Street Name From To PCI Mile
age
Treat
ment
Estimated
Cost
5-YEAR STREET REHABILITATION PLAN: FY 2027-2031 | Fiscal Year 2031 97 Sections | $18,380,381 | 15.72 miles
DERBY ST
MATHEWS
ST MABEL ST 93 0.12 Light Mtce $19,456
DERBY ST
PIEDMONT
AVE
WARRING
ST 24 0.06
Heavy
Rehab $210,481
DERBY ST
SAN PABLO
AVE
MATHEWS
ST 93 0.09 Light Mtce $14,560
DERBY ST
WARRING
ST
BELROSE
AVE &
TANGLEWO
OD RD 87 0.23 Light Mtce $62,660
DWIGHT WAY
BOWDITCH
ST
COLLEGE
AVE 69 0.13 Light Mtce $34,320
DWIGHT WAY
COLLEGE
AVE
PIEDMONT
AVE (E) 80 0.15 Light Mtce $40,300
DWIGHT WAY DANA ST
TELEGRAPH
AVE 69 0.13
Heavy
Mtce $178,620
DWIGHT WAY FULTON ST DANA ST 78 0.25 Light Mtce $76,544
DWIGHT WAY
MARTIN
LUTHER
KING JR MILVIA ST 50 0.13
Heavy
Rehab $422,940
DWIGHT WAY MILVIA WAY
SHATTUCK
AVE 50 0.13
Heavy
Mtce $170,400
DWIGHT WAY
SHATTUCK
AVE FULTON ST 80 0.11 Light Mtce $34,658
DWIGHT WAY
TELEGRAPH
AVE
BOWDITCH
ST 78 0.13 Light Mtce $34,320
EL CAMINO
REAL
THE
UPLANDS
DEAD END
ABOVE THE
UPLANDS 78 0.09 Light Mtce $10,344
EVELYN AVE
NORTH CITY
LIMIT
SANTA FE
AVE 83 0.17 Light Mtce $26,128
FOREST AVE
COLLEGE
AVE
CLAREMONT
BLVD 30 0.36
Heavy
Rehab $1,192,500
FRANKLIN ST
FRANCISCO
ST HEARST AVE 76 0.14 Light Mtce $25,160
GILMAN ST 4TH ST 6TH ST 46 0.15
Heavy
Rehab $661,440
PAGE 26 OF 37
Street Name From To PCI Mile
age
Treat
ment
Estimated
Cost
5-YEAR STREET REHABILITATION PLAN: FY 2027-2031 | Fiscal Year 2031 97 Sections | $18,380,381 | 15.72 miles
GILMAN ST 6TH ST 8TH ST 52 0.12
Heavy
Rehab $555,387
GRIZZLY PEAK
BLVD MARIN AVE
SHASTA RD
(S) 77 0.77 Light Mtce $184,272
HASTE ST MILVIA ST
MARTIN
LUTHER
KING JR 50 0.13
Heavy
Rehab $426,120
HASTE ST
SHATTUCK
AVE MILVIA ST 61 0.13
Heavy
Rehab $448,380
HEARST AVE ARCH ST EUCLID AVE 87 0.22 Light Mtce $33,501
HEARST AVE EUCLID AVE
LA LOMA
AVE 90 0.18 Light Mtce $54,925
HEARST AVE
HIGHLAND
PL
DEAD END
(COP @
PARKING
LOT) 76 0.03
Heavy
Mtce $21,420
HEARST AVE
LA LOMA
AVE
HIGHLAND
PL 81 0.06 Light Mtce $17,186
HENRY ST HEARST AVE
BERKELEY
WAY 50 0.06
Heavy
Rehab $201,135
HIGHLAND PL RIDGE RD HEARST AVE 81 0.07 Light Mtce $9,808
HILLVIEW RD
WOODSIDE
RD
PARK HILLS
RD 80 0.24 Light Mtce $24,736
JOSEPHINE ST HOPKINS ST ROSE ST 75 0.24 Light Mtce $41,280
JOSEPHINE ST
THE
ALAMEDA HOPKINS ST 94 0.11 Light Mtce $18,400
LEWISTON AVE
WOOLSEY
ST
ALCATRAZ
AVE 76 0.17 Light Mtce $28,160
MILVIA ST
BERRYMAN
ST ROSE ST 82 0.13 Light Mtce $21,280
MILVIA ST EUNICE ST
BERRYMAN
ST 85 0.13 Light Mtce $15,480
MODOC ST
SOLANO
AVE MARIN AVE 95 0.11 Light Mtce $17,920
NORTH ST
NORTH
DEAD END
(JAYNES ST) JAYNES ST 82 0.03 Light Mtce $3,304
PAGE 27 OF 37
Street Name From To PCI Mile
age
Treat
ment
Estimated
Cost
5-YEAR STREET REHABILITATION PLAN: FY 2027-2031 | Fiscal Year 2031 97 Sections | $18,380,381 | 15.72 miles
OAKVALE AVE
CLAREMONT
AVE
DOMINGO
AVE 82 0.23 Light Mtce $31,728
PALM CT KELSEY ST
DEAD END
(KELSEY ST) 75 0.03
Light
Rehab $51,584
PARKER ST 7TH ST
SAN PABLO
AVE 76 0.26 Light Mtce $43,200
PARKER ST
MATHEWS
ST MABEL ST 93 0.11 Light Mtce $17,920
PARKER ST
SAN PABLO
AVE
MATHEWS
ST 94 0.11 Light Mtce $17,920
PIEDMONT AVE
AT END OF
GAYLEY RD
BANCROFT
WAY 47 0.14
Heavy
Mtce $221,700
PIEDMONT AVE
BANCROFT
WAY
DWIGHT
WAY 65 0.26 Light Mtce $85,368
PIEDMONT AVE DERBY ST STUART ST 41 0.16
Heavy
Rehab $524,700
PIEDMONT AVE
DWIGHT
WAY PARKER ST 79 0.12 Light Mtce $19,904
PIEDMONT AVE PARKER ST DERBY ST 58 0.13
Light
Rehab $351,168
PIEDMONT AVE RUSSELL ST ASHBY AVE 74 0.06
Light
Rehab $161,200
PIEDMONT AVE STUART ST RUSSELL ST 41 0.09
Light
Rehab $225,680
PIEDMONT
CRESCENT
DWIGHT
WAY
WARRING
ST 90 0.05 Light Mtce $21,276
POE ST BONAR ST
DEAD END
(BONAR ST) 88 0.04 Light Mtce $6,000
PRINCE ST
SACRAMENT
O ST
MARTIN
LUTHER
KING JR 37 0.42
Heavy
Rehab $1,411,920
PRINCE ST
SHATTUCK
AVE
TELEGRAPH
AVE 78 0.34 Light Mtce $57,088
PRINCE ST
TREMONT
ST
SHATTUCK
AVE 91 0.11 Light Mtce $19,232
ROSLYN CT
THE SOUTH
CROSSWAY
S
CHABOLYN
TERRACE 77 0.03 Light Mtce $2,664
PAGE 28 OF 37
Street Name From To PCI Mile
age
Treat
ment
Estimated
Cost
5-YEAR STREET REHABILITATION PLAN: FY 2027-2031 | Fiscal Year 2031 97 Sections | $18,380,381 | 15.72 miles
RUSSELL ST
SACRAMENT
O ST
MARTIN
LUTHER
KING JR 77 0.45 Light Mtce $76,000
SAN FERNANDO
AVE
ARLINGTON
AVE
YOSEMITE
RD 79 0.20 Light Mtce $22,504
SAN JUAN AVE
SANTA
CLARA AVE
SAN
FERNANDO
AVE 83 0.16 Light Mtce $18,128
SAN MIGUEL
AVE
THOUSAND
OAKS BLVD
SANTA
ROSA AVE 80 0.09 Light Mtce $9,184
SHASTA RD KEELER AVE QUEENS RD 79 0.25 Light Mtce $42,072 SPRING WAY DEAD END SCENIC AVE 77 0.04 Light Mtce $3,520
STATION PL
CATALINA
AVE
SOUTH
DEAD END
(CATALINA
AVE) 92 0.04 Light Mtce $6,720
TALBOT AVE
NORTH CITY
LIMIT
SANTA FE
AVE 79 0.24 Light Mtce $34,000
THE CRESCENT
PARK HILLS
RD (NORTH)
PARK HILLS
RD (SOUTH) 78 0.19 Light Mtce $20,848
THE SHORT
CUT
MIDDLEFIEL
D RD
PARK HILLS
RD 80 0.04 Light Mtce $3,552
THE SPIRAL DEAD END
WILDCAT
CANYON RD 78 0.06 Light Mtce $6,776
THE UPLANDS
EL CAMINO
REAL TUNNEL RD 37 0.20
Heavy
Rehab $462,849
UNIVERSITY
AVE MCGEE AVE
MARTIN
LUTHER
KING JR 64 0.25
Heavy
Mtce $558,180
UNIVERSITY
AVE
SACRAMENT
O ST MCGEE AVE 68 0.25
Heavy
Mtce $644,820
UNIVERSITY
AVE
SAN PABLO
AVE
SACRAMENT
O ST 53 0.56
Heavy
Mtce $1,352,400
VINE ST
MARTIN
LUTHER
KING JR MILVIA ST 45 0.13
Heavy
Rehab $422,940
VINE ST MC GEE AVE EDITH ST 78 0.11 Light Mtce $13,288
PAGE 29 OF 37
Street Name From To PCI Mile
age
Treat
ment
Estimated
Cost
5-YEAR STREET REHABILITATION PLAN: FY 2027-2031 | Fiscal Year 2031 97 Sections | $18,380,381 | 15.72 miles
VINE ST MILVIA ST
SHATTUCK
AVE 36 0.13
Heavy
Rehab $426,120
VINE ST
SHATTUCK
AVE WALNUT ST 37 0.06
Heavy
Rehab $213,060
VINE ST SPRUCE ST SCENIC AVE 49 0.12
Heavy
Rehab $403,860
VINE ST WALNUT ST SPRUCE ST 52 0.13
Heavy
Rehab $399,408
VIRGINIA
GARDENS
NORTH
DEAD END
(CEDAR) VIRGINIA ST 82 0.09 Light Mtce $8,352
VIRGINIA ST
EAST
FRONTAGE
RD (STATE
P/L) 2ND ST 90 0.07 Light Mtce $11,504
WALNUT ST EUNICE ST CEDAR ST 39 0.50
Heavy
Rehab $1,682,220
WEST ST ADDISON ST DEAD END 86 0.05 Light Mtce $4,944
WOOLSEY ST KING ST
MARTIN
LUTHER
KING JR
WAY 69 0.17
Light
Rehab $448,880
WOOLSEY ST
TELEGRAPH
AVE
HILLEGASS
AVE 81 0.28 Light Mtce $47,200
TOTAL 15.72 $18,380,381
PAGE 30 OF 37
5-YEAR STREET REHABILITATION PLAN: FY 2027-2031 | Fiscal Year 2031 97 Sections | $18,380,381 | 15.72 miles
Functional
Class Cost %
Cost Miles % Miles
Arterials $5,807,101 32% 3.44 22%
Collectors $1,423,836 8% 2.23 14%
