HomeMy WebLinkAbout* September 15, 2026 Regular City Council Meeting Packet with PPTSeptember 15, 2026 Dublin City Council Regular Meeting Agenda 1
Regular Meeting of the DUBLIN CITY COUNCIL
Pursuant to Government Code Section 54953(b), this meeting will include the following teleconference
location:
• Councilmember Qaadri will be attending the Regular Meeting via teleconference from Shilla Stay
Mapo, Lobby, Hongdae 83 Mapo-daero, Mapo-gu, Seoul, 04156, South Korea.
The public shall have the opportunity to address the City Council at this teleconference location pursuant
to Government Code Section 54954.3. All votes during the teleconference session will be conducted by
roll call vote. The teleconference location is accessible to the public and the agenda will be posted at the
teleconference location 72 hours before the meeting.
This City Council meeting will be broadcast live on Comcast TV channel 28 beginning at 7:00 p.m.
This meeting will also be livestreamed at tv28live.org and on the City’s website at:
https://dublin.ca.gov/watchmeetings
Members of the public have the option of giving public comment in person or via two-way
telephonic service. Additional information about providing public comment via two-way telephonic
service can be found at the end of this agenda.
Please click the link below to join the event:
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September 15, 2026 Dublin City Council Regular Meeting Agenda 2
Conference With Real Property Negotiators
Property: Portions of Dublin Place Shopping Center (Assessor’s Parcel Nos. 941-305-
43, 941-305-44, 941-305-38, 941-305-39, and 941-305-40)
Agency negotiator: City Manager
Negotiating parties: ASVRF Dublin Place LP
Under negotiation: Price and terms of payment
Public Employee Performance Evaluation
Title: City Attorney
Conference with Labor Negotiator
Agency Designated Representative: Colleen Tribby, City Manager
Unrepresented Employees:
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September 15, 2026 Dublin City Council Regular Meeting Agenda 3
CALL TO ORDER AND PLEDGE OF ALLEGIANCE
2. REPORT ON CLOSED SESSION
3. PRESENTATIONS AND PROCLAMATIONS
3.1
The City Council will present a proclamation for Hunger Action Month.
Present the proclamation.
Staff Report
Attachment 1 - Hunger Action Month Proclamation
PUBLIC COMMENT
At this time, the public is permitted to address the City Council on non-agendized items.
Please step to the podium and clearly state your name for the record. COMMENTS SHOULD
NOT EXCEED THREE (3) MINUTES. In accordance with State law, no action or discussion may
take place on any item not appearing on the posted agenda. The City Council may respond to
statements made or questions asked or may request Staff to report back at a future meeting
concerning the matter. Any member of the public may contact the City Clerk’s Office
regarding the proper procedure for placing an item on a future City Council agenda. The
exceptions under which the City Council MAY discuss and/or take action on items not
appearing on the agenda are contained in Government Code section 54954.2, subdivisions
(b)(1)-(3).
CONSENT CALENDAR
Consent Calendar items are typically non-controversial in nature and are considered for
approval by the City Council with one single action. Members of the audience, Staff or the
City Council who would like an item removed from the Consent Calendar for purposes of
public input may request the Mayor to remove the item.
The City Council will consider approving the minutes of the September 1, 2026 Regular City
Council Meeting.
Approve the minutes of the September 1, 2026 Regular City Council Meeting.
Staff Report
Attachment 1 - September 1, 2026 Regular City Council Meeting Minutes
The City Council will receive a listing of payments issued from August 1, 2026 – August 31,
2026 totaling $17,620,998.46.
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September 15, 2026 Dublin City Council Regular Meeting Agenda 4
Receive the report.
Staff Report
Attachment 1 - Payment Issuance Report for August 2026
At the June 16, 2026 City Council meeting, the City Council directed Staff to review the City’s
Conflict of Interest Code and determine if it needs to be updated. Staff conducted a review of
the Code and determined that several positions should be added and several position titles
should be revised. The City Council will consider introducing an ordinance to update the list
of designated positions that must file a Statement of Economic Interests (Form 700).
Waive the reading and introduce an Amending Chapter 2.24.020 of the Dublin
Municipal Code Relating to the City’s Conflict of Interest Code, and direct Staff to file the
2026 Local Agency Biennial Notice.
Staff Report
Attachment 1 - Ordinance Amending Chapter 2.24.020 of the Dublin Municipal Code Relating
to the City’s Conflict of Interest Code
Attachment 2 - 2026 Local Agency Biennial Notice
The City Council will consider approving a First Amendment to the Employment Agreement
with City Manager Colleen Tribby following completion of her 2026 Annual Performance
Evaluation and subsequent discussions regarding the terms and conditions of her
employment. The proposed amendment increases the City Manager’s base salary by 6%,
effective June 1, 2026, and establishes Annual Performance Pay of $10,000 per year, subject
to the performance provisions set forth in the Agreement.
Approve the First Amendment to the Employment Agreement Between the City of Dublin and
Colleen Tribby for Employment as City Manager and authorize the Mayor to execute it.
Staff Report
Attachment 1 - First Amendment to City Manager Agreement
The City Council will consider adopting the Code of Ethics and Conduct for Elected and
Appointed Officials. The City Council reviewed the draft Code on August 18 and September 1,
2026 and provided feedback that has been incorporated into the final document.
Adopt the Adopting the City of Dublin Code of Ethics and Conduct for Elected and
Appointed Officials.
Staff Report
Attachment 1 - Resolution Adopting the City of Dublin Code of Ethics and Conduct for Elected
and Appointed Officials
Attachment 2 - Exhibit A to the Resolution - City of Dublin Code of Ethics and Conduct for
Elected and Appointed Officials
PUBLIC HEARING – None.
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September 15, 2026 Dublin City Council Regular Meeting Agenda 5
UNFINISHED BUSINESS – None.
8. NEW BUSINESS
8.1
The City Council will consider a resolution completing the annual review of the Statement of
Investment Policy. The Policy has been updated to reflect changes to state law, align the
Policy with current investment management best practices, and formally recognize the
Finance and Investment Committee’s role in reviewing the City’s investment reports and
Investment Policy prior to consideration by the City Council.
Adopt the Approving the Annual Review of the Statement of Investment Policy and
Delegation of Authority to Complete Investment Transactions.
Staff Report
Attachment 1 - Resolution Approving the Annual Review of the Statement of Investment
Policy and Delegation of Authority to Complete Investment Transactions
Attachment 2 - Exhibit A to the Resolution - Statement of Investment Policy for the City of
Dublin
Attachment 3 - Statement of Investment Policy for the City of Dublin (Redline)
Item 8.1 - Annual Review of the City's Statement of Investment Policy
The City Council will consider consolidating the Human Services Commission and the Parks
and Community Services Commission (PCSC). The consolidation would temporarily expand
the PCSC to a nine-member body (eight regular members and one student member)
beginning January 2027. Beginning January 2029, the PCSC would transition to a seven-
member body (six regular members and one student member) through a planned, permanent
reduction in regular seats, structured so that regular commissioner terms remain staggered
in two, three-member cohorts going forward. The consolidation includes merging existing
bylaws into one consolidated set of new bylaws and repealing Dublin Municipal Code
Chapter 2.14 (Human Services Commission).
Adopt the Approving the Consolidation of the Human Services Commission and
the Parks and Community Services Commission and Related Actions, and waive the reading
and introduce an Repealing Dublin Municipal Code Chapter 2.14 (Human Services
Commission).
Staff Report
Attachment 1 - Resolution Approving the Consolidation of the Human Services
Commission and the Parks and Community Services Commission and Related Actions
Attachment 2 - Exhibit A to the Resolution - Amended and Restated Bylaws of the Parks and
Community Services Commission
Attachment 3 - Ordinance Repealing Dublin Municipal Code Chapter 2.14 (Human Services
Commission)
Item 8.2 - Commission Consolidation Council Presentation
CITY MANAGER AND CITY COUNCIL REPORTS
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September 15, 2026 Dublin City Council Regular Meeting Agenda 6
Brief information only reports from City Council and/or Staff, including committee reports
and reports by City Council related to meetings attended at City expense (AB 1234).
ADJOURNMENT
Mission
The City of Dublin promotes and supports a high quality of life, ensures a safe, secure, and
sustainable environment, fosters new opportunities, and champions a culture of equity, diversity,
and inclusion.
Using either of the following two methods, members of the public can indicate that they wish to
make public comment virtually by two-way telephonic service.
The telephonic dial-in (call-in) number and link are published above.
• Dial into the telephonic option or click on the link on this agenda and join the meeting. When
the Mayor announces the beginning of the item, use the raise-hand feature to indicate a
desire to make public comment on that item. Requests must be made before the staff
presentation on an agenda item ends, or before the public comment period on non-
agendized items is closed. To raise a hand on the telephone, press *9; OR
• Fill out an online speaker slip. The speaker slip will be made available here at 10:00 a.m. the
morning of the meeting. Speaker slips will be accepted until the staff presentation on an
agenda item ends, or until the public comment period on non-agendized items is closed.
When the agenda item upon which the individual would like to comment is addressed, the City
Clerk will announce the speaker in the meeting when it is their time to give public comment. In-
person public comment will be taken first, followed by virtual speakers with submitted speaker
slips, then those with hands raised on the two-way telephonic service. The speaker will be unmuted
to give public comment via Zoom. If connected via telephone, press on the phone’s dial pad to
unmute the line when prompted.
This AGENDA is posted in accordance with Government Code section 54954.2, subdivision (a).
If requested, pursuant to Government Code section 54953.2, this agenda shall be made available in
appropriate alternative formats to persons with a disability, as required by Section 202 of the
Americans with Disabilities Act of 1990 (42 U.S.C. Section 12132) (ADA), and the federal rules and
regulations adopted in implementation thereof. To make a request for disability-related
modification or accommodation, please contact the City Clerk’s Office at (925) 833-6650 at least
72 hours in advance of the meeting. Upon receiving a request, the City will swiftly resolve requests
for reasonable accommodation for individuals with disabilities, consistent with the federal ADA,
and resolve any doubt in favor of accessibility.
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September 15, 2026 Dublin City Council Regular Meeting Agenda 7
Agenda materials that become available within 72 hours in advance of the meeting, and after
publishing of the agenda, will be available at Civic Center, 100 Civic Plaza, and will be posted on the
City’s website at www.dublin.ca.gov/ccmeetings.
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Agenda Item 3.1
STAFF REPORT
CITY COUNCIL
Page 1 of 2
DATE: September 15, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
Hunger Action Month Proclamation
Prepared by: Vanessa Rosales, CMC, Deputy City Clerk
EXECUTIVE SUMMARY:
The City Council will present a proclamation for Hunger Action Month.
STAFF RECOMMENDATION:
Present the proclamation.
FINANCIAL IMPACT:
None.
DESCRIPTION:
Hunger Action Month was launched in 2007 by Feeding America along with its national
network of food banks to raise awareness of the hunger crisis in America. Residents are
encouraged to get involved through volunteering, donating to food banks, and learning more
about food insecurity in our community.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
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Page 2 of 2
ATTACHMENTS:
1) Hunger Action Month Proclamation
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Attachment 1
A PROCLAMATION OF THE CITY COUNCIL
CITY OF DUBLIN, CALIFORNIA
“Hunger Action Month”
WHEREAS, hunger and food insecurity remain a serious and persistent challenge in communities across the United States, including here in
the City of Dublin and the Tri-Valley, where thousands of individuals and families struggle to access the nutritious food they need to live
healthy, active lives; and
WHEREAS, each September, Feeding America and its national network of food banks join with communities across the country to observe
Hunger Action Month, a time to raise awareness of the hunger crisis; and
WHEREAS, food insecurity affects people of all ages and backgrounds, including children, working families, seniors, and veterans, and can be
compounded by rising housing and living costs in our region; and
WHEREAS, no one should have to choose between putting food on the table and paying for housing, health care, or other basic needs; and
WHEREAS, ensuring access to adequate nutrition is essential to the health, dignity, and well-being of every member of our community; and
WHEREAS, the City of Dublin recognizes the importance of working together to ensure that all members of the community have access to
sufficient, nutritious food and opportunities to thrive; and
WHEREAS, residents are encouraged to participate in Hunger Action Month by volunteering, donating, supporting local hunger-relief
organizations, and learning more about food insecurity in our community.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does hereby proclaim the month of September 2026 as
“Hunger Action Month” in the City of Dublin and encourages the community to join in raising awareness and taking meaningful action to help
end hunger.
DATED: September 15, 2026
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Agenda Item 5.1
STAFF REPORT
CITY COUNCIL
Page 1 of 1
DATE: September 15, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
Approval of September 1, 2026 Regular City Council Meeting Minutes
Prepared by: Vanessa Rosales, CMC, Deputy City Clerk
EXECUTIVE SUMMARY:
The City Council will consider approving the minutes of the September 1, 2026 Regular City
Council Meeting.
STAFF RECOMMENDATION:
Approve the minutes of the September 1, 2026 Regular City Council Meeting.
FINANCIAL IMPACT:
None.
DESCRIPTION:
The City Council will consider approving the minutes of the September 1, 2026 Regular City
Council Meeting.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) September 1, 2026 Regular City Council Meeting Minutes
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Attachment 1
MINUTES OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
Regular Meeting: September 1, 2026
DUBLIN CITY COUNCIL MINUTES
REGULAR MEETING
SEPTEMBER 1, 2026
The following are minutes of the actions taken by the City of Dublin City Council. A full
video recording of the meeting with the agenda items indexed and time stamped is
available on the City’s website at: https://dublin.ca.gov/watchmeetings.
CLOSED SESSION 6:00 PM
I. CONFERENCE WITH LABOR NEGOTIATORS
Agency designated representatives: Mayor Hu and Vice Mayor Josey
Unrepresented employee: City Manager
REGULAR MEETING 7:00 PM
A Regular Meeting of the Dublin City Council was held on Tuesday, September 1, 2026,
in the Peter W. Snyder Council Chamber, located at 100 Civic Plaza, Dublin, CA 94568.
The meeting was called to order at 7:02 PM, by Mayor Hu.
1) CALL TO ORDER AND PLEDGE OF ALLEGIANCE
Attendee Name Status
Dr. Sherry Hu, Mayor Present
Jean Josey, Vice Mayor Present
Michael McCorriston, Councilmember Present
Kashef Qaadri, Councilmember Present
John Morada, Councilmember Present
2)
REPORT ON CLOSED
SESSION
Mayor Hu reported there was no reportable action out of Closed Session.
3) PRESENTATIONS AND PROCLAMATIONS
3.1) Constitution Week Proclamation
The City Council presented the Constitution Week Proclamation.
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DUBLIN CITY COUNCIL MINUTES
REGULAR MEETING
SEPTEMBER 1, 2026
3.2) Preview of Splatter 2026
The City Council received a presentation previewing Splatter 2026, taking place at
Emerald Glen Park on September 12, 2026.
4) PUBLIC COMMENT
Mike Grant provided public comment.
Dave Robinson provided public comment.
Shirley Lewandowski provided public comment.
5) CONSENT CALENDAR
5.1) Approved the August 18, 2026 Regular City Council Meeting Minutes.
5.2) Adopted Resolution No. 82-26 titled, “Finding that Developers Having Obligations
Under Active Development Agreements and Supplemental Agreements as
Amended, Have Complied in Good Faith with the Terms and Provisions of the
Agreements.”
On a motion by Councilmember Qaadri, seconded by Councilmember McCorriston, and
by unanimous vote, the City Council adopted the Consent Calendar.
RESULT: ADOPTED [UNANIMOUS]
MOVED BY: Kashef Qaadri, Councilmember
SECOND: Michael McCorriston, Councilmember
AYES: Hu, Josey, McCorriston, Qaadri, Morada
6) PUBLIC HEARING – None.
7) UNFINISHED BUSINESS
7.1)
Regulation of Firearm Retailers and Indoor Shooting Ranges
The City Council received a report regarding potential land use regulations for firearm
retailers and indoor shooting ranges.
Mayor Hu opened the public comment period.
Mike Grant provided public comment.
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DUBLIN CITY COUNCIL MINUTES
REGULAR MEETING
SEPTEMBER 1, 2026
Mayor Hu closed the public comment period.
By consensus, the City Council agreed to option 3 to mirror the current City of Dublin
tobacco-retailer standard, without the requirement of separation of retailers and ranges,
and to require indoor shooting ranges demonstrate compliance with Occupational Safety
and Health Administration (OSHA) air quality standards and the requirements of the
California Department of Toxic Substances and Control (DTSC), at the time of building
permit and on an annual basis at the time of business license renewal.
7.2) Second Review of Draft Code of Ethics and Conduct for Elected and Appointed
Officials
The City Council received a revised Code of Ethics and Conduct for Elected and
Appointed Officials.
On a motion by Vice Mayor Josey, seconded by Councilmember Qaadri, and by
unanimous roll-call vote, the City Council approved the Code of Ethics and Conduct for
Elected and Appointed Officials with the following amendments: Section B 1(c) – include
language to respect the decisions of current and past City Councils; Section D 2(c) –
correct the reference to Section 3(d) to read 3 (c); Section D 5(b) – change “within 90
days” to “as soon as possible but no later than 90 days”; and directed Staff to bring this
item back on the Consent Calendar on September 15, 2026 and to bring a future item to
edit the bylaws of the commissions and committees to include language mirroring the
City Council’s policy on personal messaging during meetings.
RESULT: APPROVED [UNANIMOUS]
MOVED BY: Jean Josey, Vice Mayor
SECOND: Kashef Qaadri, Councilmember
AYES: Hu, Josey, McCorriston, Qaadri, Morada
8) NEW BUSINESS
8.1) Designation of Voting Delegates for the 2026 National League of Cities City
Summit
The City Council discussed the appointment of the City’s voting delegate and alternates
for the 2026 National League of Cities City Summit.
On a motion by Vice Mayor Josey, seconded by Councilmember Qaadri, and by
unanimous vote, the City Council appointed Councilmember McCorriston as the voting
delegate and Councilmember Qaadri and Vice Mayor Josey as the alternates.
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DUBLIN CITY COUNCIL MINUTES
REGULAR MEETING
SEPTEMBER 1, 2026
RESULT: APPOINTED [UNANIMOUS]
MOVED BY: Jean Josey, Vice Mayor
SECOND: Kashef Qaadri, Councilmember
AYES: Hu, Josey, McCorriston, Qaadri, Morada
8.2) Report on the Cost-of-Living Adjustment Methodology for City Employee
Compensation
The City Council received a report on the City’s cost-of-living adjustment (COLA)
practice and methodology.
Mayor Hu opened the public comment period.
Mike Grant provided public comment.
Mayor Hu closed the public comment period.
By consensus, the City Council directed Staff to put this item on the Closed Session
agenda on September 15, 2026.
9) CITY MANAGER AND CITY COUNCIL REPORTS
The City Council and Staff provided brief information-only reports, including committee
reports and reports related to meetings attended at City expense (AB1234).
By consensus, the City Council directed Staff to bring back a Hunger Action Month
proclamation at the September 15, 2026 meeting; directed Staff to prepare a
proclamation to recognize Peace and Hope, Councilmember Qaadri’s adopted chicken
from the Sunflower Hill Gala, as unofficial mascot of Dublin for the Sunflower Hill Gala in
October 2026; directed Staff to bring back an item on zoning regulations regarding data
centers; and directed Staff to engage with the Postmaster General regarding the Dublin
Post Office.
10) ADJOURNMENT
Mayor Hu adjourned the meeting at 8:55 PM.
Mayor
ATTEST:
City Clerk
15
Agenda Item 5.2
STAFF REPORT
CITY COUNCIL
Page 1 of 2
DATE: September 15, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
Payment Issuance Report and Electronic Funds Transfer
Prepared by: Gloria Tai, Senior Finance Technician
EXECUTIVE SUMMARY:
The City Council will receive a listing of payments issued from August 1, 2026 – August 31,
2026 totaling $17,620,998.46.
STAFF RECOMMENDATION:
Receive the report.
FINANCIAL IMPACT:
Summary of Payments Issued
Report Period: August 1, 2026 – August 31, 2026
Total Number of Payments: 314
Total Amount of Payments: $17,620,998.46
DESCRIPTION:
The Payment Issuance Report (Attachment 1) provides a listing of all payments for the period
beginning August 1, 2026 through August 31, 2026. This report is provided in accordance with
the City Payments Policy adopted November 15, 2011 by Resolution No.18 9-11. The listing of
payments has been reviewed in accordance with the policies for processing payments and
expenditures.
The City’s practice of reporting payments to the City Council after the payments have been
made is in compliance with California Government Code Sections 37208 (b) and (c), which
allow for an agency to make payments without first being audited by the legislative body, as
long as such payments are: 1) conforming to a budget approved by ordinance or resolution of
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the legislative body; and 2) presented to the legislative body for ratification and approval in the
form of an audited annual comprehensive financial report.
