village 8 West sewer system through CCTV; ii. Repair any deficiencies of the pipes to the satisfaction of the City Engineer; and iii. Flush with potable water the temporary sewer pipes prior to abandoning them. Traffic: 71. Update the existing 8-foot bike lane on the east side of La Media Rd. by re-striping to a 6-foot bike lane with a 2-foot buffer, as noted in the approved Tentative Map. Page 464 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 17 of 22 Parks: 72. Prior to approval of the grading permit, Applicant shall enter into a maintenance agreement and grant easements as necessary for any landscaping or other enhancements proposed within the City right-of-way or such other public areas required by the City Engineer. 73. Applicant shall pay in-lieu fees equivalent to 1.43 acres to satisfy the parkland acquisition portion of the Park Acquisition and Development (“PAD”) in accordance with Chapter 17.10 of the CVMC. The construction of 287 attached multi-family units results in a parkland acquisition obligation of 2.25 acres; however, after accounting for a parkland acquisition credit of 0.89 acres (equivalent to 84 single-family units approved in the 2004 SPA but not built), and adding a 2004 SPA parkland outstanding obligation of 0.07 acres, the Project’s parkland acquisition obligation is 1.43 acres which shall be paid at the time of each building permit issuance of the first 183 attached multifamily units for the Project. The PAD fee amount shall be based on the rates and type of unit in effect at the time in which they are due. 74. Applicant shall pay in-lieu fees equivalent to 2.32 acres to satisfy the parkland development portion of the PAD in accordance with Chapter 17.10 of the CVMC. The construction of 287 attached multi-family units results in a parkland development obligation of 2.25 acres plus the 2004 SPA parkland outstanding obligation of 0.07 acres resulting in 2.32 acres. The PAD fee amount shall be based on the rates and type of unit in effect at the time in which they are due. Trails: 75. Prior to occupancy of any buildings proposed on MU-R Lots 1 through 4, the Applicant shall complete construction of the applicable portion of the trail located along the western and northern boundaries of the Project Site as depicted in the Project’s SPA Plan and on the Tentative Map and Conceptual Landscape Plan. Landscaping/Walls/Fences: 76. Prior to the approval of the first Final Map for the Project, the Applicant shall submit a Landscape Master Plan for the entire Project in accordance with the Landscape Manual and Subdivision Manual. The Landscape Master Plan shall include a high- level conceptual plan that will set forth the guiding principles and materials for community and village entry monumentation, a hardscape concept, trail plan, a wall and fence plan, a master irrigation plan, a master planting plan, a brush management plan, a utility coordination plan, a construction phasing plan and a maintenance responsibility plan. The Landscape Master Plan shall be implemented in the landscape improvement plans prepared for each phase of the Project, which shall provide for the detailed application of the master plan at the time of development of each phase. Page 465 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 18 of 22 77. Prior to issuance of a grading permit for each phase of development, the Applicant shall provide bonds for the landscape and irrigation improvement plans for planting, irrigation, construction, erosion control, parks, and trails related to and located within the boundaries of the affected parcel(s). The amount of the security for any required improvements not constructed at the time of grading permit issuance shall be based on a construction cost estimate approved by the Director of Development Services or their designee as follows: 1) 110 percent of the approved estimate if the improvement plans have been approved by the City; 2) 150 percent of the approved estimate if the improvement plans are being processed by the City; and 3) 200 percent of the approved estimate if improvement plans have not yet been submitted for review. 78. Prior to the City ‘s final inspection of landscaped areas within a parcel, the Applicant shall install permanent irrigation water meters within the affected parcel’s subdivision boundaries in accordance with the approved landscape improvement plans and to the satisfaction of the Director of Development Services or their designee. 79. With each subsequent Design Review submittal, the Applicant shall submit a detailed wall and fencing plan for each affected parcel showing that all Project walls and fences within the affected parcel’s subdivision boundaries comply with the approved Project SPA Plan, Landscape Master Plan, and other applicable City of Chula Vista requirements. The plan shall indicate color, materials, height, and location of freestanding walls, retaining walls, and fences that are to be located within each parcel. The plan shall also include details such as accurate dimensions and complete cross-sections showing required walls, adjacent grading, landscaping, and sidewalk improvements within each parcel. 80. Footings and geosynthetic reinforcement grids for retaining walls shall be completely within a parcel’s property boundary and not encroach onto adjacent properties, publicly owned areas, and/or park sites without prior approval of the Director of Development Services or their designee. 81. Prior to the issuance of each grading permit for each phase of the Project, the Applicant shall prepare, submit, and secure to the satisfaction of the Director of Development Services or their designee all landscape and irrigation slope erosion control plans within the applicable subdivision boundary of each phase. All plans shall be prepared in accordance with the current Chula Vista Landscape Manual and Grading Ordinance, as may be amended from time to time. 82. Prior to approval and issuance of the first building permit for each phase of the Project, the Applicant shall submit landscape improvement plans for approval, demonstrating that the installed landscape for each phase will comply with the City of Chula Vista Parks and Recreation Master Plan (as amended by the Otay Ranch Village Seven SPA Plan), Landscape Design Manual, Shade Tree Policy, Street Tree Policy, and the Subdivision Manual, as well as CVMC Chapter 17.10, CVMC Chapter 20.12, the Park Facilities Guidelines, and the Landscape Manual, all as may be amended from time to time. Page 466 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 19 of 22 83. Prior to the final building inspection for a parcel, the Applicant shall have installed landscape improvements within the subdivision boundaries of each affected parcel in accordance with the approved landscape improvement plans for the parcel to the satisfaction of the Director of Development Services or their designee. Open Space/Assessment: 84. Prior to issuance of the first building permit or other discretionary permits within a parcel on the Project Site, the Applicant shall comply with applicable provisions of CVMC Chapter 8.24 (Solid Waste and Litter) and CVMC Chapter 8.25 (Recycling) to the satisfaction of the Department of Public Works, Environmental Services Division. These requirements include but are not limited to the following design requirements: i. The Applicant shall design the portion of the Project located within each parcel’s subdivision boundaries to comply with the Recycling and Solid Waste Standards for central collection bin services. The following ongoing conditions shall apply to the Project Site for as long as it relies on this approval: 85. Approval of the Project shall not waive compliance with any sections of the CVMC nor any other applicable City Ordinances in effect at the time of building permit issuance. 86. The Property Owner and Applicant shall and do agree to fully and completely reimburse, indemnify, protect, defend (with counsel approved by the City in writing) and hold harmless the City, its City Council members, Planning Commission members, officers, employees, and representatives, at its sole cost and with separate and independent counsel identified by the City, from and against any and all liabilities, judgment, losses, damages, demands, claims, and costs, including court costs and attorney’s fees (collectively, liabilities), (including any costs and expenses to prepare the administrative record for any challenge to the Project Entitlements and/or compiling a response to a California Public Records Act request(s) to provide the record of proceedings materials for the Project Entitlements), incurred by the City arising, directly or indirectly, from (a) the City’s approval of the Project, (b) the City’s actions on any environmental document concerning this Project, and (c) the City’s approval or issuance of any other permit or action, whether discretionary or non- discretionary, in connection with the use(s) contemplated on the Project Site. The Property Owner and Applicant shall acknowledge their agreement to this provision by executing a copy of this Resolution where indicated below. The Property Owner’s and Applicant’s compliance with this provision shall be binding on any and all of the Property Owner’s and Applicant’s successors and assigns. Page 467 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 20 of 22 87. All of the terms, covenants, and conditions contained herein shall be binding upon and inure to the benefit of the heirs, successors, assigns, and representatives of the Applicant as to any or all of the property. 88. The Applicant shall comply with all applicable requirements and guidelines of the City of Chula Vista General Plan, the CVMC, the Chula Vista Landscape Manual, the Chula Vista Subdivision Manual, the Chula Vista Design and Construction Standards, the Chula Vista Greenbelt Master Plan, the Otay Ranch GDP, the Otay Ranch Village Seven SPA Plan and supporting documents, the Chula Vista Development Storm Water Manual, the Chula Vista Parks and Recreation Master Plan, the Water Conservation Ordinance, and applicable Chula Vista City Council policies, all as amended from time to time, unless specifically modified by the Director of Development Services. 89. If any of the terms, covenants, or conditions contained herein shall fail to occur timely, or if they are, by their terms, to be implemented and maintained over time, if any of such conditions fail to be so implemented and maintained according to their terms, the City shall have the right, in its sole discretion and notwithstanding any other provisions or holding of the law, to immediately stop or cease the inspection or issuance of any form or type of permits or certificates of occupancy relating to the Project; to revoke or modify all approvals herein granted, including issuance of building permits; to deny or further condition the subsequent approvals that are derived from the approvals herein granted; to institute and prosecute litigation to compel their compliance with said conditions; and/or to seek damages for their violation. The Applicant shall be notified 10 days in advance prior to any of the above actions being taken by the City and shall be given the opportunity to remedy any deficiencies identified by the City. IX. GOVERNMENT CODE SECTION 66020 NOTICE Pursuant to Government Code Section 66020(d)(1), NOTICE IS HEREBY GIVEN that the 90-day period to protest the imposition of any impact fee, dedication, reservation, or other exaction described in this Resolution begins on the effective date of this Resolution, and any such protest must be in a manner that complies with Government Code Section 66020(a). Failure to follow timely this procedure will bar any subsequent legal action to attack, set aside, void, or annual imposition. The right to protest the fees, dedications, reservations, or other exactions does not apply to planning, zoning, grading, or other similar application processing fees or service fees in connection with the Project, and it does not apply to any fees, dedication, reservations, or other exactions that have been given notice similar to this, nor does it revive challenges to any fees for which the Statute of Limitations has previously expired. Page 468 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 21 of 22 X. EXECUTION AND RECORDATION OF RESOLUTION OF APPROVAL The Property Owner and Applicant shall execute this document signing on the lines provided below, indicating that the Property Owner and Applicant have each read, understood, and agreed to the conditions contained herein and will implement same. Upon execution, this document shall be recorded with the County Recorder of the County of San Diego, at the sole expense of the Property Owner and/or Applicant, and a signed, stamped copy returned to the City’s Office of the City Clerk. Failure to return the signed and stamped copy of this recorded document within 10 days of recordation shall indicate the Property Owner/Applicant’s desire that the Project and corresponding applications for building permits and/or business licenses be held in abeyance without approval. ________________________________ _______________ Signature of Property Owner Date (Baldwin & Sons) ________________________________ _______________ Signature of Applicant Date (Baldwin & Sons) XI. CONFORMANCE WITH CITY SUBDIVISION MANUAL The City Council does hereby find that the Project is in conformance with the City of Chula Vista Subdivision Manual, CVMC Chapter 18.12, and the requirements of the Zoning Ordinance. XII. INVALIDITY; AUTOMATIC REVOCATION It is the intention of the City Council that its adoption of this Resolution is dependent upon the enforceability of each and every term, provision, and condition herein stated, and that in the event that any one or more terms, provisions, or conditions are determined by a Court of competent jurisdiction to be invalid, illegal, or unenforceable, this Resolution and the permit shall be deemed to be automatically revoked and of no further force and effect ab initio. Presented by: Approved as to Form by: Robert A. Vacchi for Marco A. Verdugo Interim Director of Development Services City Attorney Page 469 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda CC Resolution No. 2025- Page 22 of 22 ATTEST: _______________________ Kerry K. Bigelow, MMC, City Clerk STATE OF CALIFORNIA COUNTY OF SAN DIEGO CITY OF CHULA VISTA I, Kerry Bigelow, City Clerk of the City of Chula Vista, California, do hereby certify that the foregoing Resolution No. ______ was duly passed, approved, and adopted by the City Council of the City of Chula Vista at a regular meeting of the City held on the 11th day of February 2025. Executed this _____ day of _____ 2025. Page 470 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ORDINANCE NO. 2025- ORDINANCE OF THE CITY OF CHULA VISTA AMENDING THE PLANNED COMMUNITY DISTRICT REGULATIONS FOR THE OTAY RANCH VILLAGE SEVEN SECTIONAL PLANNING AREA WHEREAS, the area of land that is the subject of this Ordinance, for the purpose of general description, is located south of Birch Road, east of La Media Road, west of California State Route 125, and north of Otay Ranch Village Eight West (“Project Site”); and WHEREAS, on April 10, 2023, a duly verified application was filed with the City of Chula Vista Development Services Department by Baldwin & Sons (“Applicant” or “Developer”) requesting approval of amendments to the City of Chula Vista General Plan (GPA23-0005), the Otay Ranch General Development Plan (“GDP”) (GDP23-0001), the Otay Ranch Village Seven Sectional Planning Area (“SPA”) Plan (SPA23-0002), including the Planned Community District Regulations, and the Tentative Map for Otay Ranch Village Seven to reclassify 287 previously approved single- family residential units to multifamily residential units on the Project Site (“Project”); and WHEREAS, the Project is intended to ensure that the Otay Ranch Village Seven SPA Plan is prepared in accordance with the Otay Ranch GDP to implement the City of Chula Vista General Plan for Eastern Chula Vista and promote the orderly planning and long-term phased development of Otay Ranch and to establish conditions that will enable Otay Ranch Village Seven to exist in harmony within the community; and WHEREAS, the Director of Development Services has reviewed the proposed Project for compliance with the California Environmental Quality Act (“CEQA”) and determined that the Project is substantially covered in the previously certified Final Environmental Impact Report (“FEIR”) for the Otay Ranch Village Seven SPA Plan (FEIR 04-06; SCH #2003111050; certified by City Council Resolution No. 2004-330 on October 12, 2004) but that minor technical changes or additions are necessary to account for the expected Project impacts; and WHEREAS, the Director of Development Services also determined that none of the conditions described in Section 15162 of the CEQA Guidelines calling for the preparation of a subsequent or supplemental environmental impact report exist; therefore, a First Addendum to FEIR 04-06 was prepared for the Project (IS23-0001); and WHEREAS, the Director of Development Services set the time and place for a hearing before the Planning Commission, and notice of said hearing, together with its purpose, was given by its publication in a newspaper of general circulation in the City and its mailing to property owners within 500 feet of the exterior boundaries of the property at least ten (10) days prior to the hearing; and WHEREAS, City staff recommended that the Planning Commission recommend approval of the Project to the City Council; and Page 471 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Ordinance No. 2025- Page 2 of 3 WHEREAS, after review and consideration of the Staff Report and related materials for the Project, the hearing was held at the time and place as advertised in the Council Chambers, 276 Fourth Avenue, and the Planning Commission voted 6-1-0 to recommend to the City Council approval of the subject amendments; and WHEREAS, the City Clerk set the time and place for a hearing before the City Council on the Project, and notice of said hearing, together with its purpose, was given by its publication in a newspaper of general circulation in the City and its mailing to property owners within 500 feet of the exterior boundaries of the property at least ten (10) days prior to the hearing; and WHEREAS, a duly noticed public hearing was held before the City Council to consider adopting an Ordinance to amend the Planned Community District Regulations for the Otay Ranch Village Seven SPA, NOW, THEREFORE, the City Council of the City of Chula Vista does ordain as follows: I. PLANNING COMMISSION RECORD The proceedings and all evidence introduced before the Planning Commission at its November 13, 2024, public hearing and the Minutes and Resolutions resulting therefrom are hereby incorporated into the record of this proceeding. These documents, along with any documents submitted to the decision-makers, shall comprise the entire record of the proceedings. II. COMPLIANCE WITH CEQA Immediately prior to this action, the City Council reviewed and considered the First Addendum to FEIR 04-06 (IS23-0001); III. ACTION The City Council hereby adopts an Ordinance amending the Otay Ranch Village Seven SPA Planned Community District Regulations on file at the office of the City Clerk, finding that they are consistent with the City of Chula Vista General Plan, the Otay Ranch GDP, and all other applicable plans as set forth in Resolution 2024-16 adopting the Village Seven SPA Plan Amendments and that the public necessity, convenience, and general welfare and good planning and zoning practice support their approval and implementation. IV. SEVERABILITY If any portion of this Ordinance, or its application to an y person or circumstance, is for any reason held to be invalid, unenforceable, or unconstitutional by a court of competent jurisdiction, that portion shall be deemed severable, and such invalidity, unenforceability, or unconstitutionality shall not affect the validity or enforceability of the remaining portions of the Ordinance or its application to any other person or circumstance. The City Council of the City of Chula Vista hereby declares that it would have adopted each section, sentence, clause, or phrase of this Ordinance Page 472 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Ordinance No. 2025- Page 3 of 3 irrespective of the fact that any one or more other sections, sentences, clauses , or phrases of the Ordinance are declared invalid, unenforceable, or unconstitutional. V. CONSTRUCTION The City Council of the City of Chula Vista intends this Ordinance to supplement, not to duplicate or contradict, applicable state and federal law, and this Ordinance shall be construed in light of that intent. VI. EFFECTIVE DATE This Ordinance shall take effect and be in full force on the thirtieth day from and after its adoption. VII. PUBLICATION The City Clerk shall certify to the passage and adoption of this Ordinance and shall cause the same to be published or posted according to law. Presented by: Approved as to Form by: Robert A. Vacchi Marco A. Verdugo Interim Director of Development Services City Attorney Page 473 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda BIRCH RD LA M E D I A R D M A G D A L E N A A V MAIN ST E M AIN ST W SANTA V I C T O R I A R D SR - 1 2 5 T O L L R O A D A V E N I D A C A P R I S E SANTA D I A N A R D L A M E D I A P W L A M E D I A P W S OLYM P I C P W ROCK M O U N T A I N R D PROJECT LOCATION NORTH No Scale JJ:\Planning\Public Notices\SPA\SPA22-0002.pdf SCALE:FILE NUMBER: PROJECT DESCRIPTION: PROJECT ADDRESS: Project Summary: Rezone a 12.6-acre portion of neighborhood R-3 from SF3 Related cases: TBDSPA23-0002 PROJECT APPLICANT:LOCATOR DESIGN REVIEWBaldwin and Sons Northeast corner of La Media Road and Santa Luna Street. CHULA VISTA DEVELOPMENT SERVICES DEPARTMENT SPA23-0002NORTH to RM; rezone neighborhood R-4 from SF4 to RM2; reduce the Boundary of the existing neighborhood R-3; create a new neighborhood R-8 from the rezoned portion of R-3; transfer 61 units from R-3 to R-4; transfer 67 units from R-3 to R-8. SITE OF BEACON DEVICE Page 474 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Attachment 2 First Addendum to FEIR 04-06 and Technical Reports https://cvapps.chulavistaca.gov/WebLink/browse.aspx?startid=259313 Page 475 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESOLUTION NO. 2024-16 RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF CHULA VISTA RECOMMENDING CERTIFICATION OF A FIRST ADDENDUM (IS23-0001) TO THE FINAL ENVIRONMENTAL IMPACT REPORT FOR THE OTAY RANCH VILLAGE SEVEN SECTIONAL PLANNING AREA PLAN (FEIR 04-06) AND APPROVAL OF AMENDMENTS TO THE CITY OF CHULA VISTA GENERAL PLAN (GPA23-0005); THE OTAY RANCH GENERAL DEVELOPMENT PLAN GDP23-0001); THE OTAY RANCH VILLAGE SEVEN SECTIONAL PLANNING AREA PLAN AND ASSOCIATED REGULATORY DOCUMENTS (SPA23-0002); AND A TENTATIVE MAP FOR OTAY RANCH VILLAGE SEVEN TM23-0001) WHEREAS, the area of land that is the subject of this Resolution, for the purpose of general description, is located south of Birch Road, east of La Media Road, west of California State Route 125, and north of Otay Ranch Village Eight West (“Project Site”); and WHEREAS, on April 10, 2023, a duly verified application was filed with the City of Chula Vista Development Services Department by Baldwin & Sons (“Applicant”) requesting approval of amendments to the City of Chula Vista General Plan (GPA23-0005), the Otay Ranch General Development Plan (“GDP”) (GDP23-0001), the Otay Ranch Village Seven Sectional Planning Area (“SPA”) Plan (SPA23-0002), including the Planned Community District Regulations, and a Tentative Map for Otay Ranch Village Seven to reclassify 287 previously approved single-family residential units to multifamily residential units on the Project Site (“Project”); and WHEREAS, the Director of Development Services has reviewed the proposed Project for compliance with the California Environmental Quality Act (“CEQA”) and determined that the Project is substantially covered in the previously certified Final Environmental Impact Report FEIR”) for the Otay Ranch Village Seven SPA Plan (FEIR 04-06; SCH #2003111050; certified by City Council Resolution No. 2004-330 on October 12, 2004) but that minor technical changes or additions are necessary to account for the expected Project impacts; and WHEREAS, the Director of Development Services also determined that none of the conditions described in Section 15162 of the CEQA Guidelines calling for the preparation of a subsequent or supplemental environmental impact report exist; therefore, a first addendum to FEIR 04-06 was prepared for the Project (IS23-0001); and WHEREAS, the Director of Development Services set the time and place for a hearing before the Planning Commission, and notice of said hearing, together with its purpose, was given by its publication in a newspaper of general circulation in the City and its mailing to property owners within 500 feet of the exterior boundaries of the property at least 10 days prior to the hearing; and Docusign Envelope ID: 91141FA9-B5AD-49FC-ACDD-A57BB277C1FF Page 476 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Resolution No. 2024-16 Page No. 2 WHEREAS, City staff recommended that the Planning Commission recommend approval of the Project to the City Council; and WHEREAS, after review and consideration of the Staff Report and related materials for the Project, the hearing was held at the time and place as advertised in the Council Chambers, 276 Fourth Avenue, NOW, THEREFORE, BE IT RESOLVED by the Planning Commission of the C ity of Chula Vista that it hereby recommends that the City Council of the City of Chula Vista approve and certify a First Addendum (IS23-0001) to the FEIR for the Otay Ranch Village Seven SPA Plan (FEIR 04-06) and approve amendments to the City Of Chula Vista General Plan (GPA23- 0005); the Otay Ranch General Development Plan (GDP23-0001); the Otay Ranch Village Seven SPA Plan and associated regulatory documents (SPA23-0002); and a Tentative Map (TM23-0001) for Otay Ranch Village Seven, including placing an Ordinance on first reading to amend the Otay Ranch Village Seven Planned Community District Regulations. BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted to the City Council. SIGNATURES ON THE FOLLOWING PAGE] Docusign Envelope ID: 91141FA9-B5AD-49FC-ACDD-A57BB277C1FF Page 477 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Resolution No. 2024-16 Page No. 3 Presented by Approved as to form by Laura C. Black, AICP for Marco A. Verdugo Director of Development Services City Attorney PASSED, APPROVED and ADOPTED by the Planning Commission of the City of Chula Vista, California, this 11th day of December 2024, by the following vote: AYES: Commissioners: Burroughs, Felber, Leal, Sanfilippo, Torres, and De La Rosa NOES: Commissioners: Combs ABSENT: Commissioners: None Michael De La Rosa, Chair ATTEST: Mariluz Zepeda, Deputy City Clerk STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) CITY OF CHULA VISTA ) I, Mariluz Zepeda, Deputy City Clerk of Chula Vista, California, do hereby certify that the foregoing Resolution No. 2024-16 was duly passed, approved, and adopted by the Planning Commission at a regular meeting of the Planning Commission held on the 11th day of December 2024. Executed this 11th day of December 2024. Mariluz Zepeda, Deputy City Clerk Docusign Envelope ID: 91141FA9-B5AD-49FC-ACDD-A57BB277C1FF Page 478 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda L A M E D I A R O A D SANTA LUNA STREET M A G D A L E N A A V E N U E PEABODY WAY R-8 R-4 1 3 B A A 1 2 4 A C C E S S R D. V ORTA C R-3 VORTAC ACCESS ROAD 470 - 460 - - 470 - 460 - 450450 - - 440 - 430 440 - 430 - SECTION "A" SHEET C1 CITY OF CHULA VISTA, CALIFORNIA VILLAGE 7 TENTATIVE MAP DATEREVISIONSNO.BYPREPARED BY: HUNSAKER& ASSOCIATES OTAY RANCH VILLAGE 7 R-3, R-4 & R-8 CITY OF CHULA VISTA, CALIFORNIA TENTATIVE MAP CVT 23-0001 SITE 125 805 N VICINITY MAP OWNERS/ APPLICANTS GENERAL NOTES SHEET INDEX CONDOMINIUM NOTE LEGAL DESCRIPTION PUBLIC UTILITIES EASEMENTS R-8 LEGEND CIVIL ENGINEER L D A O IS A S .V IALP A N C 47945 LIVIC FTA OE ILACF T S R E G IS NRO AI I N E ER O TER E D P R O F E SSI NAL E N G SANTA LUNA STREET (EXISTING)SECONDARY VILLAGE ENTRY CONCEPTUAL GRADING PLAN R-3, R-4 & R-8 SHEET C1 TENTATIVE MAP/ CONCEPTUAL GRADING PLAN SHEET C2 BOUNDARY & ENCUMBRANCES SHELF ROUNDINGUPPER PROPERTY LINE CONCEPTUAL GRADING PLAN CVT 23-0001 SHEET C3 BOUNDARY & ENCUMBRANCES SUMMARY TABLEBOUNDARY DATA LA MEDIA ROAD6-LANE PRIME ARTERIAL\RANCH THEME STREET EASEMENT LEGEND 9/27/24 Page 479 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda SHEET C2 CITY OF CHULA VISTA, CALIFORNIA PREPARED BY: HUNSAKER& ASSOCIATES BOUNDARY & ENCUMBRANCES LEGAL DESCRIPTION TITLE REFERENCE ASSESSOR'S PARCEL NUMBERS TITLE EXCEPTIONS TITLE EXCEPTIONS (CONT.)LEGAL DESCRIPTION TITLE REFERENCE ASSESSOR'S PARCEL NUMBER TITLE EXCEPTIONS LEGAL DESCRIPTION TITLE REFERENCE ASSESSOR'S PARCEL NUMBER TITLE EXCEPTIONS ON SITE OWNERS: BALDWIN & SONS AS TO LOT C OTAY PROJECT AS TO LOT D APNS: 644-241-07-00 (LOT C) AND 644-241-08-00 (LOT D) VORTAC - OFFSITE OWNER: UNITED STATES OF AMERICA APN:644-241-06-00 LOT 12 MAP NO. 15014 - OFFSITE OWNER: MCMILLIN ROLLING HILLS RANCH, LLC APN: 644-241-05-00 TO BE QUITCLAIMED TO BE REMOVED TO BE QUITCLAIMED LEGAL DESCRIPTION TITLE REFERENCE ASSESSOR'S PARCEL NUMBER TITLE EXCEPTIONS TITLE EXCEPTIONS (CONT.) ONSITE OWNER: BALDWIN & SONS, LOT "K" MAP NO. 15134 APN: 644-241-10-00 VILLAGE 7R-3, R-4 & R-8 TO BE REMOVED CVT 23-0001 Page 480 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda SHEET C3 CITY OF CHULA VISTA, CALIFORNIA PREPARED BY: HUNSAKER& ASSOCIATES BOUNDARY & ENCUMBRANCES VILLAGE 7R-3, R-4 & R-8 CVT 23-0001 Page 481 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 482 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 483 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 3DJH/87 Page 484 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 3DJH/87 MED.-HIGH TOWN CENT E R Page 485 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Chula Vista Vision 2020 LAND USE AND TRANSPORTATION ELEMENT CHAPTER 5 TABLE 5-6 GENERAL PLAN LAND USE DISTRIBUTION IN 2030 (ACREAGES) Total East General Plan Land Use Designation General Plan Area Bayfront Northwest Southwest East Chula Vista Subareas Unincorporated Sweetwater Subareas Unincorporated Otay Ranch Subareas Residential Low 6,977 - 64 - 1,560 2,453 2,900 Low Medium 8,010 7,723 - 1,354 1,401 4,737 4,450 307 211 Medium 1,599 1,722 - 187 288 1,020 1,143 32 72 Medium High 676 719 - 143 113 323 366 - 97 High 533 - 124 253 156 - - Town Center 121 121 Urban Core 84 - 84 - - - - Bayfront High 14 14 - - - - - Commercial Retail 826 - 115 202 477 32 - Visitor 148 135 11 2 - - - Professional & Admin. 152 13 61 7 59 12 - Mixed Use Mixed Use Residential 933 - 174 98 611 - 50 Mixed Use Commercial 135 25 37 58 15 - - Mixed Use Transit Focus Area 122 - 83 39 - - - Industrial Limited Industrial 1,875 62 116 384 1,096 - 216 Regional Technology Park 85 - - - 85 - - General Industrial 175 175 - - - - - Public, Quasi Public and Open Space Public, Quasi Public 2,901 55 225 321 1,880 381 39 Parks and Recreation 978 74 73 106 606 88 31 Open Space 7,306 100 215 617 3,579 1,101 1,694 Open Space Preserve 16,926 362 18 97 4,582 1,997 9,870 Open Space - Active Recreation 375 8 44 - 323 - - Water 2,672 1,498 - - - 9 1,165 Special Planning Area Eastern Urban Center 266 - - - 266 - Resort 230 - - - - 230 Town Center 85 - - - 85 - Other² 4,609 99 866 829 2,346 408 61 Total Acres 58,692 2,620 3,994 4,815 23,806 6,820 16,636 1-The unincorporated portion of the Northwest Planning Area (87 acres of Residential Low) is included in the Unincorporated Sweetwater Subarea column only. 2-Streets, freeways, utility right-of-ways Page LUT-56 City of Chula Vista General Plan Page 486 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LAND USE AND TRANSPORTATION ELEMENT CHAPTER 5 TABLE 5-7 GENERAL PLAN LAND USE IN 2030 General Plan Land Use Designation 2030 Acres 2030 Dwelling Units RESIDENTIAL Low 6,977 8,232 Low Medium 8,010 7,996 41,286 40,999 Medium 1,599 1,607 15,926 16,049 Medium High 676 679 10,370 10,413 High 533 15,606 Town Center 3 121 Urban Core 84 3,830 Bayfront High 14 1,500 COMMERCIAL Retail 826 Visitor 148 Professional & Office 160 MIXED USE Mixed Use Residential 933 17,633 Mixed Use Commercial 135 Mixed Use Transit Focus Area 122 3,782 INDUSTRIAL Limited Industrial 1,875 Regional Technology Park 85 General Industrial 175 PUBLIC, QUASI PUBLIC AND OPEN SPACE Public/Quasi-Public 2,901 Parks and Recreation 978 Open Space 7,306 Open Space Preserve 16,926 Open Space - Active Recreation 375 Water 2,672 SPECIAL PLANNING AREA Eastern Urban Center 266 4,864 Resort 230 Town Center 85 1,929 OTHER* 4,609 TOTAL 58,700 124,958 * Streets, freeways, utility right -of-ways Page LUT-57 Page 487 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP ¤ Part II Overall Project Summary Parcel Dwelling Units Acreage Approx. Pop. SF Units MF Units Total Units Res. Ac. Park Ac. CPF Ac. Sch Ac. C'ml. Ac. Office Ac. Ind. Ac. Uni. Ac. Open Sp. Art. Ac. Total Ac. Otay Valley Parcel 10,685 10,398 24,226 24,513 34,911 3,224.7 3,212 251.5 251.8 104.1 112.5 210.0 215.4 201.6 194.4 8.3 412.6 267.7 4,055.2 4,044.4 698.6 690.1 9,449.4 9,409.6 100,076 100,163 Proctor Valley Parcel 2,631 1,558 4,189 1,885.4 12.5 17.1 10.0 252.0 - - 5,656.7 61.3 7,895 12,391 San Ysidro Mountains Parcel 779 - 779 1,499.8 3.4 2.3 10.0 3.3 - - 4,036.2 - 5,555 2,494 Total: 14,095 13,875 25,784 26,004 39,879 6,609.9 6,548.2 267.4 265.8 123.5 130.8 230.0 235.4 456.9 449.7 8.3 412.6 267.7 13,748.1 13,751.8 759.9 742.8 22,899.4 22,848.3 114,961 Exhibit 18a - Overall Project Summary Table Adopted October 28, 1993 Last Amended June 15, 2021 ** [month] 2024 Page II-14 Page 488 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP ¤ Part II Exhibit 18b Otay Ranch GDP/SRP Land Use Plan Adopted October 28, 1993 Last Amended February 18, 2020 ** [month] 2024 Page II-16 Page 489 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP ¤ Part II Exhibit 18b Otay Ranch GDP/SRP Land Use Plan Page 490 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP ¤ Part II Otay Valley Parcel Village Dwelling Units Acreage Approx. Pop. SF Units MF Units Total Units Res. Ac. Par k Ac. CPF Ac. Sch Ac. C'ml. Ac. Office Ind. Ac. Uni. Ac. Open Sp. Art. Ac. Total Ac. Village 1 2,454 1,522 3,976 703.2 23.1 13.4 10.0 6.3 - - 264.8 46.5 1,067.3 11,734 Village 2 604 3,941 4,545 346.0 24.0 12.6 19.8 + 82.5 - 226.3 63.5 774.7 14,726 Village 3 769 869 1,638 169.5 8.1 2.7 8.3 + 8.3 29.3 - 129.5 21.0 368.4 5,308 Village 4 176 277 453 68.3 56.8 1.8 - - - - - 233.4 11.4 371.8 1,296 Village 5 1,263 1,550 2,813 370.7 16.6 11.3 10.0 2.0 - - 70.4 15.4 496.4 7,995 Village 6 941 1,497 2,438 282.0 7.6 13.7 10.0 *** - - 22.0 58.3 393.6 6,830 Village 7 1,008 721 448 735 1,456 234.3 201.5 9.3 9.5 6.3 3.1 60.0 65.4 7.2 - - - 38.8 45 17.1 8.6 373.0 333.1 4,369 4,456 Village 8 1,504 4,106 5,610 374.2 30.7 9.7 21.9 * + - - 55.5 44.7 536.7 15,584 Village 9 266 3,693 3,959 177.4 27.5 5.0 19.8 * - - 6.8 26.1 262.6 10,413 Planning Area 10 /University/RTP - - - - - 11.6**** - - 85.0 267.7 - - 364.3 - Portion of Planning Area 10 /University/RTP (Alternative)** 359 306 665 94.9 11.2 2.7 9.2 3.0 - - - 38.5 10.3 169.8 1,929 Village 10 695 1,045 1,740 113.1 7.6 4.3 9.2 - - - 16.5 - 150.7 5,010 Village 11 1,005 1,385 2,390 306.7 10.0 9.4 35.0 10.0 - - 51.4 66.5 489.0 6,749 Plng. Area 12 - 3,893 3,893 99.3 30.25 13.94 6.0 161.1 - - 2.8 71.0 376.1 10,062 Planning Area 18 - - - - - - - - 215.8 - - - 215.8 - Planning Area 20 - - - - - - - 15.0 - - 188.0 6.0 209.0 - Open Space++ - - - - - - - - - - 2,729.4 - 2,729.4 - SR-125 - - - - - - - - - - - 182.0 182.0 - Public - - - - - - - - - - 19.6 - 19.6 - Arterial - - - - - - - - - - - 69.1 69.1 - 10,685 10,398 24,226 24,513 34,911 3,244.7 3,212 251.55 251.8 104.1 112.5 210.0 215.4 201.6 194.4 8.3 412.6 267.7 4,055.2 4,044.4 698.6 690.1 9,449.4 9,409.6 100,076 100,163 + Commercial development may occur vertically or horizontally within Village 2 (up to 130,000 square feet), Village 3 (20,000 square feet), Village 8 East (20,000 square feet); therefore, actual acreage within each land use will be determined at final map. * 1,800,000 square feet of commercial may occur vertically or horizontally within Village 8 West and Village 9; therefore, ac tual acreage within each land use will be determined at final map. ** Portion of University has a primary land use designation of University and a secondary land use of residential. The secondary land use is not included in the total. *** Commercial included as component of residential acreage. **** 11.6 acre SDG&E substation. ++ Open Space includes open space preserve, undevelopable land, streets, and right-of-way. Exhibit 19 - Otay Valley Parcel Land Use T able Adopted October 28, 1993 Last Amended June 15, 2021 ** [month] 2024 Page 491 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP ¤ Part II Page II-19 Page 492 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP Part II Adopted October 28, 1993 Last Amended February 18, 2020 ** [month] 2024 Page II- 20 Otay Ranch GDP / SRP Land Use Plan LEGEND Residential Very Low Density Residential (VL) Low Density Residential (L) Low Medium Density Residential (LM) Low Medium Village Density Residential (LMV) Medium Density Residential (M) Medium High Density Residential (MH) High Density Residential (H) Special Planning Area / Commercial Freeway Commercial (FC) Office (O) Mixed Use Commercial (MUC) Mixed Use (MU) Town Center (TC) Eastern Urban Center (EUC) University* Regional Technology Park (RTP) Industrial Research & Limited Industrial Public / Open Space / Other Public & Quasi Public (PQ) Resort (RES) Sensitive Resource Study Area (SRG) Open Space Parks & Recreation Special Conference Center (SCC) Active Recreation Chula Vista Open Space Preserve Limited Development Area SR - 125 (TOLL ROAD) ES Elementary School MS Middle School HS High School FS Fire Station P Park Transit Corridor Pedestrian Bridge Access to PA20 Areas Aquired for Open Space Exhibit 20 Otay Valley Parcel Land Use Map Page 493 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP Part II Adopted October 28, 1993 Last Amended February 18, 2020 ** [month] 2024 Page II- 20 Exhibit 20 Otay Valley Parcel Land Use Map Page 494 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP Part II Adopted October 28, 1993 Last Amended February 18, 2020 ** [month] 2024 Page II- 28 Otay Ranch Villages Types, Rural Eastate and Planning Areas Otay Ranch GDP / SRP Land Use Plan LEGEND Residential Very Low Density Residential (VL) Low Density Residential (L) Low Medium Density Residential (LM) Low Medium Village Density Residential (LMV) Medium Density Residential (M) Medium High Density Residential (MH) High Density Residential (H) Special Planning Area / Commercial Freeway Commercial (FC) Office (O) Mixed Use Commercial (MUC) Mixed Use (MU) Town Center (TC) Eastern Urban Center (EUC) University* Regional Technology Park (RTP) Industrial Research & Limited Industrial Public / Open Space / Other Public & Quasi Public (PQ) Resort (RES) Sensitive Resource Study Area (SRG) Open Space Parks & Recreation Special Conference Center (SCC) Active Recreation Chula Vista Open Space Preserve Limited Development Area SR - 125 (TOLL ROAD) ES Elementary School MS Middle School HS High School FS Fire Station P Park Mixed Use Planning Area 20 *Portion of University Alternative A portion of the University site also has a secondary land use designation residential as described in Part II, Chapter 1, Sections F9 and F10. DRAFT FOR REVIEW ONLY Transit Corridor Pedestrian Bridge Access to PA20 Areas Aquired for Open Space NOT TO SCALE Primary use for a portion of Planning Area 10 is University/RTP. Secondary use is urban village (residential) Urban Villages Otay Valley Parcel Industrial Planning Areas - Villages 2 & 3 Specialized Villages - Villages 13, 14 & 15 Rural EastateEstate Planning Areas - 16 & 17 Page 495 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP Part II Adopted October 28, 1993 Last Amended February 18, 2020 ** [month] 2024 Page II- 28 Exhibit 25 Otay Ranch Villages Types & Rural Estate Areas Industrial Planning Area 18 Otay Ranch Villages Types, Rural Estate and Planning Areas Rural Estate Planning Areas – 16 & 17 Exhibit 25 Otay Ranch Villages Types & Rural Estate Areas Page 496 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP Part II Adopted October 28, 1993 Last Amended February 18, 2020 ** [month] 2024 Page II- 31 Otay Ranch Regional Commercial, Office and Industrial Areas Otay Ranch GDP / SRP Land Use Plan LEGEND Residential Very Low Density Residential (VL) Low Density Residential (L) Low Medium Density Residential (LM) Low Medium Village Density Residential (LMV) Medium Density Residential (M) Medium High Density Residential (MH) High Density Residential (H) Special Planning Area / Commercial Freeway Commercial (FC) Office (O) Mixed Use Commercial (MUC) Mixed Use (MU) Town Center (TC) Eastern Urban Center (EUC) University* Regional Technology Park (RTP) Industrial Research & Limited Industrial Public / Open Space / Other Industrial Areas - Village 2, 3 & PA 18 *Portion of University Alternative A portion of the University site also has a secondary land use designation residential as described in Part II, Chapter 1, Sections F9 and F10. Public & Quasi Public (PQ) Resort (RES) Sensitive Resource Study Area (SRG) Open Space Parks & Recreation Special Conference Center (SCC) Active Recreation Chula Vista Open Space Preserve Limited Development Area SR - 125 (TOLL ROAD) ES Elementary School MS Middle School HS High School FS Fire Station P Park Transit Corridor Pedestrian Bridge Access to PA20 Areas Aquired for Open Space Planning Area 12 Eastern Urban Center - Regional Office and Commercial Planning Area 12 - Freeway Commercial Page 497 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP Part II Adopted October 28, 1993 Last Amended February 18, 2020 ** [month] 2024 Page II- 31 Exhibit 26 Commercial, Industrial & Business Sites Exhibit 26 Commercial, Industrial & Business Sites Page 498 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP Part II Adopted October 28, 1993 Last Amended February 18, 2020 ** [month] 2024 Page II- 31 Page 499 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP ¤ Part II Adopted October 28, 1993 Last Amended December 13, 2018 ** [month] 2024 Page II - 13 7. Village Seven a. Village Seven Setting Village Seven is comprised of approximately 380 323 acres located east of Wolf Canyon and north of Rock Mountain Road. Open Space and Habitat: The Village Seven site has historically been used for agricultural purposes and does not contain significant environmental resources. The upper reaches of Wolf Canyon extend into the village, although this area has no sensitive resources. Land Use: Village Seven is located in the interior of the Otay Valley Parcel, surrounded by land historically used for agricultural activities. The village is surrounded by Villages Two, Six, Eight West and Eight East, Four, and the Eastern Urban Center (EUC)/Millenia to the east, across SR-125. Village Seven is located immediately to the west of the planned SR-125. A 5051.7-acre VORTAC facility (an aviation navigational facility) owned and operated by the Federal Aviation Administration (FAA) is located within the village site. If removed, the property will be subsequently developed with residential and village core uses, following a SPA Plan amendment. Visual: Village Seven contains views into the upper reaches of Wolf Canyon, and more distant views to the mountains to the east and northeast. The VORTAC facility provides potentially negative near views within the village, which is an interim condition until the antenna tower is relocated. Relationship to Other Otay Ranch Villages: Village Seven has a direct access to the Eastern Urban Center (EUC)/Millenia to the east, and a close relationship with Villages Two and Four on the west side of LaMedia Road. , the lower density villages on the edges of Wolf Canyon to the west Immediately to the south, it is directly adjacent to the high-density residential and town center/mixed- uses commercial districts in Villages Eight West and Eight East. Village Seven is located between these lower intensity villages and the urban uses planned for the Eastern Urban Center. Thus, Village Seven will provides a transition from a balanced mix of the lower densities, open space, and recreational opportunities near Wolf Canyon to and the more intense neighborhoods in the EUCin and around the Mixed-Use Village Core, as well in close proximity to the nearby mixed-use town centers in the adjacent villages. b. Village Seven Description Village Seven is an Urban Village. Urban Villages are adjacent to existing urban development and are planned for transit-oriented development with higher densities and mixed uses in the village cores. Village Seven includes:  A maximum of 1,008721 single-family residential units  A maximum of 448 735 multi-family residential units  Build-out population of approximately 4,368 4,456  A middle school  A high school  A trail connection through the village connecting Wolf Canyon to the west to the Eastern Urban Center to the east  A village core area containing: Page 500 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP ¤ Part II Adopted October 28, 1993 Last Amended December 13, 2018 ** [month] 2024 Page II - 14 • Commercial uses in a mixed use setting • Public and community purpose facilities • A potential location for a transit stop • An elementary school • Multi-family residential • A Town Square/Village Green/Main Street • Affordable Housing • Neighborhood Park Village Seven Use Dwelling Units Acreage Approx. Pop. SF MF Total Dens Res. Park* CPF** Sch. C'ml. Ind. Open Sp. Art. Total LMV 1,008 721 1,008 721 5.0 4.9 203.4 146.1 50.0 253.4 146.1 3,225 2,538 MU 3.7 9.3 6.3 7.2 22.8 3.7 MH 448 614 448 614 14.5 12.6 30.9 48.6 10.0 40.9 48.6 1,143 1,603 TC 121 121 39.0 3.1 3.1 316 OTHER 9.5 3.1 65.4 38.8 45 17.1 8.6 55.9 131.6 TOTAL 1,008 721 448 735 1,456 6.2 7.2 234.3 201.5 9.3 9.5 6.3 3.1 60.0 65.4 7.2 0 38.8 45 17.1 8.6 373.0 333.1 4,368 4,456 *Part of park acreage requirements have been allocated to community parks. Actual park size to be determined by Parks Master Plan at the SPA level. Park acreage based on ratio of 3.0 acres per 1000 persons. **Actual CPF acreage to be determined at the SPA level; CPF acreage based on ratio of 1.39 acres per 1000 persons. Exhibit 50 Village Seven Land Use Table c. Village Seven Policies Village Character Policies:  The village character shall be guided by the following qualities: • The greenbelt corridor connecting the village with Wolf Canyon, the Eastern Urban Center/Millenia and Salt Creek shall be a unifying feature of the village. • Compatibility with the Eastern Urban Center/Millenia, Village Two, and the adjacent Village Eight West and Village Eight East to the south. • Views into Wolf Canyon and distant views to the mountains to the east and northeast. • Complementary relationship with Village Four.  Higher densities shall be strategically located to provide a transition from in and around the more intense urban uses of the Eastern Urban Center and SR-125, of the Village Core Area, Wolf Canyon Elementary School, Olympian High School, along La Media Road (an arterial) south of Wolf Canyon, where the Page 501 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP ¤ Part II Adopted October 28, 1993 Last Amended December 13, 2018 ** [month] 2024 Page II - 15 property is at a lower grade with fewer steep slopes, and adjacent to the mixed-use commercial town center in Village Eight West. to the The lower intensity uses shall be located near north of Wolf Canyon. Village Core Policies:  The greenbelt connection which winds through the village shall be an integral design element of the village core, potentially connecting open space, trails, recreational amenities, civic uses and schools. This greenbelt may be located within or adjacent to the core area. Parks and Open Space Policies: Application of the 3 acres per 1,000 residents standard would result in the development of 13.1 acres of local parks in Village Seven. To satisfy this requirement, 9.3 7.6 acres of neighborhood parks/town square are planned. The remaining obligation is satisfied through the provision of community park acres in Village Four community park. The following policies shall guide the design of parks and open spaces in Village Seven:  A regional pedestrian and open space link will be provided through the village connecting Wolf Canyon on the west to the Eastern Urban Center and Salt Creek on the east. This greenbelt connection may take several forms, including a greenbelt, parks, trails, and the pedestrian portion of promenade streets. The average width and continuous character of the greenbelt shall be defined in the Overall Ranch Design Plan. The greenbelt shall average 200 feet in width (excluding street right-of-way) over the entire length of any village (requirements set forth in Section E, Implementation) to provide a direct connection between the village core, Wolf Canyon, and the intense uses of the Eastern Urban Center (see GDP/SRP Land Use Map).  The average width of the pedestrian open space/trail corridor shall be calculated from one edge of the village to the other.  