Agenda packet, first session — Berkeley City Council, June 25, 2024 (part 10 of 10)

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6 filed at each branch of the Berkeley Public Library and the title shall be published in a newspaper of general circulation.

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Rashi Kesarwani
Councilmember, District 1

ACTION CALENDAR
June 25, 2024
TO: Honorable Mayor and Members of the City Council
FROM: Councilmember Rashi Kesarwani (Author) and Councilmembers Mark Humbert and Susan Wengraf (Co-Sponsors)
SUBJECT: Referral for Development of Request for Proposal (RFP) to Support Berkeley-Based Non-Profit Food Assistance Providers Serving Food Insecure Households

RECOMMENDATION
Refer to the City Manager to develop and fund a Request for Proposal (RFP) process to support Berkeley-based non-profit food assistance providers serving food insecure households. Funds are intended for (but not limited to) the following needs:
● Expansion of capacity to serve more people experiencing food insecurity, such as one-time purchase of equipment;
● Hiring of additional staff to serve more people; and/or ● Other emerging needs to be determined.

Refer $200,000 annually in funding to the biennial FY 2024-25 to FY 2025-26 budget process to fund qualified proposals resulting from the RFP.

POLICY COMMITTEE RECOMMENDATION
On May 16, 2024, the Health, Life Enrichment, Equity & Community Committee adopted the following action: M/S/C (Kesarwani/Bartlett) to send the item to the City Council with a positive recommendation and with an added amendment:
 Refer the issue of food assistance to the Community Agency RFP process the next time the RFP is developed.

CURRENT SITUATION AND ITS EFFECTS
Community Agency RFP Does Not Directly Address Food Insecurity . . . The RFP process for community agency funding is one of the City’s mechanisms to ensure City funds are allocated to agencies addressing key priorities, such as housing, education, and job training. However, the RFP does not directly address food insecurity. . . . But Food Prices Are On the Rise and Federal Pandemic-Related Food Aid Ended Earlier This Year. From August 2022 through August 2023, food prices in the San

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2 2180 Milvia Street, Berkeley, CA 94704 ● Tel: (510) 981-7110 ● Fax: (510) 981-7111 E-Mail: [email protected]
Francisco area increased by 4.5 percent.1 At the same time, federal food assistance associated with the pandemic ended earlier this year in March 2023. When the pandemic began in 2020, recipients of CalFresh (California’s food stamps program) were allotted the maximum benefit available for their household size, likely contributing to rising enrollment over the last several years. When the emergency allotments ended, CalFresh benefits were reduced, sometimes dramatically. For some single-person households, CalFresh benefits dropped from $281 to as little as $23 per month.2 As a result, food banks throughout the state are seeing increasing numbers of people served.

Berkeley-Based Non-Profit Food Assistance Providers Report Increasing Demand.

The Berkeley Food Pantry is a non-profit organization providing emergency groceries to Berkeley and Albany residents four days per week, two hours each day.3 The Berkeley Food Network (BFN) provides an on-site pantry in addition to mobile pantries throughout the city and distribution to other local pantries like the Berkeley Food Pantry.4 Both organizations have reported significant increases in the number of households they are serving in recent years, as shown in Exhibit 1.

Exhibit 1: Growth in Number of Households Served (2021-2023) Berkeley Food Pantry
Number of Households
Served
Berkeley Food Network
Number of Households
Served
Sept. 2021 766 1,518
Sept. 2022 1,047 2,601
Sept. 2023 1,290 3,182
Overall Percent Growth
(Sept. 2021-Sept. 2023)

68.4% 109.6%
Sources: Berkeley Food Pantry and Berkeley Food Network Alameda County Community Food Bank Reports a 52 Percent Increase in Food Distribution. The Oakland-based Alameda County Community Food Bank (ACCFB), which partners with more than 400 institutions to provide food assistance to Alameda County families and individuals, reports an increase in demand throughout the county. The ACCFB has gone from distributing 38 million pounds of food during pre-COVID years to 58 million pounds of food most recently.5 As of October 2, 2023, 11.4 percent of Alameda County 1 U.S. Bureau of Labor Statistics, Consumer Price Index, San Francisco Area - August 2023:
https://docs.google.com/document/d/11ri1T7aIsDOPOnwV3Ob_OmQXFXKgF36dwIviZbvxvTI/edit 2 Cal Matters August 8, 2023 article: “How Hungry is California? Millions Struggle to Eat Well in an Abundant State” https://calmatters.org/explainers/california-hunger-crisis/#2b5159b1-a710-41cb- 839b-aac1ea2791e4
3 Berkeley Food Pantry’s website for a full description of services provided:
https://www.berkeleyfoodpantry.org/
4 Berkeley Food Network’s website for a full description of services and programs provided:
https://www.berkeleyfoodnetwork.org/who-we-are/about/
5 Alameda County Community Food Bank website: https://www.accfb.org/about-us/what-we-do/

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3 2180 Milvia Street, Berkeley, CA 94704 ● Tel: (510) 981-7110 ● Fax: (510) 981-7111 E-Mail: [email protected]
residents are experiencing food insecurity–up three percent from just April 10, 2023, shortly after the federal pandemic-related food assistance ended.6

BACKGROUND
Food Insecurity Impacts One in Five Californians. Limited or uncertain access to adequate food and nutrition can have long-term physical and mental health effects on adults and children alike.7 The number of food insecure individuals and families is steadily climbing and food banks throughout the state are struggling to keep up.

Increasing Demand for Food Assistance Is Impacting the Wider Bay Area. The Food Bank of Contra Costa and Solano, for instance, is now serving 350,000 people across the two counties monthly, which is double their pre-pandemic levels of service. The San Francisco-Marin food bank went from serving 32,000 households weekly to more recently serving 56,000 households weekly. Food banks throughout the state are functioning more like supermarkets in terms of peoples’ regular food procurement venue rather than sources of emergency aid.8

FISCAL IMPACT
$200,000 annually to fund the RFP, and staff time to develop the RFP and review and select qualified proposals.

ENVIRONMENTAL IMPACT
There is no significant environmental impact associated with this referral.

CONTACT PERSON
Councilmember Rashi Kesarwani, District 1 (510) 981-7110 6 California Pulse Website for Alameda County: https://stanford-datalab.github.io/covid-19- ca/alameda/#food-insufficiency
7 California Association of Food Banks website:https://www.cafoodbanks.org/hunger-data-reports/ 8 Cal Matters June 12, 2023 article: “A Catastrophic Hunger Crisis? California Food Banks are Being Flooded by Families Seeking Help:” https://calmatters.org/california-divide/2023/06/california-food- banks/

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Office of the City Manager
2180 Milvia Street, Berkeley, CA 94704 ● Tel: (510) 981-7000 ● TDD: (510) 981-6903 ● Fax: (510) 981-7099 E-Mail: [email protected] Website: http://www.CityofBerkeley.info/Manager

INFORMATION CALENDAR
June 25, 2024
To: Honorable Mayor and Members of the City Council
From: Dee Williams-Ridley, City Manager
Submitted by: Sharon Friedrichsen, Budget Manager
Subject: Voluntary Time Off Program for Fiscal Year 2025

INTRODUCTION
As a citywide cost-saving measure, the City Manager is designating 16 Voluntary Time Off (VTO) days in Fiscal Year 2025 (July 1, 2024 to June 30, 2025) and authorizing certain City offices and non-essential services to temporarily close for those days.

CURRENT SITUATION AND ITS EFFECTS
The proposed 16 VTO dates will fall on a schedule similar to Fiscal Year 2024, with City offices generally closing on every second Friday, with additional days the last week in December 2024 (December 23 - December 27). The following are the proposed VTO Days:

Date (2024) Day Date (2025) Day
July 12 Friday January 10 Friday
August 9 Friday February 14 Friday
September 13 Friday March 14 Friday
October 11 Friday April 11 Friday
November 5* Tuesday May 9 Friday
December 13 Friday June 13 Friday
December 23 Monday
December 24 Tuesday
December 26 Thursday
December 27 Friday
10 days (2024) 6 days (2025)
* VTO day in November is moved to Tuesday, November 5, due to 2024 Election day.

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Voluntary Time Off Program for FY 2025 INFORMATION CALENDAR June 25, 2024

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The purpose of VTO days is to generate savings to help balance the budget. The program is projected to achieve a savings of $277,427 on an all funds basis in Fiscal Year 2024. The actual savings per VTO day since FY 2021 was lower than previous fiscal years because of city building closure and staff working remotely due to the COVID-19 pandemic. Hybrid schedule for City employees is still in effect to date.

Nonetheless, the program is still recommended to continue in Fiscal Year 2025.

Voluntary Time Off Salary Savings

Fiscal Year Number of VTO
Days
Base Salary
Savings
Savings Per VTO
Day
2014 16 $ 389,706 $ 24,357 2015 16 $ 366,853 $ 22,928 2016 16 $ 367,821 $ 22,989 2017 16 $ 402,070 $ 25,129 2018 16 $ 475,400 $ 29,713 2019 17 $ 524,086 $ 30,829 2020 16 $ 467,108 $ 29,194 2021 17 $ 251,229 $ 14,778 2022 16 $ 251,148 $ 15,697 2023 16 $ 261,628 $ 16,352 2024 16 $ * 277,427 $ 17,339 *Annualized projection
The VTO program is recommended to continue in Fiscal Year 2025 and will be reevaluated at a later time to determine whether the VTO program will also be implemented in Fiscal Year 2026. As shown in the chart below, the average savings per VTO day within the last decade ranged from $14,800 to $30,800. $30,829
$14,778
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Savings Pe
r VTO Day

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Voluntary Time Off Program for FY 2025 INFORMATION CALENDAR June 25, 2024

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In Fiscal Year 2024, staff considered the impact that the VTO days had on City services. It was determined that the VTO days were, in general, not having a significant detrimental effect on the City’s ability to provide quality services. Potential inconveniences to residents were mitigated in several ways, including keeping the 311 Customer Call Center open on VTO days, adjusting due dates for fines, and posting clear signs in advance of closure dates.

BACKGROUND
The concept for a VTO program was proposed in 2004 by the labor unions representing non-sworn employees as an alternative to a mandatory closure of City offices (“furloughs”) and staff layoffs. The VTO program designates certain days City offices are closed to the public while allowing staff to take paid or unpaid leave, or voluntarily report to work. The VTO closures have permitted staff to reduce their vacation leave balances, and eliminate the costly past practice of buying back vacation leave balances, which in turn has allowed the City to reduce its cost to pay out accrued vacation leave upon an employee’s separation from employment. It has also been used by departments to help them reach their annual target savings.

Likewise, the City Council approved a recommendation that designates any Statewide Election, including Primary and Special Statewide Elections, as VTO days1. Election Day occurs on the Tuesday after the first Monday in November of each even-numbered year, with the corresponding Primary Day occurring on the Tuesday after the first Monday of March.

Service Impacts: The VTO program has generated minimal complaints from the public regarding the office closures and reduced services because many key services remain open to the public, while other services can be provided on a callback basis.

During VTO days, customer service counters at the Finance Customer Service Center and Permit Service Center are closed to the public. When Customer Service Center offices are closed, customers may access the drop box which is located outside 1947 Center building. Customers are redirected to access the drop box through signage to the Rent Board Office at 2125 Milvia Street on VTO days in the last week of December.

When the Permit Service Center is closed, building inspection services continue to be available to the public when City approvals are required for time-sensitive projects. The permit mailbox has been configured to accept emails from applicants on VTO days including applications for all types of building related permits. In addition, Permit Service Center cashiers work most of the VTO days to return customer calls and process payments. The City will continue to notify the public of City VTO closure dates through public noticing, the press, voicemail messages, and signage. 1 https://records.cityofberkeley.info/PublicAccess/api/Document/AfIClpxxSiesVU%C3%81UeV6uHvDcSM3 47Ko0EvBQfWOAcMZctkvZVLhegoOT5Gsbt38OjQY6FVXdfzeIiGPO5gabOg4=/

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Voluntary Time Off Program for FY 2025 INFORMATION CALENDAR June 25, 2024

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The Voluntary Time Off Program for Fiscal Year 2025 is a Strategic Plan Priority, advancing our goal to provide an efficient and financially-healthy City government.

ENVIRONMENTAL SUSTAINABILITY AND CLIMATE IMPACTS
VTO days may reduce vehicle miles traveled associated with City employees’ work commute. Otherwise, there are no identifiable environmental and climate effects or opportunities associated with the subject of this report.

POSSIBLE FUTURE ACTION
We are continuing the VTO program in Fiscal Year 2025. However, the City Manager will reassess the economic impact as well as the cost benefit to the public of continuing these temporary closures of City offices for Fiscal Year 2026.

FISCAL IMPACTS OF POSSIBLE FUTURE ACTION
Cost savings are achieved on an annual basis from the VTO program. Since Fiscal Year 2014, annual cost savings ranging from $251,000 to $524,000 have been achieved from the VTO program.

CONTACT PERSON
Aram Kouyoumdjian, Director of Human Resources, 981-6800 Sharon Friedrichsen, Budget Manager, 981-7000

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INFORMATION CALENDAR
June 25, 2024
To: Honorable Mayor and Members of the City Council
From: Dee William-Ridley, City Manager
Submitted by: Sharon Friedrichsen, Budget Manager
Subject: Status Report - Berkeley’s Financial Condition (FY 2012 – FY 2021):

Pension Liabilities and Infrastructure Need Attention

INTRODUCTION
On May 24, 2022, the City Auditor submitted a Financial Conditions audit report1 to City Council with recommendations to build on the City’s financial strengths in order to: (1) help address the City’s unfunded capital and deferred maintenance needs and pension liabilities; (2) help the City prepare for unforeseen economic challenges by assessing the risk of the reserves, and ensuring that enterprise funds can balance and avoid recurring shortfalls and (3) to update the City’s debt policy to help strengthen the City’s ability to assess its general obligation debt capacity.

The purpose of this information item is to update City Council on the status of implementation of the audit report’s recommendations. This is the third status report regarding this audit. We previously issued a report on June 27, 2023.2

CURRENT SITUATION AND ITS EFFECTS
The City Auditor’s report included five recommendations. As of the writing of this report, three recommendations have been partly implemented, one recommendation has been started and one recommendation has been implemented. Please see Attachment 1 for a detailed table of audit report recommendations and implementation progress. The next status report to Council is expected to be presented in June 2025.

BACKGROUND
The audit provides a high-level overview of the City’s financial condition over 10 fiscal years. By broadening the scope of financial reporting to incorporate long-term financial 1 Audit-Berkeley's Financial Condition (FY 2012 - FY 2021): Pension Liabilities and Infrastructure Need Attention: https://berkeleyca.gov/sites/default/files/documents/2022-05- 24%20Item%2018%20Berkeley%E2%80%99s%20Financial%20Condition.pdf 2 https://berkeleyca.gov/sites/default/files/documents/2023-06- 27%20Item%2058%20Status%20Report%20-%20Berkeley%E2%80%99s%20Financial.pdf

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Audit Recommendation Status- Berkeley’s Financial Condition INFORMATION CALENDAR 6/25/24

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trends, financial condition analysis can introduce long-term considerations into the budgeting process, clarify the City’s fiscal strengths and weaknesses, and help highlight financial risks that the City needs to address including its unfunded capital and pension liabilities.

ENVIRONMENTAL SUSTAINABILITY AND CLIMATE IMPACT
There are no identifiable environmental effects or opportunities associated with the subject of this report.

POSSIBLE FUTURE ACTION
The City Manager’s Office will continue to work on implementing the various recommendations, including conducting a risk assessment of the General Fund reserve and developing recommendations regarding fund balance for the various enterprise funds. The Finance Department will continue to assess the debt capacity threshold and update the debt management policy. In addition, the City Manager’s Office will continue to assess Council fiscal policies and make recommendations regarding long-term funding strategies to address the City’s pension and capital infrastructure liabilities.

FISCAL IMPACTS OF POSSIBLE FUTURE ACTIONS
The audit recommendations are intended to build on the City’s financial strengths and help mitigate risks associated with the City’s unfunded liabilities.

CONTACT PERSON
Sharon Friedrichsen, Budget Manager, 510.981.7000
Attachments:

1. Audit Findings, Recommendations, and Status Updates

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Finding Department Status of Audit Recommendations,
Corrective Plan, and Progress Summary
Previous
status update
The COVID‐19 pandemic
slowed the City’s
progress toward its
2027 reserve funding
goal.

1.1 To better prepare the City for
unforeseen economic challenges,
we recommend that the City
Manager complete the risk
assessment required by the City’s
reserve policy as scheduled and
propose to the City Council a plan
to replenish the Stability and
Catastrophic Reserves based on
the results of the assessment. This
may include revising the funding
goal for 2027 to align with the
City’s financial reality and
projected risk level.

City Manager Partly implemented:

The City entered into a contract with the
Government Finance Officers Association
(GFOA) for technical assistance with the
reserves risk assessment in June 2023.

Started
All of the City’s
enterprise funds faced
at least one annual
shortfall between FY
2016 and FY 2021.

1.2 To ensure the City’s enterprise
funds can balance and avoid
recurring annual shortfalls, we
recommend the City Manager
assess the appropriate fund
balance for each of the City’s
enterprise funds, report findings to
the City Council and explore
financial policy options to manage
enterprise fund balances.

City Manager Started:

Staff have started to conduct research
and have formed an internal working
group consisting of the City Manager’s
Office, Finance, Parks, Recreation and
Waterfront, Planning and Public Works
to discuss current approaches utilized by
departments and best practices as the
first step in developing fund balance
policies. The outcome of the update to
the General Fund reserve policy
(recommendation 1.1) will also help
inform recommendations pertaining to
fund balance policies.

Started
Recommendation
Issue Date: May 5, 2022
Audit Title: Berkeley’s Financial Condition (FY 2012‐FY 2021): Pension Liabilities and Infrastructure Need Attention

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The City’s limit for
general obligation bond
debt is set at 15 percent
of total assessed
property value.

2.1 To strengthen the City’s debt
management, we recommend that
the Finance Department update
the Debt Management Policy. The
Finance Department may consider
revising its current general
obligation bond threshold of 15
percent of assessed property value
or building upon the City’s existing
general obligation bond debt limit
by considering additional debt
capacity factors such as debt per
capita, debt to personal income,
and/or debt service payments as a
proportion of General Fund
revenues.

Finance
Department
Implemented:

The Finance Department updated its
debt management policy, which City
Council approved in June 2023, and
changed the general obligation bond
threshold from 15 percent of assessed
value to a more locally appropriate
threshold of 6 percent.

Started
The City has taken steps
to increase pension
funding.

3.1 To maximize the benefit of the
Section 115 Trust, we recommend
that the City Manager present a
plan for adoption by the City
Council to assure sufficient
contributions to the Trust. This
may include taking the steps
proposed by the Budget and
Finance Committee to increase
contributions to the Trust. It may
also include a strategy to ensure
that the City is able to meet its
yearly contribution goals, such as
allocating contributions at the
beginning of the budget cycle.

City Manager Partly Implemented:

The City budgeted funds for the Section
115 Trust and adopted fiscal policies to
fund the Section 115 Trust as part of the
FY 2023/24 biennial budget process. The
City’s actuary has recommended
maintaining the target contribution goal
of $5.5 million.

Partly
Implemented
The City reported $1.2
billion in unfunded
capital and deferred
maintenance needs in
FY 2021.

4.1 To address rising costs for unmet
capital needs, we recommend that
the City Manager collaborate with
the Department of Public Works to
implement a funding plan aimed at
1) reducing the City’s unfunded
capital and deferred maintenance
needs, and 2) ensuring regular
maintenance of city assets to
prevent excessive deferred
maintenance costs in the future.

This may include prioritizing capital
assets that generate the highest
deferred maintenance costs.

City Manager Partly Implemented
:

The City has updated its fiscal policies to
include strategies, such as the use of
investment revenues over the baseline
budget, to increase funding for unfunded
capital and deferred maintenance needs.

Partly
Implemented

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Public
Office of the City Manager
2180 Milvia Street, Berkeley, CA 94704 ● Tel: (510) 981-7000 ● TDD: (510) 981-6903 ● Fax: (510) 981-7099 E-Mail: [email protected] Website: http://www.cityofberkeley.info/manager

INFORMATION CALENDAR
JUNE 25, 2024
To: Honorable Mayor and Members of the City Council
From: Dee Williams-Ridley, City Manager
Submitted by: Henry Oyekanmi, Director, Finance Department Subject: FY 2024 Second Quarter Investment Report: Ended December 31, 2023

2.94%, 87 basis points less than the 3.81% earned by the State Local Agency Investment Fund (State LAIF), which is the benchmark for investment performance used by the City. The returns earned on State LAIF’s monthly portfolio are currently higher because it has a much shorter maturity and the yield curve is inverted (i.e., short-term rates are significantly higher than medium and long-term rates).