Residentials $11,149,444 61% 10.06 64%
Policy
Category Cost %
Cost Miles % Miles
Equity Zone $3,413,200 19% 2.36 15%
Bikeways $9,186,328 50% 8.06 51%
Bus Route $7,076,557 39% 5.21 33%
High-Injury Streets$7,334,733 40% 5.21 33%
District Cost %
Cost Miles % Miles
District 1 $3,443,067 19% 2.13 14%
District 2 $800,200 4% 1.04 7%
District 3 $1,956,032 11% 1.16 7%
District 4 $3,047,838 17% 2.03 13%
District 5 $3,356,988 18% 2.41 15%
District 6 $765,513 4% 1.96 12%
District 7 $1,033,549 6% 1.79 11%
District 8 $3,977,196 22% 3.21 20%
PAGE 31 OF 37
MEASURE FF PLAN: FY 2027-2031 | Fiscal Year 2027 20 Sections | $13,560,042 | 3.80 miles
Cedar McGee Street Rehab Project – Fiscal Year 2027
Street
Name Begin End PCI Mileage Treatment Estimated
Cost
Cedar
Street
Martin
Luther King
Jr Way
Sacramento
Street 23 0.49 Heavy
Rehab
$
1,617,777.78
McGee
Avenue Rose Street Cedar Street 10 0.21 Reconstruct $
1,038,700.00
McGee
Avenue Cedar Street Virginia
Street 36 0.12 Heavy
Rehab
$
361,200.00
McGee
Avenue
Virginia
Street Ohlone Park 39 0.16 Heavy
Rehab
$
474,880.00
Vine
Street Edith Street Grant Street 25 0.06 Heavy
Rehab
$
187,600.00
Vine
Street Grant Street
Martin
Luther King
Jr Way
24 0.13 Heavy
Rehab
$
372,400.00
Josephine
Street Cedar Street Virginia
Street 22 0.13 Heavy
Rehab
$
369,600.00
Eola
Street
Virginia
Street
Francisco
Street 24 0.06 Heavy
Rehab
$
111,222.22
Buena
Avenue
McGee
Avenue
Cypress
Street 23 0.08 Heavy
Rehab
$
155,555.56
PAGE 32 OF 37
Parker Carleton Street Rehab Project – Fiscal Year 2027 Road Begin End PCI Mileage Treatment Estimated
Cost
Carleton
Street
Mathews
Street
Sacramento
Street 23 0.36 Heavy
Rehab
$
1,070,720.00
Carleton
Street
Sacramento
Street
Martin
Luther King
Jr Way
26 0.48 Heavy
Rehab
$
1,422,400.00
Carleton
Street
Martin
Luther King
Jr Way
Milvia Street 21 0.13 Heavy
Rehab
$
434,466.67
Carleton
Street Milvia Street Shattuck
Avenue 65 0.13 Heavy
Maintenance
$
346,500.00
Carleton
Street
Shattuck
Avenue Fulton Street 45 0.12 Heavy
Rehab
$
348,320.00
Carleton
Street Fulton Street Telegraph
Avenue 15 0.33 Reconstruct $
1,616,800.00
Carleton
Street
Telegraph
Avenue Dead End 25 0.03 Heavy
Rehab
$
67,200.00
Burnett
Street
San Pablo
Avenue Mabel Street 22 0.17 Heavy
Rehab
$
489,440.00
Mathews
Street
Carleton
Street Ward Street 14 0.12 Reconstruct $
591,260.00
Parker
Street Mabel Street Sacramento
Street 19 0.25 Heavy
Rehab
$
739,200.00
Blake
Street Mabel Street Sacramento
Street 30 0.25 Heavy
Rehab
$
744,800.00
PAGE 33 OF 37
MEASURE FF PLAN: FY 2027-2031 | Fiscal Year 2028 6 Sections | $6,822,998 |
1.05 miles
Henry Sutter Street Rehab Project – Fiscal Year 2028
Road Begin End PCI Mileage Treatment Estimated
Cost
Shattuck
Avenue Rose Street Vine Street 26 0.13 Heavy
Rehab
$
616,000
Shattuck
Pl Rose Street Shattuck
Avenue 22 0.10 Heavy
Rehab
$
1,167,500
Henry
Street
Eunice
Street Rose Street 29 0.26 Heavy
Rehab
$
1,326,111
Sutter
Street
Del Norte
Street
Eunice
Street 36 0.25 Heavy
Rehab
$
1,042,222
Shattuck
Avenue
Eunice
Street Rose Street 39 0.25 Heavy
Rehab
$
830,667
Berryman
Street Milvia Street Henry Street 39 0.06 Heavy
Rehab
$
169,680
PAGE 34 OF 37
MEASURE FF PLAN: FY 2027-2031 | Fiscal Year 2029 11 Sections | $7,805,256 | 1.42 miles
Shattuck Ward Street Rehab Project – Fiscal Year 2029
Road Begin End PCI Mileage Treatment Estimated
Cost
Ward
Street
Shattuck
Avenue Fulton Street 27 0.15 Heavy
Rehab
$
436,800
Ward
Street Fulton Street Ellsworth
Street 12 0.13 Reconstruct $
620,400
Ward
Street
Ellsworth
Street
Telegraph
Avenue 12 0.17 Reconstruct $
827,200
Walker
Street Derby Street Ward Street 27 0.06 Heavy
Rehab
$
92,400
Stuart
Street
Adeline
Street
Shattuck
Avenue 32 0.05 Heavy
Rehab
$
557,200
Oregon
Street
Shattuck
Avenue Fulton Street 28 0.16 Heavy
Rehab
$
476,000
Russell
Street
Shattuck
Avenue Fulton Street 24 0.16 Heavy
Rehab
$
478,800
Russell
Street Fulton Street Telegraph
Avenue 24 0.24 Heavy
Rehab
$
708,400
Lorina
Street
Russell
Street
Ashby
Avenue 40 0.10 Heavy
Rehab
$
256,667
Wheeler
Street
Russell
Street
Ashby
Avenue 21 0.10 Heavy
Rehab
$
498,200
Howe
Street
Ellsworth
Street
Telegraph
Avenue 16 0.10 Heavy
Rehab
$
512,300
PAGE 35 OF 37
MEASURE FF PLAN: FY 2027-2031 | Fiscal Year 2030 9 Sections | $5,524,906 |
1.19 miles
63rd Emerson Street Rehab Project – Fiscal Year 2030
Road Begin End PCI Mileage Treatment Estimated
Cost
63rd Street
Martin
Luther King
Jr Way
East City Limit 20 0.10 Heavy
Rehab
$
493,500
Dover
Street
Alcatraz
Avenue
South City
Limit 17 0.03 Heavy
Rehab
$
108,622
62nd
Street
Martin
Luther King
Jr Way
East City Limit 22 0.12 Heavy
Rehab
$
587,500
62nd
Street
West City
Limit Adeline Street 33 0.23 Heavy
Rehab
$
672,000
Martin
Luther
King Jr
Way
63rd Street Martin Luther
King Jr Way 31 0.10 Heavy
Rehab
$
325,867
Emerson
Street
Shattuck
Avenue Wheeler Street 20 0.11 Heavy
Rehab
$
540,500
Essex
Street
Shattuck
Avenue Wheeler Street 20 0.11 Heavy
Rehab
$
549,900
Shattuck
Avenue
Ashby
Avenue
South City
Limit 44 0.23 Heavy
Rehab
$
865,822
Tremont
Street
Emerson
Street
South City
Limit 26 0.18 Heavy
Rehab
$
821,194
PAGE 36 OF 37
MEASURE FF PLAN: FY 2027-2031 | Fiscal Year 2031 8 Sections | $8,767,933 |
2.05 miles
Edwards Byron Street Rehab Project – Fiscal Year 2030
Road Begin End PCI Mileage Treatment Estimated
Cost
Edwards
Street
Bancroft
Way Dwight Way 49 0.25 Heavy
Rehab
$
744,800
Byron
Street
Channing
Way Dwight Way 12 0.13 Reconstruct $
517,000
Valley
Street
North Dead
End Dwight Way 31 0.24 Heavy
Rehab
$
1,170,300
Chaucer
Street
San Pablo
Avenue Curtis Street 18 0.10 Heavy
Rehab
$
430,833
Curtis
Street
University
Avenue Dwight Way 14 0.57 Reconstruct $
2,810,600
Addison
Street San Pablo Curtis Street 19 0.14 Heavy
Rehab
$
686,200
Addison
Street
Browning
Street
Sacramento
Street 41 0.36 Heavy
Rehab
$
1,064,000
Allston
Way
San Pablo
Avenue
Strawberry
Creek Park 26 0.27 Heavy
Rehab
$
1,344,200
PAGE 37 OF 37
6 2
5 1
3 7
8 4
CEDAR ST
CO
NTRA
COS
TAA
VE
ROSE ST
FA
IRL
AWN
DR
COLLEGE
AVE
WARRING
ST
CORNELL
AVE
STANNAGE
AVE
TALBOT
AVE
WOOLSEY
ST
HEARST AVE
CRAGMONTAVE
HOPKINS ST
SHATTUCK
AVE
M
ENLO
PL
63RD ST
RUSSELL
ST
DWIGHT WAY
KIN
G
ST
CHANNING WAY
VIRGINIA ST
JONES ST
GRI
ZZLYPE
AK
BLVD
7TH ST
MILVIA
ST
8TH ST
THE
PLAZA
DR
ACTON ST
HARRISONST
PRINCE
ST
6TH ST
GILMAN
ST
DELAWARE
ST
FRANCISCO ST
EVELYN
AVE
GRANT ST
VINE ST
HARPER
ST
FUL TON ST
ALLSTON WAY
LINCOLN ST
PARKER ST