STRATEGIC PLAN INITIATIVE:
None
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) Payment Issuance Report for August 2026
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Print Date: 9/1/2026
City of Dublin
Payment Issuance Report
Payments Dated 8/1/2026 through 8/31/2026
Page 1 of 6
Payee Description Amount
UNUM LIFE INS CO OF AMERICA LIFE AND AD&D PREMIUM - JUL 2026 13,459.03
US BANK - PARS PARS: PE 07/24/26 12,038.71
I C M A 401 PLAN DEFERRED COMP 401: PE 07/24/26 1,863.61
I C M A 457 PLAN DEFERRED COMP 457: PE 07/24/26 30,376.53
CAL PERS PERS RETIREMENT PLAN: PE 07/24/26 105,079.74
HEALTHEQUITY, INC.HEALTHEQUITY: PE 07/24/26 7,545.85
ALAMEDA CO SHERIFF'S OFFICE CPU - POSTERS 44.04
ACCOPSA -ALAMEDA COUNTY CHIEFS OF POLICE ACCOPSA MEMBERSHIP FY 2026-2027 750.00
ADVANCED MOBILITY GROUP ANNUAL TRAFFIC SIGNAL SYSTEM SUPPORT JUN 2026 11,835.68
A4 PROMOTIONS & INCENTIVES WAVE BUSINESS CARDS 59.23
A4 PROMOTIONS & INCENTIVES PCS BUSINESS CARDS 59.23
Payments Issued 8/3/2026 Total: 170,363.47
AMY'S ENGRAVED SIGNS & AWARDS CMO NAMEPLATES 116.98
AMY'S ENGRAVED SIGNS & AWARDS WAVE NAMEPLATES 402.63
ALAMEDA COUNTY FLOOD CONTROL CREEK CLEAN-UP EVENT COORDINATION 3,904.71
ALL CITY MANAGEMENT SVCS INC CROSSING GUARD SERVICES - SUMMER JUL 2026 370.44
ALAMEDA CO SHERIFF'S OFFICE CPU - EVENT SIGN POSTERS 104.49
ALAMEDA COUNTY FIRE DEPARTMENT FIRE SERVICES AUG 2026 1,718,282.58
ALAMEDA CO SHERIFF'S OFFICE DPS BUSINESS CARDS 51.36
AXIS FORENSIC TOXICOLOGY, INC.TOXICOLOGY SERVICES - JUL 2026 55.00
BKF ENGINEERS SAN RAMON RD & AMADOR VALLEY BLVD IMPROVEMENT JUN 2026 33,171.25
AT&T PSC-AT&T 600M INTERNET/VOICE 07/07/26 - 08/06/26 1,691.29
AVI-SPL LLC COUNCIL CHAMBER AV SHELVING 8,449.64
AMY'S ENGRAVED SIGNS & AWARDS COMMUNICATIONS NAMEPLATES 181.25
AT&T CVC 1G INT/VOICE 07/07/26 - 08/06/26 2,198.01
CARBONIC SERVICE WAVE OPERATING SUPPLIES 2,504.90
CALIFORNIA SPIRIT ELITE, INC.REC CLASS INSTRUCTOR 455.00
CALLANDER ASSOCIATES INC.DESIGN SRV RESTROOM REPLACEMENT CIP JUN 2026 14,100.55
BYOG YOUTH ADVISORY COMMITTEE FY2026-2027 SHIRTS 214.99
BYOG WAVE UNIFORMS 1,934.51
BRAS & MATTOS MONUMENT COMPANY BRONZE CAPS FOR MEMORIAL BOULDERS 4,500.00
BSK ASSOCIATES INC.JORDAN RANCH SQUARE GEOTECH SERVICES JUN 2026 677.50
COMMUNITY CLIMATE SOLUTIONS REIMBURSEMENT FRED ELEMENTARY CHALLENGE PRIZE 500.00
COMMUNITY CLIMATE SOLUTIONS DUBLIN CLIMATE CHALLENGE DIRECT ENGAGEMENT SERVICE 1,760.80
CLEARGOV INC.CLEARGOV CAPITAL BUDGETING & SOFTWARE RENEWAL 20,132.79
COMCAST COMCAST TV AV TV30 7/18-8/17/26 135.15
CHRISTINE PETIT REC CLASS INSTRUCTOR 3,076.80
CDW GOVERNMENT INC VERKADA CD63-E NETWORK SURVEILLANCE CAMERA 1,746.65
CSW/STUBER-STROEH ENGINEERING GROUP, INC.STORMWATER BUSINESS INSPECTIONS MAY 2026 26,762.50
CSW/STUBER-STROEH ENGINEERING GROUP, INC.STORMWATER BUSINESS INSPECTIONS JUN 2026 11,988.50
CRYSTAL MCLEAN EXPENSE REIMBURSEMENT - GOLD FOIL SEALS FOR YAC CERTIFICATES 11.51
CSW/STUBER-STROEH ENGINEERING GROUP, INC.STORMWATER BUSINESS INSPECTIONS APR 2026 25,286.50
CONVERGEONE, INC.COUNCIL CHAMBER AV SYSTEM PARTS AND EQUIPMENT 8,645.14
CPRS DISTRICT III MEMBERSHIP FEES FOR PCS DEPARTMENT 3,987.50
DUBLIN UNIFIED SCHOOL DISTRICT WATER USE AT STAGER GYM APR- MAY 2026 1,632.32
EAST BAY POOL SERVICE, INC.POOL MAINTENANCE 3,233.40
DELL MARKETING L.P. C/O DELL USA L.P.280W ADAPTER WITH POWER CORD 176.11
DELL MARKETING L.P. C/O DELL USA L.P.PRO SMART DOCK 484.72
DC ELECTRIC GROUP INC.AMADOR VALLEY BLVD & BRIGHTON CABINET/SIDEWALK REPAIR 46,057.50
DC ELECTRIC GROUP INC.TRAFFIC SIGNAL FIBER BREAK TROUBLESHOOT MAY 2026 896.00
EOA, INC.STORMWATER IMPLEMENTATION ASSISTANCE MAY 2026 15,594.20
EOA, INC.STORMWATER IMPLEMENTATION ASSISTANCE JUN 2026 6,566.75
ENTERPRISE RENT A CAR EAN SERVICES, LLC RENTAL CARS FOR DPS SIU JUN-JUL 2026 1,735.08
EOA, INC.STORMWATER IMPLEMENTATION ASSISTANCE APR 2026 21,711.75
EAST BAY REGIONAL MOBILE RADIO REGIONAL CONNECTIVITY FY2026-2027 77,700.00
EN ENGINEERING, LLC FIBER OPTIC NETWORK MASTER PLAN TO 07/18/26 14,700.00
GROUP 4 ARCHITECTURE, RESEARCH + PLANNING, INC.CM SERVICES - DAC MAR 2026 14,630.00
GROUP 4 ARCHITECTURE, RESEARCH + PLANNING, INC.CM SERVICES - DAC JUN 2026 3,832.32
FLEX TECHNOLOGY GROUP LLC PRINTING USAGE CHARGE THROUGH 07/15/26 1,673.59
GROUP 4 ARCHITECTURE, RESEARCH + PLANNING, INC.CM SERVICES - DAC FEB 2026 6,950.00
FEHR & PEERS EASTERN DUB TRAFFIC IMPACT FEE UPDATE PHS JUN 2026 1,596.00
FEHR & PEERS EASTERN DUB TRAFFIC IMPACT FEE UPDATE PHS MAY 2026 1,848.00
KIMLEY-HORN AND ASSOC. INC.TRAFFIC SIGNAL FIBER INTERCON DESIGN JUN 2026 6,018.85
ISH AMITOJ KAUR REC CLASS INSTRUCTOR 5,654.40
KIMLEY-HORN AND ASSOC. INC.TRAFFIC SIGNAL FIBER INTERCON DESIGN APR 2026 672.06
GURUS EDUCATION EAST BAY REC CLASS INSTRUCTOR 1,536.00
HIP ENTERTAINMENT LLC SUMMER CONCERT SERIES PERFORMANCE 3,600.00
Attachment 1
18
City of Dublin
Payment Issuance Report
Print Date: 9/1/2026
Payments Dated 8/1/2026 through 8/31/2026
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KIMLEY-HORN AND ASSOC. INC.CONSTRUCTION SUPPORT FOR SAFE ROUTES TO SCHOOL APR 2026 1,192.50
LIVERMORE-PLEASANTON UMPIRES ASSOCIATION SPORTS OFFICIATING JUN 2026 5,020.00
MAGS ASSOCIATES LLC REC CLASS INSTRUCTOR 4,970.40
LANLOGIC INC.LANLOGIC UMBRELLA OPEN DNS AUG 2026 1,050.00
LIVERMORE AUTO GROUP POLICE VEHICLE MAINTENANCE & REPAIRS 1,406.08
LANGUAGE LINE SERVICES LANGUAGE LINE SERVICES JUN 2026 15.60
LANLOGIC INC.WAVE STORAGE ROOM DOOR HANDLES 1,232.57
PLEASANTON VIP SENIOR CLUB ROARING CAMP RAILROAD TRIP ON 7/21/26 130.00
POPTASTIC PARTIES DECORATIONS FOR SPLATTER COLOR DASH 1,598.63
PAKPOUR CONSULTING GROUP, INC.STAFF AUGMENTATION APR 2026 7,132.75
PG&E SERVICE TO LIBRARY 03/02/26 - 06/12/26 7,592.96
NANOGAN SCIENCE & SERVICES, LLC REC CLASS INSTRUCTOR 4,380.60
MNS ENGINEERS, INC.CITYWIDE SIGNAL COMM UPGRADE PROJ JUN 2026 610.00
RROOAR REC CLASS INSTRUCTOR 2,034.60
PRO CYCLES LLC POLICE VEHICLE MAINTENANCE & REPAIRS 668.71
ROBERT MAGNO EXPENSE REIMBURSEMENT - 2025 & 2026 SLURRY EXEMPTION FILING FEES 150.00
PRIME TIME ENTERTAINMENT SOUND RENTALS FOR SUMMER CONCERT 3,300.00
PORFURA LLC SMALL BUSINESS NAVIGATOR PROGRAM - AUREA SALON 1,000.00
PORFURA LLC SMALL BUSINESS NAVIGATOR PROGRAM - VETS FOR PETS 1,000.00
SIMPLER SYSTEMS, INC SIMPLER SOFTWARE LICENSING SUPPORT JUL 2026 1,650.00
SNG & ASSOCIATES INC.DEVELOPMENT REVIEW MAR 2026 11,222.75
SCA OF CA LLC STREET SWEEPING SERVICES JUN 2026 47,005.65
SHWETA BONN PCS REFUND CREDIT BALANCE ON CUSTOMER ACCOUNT 1,385.80
SAI MIDIDIDDI CONFERENCE REIMBURSEMENT - BPAC MEETING 80.00
S & J ADVERTISING INC ADVERTISING FOR SPLATTER 736.00
TREASURER ALAMEDA COUNTY FY2026 POLICE SERVICES CONTRACT 3,812,915.68
SWINERTON MANAGEMENT & CONSULTING LLC CM/INSP SVCS - EXTERIOR IMPROVEMENTS MAY 2026 53,412.50
T-MOBILE USA, INC.CITYWIDE T-MOBILE CELL/HOTSPOT/TABLET TO 07/20/26 1,223.31
SPECIAL EVENTS STAGE AND TENTING RENTALS SUMMER CONCERT 8,928.00
SNG & ASSOCIATES INC.DEVELOPMENT REVIEW APR 2026 4,060.25
SPECIAL EVENTS STAGE AND TENTING RENTALS USA 250TH ANNIVERSARY 13,067.10
TRI-VALLEY TRANSPORT. COUNCIL FY 25/26 QTR 2 TVTD FEES 659,885.06
TRI-VALLEY TRANSPORT. COUNCIL FY 25/26 QTR 3 TVTD FEES 488,860.92
TRI-VALLEY JANITORIAL INC.JANITORIAL SERVICE SHANNON CTR RENT DAMG CLEAN JUN 2026 400.00
TRI-VALLEY TRANSPORT. COUNCIL FY 25/26 QTR 1 TVTD FEES 617,143.88
TRI-VALLEY JANITORIAL INC.JANITORIAL SERVICE EXTRA SERVICE JUN 2026 10,297.38
TRI-VALLEY JANITORIAL INC.JANITORIAL SUPPLIES JUN 2026 7,426.45
UNIVAR SOLUTIONS SODIUM HYPOCHLORITE (CHLORINE) FOR THE WAVE 4,093.67
WEE HOOP, INC.REC CLASS INSTRUCTOR 1,843.20
U.S. BANK CORPORATE PMT SYSTEM PURCHASE CARD STATEMENT JUL 2026 65,977.76
UNIVAR SOLUTIONS WAVE OPERATING SUPPLIES 5,585.27
TRI-VALLEY TRANSPORT. COUNCIL FY 25/26 QTR 4 TVTD FEES 323,101.77
U.S. BANK CFD SPECIAL TAX ADMINISTRATION - DUBLIN CROSSING 1,800.00
WORKFORCE INTEGRITY & TRAINING SOLUTIONS, LLC CWA COMPLIANCE EXTERIOR IMPROVEMENTS APR 2026 2,680.36
Payments Issued 8/6/2026 Total: 8,346,589.08
WORKFORCE INTEGRITY & TRAINING SOLUTIONS, LLC CWA COMPLIANCE EXTERIOR IMPROVEMENTS JUN 2026 4,056.01
WORKFORCE INTEGRITY & TRAINING SOLUTIONS, LLC CWA COMPLIANCE EXTERIOR IMPROVEMENTS MAR 2026 1,132.38
WHITE CAP, L.P.DIGITAL CONSTRUCTION LEVEL STABILA 48" IP 67 383.34
WORKFORCE INTEGRITY & TRAINING SOLUTIONS, LLC CWA COMPLIANCE EXTERIOR IMPROVEMENTS MAY 2026 3,101.04
WELLNESS REIMBURSEMENT WELLREIMB JAN-JUN 2026 150.00
VISION SERVICE PLAN - (CA)VISION INSURANCE PREMIUM - JUL 2026 2,079.90
Payments Issued 8/7/2026 Total: 45,565.48
DSRSD BILLING PERIOD: 05/15/26-07/14/26 30,540.25
DELTA DENTAL OF CALIFORNIA DELTA DENTAL PREMIUM - JUL 2026 12,945.33
A4 PROMOTIONS & INCENTIVES COMMUNICATIONS BUSINESS CARDS 156.52
HEALTHEQUITY, INC.SEPTEMBER 2026 COMMUTER FUNDING 60.00
Payments Issued 8/11/2026 Total:60.00
Payments Issued 8/10/2026 Total: 150.00
ALAMEDA COUNTY ENVIRONMENTAL HEALTH SB1383 EDIBLE FOOD RECOVERY INSPECTIONS JUN 2026 1,044.00
AMY L. JONES REC CLASS INSTRUCTOR 273.60
ADVANCED MOBILITY GROUP ANNUAL TRAFFIC SIGNAL SYSTEM SUPPORT MAR 2026 5,420.00
AKSHAY ARORA ARORA TENNIS & FITNESS ACADEMY REC CLASS INSTRUCTOR 604.80
ADITYA T. BABU CLUB V.I.P. VOLLEYBALL REC CLASS INSTRUCTOR 1,920.00
ADVANCED MOBILITY GROUP ANNUAL TRAFFIC SIGNAL SYSTEM SUPPORT FEB 2026 6,360.00
AMY'S ENGRAVED SIGNS & AWARDS CMO NAMEPLATE 31.86
19
City of Dublin
Payment Issuance Report
Print Date: 9/1/2026
Payments Dated 8/1/2026 through 8/31/2026
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AXIS FORENSIC TOXICOLOGY, INC.TOXICOLOGY SERVICES - JUL 2026 250.00
AT&T - CALNET 3 SERVICE TO HERITAGE 9391018979 03/14/26 - 05/14/26 96.20
AT&T - CALNET 3 SERVICE TO CLARK AVE 06/27/2026 32.14
AT&T - CALNET 3 SERVICE TO PSC 07/01/2026 123.87
AT&T - CALNET 3 SERVICE TO PSC FIRE ALARM 06/14/26 - 07/14/26 125.44
ANGEL HOUZE CLAY ART C/O JULIE P. KARTONO REC CLASS INSTRUCTOR 1,200.00
CHRISP COMPANY ON-CALL STRIPING & MARKING SEP 2025 76.00
COMCAST CVC 500M COMCAST JUL 2026 2,581.50
BRINKS, INC.ARMORED CAR SERVICE AUG 2026 411.51
BRITISH SWIM SCHOOL OF PCS FACILITY SECURITY DEPOSIT REFUND 500.00
BIG O'TIRES #7 POLICE VEHICLE MAINTENANCE & REPAIRS 105.74
BRIGHTLY SOFTWARE, INC.BRIGHTLY ANNUAL SOFTWARE RENEW FY 2026-2027 50,659.51
DAVID L. GATES & ASSOCIATES, INC.IRRIGATION UPGRADES JUN 2026 21,200.00
DC ELECTRIC GROUP INC.HYDROGEN FUEL CELL MAINTENANCE MAY 2026 559.22
CSW/STUBER-STROEH ENGINEERING GROUP, INC.MARTIN CANYON CRK SILVERGATE-DESIGN SVCS MAY 2026 1,737.00
DAVID L. GATES & ASSOCIATES, INC.IRRIGATION UPGRADES APR 2026 12,660.00
CSW/STUBER-STROEH ENGINEERING GROUP, INC.VILLAGE PARKWAY RECON - DESIGN SVCS MAY 2026 15,014.56
CSW/STUBER-STROEH ENGINEERING GROUP, INC.VILLAGE PARKWAY RECON - DESIGN SVCS JUN 2026 8,491.77
ENGEO INC FALLON CROSSING GHAD CONSULTING SERVICES MAY 2026 5,381.93
ENGEO INC FALLON CROSSING GHAD CONSULTING SERVICES JUN 2026 7,641.08
DUBLIN CHEVROLET 2026 CHEVROLET TAHOE 59,492.72
ECONOLITE CONTROL PRODUCTS INC REPAIR OF VIDEO DETENTION CAMERA & CONTROL UNIT 774.00
DELL MARKETING L.P. C/O DELL USA L.P.PD ASSET FORFEITURE (3) LAPTOPS 7,504.10
DLT SOLUTIONS LLC AUTODESK CAD LICENSES/IMAGINIT SEP 2026-2027 10,925.66
GFT INFRASTRUCTURE, INC.2025 SLURRY SEAL CM & INSP SERVICES AUG 2025 52,497.70
GFT INFRASTRUCTURE, INC.2025 SLURRY SEAL CM & INSP SERVICES MAY 2026 36,322.69
ENGEO INC SCHAEFER RANCH GHAD CONSULTING SERVICES JUN 2026 13,926.38
ENGEO INC SCHAEFER RANCH GHAD CONSULTING SERVICES MAY 2026 5,220.00
ENGEO INC FALLON VILLAGE GHAD CONSUTLTING SERVICES MAY 2026 6,777.58
ENGEO INC FALLON VILLAGE GHAD CONSUTLTING SERVICES JUN 2026 11,575.38
KIMLEY-HORN AND ASSOC. INC.DESIGN SERVICES - SLIDES REPAIR MAY 2026 1,612.50
KIMLEY-HORN AND ASSOC. INC.DESIGN SERVICES - SLIDES REPAIR JUN 2026 652.00
INTEGRA PLANNING & LANDSCAPE ARCHITECTURE LANDSCAPE PLAN CHECK & INSPECTIONS JUN 2026 270.00
INTERACTIVE DATA, LLC PD SOCIAL MEDIA SEARCH - JUL 2026 290.50
GRANICUS, LLC.GRANICUS ANNUAL MAINTENANCE FY 2026-2027 84,140.93
HEALTHEQUITY, INC.COMMUTER(AUG 2026) & HEALTHCARE(JUL 2026) BENEFITS 627.50
LEHR AUTO POLICE VEHICLE MAINTENANCE & REPAIRS 116.13
LIVERMORE AUTO GROUP POLICE VEHICLE MAINTENANCE & REPAIRS 148.85
LEHR AUTO 2025 FORD MAVERICK - EQUIPMENT INSTALL 10,094.97
LANLOGIC INC.OUTBUILDINGS ACCESS CONTROL 15,248.36
KWIK COVERS RECREATION SWIM SUPPLIES 1,893.50
LANLOGIC INC.WAV STORAGE ROOM HANDLES - FINAL BILLING 610.00
MCE CORPORATION MAINTENANCE SERVICES MAY 2026 1,186,815.04
MCE CORPORATION MAINTENANCE SERVICES JUN 2026 1,807,719.97
LYNX TECHNOLOGIES, INC.GIS CONSULTING SERVICES JUL 2026 1,500.00
MARK THOMAS & COMPANY, INC.IRON HORSE TRAIL BRIDGE OVERCROSSING MAR 2026 610.23
LSA ASSOCIATES INC.SCHAEFER RANCH GHAD BIOLOGICAL SERVICES MAY 2026 2,661.55
LWP CLAIMS SOLUTIONS INC OPEN INDEMNITY CLAIMS - JUN 2026 125.00
PAKPOUR CONSULTING GROUP, INC.DEVELOPMENT REVIEW APR 2026 21,028.50
PAKPOUR CONSULTING GROUP, INC.SPECIAL STAFF AUGMENTATION CM DEPT SUPPORT JUN 2026 5,642.50
PAKPOUR CONSULTING GROUP, INC.CM/INSP SVCS - FOREST PARK JUN 2026 315.00
PAKPOUR CONSULTING GROUP, INC.SPECIAL STAFF AUGMENTATION CM DEPT SUPPORT MAY 2026 11,481.50
MEYERS NAVE SCHAEFER RANCH GHAD ATTORNEY MAY 2026 47.50
MEYERS NAVE FALLON VILLAGE GHAD ATTORNEY MAY 2026 49.00
PG&E SERVICE TO BUTTERFLY KNOLL PARK 02/05/26 - 07/05/26 41.03
PG&E SERVICE TO BRAY COMMONS 02/11/26 - 07/09/26 495.75
PG&E SERVICE TO ALAMO CREEK PARK 02/06/26 - 07/06/26 519.34
PG&E SERVICE TO 6795 DOUGHERTY 02/03/26 - 07/01/26 1,069.74
PG&E SERVICE TO 6196 HORIZON PKWY M DONBIDDLE 02/17/26- 07/14/26 7,129.08
PG&E LANDSCAPING 02/06/26 - 07/06/26 8,656.54
PG&E SERVICE TO DOUGHERTY LMD 1986-1 03/03/26 - 06/30/26 1,112.68
PG&E SERVICE TO DOLAN PARK 03/12/26 - 07/09/26 876.14
PG&E SERVICE TO DON BIDDLE COMMUNITY PARK 03/17/26 - 06/14/26 1,135.53
PG&E SERVICE TO DEVANY SQUARE 02/11/26 - 07/09/26 60.59
PG&E SERVICE TO CORP YARD 03/02/26 - 06/29/26 14,168.63
PG&E SERVICE TO CITY HALL 02/01/26 - 06/30/26 34,215.81
PG&E SERVICE TO FALLON SPORTS PARK 02/05/26 - 07/05/26 52,349.92
PG&E SERVICE TO FOREST PARK 11/03/25 - 07/05/26 133.56
PG&E SERVICE TO EMERALD GLEN PARK 02/09/26 - 07/07/26 24,137.78
PG&E SERVICE TO DUBLIN SPORTS GROUNDS 01/30/26 - 06/29/26 19,776.10
20
City of Dublin
Payment Issuance Report
Print Date: 9/1/2026
Payments Dated 8/1/2026 through 8/31/2026
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PG&E SERVICE TO HERITAGE MUSEUMS 01/29/26 - 06/28/26 14,935.90
PG&E SERVICE TO MAPE MEMORIAL PARK 03/01/26 - 06/28/26 205.61
PG&E SERVICE TO SCHAEFER RANCH PARK 01/29/26 - 06/28/26 1,574.35
PG&E SERVICE TO SEAN DIAMOND PARK 01/28/26 - 06/25/26 900.97
PG&E SERVICE TO PSC 04/15/26 - 06/12/26 2,305.82
PG&E SERVICE TO SANTA RITA LMD 1997-1 03/02/26 - 07/09/26 281.16
PG&E SERVICE TO PASSATEMPO PARK 02/24/26 - 06/23/26 309.33
PG&E SERVICE TO PIAZZA SORRENTO PARK 02/11/26 - 07/09/26 42.81
PG&E SERVICE TO TRAFFIC SIGNALS 02/10/26 - 07/08/26 5,507.34
PG&E SERVICE TO WALLIS RANCH COMMUNITY PARK 02/05/26 - 07/05/26 8,689.39
PG&E SERVICE TO THE WAVE 03/08/26 - 07/05/26 146,195.08
PG&E SERVICE TO STAGECOACH PARK 02/14/26 - 07/14/26 665.99
PG&E SERVICE TO TED FAIRFIELD PARK 02/10/26 - 07/08/26 333.53
PG&E SERVICE TO SENIOR CENTER 02/11/26 - 07/09/26 18,697.83
PG&E SERVICE TO SHANNON COMMUNITY CENTER 01/30/26 - 06/29/26 1,517.27
RJN, INC.FALLON CROSSING GHAD MAINTENANCE SERVICES MAY 2026 4,424.00
ROTH STAFFING COMPANIES, L.P.BUILDING TEMP - 07/13/26 - 07/19/26 1,536.00
PLANT CONSTRUCTION COMPANY, L.P.PROGRESS PAYMENT EXTERIOR IMPROVEMENTS PROJECT - JUN 2026 1,202,741.51
PG&E TRAFFIC SIGNALS 01/13/26 - 06/10/26 51,177.02
PG&E STREETLIGHTS EAST DUBLIN 1999-1 02/14/26 - 07/14/26 57,661.17
PG&E STREETLIGHTS – CITYWIDE 1983-1 02/14/26 - 07/14/26 124,199.68
SWINERTON MANAGEMENT & CONSULTING LLC CM/INSP SVCS - DUBLIN ART CENTER MAY 2026 2,869.00
SWINERTON MANAGEMENT & CONSULTING LLC CM/INSP SVCS - DUBLIN ART CENTER JUN 2026 1,606.00
SUAREZ & MUNOZ CONSTRUCTION WALLIS RANCH COMMUNITY PARK PROGRESS PAYMENT SEP 2025-APR 2026 616,937.60
SELECT IMAGING PWK BUSINESS CARDS 158.76
STUDIO BLUE REPROGRAPHICS FRANCIS RANCH - HALF-SIZE PLAN SETS FOR INSPECTOR AND PM 246.58
RRM DESIGN GROUP, A CA CORP LANDSCAPE PLAN CHECK & INSPECTIONS JUN 2026 7,082.25
WC3-WEST COAST CODE CONSULTANT ON CALL PLAN REVIEW SERVICES - JUL 2026 4,322.50
WORKFORCE INTEGRITY & TRAINING SOLUTIONS, LLC CWA COMPLIANCE SLURRY SEAL APR 2026 628.41
VERIZON WIRELESS DATA PLAN FOR LICENSE PLATE READERS JUL 2026 1,234.85
TREASURER ALAMEDA COUNTY PW AGENCY-FISCAL DIVISION IRON HORSE NATURE PARK DEPOSIT 36.32
URBAN FIELD STUDIO OAKLAND URBAN DESIGN CONSULTING MAY-JUN 2026 1,530.00
TREASURER ALAMEDA COUNTY PW AGENCY-FISCAL DIVISION TRAFFIC SIGNAL & STREETLIGHT MAINT SVCS MAY 2026 52,916.89
TREASURER ALAMEDA COUNTY PW AGENCY-FISCAL DIVISION TRAFFIC SIGNAL & STREETLIGHT MAINT SVCS JUN 2026 49,216.21
INTERNAL REVENUE SERVICE FEDERAL WITHHOLDING: PE 08/07/26 85,989.80
Payments Issued 8/13/2026 Total: 191,392.01
CAL PERS PERS RETIREMENT PLAN: PE 08/07/26 105,402.21
WORKFORCE INTEGRITY & TRAINING SOLUTIONS, LLC CWA COMPLIANCE SLURRY SEAL JUN 2026 566.09
Payments Issued 8/12/2026 Total: 6,052,506.93
I C M A 457 PLAN DEFERRED COMP 457: PE 08/07/26 34,938.19
US BANK - PARS PARS: PE 08/07/26 10,627.86
HEALTHEQUITY, INC.HEALTHEQUITY: PE 08/07/26 5,654.96
I C M A 401 PLAN DEFERRED COMP 401: PE 08/07/26 1,877.61
EMPLOYMENT DEVELOPMENT DEPT CA STATE WITHHOLDING: PE 08/07/26 26,702.82
AKSHAY ARORA ARORA TENNIS & FITNESS ACADEMY REC CLASS INSTRUCTOR 4,503.60
CITY OF PLEASANTON TVBID FEES COLLECTED FOR APR - JUN 2026 168,334.79
Payments Issued 8/18/2026 Total: 168,334.79
Payments Issued 8/14/2026 Total: 79,801.44
ANGEL HOUZE CLAY ART C/O JULIE P. KARTONO REC CLASS INSTRUCTOR 225.00
ALAMEDA COUNTY FIRE DEPARTMENT REIMBURSE FOOD COST KITCHEN REPAIR STATION 17 FEB 2026 9,292.66
ALAMEDA COUNTY FIRE DEPARTMENT REIMBURSE FOOD COST KITCHEN REPAIR STATION 18 FEB 2026 174.58
ALAMEDA COUNTY FIRE DEPARTMENT FIRE SERVICES MAR 2026 13,355.00
ALAMEDA COUNTY FIRE DEPARTMENT REIMBURSE FOOD COST KITCHEN REPAIR STATION 17 JAN 2026 3,823.51
ALAMEDA CO SURPLUS PROP AUTHOR BART GARAGE FEES COLLECTED JUL 2025 - JUN 2026 329,434.11
AT&T - CALNET 3 HERITAGE CTR BK UP TO 04/06/26 - 07/06/26 271.16
AT&T - CALNET 3 SERVICE TO CY 03/14/26 - 06/14/26 1,198.78
AT&T - CALNET 3 SERVICE TO 800 03/12/26 - 07/12/26 0.37
AT&T - CALNET 3 SERVICE TO CIVIC 03/12/26 - 06/28/26 200.17
AT&T CVC 1G INT/VOICE 08/07-09/06 2,196.80
AT&T PSC AT&T 600M INT/VOICE 08/07-09/06 1,691.29
AT&T - CALNET 3 SERVICE TO FS18 02/15/26 - 07/14/26 625.42
AT&T - CALNET 3 SERVICE TO FS17 02/27/26 - 06/26/26 1,421.81
AT&T - CALNET 3 SERVICE TO FS16 02/28/26 - 06/27/26 170.50
AT&T - CALNET 3 SERVICE TO ELEVATOR 03/14/26 - 06/14/26 372.60
AT&T - CALNET 3 SERVICE TO CY FAX 03/14/26 - 06/14/26 128.34
AT&T - CALNET 3 ATT-ASE (JULY-CVC,HCC,SCC,SNC,CPY,FSP)3,160.54
21
City of Dublin
Payment Issuance Report
Print Date: 9/1/2026
Payments Dated 8/1/2026 through 8/31/2026
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128.34
AT&T - CALNET 3 SERVICE TO FSP FAX 03/14/26 - 06/14/26 250.44
BRIAN SPILLER CONFERENCE REIMBURSEMENT - CPRS 98.85
AXIS FORENSIC TOXICOLOGY, INC.TOXICOLOGY SERVICES - JUL 2026 180.00
BIG O'TIRES #7 POLICE VEHICLE MAINTENANCE & REPAIRS 3,485.67
AT&T - CALNET 3 SERVICE TO WAVE 03/12/26 - 07/12/26 618.43
AT&T - CALNET 3 SERVICE TO SHANNON FAX 03/27/26 - 06/27/26 128.43
AT&T - CALNET 3 SERVICE TO SR ALARM 03/12/26 - 07/12/26 1,084.88
AT&T - CALNET 3 SERVICE TO SHANNON 03/13/26 - 07/13/26 1,210.50
AT&T - CALNET 3 SERVICE TO SHANNON CTR ALARM 03/12/26 - 07/12/26 160.47
AT&T - CALNET 3 SERVICE TO HERITAGE 9391018979 06/14/26 32.14
AT&T - CALNET 3 SERVICE TO LIBRARY 911 03/14/26 - 06/14/26
CINTAS CORPORATION NO.2 FIRST AID KIT REPLENISHMENT 958.60
CHRISTAIN KNIGHT EXPENSE REIMBURSEMENT - CDW - VERKADA EXTERIOR POE INJECTOR 215.10
CHRISTINE PETIT REC CLASS INSTRUCTOR 1,956.00
CHANDLER ASSET MANAGEMENT INVESTMENT CONSULTING SERVICES JUL 2026 15,279.72
BRYCE CONSULTING, INC.CLASS STUDY-IT 285.00
CALIFORNIA SPIRIT ELITE, INC.REC CLASS INSTRUCTOR 3,430.00
CONVERGEONE, INC.CISCO FLEX TELEPHONE SYSTEM RENEWAL JUL 2026-2027 25,995.80
COULSON & ASSOCIATES DEVELOPMENT REVIEW MAR 2026 26,276.25
CONVERGEONE, INC.COUNCIL CHAMBER AV EQUIPMENT 3,159.40
COMCAST INT/CABLE SVC, WAV, SNC, PSC LEAF CHARGES AUG 2026 344.33
CONSOR NORTH AMERICA, INC.KOOPMAN CANYON CREEK CHANNEL & BANK REPAIR JUN 2026 191.00
CINTAS CORPORATION NO.2 PD FIRST AID RESTOCK - AUG 2026 33.02
CMS COMMUNICATIONS REFURBISHED CISCO 8841 IP (3) FOR PD 377.05
DSRSD BILLING PERIOD: 06/01/26-07/31/26 434,475.87
DEPARTMENT OF JUSTICE ACCTNG OFFICE-CASHIERING UNI LIVE SCAN FEES JUN 2026 932.00
DARREN PHILLIPS HERITAGE AND CULTURAL ARTS COMMISSION 08/13/26 50.00
DELL MARKETING L.P. C/O DELL USA L.P.PRO SMART DOCK AND MONITORS 3,080.98
CREDIT CONSULTING SERVICES, INC.GREASE TRAP/INTERCEPTORS INSP-DUBLIN SENIOR CENTER 367.47
CSW/STUBER-STROEH ENGINEERING GROUP, INC.DESIGN SVCS - KOOPMAN CANYON CREEK FENWICK CT MAY 2026 3,304.25
FLEX TECHNOLOGY GROUP LLC PRINTING USAGE CHARGE THROUGH 06/15/26 2,102.38
FLEX TECHNOLOGY GROUP LLC MONTHLY COPIER/PRINTERS LEASE AUG 2026 1,720.18
EOA, INC.ESD PLAN REVIEW ASSISTANCE APR 2026 4,388.50
EOA, INC.ESD PLAN REVIEW ASSISTANCE MAY 2026 7,695.00
DSRSD GREASE TRAP/INTERCEPTORS INSP-DUBLIN SENIOR CENTER 251.00
EOA, INC.ESD PLAN REVIEW ASSISTANCE JUN 2026 15,291.25
GHD, INC.SPEED SURVEY UPDATES JUN 2026 5,872.63
GINA MARIE GARCIA-GABRIELL HERITAGE AND CULTURAL ARTS COMMISSION 08/13/26 50.00
GFT INFRASTRUCTURE, INC.CM/INSP SVCS - DUBLIN BOULEVAND SLIDE REPAIR JUN 2026 18,937.04
GFT INFRASTRUCTURE, INC.CM/INSP SVCS - WALLIS RANCH PARK JUN 2026 742.50
GFT INFRASTRUCTURE, INC.CM/INSP SVCS - IRON HORSE NATURE PARK AND OPEN SPACE JUN 2026 164,049.81
GFT INFRASTRUCTURE, INC.CM/INSP SVCS - DOUGHERTY HILLS OPEN SPACE SLIDE REPAIR DEC 2025 13,522.08
GFT INFRASTRUCTURE, INC.CM/INSP SVCS - GREEN STORMWATER INFRASTRUCTURE JUN 2026 247.50
GFT INFRASTRUCTURE, INC.CM/INSP SVCS - TASSAJARA RD IMPROVEMENTS JUN 2026 31,065.89
JCJCJ, INC ADOPT A BENCH PLAQUE 289.09
JOHN WHITE DPS PETTY CASH REPLENISH OPERATIONS FUND 3,500.00