The return on pooled investments of 2.94% for the quarter ended December 31, 2023 was 6 basis points less than the rate of 3.00% earned in the quarter ended September 30, 2023.
 The average return on all Retiree Medical Trust Fund investments was 5.05% for the quarter ended December 31, 2023.

CURRENT SITUATION AND ITS EFFECTS
Attached is a summary of the quarterly report for fiscal year 2024 Second Quarter ending December 31, 2023 representing the status of the City’s investment portfolio. The report includes all investments managed by the City of Berkeley and provides information on the values (par, book, and market), term, and yield of each security.

Summary information by type of security and detailed information on each security is provided on Exhibit 2-A. An evaluation of portfolio performance for this accounting period compared to the previous three accounting periods is also included in Attachment 1.

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Public
Investment Report: FY2024 2nd Qtr INFORMATION CALENDAR Ended December 31, 2023 JUNE 25, 2024

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A. Portfolio Results
As a result of the differences in the investment policies of different cities, including responsible investing policies, maturity restrictions, investment restrictions, etc., it was difficult for the City of Berkeley to come up with a reasonable performance measure for pooled cash investments. In order to provide some measure of the relative performance of the City’s investment returns, many years ago the City established the State Local Agency Investment Fund (LAIF) as the performance measure to be reported in the quarterly investment reports, since many local governments invested significant portions of their investment portfolios in LAIF.

LAIF was intended to be a reference point to compare the City’s investment performance against, rather than a true performance measure, since most cities typically earn a yield higher than LAIF in normal interest rate environments, and because LAIF’s average maturity of its investments is generally shorter than that of most cities. As a result, past City Councilmembers requested that information about the rates earned by other California cities be included in the quarterly investment reports for comparison purposes, despite the differences in the investment policies of the various cities. It should be pointed out that the yield curve has been inverted for many months (i.e., short term rates are significantly higher than long term rates, which is abnormal), and cities with a shorter average maturity will have a higher average yield than those cities with a longer average maturity.

1. Liquidity of Portfolio:

The average investment in the pooled portfolio matures in 1,182 days as of December 31, 2023. This is 55 days less than the 1,237 maturity days as of September 30, 2023.

2. Comparison of Results to Performance Measures – Pooled investments:

Quarter Ended December 31, 2023
The City’s yield on investments for the quarter ended December 31, 2023 was

2.94%, a decrease of 6 basis points (.06%) from the 3.00 earned during the quarter ended September 30, 2023. The average yield on a 91-day Treasury bill at the end of the quarter ended December 31, 2023 was 5.35%, a decrease of 10 basis points (0.10%) from the 5.45% at the end of the previous quarter.

As summarized in Table 1, staff’s overall results were under the performance measure for the quarter by 87 basis points. Staff’s performance was under the performance measure in October by approximately 79 basis points (-.79%); under the performance measure in November by approximately 92 basis points (-.92%); and, was under the performance measure in December by approximately 90 basis

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Investment Report: FY2024 2nd Qtr INFORMATION CALENDAR Ended December 31, 2023 JUNE 25, 2024

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points (-.90%). The performance measure for the return on investments is compared to the rate of return of the State LAIF.

Table 1
For Quarter Ending December 31, 2023
Period City State LAIF Difference
Oct-23 2.88% 3.67% -0.79%
Nov-23 2.92% 3.84% -0.92%
Dec-23 3.03% 3.93% -0.90%
Oct 1-Dec 31

2.94% 3.81% -0.87%

3. Investment Results-Retiree Health Insurance Funds:

Average interest rates earned on the retiree health insurance trust funds for the quarter ended December 31, 2023 compared to the quarter ended September 30 2023, were as follows:

Table 2

EARNED INTEREST RATES
For Quarter Ended 12/31/2023 Compared To 9/30/2023
Trust Fund 2nd Qtr
12/31/23
1st Qtr
9/30/23
Retiree Medical Trust Fund (Misc Employees) 5.42% 5.42% Fire Retiree Medical Trust Fund 5.13% 5.13%
Police Retiree Medical Trust Fund 4.59% 5.24%
The rates earned on these plans are expected to continue to increase, as staff is using the investment authority granted by Council to purchase long-term bonds as rates move higher.

Details related to retiree health trust fund investments are in Attachment 3, Exhibits 3- A, 3-B, and 3-C of this report.

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Public
Investment Report: FY2024 2nd Qtr INFORMATION CALENDAR Ended December 31, 2023 JUNE 25, 2024

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B. Discussion of Interest Rate Environment and Outlook
In its December 13, 2023 Statement, the Federal Open Market Committee said recent indicators suggest that growth of economic activity has slowed from its strong pace in the Current Year third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated.

The U.S. banking system is sound and resilient. Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remain
ns uncertain. The Committee remains highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.

Yield Trend
In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of any additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage- backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Since the Federal Reserve change its zero-interest rate policy in March 2017 to combat high inflation, the Federal Reserve Board has raised the Federal Funds rate 11 times for a total of 5.25%-5.50%, as follows:

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Public
Investment Report: FY2024 2nd Qtr INFORMATION CALENDAR Ended December 31, 2023 JUNE 25, 2024

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Table 3

DATE RATE CHANGE FEDERAL FUNDS RATE
03/17/22 .25% .25%-.50%
05/05/22 .50% .75%-1.00%
06/16/22 .75% 1.50%-1.75%
07/27/22 .75% 2.25%-2.50%
09/21/22 .75% 3.00%-3.25%
11/02/2022 .75% 3.75%-4.00%
12/14/2022 .50% 4.25%-4.50%
2/1/2023 .25% 4.50%-4.75%
3/23/2023 .25% 4.75%-5.00%
5/3/2023 .25% 5.00%-5.25%
7/26/2023 .25% 5.25%-5.50%
Since the rate hike on March 23, 2023, there were four large regional bank failures: Silicon Valley Bank, Signature Bank, First Republic Bank and Republic First Bank, and two small regional banks (Citizens Bank of Sac City and Heartland Tri-State Bank). The Fed rate hikes and these bank failures have resulted in (1) banks’ raising their lending standards and reducing the number of loans granted; (2) mortgage rates rising to nearly 7.5%; and (3) some Analysts predicting a slowdown or recession in the US economy in 2025.

In addition, since July 2023, the Core Personal Consumption Expenditures (PCE) index (the Fed’s favored inflation index) has declined from 4.2% in November 2023 to 2.9% in December 2023, close to the Fed’s 2.0% target. However, the Fed has indicated that it won’t start lowering rates until it is confident that the 2% target has been met and can be sustained.

Therefore, under these circumstances, it appears that the Fed should be lowering rates, but they will be reluctant to do so in the near future.

Change in Strategy
Prior to the Fed’s change in monetary policy starting March 17, 2022, staff’s basic strategy consisted of not purchasing any Agency or Medium-Term corporate note securities with a maturity beyond three years, unless the securities were step-up securities (i.e., securities whose interest rates increased periodically, if they were not called). After the Fed changed to a tighter monetary policy in March 2022, the City’s investment strategy changed to extending the investment maturities of securities purchased beyond three years and locking in rates.

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Public
Investment Report: FY2024 2nd Qtr INFORMATION CALENDAR Ended December 31, 2023 JUNE 25, 2024

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In the short term, this strategy has resulted in a lower yield than the City could have achieved by not locking in rates on long-term securities purchased, because the yield curve is inverted (i.e., short-term rates are higher than medium and long-term rates). As money is pulled out of short-term investments to lock in rates on long-term investments, the City’s yield suffers in the short-term. However, this underperformance will reverse when the Fed starts lowering short-term rates, probably towards the end of Current Year 2024.

Quite a few Analysts in the market are now predicting that the Fed will start lowering rates in July 2024 and lower them twice in CY 2024. However, Staff believes the decline in rates could start later in CY 2024, for the following reasons:

1. The Fed Chairman indicated that the Fed will continue its program of selling $95 billion/month (or $1.14 trillion/year) of Agency and Mortgage-Backed securities from its Balance Sheet instead of purchasing them as it did before this program began. This decision will result in a significant increase in bond supply without a corresponding increase in bond demand, which should increase the rates on medium and long-term bonds; and,

2. The projected US CY 2024 budget deficit of $1.8 trillion means the US will have to issue an additional $1.8 trillion of bonds to fund this budget deficit. This additional huge supply of bonds may overwhelm demand for Agency and Mortgage-Backed bonds and put further upward pressure on medium and long-term interest rates.

These two factors may keep medium-term and long-term interest rates higher for most of CY 2024 and also impact short-term rates.

On a short-term basis, the City’s earned rate is expected to be below the City’s benchmark (State LAIF) because the yield curve is inverted. However, this should change after the Fed starts lowering rates. The City’s return is expected to be comparable to rates earned by other cities with a similar average maturity and lower than cities with a shorter average maturity in California. A sample of rates earned by Northern and Southern California cities is reflected in table 3 below (previously only Northern California cities were included):

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Investment Report: FY2024 2nd Qtr INFORMATION CALENDAR Ended December 31, 2023 JUNE 25, 2024

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Table 4
Other California Cities
Earned Interest Rates
For the Quarter Ending December 31, 2023
City Rates Earned
Oakland 4.40%
San Diego 3.49%
San Francisco 3.30%
Burbank 3.25%
San Jose 3.11%
Berkeley 2.94%
Los Angeles 2.79%
Sacramento 2.63%
Hayward 2.45%
Palo Alto 2.39 %

BACKGROUND
 Pooled Investments
Short-term cash is invested primarily in government sponsored enterprises (referred to as Federal Agency securities) notes, medium-term corporate notes and municipal securities for periods of one to ten years. Additional cash is invested in money market funds or overnight securities to meet the liquidity needs of the City.

In some cases, the City may have investments with a current market value that is greater or less than the recorded cost. These changes in market value are due to fluctuations in the market and have no effect on yield, as the City does not intend to sell securities prior to maturity.
 Retiree Health Trust Fund Investments
The City agreed to provide retiree Health insurance coverage for fire, police and miscellaneous employees under certain terms and conditions. An actuarial study commissioned by the City many years ago determined that, in addition to City Contributions, an average rate of return of 7% on miscellaneous employees trust fund assets invested must be achieved to fund the retiree health benefit at the desired 70% level. Primarily as a result of the Federal Reserve Board’s decision to keep short-term rates near zero from 2008 to March 2020, the average rate currently earned is significantly below that 7% level. City Finance Department staff manages these investment portfolios.

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Public
Investment Report: FY2024 2nd Qtr INFORMATION CALENDAR Ended December 31, 2023 JUNE 25, 2024

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ENVIRONMENTAL SUSTAINABILITY AND CLIMATE IMPACTS
The Investment Policy provides opportunities to make environmentally responsible investments that support the City’s environmental sustainability goals.

CONTACT PERSON
Henry Oyekanmi, Director, Finance Department, 981-7326

ATTACHMENTS

1. Portfolio Evaluation FY 2024 Second Quarter

2. Investment Report Analysis FY 2024 Second Quarter
a. Exhibit 2-A: Pooled Cash and Investments
b. Exhibit 2-B.1 through 2-B.3: Interest Earnings October 1, 2023 – December 31, 2023
c. Exhibit 2-C: Book Value By Investment Type
d. Exhibit 2-D: Current Holdings vs. Policy Limits
e. Exhibit 2-E: Investment Portfolio Trend

3. Summary of Pooled and Cash Investments FY 2024 Second Quarter –Trust Funds a. Exhibit 3-A: Retiree Medical Trust Funds –Misc.
b. Exhibit 3-B: Retiree Medical Trust Funds –Fire
c. Exhibit 3-C: Retiree Medical Trust Funds –Police

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Attachment 1
Total Portfolio
Pooled Cash and Investments (COB) 680,764,634$ 614,759,558$ 712,329,294$ 667,712,171$ Pooled Cash and Investments (Trust) 57,430,853 53,459,009 54,012,972 54,330,791 Tot
al Cash and Investments 738,195,487$ 668,218,567$ 766,342,266$ 722,042,962$ Average Life of Investment Portfolio
Pooled Investments (CoB) 1,182 1,237 1,286 1,322
Trust Investments 7.772 years 7.883 years 7.852 years 8.047 years Weighted Yield
Pooled Investments (CoB) 2.941% 2.999% 3.062% 2.761%
Trust Investments 5.045% 5.261% 5.063% 5.081%
Prime Rate 8.500% 8.500% 8.250% 8.000%
91-day Treasury Bill Rate 5.353% 5.446% 5.284% 4.693%
2-year Treasury Note Rate 4.250% 5.044% 4.895% 4.025%
Cash and Investments Maturity
Within one year 161,959,249$ 21.94% 104,135,475$ 15.58% 234,655,408$ 30.62% 208,919,256$ 28.93% Between 1 to 3 years 378,624,293 51.29% 374,559,348 56.05% 270,060,770 35.24% 103,151,808 14.29% Between 3 to 5 years 74,998,313 10.16% 72,751,770 10.89% 164,373,440 21.45% 317,003,276 43.90% Between 5 to 10 years 111,396,595 15.09% 105,896,100 15.85% 86,070,641 11.23% 81,672,587 11.31% Over 10 years 11,217,037 1.52% 10,875,874 1.63% 11,182,007 1.46% 11,296,035 1.56% Total 738,195,487$ 100.00% 668,218,567$ 100.00% 766,342,266$ 100.00% 722,042,962$ 100.00% March 2023December 2023

QUARTER ENDING
Portfolio Evaluation
Quarter Ended December 31, 2023
September 2023 June 2023

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Attachment 2
Pension and OPEB
Investments Pooled Investments Trust Investments Total
Portfolio 573,550,427$ 54,966,
284$ 628,516,711$
Unrecognized gain/(loss) (22,242,976) (1,358,836) (23,601,812) Total Investments 551,307,451 53,607,447 604,914,898 Cash Pooled Cash
Pension and OPEB
Trust Cash Total
Cash with Fidelity Money Market 34,509,427 - 34,509,427 Cash with Fiscal Agents 1,132 - 1,132 Cash Deposits in Banks 98,770,031 - 98,770,031 Pooled Cash Adjustment (3,823,406) 3,823,406 - Total Cash 129,457,183 3,823,406 133,280,589 Adjusted Grand Total (All Cash and Investments) 680,764,634$ 57,430,853$ 738,195,487$ Pooled Cash Portfolio Breakdown As of December 31, 2023 Book Value Market Value Investments 573,550,427$ 551,307,451$
NOTE:

1. The pooled cash includes Rent Board cash $5,257,204.59

2. The pooled cash does not include Section 115 cash of $7,686,199.87 Investment Report Analysis
As of December 31, 2023

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Exhibit 2-A
CUSIP Investment # Issuer Book Value Par Value Market Value Current
Rate
YTM/C
365
Maturity
Date
Days To
Maturity
Moody's
Rating
Medium Term Notes
88579YAR2 14659 3M COMPANY 4,916,278.43 5,000,000.00 4,846,000.00 3.000 4.120 08/07/2025 584 A3 008252AM0 14582 Affiliated Managers Group 1,002,255.02 1,000,000.00 997,610.00 4.250 2.300 02/15/2024 45 A3 04685A2L4 14590 Athene Global Funding 5,960,418.70 5,950,000.00 5,731,278.00 2.500 2.320 01/14/2025 379 A1 04685A2L4 14602 Athene Global Funding 4,964,236.67 5,000,000.00 4,816,200.00 2.500 3.250 01/14/2025 379 A1 20030NBN0 14563 Comcast Corp 5,020,097.70 5,000,000.00 4,882,650.00 3.375 3.100 08/15/2025 592 A3 233851CU6 14571 Daimler Finance 5,034,530.84 5,000,000.00 4,829,900.00 3.450 3.190 01/06/2027 1,101 A2 233851CU6 14574 Daimler Finance 3,769,909.60 3,725,000.00 3,598,275.50 3.450 3.000 01/06/2027 1,101 A2 24422EWK1 14663 John Deere Cap 4,983,398.29 5,000,000.00 4,967,600.00 4.150 4.250 09/15/2027 1,353 A2 375558BF9 14570 Gilead Sciences 5,051,584.96 5,000,000.00 4,898,550.00 3.650 3.118 03/01/2026 790 A3 30303M8G0 14660 Meta Platforms Inc 4,861,024.76 5,000,000.00 4,868,900.00 3.500 4.360 08/15/2027 1,322 A1 617
446HD4 14670 Morgan Stanley 10,778,780.90 10,000,000.00 11,789,500.00 7.250 6.000 04/01/2032 3,013 A1 747525AT0 14564 Qualcomm Inc 4,997,330.24 5,000,000.00 4,952,200.00 2.900 3.050 05/20/2024 140 A2 747525AU7 145
87 Qualcomm Inc 6,112,680.29 5,963,000.00 5,772,243.63 3.250 2.435 05/20/2027 1,235 A2 828807CS4 14606 Simon Property Group 4,999,119.54 5,000,000.00 4,922,550.00 3.375 3.353 10/01/2024 274 A3 07330MAA5 14588 Truist Bank 5,186,522.57 5,000,000.00 4,790,700.00 3.800 2.365 10/30/2026 1,033 A2 Subtotal and Average 77,638,168.51 76,638,000.00 76,664,157.13 3.573 1,086 Federal Agency Coupon Securities
3133ENN22 14664 Federal Farm Credit Bank 4,988,706.17 5,000,000.00 4,945,700.00 3.750 3.890 09/22/2025 630 AAA 3133ENP95 14666 Federal Farm Credit Bank 4,987,848.47 5,000,000.00 4,986,100.00 4.250 4.400 09/30/2025 638 AAA 3133ENS50 14667 Federal Farm Credit Bank 4,999,413.15 5,000,000.00 5,014,900.00 4.125 4.128 10/14/2027 1,382 AAA 3133ENN30 14668 Federal Farm Credit Bank 4,660,968.92 5,000,000.00 4,843,550.00 3.875 4.863 09/20/2032 3,185 AAA 313
3ENV72 14669 Federal Farm Credit Bank 4,988,490.05 5,000,000.00 5,047,400.00 4.500 4.600 07/27/2026 938 AAA 3133EPGG4 14686 Federal Farm Credit Bank 4,961,281.84 5,000,000.00 4,870,550.00 4.000 4.102 04/20/2033 3,397 AAA 3133EPGS8 14687 Federal Farm Credit Bank 4,996,489.94 5,000,000.00 4,982,350.00 4.250 4.300 07/24/2025 570 AAA 3133EPPE9 14689 Federal Farm Credit Bank 4,980,810.65 5,000,000.00 5,024,250.00 4.375 4.540 07/06/2026 917 AAA 3133EPPF6 14690 Federal Farm Credit Bank 4,957,891.66 5,000,000.00 5,033,950.00 4.125 4. 300 07/05/2029 2,012 AAA
Subtotal and Average 44,521,900.85 45,000,000.00 44,748,750.00 4.343 1,504 Medium-Term Notes - Callable
22553PWD7 14652 Credit Suisse AG 5000000.00 5000000.00 4850550.00 4.050 4.050 05/25/2025 510 A3 22553PXJ3 14655 Credit Suisse AG 5000000.00 5000000.00 4528150.00 5.000 5.001 05/31/2032 3,073 A3 693475AV7 14557 PNC Financial Services 5000358.08 5000000.00 4992700.00 3.500 3.370 01/23/2024 22 A3 751212AC5 14566 Ralph Lauren 5048761.19 5000000.00 4895200.00 3.750 3.106 09/15/2025 623 A3 857477CD3 14698 State Street Corp. 4000000.00 4000000.00 4058120.00 5.272 5.272 08/03/2026 945 A1 911
59HHU7 14562 US Bancorp 5079418.69 5000000.00 4916650.00 3.950 2.848 11/17/2025 686 A3 91159HHM5 14684 US Bancorp 4763171.51 5000000.00 4791400.00 3.100 5.348 04/27/2026 847 A3 91159HHW3 14693 US Bancorp 4262644.45 5000000.00 4525050.00 3.000 6.212 07/30/2029 2,037 A3 Subtotal and Average 38,154,353.92 39,000,000.00 37, 557,820.00 4. 332 1,078 City of Berkeley
Pooled Cash and Investments
As of December 31, 2023