RIDGE
RD
SONOMA AVE
H ILLVIEWRD
LEROYAVE
EUCALYPTUSRD
4TH ST
ASHBY
PL
POTTER
ST
MURRAY
ST
DERBY
ST
ELLISST
HENRY
ST
9TH ST
5TH ST
DURANT AVE
10TH ST
ADDISON
ST
HASTE ST
FOREST AVE
ETON
AVE
SAN
JUAN
AVE
TH
E
U PLAN
DS
HEARST
AVE
(EB)
KEELER
AV
E
BOYNTO
N
AV
E(NB)
WALNUT ST
Engineering Division
1947 Center Street
Berkeley CA 94704
CITY OF BERKELEY
This map is for reference purposes only.
Data are not survey precise
Care was taken in the creation
of this map, but it is provided "AS IS".
Please contact the City of Berkeley
to verify map information or to report
any errors.
If you have trouble accessing this content
or require materials in an alternative format,
please contact [email protected]
May 15, 2026
0 1 20.5 Miles
¯
5 Year Paving Plan
Proposed Fiscal Year
2027
2028
2029
2030
2031
Council Districts
Equity Zone
Proposed
Five Year
Paving Plan
FY 2027 - 2031
PAGE 1 OF 2
6 2
5 1
3 7
8 4
MCGEEAVE
VINE
ST
WARD
ST
WARD
ST
62ND
ST
VALLEY
ST
RUSSELL
ST
BLAKE ST
EDWARDS
ST
HENRY
ST
SUT
TER
ST
ALLSTON
WAY
CARLETON
ST
ADDISON ST
CARLETON
ST
CARLETON ST
CEDAR ST
CURTIS ST
Engineering Division
1947 Center Street
Berkeley CA 94704
CITY OF BERKELEY
This map is for reference purposes only.
Data are not survey precise
Care was taken in the creation
of this map, but it is provided "AS IS".
Please contact the City of Berkeley
to verify map information or to report
any errors.
If you have trouble accessing this content
or require materials in an alternative format,
please contact [email protected]
May 15, 2026
0 1 20.5 Miles
¯
Measure FF
Proposed Fiscal Year
2027
2028
2029
2030
2031
Council Districts
Equity Zone
Proposed
Measure FF
Paving Plan
FY 2027 - 2031
PAGE 2 OF 2
FY 2027-2031: Measure FF Streets & Sidewalks Projects
Project name Brief Summary FY FF Bu dget Expected outcome/deliverable Cedar McGee Street Rehab
Project
1.437 centerline miles on Cedar, McGee,
Vine, Josephine, Eola, and Buena 27 $ 4,688,936 Repave surfaces in the identified project area.
Parker Carleton Street
Rehab Project
2.358 centerline miles on Carleton,
Burnett, Mathews, Parker, and Blake 27 $ 9,026,662 Repave surfaces in the identified project area.
Henry Sutter Street Rehab
Project
1.048 centerline miles on Shattuck Ave,
Shattuck Pl, Henry, Sutter, and Berryman 28 $ 5,152,180 Repave surfaces in the identified project area.
Shattuck Ward Street
Rehab Project
1.4195 centerline miles on Ward, Walker,
Stuart, Oregon, Russell, Lorina, Wheeler,
and Howe
29 $ 5,464,367 Repave surfaces in the identified
project area.
63rd Emerson Street
Rehab Project
1.191 centerline miles on 62nd, 63rd,
Dover, MLK jr, Emerson, Essex, Shattuck,
and Tremont
30 $ 4,964,906 Repave surfaces in the identified
project area.
Edwards Byron Street
Rehab Project
2.052 centerline miles on Edwards,
Byron, Valley, Chaucer, Curtis, Addison
and Allston
31 $ 8,767,933 Repave surfaces in the identified
project area.
PAGE 1 OF 11
FY 2027-2031: Measure FF Streets & Sidewalks Projects
Project name Brief Summary FY( s) FF Budget Expected outcome/deliverable Remediation of public
right of way (PROW)-
related ADA issues
Address identified PROW violations on sidewalks
corresponding to identified FF paving project
street segments:
Cedar, McGee, Vine, Josephine, Eola, and Buena
Carleton, Burnett, Mathews, Parker, and Blake
27 $ 1,359,224
Constructed sidewalk improvement
Remediation of PROW-
related ADA issues
Address identified PROW violations on sidewalks
corresponding to identified FF paving project
street segments:
Shattuck Ave, Shattuck Pl, Henry, Sutter, and
Berryman
28 $ 1,235,517
Constructed sidewalk improvement
Remediation of PROW-
related ADA issues
Address identified PROW violations on sidewalks
corresponding to identified FF paving project
street segments:
Ward, Walker, Stuart, Oregon, Russell, Lorina,
Wheeler, and Howe
29 $ 958,579
Constructed sidewalk improvement
PAGE 2 OF 11
FY 2027-2031: Measure FF Streets & Sidewalks Projects
Project name Brief Summary FY( s) FF Budget Expected outcome/deliverable Measure FF Sidewalk
Shaving project
Coordinated with the FF paving project.
Adjacent sidewalk trip hazards on identified
street segment for comprehensive corridor
improvement.
27-31 $ 1,250,000
Remediate obvious tripping hazards
on sidewalks adjacent to street
segments being repaved.
Measure FF 50-50
Sidewalk and Path
Repair project
This funding will supplement 50-50 sidewalk
program and reduce backlog. 27-31 $ 6,000,000
Reduce backlog and deliver more
projects from the City cost-sharing
sidewalk repair program (Berkeley
property owners are responsible for
maintaining sidewalks adjacent to
their properties)
Solano Ave Retaining
Wall
Remedial work at the existing wooden retaining
wall, any sidewalk/paved area behind the
existing curb, explore new ADA compliant
concrete sidewalk, over existing paved area
29 $ 1,000,000
Repair retaining wall and
repair/address associated paved area
currently being treated as a walking
pathway/sidewalk.
Pathway
Repairs/ImprovementsImprove identified walking pathways 30-31 $ 1,000,000 Repair or repave walking pathways PAGE 3 OF 11
FY 2027–2031: Measure FF Safety Projects
Project name Brief Summary FY( s) FF Budget Expected outcome/ deliverable Related plan/priority
Vision Zero Quick
Build Program
Support and expand existing
Vision Zero quick build program. 27-31 $ 2,075,000 Constructed improvement
Vision Zero Action Plan
2017 Bicycle Plan
2020 Pedestrian Plan
Complete Streets Policy
Vision Zero Action
Plan update Phased
Implementation
Roadmap
Update and expand upon Vision
Zero Action Plan. 27-28 $ 2,000,000 Plans and design
Vision Zero Action Plan
2026 Bike Plan
2020 Pedestrian Plan
Complete Streets Policy
Aligns w/ Council Referrals: Vision
Zero Rapid Response on Bicycle
Boulevards (rank 1) and
Reduced Speed Limits on High-Injury
Commercial Corridors (rank 1)
PAGE 4 OF 11
FY 2027–2031: Measure FF Safety Projects
Project name Brief Summary FY( s) FF Budget Expected outcome/ deliverable Related plan/priority
City-wide Traffic
Calming Program
Support and expand existing Citywide
traffic calming program. 27-31 $ 1,250,000
Public engagement
Plans and design
Constructed
improvement
Vision Zero Action Plan
2026 Bike Plan
2020 Pedestrian Plan
Citywide Traffic
Signal Master Plan
Development of a Citywide Traffic
Signal Master Plan to modernize the
City's traffic signal network.