Buffering shall be provided to screen the Vortac facility (aviation navigation facility) where necessary from adjacent land uses, if this use is not relocated. Other Village Seven Policies:  Three Two schools are planned located in Village Seven. These shall be appropriately separated with intervening land uses. The high school and middle school shall abut the regional open space, providing for non-vehicular access.  Although this village is not currently located along the transit line, a transit stop shall be approximately located at the SPA level and will be conditioned for dedication at the Tentative Map level. Page 502 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP ¤ Part II Adopted October 28, 1993 Last Amended December 13, 2018 ** [month] 2024 Page II - 16 Exhibit 51 Village Seven Land Use Map Page 503 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch GDP/SRP ¤ Part II Adopted October 28, 1993 Last Amended December 13, 2018 ** [month] 2024 Page II - 17 Exhibit 51 Village Seven Land Use Map Page 504 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch Village Seven General Plan Land Use Diagram Amendment Otay Ranch GDP Amendment Village Seven SPA Plan Amendment Tentative Map EIR Addendum Applicant’s Narrative Date: Updated May 2024 Applicant: Baldwin & Sons Contact: Maria Miller, AICP 610 W Ash Street, Suite 1500 San Diego, CA 92101 mmiller@baldwinsons.com (619) 234-4050 Page 505 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ii TABLE OF CONTENTS I. EXECUTIVE SUMMARY .................................................................................................................. 1 II. SITE SETTING .................................................................................................................................... 3 III. PROPOSED PROJECT ........................................................................................................................ 5 IV. CHULA VISTA GENERAL PLAN MAP AMENDMENT ................................................................ 7 A. General Plan Land Use Diagram Amendment Justification ............................................................ 7 B. Consistency of the Proposed Amendment with General Plan Goals and Objectives ...................... 8 1. Land Use and Transportation Element ........................................................................................ 9 2. Economic Development Element .............................................................................................. 14 3. Housing Element ....................................................................................................................... 14 4. Public Facilities and Services Element ...................................................................................... 15 5. Environmental Element ............................................................................................................. 17 6. Growth Management Element ................................................................................................... 18 7. Implementation Element............................................................................................................ 18 V. OTAY RANCH GENERAL DEVELOPMENT PLAN (GDP) AMENDMENT .............................. 20 VI. VILLAGE SEVEN SECTIONAL PLANNING AREA (SPA) PLAN AMENDMENT.................... 23 VII. CONCLUSION ................................................................................................................................... 25 Exhibit A: Village Seven Area Takeoffs………………………………………………………………….25 Page 506 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda iii ENCLOSED APPLICATION MATERIALS: 1. Chula Vista General Plan Land Use Diagram Amendment 2. Otay Ranch GDP Amendment 3. Village Seven SPA Plan Amendment, including: a. Village Seven PC District Regulations Amendment b. Village Seven Design Plan Amendment c. Fiscal Impact Analysis Update Memorandum d. Affordable Housing Program Amendment e. Air Quality Improvement Plan Amendment f. Water Conservation Plan Amendment g. Non-Renewable Energy Conservation Plan Amendment h. Parks, Recreation, Open Space & Trails Plan Amendment 4. EIR Addendum 5. Technical Reports: a. Traffic Analysis Memorandum b. Geotechnical Study – R-8 c. Geotechnical Study – R-4 d. Sewer System Analysis e. Water System Analysis f. Fire Protection Plan 6. Tentative Map Page 507 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 1 I. EXECUTIVE SUMMARY Baldwin & Sons (Applicant) is submitting this land use application to request the rezoning of its property in Village Seven from low-density single-family to multi-family residential. This proposed shift in land use is prompted by the transformation of the surrounding area over the past 18 years, since the SPA Plan was originally adopted in 2004. The surrounding area has evolved from low-density to high-intensity mixed- uses, including the Town Center district in the adjacent Village Eight West, reflecting a shift in urban dynamics. With a projected 41-percent population growth of nearly 100,000 from 2010 to 20501, the city faces an escalating demand for housing. Chula Vista is tasked with building 11,105 new residential units by 20292, with a significant shortfall in multi-family housing evident from its mere 26% representation in 2019 construction3. The data underscores a pressing need to reevaluate existing low-density single-family land use patterns. Noteworthy is the proximity of Southwestern College, a mere 3 miles away, with a student population of approximately 28,000. Surrounded predominantly by single-family homes and minimal multifamily housing, the college's needs highlight a specific gap in available housing options. Furthermore, the planned 4-year college in Millenia amplifies this demand, especially for more affordable multifamily rental options. Given these changes, it makes practical sense to integrate the adjacent property into a similar multi -family residential use, aligning with the evolving character of the neighborhood. The proposed change aims to foster a dynamic urban environment in Village Seven, interconnected with the adjacent Village Eight West. Leveraging higher density aligns with the Otay Ranch vision of a well-integrated, sustainable community, balancing population growth demands with the creation of livable spaces for a vibrant and inclusive neighborhood. Importantly, the proposed rezoning does not result in an increase in the total Village dwelling units beyond the 1,456 currently assigned to Village Seven in the Otay Ranch General Development Plan (GDP). The project strategically allocates unutilized banked units to the rezoned neighborhoods, ensuring a balanced and responsible approach to community development. By embracing higher-density development, we not only address the housing shortfall but also pave the way for a more sustainable and vibrant future for Village Seven. To achieve the stated objectives, the project includes the following components, which are described in detail further in this written narrative: • Amendment to the Land Use Diagram of Chula Vista General Plan; • Amendment to Otay Ranch GDP; • Amendments to Village Seven Sectional Area Planning (SPA) Plan and its associated documents; • Addendum to Village Seven Environmental Impact Report (EIR); 1 Housing Element of the General Plan, 2021-2029, Appendix A, Page AA-3 2 Housing Element of the General Plan, 2021-2029, Appendix C, Page AC-3 3 Housing Element of the General Plan, 2021-2029, Appendix A, Page AA-27 Page 508 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 2 • A tentative map for Neighborhoods R-3, R-4, and R-8. Page 509 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 3 II. SITE SETTING The majority of Village Seven has been built out, including 1,120 residential units in the northern part of the village (out of the total of 1,456 units allocated to Village Seven), two private neighborhood parks (CPF- 1 and CPF-2), a 7.5-acre public park (All Seasons Park), and a large portion of the Village Core district that includes two public schools (Wolf Canyon Elementary School and Olympian High School). The perimeter arterials and internal public streets serving Village Seven as well as the multi-use trail improvements through the Wolf Canyon open space greenbelt have also been completed. Baldwin & Sons is the sole owner of the remaining land entitled for development in Village Seven. As one of the original developers of Village Seven, Baldwin & Sons, through its affiliate Otay Project, LP (Otay Ranch Company), was among the applicants included in the Village Seven SPA Plan who obtained approval for their respective properties. It's important to note that the SPA Plan grants development approval exclusively to the listed applicants, and no other land is entitled for development under this plan. Notably, an air navigational antenna tower is located within the boundaries of Village Seven on a property which is owned by the Federal Aviation Administration (FAA). This ±52-acre site was deliberately excluded from any development approvals granted by the adopted SPA Plan. The FAA was not one of the original applicants, was not a party to any agreements, and the property was not included in the Village Seven Tentative Map and is labeled as “undesignated” throughout the SPA Plan. Consequently, the total number of residential units entitled for development in Village Seven GDP does not include and is not allocatable to the FAA parcel. As noted earlier, the properties proposed for upzoning are adjacent to high -intensity uses in Village Eight West, with multi-family residential abutting R-4 and a mixed-use Town Center district immediately to the south. This strategic location, next to a high-density residential area and a developing mixed-use town center, is better suited for increased density and intensity. The rationale behind this proposed upzoning is to optimize land use, particularly in close proximity to the high-density residential zone and the emerging mixed-use town center. This location presents various advantages, such as improved accessibility to amenities and public services, as well as enhanced pedestrian and multimodal mobility. Additionally, higher density residential community will support the commercial component of the mixed-use district, which heavily relies on increased population density for its long-term viability. By allowing for higher density and intensity, the development aligns with the City of Chula Vista’s planning principles, emphasizing efficient land use, reduced environmental impact, and the creation of vibrant, mixed-use communities. Page 510 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 4 Figure 1. Multifamily Nexus: Connectivity with Adjacent High Density and Town Center District Uses Page 511 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 5 III. PROPOSED PROJECT The proposed amendments affect ±13.8 acres of property owned by Baldwin & Sons (see Figure 1). The amendments do not result in an overall increase of the residential units in Village Seven beyond the 1,456 units that are currently approved in the adopted Otay Ranch GDP and Village Seven SPA Plan and were previously studied in the project EIR. Rather, the proposed project assigns the existing “banked” dwelling units entitled for Village Seven in the GDP to Neighborhoods R-3, R-4, and R-8. Table 1 provides a summary of the proposed land use changes across the Geneal Plan, Otay Ranch G DP and Village 7 SPA Plan, and the resulting densities. N’hood APN Land Use DU’s Size (ac.) Density (du/ac) General Plan Otay Ranch GDP Village 7 SPA Plan Existing Proposed Existing Proposed Existing Proposed R-3 644-241-10-00 MUR & LM MH MU & LMV MH SF3 RM1 43 2.4 17.9 R-4 644-241-08-00 LM TC LMV TC SF4 RM2 121 3.1 39 R-8 644-241-07-00 LM MH LMV MH SF3 RM1 123 8.3 14.9 Figure 2. Proposed Amendment Scope: Area of Change Table 1: Summary of Proposed Amendments Page 512 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 6 Below is a summary of the amendments proposed with this land use application. The following sections of this written narrative provide detailed descriptions of the proposed amendments to each of the documents: the Chula Vista General Plan Land Use Diagram, Otay Ranch GDP, and Village Seven SPA Plan, with a separate chapter dedicated to each. Chula Vista General Plan Land Use Diagram Amendment • Change the land use category in Neighborhood R-3 from Mixed-Use Residential (MU) and Low- Medium Residential (LM) to Medium-High (MH) Residential; • Change the land use category in Neighborhood R-4 from Low-Medium Residential (LM) to Town Center (TC); • Change the land use category in Neighborhood R-8 from Low-Medium Residential (LM) to Medium-High (MH) Residential; Otay Ranch GDP Amendment • Change the land use category in Neighborhood R-3 from Mixed-Use (MU) and Low-Medium Village (LMV) to Medium-High (MH) Residential; • Change the land use category in Neighborhood R-4 from Low-Medium Village (LMV) to Town Center (TC); • Change the land use category in Neighborhood R-8 from Low-Medium Village (LM) to Medium- High (MH) Residential; • Update the land use map, applicable tables and exhibits to reflect the revised land use categories and associated acreages; • Update exhibits and tables to account for a decrease of approximately 40 acres in the land area of Village Seven a result of a previously approved amendment to Village Eight (by others). The GDP Land Use Table for Village Seven has not been revised to include the approved land area reduction and the removal of previously planned land uses. Village Seven SPA Plan Amendment • Change the land use designation in Neighborhood R-3 from Single Family Three (SF3) to Residential Multi-Family One (RM1); • Change the land use designation in Neighborhood R-4 from Single Family Four (SF4) to Residential Multi-Family Two (RM2); • Change the land use designation in Neighborhood R-8 from Single Family Four (SF4) to Residential Multi-Family One (RM1); • Rename the western portion of Neighborhood R-3 (APN644-241-10-00) into a separate Neighborhood R-8; • Assign 287 dwelling units (out of the total of 1,465 dwelling units currently entitled for Village Seven in the GDP) to the neighborhoods as follows: o Neighborhood R-3: 43 units; o Neighborhood R-4: 123 units; o Neighborhood R-8: 121 units. • Update SPA Plan text, tables, and exhibits to reflect the proposed land use changes; • Update SPA Appendices – Planned Community District Regulations, Village Seven Design Plan, Air Quality Improvement Plan, Water Conservation Plan, Non-Renewable Energy Conservation Plan, and technical studies to reflect the SPA Amendment. Page 513 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 7 • Update the boundary of Village Seven on the relevant exhibits to exclude the property which had been previously transferred to Village Eight West by another applicant via a separate application, and has not been corrected in the Village Seven SPA Plan. • Update Land Use table to reflect the land area reduction and removal of previously planned land uses as a result of Village Eight amendment/boundary change. IV. CHULA VISTA GENERAL PLAN MAP AMENDMENT A. General Plan Land Use Diagram Amendment Justification Chapter 11 of the Chula Vista General Plan acknowledges that a general plan must maintain flexibility and be able to respond to changing economic, social, and other factors impacting land use decisions in order to remain effective and current, which requires periodic amendments. As discussed above, Baldwin & Sons is seeking a change in the land use designation of a ±13.8 acres of property in order to provide needed housing in Village Seven at multi-family residential densities. As documented in the updated Housing Element of the General Plan, dated 2021, Chula Vista needs to provide 11,105 new homes by 2029 in order to fulfill its state-mandated housing obligation for the San Diego region. It is stated that 42 percent of those units (4,667 homes) must be in the “above moderate” income category. Appendix A of the Housing Element indicates that in 2019, the majority of new home construction (53 percent) in Chula Vista consisted of single-family detached units, while multi-family homes with five or more units represented only 26 percent of the new homes. Meanwhile, a very low vacancy rate of 2.6 percent in the multi-family housing category indicates a shortage of supply for renters, according to the San Diego Association of Governments (SANDAG) survey. The data indicate that Chula Vista has a capacity deficit in the multi-family land use designation. The multi-family land use designations and accompanying zones proposed with the subject project help balance the housing supply, complying with General Plan Housing Element Goal 4 by providing a greater variety of housing types for Chula Vistans than the current designation allows, including duplexes, triplexes, and stacked flats. The proposed change in land use improves compatibility with the adjacent uses that have evolved around the project site in comparison with the current single-family detached zoning district, which was originally adopted in 2004. The 2021 Housing Element of the General Plan cites a planned population growth of 99,836 persons (or 41 percent) in Chula Vista between 2010 and 2050. The forecasted growth data are used by decision makers to develop strategies for the community to meet housing needs through 2050, as well as to inform policy decisions related to residential densities. In order to provide needed housing for nearly 100,000 expected new residents in the coming years, available vacant land with residential zoning should be considered for higher-intensity development including attached dwellings, which will easily yield more—and more affordable—housing. The subject site is an ideal setting for higher residential densities due to its location along a major arterial road, within walking distance of the potential future Bus Rapid Transit (BRT) stop, and directly adjacent to commercial uses and community services, as well as the Village Eight West Town Center district. Therefore, the proposed land use change is more in line with the character in the immediate vicinity of the site and provides a logical progression for the city’s development. Page 514 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 8 Figure 3. General Plan Land Use Diagram Amendment The technical studies included with this land use application demonstrate that the proposed density increase does not significantly impact public services and facilities (roads, schools, stormwater, sewer and water systems, as well as police and fire services). Water, sewer, and stormwater infrastructure are available within surrounding streets/areas and have been demonstrated to have adequate capacity to serve the proposed development. The property is unencumbered by sensitive areas such as natural resources or habitat areas. The proposed project allows for the efficient use and development of property. The existing street network in the vicinity meets the circulation requirements of General Plan Land Use and Transportation Policy 1.19. B. Consistency of the Proposed Amendment with General Plan Goals and Objectives In accordance with General Plan Chapter 11, Section 3.1: Implementation, projects including land use density change must be consistent with the adopted General Plan’s vision, goals, objectives, and policies. The City of Chula Vista (City) General Plan consists of seven elements required by state law: 1. Land Use and Transportation (including Noise and Safety) 2. Economic Development 3. Housing 4. Public Facilities and Services 5. Environmental (including Open Space and Conservation) 6. Growth Management 7. Implementation The analysis that follows demonstrates that the proposed Land Use Diagram amendment supports and implements the applicable goals, objectives, and policies of the General Plan. The applicable goals, objectives, and policies are shown in italics, with the Applicant’s response directly below. Page 515 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 9 1. Land Use and Transportation Element Objective LUT 1: Provide a balance of residential and non-residential development throughout the City that achieves a vibrant development pattern, enhances the character of the City, and meets the present and future needs of all residents and businesses. Consistency: The subject site has been identified in the City’s General Plan as appropriate for residential use. The proposed Land Use Diagram amendment to change the zoning designation from Low-Medium Residential to Medium Residential and Town Center is consistent with the intent of the Housing Element of the General Plan. The proposed project will create the needed housing for the city’s workforce, which indirectly promotes economic activities in the region. In addition, a thoughtfully designed community with active-use open space and a pedestrian circulation system enhances the city’s appeal, stimulating its business and industry while contributing to the health and vitality of the overall community. Therefore, this application is consistent with Objective LUT 1. Policy LUT 1.8: Pursue higher density residential categories and retail demand that are not being met within the City. Consistency: The 6th Cycle Regional Housing Needs Assessment (RHNA) adopted in 2020 identifies the need for the City to provide 11,105 new homes by 2029 in order to fulfill its state-mandated obligation of housing for the San Diego region. Meanwhile, the housing stock assessment reveals a deficit of multi- family housing types, and building permit reports demonstrate that significantly fewer new multi-family units are being built than single-family homes. The proposed amendment allows for a wider range of housing choices in a logical and appropriate location. Policy LUT 1.9: Provide opportunities for development of housing that respond to diverse community needs in terms of density, size, location, and cost. Consistency: The change in land use from Low-Medium Residential to Medium Residential and Town Center provides an opportunity for a more diverse range of housing types, including attached single-family, townhomes, and mid-rise multi-family, which are the types of housing that are needed in Chula Vista, as demonstrated by the adopted Housing Element of the General Plan. The project site is in a location where public services are readily available and a high-frequency public transit route is planned. Multi-family housing allows younger people to remain in the community they grew up in and provides older people with an opportunity to downsize as they transition into retirement. The proposed amendment allows for a more efficient use of the property and services as a benefit to the City. Policy LUT 1.10: Maintain an adequate supply of land designated and zoned for residential use at appropriate densities to meet housing needs, consistent with the objective of maintaining a balance of land uses. Consistency: The proposed project preserves the land designated for residential use and allows densities that are more appropriate for today’s housing demand and more compatible with the surrounding community. Policy LUT 1.19: Evaluate land use intensities in conjunction with the review of any zone change and/or General Plan Amendment to permit density or modify intensity. Factors to be considered include, but are not limited to, the maximum intensity allowed for the applicable land use designation in the General Plan, traffic circulation patterns, environmental constraints, and compatibility with surrounding land uses. Page 516 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 10 Consistency: The EIR Addendum and technical reports included with this land use application for General Plan Amendment provide a comprehensive analysis of the factors listed above, including traffic, environmental resources, and compatibility with surrounding uses. The findings demonstrate that the proposed zone change is appropriate and does not result in new significant impacts. Objective LUT 2: Limit locations for the highest development intensities and densities, and the tallest building forms, to key urban activity centers that are also well-served by transit. Consistency: The project site is directly adjacent to the Village Core area with mixed uses and a potential future transit stop for the BRT line. It is also adjacent to the Village Eight West Town Center district; therefore, higher intensity is not only appropriate in this location but also desirable in order to provide a sufficient customer base in support of neighborhood commercial uses and public transit, which rely on urban activity. Objective LUT 3: Direct the urban design and form of new development and redevelopment in a manner that blends with and enhances Chula Vista’s character and qualities, both physical and social. Policy LUT 3.1: Adopt urban design guidelines and/or other development regulations for all Districts or Focused Areas of Change as presented in Sections LUT 8.0 - 11.0 of the LUT Element, as necessary, to ensure that new development or redevelopment recognizes and enhances the character and identity of adjacent areas, consistent with this General Plan’s Vision. Consistency: The proposed amendment includes well thought out updates to Village Seven Design Plan intended to ensure that the higher-density neighborhoods seamlessly blend with the character of the existing community and carry the timeless Otay Ranch-themed vernacular. Special attention is given to pedestrian- oriented elements in the site and building design, connectivity, and provision of high-quality shared amenities and active open space aimed at enhancing the social and community setting. Objective LUT 6: Ensure adjacent land uses are compatible with one another. Consistency: The subject property is adjacent to high-density and mixed-use commercial neighborhoods, which are compatible land uses. Policy LUT 6.2: Require that proposed development plans and projects consider and minimize project impacts upon surrounding neighborhoods. Consistency: The technical reports included with this land use application demonstrate that the proposed zone change does not result in any significant impacts to the surrounding neighborhoods. The project is subject to the mitigation measures of the 2004 EIR, which ensure that any project impacts are minimized. Policy LUT 6.3: Require that the design of new residential, commercial, or public developments is sensitive to the character of existing neighborhoods through consideration of access, compatible building design and massing, and building height transitions, while maintaining the goals and values set forth in the General Plan. Consistency: The proposed amendment includes well thought out updates to Village Seven Design Plan intended to ensure that the higher-density neighborhoods seamlessly blend with the character of the existing community and carry the timeless Otay Ranch-themed vernacular. Special attention is given to pedestrian- Page 517 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 11 oriented elements in the site and building design, connectivity, and provision of high-quality shared amenities and active open space aimed at enhancing the social and community setting. Objective LUT 8: Strengthen and sustain Chula Vista’s image as a unique place by maintaining, enhancing, and creating physical features that distinguish Chula Vista’s neighborhoods, communities, and public and recreational spaces, and enhance its image as a pedestrian-oriented and livable community. Consistency: The proposal allows multi-family residential development at the subject property, similar in scale and character to the existing multi-family developments in the adjacent Village Two and Village Eight West. The land use application includes text amendments to Village Seven SPA Plan, PC District Regulations, and Village Design Plan, which contain development standards for site design and architecture, as well as requirements for public and recreational spaces. The proposed project is consistent with Objective LUT 8 in several ways: 1. Maintaining and enhancing physical features that distinguish neighborhoods: o The proposed development adheres to the Village Seven SPA Plan, PC District Regulations, and Village Design Plan, which ensure that the project's site design, architecture, and amenities are compatible with the surrounding neighborhoods and contribute to the distinct character of the area. o The text amendments to these plans and regulations allow for the incorporation of unique design features that will further enhance the identity and appeal of the neighborhood. 2. Creating public and recreational spaces: o The land use application includes requirements for the provision of public and recreational spaces within Village Seven, such as parks and open areas. These spaces will serve as gathering places for residents and contribute to the livability and pedestrian-friendly nature of the community. o The incorporation of these public and recreational spaces helps establish Village Seven as a vibrant and attractive addition to the neighborhood, fostering a sense of community and enhancing the overall image of Chula Vista. 3. Enhancing the image as a pedestrian-oriented and livable community: o The project's design incorporates pedestrian-friendly features, such as walkable streets with attractive landscaping, attractive human-scale architecture, pedestrian connections, and easy access to public spaces and amenities located in the Village. Additionally, the project's design prioritizes pedestrian connectivity by minimizing landscape buffers between high-density residential areas and the public realm along LaMedia Road where topographical conditions permit. This strategic approach fosters a seamless transition from private residences to the pedestrian network, encouraging residents to directly access the sidewalk and multi-use trail without the obstruction of extensive setbacks. By promoting a cohesive and inviting interface between the built environment and the public realm, the design actively discourages vehicular dependence and cultivates a pedestrian-oriented lifestyle within the community. This aligns with the objective of promoting a pedestrian-oriented environment. Page 518 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 12 o The inclusion of multi-family housing options in a well-designed and amenity- rich development contributes to the livability of the community by providing diverse housing choices and access to recreational opportunities within a walkable environment. By adhering to the established design guidelines, incorporating public and recreational spaces, and promoting pedestrian-oriented and livable design elements, the proposed project actively supports Objective LUT 8 of the General Plan. It reinforces Chula Vista's image as a unique and desirable place to live, with distinct neighborhoods and a high quality of life for residents. Policy LUT 8.5: Prepare urban design guidelines that help to create pedestrian-oriented development by providing: • Pedestrian circulation among parcels; uses; transit stops; and public or publicly accessible space and ensure that pedestrian routes and sidewalks are integrated into the overall transportation network; • Human scale design elements; • Varied and articulated building facades; • Visual (first floor clear glass windows) and physical access for pedestrians; • Ground floor residential and commercial entries that face and engage the street; and • Pedestrian-oriented streetscape amenities. Consistency: The application includes an amended Village Design Plan, which contains development standards focused on promoting pedestrian activity and connections. Objective LUT 11: Ensure that buildings and related site improvements for public and private development are well-designed and compatible with surrounding properties and districts. Consistency: The project site is subject to the Village Design Plan, which contains standards intended to maintain a cohesive community character with a distinct village identity while integrating with the wider surroundings of the Otay Ranch. Policy LUT 11.2: Promote and place a high priority on quality architecture, landscape, and site design to enhance the image of Chula Vista, and create a vital and attractive environment for businesses, residents, and visitors. Consistency: The Village Design Plan includes updates to the architectural design guidelines, intended to allow flexibility in shaping a modern community more in line with today’s architectural trends that appeal to homebuyers and tenants. At the same time, it is the intent of the SPA Plan to guide the development of a community that is harmonious with the existing established built environment. Objective LUT 11: Plan and coordinate development to be compatible and supportive of planned transit. Page 519 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 13 Consistency: The SPA Plan envisions the possibility of a future BRT route, either through the village or on LaMedia Road, and a potential transit stop within a short walking distance from the subject site. It is essential to note that higher residential density, transitioning from large-lot single-family to multi-family, aligns with Objective LUT 11. This alignment is crucial as higher residential densities are better suited along transit routes, fostering increased public transit ridership and ensuring sustained levels of service. Importantly, without surrounding higher density, transit agencies may be hesitant to introduce a new BRT route, especially if the area primarily comprises low-density single-family houses. Policy LUT 17.2: Direct higher intensity and mixed use developments to areas within walking distance of transit, including San Diego Trolley stations along E, H, and Palomar Streets, and new stations along future transit lines, including Bus Rapid Transit (BRT). Consistency: The SPA Plan envisions a potential BRT route along La Media Road and contemplates a future transit stop at the Mixed-Use (MU-1) neighborhood within the Village Core area, strategically located within a short walking distance from the subject site. Hence, t he proposal for higher-density land use becomes more fitting for the subject site compared to the current large-lot single-family zoning. This approach aligns with Policy LUT 17.2 by ensuring that higher intensity developments are strategically situated near transit opportunities, contributing to the overall goals of the policy. Objective LUT 72: Develop comprehensive, well-integrated, and balanced land uses within villages and town centers that are compatible with the surroundings. Consistency: The subject site is adjacent to the Village Seven mixed-use Village Core area; therefore, higher-density land use is a more compatible use for this location. Additionally, the property is within walking distance of the mixed-use commercial area of Village Two directly to the west, as well as the TC district of Village Eight West immediately to the south. The subject site has frontage on a six-lane major arterial road, making it a logical location for higher-density housing. Policy LUT 72.3: Provide a variety of housing types, including single-family and multi- family, in residential neighborhoods and mixed use village centers, responding to the needs of families, singles, students, and seniors. Consistency: The proposed amendment allows for a wider variety of housing types to be provided to Chula Vista families, including duplexes, attached townhomes, and small-scale, garden-style apartments. The existing zoning only allows detached single-family homes on lots larger than 5,000 square feet. As discussed above, being surrounded by high-density residential neighborhoods and mixed-use districts, this particular property is better suited for a multi-family zoning district. Objective LUT 73: Promote alternative modes of transportation, which are intended to encourage a healthy lifestyle and reduce reliance on the automobile, and support the viability of transit through land use distribution and design. Consistency: The proposed zone change from large-lot single-family to multi-family with a focus on pedestrian-oriented design and shared active-use outdoor amenities is consistent with Objective LUT 73. Generally, higher residential densities in close proximity to mixed-use commercial areas reduce reliance on cars and encourage walking and biking as they put more people within a shorter distance of services and shopping. Policy LUT 73.4: Locate High and Medium-High density residential within 1/4 mile radius to the Village Core(s) Town Center(s) or transit. Page 520 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 14 Consistency: The subject site is less than ¼ mile from the Village Core and planned future transit; therefore, this is an ideal location for high-density residential development. 2. Economic Development Element Objective ED 2: Maintain a variety of job and housing opportunities to improve Chula Vista's jobs/housing balance. Consistency: The project allows for a greater variety of housing opportunities than the current land use designation; therefore, it is consistent with Objective ED 2. Policy ED 2.3: Pursue a diverse supply of housing types and costs, as well as a diverse supply of jobs with varying income potential, to balance local job and housing opportunities. Consistency: The location of the subject site in close proximity to existing and planned commercial uses, public services and other high-density residential is more appropriate for higher-density workforce housing than the current single-family land use designation. As demonstrated by the Housing Element of the General Plan adopted in 2021, there is a deficit of multi-family housing types among the new homes that are being built. This amendment allows for a more balanced and diverse supply of needed housing types. 3. Housing Element Goal 1: Promote housing that helps to create safe, livable, and sustainable neighborhoods. Consistency: The project is consistent with the Housing Element Goal 1 in that the Village Seven Design Plan contains standards for complete neighborhoods that are pedestrian-oriented, provide “eyes on the street” via built-in community surveillance, and contain a mix of residential, commercial, and public uses surrounded by open space. Housing Policy 1.4: Continue to develop and promote energy efficiency conservation measures consistent with the strategies outlined in the City’s Climate Action Plan. Consistency: The project promotes efficient use of water and energy through sustainable design and adopted standards. Goal 2: Facilitate the construction and provision of quality housing to meet the City’s diverse needs (by type, size, ownership level, and income level). Consistency: The project ensures a more diverse supply of housing types that include for-rent and for-sale homes ranging from duplexes to small-scale, garden-style apartments. Smaller-sized homes are more affordable than the large-lot single-family attached homes allowed by the existing land uses. Housing Policy 2.7: Identify opportunities to reduce administrative burdens during permitting by, for example, automating processes, creating reference guides, and streamlining reviews. Consistency: The proposed amendment includes a change to allow Zoning Administrator approval of Design Review applications that meet the objective approval criteria of the underlying land use district of Page 521 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 15 Village Seven PC District Regulations and Design Plan. Therefore, the project furthers the Housing Element Policy 2.7. Goal 3: Create opportunities for affordable housing, particularly in vulnerable areas and in areas of opportunity. Consistency: Because higher-density and multi-family housing are generally more affordable than low- density, single-family housing, the project creates opportunities for housing affordability. Implementing Program 3.4: Balanced Communities – Affordable Housing: Continue to implement the Balanced Communities-Affordable Housing Policy […]. For all new residential projects consisting of 50 or more dwelling units, 10 percent of the residential units within the development shall be affordable to low- and moderate-income households (5 percent low-income and 5 percent moderate-income). The City may approve alternatives to the construction of new inclusionary units, such as provision at another location (“off-site”) or payment of an in-lieu fee, where the proposed alternative provides a more effective and feasible means of satisfying the requirements and greater public benefit. Consistency: The project is subject to the Balanced Communities Affordable Housing Policy. Approving the proposed amendments allows the project to proceed with construction, which will result in the immediate provision of the required affordable homes. Goal 4: Promote equitable and accessible housing options and resources. Consistency: The project furthers Housing Element Goal 4 in that multi-family homes will be available in a desirable, amenity-rich area of Otay Ranch within walking distance to public schools, shopping, services, and parks. Implementing Program 4.14 Student Housing Resources and Assistance: The San Diego region is home to several universities and colleges, all of which have students of varying income levels and housing needs. Located in Chula Vista, serving students in the South Bay region, Southwestern College generates a high demand for housing to accommodate students. Many students are of low income, independent and are not able to secure paid work due to the commitment required to focus on coursework, leaving them with less income available to afford housing. […]. Consistency: The project site is located only 3 miles from Southwestern College, which has a student population of ±28,000 and is surrounded predominately by single-family homes and minimal multi-family housing. The project will result in a wider selection of smaller-sized, affordable housing options near the campus, which directly furthers the Housing Element Goal 4. 4. Public Facilities and Services Element Objective PFS-1: Ensure adequate and reliable water, sewer, and drainage service and facilities. Consistency: The technical reports submitted with this land use application demonstrate that the project can be adequately served by water, sewer, and stormwater facilities. Additionally, multi-family homes place a lower demand on public infrastructure than single-family homes do; therefore, the project is consistent with Objective PFS-1. Page 522 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 16 Policy PFS 1.4: For new development, require on-site detention of storm water flows such that, where practical, existing downstream structures will not be overloaded. Slow runoff and maximize on-site infiltration of runoff. Consistency: The stormwater management facilities will meet City requirements. Objective PFS-5: Maintain sufficient levels of fire protection, emergency medical service and police services to protect public safety and property. Consistency: The project does not result in an overall density increase as it utilizes existing units that were previously allocated to Village Seven. Therefore, it does not place demand on public services in excess of what was planned for initially. The project will pay development impact fees (DIFs) that contribute towards funding the appropriate level of needed public services. Policy PFS 5.7: Prior to approval of any discretionary projects, ensure that construction is phased with provision of police and fire protection services such that services are provided prior to or concurrent with need. Consistency: The subject property is surrounded by developed areas where police and fire services are currently available. Objective PFS-6: Provide adequate fire and police protection services to newly developing and redeveloping areas of the City. Consistency: The project is consistent with Objective PFS-6. The Village Seven SPA Plan addresses the required provision of public facilities constructed concurrently with the development of the property. Policy PFS 6.2: Require new development and redevelopment projects to demonstrate adequate water pressure to new buildings. Consistency: The water pressure information is provided along with the Design Review submittal package. Policy PFS 6.3: Encourage Crime Prevention Through Environmental Design (CPTED) techniques in new development and redevelopment projects. Consistency: The project is subject to the Village Seven Design Plan, which incorporates techniques such as orienting residential windows towards common outdoor spaces for natural monitoring as well as providing adequate site lighting, clear sight lines, regular landscape maintenance, and well-designed shared amenities that encourage neighbors to spend time outside and create a tight-knit community. These are some of the Crime Prevention Through Environmental Design (CPTED) techniques that will be incorporated into the future neighborhoods. Objective PFS-14: Provide parks and recreation facilities and programs citywide that are well- maintained; safe; accessible to all residents; and that offer opportunities for personal development, health, and fitness, in addition to recreation. Consistency: The project is subject to Otay Ranch GDP obligations for dedication of land and construction of public parks. Additionally, as a multi-family neighborhood, the project will provide common usable open Page 523 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 17 space and recreational facilities for the residents that would not otherwise be provided in a single -family district. Policy PFS 14.4: Use park dedication; location; site design; and acceptance standards, as provided in the Chula Vista Parks and Recreation Master Plan; the Park Dedication Ordinance; and the Recreation DIF, as may be amended from time to time. Consistency: The project is subject to the requirements of Policy PFS 14.4 and will fulfill its park obligation. 5. Environmental Element Objective E 1: Conserve Chula Vista’s sensitive biological resources. Consistency: The subject property does not contain sensitive biological resources. Objective E 2: Protect and improve water quality within surface water bodies and groundwater resources within and downstream of Chula Vista. Consistency: The project does not involve development activities within water bodies. The Preliminary Grading and Erosion and Sediment Control Plans include measures to protect groundwater resources. Policy E 2.5: Encourage and facilitate construction and land development techniques that minimize water quality impacts from urban development. Consistency: The project will employ established and proven engineering techniques that minimize water quality impacts. Land development staff will review and approve the project design prior to issuance of construction permits. Objective E 3: Minimize the impacts of growth and development on water supply resources through the efficient use and conservation of water by residents, businesses, and city government. Policy E 3.2: Promote the use of low water demand landscaping and drought tolerant plant materials in both existing and new development. Consistency: The project is subject to the requirements of the Chula Vista Landscape Water Conservation Ordinance; therefore, it will comply with Objective E3. Policy E 3.5: Require the preparation and implementation of Water Conservation Plans for large development and redevelopment projects in accordance with the City ’s Water Conservation Plan Guidelines or its equivalent, pursuant to the City’s Growth Management Program. Consistency: This land use application includes an updated Water Conservation Plan for Village Seven, which evaluates water demand projections and water conservation savings associated with the change in land use from single-family to multi-family land use designation. Page 524 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 18 Objective E 6: Improve local air quality and reduce greenhouse gas emissions by minimizing the release of air pollutants and toxic air contaminants and limiting the exposure of people to such pollutants. Consistency: This land use application includes updated air quality and greenhouse gas technical reports addressing Environmental Element Objective E 6. Policy E 6.1: Encourage compact development featuring a mix of uses that locate residential areas within reasonable walking distance to jobs, services, and transit. Consistency: This project directly implements Environmental Element Policy E 6.1 by promoting a more compact development within 1.4 miles of commercial uses, shopping, schools, parks, and future transit. Objective E 23: Provide fair treatment for people of all races, cultures, and income levels with respect to development, adoption, implementation, and enforcement of environmental laws, regulations and policies. Consistency: This project results in the provision of a more diverse housing mix, thus providing housing opportunities to families of various income levels. The project promotes equitable access to environmental resources including the multi-use regional trails in the Wolf Canyon open space greenbelt adjacent to the project site, the public All Seasons Park, and the future public park in Village Four that is adjacent to the subject site. Policy E 23.5: Promote more livable communities by expanding opportunities for transit- oriented development. Consistency: The proposed change in land use from low-density single-family to higher-density multi- family designations aims to place higher-intensity uses along future transit routes, which are planned along La Media Road and through Village Seven. 