HERC RENTALS INC.ELECTRICAL FOR BACKYARD BASH 4,124.50
JAIN ARCHANA HERITAGE AND CULTURAL ARTS COMMISSION 08/13/26 50.00
GOODFELLOW BROS. CALIFORNIA, LLC IRON HORSE NATURE PARK AND OPEN SPACE JUN 2026 2,850.00
HARRELL HARRIS PHOTOGRAPHY PHOTOGRAPHY SERVICES- RED WHITE&BLUE BACKYARD BASH 1,050.00
LAUREN MARRIOTT CONFERENCE REIMBURSEMENT - CPRS 701.61
LIVERMORE-PLEASANTON UMPIRES ASSOCIATION SPORTS OFFICIATING 3,770.00
LANLOGIC INC.LANLOGIC NETWORK SUPPORT 155.25
LANLOGIC INC.CPY- LANLOGIC TROUBLESHOOT PANIC BAR 660.00
JULIA H. TOMTANIA HERITAGE AND CULTURAL ARTS COMMISSION 08/13/26 50.00
LANGUAGE LINE SERVICES LANGUAGE LINE SERVICES JUL 2026 111.39
NICHOLS CONSULTING ENGINEERS, CHTD IRON HORSE NATURE PARK & OPEN SPACE PROJ JUN 2026 2,648.75
PAGE & TURNBULL INC DESIGN SVCS - CAMP PARKS SIGN RELOCATION JUN 2026 3,508.50
NICHOLS CONSULTING ENGINEERS, CHTD ANNUAL STREET RESURFACING DESIGN SVCS JUN 2026 13,473.13
NICHOLS CONSULTING ENGINEERS, CHTD IRON HORSE NATURE PARK & OPEN SPACE PROJ APR 2026 557.50
MNS ENGINEERS, INC.DEVELOPMENT AND PERMITS INSPECTION MAY 2026 45,885.00
NAVY LEAGUE OF THE US LAKE MERRITT COUNCIL FIREWORK BOOTH CLEAN-UP REFUND FIRE-011440-2026 200.00
PG&E SERVICE TO 6020 DUBLIN BLVD 1010865440 03/02/26 - 06/11/26 504.91
PG&E SERVICE TO FIRE STATION 17 02/05/26 - 07/05/26 2,597.11
PG&E SERVICE TO DUBLIN SPORTS GROUND EV 02/01/26 - 06/30/26 2,366.14
PARK ASSOCIATES INC.FALLON BASEBALL FIELD BLEACHERS 5,000.00
PAVEMENT COATINGS CO.2026 SLURRY SEAL CONSTRUCTION JUN 2026 422,105.32
PG&E SERVICE TO FIRE STATION 16 01/26/26 - 06/29/26 3,224.19
PG&E SERVICE TO FIRE STATION 18 02/11/26 - 07/09/26 2,620.72
22
City of Dublin
Payment Issuance Report
Print Date: 9/1/2026
Payments Dated 8/1/2026 through 8/31/2026
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Total Number of Payments Issued:
PG&E SERVICE TO POSITANO HILLS PARK 01/30/26 - 06/29/26 1,219.18
PLAN JPA GENERAL LIABILITY CLAIMS JUN 2026 1,827.70
PLAN JPA GENERAL LIABILITY CLAIMS JUL 2026 1,137.50
PIERRE GALANG DJ FOR DUBLIN PRIDE 1,000.00
PISTONBONES PRINTING ADULT SPORTS CHAMPIONSHIPS T-SHIRTS 1,565.00
REDWOOD PUBLIC LAW, LLP PROFESSIONAL SERVICES RENDERED THROUGH APR 2026 100,982.79
QUALITY LOGO PRODUCTS, INC.REC SWIM OPERATIONS 1,864.28
R. YOUNAN LLC REC CLASS INSTRUCTOR 6,526.80
PROCURE AMERICA, INC UTILITY BILLING REVIEW 4/16/25 - 3/31/26 13,159.95
QUADIENT LEASING USA, INC.PD POSTAGE MACHINE LEASE APR 2026-JUL 2026 210.57
PRIME TIME ENTERTAINMENT RED, WHITE, BLUE BACKYARD BASH SOUND RENTAL 2,785.00
PRIME TIME ENTERTAINMENT SUMMER CONCERT SOUND RENTAL 4,950.00
RROOAR REC CLASS INSTRUCTOR 4,175.40
ROTH STAFFING COMPANIES, L.P.BUILDING TEMP 07/20/26 - 08/02/26 3,336.00
ROBERT FERGUSON ROB'S SKATE ACADEMY REC CLASS INSTRUCTOR 747.00
RONALD L ESSEX PHOTOGRAPHY SERVICES SUMMER CONCERT (TAINTED LOVE)600.00
REDWOOD PUBLIC LAW, LLP PROFESSIONAL SERVICES RENDERED THROUGH MAY 2026 80,826.46
REDWOOD PUBLIC LAW, LLP PROFESSIONAL SERVICES RENDERED THROUGH JUN 2026 94,315.72
TETRA TECH, INC.2026 EOC SECTION TRAINING & FUNCTIONAL EXERCISE 29,947.06
SUSAN BOSTWICK GOLDEN FOLLIES SHOW PERFORMANCE 1,800.00
TAQUERIA AZTECA FAMILY CAMP OUT FOOD ORDER 08/01/26 642.21
SPECIAL EVENTS FARMERS MARKET/CONCERT SERIES 7/30/26 2,232.00
STANFORD HEALTH -VALLEYCARE OCCUPATIONAL MEDICAL TEST FEE 37.00
SHIR MARTIAL ARTS, LLC REC CLASS INSTRUCTOR 1,383.90
WORKFORCE INTEGRITY & TRAINING SOLUTIONS, LLC CWA SERVICES - SLURRY SEAL APR 2026 115.00
WORKFORCE INTEGRITY & TRAINING SOLUTIONS, LLC COMMUNITY WORKFORCE SERVICES MAY 2026 1,858.64
TREASURER ALAMEDA COUNTY FY 2025/2026 ANIMAL CONTROL FIELD SERVICES MAR - JUN 2026 7,680.92
WILLDAN ENERGY SOLUTIONS BLDG ELECTRIFICATION & CODE ASSISTANCE MAR 2026 5,444.45
TIMEA IHAROSI HERITAGE AND CULTURAL ARTS COMMISSION 08/13/26 50.00
TLC POWER WASHING & HOOD CLEANING INC.WAVE WATERPARK 675.00
RETIREE MEDICAL 236,520.99RETIREE MEDICAL
INTERNAL REVENUE SERVICE FEDERAL WITHHOLDING: PE 08/21/26 & AUGUST COUNCIL 81,785.88
Payments Issued 8/24/2026 Total: 2,064,986.43
XIAOQIN LIU HERITAGE AND CULTURAL ARTS COMMISSION 08/13/26 50.00
WORLD CUP SOCCER CAMPS CLINICS REC CLASS INSTRUCTOR 3,565.80
Payments Issued 8/28/2026 Total: 132,343.89
CAL PERS PERS RETIREMENT PLAN: PE 08/21/26, & AUGUST COUNCIL 106,710.48
EMPLOYMENT DEVELOPMENT DEPT CA STATE WITHHOLDING:PE 08/21/26, & AUGUST COUNCIL 25,633.41
Payments Issued 8/27/2026 Total: 318,306.87
Grand Total for Payments Dated 8/1/2026 through 8/31/2026: 17,620,998.46
314
Payments Issued 8/31/2026 Total: 50,598.07
I C M A 457 PLAN DEFERRED COMP 457: PE 08/21/26, & AUGUST COUNCIL 37,287.81
US BANK - PARS PARS: PE 08/21/26 5,050.66
HEALTHEQUITY, INC.HEALTHEQUITY: PE 08/21/26 5,585.51
I C M A 401 PLAN DEFERRED COMP 401: PE 08/21/26 2,674.09
23
Agenda Item 5.3
STAFF REPORT
CITY COUNCIL
Page 1 of 3
DATE: September 15, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
Amend the Dublin Municipal Code Pertaining to the City’s Conflict of
Interest Code
Prepared by: Sarah Monnastes, Human Resources Director and Marsha
Moore, City Clerk
EXECUTIVE SUMMARY:
At the June 16, 2026 City Council meeting, the City Council directed Staff to review the City’s
Conflict of Interest Code and determine if it needs to be updated. Staff conducted a review of
the Code and determined that several positions should be added and several position titles
should be revised. The City Council will consider introducing an ordinance to update the list of
designated positions that must file a Statement of Economic Interests (Form 700).
STAFF RECOMMENDATION:
Waive the reading and introduce an Ordinance Amending Chapter 2.24.020 of the Dublin
Municipal Code Relating to the City’s Conflict of Interest Code, and direct Staff to file the 202 6
Local Agency Biennial Notice.
FINANCIAL IMPACT:
None.
DESCRIPTION:
The Political Reform Act prohibits a public official from using their official position to influence a
governmental decision in which they have a financial interest. The City must maintain a
Conflict of Interest Code that identifies all officials and employees who make governmental
decisions based on the positions they hold. The individuals identified in the Conflict of Interest
Code must publicly disclose their designated financial interests by filing a Statement of
Economic Interests (Form 700).
The City’s Conflict of Interest Code, Chapter 2.24 of the Dublin Municipal Code, identifies all
24
Page 2 of 3
positions within the City that participate in the making of governmental decisions. These
designated positions are required to disclose certain financial interests under state law. A local
agency’s conflict of interest code is not applicable to mayors, city councilmembers, planning
commissioners, city managers, or city attorneys, as Government Code Section 87200 requires
full Form 700 disclosure for individuals holding these positions.
At the June 16, 2026 City Council meeting, the City Council directed Staff to review the City’s
Conflict of Interest Code and determine if it needs to be updated. Additionally, the Political
Reform Act requires the City to biennially review and determine whether amendments to the
Code are required (Gov. Code § 87306.5). The last biennial revision to the City’s Code was
approved on October 1, 2024.
The City Council is the code reviewing body for City agencies. Pursuant to Government Co de
Section 87306.5, City departments must determine whether amendments to the Code are
necessary and notify the City Council if such amendments are required. (Gov. Code §§
82011(c), 87306.5.)
Staff completed a thorough review of the Conflict of Interest Code, the job specifications for all
City employment positions, as well as the FPPC regulations governing the update process.
Based on this review Staff recommends the following changes to Chapter 2.24.020 of the
Conflict of Interest Code entitled, “Designated Positions”:
1. Add two City positions determined by Staff to “make or participate in the making of
governmental decisions.” These positions (and accompanying disclosure categories)
are:
Environmental Technician (disclosure category 1).
Senior Digital Engagement Specialist (disclosure category 1).
2. Revise the title of seven City positions already designated in the Code. Those positions,
and accompanying disclosure category and revisions, are:
Communications Manager (disclosure category 1). Revised to Community
Engagement Manager (disclosure category 1).
Environmental Coordinator (disclosure category 1). Revised to Environmental
Specialist (disclosure category 1).
Finance Analyst (disclosure category 1). Revised to Financial Analyst (disclosure
category 1).
Information Services Manager (disclosure category 3). Revised to Information
Systems Manager (disclosure category 3).
Public Works Director/Assistant City Engineer (disclosure category 1). Revised to
Public Works Director (disclosure category 1).
Public Works Manager (disclosure category 1). Revised to Public Works
Maintenance Manager (disclosure category 1).
Public Works Transportation and Operations Manager (disclosure category 1).
Revised to Transportation and Operations Manager (disclosure category 1).
25
Page 3 of 3
The City’s amended Code will not be effective until it has been adopted by the City Council
(Gov. Code § 87303). Staff recommends that the City Council waive the reading and introduce
the ordinance amending the Conflict of Interest Code consistent with the changes described
above, and direct Staff to file the 2026 Local Agency Biennial Notice.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) Ordinance Amending Chapter 2.24.020 of the Dublin Municipal Code Relating to the City’s
Conflict of Interest Code
2) 2026 Local Agency Biennial Notice
26
Attachment 1
Ord. No. XX-26, Item X.X, Adopted XX/XX/26 Page 1 of 4
ORDINANCE NO. XX – 26
AN ORDINANCE OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
AMENDING CHAPTER 2.24.020 OF THE DUBLIN MUNICIPAL CODE RELATING TO THE
CITY’S CONFLICT OF INTEREST CODE
WHEREAS, the Political Reform Act codified at Government Code Section 81000 et seq.,
requires every local government agency to review its Conflict of Interest Code biennially to
determine whether amendments to the Code are required; and
WHEREAS, following review of the Conflict of Interest Code, it was determined that the
amendments contained in this Ordinance were appropriate.
NOW, THEREFORE, The City Council of the City of Dublin does ordain as follows:
Section 1. Chapter 2.24.020 is amended to read as follows:
For local officials specified in Government Code Section 87200 (including the Mayor, City
Councilmembers, Planning Commissioners, City Manager, and City Attorney), no disclosure is
required by this Conflict of Interest Code as full disclosure is required by Government Code
Section 87200 et seq.
The positions listed in this section are designated positions, and this section is hereby deemed
the Appendix referenced in the provisions incorporated by Section 2.24.015. Officers and
employees holding those positions are designated public officials, and are deemed to make, or
participate in the making of, decisions which may foreseeably have a material financial effect on
a financial interest of the designated public official. Each designated public official shall file an
annual statement disclosing that public official’s interests as required by the disclosure category
applicable to that public official.
Designated Position Disclosure
Category
Accounting Manager 3
Assistant City Attorney 1
Assistant City Manager 1
Assistant to the City Manager 1
Assistant Director of Community Development 1
Assistant Director of Parks and Community
Services
1
Assistant Public Works Director/City Engineer 1
Associate Civil Engineer 1
27
Ord. No. XX-26, Item X.X, Adopted XX/XX/26 Page 2 of 4
Designated Position Disclosure
Category
Capital Improvement Program (CIP) Manager 1
Chief Building Official 1
Chief Information Security Officer 1
City Clerk 3
Code Enforcement Officer 1
Community Engagement Manager 1
Community Development Director 1
“Consultant”* as defined in FPPC Reg. sect.
18700.3
1
Deputy City Clerk 3
Deputy City Manager 3
Economic Development Director 1
Economic Development Manager 1
Environmental Specialist 1
Environmental Technician 1
Environmental Sustainability Manager 1
Finance Director 3
Financial Analyst 1
Housing Specialist 1
Human Resources Director 3
Human Resources Manager 3
Information Systems Manager 3
Management Analyst II 3
Parks and Community Services Director 1
Parks and Community Services Manager 3
Plan Check Engineer 1
Planning Manager 1
28
Ord. No. XX-26, Item X.X, Adopted XX/XX/26 Page 3 of 4
Designated Position Disclosure
Category
Principal Engineer 1
Principal Planner 1
Public Works Director 1
Public Works Maintenance Manager 1
Transportation and Operations Manager 1
Recreation Supervisor 2, 3
Senior Civil Engineer 1
Senior Code Enforcement Officer 1
Senior Digital Engagement Specialist 1
Senior Management Analyst 3
Senior Planner 1
Special Projects Manager 1
Senior Public Works Inspector 1
Designated Boards and Commissions Disclosure
Category
Human Services Commission 1
Heritage and Cultural Arts Commission 1
Parks and Community Services Commission 1
* Consultants/new positions shall be included in the list of designated employees and shall
disclose pursuant to the terms of the Disclosure Category 1, subject to the following limitation:
The City Manager may determine in writing that a particular consultant or new position, although
a “designated position,” is hired to perform a range of duties that is limited in scope and thus is
not required to fully comply with the disclosure requirements in this chapter. Such a written
determination shall include a description of the consultant’s or new position’s duties and, based
upon that description, a statement of the extent of the disclosure requirements. The City
Manager’s determination is a public record and shall be retained for public inspection in the same
manner and location as this conflict of interest code. (Gov. Code Section 81008.)
Section 2. Effective Date. This Ordinance shall take effect and be enforced thirty (30)
days following its final adoption.
29
Ord. No. XX-26, Item X.X, Adopted XX/XX/26 Page 4 of 4
Section 3. Posting. The City Clerk of the City of Dublin shall cause this Ordinance to
be posted in at least three public places in the City of Dublin in accordance with Section 36933 of
the Government Code of the State of California.
PASSED, APPROVED, AND ADOPTED by the City Council for the City of Dublin this __th
day of _________ 2026, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
______________________________
Mayor
ATTEST:
_________________________________
City Clerk
30
www.fppc.ca.gov
FPPC Advice: advice@fppc.ca.gov (866.275.3772)
Page 1 of 1
2026 Local Agency Biennial Notice
Name of Agency:
Mailing Address:
Contact Person: Phone No.
Email: Alternate Email:
Accurate disclosure is essential to monitor whether officials have conflicts of interest and to
help ensure public trust in government. The biennial review examines current programs to
ensure that the agency’s code includes disclosure by those agency officials who make or
participate in making governmental decisions.
This agency has reviewed its conflict of interest code and has determined that (check one BOX):
An amendment is required. The following amendments are necessary:
(Check all that apply.)
Include new positions
Revise disclosure categories
Revise the titles of existing positions
Delete titles of positions that have been abolished and/or positions that no longer make or
participate in making governmental decisions
Other (describe)
The code is currently under review by the code reviewing body.
No amendment is required. (If your code is over five years old, amendments may be
necessary.)
Verification (to be completed if no amendment is required)
This agency’s code accurately designates all positions that make or participate in the making of governmental
decisions. The disclosure assigned to those positions accurately requires that all investments, business
positions, interests in real property, and sources of income that may foreseeably be affected materially by the
decisions made by those holding designated positions are reported. The code includes all other provisions
required by Government Code Section 87302.
__________________________________________ _________________________
Signature of Chief Executive Officer Date
All agencies must complete and return this notice regardless of how recently your code was approved or
amended. Please return this notice no later than October 1, 2026, or by the date specified by your agency, if
earlier, to:
(PLACE RETURN ADDRESS OF CODE REVIEWING BODY HERE)
PLEASE DO NOT RETURN THIS FORM TO THE FPPC.
Attachment 2
31
Agenda Item 5.4
STAFF REPORT
CITY COUNCIL
Page 1 of 2
DATE: September 15, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Agency Negotiating Team (Mayor Hu and Vice Mayor Josey)
SUBJECT:
First Amendment to the City Manager’s Employment Agreement
Prepared by: Sarah Monnastes, Human Resources Director/Risk Manager
EXECUTIVE SUMMARY:
The City Council will consider approving a First Amendment to the Employment Agreement
with City Manager Colleen Tribby following completion of her 2026 Annual Performance
Evaluation and subsequent discussions regarding the terms and conditions of her
employment. The proposed amendment increases the City Manager’s base salary by 6%,
effective June 1, 2026, and establishes Annual Perf ormance Pay of $10,000 per year, subject
to the performance provisions set forth in the Agreement.
STAFF RECOMMENDATION:
Approve the First Amendment to the Employment Agreement Between the City of Dublin and
Colleen Tribby for Employment as City Manager and authorize the Mayor to execute it.
FINANCIAL IMPACT:
The proposed 6% base salary increase, and $10,000 Annual Performance Pay, result in an
additional annual cost of $31,366.96. Sufficient funding is available in the Fiscal Year 2026-27
Budget to cover these costs. No budget adjustment is necessary.
DESCRIPTION:
On March 3, 2026, the City Council appointed an Agency Negotiating Team consisting of
Mayor Hu and Vice Mayor Josey to meet with the City Manager regarding the terms and
conditions of her employment. Following completion of the City Manager’s 2026 Annual
Performance Evaluation, the Agency Negotiating Team met with the City Manager and
subsequently consulted with the City Council in closed session.
32
Page 2 of 2
As a result of those discussions, the Agency Negotiating Team recommends that the City
Council approve the First Amendment to the City Manager’s Employment Agreement
(Attachment 1). The proposed amendment increases the City Manager’s base salary by 6% to
$31,456.77 per month, effective June 1, 2026.
The amendment also establishes Annual Performance Pay of $10,000 . The City Manager will
be eligible to receive the payment following each annual performance evaluation provided the
City Council determines that she sufficiently met the goals and performance objectives
established for the applicable evaluation period. Th e City Council determined that the City
Manager met the applicable performance standard for the 2026 evaluation period; therefore,
the initial $10,000 Annual Performance Pay will be paid within 30 days of the effective date of
the amendment.
The Annual Performance Pay is not intended to constitute CalPERS-reportable compensation,
subject to applicable law and CalPERS determinations.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) First Amendment to the City Manager’s Employment Agreement
33
Attachment 1
FIRST AMENDMENT TO
AGREEMENT BETWEEN CITY OF DUBLIN
AND
COLLEEN TRIBBY
FOR EMPLOYMENT AS CITY MANAGER
This First Amendment is made and entered into this 15th day of September, 2026
by and between the City of Dublin, California, a municipal corporation and general law
city (the “City”), and Colleen Tribby, an individual (the “City Manager”). The City and the
City Manager are sometimes individually referred to as a “Party” and collectively as
“Parties” in this Agreement.
RECITALS
WHEREAS, City and City Manager are parties to an Employment Agreement,
dated September 17, 2024 (the “Agreement”).
WHEREAS, following the 2026 Annual Performance Evaluation of City Manager,
the parties desire to amend the agreement, effective June 1, 2026, to increase the City
Manager’s base salary by six percent (6%), and provide Annual Performance Pay of
$10,000.
NOW, THEREFORE, in consideration of the mutual promises, conditions and
covenants herein contained, the parties agree to amend the Agreement as follows:
1. Section III.A.1(a) of the Agreement is amended to update the monthly
salary to $31,456.77 effective June 1, 2026.
2. Section III.A.2 of the Agreement is hereby deleted in its entirety and
replaced with the following:
2. Annual Performance Pay
(a) The City Manager shall be eligible for Annual Performance Pay of
$10,000 per year, unless the City Council determines, as part of the annual
performance evaluation described in Section II.D.2 above, that the City Manager has
failed to sufficiently meet the goals and performance objectives established for that
evaluation period.
(b) The Parties acknowledge and agree that Annual Performance Pay
under this section is not intended to constitute “special compensation” as defined in 2
C.C.R. § 571, nor “payrate” as defined in Government Code section 20636 and shall not
be reported to CalPERS as compensation earnable. Notwithstanding the foregoing, the
City's reporting of compensation to CalPERS shall at all times be governed by
applicable law and CalPERS' determinations, and the City reserves the right to report,
or decline to report, this or any other payment as CalPERS may require.
34
(c) The City Council having determined that the City Manager met the
standard described in subsection (a) above for the evaluation period concluding with the
City Manager's 2026 Annual Performance Evaluation, the initial Annual Performance
Pay of $10,000 shall be paid within 30 days of the effective date of this Amendment.