27-28 $ 500,000 Plans and design
Vision Zero Action Plan
2026 Bike Plan
2020 Pedestrian Plan
Complete Streets Policy
Transporation Fiber
Optic Network
Upgrade the City's traffic signal
coordination network as per the
Citywide Traffic Signal Master Plan.
27-31 $ 950,000
Plans and design
Constructed
improvement
Vision Zero Action Plan
2026 Bike Plan
2020 Pedestrian Plan
Complete Streets Policy
Traffic Signal
Modernization
Project
Upgrade and/or install traffic signals
at selected locations as per the
Citywide Traffic Signal Master Plan.
28-31 $ 1,000,000
Constructed
improvement
Vision Zero Action Plan
2026 Bike Plan
2020 Pedestrian Plan
Complete Streets Policy
PAGE 5 OF 11
FY 2027–2031: Measure FF Safety Projects
Project name Brief Summary FY( s) FF Budget Expected outcome/ deliverable Related plan/priority
Cedar Street
Pedestrian Safety
Crossing Improvement
Improve pedestrian safety
along the Cedar Street
corridor.
27 $ 1,000,000 Pl ans and design
Constructed improvement
Vision Zero Action Plan
2020 Pedestrian Plan
Aligns w/ Council Referral:
Prioritizing Pedestrians at
Intersections (rank 22)
Cedar Street median
crossing to support
Grant Street Bike
Boulevard Crossing
Improve pedestrian and
bicycle safety by constructing
a median refuge on Cedar
Street at Grant Street.
27 $ 100,000
Plans and design
Constructed improvement
- Dependent on award of
grant funding
Vision Zero Action Plan
2026 Bike Plan
Transportation Nexus
Study
Transportation Nexus Study to
enable imposition and
collection of a Transportation
Impact Fee for new
development projects.
27 $ 200,000 Plans and design
Vision Zero Action Plan
2017 Bicycle Plan
2020 Pedestrian Plan
Complete Streets Policy
Transit First Policy
Aligns w/ Council Referral:
Southside Impact Fee Nexus
Study (rank 27)
PAGE 6 OF 11
FY 2027–2031: Measure FF Safety Projects
Project name Brief Summary FY(s) FF Budget Expected outcome/ deliverable Related plan/priority
Claremont Eton
rectangular rapid
flashing beacon
Completion of ongoing project to
improve pedestrian safety across
Claremont Ave. at Eton Ave.
27 $ 70,000
Plans and design
Constructed
improvement
Vision Zero Action Plan
Claremont Quick Build
Project
Support ongoing project to improve
pedestrian safety along the
Claremont Ave. corridor.
27 $ 1,250,000
Plans and design
Constructed
improvement
Vision Zero Action Plan
2020 Pedestrian Plan
Claremont Complete
Street Corridor
Complete streets corridor study and
high-level conceptual design along
the Claremont Ave. corridor.
27 $ 350,000 Public engagment
Vision Zero Action Plan
2017 Bicycle Plan
2020 Pedestrian Plan
Complete Streets Policy
Affordable Housing
and Sustainable
Communities (AHSC)
Grant Matching funds:
Sixth University
Shattuck project
Matching funds for grant funded
Sixth St. bikeway and
University/Shattuck transit stop
safety improvement project
27 $ 200,000 Plans and design
Vision Zero Action Plan
2017 Bicycle Plan
2020 Pedestrian Plan
Transit First Policy
PAGE 7 OF 11
FY 2027–2031: Measure FF Safety Projects
Project name Brief Summary FY( s) FF Budget Expected outcome/ deliverable Related plan/priority
Washington
Elementary and
Berkeley High School
Safe Routes to
Schools
Support ongoing grant funded
project to improve pedestrian,
bicycle, and vehicular safety in the
vicinity of Washington Elementary
School and Berkeley High School.
27 $ 400,000 Plans and design
Vision Zero Action Plan
2026 Bike Plan
2020 Pedestrian Plan
Safe Routes to School
Sacramento Street
Bike Boulevard safe
crossings signalization
Improve pedestrian and bicycle
safety at intersections on
Sacramento Street.
27-28 $ 3,500,000
Public engagement
Plans and design
Constructed
improvement
Vision Zero Action Plan
2026 Bike Plan
South Sacramento
Street Pedestrian
Safety Improvements
Improve pedestrian safety along
Sacramento St. 29-30 $ 4,000,000
Public engagement
Plans and design
Constructed
improvement
Vision Zero Action Plan
2020 Pedestrian Plan
PAGE 8 OF 11
FY 2027–2031: Measure FF Safety Projects
Project name Brief Summary FY( s) FF Budget Expected outcome/ deliverable Related plan/priority
Shattuck/Sutter/Henry
pedestrian safety
crossing improvements
at Rose, Vine, Eunice
Improve pedestrian safety at 3 intersections on
the Shattuck/Sutter/Henry corridor at Eunice,
Rose, and Vine Sts.
28 $ 100,000
Plans and design
Constructed
improvement
Vision Zero Action Plan
South Shattuck Street
Pedestrian Safety
Improvements
Improve pedestrian safety along the Shattuck
Ave. corridor. 28-29 $ 4,000,000
Public engagement
Plans and design
Constructed
improvement
Vision Zero Action Plan
2020 Pedestrian Plan
Shattuck/Ward
Pedestrian crossing
refuge
Improve pedestrian safety across Shattuck Ave.
by constructing a median refuge on Shattuck
Ave. at Ward St.
29 $ 50,000
Plans and design
Constructed
improvement
Vision Zero Action Plan
2020 Pedestrian Plan
Addison Bicycle
Boulevard Phase II
Support ongoing project to design and
construct a bicycle boulevard building upon the
existing Phase I.
27-28 $ 2,747,000 Constructed
improvement
Vision Zero Action Plan
2026 Bike Plan
PAGE 9 OF 11
FY 2027–2031: Measure FF Safety Projects
Project name Brief Summary FY( s) FF Budget Expected outcome/ deliverable Related plan/priority
Transportation Design
Guidelines Study
Develop Transportation Design
Guidelines document. 27-29 $ 600,000 Plans and design
Vision Zero Action Plan
2026 Bike Plan
2020 Pedestrian Plan
Complete Streets Policy
Delaware Bike Lanes
Refresh
Improve bicycle safety along
Delaware St. by installing new
pavement markings.
29 $ 100,000
Plans and design
Constructed
improvement
Vision Zero Action Plan
2026 Bike Plan
Oxford Complete
Street Corridor
Complete streets corridor study
and conceptual design along the
Oxford St. corridor.
30 $ 1,000,000
Public engagement
Some plans and
design (budget
allowing)
Vision Zero Action Plan
2017 and 2026 Bike Plan
Complete Streets Policy
Aligns w/ Council Referral:
Oxford for All (rank 6)
Gilman Camelia
Complete Street
Corridor
Complete streets corridor study
and high-level conceptual design
either on Route 1 (Gilman) or
Route 2 (Fourth and Camelia)
30-31 $ 650,000
Public engagement
Some plans and
design (budget
allowing)
Vision Zero Action Plan
2026 Bike Plan
Complete Streets Policy
PAGE 10 OF 11
FY 2027–2031: Measure FF Environmental Projects
Project name Brief Summary FY( s) FF Budget Expected outcome/deliverable Citywide transit stop amenities
program (bus pads, shelters,
benches, lighting, trash cans, bike
racks)
Flexible funding to provide
transit amenities installation or
improvement
27-31 $ 1,250,000 Tr ansit stop improvements
Green Infrastructure Regulation
Requirements for Pavement
Construction
Flexible funding for stormwater
permit compliance projects 27-31 $ 5,314,688
Limited impact development
(LID) projects in compliance
with municipal regional
stormwater permit.
Offsite LID stormwater treatment
for regulated road reconstruction
work on Jones and Buena Vista Way
Municipal regional stormwater
permit compliance project
related to reconstruction work
on Jones and Buena Visita Way
27-28 $ 2,300,000
LID project to be designed and
constructed by Engineering
Division
PAGE 11 OF 11
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
July 7, 2026
A
To: Honorable Mayor and Members of the City Council
From: Paul Buddenhagen, City Manager
Submitted by: Henry Oyekanmi, Director, Finance Department Subject: FY 2026 Third Quarter Investment Report: Ended March 31, 2026
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, 2026 was 2.96%, 92 basis points less than the 3.88% 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 portfolio are currently higher because it has a much shorter maturity than the City and current rates are much higher than the rates earned on investments that were in the City’s portfolio before the Fed raised rates from 0%-.25%, starting in March 2022.