6. Growth Management Element Objective GM 1: Concurrent public facilities and services. Consistency: The subject site is located in an area with existing public utilities and services. The project will extend water, sewer, stormwater, and street infrastructure concurrently with the construction of new homes. 7. Implementation Element Objective GPI 2: Provide consistency between the Chula Vista General Plan and subsequent documents, plans, projects, and development. Consistency: This written narrative demonstrates that the proposed project is consistent with all applicable goals, objectives, and implementation policies of the General Plan. Policy GPI 2.2 Require findings of consistency with the General Plan for all subdivisions, planning approvals and building permits. Page 525 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 19 Consistency: This written narrative provides the required findings of consistency with the General Plan. Page 526 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 20 V. OTAY RANCH GENERAL DEVELOPMENT PLAN (GDP) AMENDMENT In accordance with Chula Vista Municipal Code (CVMC) Section 19.48.080.A, the property owner/developer may initiate an amendment to the GDP when necessary or desirable. For the reasons discussed in the previous sections of this written narrative, the Applicant is requesting a change in residential density for ±13.8 acres of vacant residentially zoned property in Village Seven. The Otay Ranch GDP, which implements the City’s zoning ordinance’s Planned Community (PC) zoning district, must be consistent with the General Plan. Therefore, to allow the change from single-family to multi-family land use for the subject site, the project requires an amendment to the GDP Land Use Map and to the corresponding Village Seven Land Use Tables. The proposed change to the GDP land use designations, demonstrated by Figure 3, below, are as follows: • The ± 2.4-acre Neighborhood R-3 with frontage along Magdalena Avenue – a Primary Village Entry Street - is planned to accommodate 43 units at ±13.9 dwelling units per acre; therefore, a change to the Medium Residential (MH) land use district, which allows a density range between 11.1 and 18 dwelling units per acre, is proposed for that site. • The ±8.3-acre Neighborhood R-8 with frontage along La Media Road—a six-lane major arterial— is planned to provide 123 units at a density of ±14.9 dwelling units per acre; therefore, a change to the MH land use district is proposed for that site. • The ±3.11-acre neighborhood R-4 with access off Santa Luna Street—a Secondary Village Entry Street—is anticipated to provide 121 units at a density of ±39 dwelling units per acre; therefore, a change from the Low-Medium Village (LMV) district to the Town Center (TC) district, which allows densities within the range of 18 to 45 dwelling units per acre, is appropriate for that site. Neighborhood R-4 is adjacent to the multi-family district in Village Eight West, with the mixed- use Town Center district directly to the south. Additionally, due to its flat topography and the lack of perimeter slopes, which are typical for most properties in Otay Ranch, the residential pad in neighborhood R-4 is at the same grade as La Media Road and Santa Luna Street. Such a location is ideally suited to naturally promote pedestrian activity, biking, and easy access to transit and shopping within a ¼ mile of the site. Page 527 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 21 Figure 4. Otay Ranch GDP Amendment As discussed previously, the project does not result in an overall increase in the residential units beyond the previously approved 1,456 units. The project allocates 287 residential units, which are approved for development in Village Seven, to the Medium-High Residential and Town Center land use districts. In addition to the change in the residential density, the project involves updating exhibits and tables to account for a reduction of approximately 40 acres in the land area of Village Seven. This reduction is a result of a previously approved amendment to Village Eight, which incorporated the southernmost portion of Village Seven into its boundary. Another applicant handled the boundary adjustment between Village Seven and Village Eight. However, the GDP Land Use Table for Village Seven has not been revised to include the approved area reduction and the removal of previously planned land uses. Table 2 illustrates the proposed amendments to the Village Seven GDP Land Use Table. Page 528 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 22 Table 2: Proposed Amendments to GDP Village Seven Land Use Table Village Seven Use Dwelling Units Acreage Approx. Pop. SF MF Total Dens Res. Park* CPF** Sch. C'ml. Ind. Open Sp. Art. Total LMV 1,008 721 1,008 721 5.0 4.9 203.4 146.1 50.0 253.4 146.1 3,225 2,538 MU 3.7 9.3 6.3 7.2 22.8 3.7 MH 448 614 448 614 14.5 12.6 30.9 48.6 10.0 40.9 48.6 1,143 1,603 TC 121 121 39.0 3.1 3.1 316 OTHER 9.5 3.1 65.4 38.8 45 17.1 8.6 55.9 131.6 TOTAL 1,008 721 448 735 1,456 6.2 7.2 234.3 201.5 9.3 9.5 6.3 3.1 60.0 65.4 7.2 0 38.8 45 17.18.6 373.0 333.1 4,368 4,456 * Actual onsite Park acreage is shown; does not include park obligation that may be satisfied through in-lieu PAD fees. ** CPF acreage does not encompass sites whose area is included within the residential acreage, to ensure that these areas are not double-counted.. Final total CPF acreage to be provided via alternative compliance or offsite will be determined at the SPA level. *** The FAA-owned property earmarked for future development in the case of VORTAC facility relocation. It may include residential, mixed-use commercial, CPF and Town Square Park uses. The application materials include the existing and proposed text and graphics for the complete proposed GDP Amendment in strikeout-underline format. Page 529 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 23 VI. VILLAGE SEVEN SECTIONAL PLANNING AREA (SPA) PLAN AMENDMENT The Otay Ranch GDP is implemented through the Village Seven SPA Plan, which contains detailed development standards and design guidelines for each neighborhood in the village. This land use application includes amendments to the Village Seven SPA Plan, PC District Regulations, Village Design Plan, and the associated documents (Affordable Housing Program, Air Quality Improvement Plan, Water Conservation Plan, Non-Renewable Energy Conservation Plan, Community Purpose Facilities [CPF] Master Plan, and Fiscal Impact Analysis [FIA]). Figure 4 illustrates the proposed amendments to the SPA-level Land Use map, followed by a detailed description of the proposed changes to the SPA Plan. Figure 5. Village Seven SPA Plan Land Use Map Amendment The proposed amendment to the Village Seven SPA Plan includes the following changes: 1. Rezone Neighborhood R-3 from Single Family Three (SF3) to Residential Multi Family One (RM1), which permits housing densities from 8 units/acre up to 14.9 units/acre. Assign 43 units to Neighborhood R-3. 2. Rezone Neighborhood R-4 from Single Family Three (SF4) to Residential Multi Family Two (RM2), which permits housing densities from 15+ units/acre. Assign 121 units to Neighborhood R-4. 3. Rezone Neighborhood R-8 from SF3 to RM1. Assign 123 units to Neighborhood R-8. 4. Update the Site Utilization Plan and the associated tables are reflect the above changes. 5. Update graphics throughout the SPA Plan to reflect the decrease of approximately 40 acres in the land area of Village Seven. This reduction is a result of a previously approved amendment to Village Eight, which incorporated the southernmost portion of Village Seven into its boundary. Another applicant handled the boundary adjustment between Village Seven and Village Eight. Page 530 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 24 However, Village Seven SPA Plan has not been revised to reflect the approved area reduction and the removal of previously planned land uses. 6. Amendment the Administrative Procedures in the PC District Regulations provides for administrative-level review by the Zoning Administrator for residential Design Review applications that meet all applicable objective development standards of Village Seven PC District Regulations and Village Design Plan. Under the updated procedure, a project is reviewed by the Planning Commission only when the applicant is requesting major adjustments to development standards because additional design flexibility is desired, such as an increase in the height of the building or a reduction in common open space by more than 10 percent of the applicable standard. 7. Update the Village Design Plan with guidelines for multi-family neighborhoods. In addition to the traditional “Mission,” “Moorish,” and “Ranch” style architecture, the project will allow for a more timeless architectural vernacular, including “Contemporary Spanish Mediterranean” and “California Farmhouse,” which are more harmonious with the neighborhoods in the surrounding area, including Village Two, Village Three, and Village Eight. 8. Add Design Review checklists for the multi-family neighborhoods R3, R-4 and R-8. 9. The following components of the SPA Plan have been updated accordingly: a) SPA Plan b) PC District Regulations c) Village Design Plan d) Fiscal Impact Analysis (FIA) Letter Update e) Affordable Housing Program f) Air Quality Improvement Plan g) Water Conservation Plan h) Non-Renewable Energy Conservation Plan i) Parks, Recreation, Open Space and Trails Plan j) Community Purpose Facilities Master Plan (provided as Chapter II.2.7.13 of the SPA Plan document) k) Supporting technical studies: a. Traffic study b. Geotechnical study c. Sewer and Water System Analysis d. Fire Protection Plan Page 531 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 25 VII. CONCLUSION The necessary findings have been made and this written narrative and accompanying documentation demonstrate consistency of the application with the applicable provisions of Chula Vista Development Code. Additionally, our analysis shows that the proposed amendments align with the overall vision for Village Seven established in the Otay Ranch GDP and the approved SPA Plan and will result in a more positive outcome for our community. The evidence in the record is substantial and supports approval of the application. Therefore, the Applicant respectfully requests that the City approve this application. Page 532 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 26 Exhibit A VILLAGE SEVEN AREA TAKEOFFS Page 533 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 534 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Attachment 6 Otay Ranch Village Seven Sectional Planning Area Plan Amendment and Appendices https://cvapps.chulavistaca.gov/WebLink/browse.aspx?startid=259314 Page 535 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda August 23 2024 Maria Miller Director of Planning and Entitlement Baldwin and Sons 610 W, Ash Street, Suite 1500 San Diego, CA 92101 Re: Updating the Otay Ranch Village 7 PFFP and FIA Based on Minor Land Use Change Dear Maria: We have reviewed the proposed amendment to the Village 7 Sectional Planning Area (SPA) Plan. The amendment would reallocate 171 units, currently approved for development in Village Seven in the Otay Ranch General Development Plan (GDP) but not yet assigned to any neighborhood, and rezone 287 single-family units to multi-family use across neighborhoods R-3, R-4, and R-8 (collectively referred to as "the Project"). Importantly, this change does not increase the total number of approved residential units within Village 7, which remains at 1,456. Key Points: 1. Land Use Changes: Under the existing entitlements, the Project would be developed with 116 single-family homes (13 units in Neighborhoods R-3, 59 units in Neighborhood R-4, and 44 units in Neighborhood R-8). Table 1 Existing Village Seven Entitlement Neighborhood Product Type Number of Res. Units Res. Density R-1 (built-out) Single-Family 346 6.8 R-2 (built-out) Single-Family 375 7.4 R-3 Single-Family 13 5.3 R-4 Single-Family 59 5.8 R-8 Single-Family 44 5.3 R-5 (built-out) Multi-Family 132 7.6 R-6 (built-out) Multi-Family 193 15.4 Page 536 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda R-7 (built-out) Multi-Family 123 15.4 Banked GDP units (not assigned to any neighborhood) Single-Family 171 5.3 Total Residential Units: 1,456 The proposed amendment would reallocate 171 banked units that are not currently assigned to any specific neighborhood, to the Project. The amendment would permit the construction of 287 multi-family units distributed as follows: 43 units in Neighborhoods R-3, 121 units in Neighborhood R-4, and 123 units in Neighborhood R-8. Table 2 Proposed Amendment to Village Seven Entitlement Neighborhood Product Type Number of Res. Units Res. Density R-1 (built-out) Single-Family 346 6.8 R-2 (built-out) Single-Family 375 7.4 R-3 Multi--Family 43 17.9 R-4 Multi-Family 121 38.6 R-8 Multi-Family 123 14.8 R-5 (built-out) Multi-Family 132 7.6 R-6 (built-out) Multi-Family 193 15.4 R-7 (built-out) Multi-Family 123 15.4 Banked GDP units (not assigned to any neighborhood) 0 5.3 Total Residential Units: 1,456 2. Fiscal Impact Analysis: We utilized the City of Chula Vista's model to assess the fiscal impact of the proposed changes. Our analysis shows: • Existing Scenario (116 single-family units): Net fiscal surplus of $4,379,275 over 20 years • Proposed Scenario (287 multi-family units): Net fiscal surplus of $1,222,520 over 20 years. Both scenarios represent a positive fiscal impact for the City of Chula Vista. The difference can be attributed to the lower assessed value per unit for multi-family housing compared to single- family homes and the potential increased costs for serving a larger number of units. Table 3 Fiscal Analysis for Year 20 “As-Is” vs. Proposed Development Scenarios Existing Proposed Number of Units 116 287 Land Use Single-Family Multi-Family Est. Assessed Value/unit $ 1,126,300 $ 602,595 General Fund Revenues (Y20) $ 554,774 $ 905,873 General Fund Expenditures (Y20) $ 265,943 $ 831,044 Project Net Revenues (Y20) $ 288,831 $ 74,829 Page 537 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 3. Public Facilities Financing Plan (PFFP): We have also reviewed the PFFP prepared by Burkett and Wong dated 10/12/2005 which outlined the facilities necessary to serve the proposed Village 7 development. Based on our review, the facilities described in the PFFP necessary to serve Village 7 have already been completed and should have sufficient capacity to serve the proposed Project. As such we do not believe it is warranted or necessary to prepare any update or supplement to the PFFP as the facilities are already built, no additional off-site facilities are required, and the change will not impact the report’s findings. Conclusions: 1. Both of the potential development scenarios result in a positive fiscal impact each year and result in a cumulative fiscal surplus to the City. 2. Existing public facilities are adequate to serve the proposed development without additional investment which is not accounted for in the fiscal impact analysis model and will likely result in a higher fiscal surplus for each scenario. Overall, the proposed amendment appears to offer a balanced approach to development, maintaining fiscal responsibility while potentially addressing broader community needs through increased housing options. Please let us know if you have any questions or comments. Sincerely, Peter Piller Managing Principal Page 538 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Exhibit A: Land Use Information Page 539 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda N'hood No. of Res Units Zoning (Density) Valuation (Base Price) Total Value R-3 13 SF4 5.3 du/ac 1,050,000$ 13,650,000$ R-4 59 SF3 5.8 du/ac 1,200,000$ 70,800,000$ R-8 44 SF4 5.3 du/ac 1,050,000$ 46,200,000$ Total:116 130,650,000$ R-3 43 RM1 17.9 du/ac 687,000$ 29,541,000$ R-4 121 RM2 38.6 du/ac 486,800$ 58,902,800$ R-8 123 RM1 14.8 du/ac 687,000$ 84,501,000$ 287 172,944,800$ As-Is Condition /Current Zoning Future Condition/Proposed Amendment Land Use Information August 23, 2024 Page 540 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Exhibit B: Existing Scenario Page 541 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year 1 2 3 4 5 6 7 Single Family Residential - 98 196 294 325 325 325 Multi-Family Residential - - - - - - - Total (Per Capita Base)- 98 196 294 325 325 325 Employment Population - 5 10 15 16 16 16 Totals - 103 206 309 341 341 341 Single Family Residential - 35 70 105 116 116 116 Multi-Family Residential - - - - - - - Totals - 35 70 105 116 116 116 Year 1 2 3 4 5 6 7 General Fund Revenues Tax Revenues Property Tax AV -$ 50,663$ 103,352$ 158,129$ 178,189$ 181,753$ 185,388$ Sales and Use Tax Per Capita - 15,685 32,188 49,602 55,608 56,441 57,299 Sales and Use Tax - Project Specific Project Specific - - - - - - - Transient Occupancy Tax Per Capita - 3,439 6,948 10,470 11,624 11,684 11,746 Property Tax In-Lieu of VLF Project Specific - 34,800 71,337 109,321 123,231 125,702 128,223 Franchise Fees Per Capita - 4,850 9,743 14,683 16,301 16,384 16,472 Other Taxes Per Capita - 2,327 4,453 6,576 7,177 7,091 7,009 Subtotal Tax Revenues - 111,764 228,022 348,782 392,129 399,055 406,136 Other Revenues Per Capita - 216 1,093 1,707 1,858 1,830 1,804 Licenses and Permits Per Capita - 1,477 1,126 1,696 1,846 1,819 1,793 Fines, forfeitures, penalties Per Capita - 345 885 1,334 1,452 1,430 1,410 Use of Money & Property Per Capita - 1,672 3,292 4,865 5,295 5,217 5,142 Charges for Services No Forecast - - - - - - - Intergovernmental Per Capita - 797 1,525 2,298 2,501 2,465 2,430 Subtotal Other Revenues - 4,507 7,921 11,899 12,951 12,763 12,579 Total General Fund Revenues -$ 116,271$ 235,943$ 360,681$ 405,081$ 411,818$ 418,715$ General Fund Expenditures General Government Per Capita -$ 1,465$ 2,967$ 4,504$ 5,045$ 5,108$ 5,168$ Community Development (20%)Per Capita - 290 586 890 997 1,010 1,022 Public Works/Engineering (20%)Per Capita - 1,637 3,315 5,033 5,638 5,708 5,775 Maintenance Costs Project Specific - - - - - - - PC/EMP Base Drainage Management System 26.50$ - 2,643 5,285 7,928 8,758 8,758 8,758 Building Management System 4.10 - 408 817 1,225 1,353 1,353 1,353 Parks Management System 15.68 - 1,563 3,126 4,690 5,181 5,181 5,181 Open Space Management System 6.72 - 670 1,340 2,010 2,220 2,220 2,220 Fleet Management System 3.73 - 372 744 1,117 1,234 1,234 1,234 Pavement Annual (PMP)14.18 - 1,414 2,829 4,243 4,687 4,687 4,687 General Govt Management System 0.65 - 65 130 195 216 216 216 Urban Forestry Management System 6.72 - 670 1,340 2,010 2,220 2,220 2,220 78.28$ - 7,806 15,611 23,417 25,870 25,870 25,870 Community Services Per Capita - 1,014 2,053 3,117 3,491 3,535 3,576 Public Safety: Police Services Project Specific - 17,991 35,833 56,485 64,158 65,929 67,850 Fire Services Project Specific - 15,516 43,100 67,940 77,169 79,300 81,610 Animal Control Services Per Capita - 1,463 2,962 4,497 5,037 5,100 5,159 Total Public Safety - 34,970 81,894 128,922 146,364 150,329 154,619 Total General Fund Expenditures -$ 47,181$ 106,426$ 165,883$ 187,405$ 191,560$ 196,030$ Projected Net Revenues/(Shortfall)$0 $69,089 $129,516 $194,799 $217,676 $220,258 $222,686 Population Number of Homes Page 542 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year Single Family Residential Multi-Family Residential Total (Per Capita Base) Employment Population Totals Single Family Residential Multi-Family Residential Totals Year General Fund Revenues Tax Revenues Property Tax AV Sales and Use Tax Per Capita Sales and Use Tax - Project Specific Project Specific Transient Occupancy Tax Per Capita Property Tax In-Lieu of VLF Project Specific Franchise Fees Per Capita Other Taxes Per Capita Subtotal Tax Revenues Other Revenues Per Capita Licenses and Permits Per Capita Fines, forfeitures, penalties Per Capita Use of Money & Property Per Capita Charges for Services No Forecast Intergovernmental Per Capita Subtotal Other Revenues Total General Fund Revenues General Fund Expenditures General Government Per Capita Community Development (20%)Per Capita Public Works/Engineering (20%)Per Capita Maintenance Costs Project Specific PC/EMP Base Drainage Management System 26.50$ Building Management System 4.10 Parks Management System 15.68 Open Space Management System 6.72 Fleet Management System 3.73 Pavement Annual (PMP)14.18 General Govt Management System 0.65 Urban Forestry Management System 6.72 78.28$ Community Services Per Capita Public Safety: Police Services Project Specific Fire Services Project Specific Animal Control Services Per Capita Total Public Safety Total General Fund Expenditures Projected Net Revenues/(Shortfall) Population Number of Homes 8 9 10 11 12 13 14 15 325 325 325 325 325 325 325 325 - - - - - - - - 325 325 325 325 325 325 325 325 16 16 16 16 16 16 16 16 341 341 341 341 341 341 341 341 116 116 116 116 116 116 116 116 - - - - - - - - 116 116 116 116 116 116 116 116 8 9 10 11 12 13 14 15 189,095$ 192,877$ 196,735$ 200,670$ 204,683$ 208,777$ 212,952$ 217,211$ 58,181 59,603 61,391 63,232 65,129 67,083 69,096 71,169 - - - - - - - - 11,811 11,982 12,342 12,712 13,094 13,486 13,891 14,308 130,794 133,417 136,092 138,820 141,603 144,442 147,337 150,291 16,563 16,803 17,307 17,826 18,361 18,912 19,479 20,064 6,928 6,910 7,117 7,330 7,550 7,777 8,010 8,251 413,374 421,592 430,983 440,591 450,421 460,477 470,766 481,293 1,779 1,769 1,822 1,877 1,933 1,991 2,051 2,112 1,768 1,758 1,811 1,865 1,921 1,979 2,038 2,099 1,390 1,382 1,424 1,467 1,511 1,556 1,603 1,651 5,070 5,042 5,193 5,349 5,510 5,675 5,845 6,021 - - - - - - - - 2,395 2,382 2,454 2,527 2,603 2,681 2,762 2,844 12,401 12,334 12,704 13,085 13,478 13,882 14,298 14,727 425,775$ 433,926$ 443,687$ 453,676$ 463,898$ 474,359$ 485,064$ 496,020$ 5,231$ 5,339$ 5,466$ 5,602$ 5,740$ 5,883$ 6,030$ 6,181$ 1,034 1,056 1,081 1,107 1,135 1,163 1,192 1,222 5,845 5,966 6,108 6,260 6,415 6,574 6,738 6,908 - - - - - - - - 8,758 8,758 8,758 8,758 8,758 8,758 8,758 8,758 1,353 1,353 1,353 1,353 1,353 1,353 1,353 1,353 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,181 2,220 2,220 2,220 2,220 2,220 2,220 2,220 2,220 1,234 1,234 1,234 1,234 1,234 1,234 1,234 1,234 4,687 4,687 4,687 4,687 4,687 4,687 4,687 4,687 216 216 216 216 216 216 216 216 2,220 2,220 2,220 2,220 2,220 2,220 2,220 2,220 25,870 25,870 25,870 25,870 25,870 25,870 25,870 25,870 3,620 3,695 3,783 3,876 3,972 4,071 4,173 4,277 69,717 71,459 73,246 75,077 76,954 78,878 80,850 82,871 83,855 86,069 88,371 90,688 93,333 96,152 99,036 102,008 5,222 5,330 5,457 5,593 5,731 5,873 6,020 6,171 158,794 162,859 167,074 171,358 176,018 180,903 185,906 191,050 200,394$ 204,784$ 209,382$ 214,073$ 219,150$ 224,464$ 229,909$ 235,509$ $225,381 $229,142 $234,305 $239,603 $244,749 $249,895 $255,155 $260,511 Page 543 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year Single Family Residential Multi-Family Residential Total (Per Capita Base) Employment Population Totals Single Family Residential Multi-Family Residential Totals Year General Fund Revenues Tax Revenues Property Tax AV Sales and Use Tax Per Capita Sales and Use Tax - Project Specific Project Specific Transient Occupancy Tax Per Capita Property Tax In-Lieu of VLF Project Specific Franchise Fees Per Capita Other Taxes Per Capita Subtotal Tax Revenues Other Revenues Per Capita Licenses and Permits Per Capita Fines, forfeitures, penalties Per Capita Use of Money & Property Per Capita Charges for Services No Forecast Intergovernmental Per Capita Subtotal Other Revenues Total General Fund Revenues General Fund Expenditures General Government Per Capita Community Development (20%)Per Capita Public Works/Engineering (20%)Per Capita Maintenance Costs Project Specific PC/EMP Base Drainage Management System 26.50$ Building Management System 4.10 Parks Management System 15.68 Open Space Management System 6.72 Fleet Management System 3.73 Pavement Annual (PMP)14.18 General Govt Management System 0.65 Urban Forestry Management System 6.72 78.28$ Community Services Per Capita Public Safety: Police Services Project Specific Fire Services Project Specific Animal Control Services Per Capita Total Public Safety Total General Fund Expenditures Projected Net Revenues/(Shortfall) Population Number of Homes 16 17 18 19 20 325 325 325 325 325 - - - - - 325 325 325 325 325 16 16 16 16 16 341 341 341 341 341 116 116 116 116 116 - - - - - 116 116 116 116 116 16 17 18 19 20 221,555$ 225,987$ 230,506$ 235,116$ 239,819$ 73,304 75,503 77,768 80,101 82,504 - - - - - 14,737 15,179 15,634 16,103 16,586 153,303 156,376 159,510 162,707 165,968 20,666 21,286 21,924 22,582 23,259 8,498 8,753 9,016 9,286 9,565 492,063 503,083 514,358 525,896 537,701 2,176 2,241 2,308 2,377 2,449 2,162 2,227 2,294 2,363 2,434 1,700 1,751 1,804 1,858 1,914 6,201 6,387 6,579 6,776 6,980 - - - - - 2,930 3,018 3,108 3,201 3,297 15,169 15,624 16,093 16,576 17,073 507,232$ 518,707$ 530,451$ 542,471$ 554,774$ 6,337$ 6,494$ 6,656$ 6,830$ 7,005$ 1,253 1,284 1,316 1,350 1,385 7,081 7,257 7,438 7,632 7,827 - - - - - 8,758 8,758 8,758 8,758 8,758 1,353 1,353 1,353 1,353 1,353 5,181 5,181 5,181 5,181 5,181 2,220 2,220 2,220 2,220 2,220 1,234 1,234 1,234 1,234 1,234 4,687 4,687 4,687 4,687 4,687 216 216 216 216 216 2,220 2,220 2,220 2,220 2,220 25,870 25,870 25,870 25,870 25,870 4,385 4,494 4,606 4,726 4,847 84,943 87,066 89,243 91,474 93,761 105,068 108,220 111,466 114,810 118,255 6,326 6,484 6,645 6,819 6,993 196,337 201,770 207,355 213,104 219,009 241,262$ 247,169$ 253,240$ 259,513$ 265,943$ $265,970 $271,538 $277,212 $282,959 $288,831 Page 544 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year 1 2 3 4 5 6 7 Property Tax Analysis Residential Units Single Family Residential Total Cumulative SFR Units 116 - 35 70 105 116 116 116 Total Cumulative Residents 2.80 - 98 196 294 325 325 325 Percentage Complete 0%30%60%91%100%100%100% Constructed Assessed Values $130,650,000 $0 $39,420,259 $78,840,517 $118,260,776 $130,650,000 $130,650,000 $130,650,000 Multi-Family Residential - Attached Townhomes Total Cumulative MFR Units - - - - - - - Total Cumulative Residents 2.80 - - - - - - - Percentage Complete Constructed Assessed Values $0 $0 $0 $0 $0 $0 $0 Total Cumulative Residents - 98 196 294 325 325 325 Commercial Percentage Complete 0%0%0%0%0%0%0% Constructed Assessed Values -$ -$ -$ -$ -$ -$ -$ -$ Industrial Percentage Complete 0%0%0%0%0%0%0% Constructed Assessed Values -$ -$ -$ -$ -$ -$ -$ -$ Office Percentage Complete 0%0%0%0%0%0%0% Constructed Assessed Values -$ -$ -$ -$ -$ -$ -$ -$ Hotel Percentage Complete 0%0%0%0%0%0%0% Constructed Assessed Values -$ -$ -$ -$ -$ -$ -$ -$ Constructed Assessed Values Total Current Period Assessed Value Additions -$ 39,420,259$ 78,840,517$ 118,260,776$ 130,650,000$ 130,650,000$ 130,650,000$ Inflation Factor 2.00%100.00%102.00%104.04%106.12%108.24%110.41%112.62% Total AV - Inflated $0 $40,208,664 $82,025,674 $125,499,281 $141,419,762 $144,248,157 $147,133,120 Cumulative AV (w/o Prior Years Inflation)$0 $40,208,664 $82,025,674 $125,499,281 $141,419,762 $144,248,157 $147,133,120 Prior Years AV Inflation Factor 2.00%0.00%2.00%2.00%2.00%2.00%2.00%2.00% Prior Years AV Inflation Amount $0 $0 $0 $0 $0 $0 $0 Cumulative Residential AV - Inflated $0 $40,208,664 $82,025,674 $125,499,281 $141,419,762 $144,248,157 $147,133,120 Property Tax Revenue Estimate Ad-Valorem 1.00%-$ 402,087$ 820,257$ 1,254,993$ 1,414,198$ 1,442,482$ 1,471,331$ Total AV Tax Due to City 12.60%$0 $50,663 $103,352 $158,129 $178,189 $181,753 $185,388 Page 545 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year Property Tax Analysis Residential Units Single Family Residential Total Cumulative SFR Units Total Cumulative Residents Percentage Complete Constructed Assessed Values Multi-Family Residential - Attached Townhomes Total Cumulative MFR Units Total Cumulative Residents Percentage Complete Constructed Assessed Values Total Cumulative Residents Commercial Percentage Complete Constructed Assessed Values Industrial Percentage Complete Constructed Assessed Values Office Percentage Complete Constructed Assessed Values Hotel Percentage Complete Constructed Assessed Values Constructed Assessed Values Total Current Period Assessed Value Additions Inflation Factor Total AV - Inflated Cumulative AV (w/o Prior Years Inflation) Prior Years AV Inflation Factor Prior Years AV Inflation Amount Cumulative Residential AV - Inflated Property Tax Revenue Estimate Ad-Valorem Total AV Tax Due to City 8 9 10 11 12 13 14 15 116 116 116 116 116 116 116 116 325 325 325 325 325 325 325 325 100%100%100%100%100%100%100%100% $130,650,000 $130,650,000 $130,650,000 $130,650,000 $130,650,000 $130,650,000 $130,650,000 $130,650,000 - - - - - - - - - - - - - - - - $0 $0 $0 $0 $0 $0 $0 $0 325 325 325 325 325 325 325 325 0%0%0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ -$ -$ 0%0%0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ -$ -$ 0%0%0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ -$ -$ 0%0%0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ -$ -$ 130,650,000$ 130,650,000$ 130,650,000$ 130,650,000$ 130,650,000$ 130,650,000$ 130,650,000$ 130,650,000$ 114.87%117.17%119.51%121.90%124.34%126.82%129.36%131.95% $150,075,782 $153,077,298 $156,138,844 $159,261,621 $162,446,853 $165,695,790 $169,009,706 $172,389,900 $150,075,782 $153,077,298 $156,138,844 $159,261,621 $162,446,853 $165,695,790 $169,009,706 $172,389,900 2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00% $0 $0 $0 $0 $0 $0 $0 $0 $150,075,782 $153,077,298 $156,138,844 $159,261,621 $162,446,853 $165,695,790 $169,009,706 $172,389,900 1,500,758$ 1,530,773$ 1,561,388$ 1,592,616$ 1,624,469$ 1,656,958$ 1,690,097$ 1,723,899$ $189,095 $192,877 $196,735 $200,670 $204,683 $208,777 $212,952 $217,211 Page 546 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year Property Tax Analysis Residential Units Single Family Residential Total Cumulative SFR Units Total Cumulative Residents Percentage Complete Constructed Assessed Values Multi-Family Residential - Attached Townhomes Total Cumulative MFR Units Total Cumulative Residents Percentage Complete Constructed Assessed Values Total Cumulative Residents Commercial Percentage Complete Constructed Assessed Values Industrial Percentage Complete Constructed Assessed Values Office Percentage Complete Constructed Assessed Values Hotel Percentage Complete Constructed Assessed Values Constructed Assessed Values Total Current Period Assessed Value Additions Inflation Factor Total AV - Inflated Cumulative AV (w/o Prior Years Inflation) Prior Years AV Inflation Factor Prior Years AV Inflation Amount Cumulative Residential AV - Inflated Property Tax Revenue Estimate Ad-Valorem Total AV Tax Due to City 16 17 18 19 20 116 116 116 116 116 325 325 325 325 325 100%100%100%100%100% $130,650,000 $130,650,000 $130,650,000 $130,650,000 $130,650,000 - - - - - - - - - - $0 $0 $0 $0 $0 325 325 325 325 325 0%0%0%0%0% -$ -$ -$ -$ -$ 0%0%0%0%0% -$ -$ -$ -$ -$ 0%0%0%0%0% -$ -$ -$ -$ -$ 0%0%0%0%0% -$ -$ -$ -$ -$ 130,650,000$ 130,650,000$ 130,650,000$ 130,650,000$ 130,650,000$ 134.59%137.28%140.02%142.82%145.68% $175,837,698 $179,354,452 $182,941,541 $186,600,372 $190,332,380 $175,837,698 $179,354,452 $182,941,541 $186,600,372 $190,332,380 2.00%2.00%2.00%2.00%2.00% $0 $0 $0 $0 $0 $175,837,698 $179,354,452 $182,941,541 $186,600,372 $190,332,380 1,758,377$ 1,793,545$ 1,829,415$ 1,866,004$ 1,903,324$ $221,555 $225,987 $230,506 $235,116 $239,819 Page 547 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Exhibit C: Proposed Scenario Page 548 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year 1 2 3 4 5 6 7 Single Family Residential - - - - - - - Multi-Family Residential - 210 420 630 804 804 804 Total (Per Capita Base)- 210 420 630 804 804 804 Employment Population - 11 21 32 40 40 40 Totals - 221 441 662 844 844 844 Single Family Residential - - - - - - - Multi-Family Residential - 75 150 225 287 287 287 Totals - 75 150 225 287 287 287 Year 1 2 3 4 5 6 7 General Fund Revenues Tax Revenues Property Tax AV -$ 58,084$ 118,492$ 181,292$ 235,873$ 240,591$ 245,403$ Sales and Use Tax Per Capita - 33,610 68,975 106,291 137,581 139,642 141,765 Sales and Use Tax - Project Specific Project Specific - - - - - - - Transient Occupancy Tax Per Capita - 7,369 14,888 22,437 28,760 28,907 29,062 Property Tax In-Lieu of VLF Project Specific - 39,946 81,835 125,383 163,232 166,503 169,840 Franchise Fees Per Capita - 10,393 20,878 31,463 40,330 40,537 40,754 Other Taxes Per Capita - 4,987 9,543 14,091 17,756 17,545 17,340 Subtotal Tax Revenues - 154,389 314,610 480,957 623,532 633,725 644,162 Other Revenues Per Capita - 464 2,342 3,657 4,596 4,529 4,464 Licenses and Permits Per Capita - 3,165 2,412 3,635 4,568 4,501 4,436 Fines, forfeitures, penalties Per Capita - 740 1,896 2,858 3,592 3,539 3,488 Use of Money & Property Per Capita - 3,582 7,055 10,424 13,100 12,909 12,723 Charges for Services No Forecast - - - - - - - Intergovernmental Per Capita - 1,707 3,268 4,925 6,189 6,099 6,011 Subtotal Other Revenues - 9,658 16,974 25,499 32,044 31,577 31,123 Total General Fund Revenues -$ 164,046$ 331,584$ 506,456$ 655,576$ 665,302$ 675,285$ General Fund Expenditures General Government Per Capita -$ 3,139$ 6,357$ 9,651$ 12,482$ 12,639$ 12,786$ Community Development (20%)Per Capita - 621 1,257 1,908 2,468 2,499 2,528 Public Works/Engineering (20%)Per Capita - 3,508 7,104 10,785 13,948 14,123 14,288 Maintenance Costs Project Specific - - - - - - - PC/EMP Base Drainage Management System 26.50$ - 5,663 11,325 16,988 21,669 21,669 21,669 Building Management System 4.10 - 875 1,750 2,625 3,349 3,349 3,349 Parks Management System 15.68 - 3,350 6,699 10,049 12,818 12,818 12,818 Open Space Management System 6.72 - 1,436 2,871 4,307 5,493 5,493 5,493 Fleet Management System 3.73 - 798 1,595 2,393 3,052 3,052 3,052 Pavement Annual (PMP)14.18 - 3,031 6,061 9,092 11,597 11,597 11,597 General Govt Management System 0.65 - 140 279 419 534 534 534 Urban Forestry Management System 6.72 - 1,436 2,871 4,307 5,493 5,493 5,493 78.28$ - 16,726 33,452 50,179 64,006 64,006 64,006 Community Services Per Capita - 2,172 4,399 6,679 8,638 8,746 8,848 Public Safety: Police Services Project Specific - 68,616 136,660 215,423 282,514 290,314 298,772 Fire Services Project Specific - 32,359 89,886 141,691 185,820 190,950 196,513 Animal Control Services Per Capita - 3,134 6,347 9,636 12,462 12,618 12,765 Total Public Safety - 104,109 232,893 366,750 480,795 493,883 508,050 Total General Fund Expenditures -$ 130,276$ 285,461$ 445,952$ 582,337$ 595,894$ 610,505$ Projected Net Revenues/(Shortfall)$0 $33,771 $46,123 $60,504 $73,239 $69,407 $64,780 Population Number of Homes Page 549 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year Single Family Residential Multi-Family Residential Total (Per Capita Base) Employment Population Totals Single Family Residential Multi-Family Residential Totals Year General Fund Revenues Tax Revenues Property Tax AV Sales and Use Tax Per Capita Sales and Use Tax - Project Specific Project Specific Transient Occupancy Tax Per Capita Property Tax In-Lieu of VLF Project Specific Franchise Fees Per Capita Other Taxes Per Capita Subtotal Tax Revenues Other Revenues Per Capita Licenses and Permits Per Capita Fines, forfeitures, penalties Per Capita Use of Money & Property Per Capita Charges for Services No Forecast Intergovernmental Per Capita Subtotal Other Revenues Total General Fund Revenues General Fund Expenditures General Government Per Capita Community Development (20%)Per Capita Public Works/Engineering (20%)Per Capita Maintenance Costs Project Specific PC/EMP Base Drainage Management System 26.50$ Building Management System 4.10 Parks Management System 15.68 Open Space Management System 6.72 Fleet Management System 3.73 Pavement Annual (PMP)14.18 General Govt Management System 0.65 Urban Forestry Management System 6.72 78.28$ Community Services Per Capita Public Safety: Police Services Project Specific Fire Services Project Specific Animal Control Services Per Capita Total Public Safety Total General Fund Expenditures Projected Net Revenues/(Shortfall) Population Number of Homes 8 9 10 11 12 13 14 15 - - - - - - - - 804 804 804 804 804 804 804 804 804 804 804 804 804 804 804 804 40 40 40 40 40 40 40 40 844 844 844 844 844 844 844 844 - - - - - - - - 287 287 287 287 287 287 287 287 287 287 287 287 287 287 287 287 8 9 10 11 12 13 14 15 250,311$ 255,317$ 260,423$ 265,632$ 270,944$ 276,363$ 281,890$ 287,528$ 143,949 147,465 151,889 156,446 161,139 165,973 170,953 176,081 - - - - - - - - 29,223 29,646 30,536 31,452 32,395 33,367 34,368 35,399 173,243 176,714 180,255 183,867 187,551 191,309 195,141 199,051 40,980 41,573 42,820 44,105 45,428 46,791 48,195 49,641 17,141 17,096 17,608 18,137 18,681 19,241 19,818 20,413 654,847 667,811 683,532 699,638 716,139 733,044 750,366 768,113 4,401 4,377 4,508 4,643 4,783 4,926 5,074 5,226 4,374 4,350 4,480 4,615 4,753 4,896 5,043 5,194 3,439 3,420 3,523 3,629 3,737 3,850 3,965 4,084 12,543 12,475 12,849 13,235 13,632 14,041 14,462 14,896 - - - - - - - - 5,926 5,894 6,071 6,253 6,440 6,634 6,833 7,038 30,682 30,516 31,431 32,374 33,345 34,346 35,376 36,437 685,528$ 698,327$ 714,963$ 732,012$ 749,484$ 767,390$ 785,742$ 804,550$ 12,942$ 13,209$ 13,524$ 13,860$ 14,202$ 14,555$ 14,919$ 15,294$ 2,559 2,611 2,674 2,740 2,808 2,878 2,949 3,024 14,462 14,761 15,113 15,488 15,871 16,265 16,671 17,090 - - - - - - - - 21,669 21,669 21,669 21,669 21,669 21,669 21,669 21,669 3,349 3,349 3,349 3,349 3,349 3,349 3,349 3,349 12,818 12,818 12,818 12,818 12,818 12,818 12,818 12,818 5,493 5,493 5,493 5,493 5,493 5,493 5,493 5,493 3,052 3,052 3,052 3,052 3,052 3,052 3,052 3,052 11,597 11,597 11,597 11,597 11,597 11,597 11,597 11,597 534 534 534 534 534 534 534 534 5,493 5,493 5,493 5,493 5,493 5,493 5,493 5,493 64,006 64,006 64,006 64,006 64,006 64,006 64,006 64,006 8,956 9,141 9,359 9,591 9,828 10,072 10,324 10,583 306,991 314,666 322,532 330,596 338,861 347,332 356,015 364,916 201,919 207,252 212,793 218,373 224,742 231,530 238,476 245,630 12,921 13,188 13,502 13,837 14,179 14,532 14,895 15,269 521,831 535,105 548,828 562,806 577,782 593,394 609,386 625,815 624,755$ 638,834$ 653,504$ 668,490$ 684,496$ 701,169$ 718,255$ 735,811$ $60,773 $59,494 $61,460 $63,522 $64,988 $66,221 $67,487 $68,739 Page 550 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year Single Family Residential Multi-Family Residential Total (Per Capita Base) Employment Population Totals Single Family Residential Multi-Family Residential Totals Year General Fund Revenues Tax Revenues Property Tax AV Sales and Use Tax Per Capita Sales and Use Tax - Project Specific Project Specific Transient Occupancy Tax Per Capita Property Tax In-Lieu of VLF Project Specific Franchise Fees Per Capita Other Taxes Per Capita Subtotal Tax Revenues Other Revenues Per Capita Licenses and Permits Per Capita Fines, forfeitures, penalties Per Capita Use of Money & Property Per Capita Charges for Services No Forecast Intergovernmental Per Capita Subtotal Other Revenues Total General Fund Revenues General Fund Expenditures General Government Per Capita Community Development (20%)Per Capita Public Works/Engineering (20%)Per Capita Maintenance Costs Project Specific PC/EMP Base Drainage Management System 26.50$ Building Management System 4.10 Parks Management System 15.68 Open Space Management System 6.72 Fleet Management System 3.73 Pavement Annual (PMP)14.18 General Govt Management System 0.65 Urban Forestry Management System 6.72 78.28$ Community Services Per Capita Public Safety: Police Services Project Specific Fire Services Project Specific Animal Control Services Per Capita Total Public Safety Total General Fund Expenditures Projected Net Revenues/(Shortfall) Population Number of Homes 16 17 18 19 20 - - - - - 804 804 804 804 804 804 804 804 804 804 40 40 40 40 40 844 844 844 844 844 - - - - - 287 287 287 287 287 287 287 287 287 287 16 17 18 19 20 293,279$ 299,144$ 305,127$ 311,230$ 317,454$ 181,364 186,804 192,409 198,181 204,126 - - - - - 36,461 37,555 38,681 39,842 41,037 203,039 207,106 211,255 215,486 219,803 51,130 52,664 54,244 55,871 57,547 21,025 21,656 22,306 22,975 23,664 786,297 804,930 824,022 843,585 863,632 5,383 5,544 5,711 5,882 6,058 5,350 5,510 5,676 5,846 6,021 4,206 4,333 4,463 4,597 4,734 15,343 15,803 16,277 16,765 17,268 - - - - - 7,249 7,466 7,690 7,921 8,158 37,531 38,657 39,816 41,011 42,241 823,828$ 843,586$ 863,838$ 884,596$ 905,873$ 15,678$ 16,068$ 16,467$ 16,899$ 17,330$ 3,099 3,177 3,256 3,341 3,426 17,519 17,955 18,402 18,884 19,366 - - - - - 21,669 21,669 21,669 21,669 21,669 3,349 3,349 3,349 3,349 3,349 12,818 12,818 12,818 12,818 12,818 5,493 5,493 5,493 5,493 5,493 3,052 3,052 3,052 3,052 3,052 11,597 11,597 11,597 11,597 11,597 534 534 534 534 534 5,493 5,493 5,493 5,493 5,493 64,006 64,006 64,006 64,006 64,006 10,849 11,119 11,395 11,694 11,992 374,039 383,390 392,974 402,799 412,869 252,999 260,589 268,407 276,459 284,753 15,652 16,042 16,441 16,871 17,302 642,690 660,020 677,822 696,129 714,924 753,841$ 772,344$ 791,348$ 810,951$ 831,044$ $69,986 $71,242 $72,490 $73,645 $74,829 Page 551 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year 1 2 3 4 5 6 7 Property Tax Analysis Residential Units Single Family Residential Total Cumulative SFR Units - Total Cumulative Residents 2.80 - - - - - - - Percentage Complete Constructed Assessed Values $0 $0 $0 $0 $0 $0 $0 Multi-Family Residential - Attached Townhomes Total Cumulative MFR Units 287 - 75 150 225 287 287 287 Total Cumulative Residents 2.80 - 210 420 630 804 804 804 Percentage Complete 0%26%52%78%100%100%100% Constructed Assessed Values $172,944,800 $0 $45,194,634 $90,389,268 $135,583,902 $172,944,800 $172,944,800 $172,944,800 Total Cumulative Residents - 210 420 630 804 804 804 Commercial Percentage Complete 0%0%0%0%0%0%0% Constructed Assessed Values -$ -$ -$ -$ -$ -$ -$ -$ Industrial Percentage Complete 0%0%0%0%0%0%0% Constructed Assessed Values -$ -$ -$ -$ -$ -$ -$ -$ Office Percentage Complete 0%0%0%0%0%0%0% Constructed Assessed Values -$ -$ -$ -$ -$ -$ -$ -$ Hotel Percentage Complete 0%0%0%0%0%0%0% Constructed Assessed Values -$ -$ -$ -$ -$ -$ -$ -$ Constructed Assessed Values Total Current Period Assessed Value Additions -$ 45,194,634$ 90,389,268$ 135,583,902$ 172,944,800$ 172,944,800$ 172,944,800$ Inflation Factor 2.00%100.00%102.00%104.04%106.12%108.24%110.41%112.62% Total AV - Inflated $0 $46,098,527 $94,040,995 $143,882,722 $187,201,013 $190,945,034 $194,763,934 Cumulative AV (w/o Prior Years Inflation)$0 $46,098,527 $94,040,995 $143,882,722 $187,201,013 $190,945,034 $194,763,934 Prior Years AV Inflation Factor 2.00%0.00%2.00%2.00%2.00%2.00%2.00%2.00% Prior Years AV Inflation Amount $0 $0 $0 $0 $0 $0 $0 Cumulative Residential AV - Inflated $0 $46,098,527 $94,040,995 $143,882,722 $187,201,013 $190,945,034 $194,763,934 Property Tax Revenue Estimate Ad-Valorem 1.00%-$ 460,985$ 940,410$ 1,438,827$ 1,872,010$ 1,909,450$ 1,947,639$ Total AV Tax Due to City 12.60%$0 $58,084 $118,492 $181,292 $235,873 $240,591 $245,403 Page 552 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year Property Tax Analysis Residential Units Single Family Residential Total Cumulative SFR Units Total Cumulative Residents Percentage Complete Constructed Assessed Values Multi-Family Residential - Attached Townhomes Total Cumulative MFR Units Total Cumulative Residents Percentage Complete Constructed Assessed Values Total Cumulative Residents Commercial Percentage Complete Constructed Assessed Values Industrial Percentage Complete Constructed Assessed Values Office Percentage Complete Constructed Assessed Values Hotel Percentage Complete Constructed Assessed Values Constructed Assessed Values Total Current Period Assessed Value Additions Inflation Factor Total AV - Inflated Cumulative AV (w/o Prior Years Inflation) Prior Years AV Inflation Factor Prior Years AV Inflation Amount Cumulative Residential AV - Inflated Property Tax Revenue Estimate Ad-Valorem Total AV Tax Due to City 8 9 10 11 12 13 14 - - - - - - - $0 $0 $0 $0 $0 $0 $0 287 287 287 287 287 287 287 804 804 804 804 804 804 804 100%100%100%100%100%100%100% $172,944,800 $172,944,800 $172,944,800 $172,944,800 $172,944,800 $172,944,800 $172,944,800 804 804 804 804 804 804 804 0%0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ -$ 0%0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ -$ 0%0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ -$ 0%0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ -$ 172,944,800$ 172,944,800$ 172,944,800$ 172,944,800$ 172,944,800$ 172,944,800$ 172,944,800$ 114.87%117.17%119.51%121.90%124.34%126.82%129.36% $198,659,213 $202,632,397 $206,685,045 $210,818,746 $215,035,121 $219,335,824 $223,722,540 $198,659,213 $202,632,397 $206,685,045 $210,818,746 $215,035,121 $219,335,824 $223,722,540 2.00%2.00%2.00%2.00%2.00%2.00%2.00% $0 $0 $0 $0 $0 $0 $0 $198,659,213 $202,632,397 $206,685,045 $210,818,746 $215,035,121 $219,335,824 $223,722,540 1,986,592$ 2,026,324$ 2,066,850$ 2,108,187$ 2,150,351$ 2,193,358$ 2,237,225$ $250,311 $255,317 $260,423 $265,632 $270,944 $276,363 $281,890 Page 553 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Year Property Tax Analysis Residential Units Single Family Residential Total Cumulative SFR Units Total Cumulative Residents Percentage Complete Constructed Assessed Values Multi-Family Residential - Attached Townhomes Total Cumulative MFR Units Total Cumulative Residents Percentage Complete Constructed Assessed Values Total Cumulative Residents Commercial Percentage Complete Constructed Assessed Values Industrial Percentage Complete Constructed Assessed Values Office Percentage Complete Constructed Assessed Values Hotel Percentage Complete Constructed Assessed Values Constructed Assessed Values Total Current Period Assessed Value Additions Inflation Factor Total AV - Inflated Cumulative AV (w/o Prior Years Inflation) Prior Years AV Inflation Factor Prior Years AV Inflation Amount Cumulative Residential AV - Inflated Property Tax Revenue Estimate Ad-Valorem Total AV Tax Due to City 15 16 17 18 19 20 - - - - - - $0 $0 $0 $0 $0 $0 287 287 287 287 287 287 804 804 804 804 804 804 100%100%100%100%100%100% $172,944,800 $172,944,800 $172,944,800 $172,944,800 $172,944,800 $172,944,800 804 804 804 804 804 804 0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ 0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ 0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ 0%0%0%0%0%0% -$ -$ -$ -$ -$ -$ 172,944,800$ 172,944,800$ 172,944,800$ 172,944,800$ 172,944,800$ 172,944,800$ 131.95%134.59%137.28%140.02%142.82%145.68% $228,196,991 $232,760,931 $237,416,149 $242,164,472 $247,007,762 $251,947,917 $228,196,991 $232,760,931 $237,416,149 $242,164,472 $247,007,762 $251,947,917 2.00%2.00%2.00%2.00%2.00%2.00% $0 $0 $0 $0 $0 $0 $228,196,991 $232,760,931 $237,416,149 $242,164,472 $247,007,762 $251,947,917 2,281,970$ 2,327,609$ 2,374,161$ 2,421,645$ 2,470,078$ 2,519,479$ $287,528 $293,279 $299,144 $305,127 $311,230 $317,454 Page 554 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda PC DISTRICT REGULATIONS Village Seven Sectional Planning Area (SPA) Otay Ranch GDP Proposed Draft Amendment Updated May 2024 Text Deleted Text Added Adopted October 12, 2004 by Resolution No. 2004-329 by Ordinance No. 2981 Amended ______________ by Resolution No. ________ Project Sponsors McMillin Otay Ranch, LLC 2727 Hoover Avenue National City, CA 91950 Contact: Todd Galarneau (619) 336-3959 Baldwin & Sons, LLC 610 West Ash Street, Suite 1500 San Diego, CA 92101 Contact: Maria Miller, AICP (619) 234-4050 Prepared by Cinti Land Planning 2932 Poinsettia Drive San Diego, CA 92106 Contact: Gary P. Cinti (619) 223-7408 Page 555 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Adopted (8/24/2004) Amended [Month] 2024 II.3-i PC DISTRICT REGULATIONS SECTION II.3 PLANNED COMMUNITY DISTRICT REGULATIONS TABLE OF CONTENTS Note: The Table of Contents will be automatically updated upon adoption after removal of strikeout text and deleted exhibits. II.3.1 General Provisions .................................................................................................. II.3-1 II.3.1.1 Purpose & Scope .......................................................................................................... II.3-1 II.3.1.2 Private Agreements ...................................................................................................... II.3-1 II.3.1.3 Conflicting Ordinances ................................................................................................ II.3-1 II.3.1.4 Establishment of Land Use Districts ............................................................................ II.3-1 II.3.1.5 Clarification of Ambiguity ........................................................................................... II.3-2 II.3.1.6 Effect of Regulations ................................................................................................... II.3-2 II.3.1.7 Enforcement ................................................................................................................. II.3-3 II.3.1.8 Definitions of Terms .................................................................................................... II.3-3 II.3.2 Land Use Districts Map .......................................................................................... II.3-4 II.3.2.1 District Boundaries ...................................................................................................... II.3-4 II.3.3 Residential Districts .............................................................................................. II.3-98 II.3.3.1 Purpose....................................................................................................................... II.3-98 II.3.3.2 Residential District Categories/Intent ........................................................................ II.3-98 II.3.3.3 Permitted & Conditional Uses ................................................................................... II.3-98 II.3.3.4 Property Development Standards .......................................................................... II.3-1110 II.3.3.5 Accessory Buildings, Structures and Uses ............................................................. II.3-1817 II.3.3.6 Walls & Fences ...................................................................................................... II.3-1917 II.3.3.7 Residential Sign Regulations ................................................................................. II.3-1918 II.3.3.8 Vehicle Parking ...................................................................................................... II.3-1918 II.3.3.9 Performance Standards .......................................................................................... II.3-2019 II.3.4 Community Purpose Facility District .............................................................. II.3-2321 II.3.4.1 Purpose................................................................................................................... II.3-2321 II.3.4.2 Permitted & Conditional Uses ............................................................................... II.3-2321 II.3.4.3 Accessory Uses & Buildings ................................................................................. II.3-2523 II.3.4.4 Community Purpose Facility Sign Regulations ..................................................... II.3-2523 II.3.4.5 Property Development Standards .......................................................................... II.3-2523 II.3.4.6 Parking & Loading Facilities ................................................................................. II.3-2523 II.3.4.7 Outdoor Storage ..................................................................................................... II.3-3028 II.3.4.8 Trash Storage ......................................................................................................... II.3-3028 II.3.4.9 Wall Requirements ................................................................................................ II.3-3028 II.3.4.10 Landscaping ........................................................................................................... II.3-3028 II.3.4.11 Performance Standards .......................................................................................... II.3-3028 Page 556 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Adopted (8/24/2004) Amended [Month] 2024 II.3-ii PC DISTRICT REGULATIONS II.3.5 Open Space & Parks District ........................................................................... II.3-3230 II.3.5.1 Purpose................................................................................................................... II.3-3230 II.3.5.2 Permitted & Conditional Uses ............................................................................... II.3-3230 II.3.5.3 Property Development Standards .......................................................................... II.3-3230 II.3.5.4 Accessory Uses & Buildings ................................................................................. II.3-3331 II.3.5.5 Performance Standards .......................................................................................... II.3-3331 II.3.6 Special Uses & Conditions ................................................................................ II.3-3432 II.3.6.1 Purpose................................................................................................................... II.3-3432 II.3.6.2 Temporary Uses & Special Events ........................................................................ II.3-3432 II.3.6.3 Home Occupations ................................................................................................. II.3-3633 II.3.6.4 Private Recreational Facilities ............................................................................... II.3-3634 II.3.7 Community Purpose Facility Sites................................................................... II.3-3836 II.3.7.1 Acreage Provided ................................................................................................... II.3-3836 II.3.7.2 CPF Uses................................................................................................................ II.3-3836 II.3.8 Comprehensive Sign Regulations .................................................................... II.3-3937 II.3.8.1 Purpose................................................................................................................... II.3-3937 II.3.8.2 Sign Permit Requirements & Review Procedures ................................................. II.3-3937 II.3.8.3 Enforcement, Legal Procedures & Penalties.......................................................... II.3-4442 II.3.8.4 Construction & Maintenance ................................................................................. II.3-4542 II.3.8.5 Design Standards ................................................................................................... II.3-4543 II.3.9 Legislative Procedures ...................................................................................... II.3-4745 II.3.9.1 Purpose................................................................................................................... II.3-4745 II.3.9.2 Adoption of Planned Community District Regulations ......................................... II.3-4745 II.3.9.3 Amendments .......................................................................................................... II.3-4846 II.3.10 Administrative Procedures, Conditional Uses & Variances ......................... II.3-4947 II.3.10.1 Purpose & Intent .................................................................................................... II.3-4947 II.3.10.2 Zoning Administrator - Authority .......................................................................... II.3-4947 II.3.10.3 Zoning Administrator - Required Findings ............................................................ II.3-5250 II.3.10.4 Design Review Committee .................................................................................... II.3-5350 II.3.10.5 Design Review Committee — Appeals Procedure ................................................ II.3-5351 II.3.10.6 Site Plan & Architectural Approval ....................................................................... II.3-5351 II.3.10.7 Site Plan & Architectural - Appeals ....................................................................... II.3-5554 II.3.10.8 Conditional Use Permit .......................................................................................... II.3-5554 II.3.10.9 Conditional Use Permit - Appeals ......................................................................... II.3-5655 II.3.10.10 Variance ................................................................................................................. II.3-5655 II.3.10.11 Variance - Appeals ................................................................................................. II.3-5756 II.3.11 Exceptions & Modifications ............................................................................. II.3-5857 II.3.11.1 Height Limitation Exceptions ................................................................................ II.3-5857 II.3.11.2 Projections into Required Yard Permitted ............................................................. II.3-5857 Page 557 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Adopted (8/24/2004) Amended [Month] 2024 II.3-iii PC DISTRICT REGULATIONS II.3.12 Enforcement ....................................................................................................... II.3-5958 II.3.12.1 Enforcement by City Officials ............................................................................... II.3-5958 II.3.12.2 Actions Deemed Nuisance ..................................................................................... II.3-5958 II.3.12.3 Remedies ................................................................................................................ II.3-5958 II.3.12.4 Penalties ................................................................................................................. II.3-5958 LIST OF EXHIBITS Exhibit PC-1 Exhibit PC-2 Land Use Districts.......................................................................................................... II.3-5 Sky Exposure Plane ................................................................................................. II.3-1413 Page 558 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda GENERAL PROVISIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-1 PC DISTRICT REGULATIONS SECTION II.3 PLANNED COMMUNITY DISTRICT REGULATIONS II.3.1 General Provisions II.3.1.1 Purpose & Scope The Otay Ranch Village Seven SPA Planned Community District Regulations are intended to: • Promote and protect the public health, safety and welfare of the people of the City of Chula Vista. • To safeguard and enhance the appearance and quality of development in the Village Seven Sectional Planning Area (SPA) of the Otay Ranch General Development Plan (GDP) area • To provide the social, physical and economic advantages resulting from comprehensive and orderly planned use of land resources. • Ensure that the SPA Plan is prepared and implemented in accordance with the provisions of the Otay Ranch GDP. • Implement the Chula Vista General Plan for the Eastern Territories. • Promote the orderly planning and long term phased development of the Village Seven portion of the Otay Ranch GDP area. • Establish conditions which will enable the Village Seven SPA to exist in harmony within the larger community. II.3.1.2 Private Agreements The provisions of this ordinance are not intended to abrogate any easements, covenants, or other existing agreements which are more restrictive than the provisions contained within this ordinance. II.3.1.3 Conflicting Ordinances Whenever the provisions of this ordinance impose more, or less, restrictive regulations upon construction or use of buildings and structures, or the use of lands/premises than are imposed or required by other ordinances previously adopted, the provisions of this ordinance or regulations promulgated hereunder shall apply. II.3.1.4 Establishment of Land Use Districts In order to classify, regulate, restrict and separate the use of land, buildings and structures, and to regulate and limit the type, height and bulk of buildings and structures in the various districts, and to establish the areas of yards and other open space areas abutting and between buildings and structures, and to regulate the density of population, the Village Seven SPA is hereby divided into the following Land Use Districts: Page 559 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda GENERAL PROVISIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-2 PC DISTRICT REGULATIONS VILLAGE SEVEN SPA LAND USE DISTRICTS DEFINITIONS SYMBOL GENERAL DESCRIPTION SF3 Single Family Three: District which permits single family housing located on lots >5,000 square feet SF4 Single Family Four: District which permits single family housing located on lots < 5,000 square feet. RM1 Residential Multi-Family One: District which permits housing ranging from 8 units/acre up ton14.9 units/acre including small lot single family, alley, duplex, townhouse and stacked flats product types RM2 Residential Multi-Family Two: District which permits housing at densities from 15+ units/acre. CPF Community Purpose Facility: District which permits uses established pursuant to the Community Purpose Facilities requirements of the P-C Planned Community Zone OS/P1 Open Space/Park One: District which permits developed or usable open space and park uses, and may include naturalized open space Adoption of Land Use Districts Map Land Use Districts and boundaries are established and adopted as shown, delineated and designated on the Village Seven SPA Land Use Districts Map (see Exhibit PC-1) of the city of Chula Vista and San Diego County. This map, together with all notations, references, data, district boundaries and other information thereon, are made a part of the Village Seven SPA Plan and adopted concurrently herewith. The boundaries are intended to align with physical and legal features such as property boundaries, top or toe of slopes, or streets. Refinements to these boundaries are expected during the detail planning and design phases and will not require an amendment providing the refinement does not alter the intent of the map. Refer also to Section II.3.3.4.B for provisions for boundary adjustment for certain planning areas. Amendments to the Land Use Districts Map Changes to the boundaries of the land use districts shall be made by Ordinance and shall be reflected on the Village Seven SPA Official Land Use Districts Map, as provided in Section II.3.9 herein. Minor changes resulting from the approval of a tentative or final map may be made to the Land Use Districts Map as an administrative matter. II.3.1.5 Clarification of Ambiguity If ambiguity arises concerning the proper classification of a particular land use within the meaning and intent of this Ordinance, or if ambiguity exists with respect to height, yard requirements, area requirements or land use district boundaries as set forth herein, it shall be the duty of the Zoning Administrator to ascertain all pertinent facts concerning such ambiguity and forward said findings and recommendations to the Planning Commission, or on appeal, to the City Council. If approved by the Commission, or on appeal, by the City Council, the established interpretation shall govern thereafter. Should any provision of these regulations conflict with the requirements of the Municipal Code, the provisions herein shall apply. II.3.1.6 Effect of Regulations The provisions of this Ordinance governing the use of land, buildings, structures, the size of yards abutting buildings and structures, the height and bulk of buildings, the density of population, the number of dwelling Page 560 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda GENERAL PROVISIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-3 PC DISTRICT REGULATIONS units per acre, standards of performance, and other provisions are hereby declared to be in effect upon all land included within the boundaries of each and every land use district established by this Ordinance. II.3.1.7 Enforcement See Section II.3.12 for the enforcement provisions of this Ordinance. II.3.1.8 Definitions of Terms For the purposes of this ordinance, certain words, phrases and terms used herein shall have the meaning, assigned to them by Title 19 of the City of Chula Vista Municipal Code. The following additional definitions are provided specifically for the Village Seven SPA: A. Accessory Second Unit: An independent residential living area is an accessory use to a primary single family residential use, with cooking facilities and bath, that occupies the same single family detached lot as the main residence, and is intended to provide affordable rental housing in single family detached neighborhoods. B. Hollywood Drive: A driveway which leads to a garage located behind the front elevation of the main residence, often narrow and sometimes consisting of two paved driving strips with enhanced hardscape or turf in between. C. Porch: A structure attached to the front and/or side of the main dwelling, has a minimum of two open sides, is covered by a roof and oriented towards the street. D. Semi-private Courtyard: An outdoor seating area that may project into the front yard setback, oriented to the house entry; and surrounded on three sides by either the building or low walls/fences. E. Veranda: A roofed open structure attached to the exterior of a residence creating a “wrap-around” style porch, typically orienting to both the front and side streets of a corner lot. F. Neighborhood: A Neighborhood is a land use area identified on the Site Utilization Plan in the Sectional Planning Area Plan (SPA) as a Parcel. References to Parcel or Neighborhood are interchangeable within the Village Seven SPA Plan and its component documents. When consistent with the context, words used in the present tense include the future; words in the singular number include the plural; and those in the plural number include the singular. The word “shall” is mandatory; the word “may” is permissive. Any aspect of land use regulation within Village Seven SPA not covered by these district regulations or subsequent plan approvals, shall be regulated by the applicable section of the Chula Vista Municipal Code (CVMC). Page 561 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LAND USE DISTRICTS MAP Adopted (8/24/2004) Amended [Month] 2024 II.3-4 PC DISTRICT REGULATIONS II.3.2 Land Use Districts Map This chapter consists of the Land Use Districts (Zoning) Map for Village Seven SPA included in a reduced form as Exhibit PC-1. The original Village Seven SPA Official Land Use Districts Map shall be kept on file with the City Clerk and shall constitute the original record. A copy of said map shall also be filed with the City Planning Department. The provisions of these Planned Community District Regulations shall be applicable only to that portion of the Village Seven SPA with land use district designations indicated on Exhibit PC-1. Expansion to include property within Village Seven shown as “undesignated” shall require a formal amendment per Section II.3.9.3 herein. II.3.2.1 District Boundaries The land use district boundaries shown on the map coincide with proposed streets, alleys or lot lines. Minor amendments to these boundaries resulting from the relocation of a boundary street, alley or lot line by the approval of a tentative or final subdivision map shall be incorporated in the Land Use Districts Map as an administrative matter. Page 562 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LAND USE DISTRICTS MAP Adopted (8/24/2004) Amended [Month] 2024 II.3-5 PC DISTRICT REGULATIONS Land Use Districts Exhibit PC-1 Page 563 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LAND USE DISTRICTS MAP Adopted (8/24/2004) Amended [Month] 2024 II.3-6 PC DISTRICT REGULATIONS Land Use Districts Exhibit PC-1 Page 564 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LAND USE DISTRICTS MAP Adopted (8/24/2004) Amended [Month] 2024 II.3-7 PC DISTRICT REGULATIONS Site Utilization Plan Exhibit PC-2a Page 565 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LAND USE DISTRICTS MAP Adopted (8/24/2004) Amended [Month] 2024 II.3-8 PC DISTRICT REGULATIONS Exhibit PC-2b Site Utilization Table RESIDENTIAL USE Neighborhood Land Use LU District Acres DU du/ac R-1 Single-Family Detached SF4 53.1 346 6.5 R-2 Single-Family Detached SF4, RM1 51 375 7.4 Sub-total single-family: 721 R-3 Multi-Family RM1 2.4 43 17.9 R-4 Multi-Family RM2 3.1 121 39 R-5 Multi-Family RM1 14.5 132 9.1 R-6 Multi-Family RM2 12.3 193 15.7 R-7 Multi-Family RM2 7.9 123 15.6 R-8 Multi-Family RM1 8.3 123 14.8 Sub-total multi-family: 735 Total Residential 152.6 ac. 1,456 9.5 NON-RESIDENTIAL USE Neighborhood Land Use LU District Acres P-1 Public Park P 7.6 CPF-1 Private Park CPF 1.1 CPF-2a Private Park CPF 0.9 CPF-2b CPF CPF 1.0 *Area included in R-3 S-1 High School S 53.9 S-3 Elem. School S 11.5 OS Open Space OS 42.6 Total Non-Residential 118.6 ac. FUTURE DEVELOPMENT AREA - CONCEPTUAL USES (REQUIRES A SPA AMENDMENT TO OBTAIN DEVELOPMENT APPROVAL) Neighborhood Land Use LU District Acres R-9 Residential Undesignated 42 MU Mixed-Use Undesignated 3.7 OS Open Space Undesignated 3 TS-1 Town Square Undesignated 1.9 CPF-3 CPF Undesignated 1.1 Total Future Development 51.7 ac. VILLAGE TOTAL 321.9 ac. Page 566 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-9 PC DISTRICT REGULATIONS II.3.3 Residential Districts II.3.3.1 Purpose The purpose of the Village Seven SPA Residential Districts is to achieve the following: • To implement the residential policies of the Otay Ranch General Development Plan. • To reserve appropriately located areas for family living at a broad range of dwelling unit densities consistent with the Otay Ranch General Development Plan and with sound standards of public health, safety and welfare. • To ensure adequate light, air, privacy and open space for each dwelling unit. • To minimize the effects of traffic congestion and to avoid the overloading of public services and utilities by phasing construction of buildings in relation to the land area around them and available infrastructure. • To protect residential properties from noise, illumination, unsightliness, odors, smoke and other objectionable influences. • To facilitate the provision of utility service and other public facilities commensurate with anticipated population, dwelling unit densities and service requirements. II.3.3.2 Residential District Categories/Intent Two basic residential unit types are anticipated in the Village Seven SPA: single family detached homes and attached/multi-family units. Two single family land use districts, SF3 and SF4, are utilized to distinguish single family detached units in two density ranges (see lot size development criteria). Two attached or detached multi-family districts are also established, RM1 and RM2. The RM1 is intended to accommodate typical single family attached and multi-family units ranging from duplexes and alley products to townhouses, as well as innovative housing products, falling in the range of 8 to 14.9 dwelling units per acre (du/ac). The typical housing product in the RM2 district may have stacked units and group parking and/or be three stories in height, which would be expected at densities greater than 15 du/ac. The Otay Ranch General Development Plan also authorizes small lot single family detached in multi -family designations. II.3.3.3 Permitted & Conditional Uses The matrix of land uses on the following pages indicates the relative permissive status using the following symbols: “P” = Permitted. “C” = Permitted subject to Conditional Use Permit approved by the Planning Commission. “ZA” = Permitted subject to Conditional Use Permit by the Zoning Administrator. “a” = Permitted Accessory Use to a Permitted or Conditional Use. “N” = Use Not Permitted. Page 567 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-10 PC DISTRICT REGULATIONS PERMITTED USE MATRIX - RESIDENTIAL DISTRICTS LAND USE LAND USE DISTRICT SF3 SF4 RM1 RM2 Residential Uses: Single-family dwelling, detached P P P ZA Single-family dwelling, attached N ZA P P Mobile home which is certified under the National Mobile Home Construction and Safety Standards Act of 1974 on individual lots P P P P Group residence or residential dwelling, operated by an organization, association or individual with a paid professional staff, uses may include, but are not limited to, boarding or rooming homes, dormitories and retirement homes N N C C Multiple dwellings (3 units and above) N N P P Townhouse dwellings N N P P Accessory Second Unit (see Section II.3.1.8A & II.3.3.5) a a a N Agricultural Uses: All types of horticulture P P P P Agricultural crops ZA ZA ZA ZA Community garden ZA ZA ZA ZA Public and Semi-public Uses: Day nurseries, daycare schools and nurse schools N N C C Essential public services, including but not limited to: school, library, museum, park, public works facility and other civic uses. C C C C Family daycare home, large (subject to Section 19.58 CVMC) ZA ZA C C Public safety facility such as police or fire station C C C C Public utility and public service sub-stations, reservoirs, pumping plants and similar installations, except those re gulated by the State of California C C C C Recreation facility less than 2 acres in size ZA ZA ZA ZA Recreation facility over 2 acres in size C C C C Page 568 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-11 PC DISTRICT REGULATIONS PERMITTED USE MATRIX - RESIDENTIAL DISTRICTS cont’d LAND USE LAND USE DISTRICT SF3 SF4 RM1 RM2 Home Occupations: Home occupations (subject to Section II.3.6.3) ZA ZA ZA ZA Other Uses: Keeping of up to three (3) dogs and/or three (3) cats (over the age of four months) P P P P Model homes (subject to Section II.3.6.2, Temporary Uses) ZA ZA ZA ZA Other accessory uses and accessory buildings customarily appurtenant to a permitted use (subject to Section 19.58 CVMC) P P P P Other temporary uses as prescribed in Section II.3.6.2 ZA ZA ZA ZA Temporary tract offices and tract signs (subject to Section II.3.6.2, Temporary Uses) ZA ZA ZA ZA Unclassified uses (subject to Section 19.54 CVMC) C C C C II.3.3.4 Property Development Standards A. General Standards The general standards found in this section are based on the Otay Ranch General Development Plan/Subregional Plan. Where the Specific Standards listed below are silent on an issue, the Zoning Administrator is authorized to define a standard based on the Otay Ranch General Development Plan/Subregional Plan, the Chula Vista General Plan, Zoning Ordinance, Design Manual and/or Landscape Manual, as may be appropriate. B. Specific Standards The following Property Development Standards shall apply to all land and buildings, other than accessory buildings, permitted in their respective residential land use district. The use of the symbol “DR” indicates that the standard is established by the approval of by Zoning Administrator (ZA) Design Review application and/or Tentative Tract Map. Dimensions and standards are minimums, and minor variations may be permitted subject to ZA Design Review or tract map approval, providing that the minimums specified herein are maintained as average minimums. Lot widths and depths are typical minimums but may vary slightly with irregularly shaped lots and site specific conditions. Refer to Section II.3.10 Administrative Procedures, for further information regarding processing requirements. The first Design Review submittal for either neighborhood R-6 or R-7, as depicted on the Site Utilization Plan, shall include a conceptual coordinated site plan for both neighborhoods. The boundary between these two parcels shall then be established by the first Design Review approval. Dwelling units may be transferred between the two neighborhoods, providing it does not exceed the combined total units permitted shown on the Site Utilization Plan. Page 569 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-12 PC DISTRICT REGULATIONS PROPERTY DEVELOPMENT STANDARDS FOR RESIDENTIAL DISTRICTS LOT CRITERIA DEVELOPMENT STANDARD LAND USE DISTRICT NOTES SF3 SF4 RM1 RM2 Average Lot Area (Square Feet) 5,000 4,000 DR DR As calculated for an entire SPA Neighborhood. May be reduced with Design Review approval. Average lot area is the sum of all lot areas within a SPA Neighborhood, divided by the number of lots in that Neighborhood. Minimum Lot Area (Square Feet) 4,000 3,000* DR DR *May be reduced with Design Review and/or Tentative Map approval. Maximum Lot Coverage 55% 60% DR DR Minimum Lot Depth (Feet) 90 60 DR DR Minimum Lot Width (Feet) measured at setback 45 40 DR DR Lot width may be reduced by 20% for alley products flag lot street frontage 20 20 DR DR knuckle or cul-de-sac street frontage 30 20 DR DR BUILDING HEIGHTS & PARKING REQUIREMENTS DEVELOPMENT STANDARD LAND USE DISTRICT NOTES SF3 SF4 RM1 RM2 Maximum Building Height (feet) 28’ 35’ 2-story max. at top plate. 45’ 3-story max. 45’ 65’ 34-story max. Maximum building height for two story single family homes is 35 feet subject to approval of Zoning Administrator in the SF3 Districts. On-Site Parking Requirements (Parking Spaces): Single Family Dwellings 2 2 2 2* 3 Car garages are Subject to II.4.4.1 in the Village Design Plan. * May be reduced to 1.5 space for 1 bedroom and 1.0 space for studio units. Multi-family Dwellings: per studio unit NA NA 1.0 1.0 RM requirements include 0.25 guest spaces per unit, including on-street parking. Parking may be reduced with Design Review approval for affordable or seniors housing per 1 bedroom unit NA NA 1.5 1.5 per 2 bedroom unit NA NA 2.0 2.0 per 3+ bedroom unit NA NA 2.25 2.25 Page 570 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-13 PC DISTRICT REGULATIONS PROPERTY DEVELOPMENT STANDARDS FOR RESIDENTIAL DISTRICTS YARDS & SETBACKS DEVELOPMENT STANDARD LAND USE DISIRICT NOTES SF3 SF4 RM1 RM2 Minimum Front Yard Setback feet): to direct entry garage 19.5 19.5 DR DR Measured from of sidewalk. At least one model, within any SF3 and SF4 neighborhood (SPA Neighborhood), shall have the garage setback 5 feet further than face of main residence. Maximum driveway width shall be 16 feet. Variations to driveway width in order to accommodate turning movements for certain configurators may be approved, subject to Design Review. To side entry (swing in) garage with or without residential above. 10 10 DR DR Maximum driveway approach width shall be 16 feet. to main residence 15 15 DR DR May be reduced to 10 feet for they product. To porch, entry feature, or veranda 8 8 DR DR To semi-private courtyard 6 6 DR DR Minimum Side Yard Setback (Feet): to adjacent residential lot 5 5 DR DR May be reduced for “Zero Lot Line” concepts distance between detached residences 10 10 DR DR May be reduced to zero for certain building types. Refer to Village Design Plan. to porch or veranda on corner lot 4 4 4/DR DR Measured from back of sidewalk. Fixed setback for RM1 applies only to Single Family Detached. To property line of adjacent residential street 10 10 DR DR RM1 shall have 8 foot setback for featured side of promenade street. to property line from second floor except side entry garage see note sec note DR DR Additional building separation is required for roof types as indicated in Sky Exposure Plan, Exhibit PC- 2. Refer also to Village Design Plan for guidance. to garage, including living space above, with minimum 30 foot driveway setback 0 0 0 0 Minimum Rear Yard Setback (Feet): to main residence 15 10 DR DR Second story (and above) may project 3 feet into rear yard setback. to garage with 30 foot front yard setback and with living area above 5 5 S DR Second story (and above) may project 3 feet into rear yard setback, subject to ZA Design Review. to garage off an alley 5 S 5 5 Second story (and above) may project 3 feet into rear yard setback. Page 571 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-14 PC DISTRICT REGULATIONS Sky Exposure Plane Special Setback for Structural Elements above Second Stow Top Plate for Single Family developments Exhibit PC-2 Page 572 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-15 PC DISTRICT REGULATIONS C. Pedestrian Oriented Features in Single-Family Neighborhoods: Porches/Verandas, Balconies & Semi-private Courtyards Two of three or three of four houses, depending on the number of models, in all of all single-family detached neighborhoods (SF3 or SF4) shall have at least one of the following pedestrian oriented features: porch, veranda, porch/veranda combination, semi-private courtyard, and/or balcony. Additional models shall include at least one pedestrian oriented features, such as; gateways, trellises, porte-cocheres, featured windows, or any alternative pedestrian oriented feature of a similar character that is approved as a part of Design Review. Each of the minimum porch/veranda sizes in the table outlined below shall be defined as “Sitting Area” and shall be free and clear of any structural supports or other building forms. Porch setbacks shall be measured to the clear area rather than the structural supports. 1. Porches All porches shall be oriented towards the street. Porches shall not be enclosed. Porches shall be provided at the following schedule according to lot width measured at the front setback: REQUIRED PORCH SIZE MINIMUM NEIGHBORHOOD LOT (pad) WDTH (ft.) MINIMUM PORCH SIZE (sq. ft.) <40 60 (6 foot minimum dimension) 40 - 60 60 (6 foot minimum dimension) >60 66 (6 foot minimum dimension) 2. Verandas On at least fifty percent (50%) of corner lots, “Veranda” wrap-around style porches are required where the elevation of the house pad is less than 3 feet from the adjacent pedestrian walk. Verandas shall have the same minimum dimensions as found in the above table for porches. 3. Balconies Balconies shall have a minimum dimension of six feet by eight feet and shall be oriented to view and be viewed from the pedestrian circulation system whenever possible. Balconies less than six feet in depth may not be used to satisfy porch requirements. 4. Semi-Private Courtyards A semi-private courtyard is an outdoor area in a single family detached home with usable seating area similar to a porch with no dimension less than six feet; oriented to the house entry; and surrounded on three sides by either the building, elevation change, or low walls/fences. Semi- private courtyards shall be designed such that they are an architecturally significant element of the front elevation of the house. It shall have an opening on the street side and incorporate strong architectural styling which emphasizes the pedestrian entry over the garage and driveway. Page 573 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-16 PC DISTRICT REGULATIONS 5. Featured Windows Large picture windows, bay windows and glass paneled doors oriented towards the street provide a sense of openness and a visual connection between the interior living space and the street. This visual connection enhances neighborhood security and provides an indoor seating option to porches, verandas, and courtyards. The window/doors should be proportional in scale to the wall plane and no less than four feet in width. 6. Gateways, Trellises and Porte-cocheres Gateways, trellises, porte-cocheres and similar architectural elements may be used to designate residential entries. Such features should be visually distinctive and may be free standing or attached to the residence. D. Allowable Building Area - Floor Area Ratio in Single-Family Neighborhoods The allowable building area for each lot shall be as permitted in the table on the following page. The maximum building area for single-family detached and attached products shall be that permitted by percentage of floor area to lot area (Floor Area Ratio - FAR). Homeowner additions shall be permitted only where consistent with these standards. The following are excluded from FAR calculations: 1. The first 300 square feet of a covered rear yard patio (open on two sides). A patio of up to 300 square feet shall be permitted on each residential lot and is not subject to setbacks. Any square footage above 300 square feet shall count toward the FAR. Any portion of a covered patio over 300 square feet that exceeds the FAR shall not be permitted; 2. The first 400 square feet of the garage; 3. Porches, verandas, balconies and courtyards. ALLOWABLE BUILDING AREA LAND USE DISTRICT MAXIMUM PERCENTAGE of LOT AREA (FAR) SF3 65% SF4 65% RM1 70%/DR1 RM2 DR 1 Fixed FAR applies to single family attached and detached except alley products and shared driveway; FAR for multifamily and alley products determined with design review approval. E. (FILLER) F.E. Common Useable Open Space Common usable open space shall be provided for all multi-family developments in accordance with the Chula Vista Design Manual and the table, which follows: Page 574 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-17 PC DISTRICT REGULATIONS MULTIFAMILY COMMON USABLE OPEN SPACE LAND USE DISTRICT CLASSIFICATION/DENSITY MINIMUM USABLE OPEN SPACE per DU RM1 300 sq. ft. RM2 200 sq. ft. Common usable open space in multi-family developments shall take the form of passive and active recreation areas such as swimming pools, picnic areas, ball courts, view points, etc. These areas shall not be fragmented or consist of “left over” land, driveways, parking areas or refuse storage areas, and must be pedestrian linked and/or easily accessible to the majority of residents in the development. Any portion of a lot which is less than five percent grade containing 60 square feet with no dimension less than six feet, is considered open space. Some facilities, such as swimming pools, ball courts or play areas must be centrally located. G.F. Private Usable Open Space Private usable open space shall be provided for all residential districts in accordance with the Chula Vista Design Manual and the table below: PRIVATE USABLE OPEN SPACE TYPE OF DWELLNG UNIT MINIMUM PRIVATE USABLE OPEN SPACE per DU1 Detached Single Family Per Chula Vista Design Manual2 Duplex / Attached Single Family Per Chula Vista Design Manual2 Multi-family – Townhomes w/ 1 bedroom 60 sq. ft. Multi-family – Flats (studios and one-bedrooms) 50 sq. ft. Multi-family w/ 2 bedrooms 80 sq. ft. Multi-family w/ 3 or more bedrooms 100 sq. ft. 1 May be reduced subject to Zoning Administrator Design Review approval. 2 As written as of the date these PC District Regulations were adopted. Private and common open space areas may be combined to meet the minimum overall requirement. H.G. Site Plan Review for Residential Districts Not withstanding the property development standards listed herein, development within any land use district may be approved with specific site standards through the Site Plan and Design Review Page 575 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-18 PC DISTRICT REGULATIONS process. See Section II.3.10 AdministratSite Plan Review is done during building permit review to determine compliance with prior Design Review approval. I.H. Model Home Complexes Model homes, their garages, parking lots and private recreation facilities are temporary uses and may be used as offices for the first sale of homes within a recorded tract and subsequent similar tracts utilizing the same architectural designs, subject to the regulations of the City of Chula Vista governing said uses and activities. Unless otherwise determined by the Zoning Administrator, an administrative Conditional Use Permit and administrative Design Review shall be required for model home sites. Refer to Temporary Uses Section II.3.6.2 for specific requirements for subdivision sales offices. At the discretion of the Zoning Administrator, the Conditional Use Permit may be referred to the Planning Commission or the Design Review application to the Design Review Committee, respectively, for a decision. Otherwise, administrative procedures shall be used. J.I. Building Elevations A minimum of three front elevations shall be provided for each floor plan on all single family detached residential housing. Elevations for any accessory second units (granny flats) shall be submitted at the same time as elevations for the main structure for administrative Design Review. K.J. Architectural Projections Architectural features which constitute non-usable floor space such as fire places, media niches or book shelf areas on exterior walls, eaves, awnings, chimneys, balconies, stairways, bay windows, wing walls, etc., shall not be included in building area calculations and may project into any required setback in accordance with Section II.3.11.2, herein. II.3.3.5 Accessory Buildings, Structures and Uses Accessory uses and accessory buildings customarily appurtenant to a permitted use are allowed subject to the requirements of Chapter 19.58.020 CVMC. Accessory buildings and structures, except accessory second units, attached or detached, used either wholly or in part for living purposes, shall meet all of the requirements for location of the main structure as constructed or required by the district, whichever is less restrictive, except as herein provided: A. Enclosed accessory buildings or open structures attached to the main building are subject to approval by the Zoning Administrator. Such accessory buildings shall not be allowed to encroach into required setbacks. B. Detached accessory structures are subject to the approval of the Zoning Administrator and shall meet the setback requirements of the main building, for the front and street side yard areas. Detached accessory structures may be located within an interior si de yard or rear yard, provided that such a structure is located no closer than five feet to an interior side or rear lot line and is at least six feet from the main structure, and does not exceed one-story (15-feet) in height. C. “Accessory Second Units” as defined in Section II.3.1.8 herein are permitted subject to the requirements of Section 19.58.022 CVMC except that: • Parking Requirement: One space available either on-site or at curbside. If at curbside, there must be one additional curbside guest space for main residence. If on-site, it need not be Page 576 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-19 PC DISTRICT REGULATIONS covered, but cannot block the access to the two minimum on-site covered spaces required for the main residence. • FAR: Area of an Accessory Second Unit shall not be included in the FAR calculation for the lot. II.3.3.6 Walls & Fences In any required front yard adjacent to a street, the wall, fence, or hedge shall not exceed forty -two inches in height, except as provided herein: A. Walls, fences, or hedges not more than six feet in height (measured from the top of the slope) may be maintained along, the interior side or rear lot lines, provided that such wall, fence, or hedge does not extend into a required front yard or side yard setbacks adjacent to a street, except as required by a site specific noise study or as shown on the Wall and Fencing Plan in the Village Design Plan. Corner cut-off shall be provided whenever necessary for line-of-sight visibility and safety and may be adjusted to accommodate “veranda” porches required on corner B. Freestanding walls, fences or hedges adjacent to a driveway or street providing vehicular access to an abutting lot or street shall not exceed forty-two inches in height within the front yard setback area of the lot. Freestanding walls in the front yard setback shall be no closer than five feet to the back of front sidewalk. Corner cut-offs may be required to maintain a reduced height in special circumstances for safety and visibility as determined by the City Engineer. C. Fiberglass, bamboo sheeting, chain link, chicken wire or similar temporary material shall not be permitted as a fencing material. Plexiglass is permitted for view purposes subject to approval of the Zoning Administrator. D. Walls adjacent to corner lot side yards shall be constructed of masonry or stucco in accordance with community fencing standards. Wood fences are prohibited in this location. E. Sound Walls shall not exceed eight and one-half feet in height. Refer to Village Design Plan for required barriers in excess of this maximum. II.3.3.7 Residential Sign Regulations No sign or outdoor advertising structure shall be permitted in any residential district except as provided in Section II.3.6 Special Uses and Conditions or Section II.3.8 Comprehensive Sign Regulations, herein. II.3.3.8 Vehicle Parking A. Parking Standards The number of off-street parking spaces required in each land use district is listed in the Property Development Standards Matrix (Section II.3.3.4). Each space shall measure 10 feet by 20 feet when enclosed in a garage or carport, and 9 feet by 19 feet when uncovered. Group parking areas for multi-family residential developments shall comply with the applicable provisions of Section II.3.4.6. Handicapped parking for residential uses shall be provided at the rate of one space for each dwelling unit that is designed for occupancy by the handicapped. All handicapped spaces shall be striped and marked according to the applicable State standards. B. Group Parking Standards for RM Districts Page 577 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-20 PC DISTRICT REGULATIONS Parking requirements for the RM districts include 0.3 space per unit for guest parking. If more than one space per dwelling unit is assigned to specific dwelling units, the required guest parking spaces shall be marked and clearly identified as guest parking. The guest parking spaces shall not be permitted to be assigned to the individual dwelling units. C. Parking Standards for Affordable and Age-Restricted Housing Parking standards may be reduced from that specified for the SF3, SF4, RM1 or RM2 Districts, for projects which are restricted to Affordable and Senior Citizens (age 62 and above) housing. Such a reduction shall be at the discretion of the City Council through the Conditional Use Permit procedure (CVMC 19.14.060 et. seq.). A parking study shall be prepared by a registered traffic engineer to ensure adequate parking will be provided. D. Recreational Vehicle Parking The parking or storage of recreational vehicles on streets or in areas visible from the street for purposes other than loading and unloading shall be prohibited. II.3.3.9 Performance Standards The following performance standards shall be met in all Residential Districts: A. Equipment: air conditioners, antennas, satellite dishes, ham radio antennas, solar panels, heating, cooling, ventilating, equipment and all other mechanical lighting, or electrical devices shall be operated and located so that they do not disturb the peace, quiet and comfort of neighboring residents. The location of such equipment shall require the prior approval of the Zoning Administrator. This equipment shall be screened, shielded and/or sound buffered from surrounding properties and streets. All equipment shall be installed and operated in accordance with all other applicable ordinances. Heights of said equipment shall not exceed the maximum height of the zone in which they are located. B. Landscaping: front and exterior side yards requiring landscaping shall consist predominantly of trees, plant materials, ground cover and decorative rocks, except for necessary walks, drives and fences. Drought tolerant landscaping is encouraged. All required landscaping shall be permanently maintained in a healthy and thriving condition, free from weeds, trash and debris. Landscaping requirements may be met by either builder or developer installation, or for single-family development, by requiring through CC&Rs or other restrictions that individual homeowners install their front yard landscaping within one year of occupancy. C. Utilities: all utility connections shall be coordinated with the site’s architectural elements so as not to be exposed, except where required by utility provider. Pad-mounted transformers and/or meter box locations shall be included in the site plan with any appropriate screening treatment as approved by each utility. Electric distribution lines (under 50 kv) and cables, except for temporary use, shall be installed underground. D. Exterior Noise: the acceptable outdoor noise exposure level, measured at the property line, for each residential district shall be in accordance with the applicable provisions of the City of Chula Vista Municipal Code. (See Section 19.68.030 CVMC for definitions and additional details.) E. Interior Noise: no person shall operate or cause to operate, any source of sound, or allow the creation of any noise which causes the noise level, when measured inside a neighboring receiving dwelling unit to exceed the limits as follows: Page 578 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-21 PC DISTRICT REGULATIONS INTERIOR NOISE LIMITS TIME INTERVAL ANYTME 1 Min. in 1 Hour 5 Min. in 1 Hour 7 a.m. – 10 p.m. 55 dBA 50 dBA 45 dBA 10 p.m. – 7 a.m. 45 dBA 40 dBA 35 dBA F. Energy Conservation: buildings shall be located on the site to provide adjacent buildings adequate sunlight for solar access, when practical. Buildings should be designed to minimize energy consumption requirements, including, but not necessarily limited to, consideration of the following conservation considerations: • Co-generation • South facing windows • Eave coverage for windows • Double glazed windows • Earth berming against exterior walls • Greenhouses • Deciduous shade trees on southerly and westerly exposures G. In any residential zone, the parking of motorized and non-motorized vehicles shall be subject to the following requirements: 1. No motorized or non-motorized vehicle shall be parked, stored or kept in the front yard, except in the driveway or on a paved area adjacent to the driveway. 2. If motorized or non-motorized vehicles are parked, stored or kept on the lot, other than as permitted above, they must be for the resident’s or a guest’s personal use. No storage or display of vehicles for sale by a motor vehicle dealer is permitted in a residential driveway or on a residential street. H. Special Standards RM Districts All multi-family projects in the RM districts are subject to the Design Review Process. In the RM Districts, including the conversion of apartments to condominiums where permitted, the following performance standards shall be met: 1. Masonry walls or fences eight and one-half feet in height, from the highest finished grade, shall be permitted where needed for noise attenuation as shown on the Wall and Fencing Plan in the Village Design Plan or as required by a site specific noise study. 2. When single family detached residential districts are adjacent to the RM2 district, a minimum of fifteen feet of landscaped area shall be provided between such uses. No parking or common trash receptacles are permitted within this area. Sky-line type trees shall be provided in the amount of one 24-inch box free per twenty-five linear feet of common lot line. 3. Conveniently located common laundry facilities shall be provided for units which do not have individual hook-ups. 4. Conveniently located and well-screened common enclosures for trash and recyclables shall be provided for all dwelling units, unless provided for each unit. Page 579 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RESIDENTIAL DISTRICTS Adopted (8/24/2004) Amended [Month] 2024 II.3-22 PC DISTRICT REGULATIONS 5. Recreational vehicle (including campers, boats and trailers) parking areas fully screened from view of the development, shall be provided in all multi-family developments or these developments shall prohibit all parking of recreational vehicles. 