Subsequent Annual Performance Pay shall correspond to each subsequent annual
evaluation period described in Section II.D.2 above.
3. The foregoing amendments shall become effective June 1, 2026.
4. Except as expressly amended herein, all other terms and conditions of the
Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
at Dublin, California, the day and year first above written.
CITY OF DUBLIN
_________________________
Mayor Sherry Hu
CITY MANAGER
___________________________
Colleen Tribby
ATTEST:
______________________________
Marsha Moore, City Clerk
APPROVED AS TO FORM:
_____________________________
John Bakker, City Attorney
35
Agenda Item 5.5
STAFF REPORT
CITY COUNCIL
Page 1 of 2
DATE: September 15, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
Adoption of the City of Dublin Code of Ethics and Conduct for Elected and
Appointed Officials
Prepared by: Colleen Tribby, City Manager
EXECUTIVE SUMMARY:
The City Council will consider adopting the Code of Ethics and Conduct for Elected and
Appointed Officials. The City Council reviewed the draft Code on August 18 and September 1,
2026 and provided feedback that has been incorporated into the final document.
STAFF RECOMMENDATION:
Adopt the Resolution Adopting the City of Dublin Code of Ethics and Conduct for Elected and
Appointed Officials.
FINANCIAL IMPACT:
None.
DESCRIPTION:
At the August 18, 2026 meeting, the City Council reviewed and provided feedback on a draft
Code of Ethics and Conduct for Elected and Appointed Officials. At the September 1, 2026
meeting, the City Council revised the draft Code a second time, made several adjustments,
and asked for the final Code to be brought back on the Consent Calendar.
In accordance with the City Council’s direction, Staff made the following changes to the Co de
(deletions shown in strikethrough; additions shown in red):
In Section B(1): Ethics, Guiding Principles
c) Conduct of Officials. The professional and personal conduct of Officials must be
above reproach and avoid even the appearance of impropriety. Officials shall refrain
from abusive conduct, personal charges, or verbal attacks upon the character or
36
Page 2 of 2
motives of other members of the Council, committees and commissions, City staff,
and/or the public. In addition, Officials shall respect the decisions of past and
present Councils, committees, and commissions.
In Section D(5): Compliance and Enforcement, Investigation
b) The investigation shall be completed within as soon as possible but no later than 90
days and shall result in a written report addressing whether the evidence supports a
finding that this Code was violated, and whether a hearing is warranted.
A minor change was also made to Section D(2) to correct a reference to another section of the
document.
Upon adoption of the Code, Staff will distribute the Model of Excellence for signature by all
current elected and appointed officials, and will incorporate it into the handbooks for future
officials.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) Resolution Adopting the City of Dublin Code of Ethics and Conduct for Elected and
Appointed Officials
2) Exhibit A to the Resolution – City of Dublin Code of Ethics and Conduct for Elected and
Appointed Officials
37
Attachment 1
Reso. No. XX-26, Item X.X, Adopted XX/XX/2026 Page 1 of 1
RESOLUTION NO. XX – 26
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
ADOPTING THE CITY OF DUBLIN CODE OF ETHICS AND CONDUCT FOR ELECTED AND
APPOINTED OFFICIALS
WHEREAS, the City Council desires to establish clear, written standards of ethical conduct
for members of the City Council and of the City's commissions and committees that promote
transparency, mutual respect, and civility in the conduct of City business; and
WHEREAS, a written code of ethics and conduct provides officials with guidance in
performing their duties, informs the public of the standards to which its officials are held, and
thereby strengthens public confidence in the decisions of the City; and
WHEREAS, a code of ethics and conduct is intended to supplement, and not to supersede
or replace, applicable federal and state law governing the conduct of public officials, including the
Political Reform Act (Government Code section 81000 et seq.), Govern ment Code section 1090,
the Ralph M. Brown Act (Government Code section 54950 et seq.), and the ethics training
requirements of Government Code section 53235; and
WHEREAS, the City Council reviewed the draft City of Dublin Code of Ethics and Conduct
for Elected and Appointed Officials on August 18, 2026 and September 1, 2026.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby approve the City of Dublin Code of Ethics and Conduct for Elected and Appointed Officials,
attached hereto as Exhibit A to this Resolution.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of Dublin this 15th
day of September 2026, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
______________________________
Mayor
ATTEST:
_________________________________
City Clerk
38
City of Dublin Code of Ethics and Conduct
Page 1 of 11
Attachment 2 – Exhibit A to the Resolution
City of Dublin
Code of Ethics and Conduct for
Elected and Appointed Officials
39
City of Dublin Code of Ethics and Conduct
Page 2 of 11
A. Policy Purpose
The Dublin City Council has adopted this Code of Ethics and Conduct for its members, and for the
members of the City's committees and commissions, to ensure the integrity of local government and its
effective, fair operation.
B. Ethics
The residents and businesses of Dublin are entitled to a local government that is fair, ethical, and
accountable, and that has earned the public's full confidence in its integrity. The effective function of
democratic government therefore requires that:
▪ public officials, both elected and appointed, comply with both the letter and the spirit of the laws
and policies affecting the operations of government;
▪ public officials be independent, impartial, and fair in their judgment and actions;
▪ public office be used for the public good, not for personal gain; and
▪ public deliberations and processes be conducted openly, unless legally confidential, in an
atmosphere of respect and civility.
1. Guiding Principles
The following principles provide guidance on ethical decision-making for members of the City Council
and appointed members of the City's committees and commissions (collectively referred to as “Officials”
throughout this document).
a) Act in the Public Interest. Recognizing that stewardship of the public interest must be their primary
concern, Officials will work for the common good of the people of Dublin and not for any private or
personal interest, and they will assure fair and equal treatment of all persons, claims, and
transactions coming before the City Council, committees, and/or commissions.
b) Comply with Both the Spirit and the Letter of the Law and City Policy. Officials shall comply
with the laws of the United States, the State of California, and the City of Dublin in the performance
of their public duties. These laws include, but are not limited to: the United States and California
constitutions; the Ralph M. Brown Act; the Political Reform Act; the Dublin Municipal Code;
commission and committee bylaws; the City’s Rules of the Conduct of Meetings of the City Council;
the City Council Norms; the City’s Personal Devices, Personal Accounts, and Messages Policy; and
laws pertaining to conflicts of interest, election campaigns, financial disclosures, and open processes
of government.
c) Conduct of Officials. The professional and personal conduct of Officials must be above reproach
and avoid even the appearance of impropriety. Officials shall refrain from abusive conduct, personal
charges, or verbal attacks upon the character or motives of other members of the Council,
committees and commissions, City staff, and/or the public. In addition, Officials shall respect the
decisions of past and present Councils, committees, and commissions.
d) Respect for Process. Officials shall perform their duties in accordance with the processes and rules
of order established by the City Council and committees and commissions governing the deliberation
of public policy issues, meaningful involvement of the public, and implementation of policy decisions
by City staff.
e) Conduct of Public Meetings. Officials shall prepare themselves for public issues, listen courteously
and attentively to all public discussion before the body, and focus on the business at hand. They
shall refrain from interrupting other speakers, making personal comments not germane to the
business of the body, or otherwise interfering with the orderly conduct of meetings.
f) Decisions Based on Merit. Officials shall base their decisions on the merits and substance of the
matter at hand, rather than on unrelated considerations.
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City of Dublin Code of Ethics and Conduct
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g) Communication and Disclosure of Outside Contacts. Officials shall publicly disclose substantive
information that is relevant to a matter under consideration by the Council, or by a committee or
commission, which they may have received from sources outside of the public decision-making
process. When serving in a quasi-judicial capacity, Officials shall disclose the nature and substance
of any such ex parte communication before the matter is acted upon, so that other parties have an
opportunity to respond; disclosure alone does not disqualify a member from participating unless the
member cannot remain impartial.
h) Conflict of Interest. In order to assure their independence and impartiality on behalf of the common
good, Officials shall not use their official positions to influence government decisions in which they
have a material financial interest, or where they have an organizational responsibility or personal
relationship which may give the appearance of a conflict of interest. In accordance with the law,
Officials shall disclose investments, interests in real property, sources of income, and gifts, and they
shall abstain from participating in deliberations and decision-making where conflicts may exist.
i) Gifts and Favors. Officials shall not take any special advantage of services or opportunities for
personal gain by virtue of their public office that are not available to the public in general. They shall
refrain from accepting any gifts, favors, or promises of future benefits which might compromise their
independence of judgment or action or give the appearance of being compromised.
j) Confidential Information. Officials shall respect the confidentiality of information concerning the
property, personnel, and/or affairs of the City. They shall neither disclose confidential information
without proper legal authorization, nor use such information to advance their personal, financial,
and/or other private interests.
k) Use of Public Resources. Officials shall not use public resources not available to the public in
general, such as City staff time, equipment, supplies, or facilities, for private gain or personal
purposes.
l) Representation of Private Interests. Members of the Council shall not appear on behalf of the
private interests of third parties before the Council or any committee, commission, or proceeding of
the City, nor shall members of committees and commissions appear before their own bodies or
before the Council on behalf of the private interests of third parties on matters related to the areas of
service of their bodies.
m) Advocacy. Officials shall represent the official policies or positions of the City Council, committee, or
commission to the best of their ability when designated as delegates for this purpose. When
presenting their individual opinions and positions, Officials shall explicitly state that they do not
represent their body or the City of Dublin, nor shall they allow the inference that they do.
Councilmembers and committee and commission members have the right to endorse candidates for
all Council seats or other elected offices; it is inappropriate, however, to mention or display
endorsements during City Council meetings, committee and commission meetings, or other official
City meetings.
n) Policy Role of City Councilmembers. Councilmembers shall respect and adhere to the council-
manager structure of City government as established under the Dublin Municipal Code and
applicable state law. In this structure, the City Council determines the policies of the City with the
advice, information, and analysis provided by the public, committees and commissions, and City
staff. Councilmembers shall not interfere with the administrative functions of the City or the
professional duties of City staff, nor impair the ability of staff to implement Council policy decisions.
o) Independence of Committees and Commissions. Because of the value of the independent advice
of committees and commissions to the public decision-making process, Councilmembers shall
refrain from using their position to influence the deliberations or outcomes of committee and
commission proceedings.
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City of Dublin Code of Ethics and Conduct
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p) Positive Work Environment. Officials shall support the maintenance of a positive and constructive
work environment for City employees and for residents and businesses dealing with the City.
Officials shall recognize their special role in dealings with City employees so as to in no way create
the perception of inappropriate direction to staff.
q) Commitment to Attendance. Officials recognize that regular attendance at City Council, committee,
and commission meetings is essential to fulfilling their duty to represent the Dublin community and to
the orderly conduct of the public's business. Officials shall make attendance at scheduled meetings
a priority, and where an absence is unavoidable, shall provide timely notice consistent with the City's
attendance and excusal procedures.
C. Conduct
This Section of the Code describes the manner in which Officials should treat one another, City staff,
constituents, and others they come into contact with in representing the City of Dublin.
1. Conduct with One Another
a) In Public Meetings.
i. Practice civility and decorum in discussions and debate. Difficult questions, tough
challenges to a particular point of view, and criticism of ideas and information are legitimate
elements of a free democracy in action. This does not allow, however, Officials to make
belligerent, personal, impertinent, slanderous, threatening, abusive, or disparaging comments.
No shouting or physical actions that could be construed as threatening will be tolerated.
ii. Honor the role of the Mayor or Chair in maintaining order. It is the responsibility of the Mayor
or Chair to keep the comments of Officials on track during public meetings. Officials should
honor efforts by the Mayor or Chair to focus discussion on current agenda items. Disagreement
about the Mayor or Chair's actions should be voiced politely and with reason.
iii. Avoid personal comments that could offend other Officials. If an Official is personally
offended by the remarks of another member, the offended Official should note the actual words
used and call for a “point of personal privilege” that asks the other Official to justify or apologize
for the language used. The chair will maintain control of this discussion.
iv. Demonstrate effective problem-solving approaches. Officials have a public stage to show
how individuals with disparate points of view can find common ground and seek a compromise
that benefits the community overall. Officials should raise concerns about a specific component
and seek amendment before voting against an item as a whole, rather than treating one
disagreement as grounds to reject a complex, significant item.
b) Outside of Public Meetings.
i. Continue respectful behavior in private. The same level of respect and consideration of
differing points of view that is expected in public discussions should be maintained in private
conversations.
ii. Be aware of the insecurity of written notes, voicemail messages, email, and texts. Written
notes, voicemail messages, email, texts, and other messages should be treated as potentially
public communication, whether or not they are ultimately disclosable under the Public Records
Act.
2. Conduct with City Staff
Officials are expected to treat all staff as professionals, engaging in clear, honest communication that
respects the abilities, experience, and dignity of each individual staff person.
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City of Dublin Code of Ethics and Conduct
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a) In Public Meetings.
i. Keep questions related to the matter at hand. Lines of questioning during public meetings
should be limited to the item(s) being considered and should not be used to evaluate or
substantiate an individual staff person’s general knowledge, education, experience, or personal
opinion.
ii. Treat staff as members of your own team. Officials should attempt to communicate questions,
corrections, and/or clarifications about reports requiring official action to staff prior to Council,
committee, or commission meetings. Allowing staff to prepare for a public meeting helps avoid
surprises that can be disruptive to the business of the City.
iii. Do not engage in personal attacks of any kind, under any circumstance. Officials should be
aware, because of the power dynamic of their roles, that their body language and tone of voice,
as well as the words they use, can appear intimidating or aggressive to staff members.
b) Outside of Public Meetings.
i. Direct all communication to the appropriate City staff. All communications (feedback,
requests for information, inquiries, etc.) from Councilmembers must be routed directly to the City
Manager or designee, or to the City Attorney as necessary. Communications between appointed
officials and staff can be directed to the staff assigned to the committee or commission.
ii. Do not disrupt City staff from their jobs. Officials should not disrupt City staff while they are in
meetings, on the phone, or engrossed in performing their job functions.
iii. Do not publicly criticize an individual employee. Officials should never express concerns
about the performance of a City employee in public, to the employee directly, or to the
employee's manager. Comments about staff performance should only be made to the City
Manager, or the City Attorney as appropriate, through private correspondence or conversation.
iv. Do not get involved in certain administrative functions. Officials must not attempt to
influence City staff on the making of appointments, the awarding of contracts, the selection of
consultants, the processing of development applications, or the granting of City licenses and
permits.
v. Limit requests for staff support. Routine secretarial support (e.g., scheduling events for the
City Council as a whole, making travel arrangements, creating certificates of recognition, etc.) is
provided to all Councilmembers. Requests for additional staff support — even in high-priority or
emergency situations — should be made to the City Manager, and/or City Attorney, as
appropriate, who are responsible for allocating City resources to maintain a professional, well-
run City government.
vi. Do not solicit political support from staff. Elected and appointed officials should not solicit
any type of political support (e.g., financial contributions, display of posters or lawn signs, name
on a support list, etc.) from City staff. City staff may, as private residents with constitutional
rights, support political candidates, but all such activities must be conducted away from the
workplace and after working hours.
3. Conduct with the Public
a) In Public Meetings.
i. Be welcoming to speakers and treat them with care. Making the public feel welcome is an
important part of the democratic process. No signs of partiality, prejudice, or disrespect should
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City of Dublin Code of Ethics and Conduct
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be evident on the part of individual members toward anyone participating in a public forum. While
clarifying questions may be asked, an Official's primary role during public testimony is to listen.
ii. Be fair and equitable in allocating public comment time to individual speakers. The Mayor
or Chair will announce limits on speakers at the start of the public comment process. After the
close of public comment, no more public testimony will be accepted unless the chair reopens the
public comment period for a limited and specific purpose, and with the consensus of the City
Council, committee, or commission.
iii. Maintain an open mind. Members of the public deserve an opportunity to influence the thinking
of elected and appointed officials. Expressing an opinion or passing judgment prior to the close
of public comment casts doubt on a member's ability to conduct a fair review of the issue,
particularly when officials are serving in a quasi-judicial capacity.
iv. Ask for clarification, but avoid debate and argument with the public. Questions by Officials
to public speakers should seek only to clarify or expand information; it is never appropriate to
belligerently challenge or belittle a speaker. Officials' personal opinions or inclinations about
upcoming votes should not be revealed until after the public comment period is closed.
v. Do not engage in personal attacks of any kind, under any circumstance. Officials should be
aware that their body language and tone of voice, as well as the words they use, can appear
intimidating or aggressive.
b) Outside of Public Meetings.
i. Make no promises on behalf of the City Council, committee, commission, or City. Officials
will frequently be asked to explain a Council, committee, commission action, or to give their
opinion about an issue, as they meet and talk with constituents in the community. It is
appropriate to give a brief overview of City policy and to refer constituents to City staff for further
information. It is inappropriate to overtly or implicitly promise City Council, committee, or
commission action, or to promise that City staff will do something specific.
ii. Make no personal comments about other Officials. It is acceptable to publicly disagree about
an issue, but it is unacceptable to make derogatory comments about other Officials, their
opinions, and their actions.
4. Conduct with Other Public Agencies
a) Be clear about representing the governing or advisory body versus personal interests. When
representing the City, a committee, or a commission before another public agency, an Official must
support and advocate the official body’s position on an issue, not a personal viewpoint. Otherwise,
an Official who chooses to comment publicly on a matter must be clear that they are expressing a
personal opinion, not an official City, committee, or commission position.
When representing another organization whose position differs from the City's, the Official should be
clear about which organization they represent and should inform the rest of the City Council (or their
committee and commission) of that involvement. A Councilmember representing an outside
organization should withdraw from voting on a related item if doing so significantly impacts or is
detrimental to the City's interest.
b) Correspondence should also be clear about representation. City letterhead may be used when a
Councilmember is representing the City and the City's official position. City letterhead should not be
used for non-City business, nor for correspondence representing a dissenting point of view from an
official Council position.
5. Conduct Between City Council and Appointed Officials
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City of Dublin Code of Ethics and Conduct
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a) Limit attendance at committee or commission meetings. Councilmembers should be sensitive to
how their participation — especially on behalf of an individual, business, or developer — could be
viewed as unfairly affecting the process. Individual Councilmembers should not influence
commission and committee members and are discouraged from attending commission and
committee meetings.
b) Limit contact with committee and commission members to questions of clarification. It is
inappropriate for a Councilmember to contact a committee or commission member to lobby on
behalf of an individual, business, or developer, and vice versa.
c) Remember that committees and commissions serve the community, not individual
Councilmembers. Committee and commission members do not report to individual
Councilmembers, nor should Councilmembers feel they have the power or right to threaten
committee or commission members with removal because of disagreement over an issue.
Appointment and re-appointment to a committee or commission should be based on criteria such as
expertise, ability to work with staff and the public, and commitment to fulfilling official duties; a
committee or commission appointment should not be used as a political “reward.”
d) Be respectful of diverse opinions. The primary role of committees and commissions is to
represent many points of view in the community and to provide the City Council with advice based
on a full spectrum of concerns and perspectives. Councilmembers must be fair and respectful of all
residents serving on committees and commissions.
e) Keep political support away from public forums. Committee and commission members may offer
political support to a Councilmember, but not in a public forum while conducting official duties.
Councilmembers may support committee and commission members who are running for office, but
not in an official forum in their capacity as a Councilmember.
6. Conduct with the Media
a) Be clear about whether you are expressing an official or personal opinion. In practice, the
Mayor is the designated representative of the Council to present and speak on an official City
position. However, if an individual Councilmember is contacted by the media, the Councilmember
should be clear about whether their comments represent the official City position or a personal
viewpoint.
b) Never go “off the record.” Most members of the media represent the highest levels of journalistic
integrity and ethics and can be trusted to keep their word. However, one bad experience can be
difficult to undo. Words that are not said cannot be quoted.
D. Compliance and Enforcement
This Code expresses standards of ethical conduct expected of members of the City Council,
committees, and commissions. Officials themselves have the primary responsibility to ensure that ethical
standards are understood and met. The Mayor (or Vice Mayor, as applicable) and the chairs of
committees and commissions have the additional responsibility to intervene when actions that appear to
violate this Code are brought to their attention.
1. Purpose and General Principle
This Section establishes the process for addressing an alleged violation of this Code by an Official.
Officials themselves have the primary responsibility to ensure ethical standards are understood and met.
Nothing in this Section limits the City's separate legal obligations, or the separate rights of any person,
under state law.
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2. Raising a Concern
a) An Official who believes another Official has violated this Code should, where appropriate and safe
to do so, raise the concern directly with that Official first.
b) A City staff member with a concern about an Official's conduct toward them may report it to the City
Manager, or to the City Attorney if the concern involves the City Manager.
c) The City Manager's own reporting path for a concern involving a Councilmember follows Section
3(c), below.
3. Formal Complaint
a) If informal resolution does not resolve the concern, or is not appropriate, a formal complaint may be
submitted in writing to the City Clerk.
b) A complaint against a Councilmember must be jointly submitted by at least two members of the City
Council, or initiated by the Mayor (or Vice Mayor, if the complaint concerns the Mayor). A complaint
against a committee or commission member may be submitted by the Mayor, a Councilmember, the
chair of the member's own body, or the City Manager.
c) A complaint involving the City Manager should be submitted to the Mayor, or the Vice Mayor if the
Mayor is involved, or directly to the City Attorney if the concern involves a majority of the Council or
internal reporting would not be effective.
d) The City Clerk shall provide the Official named in the complaint ("the Responding Official") with
written notice, including a copy of the complaint, within 10 days.
4. Threshold Review
Before a full investigation begins, the City Council (for a complaint against a Councilmember) or the
Mayor (for a complaint against a committee or commission member) shall determine whether the
complaint, if true, would constitute a violation of this Code. A complaint that does not meet this threshold
shall be dismissed without further proceedings, and the outcome documented by the City Clerk. This
review shall occur at a noticed public meeting if it concerns a Councilmember.
5. Investigation
a) If the threshold is met, the matter shall be investigated by an ad hoc committee of Councilmembers
(excluding the Responding Official and any complainant), the City Manager, the City Attorney, or an
independent investigator, as appropriate and free of conflicts.
b) The investigation shall be completed as soon as possible but no later than 90 days and shall result
in a written report addressing whether the evidence supports a finding that this Code was violated,
and whether a hearing is warranted.
6. Hearing
If a hearing is warranted, it shall be scheduled within 30 days of the investigative report, at a noticed
public meeting if the Responding Official is a Councilmember. The Responding Official shall receive
reasonable advance access to the evidence and a meaningful opportunity to respond and be heard
before any determination is made.
7. Findings and Determination
A finding that this Code was violated must be based on written findings supported by substantial
evidence, and requires a majority vote of the members eligible to vote. The Responding Official shall not
vote on their own matter.
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8. Available Sanctions
Upon a sustained finding, the following sanctions are available, calibrated to the severity and nature of
the violation:
a) For a Councilmember: informal counseling; reprimand; formal censure (statement via a resolution);
reassignment or loss of committee, subcommittee, or intergovernmental assignments; restriction of
City-funded travel; restriction of direct communication with staff. Because a Councilmember is an
elected official, removal from office through this Code is not available; removal can occur only
through recall by the voters or, where applicable, through the process described in Government
Code § 36513 (forfeiture for unexcused absence).
b) For a committee or commission member: counseling, verbal reprimand, or written warning (which
may be kept confidential to the extent the law allows); formal censure; suspension; or removal from
office, by majority vote of the Council at a noticed public meeting.
9. Non-Retaliation
No Official shall retaliate against any person for raising a good-faith concern or participating in a
proceeding under this Section. Retaliation is itself a violation of this Code, evaluated under this same
procedure.
10. Public Meeting Requirements
Nothing in this Section alters the City's obligations under the Ralph M. Brown Act. Initial, informal steps
under Section D.2 may remain confidential, but any formal Council determination or sanction concerning
a Councilmember must occur at a noticed public meeting, consistent with Government Code §
54957(b)(4), which excludes elected officials from the Act's closed-session personnel exception.
11. Records
The City Clerk shall maintain a record of each complaint's disposition, redacted as required by the Public
Records Act, sufficient to document that this procedure was followed.
E. Implementation
As an expression of the standards of conduct expected of its members, this Code of Ethics and Conduct
is intended to be self-enforcing. It therefore becomes most effective when Officials are thoroughly
familiar with it and embrace its provisions. For this reason, this document shall be included in the regular
orientation for newly elected Councilmembers and appointed members of committees and commissions.
Members entering office shall sign a statement (Exhibit A) affirming that they have read and understood
the City of Dublin Code of Ethics and Conduct as well as other policies related to the position they hold.
The City Council can, by consensus, ask to review this Code annually and consider any
recommendations for updates.
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Exhibit A — Model of Excellence Member Statement
MODEL OF EXCELLENCE
Dublin City Council
MEMBER STATEMENT
As a member of the Dublin City Council, I agree to uphold the Code of Ethics and Conduct for Elected
and Appointed Officials and to conduct myself according to the following model of excellence. I will:
▪ Recognize the worth of individual members and appreciate their individual talents, perspectives,
and contributions;
▪ Help create an atmosphere of respect and civility where individual members, City staff, and the
public are free to express their ideas and work to their full potential;
▪ Conduct my personal and public affairs with honesty, integrity, fairness, and respect for others;
▪ Respect the dignity and privacy of individuals and organizations;
▪ Keep the common good as my highest purpose and focus on achieving constructive solutions for
the public benefit;
▪ Avoid and discourage conduct which is divisive or harmful to the best interests of Dublin; and
▪ Treat all people with whom I come in contact in the way I wish to be treated.
I affirm that I have read and understood the City of Dublin Code of Ethics and Conduct for
Elected and Appointed Officials.
I also affirm that I have read and understood the City of Dublin’s Rules of the Conduct of
Meetings of the City Council, City Council Norms, and the Personal Devices, Personal Accounts,
and Messages Policy.
Signature Date
48
City of Dublin Code of Ethics and Conduct
Page 11 of 11
MODEL OF EXCELLENCE
Committees and Commissions
MEMBER STATEMENT
As a member of a City of Dublin committee or commission, I agree to uphold the Code of Ethics and
Conduct for Elected and Appointed Officials and to conduct myself according to the following model of
excellence. I will:
▪ Recognize the worth of individual members and appreciate their individual talents, perspectives,
and contributions;
▪ Help create an atmosphere of respect and civility where individual members, City staff, and the
public are free to express their ideas and work to their full potential;
▪ Conduct my personal and public affairs with honesty, integrity, fairness, and respect for others;
▪ Respect the dignity and privacy of individuals and organizations;
▪ Keep the common good as my highest purpose and focus on achieving constructive solutions for
the public benefit;
▪ Avoid and discourage conduct which is divisive or harmful to the best interests of Dublin; and
▪ Treat all people with whom I come in contact in the way I wish to be treated.