The return on pooled investments of 2.96% for the quarter ended March 31, 2026 was seven basis points (.07%) more than the rate of 2.89% earned in the quarter ended December 31, 2025.
The average return on all Retiree Medical Trust Fund investments was 5.00% for the quarter ended March 31, 2026, an increase from the 4.27% return for the quarter ended December 31, 2025.
CURRENT SITUATION AND ITS EFFECTS
Attached is a summary of the quarterly report for fiscal year 2026 Third Quarter ending March 31, 2026 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.
Investment Report: FY2026 3rd Qtr INFORMATION CALENDAR Ended March 31, 2026 JULY 7, 2026
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.
A. Portfolio Results
1. Selection and Comparison of Results with Benchmarks
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 and used LAIF as their performance measure.
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 normally much 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.
The most significant difference in investment policies is the maximum period of the investments. The impact of this difference between the various cities has played out in the interest rate environment since the Federal Reserve unexpectedly raised short-term interest rates from zero percent to 5.5 percent from March 17, 2022 to July 26, 2023, to combat sharply rising inflation that the Feds thought was “transitory” and under control:
First, it is important to summarize the interest rate environment that existed the quarter before the Federal Reserve started raising the Federal Funds rate on March 17, 2022: At that time, interest rates were around 1% and the interest rates earned by selected California cities ranged between .23% and 1.62%, with an average of .94%. Furthermore, the city that was at the top of the list back then is at the bottom of the list in the Second Quarter FY 2026 investment report because of a longer average maturity of its investments;
Since the Federal Reserve thought the rise in inflation was “transitory”, there was no warning that Feds monetary policy would immediately reverse from easing to tightening. As a result, it is reasonable to assume that portfolios were loaded with investments that were yielding between 1-2%. In addition, the Federal Reserve did not give the market any indication how long or how high rates would rise. It kept indicating that it felt the increase in inflation was “transitory”;
Investment Report: FY2026 3rd Qtr INFORMATION CALENDAR Ended March 31, 2026 JULY 7, 2026
Bond prices and interest rates have an inverse relationship. When interest rates rise, bond prices fall and vice versa. As the Federal Reserve started raising rates, the market values of the investments declined. If investments were sold at that time, the city selling would incur large investment losses, so the only reasonable option was to hold the investments to maturity, since the Feds was not indicating how high it would raise rates.
The investments yielding 1-2% of cities with short average investment maturities matured sooner than cities with longer average investment maturities. As a result, the former cities were able to reinvest at the current higher rates and have higher interest rates earned, while cities with longer average investment maturities had to wait for their low-yielding investments to mature to reinvest. For example, the City of Berkeley’s investment portfolio held $263.3 million (or 40.0% of the City’s portfolio at that time) of such investments that won’t mature until CY 2026-See Exhibit 2-F.
2. Liquidity of Portfolio:
The average investment in the City’s pooled portfolio matures in 441 days as of March 31, 2026. This is 84 days less than the 525 maturity days as of December 31, 2025. See Comparison of Results to Performance Measures – Pooled investments: Quarter Ended March 31, 2026.
The City’s yield on investments for the quarter ended March 31, 2026 was 2.96%, seven basis points (.07%) more than the 2.89% earned during the quarter ended December 31,12025. The average yield on a 91-day Treasury bill at the end of the quarter ended March 31, 2026 was 3.61% a decrease of 20 basis points (0.20%) from the 3.81% 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 92 basis points. Staff’s performance was under the performance measure in January by approximately 106 basis points (-1.06%); under the performance measure in February by approximately 76 basis points (- .76%); and, was under the performance measure in March by approximately 93 basis points (-.93%). The performance measure for the return on investments is compared to the rate of return of the State LAIF.
Investment Report: FY2026 3rd Qtr INFORMATION CALENDAR Ended March 31, 2026 JULY 7, 2026
Table 1
For Quarter Ending March 31, 2026
Period City State LAIF Difference
Jan-26 2.87% 3.93% -1.06%
Feb-26 3.11% 3.87% -.76%
Mar-26 2.90% 3.83% -.93%
Jan 1-Mar 31
2.96% 3.88% -.92%
3. Investment Results-Retiree Health Insurance Funds:
Average interest rates earned on the retiree health insurance trust funds for the quarter ended March 31, 2026 compared to the quarter ended December 31, 2025, were as follows:
Table 2
EARNED INTEREST RATES
For Quarter Ended 3/31/2026 Compared To 12/31/2025
Trust Fund 1st Qtr
3/31/26
2nd Qtr
12/31/25
Retiree Medical Trust Fund (Misc Employees) 5.18% 4.81% Fire Retiree Medical Trust Fund 5.14% 4.89%
Police Retiree Medical Trust Fund 4.68% 3.32%
The rates earned on these plans are expected to rise slightly, as staff believes overall medium and long-term rates will rise slightly due to continuing high federal budget deficits, high inflation and wars in the near future.
Details related to retiree health trust fund investments are in Attachment 3, Exhibits 3- A, 3-B, and 3-C of this report.
Investment Report: FY2026 3rd Qtr INFORMATION CALENDAR Ended March 31, 2026 JULY 7, 2026
B. Discussion of Interest Rate Environment and Outlook
Yield Trend
Federal Reserve Board March 18, 2026 Statement
Available indicators suggest that economic activity has been expanding at a solid pace.
Job gains have remained low, and the unemployment rate has changed little in recent months. Inflation remains somewhat elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated.
The implications of developments in the Middle East for the U.S. economy are uncertain.
The Committee is attentive to the risks to both sides of its dual mandate.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and 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.
Investment Environment and Change in City’s Investment Strategy A. Investment Environment
At the time of the period covered by this investment report, the investment environment was as follows:
The U.S. economy and world markets were jolted by a major shock as the U.S. and Israel started a war in Iran, and, along with other problems, caused the price of oil to skyrocket and inflation to rise sharply. The impact on the investment environment in the near term will be determined by the length of the war and its inflationary impacts. Prior to the war, the Federal Reserve had expected to lower short-term rates 2-3 times in 2026. Now, some economists are predicting that if the Feds changes rates in 2026, they will raise them not reduce them.
Investment Report: FY2026 3rd Qtr INFORMATION CALENDAR Ended March 31, 2026 JULY 7, 2026
Inflation is getting worse: The Federal Reserve had announced its intentions to lower short-term rates, after raising them sharply from zero percent to 5.5% from March 2022 to July 2023. However, because the level of inflation continued to be elevated, it was the Feds intent to be very cautious in lowering rates and igniting inflation even more. Until the index moves to the 2.0% goal and stays there for a period, the Feds indicated it would be reluctant to meaningfully further lower short- term rates.
The Core Personal Consumption Expenditures (PCE) index (the Fed’s favored inflation index) had moved down significantly to a range of 2.6%-2.9% for over a year and a half. However, it broke out of that range in December 2025, and increased to 3.1% in January 2026, 3.0% in February 2026, and 3.2% in March 2026-Much higher than the Fed’s 2.0% goal.
Ordinarily, this situation would have caused the Feds to stay in a holding pattern and keep short-term interest rates where they were or raise them unless the labor market was weak.
However, the job market stopped growing, which concerned the Feds: the US reported small job gains in July through November 2025, and a loss of jobs in June, the first decline since 2020. As a result, the economy needed a boost in the form of lower interest rates, despite the increase in inflation the last few months.
Although the Core PCE Index was still at a high of 2.8% in November 2025, the rise in inflation was now eclipsed by a major concern in the labor market. As a result, the Feds lowered the Federal Funds rate by .25% at its December 10, 2025 meeting.
The labor market rebounded in the second quarter of FY 2026: The jobs report showed that the U.S. added 130,000 jobs in January 2026 vs an estimate of 55,000; jobs fell by 92,000 in February 2026 vs an estimate of 50,000 added; and, 178,000 jobs were added in March 2026 vs an estimate of 59,000.
The increase in inflation during the quarter, along with the rebound in the labor market gave the Feds the opportunity to continue its fight against inflation, meaning short-term rates won’t be declining anytime soon.
B. Significant Changes in the Investment Environment Since the Period of This Report
Federal Reserve Actions:
The Feds held the Federal Funds rate at 3.5%-3.75% at its May 6-7, 2026 meeting and Staff believes it is extremely likely to do the same at its upcoming meeting on June 17-18, 2026, based on the outlook for inflation and the labor market.
Investment Report: FY2026 3rd Qtr INFORMATION CALENDAR Ended March 31, 2026 JULY 7, 2026
Labor Market Changes:
The labor market continued to strengthen in April and May: The April 2026 labor report showed U.S. added 115,000 jobs, down from the surprising 185,000 added in March 2026, but more than the 55,000 expected. The May 2026 report is projected to have added 108,000 jobs. These reports alleviated the Feds concern about the labor market and suggest that the Feds focus will be solely on taming inflation, which has worsened due to the war with Iran.
Inflation Expectations:
The Core Personal Consumption Expenditures Price Index (PCE) is the less volatile measure of the PCE price index which excludes the more volatile and seasonal food and energy prices. It is the inflation index favored by the Federal Reserve in developing monetary policy.