6. Lockable, enclosed storage shall be provided in the carport area; storage substitutions may be approved by the Zoning Administrator. 7.5. Mailbox kiosks shall be conveniently located and distributed throughout the complex. Page 580 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMMUNITY PURPOSE FACILITY DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-23 PC DISTRICT REGULATIONS II.3.4 Community Purpose Facility District II.3.4.1 Purpose Commercial uses in Village Seven will be concentrated in the Village Core area which is intended to function as the social, commercial and activity center for the village as mandated in the Otay Ranch GDP. However, the village core site is currently within the “undesignated” area in Exhibit PC-1 that is owned by the Federal Aviation Administration (FAA) and is being used as the location of a Very-High-Frequency Omnidirectional Range Tactical (VORTAC) air navigation facility, which is ultimately planned to be relocatedand not within the initial approval area for Village Seven SPA. In order to appropriately designate sites adjacent to the Core for community purpose uses, the Community Purpose Facility (CPF) district will be used in appropriate locations. The Community Purpose Facility District is included in the Planned Community District Regulations to achieve the following: • To provide areas for specific community support facilities required by residents of the village or adjacent villages. • To promote high standards of site planning, architectural and landscape design for community purpose facilities and sites within the city of Chula Vista. II.3.4.2 Permitted & Conditional Uses The matrix of land uses on the following pages indicates the relative permissive status using the following symbols: “P” = Permitted. “C” = Permitted subject to Conditional Use Permit approved by the Chula Vista Planning Commission. “ZA” = Permitted subject to Conditional Use Permit by the Zoning Administrator. “a” = Permitted Accessory Use to a Permitted or Conditional Use “N” = Use Not Permitted. A use not listed shall be subject to a use determination via by the Zoning Administrator to determine substantial conformance with the purpose, intent and goals of this SPA Plan. Page 581 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMMUNITY PURPOSE FACILITY DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-24 PC DISTRICT REGULATIONS PERMITTED USE MATRIX - CPF DISTRICT LAND USE LAND USE DISTRICT CPF General Commercial Uses: Recycling drop-off bins a Snack bar or refreshment stand contained within a building a Temporary uses as prescribed in Section II.3.6.2 P Theater, movie or live A Public and Semi-Public Uses: Community Purpose Facility which serves the following types of uses: boy or girl scouts, social and human services, services for the homeless, services for military during holidays, senior care and recreation, worship, spiritual growth and development and teaching of traditional family values, ancillary daycare facilities or ancillary private schools ZA Day nursery, daycare school or nursery school (for profit) C Day nursery, daycare school or nursery school (non-profit) ZA Educational institution ZA Essential public services, including but not limited to: library, museum, park, public works facility, post office and other civic use as determined by the Zoning Administrator C Group care facility and/or residential retirement hotel C Public safety facility such as police or fire station ZA Public utility and/or public service sub-station, reservoir, pumping plant and similar installation, except those regulated by the State of California ZA Public or private recreational facilities, including but not limited to: tennis and swim clubs, basketball, racquetball and handball courts a Other Uses: Unclassified uses (subject to Section 19.54 CVMC) ZA Page 582 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMMUNITY PURPOSE FACILITY DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-25 PC DISTRICT REGULATIONS II.3.4.3 Accessory Uses & Buildings Accessory uses and accessory buildings customarily appurtenant to a permitted use are allowed subject to the requirements of Chapter 19.58 CVMC. II.3.4.4 Community Purpose Facility Sign Regulations No sign or outdoor advertising structure shall be permitted in any community purpose facility district except as provided in Section II.3.6 Special Uses and Conditions or Section II.3.8 Comprehensive Sign Regulations, herein. II.3.4.5 Property Development Standards The property development standards that shall apply to all land and buildings permitted in the Community Purpose Facility District shall be those indicated on an approved Design Review application pursuant to Section 19.14.420 et. seq. CVMC. II.3.4.6 Parking & Loading Facilities These regulations are for the purpose of providing convenient off -street parking space for vehicles. The parking requirements of this section are to be considered as the minimum necessary for such uses permitted by the respective zone. The intent of these regulations is to provide adequately designed parking areas with sufficient capacity and adequate circulation to reduce traffic congestion, promote public safety and implement pedestrian-oriented development objectives. It shall be the responsibility of the developer, owner, or operator of the specific use to provide and maintain adequate off-street parking. Size & Access Requirements The following property development standards shall apply to all parking areas: A. General Requirements The following are minimums unless otherwise stated: 1. Automobile Standard Space: Covered in a garage or carport - 10 feet x 20 feet each space Uncovered - 9 feet x 19 feet each space Compact Space: 8 feet x 18 feet each space 2. Motorcycle Space: 4 feet x 8 feet each space 3. Bicycle Space: 2 feet x 6 feet each space 4. Automobile, handicapped, motorcycle, and bicycle spaces: all parking stalls and maneuvering areas shall be paved and permanently maintained with asphalt, concrete or any other all - weather surfacing approved by the Zoning Administrator and subject to current City standards. All parking facilities shall be graded and drained to provide for the disposal of all surface water on the site. Page 583 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMMUNITY PURPOSE FACILITY DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-26 PC DISTRICT REGULATIONS Off-street parking areas for more than three vehicles shall be provided with a concrete curb not less than six inches in height to confine vehicles to the parking area. 5. Striping and Identification a. Automobile: All parking stalls shall be clearly outlined with single or double lines on the surface of the parking facility. b. Handicapped: All handicapped spaces shall be striped and marked according to the applicable State standards. c. Motorcycle: All motorcycle spaces shall have bollards installed and appropriately spaced to prevent automobile usage of the motorcycle area. Motorcycle spaces shall be marked so that they can be clearly identified for motorcycle use. d. Bicycle: All bicycle spaces shall be clearly identified. B. Access and Driveways 1. No parking area may be located so as to require or encourage the backing of automobiles or other vehicles across any street lot line, to effect egress from the places of parking. 2. Driveways shall be a minimum of fifteen feet wide for one-way traffic and twenty-four feet wide for two-way traffic. The minimum vertical clearance shall be ten feet to allow for the passage of emergency vehicles, based on minimum standards administered by the city traffic engineer. 3. All aisles and turning areas shall be adequate to provide safe and efficient access to and from parking spaces, based on minimum standards administered by the city traffic engineer. C. Special Requirements 1. Shared parking may be permitted pursuant to the following criteria: a. The applicant shall show that there is no substantial conflict in the principal operating hours of the buildings or uses for which the shared parking is proposed. b. Parties involved in the shared use of a parking facility or facilities shall evidence agreement for such shared use by a proper legal instrument approved by the City Attorney as to form and content. c. Any shared parking facility shall be provided with adequate signs on the premises indicating the availability of that facility for patrons of the participating uses. 2. Priority parking stalls in preferred locations shall be provided for use by electric carts. The exact number and size shall be determined during the design review approval process. 3. Bike racks shall be provided. Number of Spaces Required for Designated Land Use A. The number of off-street parking spaces required shall be as set forth below: Page 584 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMMUNITY PURPOSE FACILITY DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-27 PC DISTRICT REGULATIONS OFF-STREET PARKING REQUIREMENTS LAND USE MINIMUM OFF-STREET PARKING REQUIRED1 Parks Park (public or private) To be determined by the Zoning Administrator Tennis, handball/racquetball court To be determined by the Zoning Administrator Public and Semi-public Uses Day nurseries, daycare schools, nursery schools 1 space/staff member plus 2 spaces/5 children or 1 space/ 10 children if adequate drop-off facilities are provided. Drop-off facilities must be designed to accommodate a continuous flow of passenger vehicles and buses to safety load and unload children. The adequacy of proposed drop-off facilities shall be determined by the Zoning Administrator. Elementary or middle school 1 space/employee plus 5 spaces High school 1 space/4 students College or vocational school 1 space/2 faculty member or employee plus 1 space/3 students Church, convent, monastery, religious institution or other place of public assembly 1 space/3½ seats within the main auditorium or 1 space/45 square feet of gross floor area within the main auditorium where there are no fixed seats Public utilities, except those regulated by the State of California To be determined by the Zoning Administrator 1 Minimum off-street parking requirements may be modified upon a determination by the Zoning Administrator that the modified parking requirement protects public safety, promotes commerce, ensures adequate access to village core activity centers and facilitates implementation of the village concept as defined in the Otay Ranch General Development Plan. B. Handicapped Parking Requirements 1. Handicapped parking for residential uses shall be provided at the rate of one space for each dwelling unit that is designed for occupancy be the handicapped. 2. Handicapped parking spaces shall be provided for all uses other than residential at the following rate: Page 585 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMMUNITY PURPOSE FACILITY DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-28 PC DISTRICT REGULATIONS NUMBER of AUTOMOBILE SPACES PROVIDED NUMBER of HANDICAPPED SPACES REQUIRED 1 - 25 1 26 - 50 2 51 - 75 3 76 - 100 4 101 - 150 5 151 - 200 6 201 - 300 7 301 - 400 8 401 - 500 9 501 - 1000 2% of Total Spaces Over 1000 20 plus 1 space for every 100 spaces (or fraction thereof) over 1001 3. Handicapped parking spaces required by this section shall count toward fulfilling off -street automobile parking requirements. C. Bicycle Parking Requirements Bicycle parking facilities shall be stationary storage racks or devices designed to secure the frame and wheel of the bicycle. General Provisions A. Off-street parking facilities, for both motor vehicles and bicycles, shall be provided for any new building constructed; for any new use established; for any addition or enlargement of an existing building or use; and for any change in the occupancy of an existing building. B. For additions or enlargement of any existing building or use, or any change of occupancy or manner of operation that would increase the number of parking spaces required, the additional parking spaces shall be required only for such addition, enlargement or change, not for the entire building or use, unless required as a condition of approval of a Conditional Use Permit. C. The required parking facilities needed for any development shall be located on the same site or, if an irrevocable access and/or parking easement is obtained, the parking may be on an adjacent site. Property within the ultimate right-of-way of a street or highway may be used, to the extent available, to provide required guest parking or loading/unloading facilities so long as at least one stall is. provided on site. Due to the pedestrian orientation of the community it is seen as desirable to encourage on-street parking on the promenade streets. D. The requirements of this section shall apply to temporary as well as permanent uses. Page 586 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMMUNITY PURPOSE FACILITY DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-29 PC DISTRICT REGULATIONS E. All required off-street parking spaces shall be designed, located, constructed, and maintained to be fully usable during workday periods or as needed by the use of the premises. F. Where the application of these schedules results in a fractional parking space, the fraction shall be rounded to the higher whole number. G. The parking requirement for uses not specifically listed in the matrix shall be determined by the approval body with final precise plan approval for the proposed use on the basis of requirements for similar uses, and on any traffic engineering and planning data that is appropriate to the establishment of a minimum requirement. H. In situations where a combination of uses are developed on a site, parking shall be provided for each of the uses on the site according to the schedule given in this section. Consideration may be given for hours of operation and other characteristics that reduce concurrent demand. I. A maximum of twenty-five percent of the parking spaces required on any site may be provided as “compact” spaces for non-residential uses, subject to approval of the Zoning Administrator or Design Review Committee. J. All parking facilities required by this section shall be maintained in good operating condition for the duration of the use requiring such facilities. Such facilities shall be used exclusively for the parking of vehicles. Parking facilities shall not be used for the storage of merchandise, or, for the storage or repair of vehicles or equipment. Parking facilities shall not be used for the sale of merchandise, except on a temporary basis, pursuant to Section II.3.6.2 Temporary Uses. Parking Screening Requirements Off-street parking areas for more than five vehicles shall be effectively screened by a ten -foot wide landscaped strip and a masonry wall or fence of acceptable design. Such wall or fence shall be not less than three and one-half feet or more than six feet in height and shall be maintained in good condition without any advertising thereon. The requirements specified herein may be eliminated in whole or in part where, in the opinion of the Zoning Administrator, such requirements are not necessary for the proper protection of abutting property because of substantial grade differentials, the existence of adequate walls or other equally valid reasons. Parking Area Landscaping A. Parking areas shall be landscaped in accordance with the City’s landscape manual, the Village Seven Design Plan and Village Seven Master Landscape Plan. B. Any unused space resulting from the design of the parking area shall be used for landscaping purposes, if determined to be of appropriate size and location. Refer to the Village Seven Design Plan for additional guidelines relating to parking lot landscaping. C. All landscaped parking lot islands shall have a minimum inside dimension of three feet and shall contain a twelve inch wide walk adjacent to the parking stall and be separated from vehicular areas by a six inch high by six inch wide concrete curb. D. All landscaped areas shall be irrigated automatically and kept in a healthy and thriving condition free from weeds, debris and trash. Parking Area Lighting All parking facilities shall have lighting in accordance with City of Chula Vista standards. The lighting shall be designed and installed to confine direct rays to the site. Parking lot lights shall be a maximum height of eighteen feet from the finished grade of the parking surface and directed away from the property lines. Page 587 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMMUNITY PURPOSE FACILITY DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-30 PC DISTRICT REGULATIONS Parking Area Front Setback No part of any front yard or exterior side yard (i.e., street side of a corner lot) shall be used for off -street parking or access, except driveways, unless authorized by the Zoning Administrator, pursuant to an approved site plan. II.3.4.7 Outdoor Storage Except where otherwise approved on a site plan, outdoor storage and/or sales areas shall be entirely enclosed by solid walls not less than six feet in height to adequately screen outdoor storage areas. Stored materials shall not be visible above the required walls. II.3.4.8 Trash Storage A. All developments shall provide areas for trash storage, unless provided within the use. These areas shall be enclosed within a minimum five-foot high masonry wall, or higher if deemed necessary in site plan approval, to adequately screen the trash area, built to standards adopted by the City for a freestanding wall and shall be designed to accommodate the trash containers used by the trash service company contracted with the city. B. The number of containers required shall be not less than required by the sanitary service operator on the site and a specified number by the zoning administrator for all mixed use or other uses as determined by the actual characteristics of the use. C. Trash areas shall be kept neat and clean. D. The precise location of any trash area(s) shall be approved on the site plan. E. The trash enclosure shall be permanently maintained. II.3.4.9 Wall Requirements A six-foot high minimum solid masonry wall subject to the provisions of Section 19.58.150 CVMC shall be erected along the property line to separate any CPF district from adjacent residential districts unless it is determined that such a wall is not necessary or another design is more appropriate on an approved site plan. II.3.4.10 Landscaping Required front and street side yards shall be landscaped. Said landscaping shall consist predominantly of plant materials except for necessary walks and drives. All planting and irrigation shall be in accordance with the City Landscape Manual. All required landscaping shall be permanently maintained in a healthy and thriving condition, free from weeds, trash and debris. II.3.4.11 Performance Standards A. All uses shall comply with the provisions of Chapter 19.66 Performance Standards and Chapter 19.68 Performance Standards and Noise Control, CVMC. B. All ground mounted mechanical equipment, including heating and air conditioning units shall be completely screened from public view and surrounding properties by use of a wall or fence, or shall be enclosed within a building. No material or equipment so screened shall have a height greater than that of the enclosing wall, fence or building. Structural and design plans for any screening required under the provisions of this section shall be approved by the Zoning Administrator, Page 588 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMMUNITY PURPOSE FACILITY DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-31 PC DISTRICT REGULATIONS C. All roof appurtenances including, but not limited to, air conditioning units, and mechanical equipment shall be shielded and architecturally screened from view from on-site parking areas, adjacent public streets and residential uses. D. Reciprocal ingress and egress, circulation and parking arrangements shall be required to facilitate the ease of vehicular movement between adjoining properties. E. All light sources shall be shielded in such a manner that the light is directed away from streets or adjoining properties. Illuminators should be integrated within the architecture of the building. The intensity of light at the boundary of the district shall not exceed seventy-five foot-lamberts from a source of reflected light. F. All utility connections shall be designed to coordinate with the architectural elements of the site so as not to be exposed to public view except where required by utility provider. Electric distribution lines (under 50 kv) shall be placed underground. Pad mounted transformers and/or meter box locations shall be included in the site plan with an appropriate screening treatment such as berms, walls and/or landscaping. G. There shall be no emission on any site, for more than one minute in any hour, of air contaminants which, at the emission point or within a reasonable distance of the emission point, are as dark or darker in shade as that designated as No. 1 on the Ringelman Chart as published by the United States Bureau of Mines Information Circular #7718. H. No use shall be permitted which creates odor in such quantities as to be readily detectable beyond the boundaries of the site. I. Buildings should be located on the site to provide adjacent buildings adequate sunlight for solar access when practical. Buildings should be designed to minimize energy consumption, including but not necessarily limited to the following conservation measures: • Co-generation • South facing windows • Eave coverage for windows • Earth berming against exterior walls • Deciduous shade trees on southerly or westerly orientations • Refer to the Village Design Plan for additional design guidelines and criteria Page 589 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda OPEN SPACE & PARKS DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-32 PC DISTRICT REGULATIONS II.3.5 Open Space & Parks District II.3.5.1 Purpose This district is intended for open space, landscaping, recreation and public uses. Only those additional uses which are complementary to, and can exist in harmony with open space, park and recreation uses are permitted. There is no lot size limitation and it is intended that this district may be applied to a portion of a lot, provided that the remainder of the lot meets the requirements for the district which it is designated. Open Space/Park District is included in the Planned Community District Regulations to achieve the following purposes: • Provide focal points for community and neighborhood activities. • Provide for public/quasi-public and recreational uses. • Promote natural community linkages among Otay Ranch villages. • Preserve, enhance and manage natural resources. • Preserve vistas and conserve viewpoint areas for the enjoyment of future generations. • Establish edges to help define communities. • Promote public health and safety. • Provide recreation and public use opportunities, such as trails and pathways. II.3.5.2 Permitted & Conditional Uses Parks & Common Open Space Parks and Common Useable Open Space (CUOS) sites will be developed for public and private recreational facilities respectively. Sites identified in the Village Seven SPA include a public Neighborhood Park and private CUOS sites. Public facilities may include, but are not limited to, play areas, tot lots, sports fields and courts, activity rooms, restrooms, parking lots, picnic and seating areas and trails. The public Neighborhood Park may be subject to Administrative Review and approval by the Parks and Recreation Commission & City Council as well as the Directors of Recreation and General Services. The specific uses and design of private recreation facilities within CUOS sites are to be identified on a Site Plan and are subject to Administrative Review and the approval of the Directors of Recreation and General Services. II.3.5.3 Property Development Standards A. Site Planning Development standards for the public Neighborhood Park will be established by the Recreation Department and General Services Department. Development standards for private CUOS will be reviewed on a case-by-case basis to determine appropriate buffering and setbacks. All permanent signs, including any required signs (such as monument and dedication signage, etc.), shall be included in the review and specifically approved. Neighborhood and community-level signs included in the Village Seven SPA Plan shall be permitted in areas designated in the SPA Plan. Page 590 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda OPEN SPACE & PARKS DISTRICT Adopted (8/24/2004) Amended [Month] 2024 II.3-33 PC DISTRICT REGULATIONS B. Landscaping All landscaping shall meet the requirements of the City of Chula Vista Landscape Manual. II.3.5.4 Accessory Uses & Buildings Accessory uses and accessory buildings customarily appurtenant to a permitted use are allowed subject to the requirements of Chapter 19.58 CVMC. II.3.5.5 Performance Standards All uses in the Open Space/Parks district shall conform to the performance standards provided in Chapter 19.66 and 19.68 CVMC. Page 591 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda SPECIAL USES & CONDITIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-34 PC DISTRICT REGULATIONS II.3.6 Special Uses & Conditions II.3.6.1 Purpose This section provides additional regulation for special uses and conditions which require special review standards beyond those of the basic land use districts. Temporary uses, home occupations and private recreation/amusement facilities are addressed in this section. Where this section prescribes regulation which is more restrictive than that of the Land Use District, the provisions of this section shall apply. II.3.6.2 Temporary Uses & Special Events A. Purpose The provisions of this section shall apply to uses allowed for a limited amount of time, as specified herein. Temporary uses are subject to administrative approval by the Zoning Administrator, except as noted. B. Temporary Uses Listed 1. Circuses, rodeos, parades or similar outdoor entertainment or enterprises, subject to not more than five days of operation in any calendar year. Requests exceeding these time limitations will require the submittal and approval of a Conditional Use Permit. 2. Christmas tree sales, Halloween pumpkin sales and other holiday sales subject to not more than forty days of site occupation and operation in any calendar year. 3. Subdivision sales offices, sales information centers, sales pavilions, and model home complexes and signage located within the subdivision, subject to the following minimum requirements: a. Offices shall be no closer than one vacant lot to an existing dwelling unit not part of the subdivision. Trailers may be used for no more than 120 calendar days or until such time as the subdivision sales offices have been completed, whichever is less. b. Trailers used as sales offices for lot sales without model homes may be used for a period greater than 120 days, subject to site plan and architectural review approval and the maximum use period listed herein. c. An asphaltic or concrete paved parking lot shall provide sufficient parking spaces to accommodate said use. d. Faithful performance bonding, in an appropriate to guarantee removal and/or conversion of the sales office and attendant facilities shall be required. e. Other conditions that the Zoning Administrator deems necessary to ensure that the sales office will not constitute or be objectionable to the residential uses in the neighborhood. 4. Outdoor art and craft shows and exhibits, subject to not more than three calendar days of operation or exhibition in any sixty calendar day period. 5. Contractors’ offices and storage yards on the site of an active construction project. 6. Mobile home residences for security purposes on the site of an active construction project. 7. Seasonal retail sales of agricultural products (fruit and vegetable stands) for periods for less than ninety days, if said products are raised on the premises. 8. Temporary use of properly-designated mobile trailer units for classrooms, offices, banks, etc., for periods not to exceed ninety days subject to Administrative Review. Requests for such uses of more than ninety days in duration shall require the approval of a Conditional Use permit by Page 592 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda SPECIAL USES & CONDITIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-35 PC DISTRICT REGULATIONS the Planning Commission. Such units shall meet all necessary requirements of building, fire and health codes. 9. For any agricultural and animal husbandry activity or project (4H, FFA or similar) conducted for educational purposes or school districts, a permit may be granted in any district when the Zoning Administrator determines that such use will not cause a public nuisance relative to sanitation and health conditions. 10. Charitable or school sponsored drop-off bins for recycling of cans, newspapers, or similar items, or for drop-off of clothes and small items. Bins shall be located in the parking lots of businesses or other public or semi-public property on a temporary basis when written permission is granted by the property owner or business owner. Said bins shall be kept in a neat and orderly manner. Collection of bottles, cans and newspapers shall also be regulated by the “Bottle Ordinance.” 11. Community gardens as developed and operated in accordance with the guidelines in the Village Seven Parks, Recreation Open Space and Trails Master Plan. 12. Temporary tract signs for marketing purposes. 13. Additional uses determined to be similar to the foregoing in the manner prescribed by these regulations. C. Permits and Bonds All temporary uses shall be subject to the issuance of a Temporary Use Permit by the Zoning Administrator and other necessary permits and licenses, including but not limited to, building permits, sign permits and solicitors or vending licenses. In the issuance of such a permit, the Zoning Administrator shall indicate the permitted hours of operation and any other conditions, such as walls, fences or lighting, which are deemed necessary to reduce possible detrimental effects to surrounding developments and to protect the public health, safety and welfare. Prior to the issuance of a permit for a temporary use, a cash deposit may be required to be deposited with the City. This cash deposit shall be used to defray the costs of property cleanup by the City in the event the permittee fails to do same. D. Extension or Modification of Limits Upon written application, the Zoning Administrator may extend the time within which temporary uses may be operated, or may modify the limitations under which such uses may be conducted if the Zoning Administrator determines that such extension or modificat ion is in accord with the purposes of the zoning regulations. E. Condition of Site Following Temporary Use Each site occupied by a temporary use shall be left free of debris, litter or any other evidence of the temporary use upon completion or removal of the use, and shall thereafter be used only in accord with the provisions of the zoning regulations. F. Fee The application shall be accompanied by a fee established by the Master Fee Schedule to cover the cost of processing the application prescribed in this section. Page 593 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda SPECIAL USES & CONDITIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-36 PC DISTRICT REGULATIONS II.3.6.3 Home Occupations A. General Provisions Home occupations may be permitted only when in compliance with the conditions listed herein. A permit must be issued by the Zoning Administrator prior to operation of such use. The fee shall be in accordance with the Master Fee Schedule. 1. There shall be no stock in trade or exterior storage of materials in the conduct of home occupation. 2. A home occupation shall be conducted entirely within a dwelling; if in an attached or a detached garage, it shall not impede the use of said garage for vehicle storage. 3. Electrical or mechanical equipment which creates visible or audible interference in radio or television receivers, or causes fluctuations in line voltage outside the dwelling unit, shall be prohibited. 4. No one other than the residents of the dwelling unit may be engaged in the conduct of the home occupation. 5. There shall be no sale of goods on the premises. 6. The establishment and conduct of a home occupation shall not change the principal character or use of the dwelling unit involved. 7. There shall be no signs other than those permitted by these regulations. 8. The required residential off-street parking shall be maintained. 9. A home occupation shall not create vehicular or pedestrian traffic in excess of that which is normal for the land use district in which it is located. 10. No vehicles or trailers (including pick-up trucks and vans) or construction and other equipment, except those normally incidental to residential use, shall be kept on the site. II.3.6.4 Private Recreational Facilities Construction of recreation courts, including necessary fencing and lighting, may be permitted subject to administrative review and a finding that adjacent properties will not be unduly affected. Recreation courts shall meet the following minimum standards: A. A maximum 20-foot high fence (measured from the finished grade of the court) shall be allowed. Fences shall include a screening material which screens the court activity from off-site view and which improves the appearance of the fence. B. Setbacks for the court shall be: Side yard: 10 feet Rear yard: 10 feet C. Maximum of eight lights permitted, mounted at a height not to exceed twenty-two feet. All lights and light fixtures shall be certified by a qualified lighting engineer to: 1. Be designed, constructed, mounted and maintained such that, the light source is cut off when viewed from any point five feet above the ground measured at the lot line. 2. Be designed, constructed, mounted and maintained such that the maximum illumination intensity measured at the wall of any residential building on abutting property shall not exceed ½ foot candle above ambient levels. 3. Be used between 7:00 a.m. and 10:00 p.m. Page 594 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda SPECIAL USES & CONDITIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-37 PC DISTRICT REGULATIONS D. The surface area of any recreational court shall be designed, painted, colored and/or textured to reduce the reflection from any light incident thereon. E. Landscaping shall be installed as required between the fence and the property line. Page 595 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMMUNITY PURPOSE FACILITY SITES Adopted (8/24/2004) Amended [Month] 2024 II.3-38 PC DISTRICT REGULATIONS II.3.7 Community Purpose Facility Sites II.3.7.1 Acreage Provided Section 19.48.025 CVMC requires 1.39 acres per I ,000 population for Community Purpose Facility (CPF) Sites. A calculation of the required CPF acreage is provided in the Village Seven SPA Plan text. The required area is designated for CPF use on both the Site Utilization Plan (in the SPA Plan) and on the Land Use Districts Map, herein. The final CPF requirement will be based on lot count at the Tentative Map stage. II.3.7.2 CPF Uses Notwithstanding the regulations restricting land uses on CPF designated sites provided in Section II.3.4 Community Purpose Facility District, any additional uses permitted by Section 19.48.025 CVMC are similarly allowed on CPF sites within the Village Seven SPA. Page 596 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMPREHENSIVE SIGN REGULATIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-39 PC DISTRICT REGULATIONS II.3.8 Comprehensive Sign Regulations II.3.8.1 Purpose The provisions of this section shall establish the Comprehensive Sign Regulations for the Village Seven SPA. The purpose of these regulations is to establish a comprehensive system for the regulation of on-site and off-site signs. These regulations are intended to achieve the following: • Protect the public health, safety and welfare of the people of the City of Chula Vista by reducing possible safety and traffic hazards through good signage. • Provide signs that direct and inform residents and visitors of the uses and amenities within the Village Seven SPA. • Provide a reasonable system of regulations to ensure the development of a high quality visual environment. • Encourage signs which are well designed and pleasing in appearance. • Encourage a desirable visual character which has a minimum of clutter and is compatible with the desired community. • Enhance the economic value of the community and each neighborhood through a comprehensive sign regulation program. • Encourage signs which are well located and compatible with the function and use of adjacent areas. These comprehensive sign regulations are intended to supplement the provisions of Section 19.60 of the Chula Vista Municipal Code. Signs which are permitted by the CVMC which are not expressly prohibited by these regulations, shall be allowed. Similarly, signs prohibited by CVMC but permitted by these regulations shall be allowed. II.3.8.2 Sign Permit Requirements & Review Procedures No person, except a public officer or employee in performance of a public duty, shall post, paint, erect, place or otherwise fasten any sign, pennant or notice of any kind, visible from a public street except as provided herein. To ensure compliance with this section, a sign permit shall be required for any sign, pursuant to Section 19.60.030 of the Chula Vista Municipal Code, except as provided by the following. A. Sign Permit Exceptions The following signs shall be exempt from the sign permit requirements, however an electrical and/or building permit may be required. Any sign in excess of the specific exemptions listed below is prohibited: 1. Real Estate Signs for Residential Sales: one sign placed along the street frontage not exceeding four square feet in area and four and one-half feet in height provided that it is unlit and is removed within fifteen days after the close of escrow. Lots shall be permitted one sign only. Signs placed on the rear of home or rear street frontage are prohibited. Freestanding signs shall maintain a seven foot setback from all property lines. No more than one “Open House” sign per required turning movement, not exceeding four square feet in area and fiv e feet in height, are permitted for directing prospective buyers to property for sale and open for viewing. Such signs shall be located a minimum of three feet from the sidewalk or ten feet from the curb or edge of pavement where no sidewalk exists. No more than one sign per house may be located on an arterial, entry, or promenade street. Open house signs must be removed on the same day as placed. Page 597 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMPREHENSIVE SIGN REGULATIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-40 PC DISTRICT REGULATIONS 2. Real Estate Kiosk Signs: signs installed consistent with Council Policy number 465-02, adopted by Resolution 2003-372 on August 19, 2003. 3. Political Signs: signs having to do with any issue, ballot measure, political statements and expressions, or candidate in any municipal, County, State or Federal election shall be permitted, subject to the following provisions and any other applicable provisions within this section: • All political signs shall be placed, erected, constructed, painted or assembled no earlier than thirty calendar days prior to the election and shall be removed no later than ten calendar days following the date of the election. • A political sign shall not exceed five square feet in total area for one side in a residential district, and twelve square feet in a mixed use district. Double-faced signs shall not exceed five square feet per side in residential districts and twelve square feet per side in mixed use districts. No signs shall be placed in a manner that would obstruct the visibility of, or impede pedestrian or vehicular traffic, or endanger the health, safety, or welfare of the community. • All political signs shall not exceed an overall height of six feet from the finished grade immediately around the sign. • No political signs shall be lighted either directly or indirectly unless said sign is erected, painted, or constructed on an authorized structure already providing illumination. • No political sign shall be placed or affixed to a traffic signal, street light, tree, fence, utility pole or existing sign, nor shall it be posted on any public property or in the right-of-way if, in the opinion of the Zoning Administrator, said sign impedes or renders dangerous public access to any public improvement, including but not limited to, utility poles and fire hydrants; or obstructs the vision of any sign designed to regulate, control or assist public or private transportation or obstructs the vision of any user of a public right-of-way. • No political sign shall be posted in violation of any provisions of this section. Further, the Zoning Administrator or his designated representative shall have the right to remove all signs placed contrary to the provisions of this section. Any political sign placed on private property without the consent of the owner may be removed by said owner or representative of said owner. 4. Temporary Construction Sign: two directory signs shall be permitted on the construction site for all contractors (may include financial institutions, real estate agents, subcontractors, etc.) not exceeding thirty-two square feet each, unless legally required by government contracts to be larger. No sign shall exceed eight feet in overall height and shall be located no closer than ten feet to any property line. Such sign shall be removed upon the granting of occupancy by the City. For all other projects, a total of two signs per development site may be installed with a maximum of four square feet in area and five feet in height for each sign. Such sign(s) shall be removed upon finalization of building permits. 5. Residential Identification Signs: permanent residential identification signs designating the name of the residential neighborhood or subdivision may be located at an entrance to the residential area provided that a homeowners’ association or maintenance district is formed to ensure the maintenance of said signs. The copy area of the sign structure shall not exceed fifteen square feet and shall be architecturally harmonious with the adjoining residential area. 6. Interior Signs: signs within a structure or building when not visible or readable, nor intended to be read from off-site or from outside of the structure or building. Page 598 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMPREHENSIVE SIGN REGULATIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-41 PC DISTRICT REGULATIONS 7. Memorial Tablets, Plaques or Directional Signs: signs for community historical resources, installed by a City-recognized Historical Society or civic organization. 8. Convenience and Secondary Directional Signs: signs not to exceed four square feet in area or ten feet in height. 9. Building Identification Signs: signs used to identify individual buildings and not exceeding four square feet in area. 10. Name Plates: one plate per Neighborhood not to exceed four square feet in area for single family residential uses and agricultural uses. 11. Official and Legal Notices: notices issued by any court, public body, person, or officer or in furtherance of any nonjudicial process approved by State or local law. 12. Signs Providing Direction, Warning or Information: signs or structures required or authorized by law or by Federal, State, County or City authority. 13. A Single Official Flag: the flag of the United States of America and/or two flags of either the State of California, or other states of the United States, counties, municipalities or official flags for nations, and flags of internationally or nationally recognized organizations or the company flag. Flags shall be a maximum of five feet by eight feet, unless otherwise specifically approved on a site plan. 14. Signs of Public Utility Companies: signs indicating danger or which serve as an aid to public safety, or which show locations of underground facilities or public telephones. 15. Safety Signs: signs on construction sites. 16. “No Trespassing”: “no dumping” and similar warning signs not exceeding four square feet. 17. Signs on Public Transportation Vehicles: signs regulated by a political subdivision, including but not limited to buses and taxicabs. 18. Signs on Licensed Commercial Use Vehicles: provided such vehicles are not used or intended for use as portable signs or as may be prohibited in Section II.3.8.2.B. 19. A Change of Copy: copy conforming to an approved Comprehensive Sign Program. All other changes of copy shall comply with this section. 20. Agricultural Signs: either wall mounted or freestanding types, non-illuminated and not exceeding four square feet for lots two acres or less in area, and sixteen square feet for lots greater than two acres, identifying only the agricultural products and company owning on th e premises. The number of such signs shall be one per street frontage or a maximum of two, with all signs to be located below the roofline and freestanding signs to be no higher than eight feet. B. Prohibited Signs and Lighting All signs and lighting not expressly permitted are prohibited including, but not limited to those prohibited by CVMC Section 19.60.300, and the following: 1. Roof signs. 2. Flashing lights or signs. 3. Animated signs or lights that convey the illusion of motion. 4. Revolving or rotating signs. 5. Vehicle signs (when parked or stored on property to identify a business or advertise a product). Page 599 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMPREHENSIVE SIGN REGULATIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-42 PC DISTRICT REGULATIONS 6. Portable signs (except where permitted in by these regulations). 7. Off-site signs (except temporary subdivision or real estate signs, and political signs). 8. Signs within the public right-of-way (except those required by a governmental agency). No sign shall be placed, erected or constructed on a utility pole, traffic device, traffic sign, warning sign, or so as to impede access to any public improvement. 9. Signs located on public property except as may be permitted by Section II.3.8.2.A or required by a governmental agency. 10. Signs within the pubic right-of-way prohibited by the Streets and Highway Code (Sec. 101 et. Seq. and Sec. 1460 et. Seq.), the Vehicle Code (Sec. 21400 et. Seq.) and the Public Utilities Code (Sec. 7538 et. Seq.). 11. Signs blocking doors or fire escapes. 12. External light bulb strings and exposed neon tubing outside of buildings (except for temporary uses such as Christmas tree lots, carnivals and similar events having prior approval of the City). Temporary homeowner Christmas or similar holiday decorations are excluded. 13. Inflatable advertising devices of a temporary nature, including hot air balloons (except for special events as provided for in Section II.3.6.2). 14. Advertising structures (except as otherwise permitted in this section). 15. Statuary (statutes or sculptures) advertising products or logos of the business located outside of the structure that houses the business. 16. The use of decals, stick-on or transfer letters, or tape on the walls or parapets of buildings, fences, walls and other structures. 