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Exhibit 2-A
CUSIP Investment # Issuer Book Value Par Value Market Value Current
Rate
YTM/C
365
Maturity
Date
Days To
Maturity
Moody's
Rating
City of Berkeley
Pooled Cash and Investments
As of December 31, 2023
Federal Agency Callable
3133EN6K1 14676 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,844,200.00 4.220 4.220 01/23/2030 2,214 AAA 3133EN6K1 14677 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,844,200.00 4.220 4.220 01/23/2030 2,214 AAA 3133EPAJ4 14679 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,888,050.00 4.000 4.000 02/09/2033 3,327 AAA 3130ARXL0 14649 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4,921,600.00 3.000 3.000 11/25/2024 329 AAA 3130AULM4 14678 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4,980,050.00 5.620 5.620 01/26/2033 3,313 AAA 3130AXDU9 14700 Federal Home Loan Banks 4,954,090.58 5,000,000.00 5,003,600.00 5.000 5.220 10/18/2028 1,752 AAA 29,954,090.58 30,000,000.00 29,481,700.00 4.379 2,192 Federal Agency Continuously Callable
31422XJW3 14638 Farmer Mac 10,000,000.00 10,000,000.00 9,371,900.00 1.500 0.300 07/20/2026 931 N/A 31422XZ47 14681 Farmer Mac 5,000,000.00 5,000,000.00 4,962,950.00 5.675 5.675 03/20/2030 2,270 N/A 3133ENUV0 14644 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,783,350.00 4.000 4.000 04/19/2032 3,031 AAA 3133ENVV9 14647 Federal Farm Credit Bank 5,000,000.00 5, 000,000.00 4,857,550.00 3.630 3.630 05/03/2027 1,218 AAA 3133ENWW6 14653 Federal Farm Credit Bank 4,995,384.53 5,000,000.00 4,870,000.00 4.370 4.384 05/17/2032 3,059 AAA 3133EN5C0 14675 Federal Farm Credit Bank 4,995,006.49 5,000,000.00 4,997,550.00 5. 370 5.394 12/27/2028 1,822 AAA
3133EPEK7 14682 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,947,450.00 4.620 4.620 04/03/2025 458 AAA 3133EPQT5 14695 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,998,650.00 5.650 5.292 07/25/2033 3,493 AAA 3130AMAV4 14611 Federal Home Loan Banks 5,600,000.00 5,600,000.00 5,102,664.00 1.250 1.125 04/29/2027 1,214 AAA 3130ALZA5 14612 Federal Home Loan Banks 9,000,000.00 9,000,000.00 8,591,220.00 1.000 0.500 04/29/2026 849 AAA 3130AMEX6 14613 Federal Home Loan Banks 15,000,000.00 15,000,000.00 14,173,950.00 1.000 0.590 05/27/2026 877 AAA 3130AMF72 14615 Federal Home Loan Banks 15,000,000.00 15,000,000.00 14,028,000.00 1.300 1.040 05/27/2026 877 AAA 3130AMFQ0 14616 Federal Home Loan Banks 15,000,000.00 15,000,000.00 13,976,550.00 1.150 1.020 05/26/2026 876 AAA 3130AMFT4 14617 Federal Home Loan Banks 10,000,000.00 10, 000,000.00 9,340,700.00 1.250 1.000 05/27/2026 877 AAA 3130AMG22 14618 Federal Home Loan Banks 20,000,000.00 20,000,000.00 18,712,800.00 1.000 0.500 05/27/2026 877 AAA 3130AMGG1 14619 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,412,700.00 0.600 0.600 05/26/2026 876 AAA 3130AMFN7 14620 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,418,500.00 0.750 0.500 05/26/2026 876 AAA 3130AMG55 14622 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,162,600.00 1.375 1.219 05/ 27/2027 1,242 AAA
3130AMG22 14624 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,356,400.00 1.000 0.500 05/27/2026 877 AAA 3130AMLS9 14627 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,406,800.00 1.150 0.950 06/17/2026 898 AAA 3130AMN24 14628 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,316,900.00 1.150 1.034 06/03/2026 884 AAA 3130AMN57 14629 Federal Home Loan Banks 20,000,000.00 20,000,000.00 18,620,200.00 1.100 1.013 06/03/2026 884 AAA 3130AMP71 14630 Federal Home Loan Banks 20,000,000.00 20,000,000.00 18,610,400.00 1.200 1.077 06/18/2026 899 AAA 313
0AMPL0 14631 Federal Home Loan Banks 15,000,000.00 15,000,000.00 13,978,350.00 1.150 0.375 06/08/2026 889 AAA 3130AMMW9 14632 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,404,800.00 1.500 0.500 06/10/2026 891 AAA 3130AMWM0 14634 Federal Home Loan Banks 4,250,000.00 4,250,000.00 3,938,475.00 1.050 0.500 06/30/2026 911 AAA 3130AN5U0 14642 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,366,600.00 1.000 0.500 07/29/2026 940 AAA 3130ANJY7 14643 Federal Home Loan Banks 40,000,000.00 40,000,000.00 36,874,400.00 1.000 0.400 08/26/2026 968 AAA 3130ARTE1 14645 Federal Home Loan Banks 6,425,000.00 6, 425,000.00 6, 074,644.75 4. 100 4.100 04/26/2032 3,038 AAA

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Pooled Investments Selected Funds
Interest Earnings
Exhibit 2-B.1
Sorted by Fund - Fund
October 1, 2023 - October 31, 2023
Yield on Average Book Value
Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted InterestAnnualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
4,250,000.0014634 4,250,000.00 1.050MC5 06/30/2026 3,718.75 0.00 3,718.751.030010 4,250,000.003130AMWM0 15,000,000.0014631 15,000,000.00 1.150MC5 06/08/2026 14,375.00 0.00 14,375.001.128010 15,000,000.003130AMPL0 20,000,000.0014630 20,000,000.00 1.200MC5 06/18/2026 20,000.00 0.00 20,000.001.177010 20,000,000.003130AMP71 10,000,000.0014632 10,000,000.00 1.500MC5 06/10/2026 12,500.00 0.00 12,500.001.472010 10,000,000.003130AMMW9 10,000,000.0014642 10,000,000.00 1.000MC5 07/29/2026 8,333.33 0.00 8,333.330.981010 10,000,000.003130AN5U0 40,000,000.0014643 40,000,000.00 1.000MC5 08/26/2026 33,333.33 0.00 33,333.330.981010 40,000,000.003130ANJY7 5,000,000.0014651 5,000,000.00 4.000MC5 05/26/2027 16,666.67 0.00 16,666.673.925010 5,000,000.003130ARYA3 5,000,000.0014649 5,000,000.00 3.000MC4 11/25/2024 12,500.00 0.00 12,500.002.944010 5,000,000.003130ARXL0 6,425,000.0014645 6,425,000.00 4.100MC5 04/26/2032 21,952.08 0.00 21,952.084.023010 6,425,000.003130ARTE1 5,000,000.0014648 5,000,000.00 3.000MC5 05/23/2025 12,500.00 0.00 12,500.002.944010 5,000,000.003130ARX71 20,000,000.0014629 20,000,000.00 1.100MC5 06/03/2026 18,333.33 0.00 18,333.331.079010 20,000,000.003130AMN57 10,000,000.0014628 10,000,000.00 1.150MC5 06/03/2026 9,583.33 0.00 9,583.331.128010 10,000,000.003130AMN24 9,000,000.0014612 9,000,000.00 1.000MC5 04/29/2026 7,500.00 0.00 7,500.000.981010 9,000,000.003130ALZA5 5,600,000.0014611 5,600,000.00 1.250MC5 04/29/2027 5,833.33 0.00 5,833.331.226010 5,600,000.003130AMAV4 15,000,000.0014613 15,000,000.00 1.000MC5 05/27/2026 12,500.00 0.00 12,500.000.981010 15,000,000.003130AMEX6 15,000,000.0014616 15,000,000.00 1.150MC5 05/26/2026 14,375.00 0.00 14,375.001.128010 15,000,000.003130AMFQ0 15,000,000.0014615 15,000,000.00 1.300MC5 05/27/2026 16,250.00 0.00 16,250.001.276010 15,000,000.003130AMF72 10,000,000.0014624 10,000,000.00 0.900MC5 05/27/2026 7,500.00 0.00 7,500.000.883010 10,000,000.003130AMG22 10,000,000.0014627 10,000,000.00 1.000MC5 06/17/2026 8,333.33 0.00 8,333.330.981010 10,000,000.003130AMLS9 10,000,000.0014622 10,000,000.00 1.375MC5 05/27/2027 11,458.33 0.00 11,458.331.349010 10,000,000.003130AMG55 10,000,000.0014619 10,000,000.00 0.600MC5 05/26/2026 5,000.00 0.00 5,000.000.589010 10,000,000.003130AMGG1 10,000,000.0014620 10,000,000.00 0.750MC5 05/26/2026 6,250.00 0.00 6,250.000.736010 10,000,000.003130AMFN7 10,000,000.0014617 10,000,000.00 1.250MC5 05/27/2026 10,416.67 0.00 10,416.671.226010 10,000,000.003130AMFT4 20,000,000.0014618 20,000,000.00 0.900MC5 05/27/2026 15,000.00 0.00 15,000.000.883010 20,000,000.003130AMG22 5,000,000.0014654 5,000,000.00 4.440MC5 05/26/2032 18,500.00 0.00 18,500.004.356010 5,000,000.003130AS7K9 5,000,000.0014656 5,000,000.00 4.000MC5 06/30/2025 16,666.67 0.00 16,666.673.925010 5,000,000.003130ASGF0 4,999,245.4614661 5,000,000.00 3.875FAC 12/08/2023 16,145.83 443.56 16,589.393.907010 4,999,009.373130ATDK0 5,000,000.0014699 5,000,000.00 5.550MC5 09/26/2025 23,125.00 0.00 23,125.005.446010 5,000,000.003130AXDY1 2,236,544.0214700 5,000,000.00 5.000MC4 10/18/2028 9,027.78 345.58 9,373.364.935010 0.003130AXDU9 5,000,000.0014678 5,000,000.00 5.620MC4 01/26/2033 23,416.67 0.00 23,416.675.514010 5,000,000.003130AULM4

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Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund
Exhibit 2-B.1
Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted Interest
October 1, 2023 - October 31, 2023
Interest Earnings
Pooled Investments Selected Funds
Annualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
5,000,000.0014662 5,000,000.00 5.000MC5 09/30/2027 20,833.33 0.00 20,833.334.906010 5,000,000.003130ATDV6 4,996,028.3814687 5,000,000.00 4.250FAC 07/24/2025 17,708.33 187.03 17,895.364.217010 4,995,928.833133EPGS8 4,979,240.8914689 5,000,000.00 4.375FAC 07/06/2026 18,229.17 636.12 18,865.294.461010 4,978,902.313133EPPE9 4,960,425.9414686 5,000,000.00 4.000FAC 04/20/2033 16,666.67 346.83 17,013.504.038010 4,960,241.343133EPGG4 4,956,320.4014690 5,000,000.00 4.125FAC 07/05/2029 17,187.50 636.72 17,824.224.234010 4,955,981.503133EPPF6 5,000,000.0014695 5,000,000.00 5.650MC5 07/25/2033 23,541.67 0.00 23,541.675.544010 5,000,000.003133EPQT5 4,995,271.2414653 5,000,000.00 4.370MC5 05/17/2032 18,208.33 45.91 18,254.244.303010 4,995,246.803133ENWW6 5,000,000.0014682 5,000,000.00 4.620MC5 04/03/2025 19,250.00 0.00 19,250.004.533010 5,000,000.003133EPEK7 4,987,359.7814664 5,000,000.00 3.750FAC 09/22/2025 15,625.00 545.59 16,170.593.818010 4,987,069.383133ENN22 4,987,569.8514669 5,000,000.00 4.500FAC 07/27/2026 18,750.00 372.89 19,122.894.514010 4,987,371.383133ENV72 4,652,972.9814668 5,000,000.00 3.875FAC 09/20/2032 16,145.83 3,240.18 19,386.014.906010 4,651,248.373133ENN30 4,994,800.6514675 5,000,000.00 5.370MC5 12/27/2028 22,375.00 83.41 22,458.415.294010 4,994,756.263133EN5C0 5,000,000.0014644 5,000,000.00 4.000MC5 04/19/2032 16,666.67 0.00 16,666.673.925010 5,000,000.003133ENUV0 5,000,000.0014676 5,000,000.00 4.220MC4 01/23/2030 17,583.33 0.00 17,583.334.141010 5,000,000.003133EN6K1 4,986,417.6314666 5,000,000.00 4.250FAC 09/30/2025 17,708.33 579.57 18,287.904.318010 4,986,109.773133ENP95 4,999,381.2814667 5,000,000.00 4.125FAC 10/14/2027 17,187.50 12.92 17,200.424.051010 4,999,374.403133ENS50 5,000,000.0014679 5,000,000.00 4.000MC4 02/09/2033 16,666.67 0.00 16,666.673.925010 5,000,000.003133EPAJ4 5,000,000.0014677 5,000,000.00 4.220MC4 01/23/2030 17,583.33 0.00 17,583.334.141010 5,000,000.003133EN6K1 5,000,000.0014647 5,000,000.00 3.630MC5 05/03/2027 15,125.00 0.00 15,125.003.562010 5,000,000.003133ENVV9 5,000,000.0014658 5,000,000.00 4.000MC5 12/30/2024 16,666.67 0.00 16,666.673.925010 5,000,000.003134GXC36 5,000,000.0014646 5,000,000.00 3.100MC5 04/29/2025 12,916.67 0.00 12,916.673.042010 5,000,000.003134GXRS5 5,000,000.0014657 5,000,000.00 4.100MC5 07/18/2025 17,083.33 0.00 17,083.334.023010 5,000,000.003134GXC28 4,998,089.9614694 5,000,000.00 6.000MC5 07/26/2028 25,000.00 33.34 25,033.345.897010 4,998,072.223134GYWC2 5,000,000.0014685 5,000,000.00 5.250MC5 05/01/2028 21,875.00 0.00 21,875.005.151010 5,000,000.003134GYPL0 2,000,000.0014696 2,000,000.00 6.000MC5 07/27/2028 10,000.00 0.00 10,000.005.887010 2,000,000.003134GYXR8 10,798,193.3314670 10,000,000.00 7.250MTN 04/01/2032 60,416.67 -7,866.47 52,550.205.730010 10,802,380.32617446HD4 1,000,000.0014688 1,000,000.00 5.202MC6 04/25/2029 4,335.00 0.00 4,335.005.104010 1,000,000.0006051GLG2 10,000,000.0014638 10,000,000.00 1.500MC5 07/20/2026 12,500.00 0.00 12,500.001.472010 10,000,000.0031422XJW3 5,000,000.0014681 5,000,000.00 5.675MC5 03/20/2030 23,645.83 0.00 23,645.835.568010 5,000,000.0031422XZ47 1,774,272.5714554 0.00 3.650MTN 10/12/2023 5,576.39 -489.94 5,086.453.375010 5,000,489.9424422EUM9 4,982,476.9614663 5,000,000.00 4.150MTN 09/15/2027 17,291.67 373.35 17,665.024.174010 4,982,278.2424422EWK1 5,001,563.0514557 5,000,000.00 3.500MC3 01/23/2024 14,583.33 -488.29 14,095.043.318010 5,001,822.95693475AV7 5,021,369.1114559 5,000,000.00 3.375MUN 04/01/2025 14,062.50 -1,223.34 12,839.163.011010 5,022,020.2413063DGB8 5,004,649.7114561 5,000,000.00 3.750MC3 12/06/2023 15,625.00 -2,844.89 12,780.113.007010 5,006,163.9305531FBF9 4,235,460.8314693 5,000,000.00 3.000MC3 07/30/2029 12,500.00 11,010.79 23,510.796.536010 4,229,612.0991159HHW3 4,742,199.0814684 5,000,000.00 3.100MC3 04/27/2026 12,916.67 8,498.63 21,415.305.317010 4,737,675.6291159HHM5 5,088,116.2414562 5,000,000.00 3.950MC3 11/17/2025 16,458.33 -3,524.50 12,933.832.993010 5,089,992.1891159HHU7

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Pooled Investments Selected Funds
Interest Earnings
Exhibit 2-B.2
Sorted by Fund - Fund
November 1, 2023 - November 30, 2023
Yield on Average Book Value
Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted InterestAnnualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
4,250,000.0014634 4,250,000.00 1.050MC5 06/30/2026 3,718.75 0.00 3,718.751.065010 4,250,000.003130AMWM0 15,000,000.0014631 15,000,000.00 1.150MC5 06/08/2026 14,375.00 0.00 14,375.001.166010 15,000,000.003130AMPL0 20,000,000.0014630 20,000,000.00 1.200MC5 06/18/2026 20,000.00 0.00 20,000.001.217010 20,000,000.003130AMP71 10,000,000.0014632 10,000,000.00 1.500MC5 06/10/2026 12,500.00 0.00 12,500.001.521010 10,000,000.003130AMMW9 10,000,000.0014642 10,000,000.00 1.000MC5 07/29/2026 8,333.33 0.00 8,333.331.014010 10,000,000.003130AN5U0 40,000,000.0014643 40,000,000.00 1.000MC5 08/26/2026 33,333.33 0.00 33,333.331.014010 40,000,000.003130ANJY7 5,000,000.0014651 5,000,000.00 4.000MC5 05/26/2027 16,666.67 0.00 16,666.674.056010 5,000,000.003130ARYA3 5,000,000.0014649 5,000,000.00 3.000MC4 11/25/2024 12,500.00 0.00 12,500.003.042010 5,000,000.003130ARXL0 6,425,000.0014645 6,425,000.00 4.100MC5 04/26/2032 21,952.08 0.00 21,952.084.157010 6,425,000.003130ARTE1 5,000,000.0014648 5,000,000.00 3.000MC5 05/23/2025 12,500.00 0.00 12,500.003.042010 5,000,000.003130ARX71 20,000,000.0014629 20,000,000.00 1.100MC5 06/03/2026 18,333.33 0.00 18,333.331.115010 20,000,000.003130AMN57 10,000,000.0014628 10,000,000.00 1.150MC5 06/03/2026 9,583.33 0.00 9,583.331.166010 10,000,000.003130AMN24 9,000,000.0014612 9,000,000.00 1.000MC5 04/29/2026 7,500.00 0.00 7,500.001.014010 9,000,000.003130ALZA5 5,600,000.0014611 5,600,000.00 1.250MC5 04/29/2027 5,833.33 0.00 5,833.331.267010 5,600,000.003130AMAV4 15,000,000.0014613 15,000,000.00 1.000MC5 05/27/2026 12,500.00 0.00 12,500.001.014010 15,000,000.003130AMEX6 15,000,000.0014616 15,000,000.00 1.150MC5 05/26/2026 14,375.00 0.00 14,375.001.166010 15,000,000.003130AMFQ0 15,000,000.0014615 15,000,000.00 1.300MC5 05/27/2026 16,250.00 0.00 16,250.001.318010 15,000,000.003130AMF72 10,000,000.0014624 10,000,000.00 1.000MC5 05/27/2026 7,611.11 0.00 7,611.110.926010 10,000,000.003130AMG22 10,000,000.0014627 10,000,000.00 1.000MC5 06/17/2026 8,333.33 0.00 8,333.331.014010 10,000,000.003130AMLS9 10,000,000.0014622 10,000,000.00 1.375MC5 05/27/2027 11,458.33 0.00 11,458.331.394010 10,000,000.003130AMG55 10,000,000.0014619 10,000,000.00 0.600MC5 05/26/2026 5,000.00 0.00 5,000.000.608010 10,000,000.003130AMGG1 10,000,000.0014620 10,000,000.00 0.750MC5 05/26/2026 6,250.00 0.00 6,250.000.760010 10,000,000.003130AMFN7 10,000,000.0014617 10,000,000.00 1.250MC5 05/27/2026 10,416.67 0.00 10,416.671.267010 10,000,000.003130AMFT4 20,000,000.0014618 20,000,000.00 1.000MC5 05/27/2026 15,222.22 0.00 15,222.220.926010 20,000,000.003130AMG22 5,000,000.0014654 5,000,000.00 4.440MC5 05/26/2032 18,500.00 0.00 18,500.004.502010 5,000,000.003130AS7K9 5,000,000.0014656 5,000,000.00 4.000MC5 06/30/2025 16,666.67 0.00 16,666.674.056010 5,000,000.003130ASGF0 4,999,682.1114661 5,000,000.00 3.875FAC 12/08/2023 16,145.83 443.57 16,589.404.037010 4,999,452.933130ATDK0 5,000,000.0014699 5,000,000.00 5.550MC5 09/26/2025 23,125.00 0.00 23,125.005.627010 5,000,000.003130AXDY1 4,952,907.6314700 5,000,000.00 5.000MC4 10/18/2028 20,833.33 797.50 21,630.835.314010 4,952,495.583130AXDU9 5,000,000.0014678 5,000,000.00 5.620MC4 01/26/2033 23,416.67 0.00 23,416.675.698010 5,000,000.003130AULM4