Inflation is heating up, as energy costs saw the biggest increase in April. The April 2026 Core PCE index was reported at 3,3% on May 28, 2026, in line with consensus estimates, but more than the 3.2% rate for March and the Fed’s target of 2.0%. The April 2026 rate was the highest rate reported since 2022. Instead of a Fed rate decrease, some economists are now penciling in a possible rate increase. There is now a 40% probability that the Federal Reserve will raise rates at its December 2026 meeting, up from 3% before the Iran war started.
Staff Expectations of Future Federal Reserve Actions:
Future cuts:
Staff believe the Feds will focus on taming inflation, unless there is serious weakness in the labor market in the near future, especially if inflation stays around the current level or continues higher instead of moving down towards the Fed’s 2% target.
In the second quarter, Staff believed that as long as the Core PCE index did not move up and the labor market was still showing signs of weakness, the Feds would lower the Federal Funds rate 1-2 times in 2026, by .25% each or a total of .50%.
However, on February 28, 2026, President Trump and Israel started an intense war with Iran which is causing oil prices to skyrocket, which is causing inflation and interest rates to rise. Therefore, all bets are off regarding any Federal Funds rate cuts in 2026; Instead, there is a possibility that the Feds will raise short-term rates later in 2026. Medium and long-term rates have already moved higher.
Legality of Tariffs: On February 2026, the U.S. Supreme Court ruled that President Trump’s novel use of an emergency powers law to impose worldwide tariffs was unconstitutional. In reaction, the President has started implementing tariffs using other statutes. Many attorneys, who specialize in trade law, believe that the President doesn’t have the authority under some of these statutes. The
Investment Report: FY2026 3rd Qtr INFORMATION CALENDAR Ended March 31, 2026 JULY 7, 2026
February 2026 Supreme Court decision and future court decisions on Trump’s replacement tariffs may have a significant impact on inflation expectations and determine how much more and how quickly the Feds changes short-term rates in the near future, and may determine how much medium and long-term rates will be impacted.
Selection of Chairman of the Federal Reserve Board: President Trump continued to make attempts to gain control over the Feds. His strategy was to (1) Appoint a new Federal Reserve Chairman in May 2026 who would acquiesce to his demands to immediately lower short-term interest rates for political, instead of economic reasons (2) Try to fire Board Member Lisa Cook; and, (3) Having the U.S. Attorney file a criminal lawsuit against the Former Chairman Jerome Powell.
On May 13, 2026, the Senate confirmed Kevin Warsh as the Fed Chairman to replace Jerome Powell as Chairman of the Federal Reserve Board. One of the concerns with Warsh is that he will cut interest rates to appease Trump, even if lower rates are not warranted, which could result in the need to increase them later on. If Warsh does yield to Trump demands, Staff believes that medium and long- term rates (i.e., 5,10 and 30- year Treasuries) would rise in reaction to those moves, as a result of an increase in the market’s inflation expectations, and a perceived increase in uncertainty and risk. The other concern is that Warsh’s confirmation has introduced significant uncertainty in the market because “he was a member of the Federal Reserve that increased rates 17 meetings in a row, which precipitated the Great Financial Crisis”. From people who know him, Warsh has been a policy hawk his entire life, his new found dovishness looks suspect, which fuels uncertainty about what Warsh will do.”
The Supreme Court has not ruled on Trump’s firing of voting Federal Reserve member Lisa Cook. In addition, Former Fed Chairman Jerome Powell has decided to remain on the Federal Reserve Board for the remaining two years of his term.
As a result, Staff does not expect changes in the Feds policy that is not dictated by economic conditions.
C. Change in City Investment Strategy
After the Federal Reserve changed to a looser monetary policy after July 26, 2023, the City’s investment strategy changed to extending the investment maturities of securities purchased beyond three years and locking in rates, as much as practical. However, as a result of operating deficits in FY 2024-FY 2026, and in order to increase liquidity, Staff temporarily stopped purchasing longer-term securities until after May 2026 when a substantial number of securities earning between 1-2% mature.
Investment Report: FY2026 3rd Qtr INFORMATION CALENDAR Ended March 31, 2026 JULY 7, 2026
Rates Earned by Berkeley and Other California Cities
On a short-term basis, the City’s earned rate is expected to be significantly below the City’s benchmark (State LAIF), until FY 2027 after most of the securities earning less than 2 percent mature.
However, 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, 2026
City Rates Earned
San Diego 4.04%
San Francisco 3.74%
Sacramento 3.67%
Oakland 3.65%
Burbank 3.53%
Los Angeles 3.30%
Palo Alto 3.04%
Berkeley 2.96%
Hayward Not available
San Jose Not available
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.
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 the City’s yield, as the City does not intend to sell securities prior to maturity.
Investment Report: FY2026 3rd Qtr INFORMATION CALENDAR Ended March 31, 2026 JULY 7, 2026
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 2022, the average rate currently earned is significantly below that 7% level. City Finance Department staff manages these investment portfolios.
ENVIRONMENTAL SUSTAINABILITY AND CLIMATE IMPACTS
There are no identifiable environmental effects or opportunities associated with the subject of this report.
CONTACT PERSON
Henry Oyekanmi, Director, Finance Department, 981-7326
ATTACHMENTS
1. Portfolio Evaluation FY 2026 Third Quarter
2. Investment Report Analysis FY 2026 Third Quarter
a. Exhibit 2-A: Pooled Cash and Investments
b. Exhibit 2-B.1 through 2-B.3: Interest Earnings January 1, 2026 – March 31, 2026
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
f. Exhibit 2-F: Investments Yielding 2 Percent or Less Maturing in 2026 or 2027
3. Summary of Pooled and Cash Investments FY 2026 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
Attachment 1
QUARTER ENDING
Total Portfolio
Pooled Cash and Investments (COB) 690,262,470$ 702,727,415$ 641,740,041$ 693,922,102$ Pooled Cash and Investments (Trust) 60,580,646 61,176,170 60,096,426 58,221,801 Total Cash and Investments 750,843,116$ 763,903,585$ 701,836,467$ 752,143,903$ Average Life of Investment Portfolio
Pooled Investments (CoB) 441 525 610 729
Trust Investments 13.205 years 10.077 years 5.349 years 5.417 years Weighted Yield
Pooled Investments (CoB) 2.959% 2.890% 3.076% 3.033%
Trust Investments 4.998% 4.267% 4.554% 4.728%
Prime Rate 6.750% 6.750% 7.250% 7.500%
91-day Treasury Bill Rate 3.610% 3.810% 3.860% 4.240%
2-year Treasury Note Rate 3.790% 3.470% 4.830% 3.777%
Cash and Investments Maturity
Within one year 594,261,191$ 79.15% 614,671,676$ 80.46% 542,779,001$ 77.34% 492,986,029$ 65.54% Between 1 to 3 years 41,081,104 5.47% 49,827,635 6.52% 59,601,319 8.49% 140,692,393 18.71% Between 3 to 5 years 20,788,440 2.77% 20,912,210 2.74% 20,856,960 2.97% 20,790,910 2.76% Between 5 to 10 years 63,839,394 8.50% 68,543,624 8.97% 68,605,647 9.78% 87,784,492 11.67% Over 10 years 30,872,988 4.11% 9,948,440 1.30% 9,993,540 1.42% 9,890,080 1.31% Total 750,843,116$ 100.00% 763,903,585$ 100.00% 701,836,467$ 100.00% 752,143,903$ 100.00% December 2025 June 2025
Portfolio Evaluation
Quarter Ended March 31, 2026
September 2025March 2026
Attachment 2
Pension and OPEB
Investments Pooled Investments Trust Investments Total
Portfolio 404,818,511$ 57,747,335$ 462,565,846$ Unrecognized gain/(loss) (1,130,980) (2,874,867) (4,005,845) Total Investments 403,687,532 54,872,468 458,560,000 Cash Pooled Cash
Pension and OPEB
Trust Cash Total
Cash with Fidelity Money Market 38,183,709 - 38,183,709 Cash with Fiscal Agents - - - Cash Deposits in Banks 248,391,229 5,708,178 254,099,407 Total Cash 286,574,938 5,708,178 292,283,116 Adjusted Grand Total (All Cash and Investments) 690,262,470$ 60,580,646$ 750,843,116$ Pooled Cash Portfolio Breakdown As of March 31, 2026 Book Value Market Value Investments 404,818,511$ 403,687,532$
NOTE:
1. The pooled cash includes Rent Board cash of $8,747,215.66
2. The pooled cash does not include Section 115 cash of $4,624,907.62.
3. The pooled cash does not include Fire Admin Training Building $7,000,000.00 cash in escrow Investment Report Analysis
As of March 31, 2026
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
233851CU6 14571 Daimler Finance 5,008,752.06 5,000,000.00 4,968,700.00 3.450 3.190 01/06/2027 280 A2 233851CU6 14574 Daimler Finance 3,736,382.62 3,725,000.00 3,701,681.50 3.450 3.000 01/06/2027 280 A2 24422EWK1 14663 John Deere Cap 4,993,478.79 5,000,000.00 5,008,800.00 4.150 4.250 09/15/2027 532 A1 30303M8G0 14660 Meta Platforms Inc 4,947,351.41 5,000,000.00 4,963,300.00 3.500 4.360 08/15/2027 501 AA3 617446HD4 14670 Morgan Stanley 10,566,386.11 10,000,000.00 11,311,800.00 7.250 6.000 04/01/2032 2,192 A1 747525AU7 14587 Qualcomm Inc 6,013,220.87 5,963,000.00 5,909,154.11 3.250 2.435 05/20/2027 414 A2 07330MAA5 14588 Truist Bank 5,038,256.35 5,000,000.00 4,986,200.00 3.800 2.365 10/30/2026 212 A3 Subtotal and Average 40,303,828.21 39,688,000.00 40,849,635.61 3.968 851 Federal Agency Coupon Securities
3133ENS50 14667 Federal Farm Credit Bank 4,999,761.90 5,000,000.00 5,022,300.00 4.125 4.128 10/14/2027 561 AA1 3133ENN30 14668 Federal Farm Credit Bank 4,748,453.84 5,000,000.00 4,906,150.00 3.875 4.863 09/20/2032 2,364 AA1 3133ENV72 14669 Federal Farm Credit Bank 4,998,558.15 5,000,000.00 5,011,750.00 4.500 4.600 07/27/2026 117 AA1 3133EPGG4 14686 Federal Farm Credit Bank 4,970,646.34 5,000,000.00 4,924,900.00 4.000 4.102 04/20/2033 2,576 AA1 3133EPPE9 14689 Federal Farm Credit Bank 4,997,985.65 5,000,000.00 5,008,750.00 4.375 4.540 07/06/2026 96 AA1 3133EPPF6 14690 Federal Farm Credit Bank 4,975,083.07 5,000,000.00 5,038,050.00 4.125 4.300 07/05/2029 1,191 AA1 Subtotal and Average 29,690,488.95 30,000,000.00 29,911,900.00 4.419 1,139 Medium-Term Notes - Callable
857477CD3 14698 State Street Corp. 4,000,000.00 4,000,000.00 4,013,240.00 5.272 5.272 08/03/2026 124 AA3 91159HHM5 14684 US Bancorp 4,992,634.52 5,000,000.00 4,996,100.00 3.100 6.312 04/27/2026 26 A3 91159HHW3 14693 US Bancorp 4,559,935.64 5,000,000.00 4,774,450.00 3.000 6.212 07/30/2029 1,216 A3 Subtotal and Average 13,552,570.16 14,000,000.00 13,783,790.00 5.971 455 Federal Agency Callable
3133EN6K1 14676 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,980,850.00 4.220 4.220 01/23/2030 1,393 AA1 3133EN6K1 14677 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,980,850.00 4.220 4.220 01/23/2030 1,393 AA1 3133EPAJ4 14679 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,934,200.00 4.000 4.000 02/09/2033 2,506 AA1 15,000,000.00 15,000,000.00 14,895,900.00 4.147 1,764 Federal Agency Continuously Callable
31422XJW3 14638 Farmer Mac 10,000,000.00 10,000,000.00 9,936,000.00 1.500 0.300 07/20/2026 110 N/A 3133ENUV0 14644 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,937,350.00 4.000 4.000 04/19/2032 2,210 AA1 3133ENVV9 14647 Federal Farm Credit Bank 5,000,000.00 5,000,000.00 4,991,150.00 3.630 3.630 05/03/2027 397 AA1 3133ENWW6 14653 Federal Farm Credit Bank 4,996,624.10 5,000,000.00 4,942,400.00 4.370 4.384 05/17/2032 2,238 AA1 3130AMAV4 14611 Federal Home Loan Banks 5,600,000.00 5,600,000.00 5,454,400.00 1.250 1.125 04/29/2027 393 AA1 3130ALZA5 14612 Federal Home Loan Banks 9,000,000.00 9,000,000.00 8,994,600.00 3.000 1.450 04/29/2026 28 AA1 3130AMEX6 14613 Federal Home Loan Banks 15,000,000.00 15,000,000.00 14,969,700.00 2.500 1.300 05/27/2026 56 AA1 3130AMF72 14615 Federal Home Loan Banks 15,000,000.00 15,000,000.00 14,942,250.00 1.300 1.040 05/27/2026 56 AA1 3130AMFQ0 14616 Federal Home Loan Banks 15,000,000.00 15,000,000.00 14,939,850.00 1.150 1.020 05/26/2026 55 AA1 3130AMFT4 14617 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,960,700.00 1.250 1.000 05/27/2026 56 AA1 3130AMG22 14618 Federal Home Loan Banks 20,000,000.00 20,000,000.00 19,943,800.00 2.000 1.100 05/27/2026 56 AA1 3130AMGG1 14619 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,972,700.00 2.000 1.160 05/26/2026 55 AA1 3130AMFN7 14620 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,972,700.00 2.000 1.175 05/26/2026 55 AA1 3130AMG55 14622 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,732,000.00 1.375 1.219 05/27/2027 421 AA1 3130AMG22 14624 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,971,900.00 2.000 1.100 05/27/2026 56 AA1 3130AMLS9 14627 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,982,100.00 3.000 1.270 06/17/2026 77 AA1 City of Berkeley
Pooled Cash and Investments
As of March 31, 2026
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, 2026
3130AMN24 14628 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,953,900.00 1.150 1.034 06/03/2026 63 AA1 3130AMN57 14629 Federal Home Loan Banks 20,000,000.00 20,000,000.00 19,905,800.00 1.100 1.013 06/03/2026 63 AA1 3130AMP71 14630 Federal Home Loan Banks 20,000,000.00 20,000,000.00 19,891,000.00 1.200 1.077 06/18/2026 78 AA1 3130AMPL0 14631 Federal Home Loan Banks 15,000,000.00 15,000,000.00 14,927,100.00 1.150 0.375 06/08/2026 68 AA1 3130AMMW9 14632 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,956,300.00 1.500 0.500 06/10/2026 70 AA1 3130AMWM0 14634 Federal Home Loan Banks 4,250,000.00 4,250,000.00 4,221,652.50 1.050 0.500 06/30/2026 90 AA1 3130AN5U0 14642 Federal Home Loan Banks 10,000,000.00 10,000,000.00 9,934,400.00 1.750 0.500 07/29/2026 119 AA1 3130ANJY7 14643 Federal Home Loan Banks 40,000,000.00 40,000,000.00 39,555,200.00 1.000 0.400 08/26/2026 147 AA1 3130ARTE1 14645 Federal Home Loan Banks 6,425,000.00 6,425,000.00 6,272,213.50 4.100 4.100 04/26/2032 2,217 AA1 3130AS7K9 14654 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4,970,900.00 4.440 4.440 05/26/2032 2,247 AA1 305,271,624.10 305,275,000.00 303,232,066.00 1.174 251 Medium Term Notes Continuous Callable Bonds
06051GLG2 14688 Bank of America Corporation 1,000,000.00 1,000,000.00 1,014,240.00 5.202 5.202 04/25/2029 1,120 A1 Subtotal and Average 1,000,000.00 1,000,000.00 1,014,240.00 5.202 1,120 Total Investments and Average 404,818,511.42 404,963,000.00 403,687,531.61 1971.000 441 Total Investments (Book Value) 404,818,511.42
Cash 286,574,938.00
Total Investments (Book Value) and Cash 691,393,449.42
Increase / (Decrease) in Market Value of Securities (1,130,979.81) Total Investments (Market Value) and Cash 690,262,469.61
Pooled Investments Selected Funds
Interest Earnings
Exhibit 2-B.1
Sorted by Fund - Fund
January 1, 2026 - January 31, 2026
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 1.750MC5 07/29/2026 14,583.33 0.00 14,583.331.717010 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 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 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 3.000MC5 04/29/2026 22,500.00 0.00 22,500.002.944010 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 2.500MC5 05/27/2026 31,250.00 0.00 31,250.002.453010 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 2.000MC5 05/27/2026 16,666.67 0.00 16,666.671.962010 10,000,000.003130AMG22 10,000,000.0014627 10,000,000.00 3.000MC5 06/17/2026 25,000.00 0.00 25,000.002.944010 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 2.000MC5 05/26/2026 16,666.67 0.00 16,666.671.962010 10,000,000.003130AMGG1 10,000,000.0014620 10,000,000.00 2.000MC5 05/26/2026 16,666.67 0.00 16,666.671.962010 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 2.000MC5 05/27/2026 33,333.33 0.00 33,333.331.962010 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 4,996,415.8914689 5,000,000.00 4.375FAC 07/06/2026 18,229.17 636.12 18,865.294.446010 4,996,077.313133EPPE9 4,969,790.4414686 5,000,000.00 4.000FAC 04/20/2033 16,666.67 346.83 17,013.504.031010 4,969,605.843133EPGG4 4,973,511.8114690 5,000,000.00 4.125FAC 07/05/2029 17,187.50 636.72 17,824.224.220010 4,973,172.913133EPPF6 4,996,510.8014653 5,000,000.00 4.370MC5 05/17/2032 18,208.33 45.91 18,254.244.302010 4,996,486.373133ENWW6 4,997,637.9514669 5,000,000.00 4.500FAC 07/27/2026 18,750.00 372.89 19,122.894.505010 4,997,439.473133ENV72 4,740,457.9114668 5,000,000.00 3.875FAC 09/20/2032 16,145.83 3,240.19 19,386.024.815010 4,738,733.293133ENN30 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