17. Signs displayed as, which purport to be, are an imitation of, or resemble official traffic warning devices or signs, that by color, location or lighting may confuse or disorient vehicular or pedestrian traffic. This does not include traffic or directional signs installed on private property to control on-site traffic. C. Signs with Sign Permit The following signs may be placed in any land use district with approval of a sign permit provided it is in compliance with all other applicable laws and ordinances. These signs are in addition to those signs expressly exempt and are subject to the following provisions: 1. Convenience Signs: on-site signs no greater than six square feet necessary for public convenience or safety may be approved by the Zoning Administrator. Signs containing information such as “entrance,” “exit,” or directional arrows shall be designed to be viewed from an area adjacent to the site by pedestrians or motorists. Signs that convey advertising or products shall not be considered a convenience sign. 2. Public and Quasi-public Signs: churches, schools, community centers and any other public or institutional building, on any community purpose, institutional or residential zone, shall be allowed the following signs: • Churches are allowed one wall sign, not to exceed thirty square feet in area and one bulletin board, announcement or monument sign, not to exceed twenty-four square feet in area and ten feet in height. Any bulletin board or announcement sign not attached flat against the building shall maintain a ten-foot setback from all streets. • Other public and quasi-public uses are permitted one wall or monument sign, not to exceed thirty square feet in area and a bulletin board or announcement sign not to exceed fifty square feet in area and twelve feet in height. Any bulletin board or announcement sign not attached flat against the building shall maintain a ten-foot setback from the streets. Page 600 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMPREHENSIVE SIGN REGULATIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-43 PC DISTRICT REGULATIONS • Churches and other public and quasi-public uses may request a permit allowing for temporary use of a sign announcing a special event. Either wall mounted or freestanding signs of paper, cardboard, plastic or fabric are permitted; provided that the Zoning Administrator finds that the copy, color and design of the sign will not adversely affect the order, amenity, or residential enjoyment of the neighborhood in which it is located. • Special event signs shall be located on the premises of the institution or organization having the special event, and shall not exceed five feet in height, nor contain more than twenty- five square feet of sign area. Freestanding signs shall maintain a minimum ten-foot setback from any property line abutting a street right-of-way. Only one sign shall be allowed for each street frontage. • Upon application for a permit, the applicant shall submit a statement and diagram noting the nature of the special event, indicating the occasion, size, copy and colors of the proposed sign. No less than one permit for a special event sign shall be issued to any one institution or organization in one calendar year subject to Section 19.60.290 CVMC. 3. Community Special Event Signs: special event signs may be approved for a limited period of time as a means of publicizing special events such as grand openings, Christmas tree lots, parades, rodeos and fairs that are to take place within Village Seven, the Otay Ranch Community or nearby areas. Community special events such as a rodeo or community fair may be permitted the following signs: • No more than four off-site signs up to thirty-two square feet in size and eight feet in height to publicize the event. • Temporary advertising signing consistent with the requirements set forth in Section II.3.6.2. 4. On-Site Subdivision Signs: • Temporary, on-site subdivision sign not to exceed two-hundred square feet total area shall be permitted for each major developer at the primary subdivision entrance. Additional temporary subdivision signs for neighborhoods are permitted, not to exceed two signs (maximum sixty-four square feet total and twelve feet in height) per street for each neighborhood at any one time. Flags and banners shall be permitted subject to Zoning Administrator approval. • Such sign shall be for the identification of a subdivision, price information and the developer’s name, address and telephone number, and logo or product image. • Such signs shall be removed after 36 months. Twelve month extension requests may be submitted by the developer for consideration by the Zoning Administrator prior to the expiration date. • Such sign shall be removed within ten calendar days from the date of sale of the final lot or home within the project. • A cash deposit of three hundred dollars per sign shall be deposited with the sign applications to ensure compliance with this section and removal of such sign. Said deposit shall be refunded to the applicant upon sign removal by the applicant. If the City is forced to remove any signs, then the cost of removal shall be deducted from the deposit. • Signs shall be maintained in good repair at all times by the permittee. Page 601 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMPREHENSIVE SIGN REGULATIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-44 PC DISTRICT REGULATIONS 5. Off-Site Subdivision Directional Signs: The only off-site subdivision signs allowed are those approved per Council Policy number 465- 02, adopted by Resolution 2003-372 on August 19, 2003. Prior to construction and installation of directional signs on kiosk structures, the designated sign program administrator shall receive Planning Director approval of directional signs to ensure compliance with the Sign Kiosk Plan and the following provisions: • Community directional signs are exempt from the sign permitting process otherwise required when such structures are processed in accordance with this section and are in compliance with the Sign Kiosk Plan. • All community directional signs shall be located on an approved community directional kiosk. • Users eligible to display community directional signage on approved kiosk structures shall be limited to master planned communities and residential subdivisions exceeding 20 lots. • No approval shall be given for directional signs on any kiosk structure if the applicant has any prohibited off-site signs advertising the subdivision or master planned community anywhere within the City. If any advertising signs are erected and not promptly removed upon demand by the City, the City may direct the administrator to remove all kiosk panels for that subdivision and may require that any agreement between the administrator and developer be canceled. • Approved directional signs for residential subdivisions shall be permitted until all lots or units within the subdivision or master planned community are sold or two years from the date of installation of the panel, whichever occurs first. • The location, number of signs, number of panels, design, color, copy, lettering, spacing, area and dimension of the signs and panels shall be specified within the Sign Kiosk Plan. f. Any sign approved as a part of a Comprehensive Sign Program. D. Signs Relating to Inoperative Activities Signs pertaining to activities or businesses which are no longer in operation, except for temporary closures for repairs, alteration or similar situations, shall be removed from the premises or the sign copy shall be removed within thirty days after the premises have been vacated. Any such sign not removed within the specified time shall constitute a nuisance and shall be subject to removal under the provisions of this section and local ordinance. II.3.8.3 Enforcement, Legal Procedures & Penalties Enforcement, legal procedures and penalties shall be in accordance with the enforcement procedures established by Chapter 19.60 CVMC. Unauthorized illegal signs may be abated by the City in accordance with local ordinance. If said sign is stored by the City, the owner may recover said sign from the City upon payment to the City of any storage and/or removal charges incurred by the City. The minimum charge shall be as specified in the CVMC. All signs removed by the City may be destroyed thirty calendar days following removal. If any sign, in the opinion of the Zoning Administrator, is an immediate threat to the public health and safety, said sign shall be immediately and summarily removed with the cost of removal charged to the property owner in accordance with local ordinances. Page 602 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMPREHENSIVE SIGN REGULATIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-45 PC DISTRICT REGULATIONS II.3.8.4 Construction & Maintenance A. Construction Every sign and all parts, portions and materials shall be manufactured, assembled and erected in compliance with all applicable State, Federal and City regulations and the Uniform Building Code. B. Maintenance Every sign and all parts, portions and materials shall be maintained and kept in proper repair and safe structural condition at all times. The display surface of all signs shall be kept clean, neatly painted and free from rust and corrosion. Any cracked or broken surfaces, and malfunctioning or damaged portions of a sign shall be repaired or replaced. Noncompliance with such a request shall constitute a nuisance and will be replaced within thirty calendar days following notification of the business by the City and will be abated at owner’s expense. II.3.8.5 Design Standards Each sign shall be designed with the intent and purpose of complementing the architectural style of the main building or buildings, or landscape/hardscape on the site. Signs located on institutional or community purpose sites, but in a predominantly residential area, shall take into consideration compatibility with the residential area to the extent possible. A. Relationship to Buildings Signs located upon a lot with only one main building housing the use which the sign identifies shall be designed to be compatible with the predominant visual elements of the building such as construction materials, color, or other design details. Each sign located upon a lot with more than one main building shall be designed to be compatible with the predominant visual design elements common or similar in all such buildings or the buildings occupied by the “main tenants” or principal uses. The Zoning Administrator may place conditions of approval on any sign permit to require incorporation of such visual elements into the design of the sign where such elements are necessary to achieve a significant visual relationship between the sign and building or buildings. B. Relationship to Other Signs Where there is more than one freestanding sign located upon a lot, all such signs shall have designs which are complementary to each other by either similar treatment or incorporation of one or more of the following five design elements: • Type of construction material (such as cabinet, sign copy or supports). • Letter style of sign copy. • Type or method used for support, uprights or structure on which sign is supported. • Sign cabinet or other configuration of sign area. • Shape of the entire sign and its several components. C. Landscaping Each permanent freestanding sign shall be located in a landscaped area which is of a shape, design and size (equal to at least the maximum allowable sign area) that will provide a compatible setting Page 603 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda COMPREHENSIVE SIGN REGULATIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-46 PC DISTRICT REGULATIONS and ground definition to the sign. The landscape area shall be maintained in a neat, healthy and thriving condition. D. Illumination and Motion Signs shall be stationary structures (in all components) and illumination, if any, shall be maintained by artificial light which is stationary and constant in intensity and color at all times (non-flashing). E. Sign Copy The name of the business, use, service and/or identifying logo shall be the dominant message on the sign. The inclusion of advertising information such as lists of products (more than one product), is prohibited. F. Relationship to Streets Signs shall be designed so as not to obstruct any pedestrian, bicyclist, or driver’s view of the street right-of-way. G. Design Review and Approval A signage plan including sign locations, size, style, materials, lettering size and style, any other information necessary to adequately review the proposal shall be prepared and submitted for review and approval by the Zoning Administrator prior to construction. Page 604 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LEGISLATIVE PROCEDURES Adopted (8/24/2004) Amended [Month] 2024 II.3-47 PC DISTRICT REGULATIONS II.3.9 Legislative Procedures II.3.9.1 Purpose Zoning is a legislative act involving police power asserted in the interests of the public health, safety and general welfare. The zoning process includes the creation and modification of the comprehensive zoning law which establishes designated zones with permitted uses and regulations, as well as the comprehensive and uniform application of said zoning regulations by the classification and reclassification of property into designated zones. It is the purpose of the City Ccouncil to provide a zoning procedure which will offer a clear and definite guide to property owners seeking zoning adjustments. It is intended that these procedures will protect the public welfare and sound community planning and to assure the maximum degr ee of protection for individual property rights. Whenever the public necessity, convenience, general welfare or good zoning practice justifies such action and in substantial conformance with the General Plan of the city of Chula Vista, and after due consideration and report on same by the Planning Commission, the City Council may, by ordinance, create, amend, supplement or change the uses and regulations of the comprehensive zoning law or include or place any property within the city into any zone as created and defined in Title 19 CVMC. The procedure for adopting such ordinances may be notices by a resolution of intention of the Planning Commission, or of the Council, or by an affirmed application of one or more of the owners or parties having a legal interest in the property to be affected by the proposed action. II.3.9.2 Adoption of Planned Community District Regulations These Planned Community (PC) District Regulations are adopted pursuant to Title 19, Zoning, of the Chula Vista Municipal Code and are intended to implement and integrate the Chula Vista General Plan, the Otay Ranch General Development Plan (GDP), and the Village Seven Sectional Planning Area (SPA) Plan. The Village Seven Specific Planning Area is zoned P-C Planned Community pursuant to the adoption of the Otay Ranch GDP and Chapter 19.48 CVMC. These regulations provide for the implementation of the GDP and P-C zone by setting forth the development and use standards for all property within Otay Ranch Village Seven Specific Planning Area Planned Community District by establishing: • Setbacks; • Building heights; • Parking requirements; • Landscape requirements; • Use restrictions; • Animal regulations; • Density of development limitations; • Lot size, width and depth standards; • Fencing requirements; and, • Signing regulations. These PC District Regulations, along with the Village Seven Sectional Planning Area Plan, delineate precisely the allowable use of the property. Page 605 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LEGISLATIVE PROCEDURES Adopted (8/24/2004) Amended [Month] 2024 II.3-48 PC DISTRICT REGULATIONS II.3.9.3 Amendments Application for any change in district boundaries, use listing, property development standard or any other provision of these regulations shall be considered a zone change and be processed in accordance with the provisions of Chapter 19.12 CVMC. Approval of a zone change requires affirmative action following a public hearing by both the Planning Commission and City Council. Inclusion of property within the Village Seven SPA but not included within the “adopted SPA” due to separate ownership shall require a formal amendment of these Planned Community District Regulations and included Land Use Districts Map. Page 606 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ADMINISTRATIVE PROCEDURES, CONDITIONAL USES & VARIANCES Adopted (8/24/2004) Amended [Month] 2024 II.3-49 PC DISTRICT REGULATIONS II.3.10 Administrative Procedures, Conditional Uses & Variances II.3.10.1 Purpose & Intent The purpose of this section is to define certain administrative procedures and requirements to provide clear instructions and notice to property owners and developers within Village Seven Sectional Planning Area (SPA) regarding permit and plan approvals. The general intent of these regulations is to use the standard procedures provided in Chapter 19.14 CVMC except where special procedures are required or defined herein. For matters relevant to the proper development and use of property within Village Seven Sectional Planning Area and not addressed herein, the provisions of Title 19 CVMC (Zoning Ordinance) shall apply. In the event of conflicting standards, these Planned Community District Regulations shall apply. II.3.10.2 Zoning Administrator - Authority The Zoning Administrator, who shall be the Director of Development Services or the authorized designee, is authorized to consider review and to approve, approve with conditions, or disapprove, or modify applications that strictly adhere to the applicable development standards, necessitating only minimal or no exercise of discretion. Discretionary authority is reserved for the Planning Commission. the following subjects and/or issue the following required permitsZoning Administrator actions are decided administratively without setting the matter for a public hearing. :The following types of land use applications are subject to review by the Zoning Administrator: A. Design Review The Zoning Administrator has the authority to act in the place of the Planning Commission in the case of design review applications for any residential development, new community purpose facilities, commercial or institutional development, when the following conditions are met: 1. Projects that strictly adhere to the applicable development standards of Village Seven Planned Community (PC) District Regulations and Village Design Plan; 2. Projects seeking minor deviations from applicable development standards, limited to a maximum 10 percent, may include adjustments such as an increase in building height, or a reduction in the minimum required open space or parking, not exceeding 10 percent below the stipulated minimum requirements. In cases where the Zoning Administrator determines that a project with minor deviations from applicable development standards may require a more detailed review or may be of greater significance to the community, the Zoning Administrator may refer the application to the Planning Commission for further review and consideration. The applicant will be notified if their application is being referred to the Planning Commission, and they may choose to either withdraw their application, redesign the project, or continue with the review process before the Planning Commission. A decision of the Zoning Administrator may be appealed to the Design Review Committee in the same manner as set forth in Section 19.14.583 of the CVMC. Page 607 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ADMINISTRATIVE PROCEDURES, CONDITIONAL USES & VARIANCES Adopted (8/24/2004) Amended [Month] 2024 II.3-50 PC DISTRICT REGULATIONS A.B. Conditional Use Permit The Zoning Administrator shall be empowered to issue Conditional Use Permits, as defined herein, in the following circumstances: 1. Where the use to be permitted is designated for Zoning Administrator (“ZA”) Conditional Use Permit. 2. Where the use requiring the permit would make use of an existing building and does not involve substantial exterior remodeling thereof. 3. For signs, as defined herein, and temporary tract houses, as limited herein. 4. The Zoning Administrator is authorized to consider and to approve, deny or modify applications for Conditional Use Permits for carnivals and circuses. The Zoning Administrator shall set the matter for public hearing in the manner provided herein. 5. Churches. 6. Establishments that include the sale of alcoholic beverages for off-site use or consumption. The Zoning Administrator shall hold a public hearing in accordance with Section 19.14.060 - 19.14.090 of the CVMC upon giving notice thereof in accordance with Sections 19.12.070- 19.12.080. A Conditional Use Permit shall not be granted unless the Zoning Administrator or other issuing authority finds in his/her sole discretion, and based on substantial evidence in view of the entire record, that all of the facts required by Section 19.14.080 of the CVMC exist, and that approval of the permit will not result in an over concentration of such facilities. Over concentration may be found to exist based on: 1) the number and location of existing facilities; 2) compliance with State Alcohol Beverage Control over concentration standards in effect at the time of project consideration; 3) the impact of the proposed facility on crime; 4) the relationship to schools or day care facilities; and, 5) the impact of the proposed facility on traffic volume and traffic flow. The Police Department or other appropriate City departments may provide evidence at the hearing. A permit to operate may be restricted by any reasonable conditions including but not limited to limitations on hours of operation. The City Clerk shall inform the City Council of the decision on each such permit when the decision is filed in accordance with Section 19.14.090 of the CVMC. The decision of the Zoning Administrator may be appealed. Such appeal shall be directed to the City Council, rather than the Planning Commission, and must be filed within 10 days after the decision if filed with the City Clerk, as provided in Section 19.14.100. If appealed within the time limit, said appeal shall be considered in a public hearing conducted by the City Council, in the same manner as other appeals pursuant to Sections 19.14.120 and 19.14.130 of the CVMC, except that the Council must make the same written findings required of the Zoning Administrator herein, in order to grant the permit. B.C. Variances: The Zoning Administrator shall be authorized to grant variances for limited relief in the case of: 1. Modification of distance or area regulations. 2. Modifications to parking requirements; 3. Additions to structures, which are nonconforming as to side yard, rear yard or lot coverage, providing the additions meet the requirements of the zoning ordinance affecting the property. 4. Walls or fences to exceed heights permitted by ordinances. Modifications requested in said applications for relief to be administered with the requirement for a public hearing shall be limited to deviations not to exceed 25% of the requirements imposed by ordinances. Page 608 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ADMINISTRATIVE PROCEDURES, CONDITIONAL USES & VARIANCES Adopted (8/24/2004) Amended [Month] 2024 II.3-51 PC DISTRICT REGULATIONS C. Site, Architectural and Landscape Plan Approvals The Zoning Administrator shall be empowered to grant site plan, architectural plan and landscape plan approval as provided herein. D. Performance Standard Procedure The Zoning Administrator shall be authorized to issue a zoning permit for uses subject to performance standards procedures, as provided herein. E. Home Occupations: The Zoning Administrator shall be authorized to grant permits for home occupations, as defined and regulated in Section 19.14.490 of the CVMC. F. Design Review The Zoning Administrator has the discretion, with the concurrence of the applicant, to act in the place of the Design Review Committee in the case of minor projects, including signs, commercial or institutional additions which constitute less than a 50% increase in floor area or 20,000 square feet, wherever is less, any single family detached residential project, and multifamily residential projects of four units or lessThe Zoning Administrator may also act in the place of the Design Review Committee in the case of new community purpose facilities, commercial, or institutional projects. A decision of the Zoning Administrator may be appealed to the Design Review Committee in the same manner as set forth in Section 19.14.583 of the CVMC. Zoning Administrator Design Review for Residential: For development with lots averaging less than 5,000 the required elements are as follows. For development with lots averaging 5,000 square feet, or greater, the Tentative Map shall satisfy all requirements, except that three typical front elevations and typical enhanced side and rear elevations shall be used to satisfy item number seven below. For the first phase of a development within a Site Utilization Plan Neighborhood, with lots averaging 5,000 square feet, or greater, a complete building plotting plan is required. 1. Legal description, legend, scale, north arrow, vicinity map and identification of designer. 2. The boundary lines of subject property fully dimensioned together with the name and dimensions of adjoining streets. 3. Existing topography and proposed grading plan showing, slope, retaining walls, pad elevations and percent of slope on streets, driveways and other graded areas. 4. Exiting and proposed streets, utilities and easements 5. Access: Pedestrian, vehicular and services, points of ingress and egress, with driveway locations and dimensions. 6. Loading and trash areas, walls and/or fences (including height). 7. Proposed location, height and dimensions of buildings, including color and materials on all elevations. The floor area, number of stories, number of units and bedrooms (when applicable) shall be given. Proposed uses shall be indicated including floor area devoted to each use. 8. Parking layout, including dimensions, number of stalls and circulation flow. 9. Location, height and size of signs proposed on the property. 10. All Landscape Areas: Such areas shall be defined with a proposal outlining the landscaping concept, as well as the proposed method of irrigation. In addition, all existing trees on the site shall be identified with a note as to proposed disposition. 11. Lighting, including the location, type and hooding devices to shield adjoining properties. 12. Location and design of recreational areas. Page 609 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ADMINISTRATIVE PROCEDURES, CONDITIONAL USES & VARIANCES Adopted (8/24/2004) Amended [Month] 2024 II.3-52 PC DISTRICT REGULATIONS The Zoning Administrator shall determine from data submitted whether the proposed use will meet the development standards and design guidelines established in the Village Seven Planned Community District Regulations and Village Design Plan, and shall approve the application upon making a positive finding. The application may be disapproved, may be approved as submitted or may be approved subject to conditions, specific changes or additions. The approval of the Zoning Administrator shall be noted by endorsement upon two copies of all sketches. In carrying out the purpose of this division, the Zoning Administrator shall consider in each specific case any or all of the following principles as may be appropriate: • It is not a purpose of this section to control the character and application of such design character that individual initiative is stifled in the layout of any particular building or site and substantial additional expense incurred; rather, it is the intent of this division that any control exercised be the minimum necessary to achieve the over-all objective of the Village Seven SPA Plan and associated regulatory documents. • The siting of any structure on the property, as compared to the siting of other structures in the immediate neighborhood, shall be considered. • The size, location, design, color, number, lighting and materials of all signs and outdoor advertising structures shall be reviewed. No sign shall be approved in excess of the maximum limits set herein. • Landscaping is provided in accordance with the Village Seven SPA Plan and associated regulatory documents shall be required on the site and shall be in keeping with the character or design of the site and existing trees shall be preserved whenever possible. • Ingress, egress and internal traffic circulation shall be so designed as to promote convenience and safety. G.F. Substantial Conformance: The Zoning Administrator may determine a variation in an application from an adopted SPA document or statistic is in substantial conformance to the adopted document, subject to the findings below, in Section II.3.10.3, and providing the statistical variation is less than ten 20 percent. II.3.10.3 Zoning Administrator - Required Findings The Zoning Administrator will approve, approve with conditions, or deny the requested application based on the following findings: A. That the proposed project or use is consistent with the Chula Vista General Plan and adopted policies of the city; B. That the proposed project or use is consistent with, or found to be in substantial conformance with, the Village Seven SPA Plan, the purpose and intent of these Planned Community District Regulations, and the Village Design Plan; C. That the proposed project or use will not, under circumstances of the particular case, be detrimental to the health, safety or general welfare of persons residing or working in the vicinity, or injurious to property or improvements in the vicinity; and, D. That the proposed project or use is consistent with the principles and overall quality of design established for the Otay Ranch Planned Community. In regard to applications on any of the aforementioned subjects, the Zoning Administrator shall set a reasonable time for the consideration of the same and give notice thereof to the applicant and to other Page 610 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ADMINISTRATIVE PROCEDURES, CONDITIONAL USES & VARIANCES Adopted (8/24/2004) Amended [Month] 2024 II.3-53 PC DISTRICT REGULATIONS interested person as defined in the CVMC. In the event objections or protests are received, the Zoning Administrator shall set the matter for public hearing as provided herein. II.3.10.3II.3.10.4 Design Review Committee Planning Commission –- Authority and Appeals Procedure The Design Review Committee shall review plans for the establishment, location, and significant expansion or alteration of uses or structures in all multi-family, Mixed Use and Public Quasi-Public land use designations and shall approve, conditionally approve or deny such plansThe Planning Commission shall review land use applications that require the exercise of considerable discretion and judgment and about which there may be broad public interest. The following projects are subject to review by the Planning Commission: 1. A project that does not fit the applicability for Zoning Administrator review; 2. Design review application requesting major adjustments to development standards because additional design flexibility is desired, such as an increase in the height of the building by more than ten percent or a reduction in common open space below the minim um required by more than ten percent. The Design Review Committee Planning Commission shall also review all appeals filed to contest sign design rulings of the Zoning Administrator. The Design Review CommitteePlanning Commission shall make its findings and action upon the provisions of the Otay Ranch General Development Plan, Village Seven Sectional Planning Area Plan, Planned Community District Regulations, Village Design Plan and other associated regulatory documents. II.3.10.4II.3.10.5 Design Review Committee Planning Commission -— Appeals Procedure Decision of the Design Review CommitteePlanning Commission may be appealed to the Planning Commission City Council within 10 working days after the decision is filed with the City Clerk. The appeal shall be in writing and filed in triplicate with the Planning & Building Department on forms prescribed for the appeal, and shall specify therein the argument against the decision of the Design Review Committee. If an appeal is filed within the time limit specified, it automatically stays proceedings in the matter until the Planning Commission makes a determination. Upon the hearing of such appeal, the Planning Commission City Council may, by resolution, affirm, reverse or modify, in whole or in part, any determination of the Design Review CommitteePlanning Commission. The resolution must contain a Finding of Facts showing where the project meets or fails to meet the requirements of this Chapter and the provisions of the Otay Ranch General Development Plan, Sectional Planning Area Plan, Planned Community District Regulations, Village Design Plan and other associated regulatory documents. II.3.10.5 Site Plan & Architectural Approval The purpose of site plan and architectural approval is only to determine compliance with DRthe Village Seven Sectional Planning Area Plan, Planned Community District Regulations, Village Design Plan, and associated regulatory documents. A Building Permit shall not be issued until site plan and architectural approval has been obtained for any land use requiring site plan and architectural approval. Page 611 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ADMINISTRATIVE PROCEDURES, CONDITIONAL USES & VARIANCES Adopted (8/24/2004) Amended [Month] 2024 II.3-54 PC DISTRICT REGULATIONS A site plan and architectural approval application shall be accompanied by the following plan and other drawings and additional drawings and information not listed here as determined by the City to be necessary to enable the Zoning Administrator to make the determinations for these applications. Legal description, legend, scale, north arrow, vicinity map and identification of designer. The boundary lines of subject property fully dimensioned together with the name and dimensions of adjoining streets. Existing topography and proposed grading plan showing, slope, retaining walls, pad elevations and percent of slope on streets, driveways and other graded areas. Exiting and proposed streets, utilities and easements. Access: Pedestrian, vehicular and services, points of ingress and egress, with driveway locations and dimensions. Loading and trash areas, walls and/or fences (including height). Proposed location, height and dimensions of buildings, including color and materials on all elevations. The floor area, number of stories, number of units and bedrooms (when applicable) shall be given. Proposed uses shall be indicated including floor area devoted to each use. Parking layout, including dimensions, number of stalls and circulation flow. Location, height and size of signs proposed on the property. All Landscape Areas: Such areas shall be defined with a written proposal outlining the landscaping concept, as well as the proposed method of irrigation. In addition, all existing trees on the site shall be identified with a note as to proposed disposition. Lighting, including the location, type and hooding devices to shield adjoining properties. Location and design of recreational areas. The Zoning Administrator shall determine from data submitted whether the proposed use will meet the development standards and design guidelines established in the Village Seven Planned Community District Regulations and Village Design Plan, and shall approve the application upon making a positive finding. The application may be disapproved, may be approved as submitted or may be approved subject to conditions, specific changes or additions. The approval of the Zoning Administrator shall be noted by endorsement upon two copies of all sketches. In carrying out the purpose of this division, the Zoning Administrator shall consider in each specific case any or all of the following principles as may be appropriate: It is the intent of this division that any control exercised be the minimum necessary to achieve the over -all objective of the Village Seven SPA plan and associated regulatory documents, rather than control design character such that individual initiative is stifled in the layout of any particular building or site and substantial additional expense incurred; rather, The siting of any structure on the property, as compared to the siting of other structures in the immediate neighborhood, shall be considered. The size, location, design, color, number, lighting and materials of all signs and outdoor advertising structures shall be reviewed. No sign shall be approved in excess of the maximum limits set herein. Page 612 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ADMINISTRATIVE PROCEDURES, CONDITIONAL USES & VARIANCES Adopted (8/24/2004) Amended [Month] 2024 II.3-55 PC DISTRICT REGULATIONS Landscaping is provided in accordance with the Village Seven SPA plan and associated regulatory documents shall be required on the site and shall be in keeping with the character or design of the site and existing trees shall be preserved whenever possible. Ingress, egress and internal traffic circulation shall be so designed as to promote convenience and safety. II.3.10.6 Site Plan & Architectural - Appeals Appeals from determinations by the Zoning Administrator shall be to the Planning Commission, upon written request for a hearing before the Commission. In the absence of such request being filed within seven days after determination by the Administrator, the determination shall be final. The appeal shall be filed with the Planning & Building Department on the form required by the City, and be accompanied by the non-refundable Required Fee therefore. The appeal shall include a statement of the reasons supporting the appeal, including a demonstration that any issues being raised were raised before the Zoning Administrator. Upon the proper filing of the appeal, the Director of Planning & Building shall cause the matter to be set for public hearing, giving the same notice as required in Section s 19.12.070 and 19.12.080 ofthe CVMC. Upon the hearing of an appeal, the Planning Commission may by resolution, affirm, reverse or modify, in whole or in any part, any determination of the Zoning Administrator. The resolution shall contain Findings of Facts showing wherein the project meets or fails to meet any applicable site plan and architectural principles or development standards and design guidelines established in the Village Seven Sectional Planning Area plan and Village Design Plan. A copy of the decision resolution of the Planning Commission shall be filed with the City Clerk and mailed to the applicant. The decision of the Planning Commission shall be final on the eleventh day after its filing, except where further appeal is taken as provided herein. The applicant or other interested person may appeal the decision of the Planning Commission granting or denying site plan and architectural approval to the City Council within 10 days after said decision is filed with the City Clerk. Said appeal shall be filed with the City Clerk in writing upon forms provided by the City and be accompanied by the non-refundable required Fee therefore. The appeal shall include a statement of the reasons supporting the appeal, including a demonstration that any issues being raised were raised during the public hearing. If a proper appeal is filed within the time limits specified, it automatically stays proceedings in the matter until a determination is made by the City Council on the appeal. After hearing the appeal, the City Council may, by resolution, affirm reverse or modify, in whole or in any part, any determination of the Zoning Administrator or the Planning Commission. The Council resolution by which the appeal is decided shall contain Findings of Facts showing wherein the project meets or fails to meet the applicable site plan and architectural principles in Section 19.14.470, the provisions of the Design Manual, any design standards required for the project, or other nonconformity with the requirements of this Chapter. A copy of the decision resolution of the City Council shall be filed with the City Clerk and mailed to the applicant. II.3.10.7II.3.10.6 Conditional Use Permit The granting of a Conditional Use Permit is an administrative act to authorize permitted uses subject to specific conditions because of the unusual characteristic or need to give special consideration to the proper location of said uses in relation to adjacent uses, the development of the community and to the various elements of the general plan. The purpose of this section is to set forth the findings necessary for such administrative action and to establish a procedure for granting Conditional Use Permits. Page 613 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ADMINISTRATIVE PROCEDURES, CONDITIONAL USES & VARIANCES Adopted (8/24/2004) Amended [Month] 2024 II.3-56 PC DISTRICT REGULATIONS After the public hearing, the Planning Commission or the Zoning Administrator may, by resolution, grant a Conditional Use Permit if the Planning Commission or the Zoning Administrator finds from the evidence presented at said hearing that all of the following facts exists: A. That the proposed use at the particular location is necessary or desirable to provide a service or facility which will contribute to the general well being of the neighborhood or the community. B. That such use will not, under the circumstances of the particular case, be detrimental to the health, safety or general welfare of persons residing or working in the vicinity, or injurious to property or improvements in the vicinity. C. That the proposed use will comply with the regulations and conditions specified in this code for such use. D. That the granting of this conditional use will not adversely affect the general plan of the City or the adopted plan of any governmental agency. The Planning Commission or the Zoning Administrator shall make a written finding which shall specify acts relied upon in rendering said decision and attaching such conditions and safeguards as deemed necessary and desirable not more than 10 days following the decision of the Commission or the Zoning Administrator, and shall fully set forth wherein the fa cts and circumstances fulfill or fail to fulfill the requirements. A copy of this written Finding of Facts shall be filed with the City Clerk, with the Director of Planning & Building and mailed to the applicant. The decision of the Planning Commission or Zoning Administrator shall be final on the eleventh day following its filing in the office of the City Clerk, except where appeal is taken as provided herein. II.3.10.8II.3.10.7 Conditional Use Permit - Appeals The applicant or other interested party may appeal the decision of the Zoning Administrator to the Planning Commission within 10 days after said decision is filed with the City Clerk. Said appeal shall be in writing and filed in triplicate with the Planning & Building Department on forms provided by said department, and shall specify wherein there was an error in the decision of the Zoning Administrator. If an appeal is filed within the time limit specified, it stays proceedings in the matter until the Plan ning Commission makes a determination. Where the Planning Commission denies an application by less than four votes, the applicant shall have the right to either a rehearing at the next Planning Commission meeting or an appeal to the City Council without payment of additional fees. The choice of alternatives shall be discretionary with the applicant. All other proceedings pertaining to appeals shall continue to apply. II.3.10.9II.3.10.8 Variance The granting of a Variance is an administrative act to allow a variation from the strict application of the adopted Village Seven SPA development regulations of the particular zone, and to provide a reasonable use for a Neighborhood of property having unique characteristics by virtue of its size, location, design or topographical features, and its relationship to adjacent or surrounding properties and developments. The purpose of the Variance is to bring a particular Neighborhood up to parity with other pro perty in the same zone and vicinity insofar as a reasonable use is concerned, and it is not to grant any special privilege or concession not enjoyed by other properties in the same zone and vicinity. The Variance may not be used to correct improper zoning. It is the purpose of this section to set forth the findings necessary for such administrative action and to establish a procedure for granting variances. In no case shall a Variance be granted to permit a use other than a use permitted in the district in which the subject property is situated. Page 614 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ADMINISTRATIVE PROCEDURES, CONDITIONAL USES & VARIANCES Adopted (8/24/2004) Amended [Month] 2024 II.3-57 PC DISTRICT REGULATIONS The Zoning Administration shall grant a Variance only when the following facts are found: A. That a hardship peculiar to the property and not created by any act of the owner exists. Said hardship may include practical difficulties in developing the property for the needs of the owner consistent with the regulations of the zone; but in this context, personal, family or financial difficulties, loss of prospective profits, and neighboring violations are not hardships justifying a Variance. Further, a previous Variance can never have set a precedent, for each case must be considered only on its individual merits. B. That such Variance is necessary for the preservation and enjoyment of substantial property rights possessed by other properties in the same zoning district and in the same vicinity, and that a Variance, if granted, would not constitute a special privilege of the recipient not enjoyed by his neighbor. C. That the authorizing of such Variance will not be of substantial detriment to adjacent property, and will not materially impair the purposes of these regulations or the public interest. D. That the authorizing of such Variance will not adversely affect the general plan of the City or the adopted plan of any governmental agency. II.3.10.10II.3.10.9 Variance - Appeals The applicant or other interested persons may appeal the decision of the Zoning Administrator to the Planning Commission within ten days after the decision is filed with the City Clerk and the hearing on said appeal shall be processed by the Planning Commission in the same manner as a Conditional Use Permit within the original jurisdiction of the Planning Commission. The applicant or other interested persons shall have the same right of appeal from any determination of the Planning Commission in such instances as set forth in Sections 19.14.110 through 19.14.130 of the Chula Vista Municipal Code. Upon the hearing of such appeal, the City Council may, by resolution, affirm, reverse or modify in whole or in part any determination of the Planning Commission, subject to the same limitations and this Chapter places requirements of findings as upon the Planning Commission. The resolution must contain a Finding of Facts showing wherein the conditional use meets or fails to meet the requirements of Sections 19.14.080 through 19.14.100. Not later than ten days following the adoption of said resolution, the C ity Clerk shall transmit a copy of the resolution and finding to the Director of Planning & Building and shall mail a copy to the applicant. Any Conditional Use Permit or Zone Variance granted by the City shall be conditioned upon the privileges granted being utilized within one year after the effective date thereof. A Variance or Conditional Use Permit shall be deemed to be utilized if the property owner has substantially changed his/her position in reliance upon the grant thereof. Evidence of change of position would include completion of construction or any expenditures of money by the property owner preparatory to construction and shall also include the use of the property as granted. If there has been a lapse of work for the three months after commencement, the Conditional Use Permit or Zone Variance shall be void. The Commission may, by resolution, grant an extension of time contained in a currently valid Zone Variance or Conditional Use Permit without a public hearing upon appeal of the property owner, provided that there has been no material change or circumstances since the granting of the Variance or Conditional Use Permit which would be injurious to the neighborhood or otherwise detrimental to the public welfare. Page 615 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda EXCEPTIONS & MODIFICATIONS Adopted (8/24/2004) Amended [Month] 2024 II.3-58 PC DISTRICT REGULATIONS II.3.11 Exceptions & Modifications II.3.11.1 Height Limitation Exceptions Height limitations stipulated in these regulations shall not apply to: A. Church spires, belfries, cupolas and domes, monuments, electric generating stations and liquefied natural gas tanks, water towers, fire and hose towers, observation towers, distribution and transmission towers, lines and poles, windmills, chimneys, smokestacks, flagpoles, radio towers, masts and aerials, or to parapet walls extending not more than ten feet above the limiting height of the building; B. Places of public assembly in churches, schools and other permitted public and semi -public buildings, provided that these uses are located on the ground floor of such buildings; C. Bulkheads, elevator and stair penthouses, water tanks, bams, silos, monitors and scenery lofts, provided no lineal dimension of any such structure exceeds fifty percent of the corresponding street lot line frontage; or towers and monuments, fire towers, hose towers, cooling towers, gas holders or other structures where the manufacturing process requires a greater height; provided however, that no such structures above the heights otherwise permitted in the district occupy more than twenty-five percent of the area of the lot and are no less than twenty-five feet from any lot line which is not a street lot line. II.3.11.2 Projections into Required Yard Permitted Certain architectural features may project into required yards or courts as follows: A. Cornices, canopies, eaves or other architectural features may project a distance not exceeding four feet into any front or rear yard and forty percent into any side yard to a maximum of four feet. In the case of a side yard which is less than five feet, a two-foot projection is permitted, provided that such projection does not extend closer than one foot to the property line; B. Fire escapes may project a distance not exceeding four feet, six inches; C. An uncovered stair and any necessary landings may project a distance not to exceed six feet, provided such stair and landing shall not extend above the first floor of the building except for a railing not exceeding three feet in height; D. Bay windows, balconies and chimneys may project a distance not exceeding three feet, provided that such features do not occupy, in the aggregate, more than one-third of the length of the building wall on which they are located; E. An open, unenclosed stairway not covered by a roof or canopy may extend or project into a required rear or side yard not more than three feet, except as provided in subparagraph D. Page 616 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ENFORCEMENT Adopted (8/24/2004) Amended [Month] 2024 II.3-59 PC DISTRICT REGULATIONS II.3.12 Enforcement II.3.12.1 Enforcement by City Officials The City Council, City Attorney, City Manager, City Engineer, Director of Public Works, Fire Chief, Chief of Police, Director of Planning & Building, Director of Parks and Recreation, City Clerk and all officials charged with the issuance of licenses or permits shall enforce the provisions of this ordinance. Any permit, certificate or license issued in conflict with the provisions of this ordinance shall be void. II.3.12.2 Actions Deemed Nuisance Any building or structure erected hereafter, or any use of property contrary to the provisions of a duly approved Design Review, Site Plan, Variance, Conditional Use Permit, or Administrative Review and/or this ordinance shall be declared to be unlawful and a public nuisance per se and subject to abatement in accordance with local ordinance. II.3.12.3 Remedies All remedies concerning this ordinance shall be cumulative and non-exclusive. The conviction and punishment of any person hereunder shall not relieve such persons from the responsibility of correcting prohibited conditions or removing prohibited buildings, structures, signs or improvements, and shall not prevent the enforced correction or removal thereof. II.3.12.4 Penalties Any person, partnership, organization, firm or corporation, whether as principal, agent, employee or otherwise, violating any provisions of this ordinance or violating or failing to comply any order or regulation made hereunder, shall be guilty of an infraction and, upon conviction thereof, shall be punishable as provided by local ordinance. Page 617 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Development Services Department Planning Division Development Processing List the names of all persons having a financial interest in the project that is the subject of the application, project or contract (e.g., owner, applicant, contractor, subcontractor, material supplier). If any person* identified in section 1. above is a corporation or partnership, list the names of all individuals with an investment of $2000 or more in the business (corporation/partnership) entity. If any person* identified in section 1. above is a non-profit organization or trust, list the names of any person who is the director of the non-profit organization or the names of the trustee, beneficiary and trustor of the trust. Please identify every person, including any agents, employees, consultants, or independent contractors, whom you have authorized to represent you before the City in this matter. Has any person *identified in 1., 2., 3., or 4., above, or otherwise associated with this contract, project or application, had any financial dealings with an official** of the City of Chula Vista as it relates to this contract, project or application within the past 12 months? Yes No If yes, briefly describe the nature of the financial interest the official** may have in this contract. 