I affirm that I have read and understood the City of Dublin Code of Ethics and Conduct for
Elected and Appointed Officials.
I also affirm that I have read and understood the bylaws for the commission or committee on
which I serve.
Signature Date
49
Agenda Item 8.1
STAFF REPORT
CITY COUNCIL
Page 1 of 3
DATE: September 15, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
Annual Review of the City’s Statement of Investment Policy
Prepared by: Jay Baksa, Finance Director
EXECUTIVE SUMMARY:
The City Council will consider a resolution completing the annual review of the Statement of
Investment Policy. The Policy has been updated to reflect changes to state law, align the
Policy with current investment management best practices, and formally recognize the Finance
and Investment Committee’s role in reviewing the City’s investment reports and Investment
Policy prior to consideration by the City Council.
STAFF RECOMMENDATION:
Adopt the Resolution Approving the Annual Review of the Statement of Investment Policy and
Delegation of Authority to Complete Investment Transactions.
FINANCIAL IMPACT:
None.
DESCRIPTION:
Background
An investment policy establishes the framework for how the City invests public funds until
those funds are needed for operations or capital projects. It identifies the investments the City
may purchase, sets limits intended to manage risk and improve diversification, and establishes
requirements for oversight and reporting to the City Council. California Government Code
Section 53600.5 establishes the objectives that govern the investment of public funds, in
priority order: safety of principal, liquidity sufficient to meet the City’s cash flow needs, and
return on investment.
The City’s Investment Policy, originally adopted on August 21, 2007 , and last amended on
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Page 2 of 3
September 16, 2025, implements those objectives locally and gives Staff and the City’s
investment advisor clear parameters within which to operate. The Policy requires annual
review by the City Council by the second meeting in September (Section XVIII). Although
annual review of the City’s Policy is not required by state law, it is recommended by th e
California Debt and Investment Advisory Commission (CDIAC). CDIAC is a state commission
within the California State Treasurer’s Office that provides California local agencies with
information, education, and technical assistance on investing public funds and developing
investment policies.
Recommended Policy Updates
As part of this year’s review, Staff consulted with the City’s investment advisor, Chandler Asset
Management, to identify recommended updates to the Policy. The proposed amendments fall
into three categories:
1. Updates necessary to reflect changes to state law (Sections IX, XI, and XIII);
2. Changes intended to align the Policy with current investment management best
practices (Sections IX and XIII); and
3. Revisions recognizing the role of the Finance and Investment Committee (FIC) in
reviewing the City’s investment reports and Policy prior to consideration by the City
Council (Sections XVII and XVIII).
Section IX – Authorized and Suitable Investments
Staff proposes revising Section IX to reduce the maximum exposure to a single investment
issuer from 20% to 10% of the portfolio. This change is recommended by Chandler to reduce
concentration risk and further diversify the City’s investment portfolio.
Additionally, changes to state law require updates to the Policy’s commercial paper provisions.
The amendments make two changes. First, the maximum maturity for eligible commercial
paper increases from 270 days to 397 days. Second, the existing provision allowing up to 40%
of the portfolio in commercial paper, which is currently set to expire in 2026, would be
extended to 2031. If state law is not extended again, that limit would return to 25%. As of June
30, 2026, the City held no commercial paper. Extending the provision preserves the City’s
authority to invest in commercial paper should market conditions warrant, and keeps the Policy
aligned with state law; it does not reflect a planned change to the portfolio.
Section XI – Prohibited Investment Practices and Instruments
The proposed amendment to Section XI updates the sunset date, from 2026 to 2031, for the
state law provision permitting investment in certain securities backed by the United States
Government that could result in zero or negative interest accrual if held to maturity. As of June
30, 2026, the City held no investments of this type. As with commercial paper, the amendment
keeps the Policy’s timeline consistent with state law and does not reflect a planned change to
the portfolio.
Section XIII – Term of Investments
Staff proposes revising Section XIII to clarify that an investment’s maturity and eligibility under
the Policy are measured from the settlement date rather than the trade date. This amendment
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Page 3 of 3
aligns the Policy with state law and Chandler’s recommended investment management
practices.
Sections XVII and XVIII – Report Information and Review of Investment Policy
Under the proposed language, applicable investment reports and the annual review of the
Policy would first be presented to the FIC for review before being presented to the City
Council. Related reporting and review timeframes would also be updated to accommodate this
process. Following the FIC’s review and input, Staff will present the proposed amendments to
the Policy to the City Council for consideration, consistent with t he annual review requirement
in Section XVIII of the Policy.
FIC Review
At its Special Meeting on September 1, 2026, the FIC received a report on proposed updates
to the City of Dublin’s Statement of Investment Policy, consistent with its role in providing
guidance on financial matters, including the investment of City funds. Following discussion, the
FIC supported the updates and recommended that the item be brought to the City Council for
consideration and approval.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) Resolution Approving the Annual Review of the Statement of Investment Policy and
Delegation of Authority to Complete Investment Transactions
2) Exhibit A to the Resolution - Statement of Investment Policy for the City of Dublin
3) Statement of Investment Policy for the City of Dublin (Redlined)
52
Attachment 1
Reso. No. XX-26, Item X.X, Adopted XX/XX/2026 Page 1 of 2
RESOLUTION NO. XX – 26
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING THE ANNUAL REVIEW OF THE STATEMENT OF INVESTMENT POLICY AND
DELEGATION OF AUTHORITY TO COMPLETE INVESTMENT TRANSACTIONS
WHEREAS, on August 21, 2007, the City Council adopted Resolution No. 152-07 approving a
City Investment Policy (Policy); and
WHEREAS, Section XVIII of the Policy requires an annual review by the City Council no later
than the second meeting in September; and
WHEREAS, the last modification to the Policy was approved by the Council at the City Council
meeting of September 16, 2025; and
WHEREAS, the focus of the annual review is to allow for any adjustments as a result of changes
in state laws or other recommended modifications; and
WHEREAS, consistent with the provisions of Government Code Section 53607, the Policy
provides for the City Council to delegate for a one-year period the authority to invest City funds to the
City Treasurer and any duly appointed Deputy City Treasurer; and
WHEREAS, Staff recommends changes to the Policy to reflect changes to state law, to align the
Policy with current investment management best practices , and to recognize the role of the Finance
and Investment Committee in reviewing investment reports and the Policy prior to consideration by the
City Council.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does hereby,
in accordance with California Government Code Section 53646(a)(2), complete the annual review of
the Statement of Investment Policy, as attached hereto as Exhibit A.
BE IT FURTHER RESOLVED that the City Council action explicitly renews the delegation of
authority to complete investment transactions by City staff (Finance Director designated as the City
Treasurer and the City Manager designated as the Deputy City Treasurer), as described in Section IV
of the Policy.
{Signatures on the following page}
53
Reso. No. XX-26, Item X.X, Adopted XX/XX/2026 Page 2 of 2
PASSED, APPROVED, AND ADOPTED BY the City Council of the City of Dublin, on this 15th
day of September, 2026 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
______________________________
Mayor
ATTEST:
_________________________________
City Clerk
54
Attachment 2
Exhibit A to the Resolution
STATEMENT OF INVESTMENT POLICY FOR THE CITY OF DUBLIN
I. INTRODUCTION
This Statement of Investment Policy (Policy) is intended to identify various policies
and procedures that will foster a prudent and systematic investment program designed
to seek the City's objectives of safety, liquidity, and return through a diversified
investment portfolio. This policy also serves to organize and formalize the City's
investment-related activities, while complying with all applicable statu tes governing
the investment of public funds.
II. SCOPE
This policy covers all funds and investment activities under the direct authority of the
City of Dublin, as set forth in the California Government Code, sections 53600 et seq.,
excluding any bond-related proceeds or reserves, which are governed by their bond
indentures. Cash held by the City shall be pooled in order to more effectively manage
City cash resources. All pooled funds are accounted for in the City's Comprehensive
Annual Financial Report and include:
Funds
General Fund
Special Revenue Funds
Capital Project Funds
Internal Service Funds
Enterprise Funds
Agency Funds
This original Policy was adopted by the City of Dublin (the "City"), on August 21, 2007.
This update to the Policy is effective on September 15, 2026 and replaces any
previous versions.
III. OBJECTIVES
The overall program shall be designed and managed with a degree of professionalism
worthy of the public trust. The primary objectives, in order of priority, of the City's
investment activities shall be:
1) Safety: Safety of principal is the foremost objective of the investment program. The
City's investments shall be undertaken in a manner that seeks to safeguard the
principal of the funds under its control by maintaining an appropriate risk level.
2) Liquidity: The City's investment portfolio will remain sufficiently liquid to enable the
City to meet its reasonably anticipated cash flow requirements.
3) Return: Return should become a consideration only after the basic requirements
of safety and liquidity have been met. The City seeks to attain market average rate
of return on its investments throughout economic cycles, consistent with
constraints imposed by its safety objectives and cash flow considerations .
4) Diversification: The investment portfolio will be diversif ied to avoid incurring
unreasonable and avoidable risks regarding specific security types or individual
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financial institutions. This shall also conform with applicable sections of the
Government Code.
IV. DELEGATION OF AUTHORITY
As authorized in Government Code Section 53607, the City Council delegates the
authority to invest funds of the City to the City Treasurer and/or any duly appointed
Deputy City Treasurer. The City Treasurer and any duly appointed Deputy City
Treasurer shall make all investment decisions and transactions in strict accordance
with state law and this Policy. The Finance Director shall be designated as the City
Treasurer and the City Manager shall be designated as the Deputy City Treasurer.
This delegation shall be for a one-year period until the delegation of authority is
revoked or expires. The City Council may renew the authority each year as part of an
annual review of this Policy.
The City Treasurer shall establish procedures for the operation of the investment
program. The City Treasurer shall also be responsible for all transactions undertaken
and establishing a system of controls to regulate the activities of subordinates.
The City recognizes that in a diversified portfolio, occasional measured losses may be
inevitable and must be considered within the context of the overall portfolio's return
and the cash flow requirements of the City. Authorized individuals acting in accordance
with written procedures and the Policy and exercising due diligence shall be relieved
of personal responsibility for an individual security's credit risk or market price
changes, provided deviations from expectations are reported in a timely fashion and
appropriate action is taken to control adverse developments.
The City may engage the services of one or mo re external investment managers to
assist in the management of the City's investment portfolio in a manner consistent with
the City's objectives. Such external managers may be granted discretion to purchase
and sell investment securities in accordance with this Policy. Such managers must be
registered under the Investment Advisors Act of 1940.
V. PRUDENCE
Pursuant to California Government Code Section 53600.3, all persons authorized to
make investment decisions on behalf of the City 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."
VI. ETHICS AND CONFLICTS OF INTEREST
All participants in the investment process shall act as custodians of the public trust.
Investment officials shall recognize that the investment portfolio is subject to public
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review and evaluation. The overall program shall be designed and managed with a
degree of professionalism that is worthy of the public trust. Thus , employees and
officials involved in the investment process shall refrain from personal business
activity that conflicts with proper execution of the investment program or impairs their
ability to make impartial investment decisions. Additionally, the City Treasurer and the
Deputy Treasurer shall file applicable financial disclosures as required by the Fair
Political Practices Commission (FPPC).
VII. INTERNAL CONTROLS
The Treasurer is responsible for establishing and maintaining an internal control
structure designed to ensure that the assets of the entity are protected from loss, theft
or misuse. The internal control structure shall be designed to provide reasonable
assurance that these objectives are met. The concept 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 costs and benefits requires estimates and judgments
by City management. Periodically, as deemed appropriate by City management and/or
the City Council, an independent analysis by an external auditor shall be conducted
to review internal controls, account activity and compliance with policies and
procedures.
VIII. AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS
To the extent practical the Treasurer shall endeavor to complete investment
transactions using a competitive bid process whenever possible. It shall be the City's
policy to purchase securities only from authorized institutions and firms. No deposit of
public funds shall be made except in a qualified public depository as established by
state laws.
Institutions eligible to transact investment business with the City include:
1) Primary government dealers as designated by the Federal Reserve Bank and non -
primary government dealers
2) Nationally or state-chartered banks
3) The Federal Reserve Bank
4) Direct issuers of securities eligible for purchase
The Treasurer shall maintain procedures for establishing a list of authorized
broker/dealers and financial institutions which are approved for investment purposes.
These may include primary or regional dealers that qualify under Securities &
Exchange Commission Rule 15C3-1 (uniform net capital rule). The City requires each
firm that will be used for the purchase or sale of securities to be evaluated by the
Treasurer prior to any investments. The firms shall submit current financial statements,
and annual audited financial statements each year th ereafter, which are to be
evaluated by the Treasurer. At a minimum, the firm must be financially sound and have
been in business a minimum of three years. In addition, the firms must provide: proof
of National Association of Security Dealers membership, proof of state registration or
exemption, and certificate of having read the City's Policy.
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If an investment adviser is retained by the City, then that adviser will be permitted to
use their own list of approved broker/dealers and financial institutions for investment
purposes.
IX. AUTHORIZED AND SUITABLE INVESTMENTS
The City's investments are governed by Government Code, Sections 53600 et seq.
Within the investments permitted by the Government Code, the City seeks to further
restrict eligible investments to the guidelines listed below. In the event an apparent
discrepancy is found between this Policy and the Government Code, the more
restrictive parameters will take precedence. Percentage holding limits listed in this
section apply at the time the security is purchased. Any investment currently held at
the time the Policy is adopted which does not meet the new Policy guidelines can be
held until maturity, and shall be exempt from the current Policy. At the time of the
investment's maturity or liquidation such funds shall be reinvested only as provided in
the most current Policy.
An appropriate risk level shall be maintained by primarily purchasing securities that
are of high quality, liquid, and marketable. The portfolio shall be diversified by security
type and institution to avoid incurring unreasonable and avoidable risks regarding
specific security types or individual financial institutions.
1) United States Treasury Issues. 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 limitation
as to the percentage of the portfolio that may be invested in this category. The
maximum maturity of these securities is ten years. The City Council authorized
investments in United States Treasury Issues beyond five years on September 6,
2022.
2) Federal Agency Obligations. Federal agency or United States government-
sponsored enterprise obligations, participations, or other instruments, including
those issued by or fully guaranteed as to principal and interest by federal agencies
or United States government-sponsored enterprises. There is no limitation as to
the percentage of the portfolio that may be invested in this category. However, the
portfolio's exposure to any one federal agency issuer is limited to 35 percent of the
overall portfolio. The limit of the overall portfolio's exposure to callable federal
agency securities is 25 percent. The maximum maturity for agency secu rities is ten
years. The City Council authorized investments in Federal Agency Obligations
beyond five years on September 6, 2022.
3) Bankers' Acceptances. Bankers' acceptances, otherwise known as bills of
exchange or time drafts, that are drawn on and accep ted by a commercial bank.
Bankers' acceptances must be secured by the irrevocable primary obligation of the
accepting domestic bank. Purchasers are limited to issuers whose short -term debt
is rated "A-1" or higher, or the equivalent, by a Nationally Recogn ized Statistical-
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Rating Organization (NRSRO). Bankers' acceptances cannot exceed a maturity of
180 days. A maximum of 40 percent of the portfolio may be invested in this
category. The amount invested in bankers' acceptances with any one financial
institution in combination with any other debt from that financial institution shall not
exceed 10 percent of the portfolio.
4) Commercial Paper. Commercial paper of "prime" quality rated "A-1" or higher, or
the equivalent, by a NRSRO. The entity that issues the comm ercial paper shall
meet all of the following conditions in either paragraph (a) or paragraph (b):
a. The entity meets the following criteria: (i) Is organized and operating in the
United States as a general corporation. (ii) Has total assets in excess of five
hundred million dollars ($500,000,000). (iii) Has debt other than commercial
paper, if any, that is rated "A" or higher by a nationally recognized statistical-
rating organization.
b. The entity meets the following criteria: (i) Is organized within the Unit ed
States as a special purpose corporation, trust, or limited liability company.
(ii) Has program-wide credit enhancements including, but not limited to,
overcollateralization, letters of credit, or surety bond. (iii) Has commercial
paper that is rated "A-1" or higher, or the equivalent, by a nationally
recognized statistical-rating organization.
Eligible commercial paper shall have a maximum maturity of 397 days or less and
not represent more than 10 percent of the outstanding paper of an issuing
corporation. A maximum of 25 percent of the portfolio may be invested in this
category. Under a provision of the California Government Code sunsetting on
January 1, 2031, no more than 40 percent of the portfolio may be invested in
Commercial Paper if the Agency’s investment assets under management are
greater than $100,000,000. The amount invested in commercial paper of any one
issuer in combination with any other debt from that issuer shall not exceed 10
percent of the portfolio.
5) Negotiable Certificates of Deposit. Negotiable certificates of deposit (NCDs)
issued by a nationally or state-chartered bank, a savings association or a federal
association, a state or federal credit union, or by a state-licensed branch of a
foreign bank. Purchases are limited to institutions which have long-term debt rated
"A" or better and/or have short-term debt rated at least "A-1" or higher, or the
equivalent by a NRSRO. A maximum of 30 percent of the portfolio may be invested
in this category. The amount invested in NCDs with any one financial institution in
combination with any other debt from that financial institution shall not exceed 10
percent of the portfolio. The maximum maturity of these securities is five years.
6) Time Certificates of Deposit. Time Certificates of Deposit (TCDs) placed with
commercial banks and savings and loans. The purchase of TCDs from out-of-state
banks or savings and loans is prohibited. The amount on deposit shall not exceed
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the shareholder's equity in the financial institution. To be eligible for purchase, the
financial institution must have received a minimum overall satisfactory rating for
meeting the credit needs of California Communities in its most recent evaluation,
as provided in Government Code Section 53635.2. TCDs are required to be
collateralized as specified under Government Code Section 53630 et. seq. The
Treasurer, at his discretion, may waive the collateralization requirements for any
portion that is covered by federal (FDIC) insurance. The City shall have a signed
agreement with the depository per Government Code Section 53649. The
maximum maturity of these securities may not exceed one (1) year. A maximum of
10 percent of the portfolio may be invested in this category.
7) Mutual Funds and Money Market Mutual Funds that are registered with the
Securities and Exchange Commission under the Investment Company Act of 1940,
provided that,
a. MUTUAL FUNDS that invest in the securities and obligations as authorized
under California Government Code, Section 53601 (a) to (k) and (m) to (q)
inclusive and that meet either of the following criteria:
i. Attained the highest ranking or the highest letter and numerical rating
provided by not less than two (2) NRSROs; or
ii. Have retained an investment adviser registered or exempt from
registration with the Securities and Exchange Commission with not
less than five years’ experience investing in the securities and
obligations authorized by California Government Code, Section
53601 and with assets under management in excess of $500 million.
iii. No more than 10% of the total portfolio may be invested in shares of
any one mutual fund.
b. MONEY MARKET MUTUAL FUNDS registered with the Securities and
Exchange Commission under the Investment Company Act of 1940 and
issued by diversified management com panies and meet either of the
following criteria:
i. Have attained the highest ranking or the highest letter and numerical
rating provided by not less than two (2) NRSROs; or
ii. Have retained an investment adviser registered or exempt from
registration with the Securities and Exchange Commission with not
less than five years’ experience managing money market mutual
funds with assets under management in excess of $500 million.
iii. No more than 20% of the total portfolio may be invested in Money
Market Mutual Funds.
c. No more than 20% of the total portfolio may be invested in these securities.
8) State of California Local Agency Investment Fund (LAIF). The City may invest up
to the maximum as permitted by LAIF. For due diligence, the Treasurer shall
maintain on file a copy of LAIF's current Answer Book.
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9) Joint Powers Authority (JPA) Pools, provided that: The JPA is organized pursuant
to California Government Code Section 6509.7 and invests in the securities and
obligations authorized in subdivisions (a) to (r), inclusive. Each share shall
represent an equal proportional interest in the underlying pool of securities owned
by the JPA. The JPA has retained an investment advisor who is registered with the
SEC (or exempt from registration), has assets under management in excess of
$500 million, and has at least five years’ experience investing in instruments
authorized by Section 53601, subdivisions (a) to (q).
10) Medium Term Notes. Medium-term notes, defined as all corporate and depository
institution debt securities with a maximum remaining maturity of five years or less,
issued by corporations organized and operating within the United States or by
depository institutions licensed by the United States or any state and operating
within the United States. Purchases are limited to securities rated "A" or higher, or
the equivalent, by a NRSRO. A maximum of 30 percent of the City's portfolio ma y
be invested in this category and a maximum of 5 percent with any one issuer. The
maximum maturity of these securities is five years.
11) Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and
Collateralized Mortgage Obligations, from issuers not defined in the Federal
Agency Obligations Subdivision. The City may purchase such securities provided
that they are rated "AA" or higher, or the equivalent, by a NRSRO. Purchase of
securities authorized by this subdivision may not exceed 20 percent of the portfolio,
and a maximum of 5 percent per issue. The maximum maturity of these securities
is five years.
12) Municipal Securities. Obligations of the State of California, any of the other 49
states, or any local agency within the State of California, may be purchased by the
City provided that long-term obligations are rated "A" or higher, or the equivalent,
by at least one NRSRO. There are no limits on the dollar amount or percentage
that the city may invest in municipal securities; however, investments in these
securities are limited to a maximum of 5 percent with any single issuer. The
maximum maturity of these securities is ten years. The City Council authorized
investments in Municipal Securities beyond five years on September 6, 2022.
13) Supranationals provided that issues are US dollar denominated senior unsecured
unsubordinated obligations issued or unconditionally guaranteed by the
International Bank for Reconstruction and Development, International Finance
Corporation, or Inter-American Development Bank. The securities must be rated
in a rating category of “AA” or its equivalent by a NRSRO. No more than 30% of
the portfolio may be invested in these securities, and no more than 10% of the
portfolio may be invested in any single issuer. The maximum maturity does not
exceed five (5) years.
X. AUTHORIZED INVESTMENTS FOR BOND PROCEEDS
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Bond proceeds shall be invested in securities permitted by the applicable bond
documents. If the bond documents are silent as to the permitted investments, bond
proceeds will be invested in securities permitted by this Policy. Notwithstanding the
provisions of the Policy, the percentage or dollar portfolio limitations listed elsewhere
in this Policy do not apply to bond proceeds. In addition to the securities listed in
Section IX above, bond proceeds may be invested in structured investment products
if approved by the Treasurer.
XI. PROHIBITED INVESTMENT PRACTICES AND INSTRUMENTS
City Investments will be guided by the City’s Mission, Vision, and Values and during
the annual review of the Policy, the City shall review the portfolio and identify and
update prohibited investments as needed.
The Intercontinental Exchange Bank of America Index Family’s classification system
will be used to identify business sectors for the purpose of excluding prohibited
investment types.
The City will not invest in fossil fuel companies, tobacco or tobacco-related companies
and companies that support the production of firearms.
The City will not invest in companies that develop or manufacture commodities that
facilitate violence or war.
The City will not invest in companies that engage in bor der or mass surveillance
industries.
The City will not invest in companies that are involved in mass incarceration or
detention industries.
The City shall not make investments for the purpose of trading or speculation as the
dominant criterion such as anticipation of appreciation of capital value through
changes in market rates.
Any investment in a security not specifically listed as an Authorized and Suitable
Investment above, but otherwise permitted by the Government Code, is prohi bited
without the prior approval of the City Council. Section 53601.6 of the Government
Code specifically disallows investments in invoice floaters, range notes, or interest -
only strips that are derived from a pool of mortgages. Under a provision of the
California Government Code sunsetting on January 1, 2031, securities backed by the
United States Government that could result in a zero or negative interest accrual if
held to maturity are permitted.
XII. REVIEW OF INVESTMENT PORTFOLIO
The City Treasurer shall periodically, but no less than quarterly, review the portfolio to
identify investments that do not comply with this Policy and establish protocols for
reporting major and critical incidents of noncompliance to the City Council.
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XIII. TERM OF INVESTMENTS
Funds of the City will be invested in accordance with sound treasury management
principles. It is the objective of this Policy to provide a system which will accurately
monitor and forecast revenues and expenditures so that the City can invest funds to
the fullest extent possible.
The maximum maturity of individual investments shall not exceed the limits set forth
under Authorized and Suitable Investments. No investment shall exceed a maturity of
five years from the date of settlement unless the City Council has granted express
authority to make that investment either specifically or as a part of an investment
program approved by the City Council no less than three months prior to the
investment. Date of settlement shall be used to determine investment eligibility as it
relates to final maturity for all investments in the portfolio.
XIV. INVESTMENT RISK
a. MARKET RISK
Market risk is the risk that the portfolio will decline in value (or will not optimize
its value) due to changes in the general level of interest rates. T he City
recognizes that, over time, longer-term portfolios achieve higher returns. On
the other hand, longer-term portfolios have higher volatility of return. The City
shall mitigate market risk by providing adequate liquidity for short-term cash
needs, and by making some longer-term investments only with funds that are
not needed for current cash flow purposes.
The City further recognizes that certain types of securities, including variable
rate securities, securities with principal pay-downs prior to maturity, and
securities with embedded options, will affect the market risk profile of the
portfolio differently in different interest rate environments. The City, therefore,
adopts the following strategies to control and mitigate its exposure to market
risk:
i. The maximum stated final maturity of individual securities in the portfolio
shall be five years, unless otherwise stated in this policy;
ii. The City shall maintain a minimum of three months of budgeted
operating expenditures in cash, cash equivalents and short-term
investments; and
iii. The duration of the portfolio will typically be approximately equal to the
duration of a market index, selected by the City as its performance
benchmark, which meets the City's needs for cash flow and level of risk
tolerance plus or minus 20%.
b. CREDIT RISK
In general, the City's portfolio will be diversified to avoid incurring unreasonable
and avoidable risks regarding specific security types or individual financial
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institutions, such as credit risk. Credit risk is the risk that a security or a portfolio
will lose some or all of its value due to a real or perceived change in the ability
of the issuer to repay its debt. The City shall mitigate credit risk by adopting the
following strategies:
i. The diversification requirements included in Section IX are designed to
mitigate credit risk in the portfolio;
ii. No more than 5% of the total portfolio may be deposited with or invested
in securities issued by any single issuer unless otherwise specified in
this policy.
iii. The City may elect to sell a security prior to its maturity and record a
capital gain or loss in order to improve the quality, liquidity or return of
the portfolio in response to market conditions or the City's risk
preferences; and
iv. If a security owned by the City is downgraded to a level below the
requirements of this policy, making the security ineligible for additional
purchases, the following steps will be taken:
1. Any actions taken related to the downgrade by the investment
manager will be communicated to the City in a timely manner.
2. If a decision is made to retain the security, the credit situation will
be monitored and reported back to the City.