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Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund
Exhibit 2-B.2
Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted Interest
November 1, 2023 - November 30, 2023
Interest Earnings
Pooled Investments Selected Funds
Annualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
5,000,000.0014662 5,000,000.00 5.000MC5 09/30/2027 20,833.33 0.00 20,833.335.069010 5,000,000.003130ATDV6 4,996,212.5014687 5,000,000.00 4.250FAC 07/24/2025 17,708.33 187.04 17,895.374.358010 4,996,115.863133EPGS8 4,979,867.0814689 5,000,000.00 4.375FAC 07/06/2026 18,229.17 636.11 18,865.284.609010 4,979,538.433133EPPE9 4,960,767.3714686 5,000,000.00 4.000FAC 04/20/2033 16,666.67 346.84 17,013.514.173010 4,960,588.173133EPGG4 4,956,947.1914690 5,000,000.00 4.125FAC 07/05/2029 17,187.50 636.72 17,824.224.375010 4,956,618.223133EPPF6 5,000,000.0014695 5,000,000.00 5.650MC5 07/25/2033 23,541.67 0.00 23,541.675.728010 5,000,000.003133EPQT5 4,995,316.4314653 5,000,000.00 4.370MC5 05/17/2032 18,208.33 45.91 18,254.244.446010 4,995,292.713133ENWW6 5,000,000.0014682 5,000,000.00 4.620MC5 04/03/2025 19,250.00 0.00 19,250.004.684010 5,000,000.003133EPEK7 4,987,896.8714664 5,000,000.00 3.750FAC 09/22/2025 15,625.00 545.60 16,170.603.944010 4,987,614.973133ENN22 4,987,936.9314669 5,000,000.00 4.500FAC 07/27/2026 18,750.00 372.89 19,122.894.664010 4,987,744.273133ENV72 4,656,162.6414668 5,000,000.00 3.875FAC 09/20/2032 16,145.83 3,240.18 19,386.015.066010 4,654,488.553133ENN30 4,994,882.7614675 5,000,000.00 5.370MC5 12/27/2028 22,375.00 83.41 22,458.415.470010 4,994,839.673133EN5C0 5,000,000.0014644 5,000,000.00 4.000MC5 04/19/2032 16,666.67 0.00 16,666.674.056010 5,000,000.003133ENUV0 5,000,000.0014676 5,000,000.00 4.220MC4 01/23/2030 17,583.33 0.00 17,583.334.279010 5,000,000.003133EN6K1 4,986,988.7814666 5,000,000.00 4.250FAC 09/30/2025 17,708.33 579.56 18,287.894.462010 4,986,689.343133ENP95 4,999,393.9914667 5,000,000.00 4.125FAC 10/14/2027 17,187.50 12.92 17,200.424.186010 4,999,387.323133ENS50 5,000,000.0014679 5,000,000.00 4.000MC4 02/09/2033 16,666.67 0.00 16,666.674.056010 5,000,000.003133EPAJ4 5,000,000.0014677 5,000,000.00 4.220MC4 01/23/2030 17,583.33 0.00 17,583.334.279010 5,000,000.003133EN6K1 5,000,000.0014647 5,000,000.00 3.630MC5 05/03/2027 15,125.00 0.00 15,125.003.680010 5,000,000.003133ENVV9 5,000,000.0014658 5,000,000.00 4.000MC5 12/30/2024 16,666.67 0.00 16,666.674.056010 5,000,000.003134GXC36 5,000,000.0014646 5,000,000.00 3.100MC5 04/29/2025 12,916.67 0.00 12,916.673.143010 5,000,000.003134GXRS5 5,000,000.0014657 5,000,000.00 4.100MC5 07/18/2025 17,083.33 0.00 17,083.334.157010 5,000,000.003134GXC28 4,998,122.7814694 5,000,000.00 6.000MC5 07/26/2028 25,000.00 33.33 25,033.336.094010 4,998,105.563134GYWC2 5,000,000.0014685 5,000,000.00 5.250MC5 05/01/2028 21,875.00 0.00 21,875.005.323010 5,000,000.003134GYPL0 2,000,000.0014696 2,000,000.00 6.000MC5 07/27/2028 10,000.00 0.00 10,000.006.083010 2,000,000.003134GYXR8 10,790,449.5014670 10,000,000.00 7.250MTN 04/01/2032 60,416.67 -7,866.47 52,550.205.925010 10,794,513.85617446HD4 1,000,000.0014688 1,000,000.00 5.202MC6 04/25/2029 4,335.00 0.00 4,335.005.274010 1,000,000.0006051GLG2 10,000,000.0014638 10,000,000.00 1.500MC5 07/20/2026 12,500.00 0.00 12,500.001.521010 10,000,000.0031422XJW3 5,000,000.0014681 5,000,000.00 5.675MC5 03/20/2030 23,645.83 0.00 23,645.835.754010 5,000,000.0031422XZ47 4,982,844.4914663 5,000,000.00 4.150MTN 09/15/2027 17,291.67 373.35 17,665.024.313010 4,982,651.5924422EWK1 5,001,082.3814557 5,000,000.00 3.500MC3 01/23/2024 14,583.33 -488.29 14,095.043.429010 5,001,334.66693475AV7 5,020,164.8314559 5,000,000.00 3.375MUN 04/01/2025 14,062.50 -1,223.35 12,839.153.112010 5,020,796.9013063DGB8 5,001,849.1814561 5,000,000.00 3.750MC3 12/06/2023 15,625.00 -2,844.89 12,780.113.109010 5,003,319.0405531FBF9 4,246,311.7814693 5,000,000.00 3.000MC3 07/30/2029 12,500.00 11,010.78 23,510.786.736010 4,240,622.8891159HHW3 4,750,565.2114684 5,000,000.00 3.100MC3 04/27/2026 12,916.67 8,498.63 21,415.305.485010 4,746,174.2591159HHM5 5,084,646.7014562 5,000,000.00 3.950MC3 11/17/2025 16,458.33 -3,524.49 12,933.843.095010 5,086,467.6891159HHU7 5,021,629.1114563 5,000,000.00 3.375MTN 08/15/2025 14,062.50 -1,032.42 13,030.083.157010 5,022,162.5320030NBN0

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Pooled Investments Selected Funds
Interest Earnings
Exhibit 2-B.3
Sorted by Fund - Fund
December 1, 2023 - December 31, 2023
Yield on Average Book Value
Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted InterestAnnualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
10,000,000.0014619 10,000,000.00 0.600MC5 05/26/2026 5,000.00 0.00 5,000.000.589010 10,000,000.003130AMGG1 5,000,000.0014649 5,000,000.00 3.000MC4 11/25/2024 12,500.00 0.00 12,500.002.944010 5,000,000.003130ARXL0 10,000,000.0014620 10,000,000.00 0.750MC5 05/26/2026 6,250.00 0.00 6,250.000.736010 10,000,000.003130AMFN7 5,000,000.0014648 5,000,000.00 3.000MC5 05/23/2025 12,500.00 0.00 12,500.002.944010 5,000,000.003130ARX71 5,000,000.0014651 5,000,000.00 4.000MC5 05/26/2027 16,666.66 0.00 16,666.663.925010 5,000,000.003130ARYA3 20,000,000.0014618 20,000,000.00 1.000MC5 05/27/2026 16,666.67 0.00 16,666.670.981010 20,000,000.003130AMG22 10,000,000.0014617 10,000,000.00 1.250MC5 05/27/2026 10,416.67 0.00 10,416.671.226010 10,000,000.003130AMFT4 5,000,000.0014662 5,000,000.00 5.000MC5 09/30/2027 20,833.33 0.00 20,833.334.906010 5,000,000.003130ATDV6 1,129,022.2414661 0.00 3.875FAC 12/08/2023 3,767.36 103.50 3,870.864.037010 4,999,896.503130ATDK0 5,000,000.0014654 5,000,000.00 4.440MC5 05/26/2032 18,500.00 0.00 18,500.004.356010 5,000,000.003130AS7K9 5,000,000.0014656 5,000,000.00 4.000MC5 06/30/2025 16,666.67 0.00 16,666.673.925010 5,000,000.003130ASGF0 6,425,000.0014645 6,425,000.00 4.100MC5 04/26/2032 21,952.09 0.00 21,952.094.023010 6,425,000.003130ARTE1 10,000,000.0014622 10,000,000.00 1.375MC5 05/27/2027 11,458.33 0.00 11,458.331.349010 10,000,000.003130AMG55 10,000,000.0014632 10,000,000.00 1.500MC5 06/10/2026 12,500.00 0.00 12,500.001.472010 10,000,000.003130AMMW9 20,000,000.0014630 20,000,000.00 1.200MC5 06/18/2026 20,000.00 0.00 20,000.001.177010 20,000,000.003130AMP71 20,000,000.0014629 20,000,000.00 1.100MC5 06/03/2026 18,333.33 0.00 18,333.331.079010 20,000,000.003130AMN57 10,000,000.0014627 10,000,000.00 1.150MC5 06/17/2026 8,916.66 0.00 8,916.661.050010 10,000,000.003130AMLS9 10,000,000.0014628 10,000,000.00 1.150MC5 06/03/2026 9,583.33 0.00 9,583.331.128010 10,000,000.003130AMN24 40,000,000.0014643 40,000,000.00 1.000MC5 08/26/2026 33,333.33 0.00 33,333.330.981010 40,000,000.003130ANJY7 10,000,000.0014642 10,000,000.00 1.000MC5 07/29/2026 8,333.33 0.00 8,333.330.981010 10,000,000.003130AN5U0 15,000,000.0014631 15,000,000.00 1.150MC5 06/08/2026 14,375.00 0.00 14,375.001.128010 15,000,000.003130AMPL0 4,250,000.0014634 4,250,000.00 1.050MC5 06/30/2026 3,718.75 0.00 3,718.751.030010 4,250,000.003130AMWM0 15,000,000.0014616 15,000,000.00 1.150MC5 05/26/2026 14,375.00 0.00 14,375.001.128010 15,000,000.003130AMFQ0 5,000,000.0014678 5,000,000.00 5.620MC4 01/26/2033 23,416.67 0.00 23,416.675.514010 5,000,000.003130AULM4 5,600,000.0014611 5,600,000.00 1.250MC5 04/29/2027 5,833.34 0.00 5,833.341.226010 5,600,000.003130AMAV4 5,000,000.0014699 5,000,000.00 5.550MC5 09/26/2025 23,125.00 0.00 23,125.005.446010 5,000,000.003130AXDY1 4,953,717.5614700 5,000,000.00 5.000MC4 10/18/2028 20,833.33 797.50 21,630.835.141010 4,953,293.083130AXDU9 10,000,000.0014624 10,000,000.00 1.000MC5 05/27/2026 8,333.33 0.00 8,333.330.981010 10,000,000.003130AMG22 15,000,000.0014613 15,000,000.00 1.000MC5 05/27/2026 12,500.00 0.00 12,500.000.981010 15,000,000.003130AMEX6 9,000,000.0014612 9,000,000.00 1.000MC5 04/29/2026 7,500.00 0.00 7,500.000.981010 9,000,000.003130ALZA5 15,000,000.0014615 15,000,000.00 1.300MC5 05/27/2026 16,250.00 0.00 16,250.001.276010 15,000,000.003130AMF72 5,000,000.0014682 5,000,000.00 4.620MC5 04/03/2025 19,250.00 0.00 19,250.004.533010 5,000,000.003133EPEK7

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Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund
Exhibit 2-B.3
Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted Interest
December 1, 2023 - December 31, 2023
Interest Earnings
Pooled Investments Selected Funds
Annualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
5,000,000.0014677 5,000,000.00 4.220MC4 01/23/2030 17,583.34 0.00 17,583.344.141010 5,000,000.003133EN6K1 5,000,000.0014679 5,000,000.00 4.000MC4 02/09/2033 16,666.67 0.00 16,666.673.925010 5,000,000.003133EPAJ4 4,961,119.6114686 5,000,000.00 4.000FAC 04/20/2033 16,666.66 346.83 17,013.494.038010 4,960,935.013133EPGG4 4,996,402.4514687 5,000,000.00 4.250FAC 07/24/2025 17,708.33 187.04 17,895.374.217010 4,996,302.903133EPGS8 5,000,000.0014695 5,000,000.00 5.650MC5 07/25/2033 23,541.67 0.00 23,541.675.544010 5,000,000.003133EPQT5 4,980,513.1114689 5,000,000.00 4.375FAC 07/06/2026 18,229.17 636.11 18,865.284.460010 4,980,174.543133EPPE9 4,957,593.8414690 5,000,000.00 4.125FAC 07/05/2029 17,187.50 636.72 17,824.224.233010 4,957,254.943133EPPF6 5,000,000.0014676 5,000,000.00 4.220MC4 01/23/2030 17,583.34 0.00 17,583.344.141010 5,000,000.003133EN6K1 4,994,967.4714675 5,000,000.00 5.370MC5 12/27/2028 22,375.00 83.41 22,458.415.294010 4,994,923.083133EN5C0 4,995,363.0614653 5,000,000.00 4.370MC5 05/17/2032 18,208.34 45.91 18,254.254.303010 4,995,338.623133ENWW6 5,000,000.0014647 5,000,000.00 3.630MC5 05/03/2027 15,125.00 0.00 15,125.003.562010 5,000,000.003133ENVV9 4,988,450.9714664 5,000,000.00 3.750FAC 09/22/2025 15,625.00 545.60 16,170.603.817010 4,988,160.573133ENN22 4,987,576.7614666 5,000,000.00 4.250FAC 09/30/2025 17,708.34 579.57 18,287.914.317010 4,987,268.903133ENP95 4,988,315.6414669 5,000,000.00 4.500FAC 07/27/2026 18,750.00 372.89 19,122.894.514010 4,988,117.163133ENV72 4,999,407.1114667 5,000,000.00 4.125FAC 10/14/2027 17,187.50 12.91 17,200.414.051010 4,999,400.243133ENS50 4,659,453.3514668 5,000,000.00 3.875FAC 09/20/2032 16,145.83 3,240.19 19,386.024.899010 4,657,728.733133ENN30 5,000,000.0014644 5,000,000.00 4.000MC5 04/19/2032 16,666.67 0.00 16,666.673.925010 5,000,000.003133ENUV0 5,000,000.0014658 5,000,000.00 4.000MC5 12/30/2024 16,666.67 0.00 16,666.673.925010 5,000,000.003134GXC36 5,000,000.0014646 5,000,000.00 3.100MC5 04/29/2025 12,916.66 0.00 12,916.663.042010 5,000,000.003134GXRS5 5,000,000.0014657 5,000,000.00 4.100MC5 07/18/2025 17,083.33 0.00 17,083.334.023010 5,000,000.003134GXC28 5,000,000.0014685 5,000,000.00 5.250MC5 05/01/2028 21,875.00 0.00 21,875.005.151010 5,000,000.003134GYPL0 4,998,156.6314694 5,000,000.00 6.000MC5 07/26/2028 25,000.00 33.33 25,033.335.897010 4,998,138.893134GYWC2 2,000,000.0014696 2,000,000.00 6.000MC5 07/27/2028 10,000.00 0.00 10,000.005.887010 2,000,000.003134GYXR8 10,782,460.3814670 10,000,000.00 7.250MTN 04/01/2032 60,416.67 -7,866.48 52,550.195.738010 10,786,647.38617446HD4 1,000,000.0014688 1,000,000.00 5.202MC6 04/25/2029 4,335.00 0.00 4,335.005.104010 1,000,000.0006051GLG2 5,000,000.0014681 5,000,000.00 5.675MC5 03/20/2030 23,645.83 0.00 23,645.835.568010 5,000,000.0031422XZ47 10,000,000.0014638 10,000,000.00 1.500MC5 07/20/2026 12,500.00 0.00 12,500.001.472010 10,000,000.0031422XJW3 4,983,223.6614663 5,000,000.00 4.150MTN 09/15/2027 17,291.66 373.35 17,665.014.174010 4,983,024.9424422EWK1 5,000,586.4714557 5,000,000.00 3.500MC3 01/23/2024 14,583.34 -488.29 14,095.053.319010 5,000,846.37693475AV7 5,018,922.4114559 5,000,000.00 3.375MUN 04/01/2025 14,062.50 -1,223.35 12,839.153.012010 5,019,573.5513063DGB8 806,482.2014561 0.00 3.750MC3 12/06/2023 2,604.17 -474.15 2,130.023.110010 5,000,474.1505531FBF9 5,081,067.2414562 5,000,000.00 3.950MC3 11/17/2025 16,458.33 -3,524.50 12,933.832.997010 5,082,943.1991159HHU7 4,257,482.4014693 5,000,000.00 3.000MC3 07/30/2029 12,500.00 11,010.79 23,510.796.502010 4,251,633.6691159HHW3 4,759,196.3414684 5,000,000.00 3.100MC3 04/27/2026 12,916.67 8,498.63 21,415.305.298010 4,754,672.8891159HHM5 5,020,580.6014563 5,000,000.00 3.375MTN 08/15/2025 14,062.50 -1,032.41 13,030.093.056010 5,021,130.1120030NBN0 6,114,403.3014587 5,963,000.00 3.250MTN 05/20/2027 16,149.79 -3,683.68 12,466.112.401010 6,116,363.97747525AU7 4,997,060.7314564 5,000,000.00 2.900MTN 05/20/2024 12,083.33 576.20 12,659.532.983010 4,996,754.04747525AT0 5,049,875.5714566 5,000,000.00 3.750MC3 09/15/2025 15,625.00 -2,382.47 13,242.533.088010 5,051,143.66751212AC5 5,052,512.9814570 5,000,000.00 3.650MTN 03/01/2026 15,208.33 -1,984.04 13,224.293.082010 5,053,569.00375558BF9 3,770,490.4114574 3,725,000.00 3.450MTN 01/06/2027 10,709.37 -1,241.74 9,467.632.956010 3,771,151.34233851CU6

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Exhibit 2-C
Medium Term Notes
$115,228,167 16.93%
Federal Agency
$431,164,
784 63.34%
Municipal Bonds
$4,914,500 0.72%
Bank and Money Market
Account $129,457,183

19.02%
Pooled Cash and Investments
(Market Value)
as of December 31, 2023

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Exhibit 2-D
$129,457,183
$115,228,167
$431,164,
784
$4,914,500
$680,764,634
$204,229,390
$680,764,634
$680,764,634

BANK ACCOUNTS

MEDIUM TERM NOTES

FEDERAL AGENCY BONDS

MUNICIPAL BONDS
City of Berkeley
Current Holdings vs. Policy Limits
as of December 31, 2023
Policy Limits
Current Holdings

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Exhibit 2-E
-
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
800,000,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Investment Value
Pooled and Trust
Cash and Investment Portfolio Trend
as of December 31, 2023

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Attachment 3
As of December 31, 2023
Pooled Cash
Investments Gain/Loss on & Investments
Pooled Cash (Book Value) Investments (Market Value)
Retiree Medical Trust Fund
Fund No.
721 BHA 69,665$ 576,225$ 37,500$ 683,390$ 722 M1=IBEW (89,715) 92,940 (4,998) (1,773) 723 M2=Local 1 1,199,732 11,293,543 208,571 12,701,846 724 MUI=Z1 83,725 2,030,548 (121,395) 1,992,877 725 MUI=Z2 to Z6 271,476 2,909,956 (69,713) 3,111,719 726 M535= Local 535 987,037 10,476,389 (292,451) 11,170,975 727 M3=Local 790 546,046 6,588,323 (18,006) 7,116,363 Total Retiree Medical Trust Fund 3,067,966.00 33,967,923 (260,492) 36,775,398 Fire Medical Trust Fund
736 Fire Medical Trust Fund 638,081 13,897,128 (655,685) 13,879,524 Total Fire Medical Trust Fund 638,081 13,897,128 (655,685) 13,879,524 Police Medical Trust Fund
731 Police EE Retiree HLT Assistance Plan 52,306 2,514,412 (177,051) 2,389,667 701 Safety Members Pension Fund 221,957 - - 221,957 706 Police Medical Trust Fund (156,904) 4,586,820 (265,608) 4,164,308 Total Police Medical Trust Fund 117,359 7,101,232 (442,660) 6,775,931 Total Trust Funds 3,823,406$ 54,966,284$ (1,358,836)$ 57,430,853$ Summary of Pooled Cash and Investments - Trust Funds
(Market Value)