1. 2. 3. 4. 5. Disclosure Statement Pursuant to City Council Policy 101-01, prior to any action on a matter that requires discretionary action by the City Council, Planning Commission or other official legislative body of the City, a statement of disclosure of certain ownerships, financial interest, payments, and campaign contributions must be filed. The following information must be disclosed: 276 Fourth Avenue Chula Vista California 91910 (619) 691.51014of9 APPLICATION APPENDIX B Form 320 Rev 07.14Page 618 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda evelopment Services Department Planning Division Development Processing Disclosure Statement - Page 2 Has any person *identified in 1., 2., 3., or 4., above, or otherwise associated with this contract, project or application, made a campaign contribution of more than $250 within the past (12) months to a current member of the City of Chula Vista Council ? Yes No if yes which council member? Has any person *identified in 1., 2., 3., or 4., above, or otherwise associated with this contract, project or application, provided more than $420 (or an item of equivalent value) to an official** of the City of Chula Vista in the past (12) months? (This includes any payment that confers a personal benefit on the recipient, a rebate or discount in the price of anything of value, money to retire a legal debt, gift, loan, etc.) Yes No If yes, which official** and what was the nature of the item provided? Has any person *identified in 1., 2., 3., or 4., above, or otherwise associated with this contract, project or application, been a source of income of $500 or more to an official** of the City of Chula Vista in the past (12) months? Yes No If yes, which official** and the nature of the item provided? Date Signature of Contractor/Applicant Print or type name of Contractor/Applicant Person is identified as: any individual, firm, co-partnership, joint venture, association, social club, fraternal organization, corporation, estate, trust, receiver, syndicate, any other county, city, municipality, district, or other political subdivision, or any other group or combination acting as a unit. official includes, but is not limited to: Mayor, Council member, Planning Commissioner, Member of a board, commission or committee of the City, and City employee or staff members. This disclosure Statement must be completed at the time the project application, or contract, is submitted to City staff for processing, and updated within one week prior to consideration by legislative body. Last Updated: March 16, 2010 6. 7. 8. 276 Fourth Avenue Chula Vista California 91910 (619) 691.51015of9 APPLICATION APPENDIX B Form 320 Rev 07.14Page 619 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Otay Ranch Village Seven Amendments & Tentative Map 1 City Council Item 7.1 February 11, 2025 Page 620 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Village Seven N Page 621 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda October 2004: Otay Ranch Village Seven SPA Plan and Tentative Map adopted. 1,501 total dwelling units authorized. 1,204 residential units were authorized for immediate development in Village’s northern portion. Only 1,120 units have been built to date. February 2013: Forty acres within Village Seven are reassigned into Villages 8 West and 8 East. Acreage decrease reduced total residential units from 1,501 to 1,456 units. 336 SF units are still undeveloped (1,456 –1,120 = 336). April 2023: Application to reclassify 287 undeveloped SF units to MF units. 49 units will be left undeveloped in Village Seven. Timeline Page 622 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Project Location N LA M E D I A R D . Page 623 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Project Site N R8 R4 R3 Page 624 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 6Zoning Map –2004 2004 Plan: Page 625 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 7Zoning Map -Proposed Proposed Project: Page 626 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 8General Plan and GDP General Plan and GDP Amendments: R3 R4 R8 Page 627 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 9Land Use Comparison Land Use Entitlements vs. Proposed Amendments Page 628 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 10Tentative Map R-3 R-4 R-8 R-3: 43 units R-4: 121 units R-8: 123 units Page 629 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda R-3: 43 units –Planning still under way as to unit mix and type R-4: 121 units -1 BR and studio apartments (For rent) R-8: 123 units –Townhomes, 2 and 3 stories (For sale) 11Village Seven -Unit Mix Unit Type Pre-2025 Amendment Post-2025 Amendment Unit Difference Single Family – detached 902 (62%)902 (62%)0 Townhomes (R-8)218 (15%)341 (24%)+123 Apartments (R-4)0 (0%)121 (8%)+121 R-3 Units (Still to be planned)0 (0%)43 (3%)+43 Remaining Units Undeveloped in V7 336 (23%)49 (3%)-287 TOTAL 1,456 (100%)1,456 (100%)0 Page 630 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Policy Document Changes Design Plan:Standards updated to reflect change from single-family to multi-family dwellings. Affordable Housing:Updates to comply with latest housing policies in the City of Chula Vista and State of California. H in the City of Chula AQIP:Updates reflect the proposed Project and changes in state building and energy codes. WCP:Updates reflect proposed changes in residential unit type, leading to a reduction in projected water use by approximately 36 percent. Page 631 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Policy Document Changes Energy Conservation Plan: Reflect proposed changes in the Village Seven SPA Plan and to California Building and Energy Codes. Fire Protection Plan:Reflect proposed Project changes, and, the 100-foot Fuel Modification Zones the same throughout Village Seven. in the City of Chula PC Regulations:Reflect proposed Project changes, prior 40- acre reassignment to ORV8 West & East (2013), design standard flexibility, administratively reviewed Design Review Permits, and appeal procedures consistent with the CVMC. Page 632 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda PFFP & FIA Updates •No unit increase in Village Seven beyond the previously-approved 1,456 units. •Infrastructure necessary to serve Village Seven has already been completed and has sufficient capacity to serve the proposed multifamily units. •Single-family homes result in larger revenues to the City as single-family homes have higher value than multifamily homes. •Anticipated reduction in revenue of $3.2 million, while still estimating $13,257,966 generated in net municipal real property tax revenues during the first 20 years. Page 633 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 15Public Participation Council Policy No. 400-02 •June 25, 2024 –Community meeting organized at the HUB at Otay Ranch Town Center •One City Staff Member and Applicant present; no public attendance. Planning Commission •December 11, 2024 –6-1-0 approval for the proposed project. Applicant addressed specific concerns regarding parking & reduced revenues from upzoning. Page 634 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 16 First Addendum to FEIR No. 04-06 Identifies circumstances within the proposed project not analyzed in FEIR No. 04-06 (October 12, 2004): •Project proposes to change the land use, and not the unit count, from 287 single-family residential units, to 287 multi-family residential units. •Impacts to land use compatibility and compliance was determined to be less than significant and no mitigation required . •No new significant environmental impacts. Environmental Review Page 635 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda RECOMMENDATIONS Adopt a Resolution: 1)Certifying the First Addendum to FEIR 04-06; 2)Approving amendments to the associated Otay Ranch Village Seven Policy and Regulatory Documents; 3)Approving Tentative Map (TM23-0001); Adopt an ordinance approving modifications to the ORV7 Planned Community District Regulations.Page 636 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda OTAY RANCH ◆VILLAGE SEVEN SPA Plan Amendment City of Chula Vista City Council February 11, 2025 Page 637 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda VILLAGE 7: EXISTING HOUSING TYPES 6-bedroom single-family home on a ±5,000 sq. ft. lot 4-bedroom single-family home on a ±2,500 sq. ft. lot (MF zone) 4-bedroom single-family home on a ±2,500 sq. ft. lot (MF zone) 6-bedroom single-family home on a ±5,000 sq. ft. lot 4-bedroom single-family home on a ±2,000 sq. ft. lot (MF zone) 3-bedroom townhouse Multi-Family 311 170 191 132 218 98 81% Detached Single-Family 19% Townhouse Multi-Family Multi-Family Single-Family Single-Family 2 Page 638 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda PROPOSED NEIGHBORHOODS CONCEPT 2-AND 3-STORY TOWNHOMES 123 units 4-STORY FLATS 121 units Product to be determined 43 units 3 CPF Page 639 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda WOLF CANYON: NATURAL BUFFER AND TRANSITION ZONE 4 Page 640 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda ADJACENCY TO MIXED-USE COTA VERA MED-HIGH RESIDENTIAL MIXED-USE VILLAGE CORE: RETAIL/RESTAURANTS SCHOOL SCHOOL SCHOOL MED-HIGH RESIDENTIAL MIXED-USE VILLAGE CORE: RETAIL/RESTAURANTS MED-HIGH RESIDENTIAL CPF WOLF CANYON (NATURAL SERPARATION FROM THE NORTHERN HALF OF VILLAGE 7) 5 PARK Page 641 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LOCATION-DRIVEN DEMAND FOR SMALLER SIZED HOUSING Future University Innovation District 3 mi. 1.5 mi. SITE 1.3 mi. 6 Page 642 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda BALDWIN & SONS –LEASING AND PROPERTY MANAGEMENT “ Would totally recommend living here. I've been here for 3 years and have no complaints. Maintenance is always responsive, and the office staff is always helpful.” “ Absolutely love everything about these apartments! Came into the leasing office, and Mayra was super helpful in ensuring a smooth and quick move -in process. She’s super enthusiastic and goes above and beyond to help out, which is greatly appreciated!” “ Amazing place to live! My wife and I are happy to be here. It's new, close to everything we need, and the quality of life meets our needs. The staff is really friendly, kind and supportive during the move-in process.” “ This is one of the best communities I've stayed at. They always keep the property clean and safe. Most importantly, the customer service is absolutely outstanding. Definitely recommend this property.” Established in 2019 Four communities in Otay Ranch 7 Page 643 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 644 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda BENEFITS OF THE PROJECT Balances the overall village housing mix: •64% Single-Family Detached •24%Townhomes •9%Flats •3%TBD Activates the adjacent commercial district while respecting the SF neighborhood to the north Housing that supports the educational hub 9 Page 645 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda v . 0 0 5 P a g e | 1 February 11, 2025 ITEM TITLE Long-Term Financial Plan: Accept the General Fund Long-Term Financial Plan – Fiscal Years 2026-2035 Report Report Number: 25-0002 Location: No specific geographic location Department: Finance G.C. § 84308 Regulation Apply: No Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines. Therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required. Recommended Action Accept the General Fund Long-Term Financial Plan – Fiscal Years 2026-2035 report. SUMMARY The City of Chula Vista Fiscal Years 2026 – 2035 General Fund Long-Term Financial Plan (“LTFP”) serves as a long-range fiscal planning tool to identify financial trends, project budgetary surpluses or shortfalls, and encourage discussion to proactively address the City’s long-range needs. The goal of the LTFP is to assess the City’s ability over the term of the plan to: maintain current or expand service levels; preserve the City’s long- term fiscal health; and strategically increase the City’s reserve funds to meet the City’s reserve policies thresholds. The LTFP served as a guideline for the development of the current fiscal year (FY) 2024-25 General Fund budget but is only applicable for the City’s General Fund. Information related to the City’s non- General Fund funds can be found on the City’s website within the FY 2024-25 Adopted Budget (www.chulavista.gov). ENVIRONMENTAL REVIEW The Director of Development Services has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a “Project” as defined under Section 15378 of the State CEQA Guidelines because the proposed activity consists of a governmental Page 646 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 2 fiscal/administrative activity which does not result in a physical change in the environment. Therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines, the activity is not subject to CEQA. BOARD/COMMISSION/COMMITTEE RECOMMENDATION Not applicable DISCUSSION The City of Chula Vista’s General Fund LTFP for Fiscal Years 2026-2035 serves as a long-range fiscal planning tool to identify financial trends, identify projected budgetary surpluses or shortfalls, and encourage discussion to proactively address the City’s long-range needs. The LTFP focuses on baseline revenues and expenditures that are essential for the City to achieve the City’s strategic goals over the next ten years. These goals include: • Providing the highest level of municipal services based upon available resources; • Maintaining safe and appealing neighborhoods; • Providing funding for City infrastructure; and • Continuing to expand the City’s economic development and financial base. In development of the LTFP projections, City staff reviewed historical budgeted and actual financial figures, reviewed current data, and researched current financial trends. City staff reviewed federal data (U.S. Bureaus of Economic Analysis, Labor Statistics; Federal Reserve; U.S. Treasury), the UCLA Anderson Economic Outlooks, HdL (City sales tax consultant), the San Diego Tourism Authority, and other sources to develop the economic assumptions and growth rates included in the LTFP model and report (Attachment 1). It is important to emphasize that the LTFP is not a budget. The LTFP does not make expenditure decisions or assume revisions to current service levels but rather highlights the need to prioritize the allocation of City resources to ensure the continuation of core City services. The purpose of the plan is to provide the City Council, key stakeholders, and the public an overview of the City’s fiscal health based on various financial and service level assumptions over the next ten years, and to allow for the discussion of necessary steps to be initiated during the development and implementation of future budgets. The LTFP is intended to look beyond the annual budget cycle, serving as a planning tool to bring a long-term perspective to the budget process. Should projected expenditures exceed projected revenues in any given year, the City Manager will identify steps to mitigate the shortfalls prior to presenting a balanced budget to the City Council for consideration during the annual budget development process. Summary of Financial Projections The LTFP forecasts General Fund revenues and expenditures based on current and known conditions, historical performance, economic data, and consultation from subject matter experts. The LTFP basis is the baseline operating revenues and expenditures in the City’s General Fund and includes ad justments to forecasts for revenues and expenditures based on maintaining the City’s service levels; anticipated new revenue streams and new projected costs (e.g., new facilities or financing); and other planned commitments. Based on projections within the LTFP, overall General Fund revenues and expenditures are anticipated to increase throughout the ten-year Plan period. In some fiscal years, revenues are expected to exceed Page 647 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 3 expenditures, resulting in an operating surplus; in others, expenditures are expec ted to exceed revenues, resulting in an operating deficit. Based largely on population growth and new development, continued growth in revenues and expenditures is anticipated throughout the LTFP period; staff employed a conservative yet reasonable approach in developing the projections based on City policy. Uncertainty related to several key factors impacting the economy (discussed in the Economic Overview of the report in Attachment 1) has led staff to moderate revenue and expenditure growth expectations. It should be noted that these projections do not incorporate any economic downturn during the LTFP period, which would likely negatively impact the LTFP projections. Projections within the LTFP will be monitored by staff and re-evaluated based upon future economic activity and available data. While service levels are maintained in the LTFP model, growth in expenditures is anticipated to outpace the growth in revenues from fiscal year 2026 to fiscal year 2030, particularly due to labor contracts, insurance costs, deferred maintenance, and the opening of the Bayfront fire station; these are discussed in the Major Revenues and Expenditures section of Attachment 1. As shown in the summary table below, the overall General Fund shortfall is projected to fluctuate beginning in FY 2026 at approximately $4.3 million and ending in FY 2030 at approximately $1.3 million. A General Fund surplus is projected at approximately $1.6 million in FY 2032 and ending in FY 2035 at $0.1 million. The following table presents the 10-year financial forecast for the General Fund for FY 2025 through FY 2034. Additional information related to forecasted revenues and expenditures is provided within the attached report (Attachment 1). General Fund Long Term Financial Plan FY 2026 – FY 2035 (in millions) Amended FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Revenues Major Discretionary Revenues (1) 220.5 229.8 239.4 249.1 258.2 268.3 278.8 290.4 301.2 312.5 324.3 Other Revenues (2) 66.2 54.5 55.6 56.3 57.1 58.0 58.8 59.7 60.6 61.5 62.4 New Development Revenues (3) - 2.7 3.5 3.8 4.0 4.1 4.2 4.4 4.5 4.7 4.8 Total General Fund Revenues $286.8 $286.9 $298.4 $309.2 $319.3 $330.3 $341.8 $354.4 $366.3 $378.7 $391.5 Year-over-Year Change - 0.0% 4.0% 3.6% 3.3% 3.4% 3.5% 3.7% 3.4% 3.4% 3.4% Expenditures Personnel Services Expenditures 149.6 158.0 166.5 172.7 178.8 183.9 188.4 193.9 199.7 205.5 211.5 Other Expenditures (4) 138.3 127.3 131.4 135.4 138.1 142.2 147.2 153.0 160.2 165.8 172.8 New Development Expenditures (3) - 5.9 5.6 5.2 5.5 5.4 5.7 5.8 6.1 6.8 7.1 Total General Fund Expenditures $287.9 $291.2 $303.6 $313.3 $322.4 $331.6 $341.3 $352.7 $366.0 $378.1 $391.3 Year-over-Year Change - 1.1% 4.3% 3.2% 2.9% 2.8% 2.9% 3.3% 3.8% 3.3% 3.5% General Fund Surplus $ (1.2) $ (4.3) $ (5.1) $(4.1) $(3.1) $(1.3) $0.4 $1.7 $0.3 $0.6 $0.2 Surplus/(Deficit) as a % of Budget - (1.5)% (1.7)% (1.3)% (1.0)% (0.4)% 0.1% 0.5% 0.1% 0.2% 0.0% Page 648 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 4 Notes: 1) Major Discretionary Revenues reflect the total of the following budget revenue categories: Property Tax, Sales Tax, Measure P Sales Tax, Measure A Sales Tax, Property Tax in lieu of Vehicle License Fees (VLF), Franchise Fees, Transient Occupancy Tax (TOT), and Utility Users’ Tax (UUT). 2) Other Revenues reflect the total of the following budget revenue categories: Development Revenue, Licenses and Permits, Fines, Forfeitures & Penalties, Use of Money and Property, Other Local Taxes, Police Grants, Other Agency Revenue, Charges for Services, Interfund Reimbursements, Other Revenue, and Transfers from Other Funds. 3) New Development Revenues & New Development Expenditures include revenues and expenditures projected for the Otay Ranch Village 8 West Development, Millenia Library , and Bayfront Fire Station anticipated to come online during the LTFP term. 4) Other Expenditures reflect the total of the following expenditure categories: Supplies and Services, Utilities, Other Expenses, Equipment (Capital not CIP), Internal Services, Measure P Obligations (Transfers Out), Measure A Obligations (Transfers Out), Transfers Out. LTFP Outline (Attachment 1) The LTFP report begins with summary financial projections for the ten-year term of the Plan, followed by an overview of the current economic environment; key assumptions in the model; and highlights on major revenues and expenditures. The LTFP provides context on capital expenditures, outstanding City debt, and reserve levels. Based on the input and discussions from the City Council and the public during public hearings, City staff will gather additional information and develop recommendations to address future budget surpluses and shortfalls during the City’s budget development process. DECISION-MAKER CONFLICT Staff has reviewed the decision contemplated by this action and has determined that it is not site-specific and consequently, the real property holdings of the City Council members do not create a disqualifying real property-related financial conflict of interest under the Political Reform Act (Cal. Gov't Code § 87100, et seq.). Staff is not independently aware, and has not been informed by any City Council member, of any other fact that may constitute a basis for a decision-maker conflict of interest in this matter. CURRENT-YEAR FISCAL IMPACT There is no current-year fiscal impact related to acceptance of the General Fund LTFP. ONGOING FISCAL IMPACT Staff will monitor and incorporate impacts to the General Fund LTFP in future quarterly budget monitoring reports to the City Council. It is important to note that, with the exception of the New Development Expenditures described above, the LTFP does not assume any funding for increased staffing or service levels. As the community’s service demands continue to increase, this will create additional pressure on the General Fund. This is particularly true for the City’s Police and Public Works Departments, who have yet to return to their pre-recession Page 649 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda P a g e | 5 staffing ratios. Staff will continue to pursue revenue enhanceme nts and operational efficiencies in the coming years to increase funding for these critical services. ATTACHMENTS 1. General Fund Long-Term Financial Plan – Fiscal Years 2026-2035 Staff Contact: Sarah Schoen, Director of Finance/Treasurer Page 650 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 1 EXECUTIVE SUMMARY The City of Chula Vista Fiscal Years 2026 – 2035 General Fund Long-Term Financial Plan (LTFP) serves as a long-range fiscal planning tool to identify financial trends, project budgetary surpluses or shortfalls, and encourage discussion to proactively address the City’s long-range needs. The LTFP will also serve as a guideline for the development of the Fiscal Year (FY) 2026 General Fund budget. The goal of the LTFP is to assess the City’s ability over the term of the ten-year plan to:  Maintain current or expand service levels;  Preserve the City’s long-term fiscal health; and  Strategically maintain the City’s reserve funds to meet the City’s reserve policies thresholds. The LTFP only addresses the City’s General Fund. The General Fund serves as the principal source of revenues and expenditures that finance the City’s core, day-to-day operating expenses. Information related to the City’s non-General Fund funds can be found on the City’s website within the FY 2025 Adopted Budget and the FY 2025 Amended Budget (Quarterly Financial Reports): https://www.chulavistaca.gov/departments/finance/budget-information The LTFP focuses on baseline General Fund revenues and expenditures that are essential for the City to achieve the City’s strategic goals over the next ten years.1 These goals include:  Providing the highest level of municipal services based upon available resources;  Maintaining safe and appealing neighborhoods;  Providing funding for City infrastructure; and  Continuing to expand the City’s economic development and financial base. It is important to emphasize that the LTFP is not a budget. The LTFP does not make expenditure decisions or assume revisions to current service levels but rather highlights the need to prioritize the allocation of City resources to ensure the continuation of core City services. The purpose of the LTFP is to provide the City Council, key stakeholders, and the public an overview of the City’s fiscal health based on various financial and service level assumptions over the next ten years, and to allow for the discussion of necessary steps to be initiated during the development and implementation of future budgets. The LTFP is intended to look beyond the annual budget cycle, serving as a planning tool to bring a long-term perspective to the budget process. Should projected expenditures exceed projected revenues in any given year, the City Manager will identify steps to mitigate the shortfalls prior to presenting a balanced budget to the City Council for consideration during the annual budget development process. 1 See the Strategic Plan on the City’s Budget webpage: https://www.chulavistaca.gov/departments/finance/budget- information. The City’s new Strategic Plan is expected to be completed in 2025. Page 651 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 2 REPORT OUTLINE The LTFP report begins with summary financial projections for the ten-year term of the LTFP, followed by an overview of the current economic environment; key assumptions in the model; and highlights of major revenues and expenditures. The LTFP provides context on capital expenditures, outstanding City debt and reserve levels. Based on the input and discussions from the City Council and the public during public hearings, City staff will gather additional information and develop recommendations to address future budget surpluses and shortfalls during the City’s annual budget development process. GENERAL FINANCIAL POLICY The LFTP report follows guidance from the City’s Finance Department’s 100-01 General Financial Policy in the following areas: Budget Development  Identify the resources required to fund identified programs and activities and enable accomplishment of program objectives.  Maintain a balanced operating budget. Operating revenues will fully cover operating expenditures, including debt service, each fiscal year.  Track revenues and expenditures on an on-going basis and attempt to anticipate future trends beyond the current budget cycle in order to maintain a balanced budget.  Utilize a ten-year financial plan and a long-term financial forecast model to promote orderly spending patterns, engage in long-range planning, and reduce the time and resources spent preparing annual budgets. Revenue Management  Endeavor to maintain a diversified and stable revenue base.  Revenue projections will be maintained for the current year and for future fiscal years, and estimates will be based on a conservative, analytical, and objective process. Financial Constraints and Expenditure Management  Track expenditures to evaluate trends and identify potential issues that will affect the budget. Page 652 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 3 SUMMARY OF FINANCIAL PROJECTIONS The LTFP forecasts General Fund revenues and expenditures based on current and known conditions, historical performance, economic data, and consultation from subject matter experts. The LTFP basis is the baseline operating revenues and expenditures in the City’s General Fund and includes adjustments to forecasts for revenues and expenditures based on: maintaining the City’s service levels; anticipated new revenue streams and new projected costs (e.g., new facilities or financing tools); and other planned commitments. Based on projections within the LTFP, overall General Fund revenues and expenditures are anticipated to increase throughout the ten-year LTFP period. In some fiscal years, revenues are expected to exceed expenditures, resulting in an operating surplus; in others, expenditures are expected to exceed revenues, resulting in an operating deficit. While service levels are maintained in the LTFP model, growth in expenditures is anticipated to outpace the growth in revenues from Fiscal Year 2026 to Fiscal Year 2030, particularly due to labor contracts, insurance costs, deferred maintenance, and the opening of the Bayfront fire station, all to be discussed in the Major Revenues and Expenditures section of this report. As shown on the below summary table, the overall General Fund shortfall is projected to fluctuate beginning in F Y 2026 at approximately $4.3 million and ending in FY 2030 at approximately $1.3 million. A General Fund surplus is projected at approximately $0.4 million in FY 2031 and ending in FY 2035 at $0.2 million. Based largely on population growth and development, continued growth in revenues and expenditures is anticipated throughout the LTFP period; staff employed a conservative yet reasonable approach in developing the projections based on City policy. Uncertainty related to several key factors impacting the economy (discussed in the Economic Overview) has led staff to further moderate revenue and expenditure growth expectations. It should be noted that these projections do not incorporate any economic downturn during the LTFP period, which would likely negatively impact the LTFP projections. Projections within the LTFP will be monitored by staff and re-evaluated based upon future economic activity and available data. This space is intentionally left blank. Page 653 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 4 The following table presents the summary financial forecast for the General Fund for FY 2026 through FY 2035. A detailed table is provided in the Ten-Year Projections section of this document. General Fund Long Term Financial Plan FY 2026 – FY 2035 (in millions) Amended FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Revenues Major Discretionary Revenues (1) 220.5 229.8 239.4 249.1 258.2 268.3 278.8 290.4 301.2 312.5 324.3 Other Revenues (2) 66.2 54.5 55.6 56.3 57.1 58.0 58.8 59.7 60.6 61.5 62.4 New Development Revenues (3) - 2.7 3.5 3.8 4.0 4.1 4.2 4.4 4.5 4.7 4.8 Total General Fund Revenues $286.8 $286.9 $298.4 $ 309.2 $319.3 $330.3 $341.8 $354.4 $366.3 $378.7 $391.5 Year-over-Year Change - 0.0% 4.0% 3.6% 3.3% 3.4% 3.5% 3.7% 3.4% 3.4% 3.4% Expenditures Personnel Services Expenditures 149.6 158.0 166.5 172.7 178.8 183.9 188.4 193.9 199.7 205.5 211.5 Other Expenditures (4) 138.3 127.3 131.4 135.4 138.1 142.2 147.2 153.0 160.2 165.8 172.8 New Development Expenditures (3) - 5.9 5.6 5.2 5.5 5.4 5.7 5.8 6.1 6.8 7.1 Total General Fund Expenditures $287.9 $ 291.2 $303.6 $313.3 $322.4 $331.6 $341.3 $352.7 $366.0 $378.1 $391.3 Year-over-Year Change - 1.1% 4.3% 3.2% 2.9% 2.8% 2.9% 3.3% 3.8% 3.3% 3.5% General Fund Surplus $ (1.2) $ (4.3) $ (5.1) $(4.1) $(3.1) $(1.3) $0.4 $1.7 $0.3 $0.6 $0.2 Surplus/(Deficit) as a % of Budget - (1.5)% (1.7)% (1.3)% (1.0)% (0.4)% 0.1% 0.5% 0.1% 0.2% 0.0% Notes (1) Major Discretionary Revenues reflect the total of the following budget revenue categories: Property Tax, Sales Tax, Measure P Sales Tax, Measure A Sales Tax, Property Tax in lieu of Vehicle License Fees (VLF), Franchise Fees, Transient Occupancy Tax (TOT), and Utility Users’ Tax (UUT). (2) Other Revenues reflect the total of the following budget revenue categories: Development Revenue, Licenses and Permits, Fines, Forfeitures & Penalties, Use of Money and Property, Other Local Taxes, Police Grants, Other Agency Revenue, Charges for Services, Interfund Reimbursements, Other Revenue, and Transfers from Other Funds. (3) New Development Revenues & New Development Expenditures include revenues and expenditures projected for the Otay Ranch Village 8 West Development, Millenia Library, and Bayfront Fire Station anticipated to come online during the LTFP term. (4) Other Expenditures reflect the total of the following expenditure categories: Supplies and Services, Utilities, Other Expenses, Equipment (Capital not CIP), Internal Services, Measure P Obligations (Transfers Out), Measure A Obligations (Transfers Out), Transfers Out. Page 654 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 5 ECONOMIC OVERVIEW City staff reviewed information from federal data (U.S. Bureaus of Economic Analysis, Labor Statistics; Federal Reserve; U.S. Treasury), the quarterly UCLA Anderson Economic Outlooks, HdL (City sales tax consultant), the San Diego Tourism Authority, and other sources to develop the economic assumptions and growth rates included in the LTFP model and report. Highlights – National U.S. Economy Remains Strong, But Policy Uncertainties Abound – Economic indicators in labor, equities, and productivity in 2024 demonstrated that the post-COVID U.S. economy remains strong; however, the economy’s trajectory as a new administration takes power is difficult to predict and factor in: the extent of deregulation, tariffs and trade wars, new/extended tax policies, and immigration and border regulations.2 The latest UCLA Anderson Economic Outlook model is challenged by these uncertainties, but includes impacts from publicized policies that are likeliest to occur: 25% tariffs on all goods from Mexico and Canada; a 10% increase on tariffs on goods from China; deportation of up to 1 million undocumented immigrants annually; and, the permanent extension of the Tax Cuts and Job Acts of 2017.2 Consumers continue to feel elevated prices, though the Consumer Price Index (CPI) for All Urban Consumers increased only 2.7% percent from November 2023 to 2024—less than half the rate of two years ago—meaning inflation is still elevated but nearing the Fed’s 2% target.3 The Federal Reserve made three cuts to interest rates in 2024 and is projected to slow to two cuts in 2025 and one in 2026 and 2027 as inflation lingers.2 Inflation is widely projected to be higher in 2025, boosted by suggested tariffs, at an average of 3.0%.2 These and other trade policies are expected to raise the price levels on many goods and services. Deportations creating labor shortages are expected to also boost inflation in 2025, coming down slightly at an average of 2.8% in 2026 as the labor market adjusts. Finally, proposed tax cuts could lead to increased demand (consumption) and prices as a result. Each of these factors point to impacts on Americans’ increasing cost of living; the Federal Reserve will be challenged with responding to maintain its goal of stable prices. National unemployment levels are currently at 4.2%, remaining relatively low.4 However, there is a highly uncertain outlook for unemployment as well, with tariffs expected to push the rate up in 2025 due to a temporary reduction in labor demand. Mass deportation may lower unemployment to some degree from the large reduction in labor supply, but on the other hand, also increase the rate due to lack of substitute skills, such as in the construction, manufacturing, and food industries with undocumented labor. 2 UCLA Anderson School of Management. Economic Outlook - Winter 2024. https://newsroom.ucla.edu/releases/ucla- anderson-forecast-uncertainties-underlie-economy-new-administration-policies 3 U.S. Bureau of Labor Statistics. Consumer prices up 2.7 percent from November 2023 to November 2024 https://www.bls.gov/opub/ted/2024/consumer -prices-up-2-7-percent-from-november-2023-to-november-2024.htm 4 U.S. Bureau of Labor Statistics The Employment Situation – November 2024. https://www.bls.gov/news.release/pdf/empsit.pdf Page 655 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 6 In summary, should substantial tariffs and deportations come to fruition, higher levels of inflation and interest rates are expected through 2026, along with a temporary hit to gross domestic product (GDP) in 2025 and normalizing in 2026 as the nation adjusts to tariffs and changes in consumption, as well as the change in composition and size of the labor force.2 UCLA Anderson economists also warn the unemployment impacts are highly uncertain in 2026, largely due to a lack of empirical evidence on such conditions. The LTFP projects some inflationary impacts, with continued moderate expectations for growth in revenues and expenditures based on continued strong national and state economic results. Staff will continue to monitor for policy changes as enacted and determine potential impacts on local revenues and expenditures. Real Gross Domestic Product (GDP) The chart below from the U.S. Bureau of Economic Analysis displays recent quarterly results of real GDP, a measure of the value of all goods and services produced in a country over a period of time (adjusted for inflation), which is an economic indicator of growth. Estimated results for the third quarter (Q3) of 2024 were a 3.1% annual rate, up from the second quarter (Q2) results of 3.0%, and 1.3% for the first quarter (Q1) of 2024.5 Continued positive growth each quarter generally allays economists’ concerns that a recession is forthcoming. The Federal Reserve will be closely monitoring this relatively positive economic growth in its policy decisions to reduce inflation. GDP: Percent Change from Preceding Quarter6 5 US Bureau of Economic Analysis. News Release: Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Third Quarter 2024. https://www.bea.gov/news/2024/gross-domestic-product-third- estimate-corporate-profits-revised-estimate-and-gdp-1 Page 656 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 7 UCLA Anderson economists predict a temporary reduction in GDP growth in 2025 to 1.5% because of tariffs and onset of deportations, followed by an increase to 2.4% in 2026 as the economy adjusts to those economic conditions.2 Highlights – California The UCLA Anderson Winter 2024 Outlook predicts California’s economy will continue to grow at a similar rate as the national rate through 2026. The 2024 2nd Quarter GDP growth was 2.8% for California and 3.1% nationally.2 As noted in the National Highlights above, tariffs and deportations both also affect California as they affect the nation as a whole. California’s unemployment rate was 4.6% in November 2024, approximately 0.4% above the national rate.7 The California labor force is expected to reduce based on anticipated deportations, but industries will be impacted differently. Undocumented workers are expected to decrease in areas such as construction, durable goods, and farming; whereas H1B visa workers, particularly in higher-compensated industries such as technology, are expected to increase based on suggested policy preferences.2 Deportations are also assumed to accelerate the decline in California school enrollment (Kindergarten through Grade 12), impacting job growth in the education sector. In summary, overall slower economic growth is expected in 2025 with some acceleration in 2026, which is on par with national growth. The size and timing of deportations, and extent of tariffs and resultant geopolitical retaliation of trading partners will affect the ma gnitude of impacts on the California economy. This space is intentionally left blank. 7 U.S. Bureau of Labor Statistics. Economy at a Gla nce. San Diego-Carlsbad-San Marcos, CA https://www.bls.gov/eag/eag.ca_sandiego_msa.htm Page 657 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 8 KEY ASSUMPTIONS The LTFP prepares revenue and expenditure forecasts based on:  Current expenditure spending  Revenue collection trends  Historical budgetary performance  Prevailing general economic conditions  External experts in economic forecasting  City Departments input The LTFP revenues and expenditure forecasts include the following key assumptions: Baseline Revenues and Expenditure  The LTFP utilizes the FY 2025 Adopted Budget, updates from the FY 2025 Amended Budget (as of the First Quarter FY 2025) and current labor agreements as the basis for future year forecasted revenues and expenditure growth.  Future year forecasted figures are adjusted with anticipated growth rates and other inputs based on the FY 2025 Adopted and Amended Budgets, economic conditions, local development activity, one-time revenues and expenditures, and other factors. Staffing  The LTFP maintains current staffing and service levels throughout the term of the LTFP. No new staffing was included in the projections except for necessary staffing for new facilities becoming operational within the LTFP period. The projected expenditures for the additional staff for the new Bayfront Fire Stations are included in the New Development Expenditures category as these positions will be necessary to operate the new facilities accommodating City growth. New Revenues  In November 2024, voters approved a ten-year continuation of Measure P sales tax collection through 2037. Measure P Sales Tax revenues are included throughout the term of the LTFP. Healthcare Costs  The City participates in ongoing discussions with the City’s labor groups to manage affordability, while maximizing options for City employees. Healthcare costs are assumed to grow at a rate of approximately 5% annually based on market conditions and historical costs. Debt Issuances for Capital Projects  The LTFP does not include any future debt issuances for capital projects. Retirement  Projected normal costs for the California Public Employees’ Retirement System (CalPERS) for the annual cost of service accrual for the fiscal year for active employees are included in Retirement expenditures. The LTFP also includes the projected Unfunded Accrued Liability (UAL) expense for the period of the LTFP based on the information provided by CalPERS Page 658 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 9 actuarial report, adjusted for known differences such as actual investment earnings and current labor agreements. As discussed later in the report, the Section 115 Trust Fund (Pension Reserve)—a qualified trust fund that allows government entities to set aside tax-exempt funds for employee benefits after retirement—is available to pay current and future UAL costs that may arise in subsequent fiscal years. Pension Obligation Bonds & Pension/Debt and OPEB Reserve Fund  Debt service for the 2021 Pension Obligations Bonds (POBs) during the LTFP period is included in the Transfers/Debt Service expenditure category.  Per the Citywide Reserve Policy – Fiscal Health Plan (220-03) net savings from the issuance of the POBs for the first ten years are first allocated to the City’s UAL payment to CalPERS, the administrator of the City’s pension plans (Miscellaneous and Safety). This policy helps minimize the fiscal impact of the annual increase in pension costs. Remaining savings are used to maintain the minimum level of the Pension Reserves. Annual Additional Discretionary Payments (ADPs) to CalPERS from the POB net savings are also considered annually to reduce the balance of the UAL. Finally, remaining POB net savings flow to the Bond Call and Other Post-Employment Benefit (OPEB) reserves.  