XV. SAFEKEEPING AND CUSTODY
Investment securities are to be purchased when possible in book-entry form in the
City's name. All security transactions entered into by the City shall be conducted on a
delivery-versus-payment (DVP) basis. All cash and securities in the City's portfolio
shall be held in safekeeping in the City's name by a third-party bank trust department,
acting as agent for the City under the terms of a custody agreement executed by the
bank and the City. All investment transactions will require a safekeeping receipt or
acknowledgment generated from the trade. A monthly report will be received by the
City from the safekeeping institution listing all securities held in safekeeping with
current market data and other information. The only exception to the foregoing shall
be depository accounts and securities purchases made with: (i) local government
investment pools; (ii) time certificates of deposit, and (iii) money market mutual funds,
since the purchased securities are not deliverable. Term and non -negotiable
instruments, such as certificates of deposit, can be held by the Treasurer, or in
safekeeping as the Treasurer deems appropriate.
XVI. PERFORMANCE BENCHMARK
The investment portfolio shall be designed to attain a market -average rate of return
throughout budgetary and econom ic cycles, taking into account the City's risk
constraints, the cash flow characteristics of the portfolio, and state and local laws,
ordinances or resolutions that restrict investments. The Treasurer shall monitor and
evaluate the portfolio's performance relative to the market benchmark, which will be
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included in the Treasurer's quarterly report. The Treasurer shall select an appropriate,
readily available index to use as a benchmark.
XVII. REPORT INFORMATION
The Treasurer shall prepare a report to the Finance and Investment Committee,
quarterly. A report will then be prepared for the City Council not less than semi-
annually. The semi-annual report shall be presented at a subsequent regularly
scheduled City Council Meeting. The report shall be inclusive of a monthly listing of
investment transactions. At a minimum the report shall include the following (Revised
9-18-2012):
a. Type of Investment
b. Issuer
c. Date of Maturity
d. Par and dollar amount invested
e. Current Market Value as of the date of the report
f. Source of the market value information
g. A list of investment transactions.
h. A statement of compliance with the investment policy
i. A statement as to the ability of the City to meet its expenditure requirements for
the next six months
In addition, the City Treasurer will submit a monthly transaction report to the City
Council.
XVIII. REVIEW OF INVESTMENT POLICY
This Policy shall be subject to review by the Finance and Investment Committee and
the City Council on an annual basis, by the second Council meeting in September.
Any recommended modifications or amendments shall first be presented by Staff to
the Finance and Investment Committee for their review and consideration. Once
reviewed by the Finance and Investment Committee, Staff will present modifications
or amendments to the City Council for their consideration and adoption.
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GLOSSARY OF TERMS
ACCRUED INTEREST: Interest earned but not yet received.
AGENCIES: Federal agency securities and/or Government-sponsored enterprises.
Examples of well-known agencies that issue bonds are Federal Home Loan Mortgage
Corporation (FHLMC or "Freddie Mac"), Federal National Mortgage Association (FNMA
or "Fannie Mae"), and the Federal Home Loan Bank.
AMORTIZATION: An accounting practice of gradually decreasing (increasing) an asset's
book value by spreading its depreciation (accretion) over a period of time.
ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR): The official annual
financial report for the City. It includes combined statements and basic financial
statements for each individual fund and account group prepared in conformity with
Generally Accepted Accounting Principles (GAAP). Supplemental informat ion is also
included including a detailed multi-year comparative statistics.
ASKED: The price at which securities are offered.
ASSET BACKED SECURITIES: Securities supported by pools of installment loans or
leases or by pools of revolving lines of credit.
BANKERS' ACCEPTANCE (BA): A draft or bill of exchange accepted by a bank or trust
company. The accepting institution guarantees payment of the bill, as well as the issuer.
BASIS POINT: One basis point is one hundredth of one percent (.01).
BENCHMARK: A comparative base for measuring the performance or risk tolerance of
the investment portfolio. A benchmark should represent a close correlation to the level of
risk and the average duration of the portfolio's investments.
BID PRICE: The price offered by a buyer of securities. (When you are selling securities,
you ask for a bid.) See Offer.
BOND: A financial obligation for which the issuer promises to pay the bondholder a
specified stream of future cash flows, including periodic interest payments and a principal
repayment.
BOOK ENTRY: The system maintained by the Federal Reserve, by which most mo ney
market securities are delivered to an investor's custodial bank. The Federal Reserve
maintains a computerized record of the ownership of these securities and records any
changes in ownership corresponding to payments made over the Federal Reserve wire
(Delivery versus payment.)
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BOOK VALUE: The value at which a debt security is shown on the holder's balance
sheet. Book value is acquisition cost less amortization of premium or accretion of
discount.
BROKER: A broker brings buyers and sellers together for a commission.
CALLABLE BOND: A bond issue in which all or part of its outstanding principal amount
may be redeemed before maturity by the issuer under specified conditions.
CALL PRICE: The price at which an issuer may redeem a bond prior to maturity. T he
price is usually at a slight premium to the bond's original issue price to compensate the
holder for loss of income and ownership.
CALL RISK: The risk to a bondholder that a bond may be redeemed prior to maturity.
CERTIFICATE OF DEPOSIT (CD): A deposit insured up to $250,000 by the FDIC at a
set rate for a specified period of time.
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 OBLIGATION (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 underlyi ng mortgage
securities.
COMMERCIAL PAPER: An unsecured promissory note of industrial corporations, utilities
and bank holding companies having assets in excess of $500 million and an "A" or higher
rating for the issuer's debentures. Interest is discounted from par and calculated using
the actual number of days on a 360-day year. The notes are in bearer form, mature from
one to 397 days and generally start at $100,000. There is a secondary market for
commercial paper and an investor may sell them prior to maturity. Unused lines of credit
back commercial paper from major banks.
COST YIELD: The annual income from an investment divided by the purchase cost.
Because it does not give effect to premiums and discounts which may have been included
in the purchase cost, it is an incomplete measure of return.
COUPON: (a) The annual rate of interest that a bond's issuer promises to pay the
bondholder on the bond's face value. (b) A certificate attached to a bond evidencing
interest due on a payment date.
CREDIT RISK: The risk that principal and/or interest on an investment will not be paid in
a timely manner due to changes in the condition of the issuer.
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CURRENT YIELD: The interest paid on an investment expressed as a percentage of the
current price of the security.
CUSTODY: A banking service that provides safekeeping for the individual securities in a
customer's investment portfolio under a written agreement which also calls for the bank
to collect and pay out income, and to buy, sell, receive and deliver securities when ord ered
to do so by the account holder.
DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying
and selling for his own account.
DEBENTURE: A bond secured only by the general credit of the issuer.
DELIVERY VERSUS PAYMENT (DVP): Delivery versus payment is delivery of securities
with an exchange of money for the securities.
DERIVATIVES: (1) Financial instruments whose return profile is linked to, or derived from,
the movement of one or more underlying index or security, and may include a leveraging
factor, or (2) financial contracts based upon notional amounts whose value is derived from
an underlying index or security (interest rates, foreign exchange rates, equities or
commodities).
DISCOUNT: The difference between the cost price of a security and its value at maturity
when quoted at lower than face value.
DISCOUNT SECURITIES: Non-interest-bearing money market instruments that are
issued at a discount and redeemed at maturity for full face value, e.g., U.S. Treasury Bills.
DIVERSIFICATION: Dividing investment funds among a variety of securities offering
independent returns.
DURATION: A measure of the timing of the cash flows, such as the interest payments
and the principal repayment, to be received from a given fixed -income security. This
calculation is based on three variables: term to maturity, coupon rate, and yield to maturity.
The duration of a security is a useful indicator of its price volatility for given changes in
interest rates.
FEDERAL CREDIT AGENCIES: Agencies of the Federal government set up to supply
credit to various classes of institutions and individuals, 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 FUNDS RATE: The rate of interest at which Fed funds are traded. This rate is
currently pegged by the Federal Reserve through open-market operations.
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FEDERAL HOME LOAN BANKS (FHLB): Government sponsored wholesale banks
(currently 11 regional banks) which lend funds and provide correspondent banking
services to member commercial banks, thrift institutions, credit unions and insurance
companies.
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA or Fannie Mae): FNMA was
created in 1938 through amendments to the National Housing Act. In 1968, Congress
split the original Fannie Mae into two entities: a privately owned, shareholder -held Fannie
Mae, and Ginnie Mae (GNMA), a wholly governm ent-owned corporation within the
Department of Housing and Urban Development (HUD). FNMA is a government-
sponsored enterprise (GSE) chartered by Congress and currently operates under the
conservatorship of the Federal Housing Finance Agency (FHFA). Fannie Mae is a private,
shareholder-owned corporation. The corporation purchases a variety of mortgage loans,
primarily fixed-rate first mortgages, along with a limited volume of second mortgages
under specific affordable housing programs.
FEDERAL OPEN MARKET COMMITTEE (FOMC): Consists of seven members of the
Federal Reserve Board and five of the twelve Federal Reserve Bank Presidents. The
President of the New York Federal Reserve Bank is a permanent member, while the other
Presidents serve on a rotating basis. The Committee periodically meets to set Federal
Reserve guidelines regarding purchases and sales of Government Securities in the open
market as a means of influencing the volume of bank credit and money.
FEDERAL RESERVE SYSTEM: The central bank of the United States, created by
Congress in 1913. It consists of a seven-member Board of Governors in Washington,
D.C., 12 regional Federal Reserve Banks, and the commercial banks (national and state-
chartered) that belong to the system as members.
FED WIRE: A wire transmission service established by the Federal Reserve Bank to
facilitate the transfer of funds through debits and credits of funds between participants
within the Fed system.
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC or Freddie Mac): A
United States government sponsored corporation.
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA): a self-regulatory
organization (SRO) that oversees brokers and dealers in the securities industry, including
firms that distribute mutual fund shares. FINRA was formed in 2007 through the merger
of the National Association of Securities Dealers (NASD) and the regulatory arm of the
New York Stock Exchange.
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA or Ginnie Mae):
Mortgage-backed securities guaranteed by GNMA and issued by mortgage bankers,
commercial banks, savings and loan associations, and other approved institutions.
Backed by pools of FHA-insured, VA-guaranteed, or USDA Rural Housing Service loans.
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The security holder is protected by the full faith and credit of the U.S. government. These
securities are commonly called "pass-throughs."
HAIRCUT: The margin or difference between the actual market value of a security and
the value assessed by the lending side of a transaction (i.e. a repo).
INTEREST RATE: The annual yield earned on an investment, expressed as a
percentage.
LEVERAGE: Borrowing funds in order to invest in securities that have the potential to
pay earnings at a rate higher than the cost of borrowing.
LIQUIDITY: Refers to the ability to easily and rapidly convert a security into cash.
LOCAL AGENCY INVESTMENT FUND (LAIF): The Local Agency Investment Fund
(LAIF) is a special fund in the California State Treasury created and governed pursuant
to Government Code Sections 16429.1 et seq. There are limits on the maximum account
balance and the number of transactions allowed each month.
LOCAL GOVERNMENT INVESTMENT POOL (LGIP): The aggregate of all funds from
political subdivisions that are placed in custody of the State Treasurer for investment and
reinvestment.
MAKE WHOLE CALL: A type of call provision on a bond that allows the issuer to pay off
the remaining debt early. Unlike a call option, with a make whole call provision, the issuer
makes a lump sum payment that equals the net present value (NPV) of future coupon
payments that will not be paid because of the call. With this type of call, an investor is
compensated, or "made whole."
MARGIN: The difference between the market value of a security and the loan a broker
makes using that security as collateral.
MARKET RISK: The risk that the value of securities will fluctuate with changes in overall
market conditions or interest rates.
MARKET VALUE: The price at which a security is trading and could presumably be
purchased or sold on a specific date.
MARKING TO MARKET: The process of posting current market values for securities in
a portfolio.
MATURITY: The date upon which the principal or stated value of an investment becomes
due and payable.
MEDIUM TERM NOTES (MTNs): Unsecured, investment-grade senior debt securities of
major corporations which are sold in relatively small amounts on either a continuous or
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an intermittent basis. MTNs are highly flexible debt instruments that can be structured to
respond to market opportunities or to investor preferences.
MODIFIED DURATION: The percent change in price for a 100 basis point change in
yields. Modified duration is the best single measure of a portfolio's or security's exposure
to market risk.
MONEY MARKET: The market in which short-term debt instruments (T-bills, discount
notes, commercial paper, and bankers’ acceptances) are issued and traded.
MONEY MARKET MUTUAL FUND: Mutual funds that invest solely in money market
instruments (short-term debt instruments, such as Treasury bills, commercial paper,
bankers' acceptances, and federal funds).
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 securit y.
MUNICIPAL SECURITIES: Securities issued by state and local agencies to finance
capital and operating expenses.
MUTUAL FUND: An entity which pools the funds of investors and invests those funds in
a set of securities which is specifically defined in the fund's prospectus. Mutual funds can
be invested in various types of domestic and/or international stocks, bonds, and money
market instruments, as set forth in the individual fund's prospectus. For most large,
institutional investors, the costs associated with investing in mutual funds are higher than
the investor can obtain through an individually managed portfolio.
NATIONAL ASSOCIATION OF SECURITIES DEALERS (NASD): See FINRA.
NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS (NRSROs):
Credit rating agencies whose ratings are permitted to be used for regulatory purposes
such as those imposed by the Securities and Exchange Commission.
NEGOTIABLE CERTIFICATE OF DEPOSIT: A large denomination certificate of deposit
which can be sold in the open market prior to maturity.
NEW ISSUE: Term used when a security is originally "brought" to market.
OFFER: The price asked by a seller of securities. (When you are buying securities, you
ask for an offer.) See Asked and Bid.
OPEN MARKET OPERATIONS: Purchases and sales of government and certain other
securities in the open market by the New York Federal Reserve Bank as directed by the
FOMC in order to influence the volume of money and credit in the economy. Purchases
inject reserves into the bank system and stimulate growth of money and credit; sales have
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the opposite effect. Open market operations are the Federal Reserve's most important
and most flexible monetary policy tool.
PORTFOLIO: Collection of securities held by an investor.
PREMIUM: The amount by which the price paid for a security exceeds the security's par
value.
PREPAYMENT SPEED: A measure of how quickly principal is repaid to investors in
mortgage securities.
PREPAYMENT WINDOW: The time period over which principal repayments will be
received on mortgage securities at a specified prepayment speed.
PRIMARY DEALER: A 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.
PRINCIPAL: The face value or par value of a debt instrument, or the amount of capital
invested in a given security.
PRUDENT PERSON (PRUDENT INVESTOR) RULE: A standard of responsibility which
applies to fiduciaries. In California, the rule is stated as "Investments shall be managed
with the care, skill, prudence and diligence, under the circumstances then prevailing, that
a prudent person, acting in a like capacity and familiar with such matters, would use in
the conduct of an enterprise of like character and with like aims to accomplish similar
purposes."
PURCHASE DATE: The date on which a security is purchased for settlement on that or
a later date.
RATE OF RETURN: The yield obtainable on a security based on its purchase price or its
current market price. This may be the amortized yield to maturity on a bond or the current
income return.
REALIZED YIELD: The change in value of the portfolio due to interest received and
interest earned and realized gains and losses. It does not give effect to changes in market
value on securities, which have not been sold from the portfolio.
REGIONAL DEALER: A financial intermediary that buys and sells securities for the
benefit of its customers without maintaining substantial inventories of securities and that
is not a primary dealer.
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REPURCHASE AGREEMENT (RP OR REPO): A holder of securities sells these
securities to an investor with an agreement to repurchase them at a fixed price on a fixed
date. The security "buyer" in effect lends the "seller" money for the period of the
agreement, and the terms of the agreement are structured to compensate him for this.
RULE 2a-7 OF THE INVESTMENT COMPANY ACT: Applies to all money market mutual
funds and mandates such funds to maintain certain standards, including a 13 -month
maturity limit and a 60-day average maturity on investments, to help maintain a constant
net asset value of one dollar ($1.00).
SAFEKEEPING: See CUSTODY.
SECONDARY MARKET: A market made for the purchase and sale of outstanding issues
following the initial distribution.
SECURITIES & EXCHANGE COMMISSION: Agency created by Congress to protect
investors in securities transactions by administering securities legislation.
SETTLEMENT DATE: The date on which a trade is cleared by delivery of securities
against funds.
STRUCTURED NOTE: A complex, fixed income instrument, which pays interest, based
on a formula tied to other interest rates, commodities or indices. Examples include inverse
floating rate notes which have coupons that increase when other interest rates are falling,
and which fall when other interest rates are rising, and "dual index floaters," which pay
interest based on the relationship between two other interest rates - for example, the yield
on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced
cost of borrowing by purchasing interest rate swap agreements.
TENNESSEE VALLEY AUTHORITY (TVA): The Tennessee Valley Authority provides
flood control and power and promotes development in portions of the Tennessee, Ohio,
and Mississippi River valleys. TVA currently issues discount notes and bonds.
TIME CERTIFICATE OF DEPOSIT: A non-negotiable certificate of deposit which cannot
be sold prior to maturity.
TOTAL RATE OF RETURN: A measure of a portfolio's performance over time. It is the
internal rate of return, which equates the beginning value of the portfolio with the ending
value; it includes interest earnings, realized and unrealized gains, and losses in the
portfolio.
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 and are sold on a discount basis.
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TREASURY BONDS: Long-term coupon-bearing U.S. Treasury securities issued
as direct obligations of the U.S. Government and having initial maturities of more than 10
years.
TREASURY NOTES: Medium-term coupon-bearing U.S. Treasury securities issued as
direct obligations of the U.S. Government and having initial maturities of 1 to 10 years.
U.S. GOVERNMENT AGENCIES: Instruments issued by various US Government
Agencies most of which are secured only by the credit worthiness of the particular agency.
VOLATILITY: The rate at which security prices change with changes in general economic
conditions or the general level of interest rates.
WEIGHTED AVERAGE MATURITY (WAM): The average maturity of all the securities
that comprise a portfolio that is typically expressed in days or years.
YIELD: The rate of annual income return on an investment, expressed as a percentage.
It is obtained by dividing the current dollar income by the current market price of the
security.
YIELD TO MATURITY: The rate of income return on an investment, minus any premium
or plus any discount, with the adjustment spread over the period from the date of purchase
to the date of maturity of the bond, expressed as a percentage.
YIELD CURVE: The yield on bonds, notes or bills of the same type and credit risk at a
specific date for maturities up to thirty years.
ZERO-COUPON SECURITY: Security that is issued at a discount and makes no periodic
interest payments. The rate of return consists of a gradual accretion of the principal of the
security and is payable at par upon maturity.
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Attachment 3
STATEMENT OF INVESTMENT POLICY FOR THE CITY OF DUBLIN
I. INTRODUCTION
This Statement of Investment Policy (Policy) is intended to identify various policies
and procedures that will foster a prudent and systematic investment program designed
to seek the City's objectives of safety, liquidity, and return through a diversified
investment portfolio. This policy also serves to organize and formalize the City's
investment-related activities, while complying with all applicable statu tes governing
the investment of public funds.
II. SCOPE
This policy covers all funds and investment activities under the direct authority of the
City of Dublin, as set forth in the CaliforniaState Government Code, sections 53600 et
seq., excluding any bond-related proceeds or reserves, which are governed by their
bond indentures. Cash held by the City shall be pooled in order to more effectively
manage City cash resources. All pooled funds are accounted for in the City's
Comprehensive Annual Financial Report and include:
Funds
General Fund
Special Revenue Funds
Capital Project Funds
Internal Service Funds
Enterprise Funds
Agency Funds
This original investment pPolicy was adopted by the City of Dublin (the "City"), on
August 21, 2007. This update to the Policy is effective on September 1 56, 20265 and
replaces any previous versions.
III. OBJECTIVES
The overall program shall be designed and managed with a degree of professionalism
worthy of the public trust. The primary objectives, in order of priority, of the City's
investment activities shall be:
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1) Safety: Safety of principal is the foremost objective of the investment program. The
City's investments shall be undertaken in a manner that seeks to safeguard the
principal of the funds under its control by maintaining an appropriate risk level.
2) Liquidity: The City's investment portfolio will remain sufficiently liquid to enable the
City to meet its reasonably anticipated cash flow requirements.
3) Return: Return should become a consideration only after the basic requirements
of safety and liquidity have been met. The City seeks to attain market average rate
of return on its investments throughout economic cycles, consistent with
constraints imposed by its safety objectives and cash flow considerations.
4) Diversification: The investment portfolio will be diversified to avoid incurring
unreasonable and avoidable risks regarding specific security types or individual
financial institutions. This shall also conform with applicable sections of the
Government Code.
IV. DELEGATION OF AUTHORITY
As authorized in Government Code Section 53607, the City Council delegates the
authority to invest funds of the City to the City Treasurer and/or any duly appointed
Deputy City Treasurer. The City Treasurer and any duly appointed Deputy City
Treasurer shall make all investment decisions and transactions in strict accordance
with state law and this Pinvestment policy. The Finance Director shall be designated
as the City Treasurer and the City Manager shall be designated as the Deputy City
Treasurer. This delegation shall be for a one-year period until the delegation of
authority is revoked or expires. The City Council may renew the authority each year
as part of an annual review of this Ppolicy.
The City Treasurer shall establish procedures for the operation of the investment
program. The City Treasurer shall also be also responsible for all transactions
undertaken and establishing a system of controls to regulate the activities of
subordinates.
The City recognizes that in a diversified portfolio, occasional measured losses may be
inevitable and must be considered within the context of the overall portfolio's return
and the cash flow requirements of the City. Authorized individuals acting in accordance
with written procedures and the investment pPolicy and exercising due diligence shall
be relieved of personal responsibility for an individual security's credit risk or market
price changes, provided deviations from expectations are reported in a timely fashion
and appropriate action is taken to control adverse developments.
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The City may engage the services of one or more external investment managers to
assist in the management of the City's investment portfolio in a manner consistent with
the City's objectives. Such external managers may be granted discretion to purchase
and sell investment securities in accordance with this investment pPolicy. Such
managers must be registered under the Investment Advisors Act of 1940.
V. PRUDENCE
Pursuant to California Government Code Section 53600.3, all persons authorized to
make investment decisions on behalf of the City 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."
VI. ETHICS AND CONFLICTS OF INTEREST
All participants in the investment process shall act as custodians of the public trust.
Investment officials shall recognize that the investment portfolio is subject to public
review and evaluation. The overall program shall be designed and managed with a
degree of professionalism that is worthy of the public trust. Thus, employees and
officials involved in the investment process shall refrain from personal business
activity that conflicts with proper execution of the investment program or impairs their
ability to make impartial investment decisions. Additionally, the City Treasurer and the
Deputy Treasurer shall file applicable financial disclosures as required by the Fair
Political Practices Commission (FPPC).
VII. INTERNAL CONTROLS
The Treasurer is responsible for establishing and maintaining an internal control
structure designed to ensure that the assets of the entity are protected from loss, theft
or misuse. The internal control structure shall be designed to provide reasonable
assurance that these objectives are met. The concept 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 costs and benefits requires estimates and judgments
by City management. Periodically, as deemed appropriate by City management and/or
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the City Council, an independent analysis by an external auditor shall be conducted
to review internal controls, account activity and compliance with policies and
procedures.
VIII. AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS
To the extent practical the Treasurer shall endeavor to complete investment
transactions using a competitive bid process whenever possible. It shall be the City's
policy to purchase securities only from authorized institutions and firms. No deposit of
public funds shall be made except in a qualified public depository as established by
state laws.
Institutions eligible to transact investment business with the City include:
1) Primary government dealers as designated by the Federal Reserve Bank and non-
primary government dealers
2) Nationally or state-chartered banks
3) The Federal Reserve Bank
4) Direct issuers of securities eligible for purchase
The Treasurer shall maintain procedures for establishing a list of authorized
broker/dealers and financial institutions which are approved for investment purposes.
These may include primary or regional dealers that qualify under Securities &
Exchange Commission Rule 15C3-1 (uniform net capital rule). The City requires each
firm that will be used for the purchase or sale of securities to be evaluated by the
Treasurer prior to any investments. The firms shall submit current financial statements,
and annual audited financial statements each year thereafter, which are to be
evaluated by the Treasurer. At a minimum, the firm must be financially sound and have
been in business a minimum of three years. In addition, the firms must provide: proof
of National Association of Security Dealers membership, proof of state registration or
exemption, and certificate of having read the City's investment pPolicy.
If an investment adviser is retained by the City, then that adviser will be permitted to
use their own list of approved broker/dealers and financial institutions for investment
purposes.
IX. AUTHORIZED AND SUITABLE INVESTMENTS
The City's investments are governed by Government Code, Sections 53600 et seq.
Within the investments permitted by the Government Code, the City seeks to further
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restrict eligible investments to the guidelines listed below. In the event an apparent
discrepancy is found between this Policy and the Government Code, the more
restrictive parameters will take precedence. Percentage holding limits listed in this
section apply at the time the security is purchased. Any investment currently held at
the time the Policy is adopted which does not meet the new Policy guidelines can be
held until maturity, and shall be exempt from the current Policy. At the time of the
investment's maturity or liquidation such funds shall be reinvested only as provided in
the most current Policy.
An appropriate risk level shall be maintained by primarily purchasing securities that
are of high quality, liquid, and marketable. The portfolio shall be diversified by security
type and institution to avoid incurring unreasonable and avoidable risks regarding
specific security types or individual financial institutions.
1) United States Treasury Issues. 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 limitation
as to the percentage of the portfolio that may be invested in this category. The
maximum maturity of these securities is ten years. The City Council authorized
investments in United States Treasury Issues beyond five years on September 6,
2022.
2) Federal Agency Obligations. Federal agency or United States government-
sponsored enterprise obligations, participations, or other instruments, including
those issued by or fully guaranteed as to principal and interest by federal agencies
or United States government- sponsored enterprises. There is no limitation as to
the percentage of the portfolio that may be invested in this category. However, the
portfolio's exposure to any one federal agency issuer is limited to 35 percent of the
overall portfolio. The limit of the overall portfolio's exposure to callable federal
agency securities is 25 percent. The maximum maturity for agency securities is ten
years. The City Council authorized investments in Federal Agency Obligations
beyond five years on September 6, 2022.
3) Bankers' Acceptances. Bankers' acceptances, otherwise known as bills of
exchange or time drafts, that are drawn on and accepted by a commercial bank.
Bankers' acceptances must be secured by the irrevocable primary obligation of the
accepting domestic bank. Purchasers are limited to issuers whose short-term debt
is rated "A-1" or higher, or the equivalent, by a Nationally Recognized Statistical-
Rating Organization (NRSRO). Bankers' acceptances cannot exceed a maturity of
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180 days. A maximum of 40 percent of the portfolio may be invested in this
category. The amount invested in bankers' acceptances with any one financial
institution in combination with any other debt from that financial institution shall not
exceed 1020 percent of the portfolio.