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Exhibit 3-A
As of December 31, 2023
CUSIP Investment # Issuer Par Value
Beginning Book
Value
Ending Book
Value Market Value Maturity Date
Moody's
Rating
Current
Rate
Annualized
Yield Interest Earned
Amortization/
Accretion
Adjusted Interest
Earnings
Federal Agency Coupon Securities
3133EFQT7 14361 Fed Farm Credit Bank 2,600,000.00 2,603,911.02 2,603,456.25 2,522,650.00 11/25/2025 AAA 2.700 2.605 17,550.00 (454.77) 17,095.23 Medium Term Notes - Callable
665859AX2 14671 Northern Trust Corp 10,000,000.00 10,015,472.18 10,015,046.47 10,738,300.00 11/02/2032 A2 6.125 6.049 153,125.00 (425.71) 152,699.29 Federal Agency Continuous Callable
3133EPMQ5 14691 Misc Federal Farm Credit Bank 4,746,000.00 4,711,279.23 4,712,173.33 4,730,005.98 06/16/2033 AAA 5.360 5.430 63,596.40 894.10 64,490.50 3133EPNL5 14692 Misc Federal Farm Credit Bank 3,796,800.00 3,582,619.07 3,588,123.43 3,839,096.35 06/23/2033 AAA 5.180 6.050 49,168.56 5,504.36 54,672.92 Continous Callable Bonds
797440CD4 14680 San Diego Gas & Electric 2,000,000.00 1,979,350.82 1,979,525.81 2,023,380.00 04/01/2053 A1 5.350 5.397 26,750.00 174.99 26,924.99 Municipal Bonds
786091AG3 14316 SACGEN 5,000,000.00 5,099,064.96 5,085,556.10 5,146,300.00 08/01/2025 A1 7.250 6.008 90,625.00 (13,508.86) 77,116.14 Savo Island Loan
SYS10988 10988 EMPMED 104,000.00 104,000.00 104,000.00 104,000.00 09/01/2025 N/A 8.000 8.022 2,102.85 - 2,102. 85 Preferred Securities
00206R706 14591 AT&T Inc. 1,680,033.60 1,680,033.60 1,680,033.60 1,315,359.64 N/A N/A 4.596 4.623 19,577.79 - 19,577.79 00206R706 14596 AT&T Inc. 1,680,008.40 1,680,008.40 1,680,008.40 1,315,339.91 N/A N/A 4.640 4.652 19,697.91 - 19,697.91 00206R706
14597 AT&
T Inc. 2,520,000.00 2,520,000.00 2,520,000.00 1,973,000.01 N/A N/A 4.643 4.654 29,559.14 - 29,559.14 Total 34,126,842.00 33,975,739.28 33,967,923.39 33,707,431.89 5.418 471,752.65$ (7,815.89)$ 463,936.76$ Total Investments (Book Value) 33,967,923.39$
Gain/Loss on Investments (260,491.50)
Total Investments (Market Value) 33,707,431.89
Temporarily Invested with Pooled Cash & Investments 3,067,966.00 Total Pooled Cash and Investments 36,775,397.89$
Adjusted Interest Earnings
Retiree Medical Trust Fund
Fund 721 - 727
Investments Interest Earnings
October 01 to December 31, 2023
October 01 to December 31, 2023
Interest Earnings

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Exhibit 3-B
CUSIP Investment # Issuer Par Value
Beginning Book
Value
Ending Book
Value Market Value Maturity Date
Moody's
Rating
Current
Rate
Annualized
Yield Interest Earned
Amortization/
Accretion
Adjusted Interest
Earnings
Medium Term Notes
6174467X1 14318 Morgan Stanley DW DTC#0015 2,000,000.00 2,016,575.94 2,014,646.01 1,997,040.00 11/24/2025 BAA1 5.000 4.541 25,000.00 (1,929.93) 23,070.07 Federal Agency Coupon Securities
3133EFQT7 14362 Fed F
arm Credit Bank 2,300,000.00 2,303,
459.75 2,303,057.45 2,231,575.00 11/25/2025 AAA 2.700 2.605 15,525.00 (402.30) 15,122.70 Federal Agency Continuously Callable
3133EPMQ5 14691 Fi
re Federal Farm Credit Bank 35,500.00 35,240. 29 35,246.98 35,380.37 06/16/2033 AAA 5.360 5.430 475.70 6.69 482.39 3133EPNL5 14691 Fire Federal Farm Credit Bank 28,400.00 28,197.76 28,202.96 28,716.38 06/23/2033 AAA 5.180 5.247 367.78 5.20 372.98 3130AUB78 14672 Federal Home Loan Banks 4,000,000.00 4,000,000.00 4,000,000.00 3,987,960.00 12/28/2037 AAA 6.230 6.179 62,300.00 - 62,300.00 3130AUB86 14673 Federal Home Loan Banks 2,996,000.00 2,996,000.00 2,996,000.00 2,987,790.96 12/29/2042 WR 6.540 6.487 48,984.60 - 48,984.60 Preferred Securities
00206R706 14592 AT&
T Inc. 1,679,983.20 1,679,
983.20 1,679,983.20 1,315,320.18 N/A N/A 4.596 4.623 19,577.21 - 19,577.21 00206R706 14594 AT&T Inc. 839,991.60 839,991.60 839,991.60 657,660.09 N/A N/A 4.640 4.652 9,848.80 - 9,848.80 Total 13,879,874.80$ 13,899,448.54$ 13,897,128.20$ 13,241,442.98$ 5.131 182,079.09$ (2,320.34)$ 179,758.75$ Total Investments (Book Value) 13,897,128.20$
Gain/Loss on Investments (655,685.22)
Total Investments (Market Value) 13,241,442.98
Temporarily Invested with Pooled Cash & Investments 638,081.00 Total Pooled Cash and Investments 13,879,523.98$
Fire Retiree Medical
Fund 736
Adjusted Interest Earnings
October 01 to December 31, 2023As of December 31, 2023
Investments Interest Earnings
Interest Earnings
October 01 to December 31, 2023

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Exhibit 3-C
CUSIP Investment # Issuer Par Value
Beginning Book
Value
Ending Book
Value Market Value Maturity Date
Moody's
Rating
Current
Rate
Annualized
Yield Interest Earned
Amortization/
Accretion
Adjusted Interest
Earnings
Medium Term Notes
6174467X1 14319 Morgan Stanley DW DTC#0015 500,000.00 504,143.98 503,661.50 499,260.00 11/24/2025 BAA1 5.000 4.541 6,250.00 (482.49) 5,767.51 Federal Agency Coupon Securities
3133EFQT7 14363 Fed. Farm Credit Banks 2,300,000.00 2,303,459.75 2,303,057.45 2,231,575.00 11/25/2025 AAA 2.700 2.63 3 15,525.00 (402.29) 15,122.71 Federal Agency Continuously Callable
3133EPMQ5 14691 Pol Federal Farm Credit Bank 218,500.00 216,901.50 216,942.66 217,763.66 06/16/2033 AAA 5.360 5.430 2,927.90 41.16 2,969.06 3133EPNL5 14692 Pol Federal Farm Credit Bank 174,800.00 173,555.24 173,587.23 176,747.27 06/23/2033 AAA 5.180 5.247 2,263.66 31.99 2,295.65 3130AUB86 14674 Federal Home Loan Banks 2,224,000.00 2,224,000.00 2,224,000.00 2,217,906.24 12/29/2042 WR 6.540 6.487 36,362.40 - 36,362.40 Preferred Securities
00206R706 14593 AT&T Inc. 1,679,983.20 1,679,983.20 1,679,983.20 1,315,320.18 N/A N/A 4.596 4.623 19,577.21 - 19,577.21 Total 7,097,283.20$ 7,102,043.67$ 7,101,232.04$ 6,658,572.35$ 4.586 82,906.17$ (811.63)$ 82,094.54$ Total Investments (Book Value) 7,101,232.04$
Gain/Loss on Investments (442,659.69)
Total Investments (Market Value) 6,658,572.35
Temporarily Invested with Pooled Cash & Investments 117,359.00 Total Pooled Cash and Investments 6,775,931.35$
Police Retiree Medical
Fund 731 and 706
Adjusted Interest Earnings
Investments Interest Earnings
As of December 31, 2023 October 01 to December 31, 2023 Interest Earnings
October 01 to December 31, 2023

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INFORMATION CALENDAR
JUNE 25, 2024
To: Honorable Mayor and Members of the City Council
From: Dee Williams-Ridley, City Manager
Submitted by: Henry Oyekanmi, Director, Finance Department Subject: FY 2024 Third Quarter Investment Report: Ended March 31, 2024

SUMMARY
The City’s investment policy requires that a quarterly investment report be submitted to the City Council on the status of the investment portfolio. The report includes all investments managed by the City of Berkeley and provides information on the types, values (par, book, and market), term, and yield of each security.  The return on pooled investments for the quarter ended March 31, 2024 was 3.13%, 100 basis points less than the 4.13% earned by the State Local Agency Investment Fund (State LAIF), which is the benchmark for investment performance used by the City. The returns earned on State LAIF’s monthly portfolio are currently higher because it has a much shorter maturity and the yield curve is inverted (i.e., short- term rates are significantly higher than medium and long-term rates).

The return on pooled investments of 3.13% for the quarter ended March 31, 2024 was 19 basis points more than the rate of 2.94% earned in the quarter ended December 31, 2023.
 The average return on all Retiree Medical Trust Fund investments was 5.02% for the quarter ended March 31, 2024.

CURRENT SITUATION AND ITS EFFECTS
Attached is a summary of the quarterly report for fiscal year 2024 Third Quarter ending March 31, 2024 representing the status of the City’s investment portfolio. The report includes all investments managed by the City of Berkeley and provides information on the values (par, book, and market), term, and yield of each security.

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Investment Report: FY2024 3rd Qtr INFORMATION CALENDAR Ended March 31, 2024 JUNE 25, 2024

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LAIF was intended to be a reference point to compare the City’s investment performance against, rather than a true performance measure, since most cities typically earn a yield higher than LAIF in normal interest rate environments, and because LAIF’s average maturity of its investments is generally shorter than that of most cities. As a result, past City Councilmembers requested that information about the rates earned by other California cities be included in the quarterly investment reports for comparison purposes, despite the differences in the investment policies of the various cities. It should be pointed out that the yield curve has been significantly inverted for many months (i.e., short term rates are higher than long term rates, which is abnormal), and cities with a shorter average maturity will have higher average yields than those cities with a longer average maturity, until the yield curve returns to normal. Some Analysts take this as a sign of an impending recession.

1. Liquidity of Portfolio:

The average investment in the pooled portfolio matures in 1,099 days as of March 31, 2024. This is 83 days less than the 1,182 maturity days as of December 31, 2023.

2. Comparison of Results to Performance Measures – Pooled investments:

Quarter Ended March 31, 2024
The City’s yield on investments for the quarter ended March 31, 2024 was 3.13%, an increase of 19 basis points (.19%) from the 2.94 earned during the quarter ended December 31, 2023. The average yield on a 91-day Treasury bill at the end of the quarter ended March 31, 2024 was 5.37%, an increase of 2 basis points (0.02%) from the 5.35% at the end of the previous quarter.

As summarized in Table 1, staff’s overall results were under the performance measure for the quarter by 100 basis points. Staff’s performance was under the performance measure in January by approximately 89 basis points (-.89%); under the performance measure in February by approximately 89 basis points (-.89%); and, was under the performance measure in March by approximately 122 basis points (-1.22%). The performance measure for the return on investments is compared to the rate of return of the State LAIF.

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Investment Report: FY2024 3rd Qtr INFORMATION CALENDAR Ended March 31, 2024 JUNE 25, 2024

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Table 1
For Quarter Ending March 31, 2024
Period City State LAIF Difference
Jan-24 3.12% 4.01% -0.89%
Feb-24 3.23% 4.12% -0.89%
Mar-24 3.05% 4.27% -1.22%
Jan 1-Mar 31

3.13% 4.13% -1.00%

3. Investment Results-Retiree Health Insurance Funds:

Average interest rates earned on the retiree health insurance trust funds for the quarter ended March 31, 2024 compared to the quarter ended December 31 2023, were as follows:

Table 2

EARNED INTEREST RATES
For Quarter Ended 3/31/2024 Compared To 12/31/2023
Trust Fund 3rd Qtr
3/31/24
2nd Qtr
12/31/23
Retiree Medical Trust Fund (Misc Employees) 5.47% 5.42% Fire Retiree Medical Trust Fund 4.97% 5.13%
Police Retiree Medical Trust Fund 4.63% 4.59%
The rates earned on these plans are expected to continue to increase, as staff is using the investment authority granted by Council to purchase long-term bonds as rates move higher.

Details related to retiree health trust fund investments are in Attachment 3, Exhibits 3- A, 3-B, and 3-C of this report.

B. Discussion of Interest Rate Environment and Outlook
At its March 20, 2024 meeting, the Fed’s Statement indicated that recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated.

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The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.

Yield Trend
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will consider a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Table 3

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7/26/2023 .25% 5.25%-5.50%
Since the rate hike on March 23, 2023, there have been four large regional bank failures (Silicon Valley Bank, Signature Bank, First Republic Bank and Republic First Bank), and two small regional banks (Citizens Bank of Sac City and Heartland Tri-State Bank). The Fed rate hikes and these bank failures have resulted in (1) banks’ raising their lending standards and reducing the number of loans granted; (2) mortgage rates rising to nearly

7.5%; and (3) some Analysts predicting a slowdown or recession in the US economy in 2025.

In addition, since July 2023, the Personal Consumption Expenditures (PCE) index (the Fed’s favored inflation index) has declined from 4.2% in November 2023 to 2.8% in March 2024, close to the Fed’s 2.0% target. However, the Fed has indicated that it won’t start lowering rates until it is confident that the 2% target has been met and can be sustained.

Therefore, under these circumstances, it appears that the Fed should be lowering rates, but they will be reluctant to do so in the near future.

Quite a few Analysts in the market are now predicting that the Feds will start lowering rates in July 2024 and lower them twice in CY 2024. However, Staff believes the decline in rates could come later in CY 2024, for the following reasons:

1. The Feds Chairman indicated that the Feds will continue its program of selling $95 billion/month (or $1.14 trillion/year) of Agency and Mortgage-Backed securities from its Balance Sheet instead of purchasing them as it did before this program began. This decision will result in a significant increase in bond supply without a corresponding increase in bond demand, which would increase the rates on medium and long-term bonds; and,

2. The projected US CY 2024 budget deficit of $1.8 trillion means the US will have to issue an additional $1.8 trillion of bonds to fund this budget deficit. This additional

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huge supply of bonds may overwhelm demand for Agency and Mortgage-Backed bonds and put further upward pressure on medium and long-term interest rates.

These two factors may keep medium-term and long-term interest rates higher for most of CY 2024 and impact short-term rates.

On a short-term basis, the City’s earned rate is expected to be below the City’s benchmark (State LAIF) because the yield curve is inverted. However, this should change after the Feds starts lowering rates. The City’s return is expected to be comparable to rates earned by other cities with a similar average maturity and lower than cities with a shorter average maturity in California. A sample of rates earned by Northern and Southern California cities is reflected in table 3 below (previously only Northern California cities were included):

Table 4
Other California Cities
Earned Interest Rates
For the Quarter Ending March 31, 2024
City Rates Earned
Oakland 4.52%
San Diego 3.71%
San Francisco 3.51%
Burbank 3.46%
San Jose 3.45%
Berkeley 3.13%
Los Angeles 2.93%
Sacramento 2.82%
Palo Alto 2.52 %
Hayward 2.46%

BACKGROUND
 Pooled Investments
Short-term cash is invested primarily in government sponsored enterprises (referred to as Federal Agency securities) notes, medium-term corporate notes and municipal securities for periods of one to ten years. Additional cash is invested in a money market fund or overnight securities to meet the liquidity needs of the City.

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Public
Investment Report: FY2024 3rd Qtr INFORMATION CALENDAR Ended March 31, 2024 JUNE 25, 2024

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 Retiree Health Trust Fund Investments
The City agreed to provide retiree Health insurance coverage for fire, police and miscellaneous employees under certain terms and conditions. An actuarial study commissioned by the City many years ago determined that, in addition to City Contributions, an average rate of return of 7% on miscellaneous employees trust fund assets invested must be achieved to fund the retiree health benefit at the desired 70% level. Primarily as a result of the Federal Reserve Board’s decision to keep short-term rates near zero from 2008 to March 2020, the average rate currently earned is significantly below that 7% level. City Finance Department staff manages these investment portfolios.

CONTACT PERSON
Henry Oyekanmi, Director, Finance Department, 981-7326

ATTACHMENTS

1. Portfolio Evaluation FY 2024 Third Quarter

2. Investment Report Analysis FY 2024 Third Quarter
a. Exhibit 2-A: Pooled Cash and Investments
b. Exhibit 2-B.1 through 2-B.3: Interest Earnings January 1, 2024 – March 31, 2024
c. Exhibit 2-C: Book Value By Investment Type
d. Exhibit 2-D: Current Holdings vs. Policy Limits
e. Exhibit 2-E: Investment Portfolio Trend

3. Summary of Pooled and Cash Investments FY 2024 Third Quarter –Trust Funds a. Exhibit 3-A: Retiree Medical Trust Funds –Misc.
b. Exhibit 3-B: Retiree Medical Trust Funds –Fire
c. Exhibit 3-C: Retiree Medical Trust Funds –Police

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Attachment 1
Total Portfolio
Pooled Cash and Investments (COB) 664,362,679$ 680,764,634$ 614,759,558$ 712,329,294$ Pooled Cash and Investments (Trust) 57,831,711 57,430,853 53,459,009 54,012,972 Total Cash and Investments 722,194,390$ 738,195,487$ 668,218,567$ 766,342,266$ Average Life of Investment Portfolio
Pooled Investments (CoB) 1,099 1,182 1,237 1,286
Trust Investments 7.401 years 7.772 years 7.883 years 7.852 years Weighted Yield
Pooled Investments (CoB) 3.131% 2.941% 2.999% 3.062%
Trust Investments 5.022% 5.045% 5.261% 5.063%
Prime Rate 8.500% 8.500% 8.500% 8.250%
91-day Treasury Bill Rate 5.368% 5.353% 5.446% 5.284%
2-year Treasury Note Rate 4.628% 4.250% 5.044% 4.895%
Cash and Investments Maturity
Within one year 169,170,380$ 23.42% 161,959,249$ 21.94% 104,135,475$ 15.58% 234,655,408$ 30.62% Between 1 to 3 years 370,649,554 51.32% 378,624,293 51.29% 374,559,348 56.05% 270,060,770 35.24% Between 3 to 5 years 66,226,147 9.17% 74,998,313 10.16% 72,751,770 10.89% 164,373,440 21.45% Between 5 to 10 years 105,625,485 14.63% 111,396,595 15.09% 105,896,100 15.85% 86,070,641 11.23% Over 10 years 10,522,824 1.46% 11,217,037 1.52% 10,875,874 1.63% 11,182,007 1.46% Total 722,194,390$ 100.00% 738,195,487$ 100.00% 668,218,567$ 100.00% 766,342,266$ 100.00% December 2023 September 2023 June 2023March 2024
Portfolio Evaluation
Quarter Ended March 31, 2024

QUARTER ENDING

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Attachment 2
Pension and OPEB
Investments Pooled Investments Trust Investments Total
Portfolio 562,574,401$ 54,302,836$ 616,877,237$ Unrecognized gain/(loss) (23,808,512) (1,508,545) (25,317,057) Total Investments 538,765,888 52,794,291 591,560,179 Cash Pooled Cash
Pension and OPEB
Trust Cash Total
Cash with Fidelity Money Market 34,963,155 - 34,963,155 Cash with Fiscal Agents 1,132 - 1,132 Cash Deposits in Banks 95,669,924 - 95,669,924 Pooled Cash Adjustment (5,037,420) 5,037,420 - Total Cash 125,596,791 5,037,420 130,634,211 Adjusted Grand Total (All Cash and Investments) 664,362,679$ 57,831,711$ 722,194,390$ Pooled Cash Portfolio Breakdown As of March 31, 2024 Book Value Market Value Investments 562,574,401$ 538,765,888$
NOTE:

1. The pooled cash includes Rent Board cash $4,081,857.55

2. The pooled cash does not include Section 115 cash of $8,008,574.87 Investment Report Analysis
As of March 31, 2024

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Exhibit 2-A
CUSIP Investment # Issuer Book Value Par Value Market Value Current
Rate
YTM/C
365
Maturity
Date
Days To
Maturity Moody's Rating
Medium Term Notes
88579YAR2 14659 3M COMPANY 4,929,359.92 5,000,000.00 4,856,900.00 3.000 4.120 08/07/2025 493 A3 04685A2L4 14590 Athene Global Funding 5,957,904.80 5,950,000.00 5,801,369.00 2.500 2.320 01/14/2025 288 A1 04685A2L4 14602 Athene Global Funding 4,972,865.89 5,000,000.00 4,875,100.00 2.500 3.250 01/14/2025 288 A1 20030NBN0 14563 Comcast Corp 5,017,000.45 5,000,000.00 4,886,300.00 3.375 3.100 08/15/2025 501 A3 233851CU6 14571 Daimler Finance 5,031,666.53 5,000,000.00 4,812,950.00 3.450 3.190 01/06/2027 1,010 A2 233851CU6 14574 Daimler Finance 3,766,184.38 3,725,000.00 3,585,647.75 3.450 3.000 01/06/2027 1,010 A2 24422EWK1 14663 John Deere Cap 4,984,518.35 5,000,000.00 4,910,850.00 4.150 4.250 09/15/2027 1,262 A2 375558BF9 14570 Gilead Sciences 5,045,632.85 5,000,000.00 4,871,500.00 3.650 3.118 03/01/2026 699 A3 30303M8G0 14660 Meta Platforms Inc 4,870,616.61 5,000,000.00 4,810,700.00 3.500 4.360 08/15/2027 1,231 A1 617446HD4 14670 Morgan Stanley 10,755,181.48 10,000,000.00 11,407,500.00 7.250 6.000 04/01/2032 2,922 A1 747525AT0 14564 Qualcomm Inc 4,999,058.86 5,000,000.00 4,981,750.00 2.900 3.050 05/20/2024 49 A2 747525AU7 14587 Qualcomm Inc 6,101,629.24 5,963,000.00 5,713,985.12 3.250 2.435 05/20/2027 1,144 A2 828807CS4 14606 Simon Property Group 4,999,413.03 5,000,000.00 4,944,000.00 3.375 3.353 10/01/2024 183 A3 07330MAA5 14588 Truist Bank 5,170,048.55 5,000,000.00 4,802,400.00 3.800 2.365 10/30/2026 942 A2 Subtotal and Average 76,601,080.94 75,638,000.00 75,260,951.87 3.590 1,008 Federal Agency Coupon Securities
3133ENN22 14664 Federal Farm Credit Bank 4,990,342.95 5,000,000.00 4,924,850.00 3.750 3.890 09/22/2025 539 AAA 3133ENP95 14666 Federal Farm Credit Bank 4,989,587.16 5,000,000.00 4,956,000.00 4.250 4.400 09/30/2025 547 AAA 3133ENS50 14667 Federal Farm Credit Bank 4,999,451.90 5,000,000.00 4,945,600.00 4.125 4.128 10/14/2027 1,291 AAA 3133ENN30 14668 Federal Farm Credit Bank 4,670,689.46 5,000,000.00 4,800,050.00 3.875 4.863 09/20/2032 3,094 AAA 3133ENV72 14669 Federal Farm Credit Bank 4,989,608.73 5,000,000.00 4,990,700.00 4.500 4.600 07/27/2026 847 AAA 3133EPGG4 14686 Federal Farm Credit Bank 4,962,322.34 5,000,000.00 4,825,450.00 4.000 4.102 04/20/2033 3,306 AAA 3133EPGS8 14687 Federal Farm Credit Bank 4,997,051.05 5,000,000.00 4,961,300.00 4.250 4.300 07/24/2025 479 AAA 3133EPPE9 14689 Federal Farm Credit Bank 4,982,718.98 5,000,000.00 4,968,950.00 4.375 4.540 07/06/2026 826 AAA 3133EPPF6 14690 Federal Farm Credit Bank 4,959,801.81 5,000,000.00 4,960,400.00 4.125 4.300 07/05/2029 1,921 AAA Subtotal and Average 44,541,574.38 45,000,000.00 44,333,300.00 4.344 1,414 Medium-Term Notes - Callable
22553PWD7 14652 Credit Suisse AG 5,000,000.00 5,000,000.00 4,897,550.00 4.050 4.050 05/25/2025 419 A3 22553PXJ3 14655 Credit Suisse AG 5,000,000.00 5,000,000.00 4,706,300.00 5.000 5.001 05/31/2032 2,982 A3 751212AC5 14566 Ralph Lauren 5,041,613.78 5,000,000.00 4,889,700.00 3.750 3.106 09/15/2025 532 A3 857477CD3 14698 State Street Corp. 4,000,000.00 4,000,000.00 4,021,600.00 5.272 5.272 08/03/2026 854 A1 91159HHU7 14562 US Bancorp 5,068,845.19 5,000,000.00 4,898,050.00 3.950 2.848 11/17/2025 595 A3 91159HHM5 14684 US Bancorp 4,788,667.40 5,000,000.00 4,795,450.00 3.100 5.348 04/27/2026 756 A3 91159HHW3 14693 US Bancorp 4,295,676.80 5,000,000.00 4,466,850.00 3.000 6.212 07/30/2029 1,946 A3 Subtotal and Average 33,194,803.17 34,000,000.00 32,675,500.00 4.481 1,147 Federal Agency Callable
3133EN6K1 14676 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,825,500.00 4.220 4.220 01/23/2030 2,123 AAA 3133EN6K1 14677 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,825,500.00 4.220 4.220 01/23/2030 2,123 AAA 3133EPAJ4 14679 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,847,150.00 4.000 4.000 02/09/2033 3,236 AAA City of Berkeley
Pooled Cash and Investments
As of March 31, 2024

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Exhibit 2-A
CUSIP Investment # Issuer Book Value Par Value Market Value Current
Rate
YTM/C
365
Maturity
Date
Days To
Maturity Moody's Rating
City of Berkeley
Pooled Cash and Investments
As of March 31, 2024
3130ARXL0 14649 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4,931,600.00 3.000 3.000 11/25/2024 238 AAA 3130AULM4 14678 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4,973,900.00 5.620 5.620 01/26/2033 3,222 AAA 3130AXDU9 14700 Federal Home Loan Banks 4,956,483.08 5,000,000.00 5,000,500.00 5.000 5.220 10/18/2028 1,661 AAA 29,956,483.08 30,000,000.00 29,404,150.00 4.379 2,101 Federal Agency Continuously Callable
31422XJW3 14638 Farmer Mac 10,000,000.00 10,000,000.00 9,308,000.00 1.500 0.300 07/20/2026 840 N/A 31422XZ47 14681 Farmer Mac 5,000,000.00 5,000,000.00 4,958,750.00 5.675 5.675 03/20/2030 2,179 N/A 3133ENUV0 14644 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,727,800.00 4.000 4.000 04/19/2032 2,940 AAA 3133ENVV9 14647 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,833,300.00 3.630 3.630 05/03/2027 1,127 AAA 3133ENWW6 14653 Federal Farm Credit Bank 4,995,522.26 5,000,000.00 4,810,450.00 4.370 4.384 05/17/2032 2,968 AAA 3133EN5C0 14675 Federal Farm Credit Bank 4,995,256.72 5,000,000.00 4,981,650.00 5.370 5.394 12/27/2028 1,731 AAA 3133EPEK7 14682 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,943,200.00 4.620 4.620 04/03/2025 367 AAA 3133EPQT5 14695 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,945,400.00 5.650 5.292 07/25/2033 3,402 AAA 3130AMAV4 14611 Federal Home Loan Banks 5,600,000.00 5,600,000.00 5,088,272.00 1.250 1.125 04/29/2027 1,123 AAA 3130ALZA5 14612 Federal Home Loan Banks 9,000,000.00 9,000,000.00 8,595,540.00 1.000 0.500 04/29/2026 758 AAA 3130AMEX6 14613 Federal Home Loan Banks 15,000,000.00 15,000,000.00 14,163,600.00 1.000 0.666 05/27/2026 786 AAA 3130AMF72 14615 Federal Home Loan Banks 15,000,000.00 15,000,000.00 13,986,300.00 1.300 1.040 05/27/2026 786 AAA 3130AMFQ0 14616 Federal Home Loan Banks 15,000,000.00 15,000,000.00 13,940,400.00 1.150 1.020 05/26/2026 785 AAA 3130AMFT4 14617 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,314,100.00 1.250 1.000 05/27/2026 786 AAA 3130AMG22 14618 Federal Home Loan Banks 20,000,000.00 20,000,000.00 18,685,800.00 1.000 0.500 05/27/2026 786 AAA 3130AMGG1 14619 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,406,500.00 0.600 0.600 05/26/2026 785 AAA 3130AMFN7 14620 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,410,700.00 0.750 0.500 05/26/2026 785 AAA 3130AMG55 14622 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,101,300.00 1.375 1.219 05/27/2027 1,151 AAA 3130AMG22 14624 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,342,900.00 1.000 0.500 05/27/2026 786 AAA 3130AMLS9 14627 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,394,100.00 1.150 0.950 06/17/2026 807 AAA 3130AMN24 14628 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,291,500.00 1.150 1.034 06/03/2026 793 AAA 3130AMN57 14629 Federal Home Loan Banks 20,000,000.00 20,000,000.00 18,570,400.00 1.100 1.013 06/03/2026 793 AAA 3130AMP71 14630 Federal Home Loan Banks 20,000,000.00 20,000,000.00 18,556,400.00 1.200 1.077 06/18/2026 808 AAA 3130AMPL0 14631 Federal Home Loan Banks 15,000,000.00 15,000,000.00 13,938,600.00 1.150 0.375 06/08/2026 798 AAA 3130AMMW9 14632 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,368,900.00 1.500 0.500 06/10/2026 800 AAA 3130AMWM0 14634 Federal Home Loan Banks 4,250,000.00 4,250,000.00 3,927,510.00 1.050 0.500 06/30/2026 820 AAA 3130AN5U0 14642 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,373,000.00 1.750 0.500 07/29/2026 849 AAA 3130ANJY7 14643 Federal Home Loan Banks 40,000,000.00 40,000,000.00 36,747,200.00 1.000 0.400 08/26/2026 877 AAA 3130ARTE1 14645 Federal Home Loan Banks 6,425,000.00 6,425,000.00 6,111,074.50 4.100 4.100 04/26/2032 2,947 AAA 3130ARX71 14648 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4,895,950.00 3.000 3.000 05/23/2025 417 AAA 3130ARYA3 14651 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4,874,350.00 4.000 4.000 05/26/2027 1,150 AAA 3130AS7K9 14654 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4,859,750.00 4.440 4.440 05/26/2032 2,977 AAA 3130ASGF0 14656 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4,942,950.00 4.000 4.000 06/30/2025 455 AAA 3130ATDV6 14662 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4,986,850.00 5.000 5.000 09/30/2027 1,277 AAA 3130AXDY1 14699 Federal Home Loan Banks 5,000,000.00 5,000,000.00 5,003,950.00 5.550 5.550 09/26/2025 543 AAA 3134GXRS5 14646 Federal Home Loan Mortgage Co 5,000,000.00 5,000,000.00 4,902,850.00 3.100 3.100 04/29/2025 393 AAA 3134GXC28 14657 Federal Home Loan Mortgage Co 5,000,000.00 5,000,000.00 4,944,250.00 4.100 4.103 07/18/2025 473 AAA

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Pooled Investments Selected Funds
Interest Earnings
Exhibit 2-B.1
Sorted by Fund - Fund
January 1, 2024 - January 31, 2024
Yield on Average Book Value
Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted InterestAnnualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
10,000,000.0014619 10,000,000.00 0.600MC5 05/26/2026 5,000.00 0.00 5,000.000.589010 10,000,000.003130AMGG1 5,000,000.0014649 5,000,000.00 3.000MC4 11/25/2024 12,500.00 0.00 12,500.002.944010 5,000,000.003130ARXL0 10,000,000.0014620 10,000,000.00 0.750MC5 05/26/2026 6,250.00 0.00 6,250.000.736010 10,000,000.003130AMFN7 5,000,000.0014648 5,000,000.00 3.000MC5 05/23/2025 12,500.00 0.00 12,500.002.944010 5,000,000.003130ARX71 5,000,000.0014651 5,000,000.00 4.000MC5 05/26/2027 16,666.67 0.00 16,666.673.925010 5,000,000.003130ARYA3 20,000,000.0014618 20,000,000.00 1.000MC5 05/27/2026 16,666.67 0.00 16,666.670.981010 20,000,000.003130AMG22 10,000,000.0014617 10,000,000.00 1.250MC5 05/27/2026 10,416.66 0.00 10,416.661.226010 10,000,000.003130AMFT4 5,000,000.0014662 5,000,000.00 5.000MC5 09/30/2027 20,833.34 0.00 20,833.344.906010 5,000,000.003130ATDV6 5,000,000.0014654 5,000,000.00 4.440MC5 05/26/2032 18,500.00 0.00 18,500.004.356010 5,000,000.003130AS7K9 5,000,000.0014656 5,000,000.00 4.000MC5 06/30/2025 16,666.66 0.00 16,666.663.925010 5,000,000.003130ASGF0 6,425,000.0014645 6,425,000.00 4.100MC5 04/26/2032 21,952.08 0.00 21,952.084.023010 6,425,000.003130ARTE1 10,000,000.0014622 10,000,000.00 1.375MC5 05/27/2027 11,458.33 0.00 11,458.331.349010 10,000,000.003130AMG55 10,000,000.0014632 10,000,000.00 1.500MC5 06/10/2026 12,500.00 0.00 12,500.001.472010 10,000,000.003130AMMW9 20,000,000.0014630 20,000,000.00 1.200MC5 06/18/2026 20,000.00 0.00 20,000.001.177010 20,000,000.003130AMP71 20,000,000.0014629 20,000,000.00 1.100MC5 06/03/2026 18,333.33 0.00 18,333.331.079010 20,000,000.003130AMN57 10,000,000.0014627 10,000,000.00 1.150MC5 06/17/2026 9,583.34 0.00 9,583.341.128010 10,000,000.003130AMLS9 10,000,000.0014628 10,000,000.00 1.150MC5 06/03/2026 9,583.34 0.00 9,583.341.128010 10,000,000.003130AMN24 40,000,000.0014643 40,000,000.00 1.000MC5 08/26/2026 33,333.33 0.00 33,333.330.981010 40,000,000.003130ANJY7 10,000,000.0014642 10,000,000.00 1.750MC5 07/29/2026 8,750.00 0.00 8,750.001.030010 10,000,000.003130AN5U0 15,000,000.0014631 15,000,000.00 1.150MC5 06/08/2026 14,375.00 0.00 14,375.001.128010 15,000,000.003130AMPL0 4,250,000.0014634 4,250,000.00 1.050MC5 06/30/2026 3,718.75 0.00 3,718.751.030010 4,250,000.003130AMWM0 15,000,000.0014616 15,000,000.00 1.150MC5 05/26/2026 14,375.00 0.00 14,375.001.128010 15,000,000.003130AMFQ0 5,000,000.0014678 5,000,000.00 5.620MC4 01/26/2033 23,416.67 0.00 23,416.675.514010 5,000,000.003130AULM4 5,600,000.0014611 5,600,000.00 1.250MC5 04/29/2027 5,833.33 0.00 5,833.331.226010 5,600,000.003130AMAV4 5,000,000.0014699 5,000,000.00 5.550MC5 09/26/2025 23,125.00 0.00 23,125.005.446010 5,000,000.003130AXDY1 4,954,515.0614700 5,000,000.00 5.000MC4 10/18/2028 20,833.34 797.50 21,630.845.140010 4,954,090.583130AXDU9 10,000,000.0014624 10,000,000.00 1.000MC5 05/27/2026 8,333.34 0.00 8,333.340.981010 10,000,000.003130AMG22 15,000,000.0014613 15,000,000.00 1.000MC5 05/27/2026 12,500.00 0.00 12,500.000.981010 15,000,000.003130AMEX6 9,000,000.0014612 9,000,000.00 1.000MC5 04/29/2026 7,500.00 0.00 7,500.000.981010 9,000,000.003130ALZA5 15,000,000.0014615 15,000,000.00 1.300MC5 05/27/2026 16,250.00 0.00 16,250.001.276010 15,000,000.003130AMF72 5,000,000.0014682 5,000,000.00 4.620MC5 04/03/2025 19,250.00 0.00 19,250.004.533010 5,000,000.003133EPEK7 5,000,000.0014677 5,000,000.00 4.220MC4 01/23/2030 17,583.33 0.00 17,583.334.141010 5,000,000.003133EN6K1

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Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund
Exhibit 2-B.1
Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted Interest
January 1, 2024 - January 31, 2024
Interest Earnings
Pooled Investments Selected Funds
Annualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
5,000,000.0014679 5,000,000.00 4.000MC4 02/09/2033 16,666.67 0.00 16,666.673.925010 5,000,000.003133EPAJ4 4,961,466.4414686 5,000,000.00 4.000FAC 04/20/2033 16,666.67 346.83 17,013.504.038010 4,961,281.843133EPGG4 4,996,589.4914687 5,000,000.00 4.250FAC 07/24/2025 17,708.33 187.04 17,895.374.217010 4,996,489.943133EPGS8 5,000,000.0014695 5,000,000.00 5.650MC5 07/25/2033 23,541.66 0.00 23,541.665.544010 5,000,000.003133EPQT5 4,981,149.2214689 5,000,000.00 4.375FAC 07/06/2026 18,229.16 636.11 18,865.274.459010 4,980,810.653133EPPE9 4,958,230.5614690 5,000,000.00 4.125FAC 07/05/2029 17,187.50 636.72 17,824.224.233010 4,957,891.663133EPPF6 5,000,000.0014676 5,000,000.00 4.220MC4 01/23/2030 17,583.33 0.00 17,583.334.141010 5,000,000.003133EN6K1 4,995,050.8814675 5,000,000.00 5.370MC5 12/27/2028 22,375.00 83.41 22,458.415.294010 4,995,006.493133EN5C0 4,995,408.9714653 5,000,000.00 4.370MC5 05/17/2032 18,208.33 45.91 18,254.244.303010 4,995,384.533133ENWW6 5,000,000.0014647 5,000,000.00 3.630MC5 05/03/2027 15,125.00 0.00 15,125.003.562010 5,000,000.003133ENVV9 4,988,996.5614664 5,000,000.00 3.750FAC 09/22/2025 15,625.00 545.59 16,170.593.816010 4,988,706.173133ENN22 4,988,156.3214666 5,000,000.00 4.250FAC 09/30/2025 17,708.33 579.56 18,287.894.317010 4,987,848.473133ENP95 4,988,688.5314669 5,000,000.00 4.500FAC 07/27/2026 18,750.00 372.90 19,122.904.513010 4,988,490.053133ENV72 4,999,420.0314667 5,000,000.00 4.125FAC 10/14/2027 17,187.50 12.92 17,200.424.051010 4,999,413.153133ENS50 4,662,693.5314668 5,000,000.00 3.875FAC 09/20/2032 16,145.83 3,240.18 19,386.014.895010 4,660,968.923133ENN30 5,000,000.0014644 5,000,000.00 4.000MC5 04/19/2032 16,666.67 0.00 16,666.673.925010 5,000,000.003133ENUV0 5,000,000.0014658 5,000,000.00 4.000MC5 12/30/2024 16,666.66 0.00 16,666.663.925010 5,000,000.003134GXC36 5,000,000.0014646 5,000,000.00 3.100MC5 04/29/2025 12,916.67 0.00 12,916.673.042010 5,000,000.003134GXRS5 5,000,000.0014657 5,000,000.00 4.100MC5 07/18/2025 17,083.34 0.00 17,083.344.023010 5,000,000.003134GXC28 5,000,000.0014685 5,000,000.00 5.250MC5 05/01/2028 21,875.00 0.00 21,875.005.151010 5,000,000.003134GYPL0 4,030,795.7014694 0.00 6.000MC5 07/26/2028 20,833.33 27.78 20,861.116.094010 4,998,172.223134GYWC2 2,000,000.0014696 2,000,000.00 6.000MC5 07/27/2028 10,000.00 0.00 10,000.005.887010 2,000,000.003134GYXR8 10,774,593.9114670 10,000,000.00 7.250MTN 04/01/2032 60,416.67 -7,866.47 52,550.205.743010 10,778,780.90617446HD4 1,000,000.0014688 1,000,000.00 5.202MC6 04/25/2029 4,335.00 0.00 4,335.005.104010 1,000,000.0006051GLG2 5,000,000.0014681 5,000,000.00 5.675MC5 03/20/2030 23,645.83 0.00 23,645.835.568010 5,000,000.0031422XZ47 10,000,000.0014638 10,000,000.00 1.500MC5 07/20/2026 12,500.00 0.00 12,500.001.472010 10,000,000.0031422XJW3 4,983,597.0114663 5,000,000.00 4.150MTN 09/15/2027 17,291.67 373.35 17,665.024.174010 4,983,398.2924422EWK1 3,548,508.3814557 0.00 3.500MC3 01/23/2024 10,694.44 -358.08 10,336.363.430010 5,000,358.08693475AV7 5,017,699.0714559 5,000,000.00 3.375MUN 04/01/2025 14,062.50 -1,223.34 12,839.163.013010 5,018,350.2013063DGB8 5,077,542.7514562 5,000,000.00 3.950MC3 11/17/2025 16,458.33 -3,524.50 12,933.832.999010 5,079,418.6991159HHU7 4,268,493.1914693 5,000,000.00 3.000MC3 07/30/2029 12,500.00 11,010.78 23,510.786.485010 4,262,644.4591159HHW3 4,767,694.9714684 5,000,000.00 3.100MC3 04/27/2026 12,916.66 8,498.63 21,415.295.289010 4,763,171.5191159HHM5 5,019,548.1814563 5,000,000.00 3.375MTN 08/15/2025 14,062.50 -1,032.42 13,030.083.056010 5,020,097.7020030NBN0 6,110,719.6214587 5,963,000.00 3.250MTN 05/20/2027 16,149.79 -3,683.68 12,466.112.402010 6,112,680.29747525AU7 4,997,636.9414564 5,000,000.00 2.900MTN 05/20/2024 12,083.33 576.21 12,659.542.983010 4,997,330.24747525AT0 5,047,493.1014566 5,000,000.00 3.750MC3 09/15/2025 15,625.00 -2,382.47 13,242.533.089010 5,048,761.19751212AC5 5,050,528.9414570 5,000,000.00 3.650MTN 03/01/2026 15,208.34 -1,984.04 13,224.303.083010 5,051,584.96375558BF9 3,769,248.6714574 3,725,000.00 3.450MTN 01/06/2027 10,709.38 -1,241.74 9,467.642.957010 3,769,909.60233851CU6 5,034,022.6614571 5,000,000.00 3.450MTN 01/06/2027 14,375.00 -954.77 13,420.233.139010 5,034,530.84233851CU6 1,001,436.6714582 1,000,000.00 4.250MTN 02/15/2024 3,541.66 -1,537.51 2,004.152.356010 1,002,255.02008252AM0