Contributions from POB net savings to the Pension, Bond Call and OPEB reserves are scheduled throughout the first half of the ten-year period of the LTFP, ending per the current Citywide Reserve Policy in FY2031. New Development The City generally expects to collect additional revenues and expend additional resources as the City grows and develops new residential units and businesses. The General Fund benefits from the additional revenues which fund a portion of the costs associated with new development based on available resources, policy goals, development agreements and other factors. Staff includes several key new development factors in the LTFP based on planned commitments, project status, contractual obligations/terms and General Fund impact. The LTFP was developed based on information available and known at the time of the preparation of the report. Chula Vista Bayfront The Port of San Diego and the City of Chula Vista are partnering to redevelop the Chula Vista Bayfront as a world-class destination in the South Bay, with residential, business, and recreational opportunities. Efforts have been under way to establish infrastructure for new public park space and recreational activities, housing, and improvements to the natural habitat. The catalyst development, the Gaylord Pacific Resort and Convention Center, is scheduled to open in summer 2025. Residents and visitors will see the vision for the Bayfront come to life over the coming decade, with potential to expand City General Fund revenues and City services. No development revenues related to the Bayfront are included in the LTFP at this time other than a modest portion of new sales tax, with most of the new property tax, sales tax, and Transient Occupancy Tax generated in the area being utilized for the public bond financing for the Bayfront Project which facilitated the Gaylord Pacific Resort and Convention Center development. As mentioned above, a new fire station proposed to help meet service demands in the Bayfront area has been added as New Development Expenditures; see below. Page 659 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 10 Otay Ranch Village 8 West SPA (Sectional Planning Area) is currently being developed by HomeFed and will include over 2,300 new residential units in east Chula Vista at completion. A new fire station and expanded City services are anticipated in FY 2026. Costs for operating the project’s neighborhood parks will be borne solely by the developer. The LTFP includes projected City revenues as well as expenditures for Otay Ranch Village 8 West starting in FY 2026 and through the term of the LTFP. These figures are estimates; staff will update the LTFP when additional information is made available. Bayfront Fire Station: In accordance with the City’s Master Fire Facility Master Plan to address City growth and Fire Department facilities and service needs, operating costs for an additional fire station and staffing are included in the LTFP. The Bayfront Fire Station is assumed to be operational in FY 2025, with two engine companies in late FY 2026. A portion of operating costs (73.6%) will be funded by Bayfront Project revenues. Facilities costs will be jointly funded by the PFDIF and one-time General Fund monies. Millenia Library Building: In September 2023, the City of Chula Vista broke ground on a 168,000 square foot Class “A” office building, which will house a 60,000 square foot Library and other tenants. This is the City’s first new library built since 1995. The library will be located in east Chula Vista, which has experienced significant population growth in recent years, and aims to meet resident, industry, and academic needs. Project plans include expanded library space, office space for leasing, a passport office, and space for community gatherings. The construction of the facility is partially funded by a $30 million grant from the California State Library Targeted State Grant Program. The LTFP currently includes an estimate for operating costs for the Millenia Library in east Chula Vista starting in FY 2026. Fiscal impacts related to new private partnerships will be factored in future LTFP as terms are finalized. Figure 3 Millenia Library rendering Figure 2 Gaylord Bayfront Convention Center rendering Figure 1 Otay Ranch Village 8 West Page 660 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 11 FACTORS NOT INCLUDED IN THE LTFP Development Impacts As new major developments are proposed in the City, each developer is required to submit a fiscal impact analysis to ensure that the City’s revenues generated from the project will meet or exceed the anticipated expenditures. However, the actual timing of the impact from new development in revenues and expenditures is difficult to predict. As the development projects vary, such as new hotels or new housing, various factors influence the impact of the projects. The timing of the revenues related to new development can vary greatly depending on how fast the market can absorb the new inventory and the economic condition throughout the development process. Economic Downturn(s) As previously discussed, the potential for an economic downturn is plausible. However, the LTFP does not attempt to incorporate the impact of a downturn as the timing and duration of a downturn is difficult to project. While the growth projections incorporated into the LTFP are conservative, the growth factors will be re-evaluated as needed based upon future economic indicators and as data becomes available. This section is intentionally left blank. Page 661 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 12 MAJOR REVENUES AND EXPENDITURES The following section highlights major revenue and expenditure projections and associated assumptions used in the preparation of the LTFP. REVENUES The City’s major revenue sources include Property Tax, Sales Tax, Measure P Sales Tax, Measure A Sales Tax, Property Tax in lieu of VLF, Franchise Fees, Transient Occupancy Tax (TOT), and Utility Users’ Tax (UUT). The listed revenues account for approximately $220.5 million, or 76.9%, of the City’s General Fund projected revenues for the FY 2025 Amended Budget. These revenues are categorized as general revenues, or “major discretionary revenues,” broadly defined as revenues that are generated not by any given government activity, but by general or specific taxing authority, such as a local sales tax measure (Measure A and Measure P) or state law (Property Tax). Discretionary funds are generally not restricted as to use, and fund the majority of the City’s core, day-to-day and long-term operating expenses. The following are brief descriptions of the major General Fund revenue sources. Property Tax Property tax revenue is generated from a 1% ad valorem tax on “real property” (land, buildings, and other permanent structures/improvements), based upon the assessed value of the property within the City, as certified by the County of San Diego Assessor. Property tax revenue is the City’s most stable revenue source and is generated from both residential and commercial property. The chart below shows the distribution of property tax dollars by the County amongst various jurisdictions. Property Tax Dollar Distribution by Jurisdiction Figure: Tax Allocation Chart – San Diego County Treasurer-Tax Collector For FY 2026, property tax revenue is projected to total $56.2 million, a $3.1 million increase, or 6.0% increase from the FY 2025 Amended Budget, based on updates from the County property tax roll. Page 662 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 13 Economic Analysis and Forecast Property tax revenue is driven by home sales (rate of turnover) and home prices (the value at which tax is assessed) and limited by the California Consumer Price Index (CCPI) and Proposition 13, which restricts assessed valuation (AV) growth to the lesser of CCPI or 2.0 percent. While home prices peaked during the pandemic, prices remain elevated and the recent decline in property sales is largely attributed to higher interest rates, which continues to impact affordability in the region. According to Zillow market research as of January 2025, the median sale price for existing single- family homes in Chula Vista increased 4.4% over the past year to $847,065.8 If interest rates cuts occur in 2025, the housing market could experience some decline in prices and an increase in demand. The housing shortage across the state and especially in the San Diego region will continue to impact housing costs, which are increasing faster than income levels.9 As shown in the chart below, the City’s assessed value has increased steadily since FY 2016, and this positive trend is anticipated to continue into FY 2026. The latest assessment for Chula Vista showed AV rising 6.16% for FY 2025. Historical Change in Assessed Value City of Chula Vista and Countywide Comparison Property Tax Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 6.0% 6.0% 6.0% 5.0% 5.0% 5.0% 5.0% 4.0% 4.0% 4.0% Projection 53.1 56.2 59.6 63.2 66.4 69.7 73.2 76.8 79.9 83.1 86.4 The LTFP includes a 6.0% increase in property tax revenues in FY 2026 through FY 2028; a growth rate of 5.0% in FY 2029 through FY 2032; and a terminal growth rate of 4.0% in FY 2033 through 2035. 8 Zillow Home Values-Chula Vista, CA Housing Market. https://www.zillow.com/home-values/51405/chula-vista-ca/ 9 Bentz, Alex. Legislative Analysts’ Office. California Housing Affordability Tracker (3rd Quarter 2024). https://lao.ca.gov/LAOEconTax/Article/Detail/793#:~:text=Housing%20Costs%20Have%20Grown%20More%20Quickly% 20Than%20Wages.&text=From%20January%202020%20to%20September,grown%20more%20quickly%20than%20wages. Page 663 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 14 In addition to the increase in property tax base from property sales, the City is continuing to see new residential and commercial development resulting in additional property tax. The gradual decline in the rate of property tax growth in the LTFP is based on expected development in the City to taper off; properties available for new development will diminish. Property Tax in lieu of Vehicle License Fee (VLF) VLF revenues are generated from vehicle license fees paid with vehicle registrations to the State of California Department of Motor Vehicles; fees are then allocated back to cities and counties. With the State Budget Act of 2004, the allocation of VLF revenues to cities and counties were substantially changed, permanently reducing the VLF tax and increasing transfers of property tax funds from the State in lieu of VLF. Since 2006, the majority of VLF revenu es for each city grew essentially in proportion to the growth in the change in gross property assessed valuation. Due to the new formula by the State, 96% of the City’s VLF revenues fluctuated with changes in assessed property values within the City. As such, this revenue category reflects $33.8 million Property Tax in lieu of Vehicle License Fee revenues for FY 2026, a 6.0% increase in comparison to the FY 2025 Amended Budget; a growth rate of 6.0% in FY 2027 through FY 2028; a growth rate of 5.0% in FY 2029 through FY 2032; and a terminal growth rate of 4.0% in FY 2033 through FY 2035. Property Tax in lieu of Motor Vehicle License Fees (MVLF) Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 6.0% 6.0% 6.0% 5.0% 5.0% 5.0% 5.0% 4.0% 4.0% 4.0% Projection 31.9 33.8 35.9 38.0 39.9 41.9 44.0 46.2 48.1 50.0 52.0 Sales and Use Tax (Sales Tax) The Bradley-Burns Uniform Local Sales and Use Tax (Sales Tax) tax revenue is generated from a percentage tax imposed on the sale of retail goods and services that occur within the City of Chula Vista. Sales tax revenue is highly sensitive to economic conditions, and reflects the factors that drive taxable sales, including levels of unemployment, consumer confidence, per-capita income, and business investment. The total citywide sales tax rate is 8.75%, of which the City’s General Fund receives 1.0% of all the sales transactions within the City, not including the City transaction taxes for Measure P and A. The table below shows the distribution of sales tax for the City of Chula Vista. Page 664 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 15 The General Fund sales tax revenue is anticipated to be approximately $49.4 million in FY 2026, a 3.0% increase in comparison to the FY 2025 Amended Budget. The Sales Tax revenues category represents the second largest revenue source for the City’s General Fund. Economic Analysis and Forecast Consumer confidence, unemployment rates and the Consumer Price Index (CPI) largely drive the spending and resultant sales tax receipts that make up the City’s second largest revenue stream. The San Diego region employment rate remained steady at 4.6% in November 2024, which is up 0.3% since November 2023.10 The CPI for November 2024 was 2.6% above prices one year ago.11 After surging nearly 10% in FY 2021 and 15% in FY 2022 during the pandemic, taxable sales growth in Chula Vista slowed to 3.1% in FY 2023 and 3.7% in FY 2024. Further weakening in taxable sales growth is expected in the short run as the labor market cools, unemployment ticks up, pandemic savings dry up, and overall economic headwinds spur consumers to dial back spending. While part of the projected slowdown in the near term is due to economic headwinds, slower near-term growth is also a function of coming off of skyrocketing gains in FY 2021 and FY 2022. Sales tax revenues are expected to moderate as consumers struggle with rising prices due to inflation. Sales Tax Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 3.0% 3.0% 3.0% 3.0% 3.5% 3.5% 4.0% 4.0% 4.0% 4.0% Projection 48.0 49.4 50.9 52.5 54.0 55.9 57.9 60.2 62.6 65.1 67.7 10 U.S. Bureau of Labor Statistics. Economy at a Glance: San Diego -Carlsbad-San Marcos, CA https://www.bls.gov/eag/eag.ca_sandiego_msa.htm 11 U.S. Bureau of Labor Statistics. Consumer Price Index, San Diego Area — November 2024 https://www.bls.gov/regions/west/news-release/consumerpriceindex_sandiego.htm State General Fund (includes K-12/Community Colleges)3.94% Public Safety (Prop 172)0.50% County Realignment (Mental Health/Welfare/Public Safety)1.56% Countywide Transportation Fund 0.25% San Diego County Regional Transportation Commission (TransNet)0.50% State and County Subtotal 6.75% Local Jurisdiction (City or County of place sale/use) (City Share)1.00% City Transaction Tax (Measure P)0.50% City Transaction Tax (Measure A)0.50% City Subtotal 2.00% Total Sales Tax Rate – Chula Vista 1 8.75% 1 Total sales tax rates will vary by City due to local sales tax initiatives. Page 665 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 16 The LTFP assumes a 3.0% growth factor for FY 2026 through FY 2029; a 3.5% growth factor for FY 2030 and 2031; and a terminal growth rate of 4.0% in FY 2032 through FY 2035. Inflation may impact this revenue source further as rising prices would generate additional revenue; however, increased prices may also decrease sales of goods and services in the long-term. Staff engages an outside consultant, HdL, to assist in the current year monitoring and projections for all sales tax related revenues and will monitor this revenue source for updates to the LTFP. Measure P Sales Tax In 2016, voters approved the Measure P Sales Tax Measure which established a temporary ten-year ½ percent sales tax rate upon sales within the City (which is included in the total 8.75% tax rate). In 2024, voters approved the renewal of the Measure for an additional 10 years through 2037. The Measure P Sales Tax revenue is restricted for supporting repair and replacement of City infrastructure. While the revenue generated from the Measure P Sales tax is collected in the General Fund, the General Fund transfers this revenue to the Measure P Sales Tax Fund for accountability and transparency in the usage of these funds. These actions result in an overall net zero impact to the General Fund. For FY 2026, Measure P Sales Tax revenue is projected to total $30.2 million, a $0.9 million increase, or 3.0% increase from the FY 2025 Amended Budget. The LTFP assumes a 3.0% growth factor from FY 2026 through FY 2029; a 3.5% growth factor for FY 2030 and 2031; and a terminal growth factor in FY 2032 through FY 2035 of 4.0%. Generally, economic factors impacting the [Bradley-Burns] Sales Tax revenues similarly impact the Measure P Sales Tax revenues. Measure P Sales Tax Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 3.0% 3.0% 3.0% 3.0% 3.5% 3.5% 4.0% 4.0% 4.0% 4.0% Projection 29.3 30.2 31.1 32.0 33.0 34.2 35.3 36.8 38.2 39.8 41.3 Measure A Sales Tax In 2018, voters approved the Measure A Sales Tax Measure which established a ½ percent sales tax on goods and services sold within the city to support local public safety needs. This increased the overall sales tax rate to 8.75% as of October 1, 2018, and the ½ percent sales tax will continue until repealed by voters. The Measure A Sales Tax revenue is restricted for supporting the public safety needs of the City. While revenue is collected and tracked within the General Fund, the General Fund transfers this revenue to the Measure A Sales Tax Fund for accountability and transparency in the usage of these funds. Separate accounts (one for the Fire department and one for the Police department) were established to support the monitoring and allocation of these funds. These actions result in an overall net zero impact to the General Fund. For FY 2026, Measure A Sales Tax revenue is projected to total $30.2 million, a $0.9 million increase, or 3.0% increase from the FY 2025 Amended Budget. The LTFP assumes a 3.0% growth factor from FY 2026 through FY 2029; a 3.5% growth factor for FY 2030 and 2031; and a terminal growth factor in FY 2032 through FY 2035 of 4.0%. Generally, economic factors impac ting the [Bradley-Burns] Page 666 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 17 Sales Tax revenues similarly impact the Measure A Sales Tax revenue. Measure A Sales Tax Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 3.0% 3.0% 3.0% 3.0% 3.5% 3.5% 4.0% 4.0% 4.0% 4.0% Projection 29.3 30.2 31.1 32.0 33.0 34.2 35.3 36.8 38.2 39.8 41.3 Franchise Fees Franchise fees are revenue generated from agreements with private utility companies in exchange for use of the City’s rights-of-way. The fee compensates the City for the use of its property, such as its streets. Franchise fees are collected from three primary sources: San Diego Gas & Electric (2% on gas and 1.25% on electricity), Republic Services trash collection franchises (20% fee), and AT&T and Cox Communications cable franchises (5% fee). For FY 2026, total franchise fee revenue is projected to be $15.4 million, a $0.3 increase, or 2.0% increase, from the FY 2025 Amended Budget. The LTFP anticipates these revenues, in the aggregate, to grow slightly over the term of the LTFP, at a rate of 2.0%. Franchise Fees Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Projection 15.1 15.4 15.7 16.0 16.3 16.7 17.0 17.3 17.7 18.1 18.4 Transient Occupancy Tax (TOT) TOT is a tax imposed on occupants of hotel and motel rooms, short-term rentals, and RV parks within the City. The current TOT tax rate in the City is 10%. Major economic drivers for TOT revenue include room rates, average occupancy rates, and seasonal and non -seasonal tourism. The City of Chula Vista has experienced strong growth in TOT in recent years with a string of new hotel developments on both the west and eastern portions of the City as well as an expansion of the short- term rental compliance program. Additionally, it is important to note that the TOT revenue generated from the RV Park in the Bayfront area is transferred out from the General Fund to the Bayfront Lease Revenue Fund as part of the financing arrangement for the Bayfront Project. During the height of the COVID-19 pandemic, TOT revenues fell in FY 2020 by 3.6% as compared to FY 2019 to $4.5 million. In FY 2021, TOT revenues rebounded to $5.3 million, increasing by 18%, and by 41% in FY 2022 at $7.4 million. In FY 2023, TOT revenues again significantly increased, by 19%. However, in FY 2024, TOT declined 5.5% to $8.4 million from the FY 2023 high of $8.8 million. Staff will monitor this revenue category closely for updates to the LTFP, particularly if a recession were to occur as travel would likely be impacted by declines in consumer confidence and spending. Page 667 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 18 Transient Occupancy Tax Fiscal Year 2020 to Fiscal Year 2025 Despite the dip in TOT revenues in FY24, it is anticipated that TOT revenues will continue to increase as a result of new hotels being developed within the City over the next several years. Staff expects the Gaylord Pacific Resort & Convention Center project to bring renewed interest in business, recreation and other activity to the Chula Vista Bay front and surrounding areas. As additional projects advance through the development process, staff will update the LTFP to include General Fund impacts. For FY 2026, TOT revenue is projected at $10.6 million, a $0.6 million increase, or 5.9% increase, from the FY 2025 Amended Budget. Transient Occupancy Tax Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 5.9% 5.8% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% Projection 10.0 10.6 11.2 11.4 11.7 11.9 12.2 12.4 12.7 12.9 13.2 The LTFP projects a 5.8% growth in FY 2027 based on confirmed hotel developments within the development pipeline (i.e., permits, inspections, construction). From FY 2028 through FY 2035, growth is moderate, projected at 2.1% growth. Projections will be updated as planning and development processes advance, and new hotels begin operations. Page 668 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 19 Utility User Tax (UUT) The City adopted its Utility Users Tax (UUT) in 1970. The City of Chula Vista imposes a UUT on the use of telecommunications (cable, telephone) at the rate of 4.75% of gross receipts. The UUT on natural gas services is $0.00919 per therm and $0.00250 per kilowatt on electricity services, which equates to approximately a 1% tax. City staff recently conducted an analysis to project revenues for each utility type; technology, consumer behavior and legislative changes have positioned this revenue category as less secure over the long-term with essentially flat growth. For FY 2026, revenues are projected to total $3.9 million, a 0% increase over the FY 2025 Amended Budget. The LTFP assumes a 0% growth rate) in UUT throughout the term of the LTFP based on current trends. Utility Users’ Tax Ten Year-Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Projection 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 This space is intentionally left blank. Page 669 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 20 EXPENDITURES The City’s major expenditure categories include Personnel Services, Retirement Benefits, and Health Insurance. These expense categories account for approximately $149.9 million or 52.3% of the City’s General Fund FY 2025 Amended Budget. The following are brief descriptions of the listed expenditure categories. Personnel Services (Salaries/Wages) Since the last economic recession, the City has focused on recovering its staffing levels to support City services. For FY 2025, the total Adopted Budget General Fund staffing is 914.75 Full Time Equivalents (FTEs). For FY 2025, personnel costs, including salary/wages but not including retirement benefits or health insurance, were amended at $119.5 million. This staffing level is assumed to be ongoing and extrapolated out through the remainder of the LTFP as the new Personnel Services baseline budget. The projected Personnel Services costs for FY 2026 are $127.3 million, an increase of $6.3 million, or 5.3%, over the FY 2025 Amended Budget. Adopted Budget General Fund Staffing Fiscal Year 2020 to Fiscal Year 2025 (in FTEs) Personnel Services Expenditures Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 5.3% 5.4% 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% Projection 121.0 127.3 134.2 138.0 141.9 145.9 150.1 154.3 158.7 163.2 167.8 The LTFP includes the annualized costs of negotiated salary increase approved per the current Memorandum of Understanding (MOU) with each of the City’s employee groups. The MOUs vary in negotiated salary annual increases and vary in duration until they expire. Beyond the expiration of the current MOUs, the LTFP assumes wage inflation for each bargaining group of approximately Page 670 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 21 2.8% increase in accordance with CalPERS salary growth assumptions. Health Insurance The City currently offers qualified benefitted employees four medical plan options: Aetna Sharp Accountable Care Organization (ACO), Aetna Full Network HMO, the Aetna PPO, and Kaiser Health Maintenance Organization (HMO). For FY 2026, health insurance expenses are projected to total approximately $15.8 million. This represents an increase of $0.8 million or 5.0% from the Fiscal Year 2025 Amended Budget. The expected growth rate for health care insurance costs is 5.0% through the term of the LTFP. Health Insurance Expenditures Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Projection 15.0 15.8 16.5 17.4 18.2 19.2 20.1 21.1 22.2 23.3 24.4 Retirement Benefits California Public Employees’ Retirement System (CalPERS) The City contracts with CalPERS retirement benefits for all full-time benefitted employees. The City has two employee retirement plans (Miscellaneous and Safety), each with three tiers of employees based upon their start date within the CalPERS system and the City of Chula Vista. The Miscellaneous plan covers all qualified City employees except those which are considered public safety employees (sworn Fire and Police personnel). The Public Safety plan covers all qualified public safety employees. Normal Costs & Unfunded Accrued Liability The Normal Costs and Unfunded Accrued Liability (UAL) and payment amounts are used to calculate the City’s fiscal year pension contribution amounts. The City’s Normal Cost to CalPERS is the required employer contribution for the annual cost of service accrual for the upcoming fiscal year for active employees. This is the amount of funds the City will need to contribute for the current fiscal year towards pension costs. For FY 2026, the required estimated employer Normal Cost contributions for the Miscellaneous [Employees] and Public Safety [Employees] plans total $14.1 million. For FY 2026, the UAL is $4.6 million based on assumptions from CalPERS and current labor agreements. Pension Obligation Bonds In February 2021, the City issued $350 million in pension obligation bonds (POBs) with a Standard and Poor’s Global Ratings extremely strong ‘AA’ credit rating at historically low interest rates of 2.54% to refund the UAL based on the CalPERS Actuarial Valuation as of June 30, 2019. The issuance of the POBs provides the City several benefits, including: (1) generating cash flow savings to the City through historically low interest rates relative to the CalPERS discount rate assumption; (2) creating a repayment shape for the City’s pension liabilities that increases more gradually than currently mandated by CalPERS; (3) enhancing budget predictability and long-term fiscal sustainability by creating a smoother repayment shape at a lower level; (4) leveraging the projected Page 671 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 22 savings to adequately fund various reserves; and, (5) setting aside a portion of the future savings into a Section 115 Trust a Fund(Pension Reserve) established in 2021 to mitigate future pension cost increases. The City’s pension actuary consultant GovInvest prepared an analysis for the City that compares the funding status of the City’s CalPERS plans before and after the issuance of the POBs. The funded status is based on the market value of assets relative to the funding target produced by the entry age actuarial cost method and actuarial assumptions adopted by the CalPERS board. For the year ended June 30, 2021, the City’s plans were 109.5% funded after the issuance of the POB. Prior to the POB the estimated plan funded status would have been at 78.0%. For the year ended June 30, 2023 (latest CalPERS results), the City’s Plans are funded at 91.7%, decreasing from the year prior due to lower than expected investment performance and other factors. The following table shows the City’s General Fund total retirement costs, including the POB payment. Total General Fund Retirement Costs (Including POB) CalPERS valuation reports also provide the City with a five-year projection of future employer contribution amounts that the City utilizes in making long-term projections. Based on the projections within the valuation reports, the City’s General Fund retirement contributions toward its normal costs and UAL are projected to increase in FY 2026 through FY2029 followed mostly by modest increases through the remainder of the LTFP period, shown in the table below. $12.0 $12.2 $11.6 $11.9 $14.0 $15.2 $12.8 $13.3 $13.1 $13.3 $17.8 $19.5 $0.7 $2.3 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 FY 2020 Actual FY 2021 Actual FY 2022 Actual FY 2023 Actual FY 2024 Actual FY 2025 Adopted Mi l l i o n s Normal Costs POB Debt Service UAL Costs Page 672 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 23 Retirement Expenditures Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 5.4% 6.4% 8.5% 7.0% 1.3% (2.0%) 1.5% 2.4% 1.4% 1.5% Projection 17.7 18.7 19.9 21.5 23.1 23.4 22.9 23.2 23.8 24.2 24.5 Part-Time Employees Retirement Benefits Part-time employees receive retirement benefits through Public Agency Retirement System (PARS). PARS is an alternative to Social Security for Part-Time, Seasonal, and Temporary employees. The City and employees both currently contribute 3.75% of salary towards the PARS contribution amount of 7.5%, which is a defined benefits plan. Supplies and Services The Supplies and Services category includes expenditures for contracted (professional) services, software, equipment, and other materials. For FY 2026, the projected Supplies and Services costs are $27.8 million, a 11.3% increase over the FY 2025 Amended Budget. This somewhat significant increase is due to the estimated increases in insurance (i.e., general liability insurance) costs for the City. Except for insurance which is estimated at approximately 5.0% for the remainder of the plan, t he LTFP assumes a terminal growth rate in FY 2027 through 2035 of approximately 2.0%. This rate is consistent with the Federal Reserve policy goal of 2.0% inflation. Supplies & Services Expenditures Ten-Year Forecast ($ In Millions) FY 2025 Amended FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 Growth Rate - 11.3% 3.0% 3.0% 3.0% 3.0% 3.0% 3.1% 3.1% 3.1% 3.1% Projection 25.0 27.8 28.6 29.5 30.4 31.3 32.3 33.2 34.3 35.3 36.4 CAPITAL EXPENDITURES To identify the City’s infrastructure and capital needs, the City developed an asset management plan. The asset management plan inventoried all City infrastructure and property assets, conducted condition assessments on each asset, prioritized the assets by risk level and importance, and performed a life cycle cost assessment. This information allowed the City to develop a cost estimate for the capital improvement program. The asset management plan sorted the City assets into three categories: red (high risk), yellow (medium risk), and green (low risk). This allows for the City to make necessary decisions on each asset (repair, replace, renovate, liquidate, shut down, relocate, etc.), and to budget available resources towards the repair and replacement of these assets. Page 673 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 24 In light of the projected costs to repair and replace the City’s capital assets, the City Council placed a temporary ten-year ½ percent sales tax measure (Measure P) on the November 2016 ballot to address the high priority capital needs over a ten-year period. In November 2016, Chula Vista voters approved Measure P. The sales tax has generated roughly $245 million in additional revenue since 2017, funding projects such as irrigation systems, emergency equipment, and the Loma Verde Community Center renovations. In November 2024, voters overwhelmingly approved a ten-year renewal of Measure P sales tax collection through 2037. To guide the expenditure of these revenues, the City developed the Intended Infrastructure, Facilities and Equipment Expenditure Plan (IFEEP) based on information from the City’s asset management plan. As the Measure P Sales Tax has a limited term, the IFEEP focuses on critical one- time items to address deferred maintenance and improve the safety of the City’s infrastructure. As the IFEEP focuses on one-time allocations, any additional operating costs for new or improved facilities, such as fire stations, will need to have an alternative funding source. Examples of ongoing operational costs include additional staff or increased operation and maintenance costs. The LTFP includes the Measure P Sales Tax revenues as General Fund revenues. These revenues are paired with a corresponding transfer out of the General Fund to the Measure P fund. The transfer of the funds provides for accurate monitoring of the allocation and expenditure of these funds to ensure compliance with the original intent of the sales tax measure. The corresponding transfer results in a net zero impact to the General Fund. Information on Measure P allocations and projects can be found on the City’s website: https://www.chulavistaca.gov/departments/engineering. As future LTFPs will include fiscal years beyond the voter-approved, scheduled conclusion of the Measure P Sales Tax revenue collection period (through April 2037), it is anticipated that the General Fund will begin to incur additional capital program, operation and maintenance costs. As such, the LTFP includes contributions toward operations and maintenance support and the capital program in the Transfers Out category. General Fund alternative funding sources, such as grants and transportation funds, support the City’s capital program. However, as the LTFP only addresses the General Fund, these resources and expenditures are not included in this report at this time. Additional information related to the City’s capital program and funding sources can be found on the City’ website: https://www.chulavistaca.gov/departments/public-works/projects. OUTSTANDING CITY DEBT The City has three outstanding Certificates of Participation (COP) that are funded with General Fund contributions, Public Facilities Development Impact Fees (PFDIF), and/or the Residential Construction Tax Funds (RCT). The Chula Vista Public Financing Authority (CVPFA) outstanding COPs consist of the 2014 Refunding COP, the 2015 Refunding COP, and the 2016 Refunding COP. These COPs have refunded the outstanding principal of various earlier COPs which were used to fund the construction of the City’s Police Facility, Civic Center improvements, Corporation Yard, Western Chula Vista Infrastructure projects, and Nature Center Improvements. Page 674 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 25 In addition to the outstanding COPs, the City has four outstanding lease revenue bond issuances (LRBs), including lease revenue refunding bonds (LRRBs), previously refunded (refinanced). These include: the Chula Vista Municipal Financing Authority (CVMFA) 2016 Lease Revenue Refunding Bonds (2016 LRRBs); the 2017 Lease Revenue Bonds (2017 LRBs); and the New Clean Renewable Energy Bonds Series 2017A and Series 2017B LRBs. The 2016 LRRBs refunded earlier COPs that were used to fund Civic Center and Corporation Yard improvements. The 2017 LRBs (Measure P) were issued to finance infrastructure, facilities, and equipment; and the 2017A and 2017B LRBs were issued to finance photovoltaic (solar) energy systems at various City facilities. Funding from the Measure P sales Tax will address the annual debt service for the 2017 LRBs. In 2021, the City issued approximately $350 million in Pension Obligation Bonds (POBs) to finance the UAL balance based on the CalPERS Actuarial Valuation as of June 30, 2019. More discussion on POBs is provided in the Expenditures section of this document. While the City has several outstanding bond issuances, the General Fund’s portion of the annual debt service payments is approximately $18.1 million for FY 2025. This represents approximately 6.6% of the General Fund revenues for FY 2025. Minimizing the annual General Fund debt service payments supports maintaining flexibility within the General Fund, as a low percentage of the General Fund revenue is dedicated to long-term ongoing obligations. The Bond Call Fund represents funds available for appropriation by the City Council to be used to pay any outstanding debt prior to maturity that results in net annual savings. These funds will allow the City to accumulate funds to eliminate debt early. For example, beginning in June 2031, the POBs are eligible to be called (a return of principal and accumulated interest to bond holders), saving on interest costs and reducing future POB debt service payments. The City complies with the City’s Debt Policy goal to limit the total amount of annual debt payments payable by no more than 10% of estimated total General Fund revenues. Additional information related to the City’s outstanding debt can be found on the City’s website (Debt Management): https://www.chulavistaca.gov/departments/finance/financial-reports. RESERVE FUNDS The City accumulates and maintains adequate reserves to help ensure both financial stability and the ability to provide core services during difficult times. Sufficient reserves create financial stability resulting in increased credit quality and allow the City to better weather downturn in the economy and the impacts of negative events, both major and minor. The establishment of prudent financial reserves is important to ensure long-term fiscal health of the City. The City’s Citywide Reserve Policy – Fiscal Health Plan (Policy No. 220-03) establishes reserves, reserve levels, and the use of reserves in the General Fund and other funds. The City’s reserves include General Fund Reserves (Operating Reserve, Economic Contingency Reserve, and Catastrophic Event Reserve), Pension Reserve Fund, Bond Call Fund, and OPEB Reserve Fund. General Fund Reserves General Fund Reserves are comprised of following three distinct reserves: General Fund Operating Reserve (minimum 15%), Economic Contingency Reserve (minimum 5%), and Catastrophic Event Page 675 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 26 Reserve (minimum 3%) for a total recommended minimum reserve level for the three reserves of 23% of the prior year’s Adopted General Fund budgeted operating expenditures. These reserves are maintained throughout the LTFP. General Fund Operating Reserve The General Fund Operating Reserves represent resources available for appropriat ion by the City Council to address extraordinary needs of an emergency nature, such as a major storm drain repair, litigation, settlement costs or an unexpected liability created by Federal and State legislative action. Economic Contingency Reserve The Economic Contingency Reserves represent funds available for appropriation by the City Council to mitigate service impacts during a significant downturn in the economy which impacts City revenues such as sales tax, property tax, transient occupancy tax. Catastrophic Event Reserve The Catastrophic Event Reserves represent funds available for appropriation by the City Council to fund unanticipated expenses related to a major natural disaster in the City. Pension, Bond Call, and OPEB Reserve Funds Pension, Bond Call, and OPEB Reserve Funds ensure the City has adequate reserves to fund future pension, debt, and OPEB liabilities. These reserves are funded by annual, net savings related to the City’s 2021 POBs and remaining General Fund surplus funds after meeting the minimum targets of the General Fund Reserves. Pension Reserve The Pension Reserve is a reserve in the form of an irrevocable Section 115 Trust (Trust). Pension Reserve contributions are deposited in a Trust for the following purposes: (1) City’s annual UAL payment to CalPERS, (2) City’s annual normal cost payment to CalPERS, (3) reimbursement to the City for prior-year and current- year payments to CalPERS, and (4) Additional Discretionary Payments to CalPERS. This reserve has a minimum level of no less than 15% of the prior year’s Adopted General Fund budgeted operating expenditures. Bond Call and Other Post-Employment Benefits (OPEB) Reserve As discussed earlier, the Bond Call reserve are funds available to be used to pay any outstanding debt prior to maturity that results in net annual savings. These funds will allow the City to accumulate funds to eliminate debt early. OPEB Reserve are funds available to provide funding for the City’s outstanding OPEB liability. OPEB Reserves will be funded up to 75% of the outstanding OPEB liability in the most recent annual actuarial valuation, to ensure there are adequate reserves to fund this liability in future years. These reserves do not have a minimum level and use of reserves will be recommended to the City Council during the budget process to fund and reduce future pension, debt, and OPEB liabilities throughout the LTFP. Page 676 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 27 POTENTIAL SOLUTIONS TO RESOLVE STRUCTURAL INFRASTRUCTURE DEFICIT The City’s assets continue to age and will require additional repair and rehabilitation in the coming decade and beyond. Measure P, passed in November 2016 and was renewed in November 2024 to continue through 2037. These measures will continue to provide much needed funding for a significant portion of the City’s Asset Management Program. The City's Infrastructure, Facilities and Equipment Expenditure Plan has guided implementation of Measure P sales tax funds and has been successfully used to upgrade police, fire, paramedic and 9- 1-1 equipment, vehicles and facilities; fund streets and sidewalks; replace storm drains to prevent sinkholes; improve parks; repair recreation facilities; and repair and replace other city infrastructure. While Measure P does address a significant amount of deferred maintenance items, the infrastructure needs of the City identified in the asset management exceed the funding anticipated to be generated from Measure P. The extension of Measure P allows the City to plan and identify additional funding sources to address the City’s ongoing capital needs. CONCLUSION The LTFP presents a baseline scenario for City General Fund resources over a ten-year period based on currently available information. Based on projections within the LTFP, the City will be facing modest General Fund structural deficits in the first six years of the 10-year LTFP period. In order to preserve and maintain the valuable resources, current service levels, and quality of life the community has enjoyed over the years, the City will need to make a concerted effort to monitor the growth of revenues in comparison to expenditures. Proactive planning and a commitment to a fiscally sustainable service delivery model will be required. The following table projects revenue and expenditure categories for the City’s General Fund for Fiscal Years 2026 – 2035. This section is intentionally left blank. Page 677 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda FY 2026-2035 City of Chula Vista - General Fund Long-Term Financial Plan Page | 28 (1) Major Discretionary Revenues reflect the total of the following budget revenue categories: Property Tax, Sales Tax, Measure P Sales Tax, Measure A Sales Tax, Property Tax in lieu of VLF (VLF), Franchise Fees, Transient Occupancy Tax (TOT), and Utility Users’ Tax (UUT). (2) Other Revenues reflect the total of the following budget revenue categories: Development Revenue, Licenses and Permits, Fines, Forfeitures & Penalties, Use of Money and Property, Other Local Taxes, Police Grants, Other Agency Revenue, Charges for Services, Interfund Reimbursements, Other Revenue, and Transfers from Other Funds. (3) New Development Revenues & New Development Expenditures include revenues and expenditures projected for the Otay Ranch Village 8 West Development, Millenia Library, and Bayfront Fire Station anticipated to come online during the LTFP term. (4) Other Expenditures reflect the total of the following expenditure categories: Supplies and Services, Utilities, Other Expenses, Equipment (Capital not CIP), Internal Services, Measure P Obligations (Transfers Out), Measure A Obligations (Transfers Out), and Transfers Out. Page 678 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Item 8.2: General Fund Long Term Financial Plan Sarah Schoen, Director of Finance/Treasurer Ed Prendell, Budget Manager, Finance Department Page 679 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda General Fund Long-Term Financial Plan 2 •Applies to General Fund only •Projects funding surpluses/shortfalls •Encourages discussion to proactively address the City’s long-range funding needs •Not a budget, but highlights the need to plan for the allocation of City resources for continued delivery of core services at current service levels The General Fund Long-Term Financial Plan (LTFP) serves as a long-range fiscal planning tool Page 680 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LTFP Framework and Assumptions 3Page 681 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda 4 LTFP Summary FY 2026 –FY 2035 (In millions) Page 682 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda •Increase in labor and pension costs •Other Expenditures cost increases –Bayfront fire station costs –Millenia library operating costs –Insurance Costs –Contractual increases tied to CPI/inflation 5 Major Contributors to Shortfall Page 683 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LTFP Major Revenue Assumptions 6 Revenue Category FY 2026 Growth Rate Compared to Amended FY 2025 Budget FY 2027 –FY 2035 Growth Rates Property Tax 6.0%4.0% -6.0% Motor Vehicle License Fee (MVLF)6.2%4.0% –6.2% Sales Tax 3.0%3.0% –4.0% Measure P (Sales Tax)3.0%3.0% –4.0% Measure A (Sales Tax)3.0%3.0% –4.0% Franchise Fees 2.0%2.0% Transient Occupancy Tax (TOT)5.9%2.1% –5.9% Utility Users’ Tax (UUT)-0.1%-0.1% -0.0% Page 684 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Revenue Projections FY 2026 –FY 2030 (In millions) 7Page 685 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Revenue Projections FY 2031 –FY 2035 (In millions) 8Page 686 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda LTFP Expenditure Assumptions 9 Expenditure Category FY 2026 Growth Rate Compared to Amended FY 2025 Budget FY 2027 –FY 2035 Growth Rate Personnel Services 5.3%2.8% -5.4% Retirement 5.4%1.5% -8.5% Health Insurance 5.0%5.0% Liability Insurance 25.0%5.0% Supplies and Services 2.0%2.0% Utilities 5.2%4.9% Internal Services 3.1%2.0%Page 687 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Pension Related Costs 10 $12.0 $12.2 $11.6 $11.9 $14.0 $15.2 $12.8 $13.3 $13.1 $13.3 $17.8 $19.5 $0.7 $2.3 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 FY 2020 Actual FY 2021 Actual FY 2022 Actual FY 2023 Actual FY 2024 FY 2025 Adopted Mi l l i o n s Normal Costs POB Debt Service UAL Costs FY2025 Total: $29.6M Page 688 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Expenditure Projections FY 2026 –FY 2030 (In millions) 11Page 689 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Expenditure Projections FY 2031 –FY 2035 (In millions) 12Page 690 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda General Fund Reserves 13 Reserve Description Reserve Target %Target Met Current Reserve Amount $ (in millions) Operating Reserve 15.0%$27.3 Economic Contingency Reserve 5.0%$9.1 Catastrophic Event Reserve 3.0%$5.5 Pension Reserve1 15.0%$23.4 Bond Call Reserve1 N/A N/A $2.3 OPEB Reserve1 N/A N/A $0.8 1 Amounts reflect the General Fund portion of the total citywide reserve amount Page 691 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Other Critical Needs and Risks •Fiscal impacts from Federal and State actions •Strategic Planning process •Department budget requests: $11.6 million •Addressing deferred maintenance and capital needs •Increased costs for insurance and utilities •Economic downturn/recession 14Page 692 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Next Steps 15 MARCH 4TH –FISCAL YEAR 2024-25 2ND QUARTER FINANCIAL REPORT PRESENTED TO CITY COUNCIL APRIL 16 & 23RD – HOLD WORKSHOPS TO PROVIDE THE PUBLIC AN OVERVIEW OF FY 2025- 26 PROPOSED BUDGET MAY 6TH –PRESENT CITY MANAGER’S FY 2025-26 PROPOSED BUDGET AND CIP OVERVIEW TO THE CITY COUNCIL MAY 20TH –CITY COUNCIL PUBLIC HEARING AND ADOPTION OF FY 2025- 26 PROPOSED BUDGET Page 693 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Item 8.2: General Fund Long Term Financial Plan City Council Meeting February 11, 2025 Page 694 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda JOB FAIR Please Apply Online Prior to the Job Fair Extraordinary Adventures Begin With Us Opening May 2025 Page 695 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Chula Vista City Hall ・276 4th Avenue ・Chula Vista ・CA 91910・jmccann@chulavistaca.gov MEMO February 5, 2025 TO: Kerry Bigelow, City Clerk CC: Karina L. Lafarga, Deputy City Clerk FROM: Mayor John McCann RE: Board and Commission Appointments The Mayor would like to recommend Ryan Keyes for appointment to the Charter Review Commission. Ryan Keyes will replace former Commissioner Todd Glanz. The Mayor would like to recommend Michael Baranic for appointment to the Civil Service Commission. Michael Baranic will replace former Commissioner Angelica Sepulveda. Please place this item on the February 11 th Council agenda for ratification. Yours in service, Mayor John McCann Page 696 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 697 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 698 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 699 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 700 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 701 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 702 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 703 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 704 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 705 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 706 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 707 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 708 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda Page 709 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda SB 10 – Otay Mesa East Toll Facility Act: toll revenues: environmental mitigation. For years, the communities of South San Diego County have endured the worst effects of transboundary pollution from Mexico. Ongoing trans-border flows have a severe impact on the economy and environment of the region, but most importantly, billions of gallons of raw sewage have created an untenable and serious public health threat to local communities. There is a growing body of evidence that shows dangerous water quality has caused tens of thousands of illnesses in the region. Emerging researches shows that the problem is even deeper. A team from San Diego State University and the University of California San Diego have found evidence of concerning levels of toxic gasses in air samples coming from the open sewer that the Tijuana River has become. Key drivers of the pollution causing this crisis is a massive explosion of manufacturing across the border in Mexico. To accommodate the quickly growing trade in the US, the San Diego Association of Governments (SANDAG) has begun a project to create a new land port of entry for the San Diego-Baja California Region. The Otay Mesa East Port of Entry (OME POE) would create a new four-lane toll road along State Route 11 and is a joint venture between SANDAG and Caltrans along with state and federal partners in the U.S. and Mexico. The construction of an additional highway will likely lead to greater expansion and intensification of border activities, transportation, and construction, adding to the overburdened community forced to shoulder the environmental consequences of this cross-border traffic and the explosion of heavy manufacturing driven across the border. SB 10 would expressly authorize funds from the new toll road to be used for water treatment, environmental mitigation, and restoration of the Tijuana River Valley. These funds could be allocated for the improvement of wastewater infrastructure and related projects to address the sewage crisis and benefit the residents of South San Diego County and adjacent areas. By providing a portion of the proceeds made from this border crossing to help rectify the worsening crisis in the Tijuana River Valley, we can ensure that there is an ongoing revenue stream available to finally begin overdue environmental mitigation of cross-border trade and manufacturing. Staff Contact Name: Cece Sidley Title: Legislative Aide Email: Cece.Sidley@sen.ca.gov Capitol Office: (916) 651 – 4018 Councilmember Inzunza Comments Received 2/11/25 Page 710 of 710 City of Chula Vista - City Council February 11, 2025 Post Agenda