4) Commercial Paper. Commercial paper of "prime" quality rated "A-1" or higher, or
the equivalent, by a NRSRO. The entity that issues the commercial paper shall
meet all of the following conditions in either paragraph (a) or paragraph (b):
a. The entity meets the following criteria: (i) Is organized and operating in the
United States as a general corporation. (ii) Has total assets in excess of five
hundred million dollars ($500,000,000). (iii) Has debt other than commercial
paper, if any, that is rated "A" or higher by a nationally recognized statistical-
rating organization.
b. The entity meets the following criteria: (i) Is organized within the United
States as a special purpose corporation, trust, or limited liability company.
(ii) Has program-wide credit enhancements including, but not limited to,
overcollateralization, letters of credit, or surety bond. (iii) Has commercial
paper that is rated "A-1" or higher, or the equivalent, by a nationally
recognized statistical-rating organization.
Eligible commercial paper shall have a maximum maturity of 270 397 days or less
and not represent more than 10 percent of the outstanding paper of an issuing
corporation. A maximum of 25 percent of the portfolio may be invested in this
category. Under a provision of the California Government Code sunsetting on
January 1, 20312026, no more than 40 percent of the portfolio may be invested in
Commercial Paper if the Agency’s investment assets under management are
greater than $100,000,000 or more. The amount invested in commercial paper of
any one issuer in combination with any other debt from that issuer shall not exceed
1020 percent of the portfolio.
5) Negotiable Certificates of Deposit. Negotiable certificates of deposit (NCDs)
issued by a nationally or state-chartered bank, a savings association or a federal
association, a state or federal credit union, or by a state-licensed branch of a
foreign bank. Purchases are limited to institutions which have long-term debt rated
"A" or better and/or have short-term debt rated at least "A-1" or higher, or the
equivalent by a NRSRO. A maximum of 30 percent of the portfolio may be invested
in this category. The amount invested in NCDs with any one financial institution in
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combination with any other debt from that financial institution shall not exceed 1020
percent of the portfolio. The maximum maturity of these securities is five years.
6) Time Certificates of Deposit. Time Certificates of Deposit (TCDs) placed with
commercial banks and savings and loans. The purchase of TCDs from out-of-state
banks or savings and loans is prohibited. The amount on deposit shall not exceed
the shareholder's equity in the financial institution. To be eligible for purchase, the
financial institution must have received a minimum overall satisfactory rating for
meeting the credit needs of California Communities in its most recent evaluation,
as provided in Government Code Section 53635.2. TCDs are required to be
collateralized as specified under Government Code Section 53630 et. seq. The
Treasurer, at his discretion, may waive the collateralization requirements for any
portion that is covered by federal (FDIC) insurance. The City shall have a signed
agreement with the depository per Government Code Section 53649. The
maximum maturity of these securities may not exceed one (1) year in maturity. A
maximum of 10 percent of the portfolio may be invested in this category.
7) Mutual Funds and Money Market Mutual Funds that are registered with the
Securities and Exchange Commission under the Investment Company Act of 1940,
provided that,
a. MUTUAL FUNDS that invest in the securities and obligations as authorized
under California Government Code, Section 53601 (a) to (k) and (m) to (q)
inclusive and that meet either of the following criteria:
i. Attained the highest ranking or the highest letter and numerical rating
provided by not less than two (2) NRSROs; or
ii. Have retained an investment adviser registered or exempt from
registration with the Securities and Exchange Commission with not
less than five years’ experience investing in the securities and
obligations authorized by California Government Code, Section
53601 and with assets under management in excess of $500 million.
iii. No more than 10% of the total portfolio may be invested in shares of
any one mutual fund.
b. MONEY MARKET MUTUAL FUNDS registered with the Securities and
Exchange Commission under the Investment Company Act of 1940 and
issued by diversified management companies and meet either of the
following criteria:
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i. Have attained the highest ranking or the highest letter and numerical
rating provided by not less than two (2) NRSROs; or
ii. Have retained an investment adviser registered or exempt from
registration with the Securities and Exchange Commission with not
less than five years’ experience managing money market mutual
funds with assets under management in excess of $500 million.
iii. No more than 20% of the total portfolio may be invested in Money
Market Mutual Funds.
c. No more than 20% of the total portfolio may be invested in these securities.
8) State of California Local Agency Investment Fund (LAIF). The City may invest up
to the maximum as permitted by LAIF. For due diligence, the Treasurer shall
maintain on file a copy of LAIF's current Answer Book.
9) Joint Powers Authority (JPA) Pools, provided that: The JPA is organized pursuant
to California Government Code Section 6509.7 and invests in the securities and
obligations authorized in subdivisions (a) to (r), inclusive. Each share shall
represent an equal proportional interest in the underlying pool of securities owned
by the JPA. The JPA has retained an investment advisor who is registered with the
SEC (or exempt from registration), has assets under management in excess of
$500 million, and has at least five years’ experience investing in instruments
authorized by Section 53601, subdivisions (a) to (q).
10) Medium Term Notes. Medium-term notes, defined as all corporate and depository
institution debt securities with a maximum remaining maturity of five years or less,
issued by corporations organized and operating within the United States or by
depository institutions licensed by the United States or any state and operating
within the United States. Purchases are limited to securities rated "A" or higher, or
the equivalent, by a NRSRO. A maximum of 30 percent of the City's portfolio may
be invested in this category and a maximum of 5 percent with any one issuer. The
maximum maturity of these securities is five years.
11) Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and
Collateralized Mortgage Obligations, from issuers not defined in the Federal
Agency Obligations Subdivision. The City may purchase such securities provided
that they are rated "AA" or higher, or the equivalent, by a NRSRO. Purchase of
securities authorized by this subdivision may not exceed 20 percent of the portfolio,
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and a maximum of 5 percent per issue. The maximum maturity of these securities
is five years.
12) Municipal Securities. Obligations of the State of California, any of the other 49
states, or any local agency within the State of California, may be purchased by the
City provided that long-term obligations are rated "A" or higher, or the equivalent,
by at least one NRSRO. There are no limits on the dollar amount or percentage
that the city may invest in municipal securities; however, investments in these
securities are limited to a maximum of 5 percent with any single issuer. The
maximum maturity of these securities is ten years. The City Council authorized
investments in Municipal Securities beyond five years on September 6, 2022.
13) Supranationals provided that issues are US dollar denominated senior unsecured
unsubordinated obligations issued or unconditionally guaranteed by the
International Bank for Reconstruction and Development, International Finance
Corporation, or Inter-American Development Bank. The securities must be rated
in a rating category of “AA” or its equivalent by a NRSRO. No more than 30% of
the portfolio may be invested in these securities, and no more than 10% of the
portfolio may be invested in any single issuer. The maximum maturity does not
exceed five (5) years.
X. AUTHORIZED INVESTMENTS FOR BOND PROCEEDS
Bond proceeds shall be invested in securities permitted by the applicable bond
documents. If the bond documents are silent as to the permitted investments, bond
proceeds will be invested in securities permitted by this Policy. Notwithstanding the
provisions of the Policy, the percentage or dollar portfolio limitations listed elsewhere
in this Policy do not apply to bond proceeds. In addition to the securities listed in
Section IX above, bond proceeds may be invested in structured investment products
if approved by the Treasurer.
XI. PROHIBITED INVESTMENT PRACTICES AND INSTRUMENTS
City Investments will be guided by the City’s Mission, Vision, and Values and during
the annual review of the Investment Policy, the City shall review the portfolio and
identify and update prohibited investments as needed.
The Intercontinental Exchange Bank of America Index Family’s classification system
will be used to identify business sectors for the purpose of excluding prohibited
investment types.
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The City will not invest in fossil fuel companies, tobacco or tobacco-related companies
and companies that support the production of firearms.
The City will not invest in companies that develop or manufacture commodities that
facilitate violence or war.
The City will not invest in companies that engage in border or mass surveillance
industries.
The City will not invest in companies that are involved in mass incarceration or
detention industries.
The City shall not make investments for the purpose of trading or speculation as the
dominantte criterion such as anticipation of appreciation of capital value through
changes in market rates.
Any investment in a security not specifically listed as an Authorized and Suitable
Investment above, but otherwise permitted by the Government Code, is prohibited
without the prior approval of the City Council. Section 53601.6 of the Government
Code specifically disallows investments in invoice floaters, range notes, or interest-
only strips that are derived from a pool of mortgages. Under a provision of the
California Government Code sunsetting on January 1, 20312026, securities backed
by the United States Government that could result in a zero or negative interest
accrual if held to maturity are permitted.
XII. REVIEW OF INVESTMENT PORTFOLIO
The City Treasurer shall periodically, but no less than quarterly, review the portfolio to
identify investments that do not comply with this Pinvestment policy and establish
protocols for reporting major and critical inciden tsces of noncompliance to the City
Council.
XIII. TERM OF INVESTMENTS
Funds of the City will be invested in accordance with sound treasury management
principles. It is the objective of this Policy to provide a system which will accurately
monitor and forecast revenues and expenditures so that the City can invest funds to
the fullest extent possible.
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The maximum maturity of individual investments shall not exceed the limits set forth
in under Authorized and Suitable Investments. No investment shall exceed a maturity
of five years from the date of settlement purchase unless the City Council has granted
express authority to make that investment either specifically or as a part of an
investment program approved by the City Council no less than three months prior to
the investment. Date of settlement shall be used to determine investment eligibility as
it relates to final maturity for all investments in the portfolio. .
XIV. INVESTMENT RISK
a. MARKET RISK
Market risk is the risk that the portfolio will decline in value (or will not optimize
its value) due to changes in the general level of interest rates. The City
recognizes that, over time, longer-term portfolios achieve higher returns. On
the other hand, longer-term portfolios have higher volatility of return. The City
shall mitigate market risk by providing adequate liquidity for short-term cash
needs, and by making some longer-term investments only with funds that are
not needed for current cash flow purposes.
The City further recognizes that certain types of securities, including variable
rate securities, securities with principal pay-downs prior to maturity, and
securities with embedded options, will affect the market risk profile of the
portfolio differently in different interest rate environments. The City, therefore,
adopts the following strategies to control and mitigate its exposure to market
risk:
i. The maximum stated final maturity of individual securities in the portfolio
shall be five years, unless otherwise stated in this policy;
ii. The City shall maintain a minimum of three months of budgeted
operating expenditures in cash, cash equivalents and short-term
investments; and
iii. The duration of the portfolio will typically be approximately equal to the
duration of a market index, selected by the City as its performance
benchmark, which meets the City's needs for cash flow and level of risk
tolerance plus or minus 20%.
b. CREDIT RISK
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In general, the City's portfolio will be diversified to avoid incurring unreasonable
and avoidable risks regarding specific security types or individual financial
institutions, such as credit risk. Credit risk is the risk that a security or a portfolio
will lose some or all of its value due to a real or perceived change in the ability of
the issuer to repay its debt. The City shall mitigate credit risk by adopting the
following strategies:
i. The diversification requirements included in Section IX are designed to
mitigate credit risk in the portfolio;
ii. No more than 5% of the total portfolio may be deposited with or invested
in securities issued by any single issuer unless otherwise specified in
this policy.
iii. The City may elect to sell a security prior to its maturity and record a
capital gain or loss in order to improve the quality, liquidity or return of
the portfolio in response to market conditions or the City's risk
preferences; and
iv. If a security owned by the City is downgraded to a level below the
requirements of this policy, making the security ineligible for additional
purchases, the following steps will be taken:
1. Any actions taken related to the downgrade by the investment
manager will be communicated to the City in a timely manner.
2. If a decision is made to retain the security, the credit situation will
be monitored and reported back to the City.
XV. SAFEKEEPING AND CUSTODY
Investment securities are to be purchased when possible in book-entry form in the
City's name. All security transactions entered into by the City shall be conducted on a
delivery-versus-payment (DVP) basis. All cash and securities in the City's portfolio
shall be held in safekeeping in the City's name by a third-party bank trust department,
acting as agent for the City under the terms of a custody agreement executed by the
bank and the City. All investment transactions will require a safekeeping receipt or
acknowledgment generated from the trade. A monthly report will be received by the
City from the safekeeping institution listing all securities held in safekeeping with
current market data and other information. The only exception to the foregoing shall
be depository accounts and securities purchases made with: (i) local government
investment pools; (ii) time certificates of deposit, and, (iii) money market mutual funds,
since the purchased securities are not deliverable. Term and non-negotiable
instruments, such as certificates of deposit, can be held by the Treasurer, or in
safekeeping as the Treasurer deems appropriate.
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XVI. PERFORMANCE BENCHMARK
The investment portfolio shall be designed to attain a market-average rate of return
throughout budgetary and economic cycles, taking into account the City's risk
constraints, the cash flow characteristics of the portfolio, and state and local laws,
ordinances or resolutions that restrict investments. The Treasurer shall monitor and
evaluate the portfolio's performance relative to the market benchmark, which will be
included in the Treasurer's quarterly report. The Treasurer shall select an appropriate,
readily available index to use as a benchmark.
XVII. REPORT INFORMATION
The Treasurer shall prepare a report to the Finance and Investment Committee,
quarterly. A report will then be prepared for the City Council not less than semi-
annually., which is available each year within 60 days following December 31st and
June 30th. The semi-annual report shall be presented at a subsequent regularly
scheduled City Council Meeting. The report shall be inclusive of a monthly listing of
investment transactions. At a minimum the report shall include the following (Revised
9-18-2012):
a. Type of Investment
b. Issuer
c. Date of Maturity
d. Par and dollar amount invested
e. Current Market Value as of the date of the report
f. Source of the market value information
g. A list of investment transactions.
h. A statement of compliance with the investment policy
i. A statement as to the ability of the City to meet its expenditure requirements for
the next six months
In addition, the City Treasurer will submit a monthly transaction report to the City
Council.
XVIII. REVIEW OF INVESTMENT POLICY
This pPolicy shall be subject to review by the Finance and Investment Committee and
the City Council on an annual basis, by the second Council meeting in September.
Any recommended modifications or amendments shall first be presented by Staff to
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the Finance and Investment Committee for their review and consideration. Once
reviewed by the Finance and Investment Committee, Staff will present modifications
or amendments to the City Council for their consideration and adoption.
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GLOSSARY OF TERMS
ACCRUED INTEREST: Interest earned but not yet received.
AGENCIES: Federal agency securities and/or Government-sponsored enterprises.
Examples of well-known agencies that issue bonds are Federal Home Loan Mortgage
Corporation (FHLMC or "Freddie Mac"), Federal National Mortgage Association (FNMA
or "Fannie Mae"), and the Federal Home Loan Bank.
AMORTIZATION: An accounting practice of gradually decreasing (increasing) an asset's
book value by spreading its depreciation (accretion) over a period of time.
ANNUAL COMPREHENSIVE ANNUAL FINANCIAL REPORT (CA CFR): The official
annual financial report for the City. It includes combined statements and basic financial
statements for each individual fund and account group prepared in conformity with
Generally Accepted Accounting Principles (GAAP). Supplemental information is also
included including a detailed multi-year comparative statistics.
ASKED: The price at which securities are offered.
ASSET BACKED SECURITIES: Securities supported by pools of installment loans or
leases or by pools of revolving lines of credit.
BANKERS' ACCEPTANCE (BA): A draft or bill ofr exchange accepted by a bank or trust
company. The accepting institution guarantees payment of the bill, as well as the issuer.
BASIS POINT: One basis point is one hundredth of one percent (.01).
BENCHMARK: A comparative base for measuring the performance or risk tolerance of
the investment portfolio. A benchmark should represent a close correlation to the level of
risk and the average duration of the portfolio's investments.
BID PRICE: The price offered by a buyer of securities. (When you are selling securities,
you ask for a bid.) See Offer.
BOND: A financial obligation for which the issuer promises to pay the bondholder a
specified stream of future cash flows, including periodic interest payments and a principal
repayment.
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BOOK ENTRY: The system maintained by the Federal Reserve, by which most money
market securities are delivered to an investor's custodial bank. The Federal Reserve
maintains a computerized record of the ownership of these securities and records any
changes in ownership corresponding to payments made over the Federal Reserve wire
(delivery versus payment.)
BOOK VALUE: The value at which a debt security is shown on the holder's balance
sheet. Book value is acquisition cost less amortization of premium or accretion of
discount.
BROKER: A broker brings buyers and sellers together for a commission.
CALLABLE BOND: A bond issue in which all or part of its outstanding principal amount
may be redeemed before maturity by the issuer under specified conditions.
CALL PRICE: The price at which an issuer may redeem a bond prior to maturity. The
price is usually at a slight premium to the bond's original issue price to compensate the
holder for loss of income and ownership.
CALL RISK: The risk to a bondholder that a bond may be redeemed prior to maturity.
CERTIFICATE OF DEPOSIT (CD): A deposit insured up to $25100,000 by the FDIC at a
set rate for a specified period of time.
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 OBLIGATION (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: An unsecured promissory note of industrial corporations, utilities
and bank holding companies having assets in excess of $500 million and an "A" or higher
rating for the issuer's debentures. Interest is discounted from par and calculated using
the actual number of days on a 360-day year. The notes are in bearer form, mature from
one to 270397 days and generally start at $100,000. There is a secondary market for
commercial paper and an investor may sell them prior to maturity. Unused lines of credit
back commercial paper from major banks.
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COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR): The official annual
financial report for the City. It includes combined statements and basic financial
statements for each individual fund and account group prepared in conformity with
Generally Accepted Accounting Principles (GAAP). Supplemental information is also
included including a detailed multi-year comparative statistics.
COST YIELD: The annual income from an investment divided by the purchase cost.
Because it does not give effect to premiums and discounts which may have been included
in the purchase cost, it is an incomplete measure of return.
COUPON: (a) The annual rate of interest that a bond's issuer promises to pay the
bondholder on the bond's face value. (b) A certificate attached to a bond evidencing
interest due on a payment date.
CREDIT RISK: The risk that principal and/or interest on an investment will not be paid in
a timely manner due to changes in the condition of the issuer.
CURRENT YIELD: The interest paid on an investment expressed as a percentage of the
current price of the security.
CUSTODY: A banking service that provides safekeeping for the individual securities in a
customer's investment portfolio under a written agreement which also calls for the bank
to collect and pay out income, and to buy, sell, receive and deliver securities when ordered
to do so by the account holder.
DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying
and selling for his own account.
DEBENTURE: A bond secured only by the general credit of the issuer.
DELIVERY VERSUS PAYMENT (DVP): Delivery versus payment is delivery of securities
with an exchange of money for the securities.
DERIVATIVES: (1) Financial instruments whose return profile is linked to, or derived from,
the movement of one or more underlying index or security, and may include a leveraging
factor, or (2) financial contracts based upon notional amounts whose value is derived from
an underlying index or security (interest rates, foreign exchange rates, equities or
commodities).
DISCOUNT: The difference between the cost price of a security and its value at maturity
when quoted at lower than face value.
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DISCOUNT SECURITIES: Non-interest-bearing money market instruments that are
issued at a discount and redeemed at maturity for full face value, e.g., U.S. Treasury Bills.
DIVERSIFICATION: Dividing investment funds among a variety of securities offering
independent returns.
DURATION: A measure of the timing of the cash flows, such as the interest payments
and the principal repayment, to be received from a given fixed-income security. This
calculation is based on three variables: term to maturity, coupon rate, and yield to maturity.
The duration of a security is a useful indicator of its price volatility for given changes in
interest rates.
FEDERAL CREDIT AGENCIES: Agencies of the Federal government set up to supply
credit to various classes of institutions and individuals, 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 $250100,000 per deposit.
FEDERAL FUNDS RATE: The rate of interest at which Fed funds are traded. This rate is
currently pegged by the Federal Reserve through open-market operations.
FEDERAL HOME LOAN BANKS (FHLB): Government sponsored wholesale banks
(currently 112 regional banks) which lend funds and provide correspondent banking
services to member commercial banks, thrift institutions, credit unions and insurance
companies.
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA or Fannie Mae): FNMA was
created in 1938 through amendments to the National Housing Act. In 1968, Congress
split the original Fannie Mae into two entities: a privately owned, shareholder-held Fannie
Mae, and Ginnie Mae (GNMA), a wholly government-owned corporation within , like
GNMA was chartered under the Federal National Mortgage Association Act in 1938.
FNMA is a federal corporation working under the auspices of the Department of Housing
and Urban Development (HUD). FNMA is a government-sponsored enterprise (GSE)
chartered by Congress and currently operates under the conservatorship of the Federal
Housing Finance Agency (FHFA). Fannie MaeThe corporation is called, is a private,
shareholdertockholder-owned corporation. The corporation's purchases include a variety
of adjustable mortgages loans, primarily fixed-rate first mortgages, along with a limited
volume of and second mortgages under specific affordable housing programsloans, in
addition to fixed-rate mortgages.
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FEDERAL OPEN MARKET COMMITTEE (FOMC): Consists of seven members of the
Federal Reserve Board and five of the twelve Federal Reserve Bank Presidents. The
President of the New York Federal Reserve Bank is a permanent member, while the other
Presidents serve on a rotating basis. The Committee periodically meets to set Federal
Reserve guidelines regarding purchases and sales of Government Securities in the open
market as a means of influencing the volume of bank credit and money.
FEDERAL RESERVE SYSTEM: The central bank of the United States, created by
Congress in 1913. It and consistsing of a seven-member Board of Governors in
Washington, D.C., 12 regional Federal Reserve Bbanks, and the about 5,700 commercial
banks (national and state-chartered) that belong to the system as are members of the
system.
FED WIRE: A wire transmission service established by the Federal Reserve Bank to
facilitate the transfer of funds through debits and credits of funds between participants
within the Fed system.
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC or Freddie Mac): A
United States government sponsored corporation.
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA): a self-regulatory
organization (SRO) that oversees brokers and dealers in the securities industry, including
firms that distribute mutual fund shares. FINRA was formed in 2007 through the merger
of the National Association of Securities Dealers (NASD) and the regulatory arm of the
New York Stock Exchange.
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA or Ginnie Mae):
Mortgage-backed sSecurities influencing the volume of bank credit guaranteed by GNMA
and issued by mortgage bankers, commercial banks, savings and loan associations, and
other approved institutions. Security holder is protected by full faith and credit of the U.S.
Government. Ginnie Mae securities are Bbacked by pools of the FHA-insured, VA-
guaranteed, or USDA Rural Housing Service loans or FmHA mortgages. The security
holder is protected by the full faith and credit of the U.S. government. These securities
are commonly called The term "pass-throughs." is often used to describe Ginnie Maes.
HAIRCUT: The margin or difference between the actual market value of a security and
the value assessed by the lending side of a transaction (i.e. a repo).
INTEREST RATE: The annual yield earned on an investment, expressed as a
percentage.
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LEVERAGE: Borrowing funds in order to invest in securities that have the potential to
pay earnings at a rate higher than the cost of borrowing.
LIQUIDITY: Refers to the ability to easily and rapidly convert a security into cash.
LOCAL AGENCY INVESTMENT FUND (LAIF): The Llocal Agency Investment Fund
(LAIF) is a special fund in the California State Treasury created and governed pursuant
to Government Code Sections 16429.1 et seq. There are limits on the maximum account
balance and thedollars deposited by a city as well as the number of transactions allowed
each month.
LOCAL GOVERNMENT INVESTMENT POOL (LGIP): The aggregate of all funds from
political subdivisions that are placed in custody of the State Treasurer for investment and
reinvestment.
MAKE WHOLE CALL: A type of call provision on a bond that allows the issuer to pay off
the remaining debt early. Unlike a call option, with a make whole call provision, the issuer
makes a lump sum payment that equals the net present value (NPV) of future coupon
payments that will not be paid because of the call. With this type of call, an investor is
compensated, or "made whole."
MARGIN: The difference between the market value of a security and the loan a broker
makes using that security as collateral.
MARKET RISK: The risk that the value of securities will fluctuate with changes in overall
market conditions or interest rates.
MARKET VALUE: The price at which a security is trading and could presumably be
purchased or sold on a specific date.
MARKING TO MARKET: The process of posting current market values for securities in
a portfolio.
MATURITY: The date upon which the principal or stated value of an investment becomes
due and payable.
MEDIUM TERM NOTES (MTNs): Unsecured, investment-grade senior debt securities of
major corporations which are sold in relatively small amounts on either a continuous or
an intermittent basis. MTNs are highly flexible debt instruments that can be structured to
respond to market opportunities or to investor preferences.
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MODIFIED DURATION: The percent change in price for a 100 basis point change in
yields. Modified duration is the best single measure of a portfolio's or security's exposure
to market risk.
MONEY MARKET: The market in which short-term debt instruments (T-bills, discount
notes, commercial paper, and bankers’ acceptances) are issued and traded.
MONEY MARKET MUTUAL FUND: Mutual funds that invest solely in money market
instruments (short-term debt instruments, such as Treasury bills, commercial paper,
bankers' acceptances, and federal funds).
MORTGAGE PASS- THROUGH SECURITIES: A securitized participation in the interest
and principal cash flows from a specified pool of mortgages. Principal and interest
payments made on the mortgages are passed through to the holder of the security.
MUNICIPAL SECURITIES: Securities issued by state and local agencies to finance
capital and operating expenses.
MUTUAL FUND: An entity which pools the funds of investors and invests those funds in
a set of securities which is specifically defined in the fund's prospectus. Mutual funds can
be invested in various types of domestic and/or international stocks, bonds, and money
market instruments, as set forth in the individual fund's prospectus. For most large,
institutional investors, the costs associated with investing in mutual funds are higher than
the investor can obtain through an individually managed portfolio.
NATIONAL ASSOCIATION OF SECURITIES DEALERS (NASD): A self-regulatory
organization (SRO) of brokers and dealers in the over-the-counter securities business. Its
regulatory mandate includes authority over firms that distribute mutual fund shares as
well as other securities.See FINRA.
NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS (N RSROs):;
Credit rating agencies whose ratings are permitted to be used for regulatory purposes
such as those imposed by the Securities and Exchange Commission.
NEGOTIABLE CERTIFICATE OF DEPOSIT: A large denomination certificate of deposit
which can be sold in the open market prior to maturity.
NEW ISSUE: Term used when a security is originally "brought" to market.
OFFER: The price asked by a seller of securities. (When you are buying securities, you
ask for an offer.) See Asked and Bid.
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OPEN MARKET OPERATIONS: Purchases and sales of government and certain other
securities in the open market by the New York Federal Reserve Bank as directed by the
FOMC in order to influence the volume of money and credit in the economy. Purchases
inject reserves into the bank system and stimulate growth of money and credit; sales have
the opposite effect. Open market operations are the Federal Reserve's most important
and most flexible monetary policy tool.