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Pooled Investments Selected Funds
Interest Earnings
Exhibit 2-B.2
Sorted by Fund - Fund
February 2, 2024 - February 29, 2024
Yield on Average Book Value
Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted InterestAnnualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
10,000,000.0014619 10,000,000.00 0.600MC5 05/26/2026 4,833.33 0.00 4,833.330.630010 10,000,000.003130AMGG1 5,000,000.0014649 5,000,000.00 3.000MC4 11/25/2024 12,083.33 0.00 12,083.333.150010 5,000,000.003130ARXL0 10,000,000.0014620 10,000,000.00 0.750MC5 05/26/2026 6,041.67 0.00 6,041.670.788010 10,000,000.003130AMFN7 5,000,000.0014648 5,000,000.00 3.000MC5 05/23/2025 12,083.33 0.00 12,083.333.150010 5,000,000.003130ARX71 5,000,000.0014651 5,000,000.00 4.000MC5 05/26/2027 16,111.11 0.00 16,111.114.200010 5,000,000.003130ARYA3 20,000,000.0014618 20,000,000.00 1.000MC5 05/27/2026 16,111.11 0.00 16,111.111.050010 20,000,000.003130AMG22 10,000,000.0014617 10,000,000.00 1.250MC5 05/27/2026 10,069.45 0.00 10,069.451.313010 10,000,000.003130AMFT4 5,000,000.0014662 5,000,000.00 5.000MC5 09/30/2027 20,138.89 0.00 20,138.895.250010 5,000,000.003130ATDV6 5,000,000.0014654 5,000,000.00 4.440MC5 05/26/2032 17,883.33 0.00 17,883.334.662010 5,000,000.003130AS7K9 5,000,000.0014656 5,000,000.00 4.000MC5 06/30/2025 16,111.11 0.00 16,111.114.200010 5,000,000.003130ASGF0 6,425,000.0014645 6,425,000.00 4.100MC5 04/26/2032 21,220.34 0.00 21,220.344.305010 6,425,000.003130ARTE1 10,000,000.0014622 10,000,000.00 1.375MC5 05/27/2027 11,076.39 0.00 11,076.391.444010 10,000,000.003130AMG55 10,000,000.0014632 10,000,000.00 1.500MC5 06/10/2026 12,083.33 0.00 12,083.331.575010 10,000,000.003130AMMW9 20,000,000.0014630 20,000,000.00 1.200MC5 06/18/2026 19,333.34 0.00 19,333.341.260010 20,000,000.003130AMP71 20,000,000.0014629 20,000,000.00 1.100MC5 06/03/2026 17,722.22 0.00 17,722.221.155010 20,000,000.003130AMN57 10,000,000.0014627 10,000,000.00 1.150MC5 06/17/2026 9,263.89 0.00 9,263.891.208010 10,000,000.003130AMLS9 10,000,000.0014628 10,000,000.00 1.150MC5 06/03/2026 9,263.89 0.00 9,263.891.208010 10,000,000.003130AMN24 40,000,000.0014643 40,000,000.00 1.000MC5 08/26/2026 32,222.23 0.00 32,222.231.050010 40,000,000.003130ANJY7 10,000,000.0014642 10,000,000.00 1.750MC5 07/29/2026 14,097.23 0.00 14,097.231.838010 10,000,000.003130AN5U0 15,000,000.0014631 15,000,000.00 1.150MC5 06/08/2026 13,895.83 0.00 13,895.831.208010 15,000,000.003130AMPL0 4,250,000.0014634 4,250,000.00 1.050MC5 06/30/2026 3,594.79 0.00 3,594.791.103010 4,250,000.003130AMWM0 15,000,000.0014616 15,000,000.00 1.150MC5 05/26/2026 13,895.83 0.00 13,895.831.208010 15,000,000.003130AMFQ0 5,000,000.0014678 5,000,000.00 5.620MC4 01/26/2033 22,636.11 0.00 22,636.115.902010 5,000,000.003130AULM4 5,600,000.0014611 5,600,000.00 1.250MC5 04/29/2027 5,638.89 0.00 5,638.891.313010 5,600,000.003130AMAV4 5,000,000.0014699 5,000,000.00 5.550MC5 09/26/2025 22,354.17 0.00 22,354.175.828010 5,000,000.003130AXDY1 4,955,301.0714700 5,000,000.00 5.000MC4 10/18/2028 20,138.89 770.91 20,909.805.501010 4,954,914.673130AXDU9 10,000,000.0014624 10,000,000.00 1.000MC5 05/27/2026 8,055.55 0.00 8,055.551.050010 10,000,000.003130AMG22 15,000,000.0014613 15,000,000.00 1.000MC5 05/27/2026 12,083.34 0.00 12,083.341.050010 15,000,000.003130AMEX6 9,000,000.0014612 9,000,000.00 1.000MC5 04/29/2026 7,250.00 0.00 7,250.001.050010 9,000,000.003130ALZA5 15,000,000.0014615 15,000,000.00 1.300MC5 05/27/2026 15,708.34 0.00 15,708.341.365010 15,000,000.003130AMF72 5,000,000.0014682 5,000,000.00 4.620MC5 04/03/2025 18,608.34 0.00 18,608.344.851010 5,000,000.003133EPEK7 5,000,000.0014677 5,000,000.00 4.220MC4 01/23/2030 16,997.22 0.00 16,997.224.431010 5,000,000.003133EN6K1

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Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund
Exhibit 2-B.2
Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted Interest
February 2, 2024 - February 29, 2024
Interest Earnings
Pooled Investments Selected Funds
Annualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
5,000,000.0014679 5,000,000.00 4.000MC4 02/09/2033 16,111.11 0.00 16,111.114.200010 5,000,000.003133EPAJ4 4,961,808.2814686 5,000,000.00 4.000FAC 04/20/2033 16,111.11 335.28 16,446.394.321010 4,961,640.233133EPGG4 4,996,773.8314687 5,000,000.00 4.250FAC 07/24/2025 17,118.06 180.80 17,298.864.513010 4,996,683.213133EPGS8 5,000,000.0014695 5,000,000.00 5.650MC5 07/25/2033 22,756.94 0.00 22,756.945.933010 5,000,000.003133EPQT5 4,981,776.1714689 5,000,000.00 4.375FAC 07/06/2026 17,621.53 614.91 18,236.444.772010 4,981,467.963133EPPE9 4,958,858.1114690 5,000,000.00 4.125FAC 07/05/2029 16,614.58 615.50 17,230.084.529010 4,958,549.603133EPPF6 5,000,000.0014676 5,000,000.00 4.220MC4 01/23/2030 16,997.22 0.00 16,997.224.431010 5,000,000.003133EN6K1 4,995,133.0914675 5,000,000.00 5.370MC5 12/27/2028 21,629.16 80.63 21,709.795.666010 4,995,092.683133EN5C0 4,995,454.2114653 5,000,000.00 4.370MC5 05/17/2032 17,601.39 44.38 17,645.774.605010 4,995,431.973133ENWW6 5,000,000.0014647 5,000,000.00 3.630MC5 05/03/2027 14,620.84 0.00 14,620.843.812010 5,000,000.003133ENVV9 4,989,534.3014664 5,000,000.00 3.750FAC 09/22/2025 15,104.17 527.41 15,631.584.084010 4,989,269.953133ENN22 4,988,728.1614666 5,000,000.00 4.250FAC 09/30/2025 17,118.05 560.24 17,678.294.619010 4,988,447.353133ENP95 4,989,056.0514669 5,000,000.00 4.500FAC 07/27/2026 18,125.00 360.46 18,485.464.830010 4,988,875.383133ENV72 4,999,432.7614667 5,000,000.00 4.125FAC 10/14/2027 16,614.58 12.49 16,627.074.335010 4,999,426.503133ENS50 4,665,887.0514668 5,000,000.00 3.875FAC 09/20/2032 15,607.64 3,132.18 18,739.825.236010 4,664,317.103133ENN30 5,000,000.0014644 5,000,000.00 4.000MC5 04/19/2032 16,111.11 0.00 16,111.114.200010 5,000,000.003133ENUV0 5,000,000.0014658 5,000,000.00 4.000MC5 12/30/2024 16,111.11 0.00 16,111.114.200010 5,000,000.003134GXC36 5,000,000.0014646 5,000,000.00 3.100MC5 04/29/2025 12,486.11 0.00 12,486.113.255010 5,000,000.003134GXRS5 5,000,000.0014657 5,000,000.00 4.100MC5 07/18/2025 16,513.89 0.00 16,513.894.305010 5,000,000.003134GXC28 5,000,000.0014685 5,000,000.00 5.250MC5 05/01/2028 21,145.83 0.00 21,145.835.513010 5,000,000.003134GYPL0 2,000,000.0014696 2,000,000.00 6.000MC5 07/27/2028 9,666.66 0.00 9,666.666.301010 2,000,000.003134GYXR8 10,766,840.7214670 10,000,000.00 7.250MTN 04/01/2032 58,402.77 -7,604.26 50,798.516.150010 10,770,652.21617446HD4 1,000,000.0014688 1,000,000.00 5.202MC6 04/25/2029 4,190.50 0.00 4,190.505.463010 1,000,000.0006051GLG2 5,000,000.0014681 5,000,000.00 5.675MC5 03/20/2030 22,857.64 0.00 22,857.645.959010 5,000,000.0031422XZ47 10,000,000.0014638 10,000,000.00 1.500MC5 07/20/2026 12,083.33 0.00 12,083.331.575010 10,000,000.0031422XJW3 4,983,964.9914663 5,000,000.00 4.150MTN 09/15/2027 16,715.28 360.91 17,076.194.466010 4,983,784.0924422EWK1 5,016,493.3414559 5,000,000.00 3.375MUN 04/01/2025 13,593.75 -1,182.57 12,411.183.225010 5,017,086.0813063DGB8 5,074,069.0014562 5,000,000.00 3.950MC3 11/17/2025 15,909.73 -3,407.02 12,502.713.212010 5,075,776.7191159HHU7 4,279,357.2514693 5,000,000.00 3.000MC3 07/30/2029 12,083.34 10,643.76 22,727.106.923010 4,274,022.2691159HHW3 4,776,071.2114684 5,000,000.00 3.100MC3 04/27/2026 12,486.11 8,215.35 20,701.465.650010 4,771,953.4291159HHM5 5,018,530.6414563 5,000,000.00 3.375MTN 08/15/2025 13,593.75 -998.01 12,595.743.272010 5,019,030.8720030NBN0 6,107,088.9914587 5,963,000.00 3.250MTN 05/20/2027 15,611.47 -3,560.90 12,050.572.572010 6,108,873.82747525AU7 4,998,204.8414564 5,000,000.00 2.900MTN 05/20/2024 11,680.56 557.00 12,237.563.192010 4,997,925.66747525AT0 5,045,144.9414566 5,000,000.00 3.750MC3 09/15/2025 15,104.16 -2,303.06 12,801.103.308010 5,046,299.31751212AC5 5,048,573.4814570 5,000,000.00 3.650MTN 03/01/2026 14,701.39 -1,917.90 12,783.493.301010 5,049,534.79375558BF9 3,768,024.8114574 3,725,000.00 3.450MTN 01/06/2027 10,352.39 -1,200.35 9,152.043.166010 3,768,626.47233851CU6 5,033,081.6414571 5,000,000.00 3.450MTN 01/06/2027 13,895.84 -922.95 12,972.893.360010 5,033,544.25233851CU6 464,428.4814582 0.00 4.250MTN 02/15/2024 1,534.72 -666.26 868.462.438010 1,000,666.26008252AM0 5,178,187.5014588 5,000,000.00 3.800MTN 10/30/2026 15,305.55 -5,308.29 9,997.262.517010 5,180,848.1807330MAA5 4,968,602.6514602 5,000,000.00 2.500MTN 01/14/2025 10,069.44 2,780.53 12,849.973.371010 4,967,208.9604685A2L4

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Pooled Investments Selected Funds
Interest Earnings
Exhibit 2-B.3
Sorted by Fund - Fund
March 1, 2024 - March 31, 2024
Yield on Average Book Value
Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted InterestAnnualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
10,000,000.0014619 10,000,000.00 0.600MC5 05/26/2026 5,000.00 0.00 5,000.000.589010 10,000,000.003130AMGG1 5,000,000.0014649 5,000,000.00 3.000MC4 11/25/2024 12,500.00 0.00 12,500.002.944010 5,000,000.003130ARXL0 10,000,000.0014620 10,000,000.00 0.750MC5 05/26/2026 6,250.00 0.00 6,250.000.736010 10,000,000.003130AMFN7 5,000,000.0014648 5,000,000.00 3.000MC5 05/23/2025 12,500.00 0.00 12,500.002.944010 5,000,000.003130ARX71 5,000,000.0014651 5,000,000.00 4.000MC5 05/26/2027 16,666.66 0.00 16,666.663.925010 5,000,000.003130ARYA3 20,000,000.0014618 20,000,000.00 1.000MC5 05/27/2026 16,666.67 0.00 16,666.670.981010 20,000,000.003130AMG22 10,000,000.0014617 10,000,000.00 1.250MC5 05/27/2026 10,416.67 0.00 10,416.671.226010 10,000,000.003130AMFT4 5,000,000.0014662 5,000,000.00 5.000MC5 09/30/2027 20,833.33 0.00 20,833.334.906010 5,000,000.003130ATDV6 5,000,000.0014654 5,000,000.00 4.440MC5 05/26/2032 18,500.00 0.00 18,500.004.356010 5,000,000.003130AS7K9 5,000,000.0014656 5,000,000.00 4.000MC5 06/30/2025 16,666.67 0.00 16,666.673.925010 5,000,000.003130ASGF0 6,425,000.0014645 6,425,000.00 4.100MC5 04/26/2032 21,952.09 0.00 21,952.094.023010 6,425,000.003130ARTE1 10,000,000.0014622 10,000,000.00 1.375MC5 05/27/2027 11,458.33 0.00 11,458.331.349010 10,000,000.003130AMG55 10,000,000.0014632 10,000,000.00 1.500MC5 06/10/2026 12,500.00 0.00 12,500.001.472010 10,000,000.003130AMMW9 20,000,000.0014630 20,000,000.00 1.200MC5 06/18/2026 20,000.00 0.00 20,000.001.177010 20,000,000.003130AMP71 20,000,000.0014629 20,000,000.00 1.100MC5 06/03/2026 18,333.33 0.00 18,333.331.079010 20,000,000.003130AMN57 10,000,000.0014627 10,000,000.00 1.150MC5 06/17/2026 9,583.33 0.00 9,583.331.128010 10,000,000.003130AMLS9 10,000,000.0014628 10,000,000.00 1.150MC5 06/03/2026 9,583.33 0.00 9,583.331.128010 10,000,000.003130AMN24 40,000,000.0014643 40,000,000.00 1.000MC5 08/26/2026 33,333.33 0.00 33,333.330.981010 40,000,000.003130ANJY7 10,000,000.0014642 10,000,000.00 1.750MC5 07/29/2026 14,583.33 0.00 14,583.331.717010 10,000,000.003130AN5U0 15,000,000.0014631 15,000,000.00 1.150MC5 06/08/2026 14,375.00 0.00 14,375.001.128010 15,000,000.003130AMPL0 4,250,000.0014634 4,250,000.00 1.050MC5 06/30/2026 3,718.75 0.00 3,718.751.030010 4,250,000.003130AMWM0 15,000,000.0014616 15,000,000.00 1.150MC5 05/26/2026 14,375.00 0.00 14,375.001.128010 15,000,000.003130AMFQ0 5,000,000.0014678 5,000,000.00 5.620MC4 01/26/2033 23,416.67 0.00 23,416.675.514010 5,000,000.003130AULM4 5,600,000.0014611 5,600,000.00 1.250MC5 04/29/2027 5,833.34 0.00 5,833.341.226010 5,600,000.003130AMAV4 5,000,000.0014699 5,000,000.00 5.550MC5 09/26/2025 23,125.00 0.00 23,125.005.446010 5,000,000.003130AXDY1 4,956,110.0614700 5,000,000.00 5.000MC4 10/18/2028 20,833.33 797.50 21,630.835.139010 4,955,685.583130AXDU9 10,000,000.0014624 10,000,000.00 1.000MC5 05/27/2026 8,333.33 0.00 8,333.330.981010 10,000,000.003130AMG22 15,000,000.0014613 15,000,000.00 1.000MC5 05/27/2026 12,500.00 0.00 12,500.000.981010 15,000,000.003130AMEX6 9,000,000.0014612 9,000,000.00 1.000MC5 04/29/2026 7,500.00 0.00 7,500.000.981010 9,000,000.003130ALZA5 15,000,000.0014615 15,000,000.00 1.300MC5 05/27/2026 16,250.00 0.00 16,250.001.276010 15,000,000.003130AMF72 5,000,000.0014682 5,000,000.00 4.620MC5 04/03/2025 19,250.00 0.00 19,250.004.533010 5,000,000.003133EPEK7 5,000,000.0014677 5,000,000.00 4.220MC4 01/23/2030 17,583.34 0.00 17,583.344.141010 5,000,000.003133EN6K1