PORTFOLIO: Collection of securities held by an investor.
PREMIUM: The amount by which the price paid for a security exceeds the security's par
value.
PREPAYMENT SPEED: A measure of how quickly principal is repaid to investors in
mortgage securities.
PREPAYMENT WINDOW: The time period over which principal repayments will be
received on mortgage securities at a specified prepayment speed.
PRIMARY DEALER: A 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.
PRINCIPAL: The face value or par value of a debt instrument, or the amount of capital
invested in a given security.
PRUDENT PERSON (PRUDENT INVESTOR) RULE: A standard of responsibility which
applies to fiduciaries. In California, the rule is stated as "Investments shall be managed
with the care, skill, prudence and diligence, under the circumstances then prevailing, that
a prudent person, acting in a like capacity and familiar with such matters, would use in
the conduct of an enterprise of like character and with like aims to accomplish similar
purposes."
PURCHASE DATE: The date on which a security is purchased for settlement on that or
a later date.
RATE OF RETURN: The yield obtainable on a security based on its purchase price or its
current market price. This may be the amortized yield to maturity on a bond or the current
income return.
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REALIZED YIELD: The change in value of the portfolio due to interest received and
interest earned and realized gains and losses. It does not give effect to changes in market
value on securities, which have not been sold from the portfolio.
REGIONAL DEALER: A financial intermediary that buys and sells securities for the
benefit of its customers without maintaining substantial inventories of securities and that
is not a primary dealer.
REPURCHASE AGREEMENT (RP OR REPO): A holder of securities sells these
securities to an investor with an agreement to repurchase them at a fixed price on a fixed
date. The security "buyer" in effect lends the "seller" money for the period of the
agreement, and the terms of the agreement are structured to compensate him for this.
RULE 2a-7 OF THE INVESTMENT COMPANY ACT: Applies to all money market mutual
funds and mandates such funds to maintain certain standards, including a 13- month
maturity limit and a 690-day average maturity on investments, to help maintain a constant
net asset value of one dollar ($1.00).
SAFEKEEPING: See CUSTODY.
SECONDARY MARKET: A market made for the purchase and sale of outstanding issues
following the initial distribution.
SECURITIES & EXCHANGE COMMISSION: Agency created by Congress to protect
investors inm securities transactions by administering securities legislation.
SETTLEMENT DATE: The date on which a trade is cleared by delivery of securities
against funds.
STRUCTURED NOTE: A complex, fixed income instrument, which pays interest, based
on a formula tied to other interest rates, commodities or indices. Examples include inverse
floating rate notes which have coupons that increase when other interest rates are falling,
and which fall when other interest rates are rising, and "dual index floaters," which pay
interest based on the relationship between two other interest rates - for example, the yield
on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced
cost of borrowing by purchasing interest rate swap agreements.
TENNESSEE VALLEY AUTHORITY (TVA): The Tennessee Valley Authority provides
flood control and power and promotes development in portions of the Tennessee, Ohio,
and Mississippi River valleys. TVA currently issues discount notes and bonds.
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TIME CERTIFICATE OF DEPOSIT: A non-negotiable certificate of deposit which cannot
be sold prior to maturity.
TOTAL RATE OF RETURN: A measure of a portfolio's performance over time. It is the
internal rate of return, which equates the beginning value of the portfolio with the ending
value; it includes interest earnings, realized and unrealized gains, and losses in the
portfolio.
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 and are sold on a discount basis.
TREASURY BONDS: Long-term coupon-bearing U.S. Treasury securities issued
as direct obligations of the U.S. Government and having initial maturities of more than 10
years.
TREASURY NOTES: Medium-term coupon-bearing U.S. Treasury securities issued as
direct obligations of the U.S. Government and having initial maturities of 1 to 10 years.
U.S. GOVERNMENT AGENCIES: Instruments issued by various US Government
Agencies most of which are secured only by the credit worthiness of the particular agency.
VOLATILITY: The rate at which security prices change with changes in general economic
conditions or the general level of interest rates.
WEIGHTED AVERAGE MATURITY (WAM): The average maturity of all the securities
that comprise a portfolio that is typically expressed in days or years.
YIELD: The rate of annual income return on an investment, expressed as a percentage.
It is obtained by dividing the current dollar income by the current market price of the
security.
YIELD TO MATURITY: The rate of income return on an investment, minus any premium
or plus any discount, with the adjustment spread over the period from the date of purchase
to the date of maturity of the bond, expressed as a percentage.
YIELD CURVE: The yield on bonds, notes or bills of the same type and credit risk at a
specific date for maturities up to thirty years.
ZERO-COUPON SECURITY: Security that is issued at a discount and makes no periodic
interest payments. The rate of return consists of a gradual accretion of the principal of the
security and is payable at par upon maturity.
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Annual Review of the City’s
Statement of Investment
Policy
September 15, 2026
99
Tonight
•Background
•Review of Investment Policy
•Delegation of Authority to complete investment
transactions
100
Background
•Investment Policy originally adopted in 2007
•Reviewed annually
•Not required, but best practice
•Second meeting in September
•Policy is derived from California Government Code, Sections
53600 et seq
•Policy can be more restrictive, not less
101
Review of Investment Policy, 1
Three Change Categories:
•State Law
•Best Practices
•Finance and Investment Committee (FIC)
Proposed Changes:
•Section IX: Authorized and Suitable Investments
•Updated max exposure to a single name to 10% from 20% (Best Practice)
•Bankers’ Acceptances
•Commercial Paper
•Negotiable Certificates of Deposit
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Review of Investment Policy, 2
•Section IX –Continued
•Commercial Paper (State Law)
•Max maturity 397 days from 270 days
•Sunset provision 2031 from 2026
•City holds no commercial paper
•Section XI: Prohibited Investment Practices and Instruments
•Zero-or negative-interest securities backed by the U.S.
Government (State Law)
•Sunset provision 2031 from 2026
•City does not hold investments of this type
103
Review of Investment Policy, 3
•Section XIII: Term of Investment (Best Practice)
•Change eligibility determination from purchase date to settlement
date
•Section XVII/XVIII: Report Information/Review of Investment
Policy (FIC)
•FIC will review investment reports and investment policy prior to
City Council.
•Update reporting and review timeframes
•Reports to City Council to include FIC input and amendments
104
Review of Investment Policy, 4
Finance and Investment Committee Review
•Reviewed Investment Policy on September 1, 2026
•Following discussion, FIC supported updates and recommended
the item be brought to the City Council
105
Delegation of Authority
•Section IV –Delegation of Authority
•City Council delegates the authority to invest funds for one year to
the Treasurer (Finance Director)/Deputy Treasurer (City Manager)
•Authority is renewed each year as part of the annual review
106
Staff Recommendation
•Adopt the Approving the Annual Review of the
Statement of Investment Policy and Delegation of Authority
to Complete Investment Transactions.
•Questions?
107
Agenda Item 8.2
STAFF REPORT
CITY COUNCIL
Page 1 of 4
DATE: September 15, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
Consolidation of the Human Services Commission and the Parks and
Community Services Commission
Prepared by: Shaun Chilkotowsky, Parks and Community Services
Manager
EXECUTIVE SUMMARY:
The City Council will consider consolidating the Human Services Commission and the Parks
and Community Services Commission (PCSC). The consolidation would temporarily expand
the PCSC to a nine-member body (eight regular members and one student member) beginning
January 2027. Beginning January 2029, the PCSC would transition to a seven-member body
(six regular members and one student member) through a planned, permanent reduction in
regular seats, structured so that regular commissioner terms remain staggered in two , three-
member cohorts going forward. The consolidation includes merging existing bylaws into one
consolidated set of new bylaws and repealing Dublin Municipal Code Chapter 2.14 (Human
Services Commission).
STAFF RECOMMENDATION:
Adopt the Resolution Approving the Consolidation of the Human Services Commission and
the Parks and Community Services Commission and Related Actions, and waive the reading
and introduce an Ordinance Repealing Dublin Municipal Code Chapter 2.14 (Human Services
Commission).
FINANCIAL IMPACT:
The consolidation will result in savings f rom reduced monthly stipends and reduced costs
related to meeting coordination and preparation .
DESCRIPTION:
Background
Staff in the Parks and Community Services Department serve as liaisons to five commissions
and committees: the Heritage and Cultural Arts Commission, Human Services Commission
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Page 2 of 4
(HSC), Parks and Community Services Commission (PCSC), Senior Center Advisory
Committee, and the Youth Advisory Committee. These commissions and committees advise
Staff and the City Council on all matters related to the work of the Parks and Community
Services Department. To ensure that commissions are meaningful and an effective use of the
community members’ time, and to gain administrative efficiencies for the City, Staff has
developed a proposal that would consolidate the HSC with the PCSC, with the roles and
responsibilities merged into a single entity.
Existing Commissions
HSC and Grant Program
The HSC was established in 2013 and meets three times a year. It has five members serving
staggered four-year terms, plus two alternates serving two-year terms. The HSC’s primary role
is to review applications and recommend funding for the Human Services Grants Program.
The grant program allocates financial support to local non-profit organizations serving the
Dublin community that address opportunities and challenges identified in the 2024 Eastern
Alameda County Human Services Needs Assessment and priorities set by the City Council.
Grant-funded activities include senior services, food and nutrition programs, youth services
and childcare, and other safety net services. The grant program recently shifted to a two-year
cycle, which provides funding certainty to grantees and allows for more advanced planning.
PCSC
The PCSC’s role includes advising on City parks and recreation activities, events, and
programs. It also includes matters related to the operation and maintenance of effective,
efficient, and adequate recreation and rental facilities. In recent years, the PCSC has advised
on park designs, capital improvement projects, department policies, the Master Fee Schedule,
and future recreation and community service needs. The PCSC also considers proposals by
the Youth Advisory Committee, including recommendations for the annual Youth Mini -Grant
program, and forwards a final recommendation to City Council.
Recommendation for Consolidation
The two commissions, while serving distinct purposes, have common goals including
supporting a high quality of lif e, maintaining a safe and secure community, and providing
access to equitable, inclusive, and affordable programs and services. By consolidating the
HSC into the PCSC, community health and welfare activities would belong to a single
appointed advisory body. Future review and recommendation of Human Services Grants and
related tasks would shift to the newly consolidated group, with all existing PCSC tasks
remaining unchanged. The consolidated commission would retain the PCSC name and be
effective January 1, 2027.
Commission Expansion
Under this consolidation, no current commissioner terms would be eliminated or have a
reduction in term length (some commissioner terms expire at the end of 2026 and would not be
refilled). The consolidated commission will initially have nine seats, including eight regular
members and one student member, beginning in January 2027. The size of the commission
will be reduced to seven members, including six regular members and one student member,
beginning in January 2029, as further detailed below.
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January 2027: Beginning in January 2027, the PCSC would comprise three existing
commissioners from the former HSC, two existing commissioners from the PCSC, the
student representative, and three newly appointed commissioners.
January 2029: The term of the existing five commissioners expires in December 2028.
In order to ensure staggered terms for the commissioners and ensure that no more than
half of them turn over in the same year, Staff recommends recruiting three new
commissioners for seats beginning January 2029. This results in two three-member
cohorts serving staggered four-year terms, as shown in Table 1 below: one cohort
(appointed January 2027) expiring December 2030, and one cohort (appointed January
2029) expiring December 2032. The student representative continues as an annual
appointment, unaffected by this change.
Table 1. Staggering Structure
Cohort Seats Source Appointed
Term
Expires
Term
Length
A 3 2027 new-appointee
cohort
January
2027
December
2030
4 years
B 3 2029 new-appointee
cohort
January
2029
December
2032
4 years
Student
Rep
1 Annual appointment June Annually 1 year
Joint Special Meeting
At a Joint Special Meeting on August 26, 2026, the HSC and the PCSC reviewed the
consolidation proposal and schedule and voted unanimously in favor of it.
A resolution approving the consolidation of the two commissions is included as Attachment 1.
The draft bylaws for the consolidated commission are included as Attachment 2 where
underlined text is proposed to be added and text with a strikethrough is proposed to be
deleted.
Dublin Municipal Code
The consolidation requires an amendment to Dublin Municipal Code (DMC), repealing Chapter
2.14 (Human Services Commission). The City Council is requested to introduce the ordinance
amending the DMC, and following final adoption, the change will be effective December 31,
2026.
Next Steps
Should the City Council approve the proposal and take related actions, Staff will begin the
implementation process, including modifying recruitment and training materials. Staff will also
begin working with the newly consolidated PCSC to review the Human Services Grant
Program delivery model for the upcoming grant cycle.
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Page 4 of 4
STRATEGIC PLAN INITIATIVE:
Strategy 2: Fiscal Sustainability
Objective 2F: Implement operational cost control measures, where feasible, while maintaining
a high level of service to the community.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council agenda was posted, and copies were provided to the current Human
Services and Parks and Community Services Commissioners.
ATTACHMENTS:
1) Resolution Approving the Consolidation of the Human Services Commission and the Parks
and Community Services Commission and Related Actions
2) Exhibit A to the Resolution - Amended and Restated Bylaws of the Parks and Community
Services Commission
3) Ordinance Repealing Dublin Municipal Code Chapter 2.14 (Human Services Commission)
111
Attachment 1
Reso. No. XX-26, Item X.X, Adopted XX/XX/2026 Page 1 of 2
RESOLUTION NO. XX – 26
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING THE CONSOLIDATION OF THE HUMAN SERVICES COMMISSION AND THE
PARKS AND COMMUNITY SERVICES COMMISSION AND RELATED ACTIONS
WHEREAS, to ensure that commissions are meaningful and an effective use of the community
members’ time, and to gain some efficiencies in the use of Staff, it is recommended that the activities
of the Human Services Commission and Parks and Community Services Commission be consolidated
into the roles and responsibilities of a single commission; and
WHEREAS, at a Joint Special Meeting of the Human Services Commission and Parks and
Community Services Commission, the commissions voted unanimously in favor of the consolidation;
and
WHEREAS, Staff prepared a consolidation plan, including the expansion of the new
consolidated commission to a nine-member body beginning January 2027, inclusive of the Student
Representative, who is seated each June annually, transitioning to a seven-member body beginning
January 2029 through a planned, reduction in regular seats from eight to six; and
WHEREAS, the consolidated Commission will retain the name of Parks and Community
Services Commission; and
WHEREAS, the consolidation of these two commissions requires the City to amend and restate
the Parks and Community Services Commission bylaws to incorporate the roles and responsibilities of
the Human Services Commission and to repeal the establishment of the Human Services Commission
and its bylaws; and
WHEREAS, in order to maintain staggered terms for the consolidated Commission, the five
regular seats whose terms expire in December 2028 will not be fully refilled; instead, three new
commissioners will be recruited for seats beginning January 2029, resulting in two three-member
cohorts of regular commissioners serving staggered four-year terms, one cohort expiring December
2030 and one cohort expiring December 2032.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does hereby
approve the consolidation of the Human Services Commission and Parks and Community Services
Commission, and the activities of the two Commissions become part of a single Commission effective
January 1, 2027.
BE IT FURTHER RESOLVED that the City Council approves the Parks and Community Services
Commission to retain its name, and amends and restates the Parks and Community Services
Commission Bylaws, effective January 1, 2027, as attached as Exhibit A to this Resolution.
BE IT FURTHER RESOLVED that the City Council repeal the establishment of the Human
Services Commission and Human Services Commission bylaws effective December 31, 2026.
BE IT FURTHER RESOLVED that the City Council approves a permanent reduction of the
consolidated commission's regular seats from eight to six, effective with the recruitment cycle beginning
January 2029, structured so that regular commissioner terms remain staggered in two three-member
cohorts, one expiring December 2030 and one expiring December 2032.
112
Reso. No. XX-26, Item X.X, Adopted XX/XX/2026 Page 2 of 2
PASSED, APPROVED, AND ADOPTED BY the City Council of the City of Dublin, on this 15th
day of September 2026 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
______________________________
Mayor
ATTEST:
_________________________________
City Clerk
113
Attachment 2
_________________________________________________________________________________
Bylaws and Rules of Procedure Page 1 of 4
Parks and Community Services Commission September 15, 2026
ARTICLE I
GENERAL PROVISIONS
Section 1. These Rules of Procedure shall be known as the Bylaws and Rules of
Procedure of the Parks and Community Services Commission of the City of Dublin. A copy of
these Rules and amendments thereto shall be filed in the offices of the City Clerk for examination
by the public.
Section 2. These Rules and any amendments hereto shall be effective on the date of
the adoption hereof, and shall govern the meetings and activities of the Commission.
ARTICLE II
COMMISSION COMPOSITION AND METHOD OF APPOINTMENT
Section 1. The Parks and Community Services Commission shall be composed of eight
regular members and one student member ('members or Commissioners') from January 2027
through December 2028, and six regular members and one student member beginning January
2029. The student member shall be a high school student residing in the City of Dublin.
Section 2. The Mayor shall make all appointments to the Commission, with the approval
of the City Council.
Section 3. Commission members and alternates may resign at any time by giving written
notice to the Mayor and City Clerk.
ARTICLE III
TERM OF OFFICE AND REMOVAL
Section 1. Commission members shall be appointed for terms that run four years. Terms
shall begin in January following even-numbered election years and end in December of an even-
numbered election year (or until successors are appointed). At the end of a Commission
member’s term, the Commission member may be reappointed to the Commission in the same
manner as the initial appointment. Commission members shall be eligible to serve a maximum of
eight years with two four-year terms. No term limit shall apply to alternates.
Section 2. The term of the student member shall be for one year, commencing July 1st
and terminating on the following June 30th.
Section 3. Any member or alternate of the Commission may be removed from office with
the approval of a majority of the City Council. Removal and appointment of Commissioners shall
be made only at a regularly scheduled meeting of the City Council.
Section 4. Commission members and the alternate should endeavor to attend all regular
and special meetings of the Commission. The Secretary to the Commission shall provide the
Mayor with quarterly reports on Commissioner and Alternate Commissioner attendance. After
the third absence from a regularly scheduled Commission meeting within any 12-month period,
said Commission member’s or alternate’s office shall be automatically declared vacant.
CITY OF DUBLIN
PARKS AND COMMUNITY SERVICES COMMISSION
BYLAWS AND RULES OF PROCEDURE
114
Attachment 2
_________________________________________________________________________________
Bylaws and Rules of Procedure Page 2 of 4
Parks and Community Services Commission September 15, 2026
Section 5. If a Commission member or alternate ceases to reside in the City of Dublin,
said Commissioner’s office shall be automatically declared vacant.
ARTICLE IV
VACANCIES
Section 1. Vacancies on the Commission occurring other than by expiration of term shall
be filled for the unexpired portion of the term in the same manner as the original appointment. In
the event of a Commission vacancy, the alternate will be considered without submitting a new
application unless the alternate notifies the Clerk that he or she does not want to be considered
for appointment to the vacancy.
ARTICLE V
OFFICERS
Section 1. Election and Term of Office. The Commission shall elect, by majority vote,
a Chairperson and Vice Chairperson at the first meeting of each year. The Chairperson and Vice
Chairperson shall serve until their successors are elected, or until their terms as members of the
Commission expire, whichever is first. The Commission shall, unless no Commissioners meet the
criteria, elect Commissioners to the positions that have not previously served in the position and
have not declined the appointment, with the intent that no one should serve in the position for no
more than two consecutive years. Alternates are not eligible to serve as Chairperson or Vice
Chairperson.
Section 2. The Secretary to the Commission will be the City Manager or his/her designee.
Section 3. Vacancies. In case of any vacancy in the Office of the Chairperson or Vice
Chairperson, the vacancy shall be filled by an election held at the first regular meeting after the
occurrence of such vacancy. The person so elected shall serve the balance of the term.
Section 4. Duties of Officers. The Chairperson performs the following duties:
(a) Presides at all meetings of the Commission.
(b) Appoints committee members and chairpersons of committees as necessary.
(c) Signs correspondence on behalf of the Commission.
(d) Represents the Commission before the City Council.
(e) Performs other duties necessary or customary to the office.
In the event of the absence of the Chairperson or his/her ability to act, the Vice Chairperson
presides in the place of the Chairperson. In the event of the absence of or the inability to act of
both the Chairperson and Vice Chairperson, the remaining members shall elect one of their
members to act as temporary Chairperson.
Section 5. The Committees. The Commission or Chairperson, upon direction of the
Commission, may appoint several of its members, but fewer t han a quorum, to serve as a
committee. On certain occasions, such as when a particular kind of expertise or public
115
Attachment 2
_________________________________________________________________________________
Bylaws and Rules of Procedure Page 3 of 4
Parks and Community Services Commission September 15, 2026
representation is desirable, the Commission may appoint non-members to a committee.
Committees make recommendations directly to the Commission.
ARTICLE VI
MEETINGS
Section 1. The Commission shall hold all regular meetings at a designated time and place,
which shall be fixed and determined by the Commission and entered upon its minutes. The
Commission shall endeavor to hold at least one meeting per month. All meetings of the
Commission shall be open to the public. Special meetings of the Commission may be called by a
majority of the members thereof, or by the Chairperson thereof. Notice of any such special
meeting shall be given as required by law.
Section 2. A majority of the voting members of the Commission shall constitute a quorum
for the purpose of transacting business. The secretary shall keep minutes of all regular and special
meetings of the Commission, and these shall be sent to all members and administrative officers
in advance of the meeting in which they are to be approved.
Section 3. Commissioners and the Alternate Commissioner shall attend all regular and
special Commission meetings in person. Commissioners will not be permitted to use
teleconference as an option to attend any Commission meetings.
ARTICLE VII
GENERAL RESPONSIBILITIES OF THE COMMISSION
Section 1. The Commission shall consider and make recommendations as it deems
necessary to the City Council and to City Staff in all matters pertaining to the operation and
maintenance of an effective, efficient, and adequate program of parks, recreation, and community
services for the citizens of Dublin. Additionally, the Commission shall consider and make
recommendations as it deems necessary to the City Council and to City Staff in all matters
pertaining to Human Services needs in the City of Dublin.
Such recommendations would include, but are not limited to, the following:
(a) recommendations for the development, improvement and/or modification
of recreation and community services and facilities;
(b) future recreation and community service needs;
(c) conduct of persons using park and recreation facilities by the public;
(d) annual review of the Parks and Community Services Strategic Plan;
(e) funding for the Human Services Grants Program; and
(f) Tri-Valley Needs Assessment.
Section 2. The Commission shall also accept and consider recommendations from the
Senior Center Advisory Committee and the Youth Advisory Committee, and forward the
recommendations to the City Council, as appropriate.
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Attachment 2
_________________________________________________________________________________
Bylaws and Rules of Procedure Page 4 of 4
Parks and Community Services Commission September 15, 2026
Section 3. A majority vote of voting members is required to take action.
Section 4. The alternate shall participate in all Commission matters except the that
alternate shall vote only in the event of an absence of a member or of a vacancy on the
Commission. In such event, the alternate shall participate as a voting member for the
duration of the absence or vacancy.
ARTICLE VIII
DUTIES OF COMMISSION TO BE ADVISORY ONLY
Section 1. It is intended that the Commission shall be an advisory body to the City Council.
Nothing herein contained shall be construed as a limitation on the power of the City Council or
the Administrative Staff of the City or any other agency in their supervision, or authority over
property or personnel which are under their respective jurisdiction. Each Commissioner and
Alternate Commissioner is expected to serve the City and the residents of the City of Dublin with
professionalism and respect.
ARTICLE IX
STAFF ASSISTANCE
Section 1. The City Manager shall provide the Commission with such information and
Staff assistance as the Commission may, from time to time , request, subject to the limitations
imposed by the City Council.
ARTICLE X
AMENDMENTS
Section 1. These Bylaws and Rules of Procedure may be amended in the same manner
as originally adopted.
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Attachment 3
Ord. No. XX-26, Item X.X, Adopted XX/XX/2026 Page 1 of 1
ORDINANCE NO. XX – 26
AN ORDINANCE OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
REPEALING DUBLIN MUNICIPAL CODE CHAPTER 2.14 (HUMAN SERVICES COMMISSION)
WHEREAS, the City occasionally initiates amendments to the Dublin Municipal Code to clarify,
add, amend, or delete certain provisions that are relevant to changes occurring in the community; and
WHEREAS, the City initiated changes to Dublin Municipal Code Chapter 2.14 to consolidate the
Human Services Commission and the Parks and Community Services Commission, resulting in a
broadened oversight of community health and welfare ; and
WHEREAS, the City Council did hear and consider all said reports, recommendations, and
testimony set forth above and used its independent judgment to evaluate the change.
NOW, THEREFORE, the City Council of the City of Dublin does ordain as follows:
Section 1. Dublin Municipal Code Chapter 2.14 is repealed in its entirety.
Section 2. Effective Date. This Ordinance, following its final adoption, shall take effect
December 31, 2026.
Section 3. Posting. The City Clerk of the City of Dublin shall cause this Ordinance to be
posted in at least three public places in the City of Dublin in accordance with Section 36933 of the
Government Code of the State of California.
PASSED, APPROVED, AND ADOPTED BY the City Council of the City of Dublin, on this
____ day of _________ 2026 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
______________________________
Mayor
ATTEST:
_________________________________
City Clerk
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Consolidation of the Human
Services and Parks and Community
Services Commissions
September 15, 2026
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Background
Responsibilities include:
•Recommendations for development,
improvement, and/or modifications of recreation
and community services and facilities.
•Future recreation and community service needs.
•Conduct of persons using park and recreation
facilities by the public.
•Annual review of the Parks and Community
Services Strategic Plan.
•Accept and consider Youth Advisory Committee
and Senior Center Advisory Committee
recommendations.
Responsibilities include:
•Human Services Needs Assessment.
•Biennial Community Grant Program.
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Considerations
•Commissioner Time and Input
•Meaningful
•Substance
•Staff Time
•Document Preparation
•Recruitments and Appointments
•Regular and Vacancies
•Broad and Encompassing –Quality of Life
•Overall Community Health and Welfare
•Access to Equitable, Inclusive, and Affordable
Program and Services
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Consolidation & Expansion
Existing 5 3 from HSC &
2 from PCSC January 2025 December
2028
4 Years
(2 Complete,
+2 More)
New + Existing 3 New
Appointments January 2027 December
2030 4 Years
New + Recent
Appointments 3 New
Appointments January 2029 December
2032 4 Years
Student Rep 1 Annual
Appointment June Annual 1 Year
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Next Steps
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Recommendation
Adopt the Approving the Consolidation of the Human Services
Commission and the Parks and Community Services Commission and Related
Actions, and waive the reading and introduce an Repealing Dublin
Municipal Code Chapter 2.14 (Human Services Commission).
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Thank You
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