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Maturity
Date
Current
Rate
Ending
Par Value
AverageSecurity
TypeFund
Exhibit 2-B.3
Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted Interest
March 1, 2024 - March 31, 2024
Interest Earnings
Pooled Investments Selected Funds
Annualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
5,000,000.0014679 5,000,000.00 4.000MC4 02/09/2033 16,666.67 0.00 16,666.673.925010 5,000,000.003133EPAJ4 4,962,160.1114686 5,000,000.00 4.000FAC 04/20/2033 16,666.66 346.83 17,013.494.037010 4,961,975.513133EPGG4 4,996,963.5614687 5,000,000.00 4.250FAC 07/24/2025 17,708.33 187.04 17,895.374.217010 4,996,864.013133EPGS8 5,000,000.0014695 5,000,000.00 5.650MC5 07/25/2033 23,541.67 0.00 23,541.675.544010 5,000,000.003133EPQT5 4,982,421.4514689 5,000,000.00 4.375FAC 07/06/2026 18,229.17 636.11 18,865.284.458010 4,982,082.873133EPPE9 4,959,503.9914690 5,000,000.00 4.125FAC 07/05/2029 17,187.50 636.71 17,824.214.232010 4,959,165.103133EPPF6 5,000,000.0014676 5,000,000.00 4.220MC4 01/23/2030 17,583.34 0.00 17,583.344.141010 5,000,000.003133EN6K1 4,995,217.7014675 5,000,000.00 5.370MC5 12/27/2028 22,375.00 83.41 22,458.415.294010 4,995,173.313133EN5C0 4,995,500.7914653 5,000,000.00 4.370MC5 05/17/2032 18,208.34 45.91 18,254.254.302010 4,995,476.353133ENWW6 5,000,000.0014647 5,000,000.00 3.630MC5 05/03/2027 15,125.00 0.00 15,125.003.562010 5,000,000.003133ENVV9 4,990,087.7614664 5,000,000.00 3.750FAC 09/22/2025 15,625.00 545.59 16,170.593.815010 4,989,797.363133ENN22 4,989,315.4514666 5,000,000.00 4.250FAC 09/30/2025 17,708.34 579.57 18,287.914.316010 4,989,007.593133ENP95 4,989,434.3114669 5,000,000.00 4.500FAC 07/27/2026 18,750.00 372.89 19,122.894.513010 4,989,235.843133ENV72 4,999,445.8614667 5,000,000.00 4.125FAC 10/14/2027 17,187.50 12.91 17,200.414.051010 4,999,438.993133ENS50 4,669,173.8914668 5,000,000.00 3.875FAC 09/20/2032 16,145.83 3,240.18 19,386.014.889010 4,667,449.283133ENN30 5,000,000.0014644 5,000,000.00 4.000MC5 04/19/2032 16,666.67 0.00 16,666.673.925010 5,000,000.003133ENUV0 5,000,000.0014658 5,000,000.00 4.000MC5 12/30/2024 16,666.67 0.00 16,666.673.925010 5,000,000.003134GXC36 5,000,000.0014646 5,000,000.00 3.100MC5 04/29/2025 12,916.66 0.00 12,916.663.042010 5,000,000.003134GXRS5 5,000,000.0014657 5,000,000.00 4.100MC5 07/18/2025 17,083.33 0.00 17,083.334.023010 5,000,000.003134GXC28 5,000,000.0014685 5,000,000.00 5.250MC5 05/01/2028 21,875.00 0.00 21,875.005.151010 5,000,000.003134GYPL0 2,000,000.0014696 2,000,000.00 6.000MC5 07/27/2028 10,000.00 0.00 10,000.005.887010 2,000,000.003134GYXR8 10,758,860.9614670 10,000,000.00 7.250MTN 04/01/2032 60,416.67 -7,866.47 52,550.205.751010 10,763,047.95617446HD4 1,000,000.0014688 1,000,000.00 5.202MC6 04/25/2029 4,335.00 0.00 4,335.005.104010 1,000,000.0006051GLG2 5,000,000.0014681 5,000,000.00 5.675MC5 03/20/2030 23,645.83 0.00 23,645.835.568010 5,000,000.0031422XZ47 10,000,000.0014638 10,000,000.00 1.500MC5 07/20/2026 12,500.00 0.00 12,500.001.472010 10,000,000.0031422XJW3 4,984,343.7214663 5,000,000.00 4.150MTN 09/15/2027 17,291.66 373.35 17,665.014.173010 4,984,145.0024422EWK1 5,015,252.3714559 5,000,000.00 3.375MUN 04/01/2025 14,062.50 -1,223.35 12,839.153.014010 5,015,903.5113063DGB8 5,070,493.7514562 5,000,000.00 3.950MC3 11/17/2025 16,458.33 -3,524.50 12,933.833.003010 5,072,369.6991159HHU7 4,290,514.7614693 5,000,000.00 3.000MC3 07/30/2029 12,500.00 11,010.78 23,510.786.452010 4,284,666.0291159HHW3 4,784,692.2314684 5,000,000.00 3.100MC3 04/27/2026 12,916.67 8,498.63 21,415.305.270010 4,780,168.7791159HHM5 5,017,483.3514563 5,000,000.00 3.375MTN 08/15/2025 14,062.50 -1,032.41 13,030.093.058010 5,018,032.8620030NBN0 6,103,352.2614587 5,963,000.00 3.250MTN 05/20/2027 16,149.79 -3,683.68 12,466.112.405010 6,105,312.92747525AU7 4,998,789.3514564 5,000,000.00 2.900MTN 05/20/2024 12,083.33 576.20 12,659.532.982010 4,998,482.66747525AT0 5,042,728.1614566 5,000,000.00 3.750MC3 09/15/2025 15,625.00 -2,382.47 13,242.533.092010 5,043,996.25751212AC5 5,046,560.8714570 5,000,000.00 3.650MTN 03/01/2026 15,208.33 -1,984.04 13,224.293.085010 5,047,616.89375558BF9 3,766,765.1914574 3,725,000.00 3.450MTN 01/06/2027 10,709.38 -1,241.74 9,467.642.959010 3,767,426.12233851CU6 5,032,113.1214571 5,000,000.00 3.450MTN 01/06/2027 14,375.00 -954.77 13,420.233.140010 5,032,621.30233851CU6 5,172,622.9814588 5,000,000.00 3.800MTN 10/30/2026 15,833.33 -5,491.34 10,341.992.354010 5,175,539.8907330MAA5 4,971,520.4814602 5,000,000.00 2.500MTN 01/14/2025 10,416.67 2,876.40 13,293.073.148010 4,969,989.4904685A2L4 5,958,296.7514590 5,950,000.00 2.500MTN 01/14/2025 12,395.83 -837.97 11,557.862.284010 5,958,742.7704685A2L4

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Exhibit 2-C
Medium Term Notes
$108,937,402 16.40%
Federal Agency
$424,908,137 63.96%
Municipal Bonds
$4,920,350 0.74%
Bank and Money Market
Account $125,596,791

18.90%
Pooled Cash and Investments
(Market Value)
as of March 31, 2024

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Exhibit 2-D
$125,596,791
$108,937,402
$424,908,137
$4,920,350
$664,362,679
$199,308,804
$664,362,679
$664,362,679

BANK ACCOUNTS

MEDIUM TERM NOTES

FEDERAL AGENCY BONDS

MUNICIPAL BONDS
City of Berkeley
Current Holdings vs. Policy Limits
as of March 31, 2024
Policy Limits
Current Holdings

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Attachment 3
As of March 31, 2024
Pooled Cash
Investments Gain/Loss on & Investments
Pooled Cash (Book Value) Investments (Market Value)
Retiree Medical Trust Fund
Fund No.
721 BHA 85,690$ 576,227$ 33,753$ 695,671$ 722 M1=IBEW (90,047) 92,838 (4,705) (1,915) 723 M2=Local 1 1,551,576 11,291,673 141,649 12,984,898 724 MUI=Z1 115,329 2,029,696 (133,112) 2,011,913 725 MUI=Z2 to Z6 334,163 2,909,045 (86,245) 3,156,963 726 M535= Local 535 1,214,722 10,473,511 (358,997) 11,329,236 727 M3=Local 790 676,959 6,587,116 (51,943) 7,212,132 Total Retiree Medical Trust Fund 3,888,392.00 33,960,107 (459,601) 37,388,899 Fire Medical Trust Fund
736 Fire Medical Trust Fund 1,218,341 13,242,308 (623,141) 13,837,508 Total Fire Medical Trust Fund 1,218,341 13,242,308 (623,141) 13,837,508 Police Medical Trust Fund
731 Police EE Retiree HLT Assistance Plan 68,717 2,514,271 (169,772) 2,413,216 701 Safety Members Pension Fund 351,107 - - 351,107 706 Police Medical Trust Fund (489,137) 4,586,150 (256,032) 3,840,981 Total Police Medical Trust Fund (69,313) 7,100,420 (425,804) 6,605,304 Total Trust Funds 5,037,420$ 54,302,836$ (1,508,545)$ 57,831,711$ Summary of Pooled Cash and Investments - Trust Funds
(Market Value)

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Exhibit 3-A
As of March 31, 2024
CUSIP Investment # Issuer Par Value
Beginning Book
Value
Ending Book
Value Market Value Maturity Date
Moody's
Rating
Current
Rate
Annualized
Yield Interest Earned
Amortization/
Accretion
Adjusted Interest
Earnings
Federal Agency Coupon Securities
3133EFQT7 14361 Fed Farm Credit Bank 2,600,000.00 2,603,456.25 2,603,001.48 2,513,498.00 11/25/2025 AAA 2.700 2.634 17,550.00 (454.77) 17,095.23 Medium Term Notes - Callable
665859AX2 14671 Northern Trust Corp 10,000,000.00 10,015,046.47 10,014,620.76 10,563,300.00 11/02/2032 A2 6.125 6.116 153,125.00 (425.71) 152,699.29 Federal Agency Continuous Callable
3133EPMQ5 14691 Misc Federal Farm Credit Bank 4,746,000.00 4,712,173.33 4,713,067.42 4,714,344.18 06/16/2033 AAA 5.360 5.489 63,596.40 894.09 64,490.49 3133EPNL5 14692 Misc Federal Farm Credit Bank 3,796,800.00 3,588,123.43 3,593,627.79 3,837,387.79 06/23/2033 AAA 5.180 6.107 49,168.56 5,504.36 54,672.92 Continous Callable Bonds
797440CD4 14680 San Diego Gas & Electric 2,000,000.00 1,979,525.81 1,979,700.80 1,969,860.00 04/01/2053 A1 5.350 5.455 26,750.00 174.99 26,924.99 Municipal Bonds
786091AG3 14316 SACGEN 5,000,000.00 5,085,556.10 5,072,047.24 5,105,750.00 08/01/2025 A1 7.250 6.090 90,625.00 (13,508.86) 77,116.14 Savo Island Loan
SYS10988 10988 EMPMED 104,000.00 104,000.00 104,000.00 104,000.00 09/01/2025 N/A 8.000 8.000 2,074.33 - 2,074.33 Preferred Securities
00206R706 14591 AT&T Inc. 1,680,033.60 1,680,033.60 1,680,033.60 1,340,693.48 N/A N/A 4.596 4.624 19,366.23 - 19,366.23 00206R706 14596 AT&T Inc. 1,680,008.40 1,680,008.40 1,680,008.40 1,340,673.37 N/A N/A 4.640 4.652 19,484.34 - 19,484.34 00206R706 14597 AT&T Inc. 2,520,000.00 2,520,000.00 2,520,000.00 2,011,000.00 N/A N/A 4.643 4.654 29,238.59 - 29,238.59 Total 34,126,842.00 33,967,923.39 33,960,107.49 33,500,506.82 5.470 470,978.45$ (7,815.90)$ 463,162.55$ Total Investments (Book Value) 33,960,107.49$
Gain/Loss on Investments (459,600.67)
Total Investments (Market Value) 33,500,506.82
Temporarily Invested with Pooled Cash & Investments 3,888,392.00 Total Pooled Cash and Investments 37,388,898.82$
Adjusted Interest Earnings
Retiree Medical Trust Fund
Fund 721 - 727
Investments Interest Earnings
January 01 to March 31, 2024
January 01 to March 31, 2024
Interest Earnings

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Exhibit 3-B
CUSIP Investment # Issuer Par Value
Beginning Book
Value
Ending Book
Value Market Value Maturity Date
Moody's
Rating
Current
Rate
Annualized
Yield Interest Earned
Amortization/
Accretion
Adjusted Interest
Earnings
Medium Term Notes
6174467X1 14318 Morgan Stanley DW DTC#0015 2,000,000.00 2,014,646.01 2,012,716.08 1,987,640.00 11/24/2025 BAA1 5.000 4.595 25,000.00 (1,929.93) 23,070.07 Federal Agency Coupon Securities
3133EFQT7 14362 Fed Farm Credit Bank 2,300,000.00 2,303,057.45 2,302,655.15 2,223,479.00 11/25/2025 AAA 2.700 2.634 15,525.00 (402.30) 15,122.70 Federal Agency Continuously Callable
3133EPMQ5 14691 Fire Federal Farm Credit Bank 35,500.00 35,246.98 35,253.66 35,263.21 06/16/2033 AAA 5.360 5.489 475.70 6.68 482.38 3133EPNL5 14692 Fire Federal Farm Credit Bank 28,400.00 28,202.96 28,208.16 28,703.60 06/23/2033 AAA 5.180 5.304 367.78 5.20 372.98 3130AUB78 14672 Federal Home Loan Banks 4,000,000.00 4,000,000.00 4,000,000.00 3,993,960.00 12/28/2037 AAA 6.230 6.247 62,300.00 - 62,300.00 3130AUB86 14673 Federal Home Loan Banks 2,343,500.00 2,996,000.00 2,343,500.00 2,339,141.09 12/29/2042 WR 6.540 6.322 37,842.08 - 37,842.08 Preferred Securities
00206R706 14592 AT&T Inc. 1,679,983.20 1,679,983.20 1,679,983.20 1,340,653.26 N/A N/A 4.596 4.623 15,923.65 - 15,923.65 00206R706 14594 AT&T Inc. 839,991.60 839,991.60 839,991.60 670,326.63 N/A N/A 4.640 4.652 9,742.02 - 9,742.02 Total 13,227,374.80$ 13,897,128.20$ 13,242,307.85$ 12,619,166.79$ 4.971 167,176.23$ (2,320.35)$ 164,855.88$ Total Investments (Book Value) 13,242,307.85$
Gain/Loss on Investments (623,141.06)
Total Investments (Market Value) 12,619,166.79
Temporarily Invested with Pooled Cash & Investments 1,218,341.00 Total Pooled Cash and Investments 13,837,507.79$
Fire Retiree Medical
Fund 736
Adjusted Interest Earnings
January 01 to March 31, 2024As of March 31, 2024
Investments Interest Earnings
Interest Earnings
January 01 to March 31, 2024

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Exhibit 3-C
CUSIP Investment # Issuer Par Value
Beginning Book
Value
Ending Book
Value Market Value Maturity Date
Moody's
Rating
Current
Rate
Annualized
Yield Interest Earned
Amortization/
Accretion
Adjusted Interest
Earnings
Medium Term Notes
6174467X1 14319 Morgan Stanley DW DTC#0015 500,000.00 503,661.50 503,179.02 496,910.00 11/24/2025 BAA1 5.000 4.595 6,250.00 (482.49) 5,767.51 Federal Agency Coupon Securities
3133EFQT7 14363 Fed. Farm Credit Banks 2,300,000.00 2,303,057.45 2,302,655.15 2,223,479.00 11/25/2025 AAA 2.700 2.634 15,525.00 (402.29) 15,122.71 Federal Agency Continuously Callable
3133EPMQ5 14691 Pol Federal Farm Credit Bank 218,500.00 216,942.66 216,983.82 217,042.61 06/16/2033 AAA 5.360 5.489 2,927.90 41.16 2,969.06
3133EPNL5 14692 Pol Federal Farm Credit Bank 174,800.00 173,587.23 173,619.22 176,668.61 06/23/2033 AAA 5.180 5.304 2,263.66 31.99 2,295.65 3130AUB86 14674 Federal Home Loan Banks 2,224,000.00 2,224,000.00 2,224,000.00 2,219,863.36 12/29/2042 WR 6.540 6.558 36,362.40 - 36,362.40 Preferred Securities
00206R706 14593 AT&T Inc. 1,679,983.20 1,679,983.20 1,679,983.20 1,340,653.26 N/A N/A 4.596 4.624 19,365.65 - 19,365.65 Total 7,097,283.20$ 7,101,232.04$ 7,100,420.41$ 6,674,616.84$ 4.625 82,694.61$ (811.63)$ 81,882.98$ Total Investments (Book Value) 7,100,420.41$
Gain/Loss on Investments (425,803.57)
Total Investments (Market Value) 6,674,616.84
Temporarily Invested with Pooled Cash & Investments (69,313.00) Total Pooled Cash and Investments 6,605,303.84$
Police Retiree Medical
Fund 731 and 706
Adjusted Interest Earnings
Investments Interest Earnings
As of March 31, 2024 January 01 to March 31, 2024
Interest Earnings
January 01 to March 31, 2024

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Zero Waste Commission
2180 Milvia Street, Berkeley, CA 94704 ● Tel: (510) 981-7000 ● TDD: (510) 981-6903 ● Fax: (510) 981-7099 E-Mail: [email protected] Website: http://www.CityofBerkeley.info/Manager

INFORMATION CALENDAR
June 25, 2024
To: Honorable Mayor and Members of the City Council
From: Zero Waste Commission
Submitted by: Steven Sherman, Chairperson, Zero Waste Commission Subject: Zero Waste Commission Fiscal Year 2024-25 Work Plan

INTRODUCTION
The Zero Waste Commission (ZWC) considers and advises City Council on solid waste policy and goals, including refuse, composting, and recycling services, budgets, and other decisions relating to solid waste. The ZWC adopted the FY 2024-25 Work Plan on April 18, 2024. M/S/C: Sherman/Grover; Ayes: 6; Abstain: 0; Absent: 0

CURRENT SITUATION AND ITS EFFECTS
The City is enacting important changes and improvements to its Zero Waste services and long-term plans, including:
 Continuing the process to design the re-build of the Solid Waste & Recycling Transfer Station (SW&RTS),
 Implementing various local ordinances and state laws to reduce the generation of discarded products, packaging and materials, and to increase the recycling of organic materials such as food scraps,
 Developing a division-level strategic plan for zero waste.

The City’s longstanding goals regarding zero waste include:

1. Provide state-of-the-art, well-maintained publicly-owned infrastructure, amenities, and facilities;

2. Serve as a global leader in addressing climate change, advancing environmental justice, and protecting the environment.

FISCAL YEAR 2024-25 WORK PLAN
The following goals and activities have been identified for fiscal year 2024-25:

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Zero Waste Commission 2024-25 Work Plan INFORMATION CALENDAR June 25, 2024

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Goal Resources Program activities Outputs Outcomes
Development of
Zero Waste
Strategic Plan
Consulting team,
City staff
Various public
presentations and
workshops. Distribute
information to
increase public input.

Recommendations to
Council as needed.

Support for the
development of a
comprehensive,
detailed strategic
plan to achieve City’s
zero waste goals.

Compliance
with SB1383--
Food Recovery
and Organics
Diversion
City staff,
community
partners
Continue updates
from staff, explore
community compost
opportunities, invite
community partners
and related resources
to discuss their
efforts with
Commission.

Recommendations to
Council as needed.

Help in achieving
compliance with
SB1383
requirements and to
promote local
resiliency.

Strengthening
existing and
adopting new
zero waste
ordinances
City Staff,
consulting team,
Ecology Center,
UC Berkeley/Cal
Zero Waste,
BUSD
Through sub-
committees and then
the commission as a
whole, evaluate and
recommend ways to
strengthen existing
City ordinances and
to adopt new ones
that further efforts to
achieve zero waste
goals.

Recommendations to
Council as needed.

Support for
strengthened and
new zero waste
ordinances.

Review and
assessment of
accepted
materials:

Inclusion or
exclusion in
City collection
services
City Staff, Urban
Ore, CCC,
Ecology Center,

CAW, NCRA,
CPSC,
StopWaste,
Others
Presentations at
ZWC by community
partners, specialists.

Review list of
accepted materials,
and recommend
changes, if any.

Commission
feedback
To help Council have
an accurate
understanding of
City’s collection
services and the
extent to which they
align with the City’s
goals.

Review of
regional and
State proposed
legislation
City Staff,
Californians
Against Waste,
California Product
Stewardship
Council, Northern
California
Recycling
Association
Presentations by
outside organizations
to help ZWC track
and understand
proposed legislation,
for the purpose of
advising Council.

Recommendations to
Council as needed.

To help establish
effective, fiscally-
prudent laws that
support City’s zero
waste goals

BACKGROUND
 Zero Waste Strategic Plan: Development of the draft plan began in 2023 and is continuing. It is anticipated that the draft plan will be ready for Council consideration of adoption in 2024.

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Zero Waste Commission 2024-25 Work Plan INFORMATION CALENDAR June 25, 2024

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 SB 1383—Food Recovery and Organics Diversion: This State of California law requires substantial effort by local governments to reduce the landfilling of compostable materials and to increase the recovery of otherwise discarded edible food, as a way to reduce climate change effects associated with methane emissions resulting from the landfilling of organic (carbon-containing) materials.  Zero Waste Ordinances: The City has adopted various zero waste ordinances over time. Now that their effects are being observed in practice, some of them may merit modifications to improve their effectiveness. In addition, some new zero waste ordinances may be helpful in guiding businesses and residents toward following zero waste practices as standard operating procedures.  Accepted Materials in City Collection Programs: Periodically, the list of accepted materials in City collection programs deserves review. Recycling tends to subject the City to the vagaries of international commodity markets, with considerable swings in demand and prices, changes in product specifications, ability to track custody and supply chains, and end uses. Composting is not a panacea for the large variety of hard/controversial-to-compost products and packaging, such as plastic-lined paper and potentially compostable plastics. As with recycling, composting processors’ specifications and end uses can change over time.

Meanwhile, some harder-to-recycle materials potentially could be added to City collection services, such as batteries.
 Proposed State Legislation: The City may take positions that could influence the outcome of proposed State of California legislation regarding zero waste.

ENVIRONMENTAL SUSTAINABILITY
Potential to reduce the disposal of products, packaging, and other materials via waste reduction, re-design, reuse, repair, recycling, and composting.

POSSIBLE FUTURE ACTION
Future Action Items that ZWC may send to City Council include:
 Resolution to support adoption of a new Zero Waste Strategic Plan;  Resolutions to support adoption of modifications that strengthen existing ordinances and to adopt new ordinances that further zero waste efforts.  Other zero waste-related recommendations to City Council.

FISCAL IMPACTS OF POSSIBLE FUTURE ACTION
The Zero Waste Strategic Plan will contain numerous recommendations that have potential fiscal impacts, particularly infrastructure upgrades, compliance requirements,

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Zero Waste Commission 2024-25 Work Plan INFORMATION CALENDAR June 25, 2024

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and program service expansion and will be addressed in FY 2025 by Adjustments to the Annual Appropriations Ordinance (AAO) or in future Fiscal Year budgets.

CONTACT PERSON
Julia A. Heath, Commission Secretary, Recycling Program Manager, Public Works, (510) 981-6357

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Communications

All communications submitted to the City Council are
public record. Communications are not published directly to the City’s website. Copies of individual communications are available for viewing at the City Clerk Department and through Records Online.

City Clerk Department
2180 Milvia Street
Berkeley, CA 94704
(510) 981-6900

Records Online
https://records.cityofberkeley.info/

To search for communications associated with a particular City Council meeting using Records Online:

1. Select Search Type = “Public – Communication Query (Keywords)”

2. From Date: Enter the date of the Council meeting

3. To Date: Enter the date of the Council meeting (this may match the From Date field)

4. Click the “Search” button

5. Communication packets matching the entered criteria will be returned

6. Click the desired file in the Results column to view the document as a PDF

Berkeley City CouncilJune 25, 2024

Berkeley City Council
June 25, 2024