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, 2026 - January 31, 2026
Interest Earnings
Pooled Investments Selected Funds
Annualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
4,999,730.0314667 5,000,000.00 4.125FAC 10/14/2027 17,187.50 12.92 17,200.424.051010 4,999,723.153133ENS50 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 10,585,798.5414670 10,000,000.00 7.250MTN 04/01/2032 60,416.67 -7,866.47 52,550.205.845010 10,589,985.53617446HD4 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 4,992,557.4514663 5,000,000.00 4.150MTN 09/15/2027 17,291.67 373.36 17,665.034.166010 4,992,358.7324422EWK1 4,971,662.0914684 5,000,000.00 3.100MC3 04/27/2026 12,916.67 8,498.63 21,415.305.072010 4,967,138.6391159HHM5 4,532,752.0214693 5,000,000.00 3.000MC3 07/30/2029 12,500.00 11,010.79 23,510.796.107010 4,526,903.2891159HHW3 6,022,311.2514587 5,963,000.00 3.250MTN 05/20/2027 16,149.79 -3,683.68 12,466.112.437010 6,024,271.91747525AU7 5,002,912.0514570 5,000,000.00 3.650MTN 03/01/2026 15,208.33 -1,984.03 13,224.303.112010 5,003,968.07375558BF9 5,011,108.1814571 5,000,000.00 3.450MTN 01/06/2027 14,375.00 -954.77 13,420.233.153010 5,011,616.37233851CU6 3,739,446.9114574 3,725,000.00 3.450MTN 01/06/2027 10,709.38 -1,241.74 9,467.642.981010 3,740,107.84233851CU6 5,051,813.4614588 5,000,000.00 3.800MTN 10/30/2026 15,833.33 -5,491.34 10,341.992.410010 5,054,730.3707330MAA5 4,939,461.3414660 5,000,000.00 3.500MTN 08/15/2027 14,583.33 3,197.28 17,780.614.238010 4,937,759.5630303M8G0 4,000,000.0014698 4,000,000.00 5.272MC3 08/03/2026 17,573.33 0.00 17,573.335.173010 4,000,000.00857477CD3 409,963,000.00Subtotal 409,798,878.13 2.370 824,837.937,149.61817,688.32409,795,078.63 Fund: Wells Fargo MM- Regular
247,999,807.1414701 239,186,031.27RRP 752,923.92 0.00 752,923.923.575025 258,066,115.30SYS14701 239,186,031.27Subtotal 247,999,807.14 3.575 752,923.920.00752,923.92258,066,115.30 Fund: Fidelity MM - Regular
37,850,459.3414265 37,963,436.65 0.003RRP 116,743.22 0.00 116,743.223.632040 37,846,693.43SYS14265 37,963,436.65Subtotal 37,850,459.34 3.632 116,743.220.00116,743.2237,846,693.43 687,112,467.92Total 695,649,144.61 2.868 1,694,505.077,149.611,687,355.46705,707,887.36
Pooled Investments Selected Funds
Interest Earnings
Exhibit 2-B.2
Sorted by Fund - Fund
February 1, 2026 - February 28, 2026
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 3,718.751.141010 4,250,000.003130AMWM0 15,000,000.0014631 15,000,000.00 1.150MC5 06/08/2026 14,375.00 0.00 14,375.001.249010 15,000,000.003130AMPL0 20,000,000.0014630 20,000,000.00 1.200MC5 06/18/2026 20,000.00 0.00 20,000.001.304010 20,000,000.003130AMP71 10,000,000.0014632 10,000,000.00 1.500MC5 06/10/2026 12,500.00 0.00 12,500.001.629010 10,000,000.003130AMMW9 10,000,000.0014642 10,000,000.00 1.750MC5 07/29/2026 14,583.33 0.00 14,583.331.901010 10,000,000.003130AN5U0 40,000,000.0014643 40,000,000.00 1.000MC5 08/26/2026 33,333.33 0.00 33,333.331.086010 40,000,000.003130ANJY7 6,425,000.0014645 6,425,000.00 4.100MC5 04/26/2032 21,952.08 0.00 21,952.084.454010 6,425,000.003130ARTE1 20,000,000.0014629 20,000,000.00 1.100MC5 06/03/2026 18,333.33 0.00 18,333.331.195010 20,000,000.003130AMN57 10,000,000.0014628 10,000,000.00 1.150MC5 06/03/2026 9,583.33 0.00 9,583.331.249010 10,000,000.003130AMN24 9,000,000.0014612 9,000,000.00 3.000MC5 04/29/2026 22,500.00 0.00 22,500.003.259010 9,000,000.003130ALZA5 5,600,000.0014611 5,600,000.00 1.250MC5 04/29/2027 5,833.33 0.00 5,833.331.358010 5,600,000.003130AMAV4 15,000,000.0014613 15,000,000.00 2.500MC5 05/27/2026 31,250.00 0.00 31,250.002.716010 15,000,000.003130AMEX6 15,000,000.0014616 15,000,000.00 1.150MC5 05/26/2026 14,375.00 0.00 14,375.001.249010 15,000,000.003130AMFQ0 15,000,000.0014615 15,000,000.00 1.300MC5 05/27/2026 16,250.00 0.00 16,250.001.412010 15,000,000.003130AMF72 10,000,000.0014624 10,000,000.00 2.000MC5 05/27/2026 16,666.67 0.00 16,666.672.173010 10,000,000.003130AMG22 10,000,000.0014627 10,000,000.00 3.000MC5 06/17/2026 25,000.00 0.00 25,000.003.259010 10,000,000.003130AMLS9 10,000,000.0014622 10,000,000.00 1.375MC5 05/27/2027 11,458.33 0.00 11,458.331.494010 10,000,000.003130AMG55 10,000,000.0014619 10,000,000.00 2.000MC5 05/26/2026 16,666.67 0.00 16,666.672.173010 10,000,000.003130AMGG1 10,000,000.0014620 10,000,000.00 2.000MC5 05/26/2026 16,666.67 0.00 16,666.672.173010 10,000,000.003130AMFN7 10,000,000.0014617 10,000,000.00 1.250MC5 05/27/2026 10,416.67 0.00 10,416.671.358010 10,000,000.003130AMFT4 20,000,000.0014618 20,000,000.00 2.000MC5 05/27/2026 33,333.33 0.00 33,333.332.173010 20,000,000.003130AMG22 5,000,000.0014654 5,000,000.00 4.440MC5 05/26/2032 18,500.00 0.00 18,500.004.823010 5,000,000.003130AS7K9 4,997,022.3914689 5,000,000.00 4.375FAC 07/06/2026 18,229.17 636.11 18,865.284.921010 4,996,713.433133EPPE9 4,970,121.1314686 5,000,000.00 4.000FAC 04/20/2033 16,666.67 346.84 17,013.514.462010 4,969,952.673133EPGG4 4,974,118.8914690 5,000,000.00 4.125FAC 07/05/2029 17,187.50 636.72 17,824.224.671010 4,973,809.633133EPPF6 4,996,554.5714653 5,000,000.00 4.370MC5 05/17/2032 18,208.33 45.91 18,254.244.762010 4,996,532.283133ENWW6 4,997,993.4814669 5,000,000.00 4.500FAC 07/27/2026 18,750.00 372.90 19,122.904.988010 4,997,812.363133ENV72 4,743,547.2814668 5,000,000.00 3.875FAC 09/20/2032 16,145.83 3,240.18 19,386.015.327010 4,741,973.483133ENN30 5,000,000.0014644 5,000,000.00 4.000MC5 04/19/2032 16,666.67 0.00 16,666.674.345010 5,000,000.003133ENUV0 5,000,000.0014676 5,000,000.00 4.220MC4 01/23/2030 17,583.33 0.00 17,583.334.584010 5,000,000.003133EN6K1
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 1, 2026 - February 28, 2026
Interest Earnings
Pooled Investments Selected Funds
Annualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
4,999,742.3414667 5,000,000.00 4.125FAC 10/14/2027 17,187.50 12.92 17,200.424.485010 4,999,736.073133ENS50 5,000,000.0014679 5,000,000.00 4.000MC4 02/09/2033 16,666.67 0.00 16,666.674.345010 5,000,000.003133EPAJ4 5,000,000.0014677 5,000,000.00 4.220MC4 01/23/2030 17,583.33 0.00 17,583.334.584010 5,000,000.003133EN6K1 5,000,000.0014647 5,000,000.00 3.630MC5 05/03/2027 15,125.00 0.00 15,125.003.943010 5,000,000.003133ENVV9 10,578,298.2014670 10,000,000.00 7.250MTN 04/01/2032 60,416.67 -7,866.48 52,550.196.476010 10,582,119.06617446HD4 1,000,000.0014688 1,000,000.00 5.202MC6 04/25/2029 4,335.00 0.00 4,335.005.651010 1,000,000.0006051GLG2 10,000,000.0014638 10,000,000.00 1.500MC5 07/20/2026 12,500.00 0.00 12,500.001.629010 10,000,000.0031422XJW3 4,992,913.4314663 5,000,000.00 4.150MTN 09/15/2027 17,291.67 373.35 17,665.024.612010 4,992,732.0924422EWK1 4,979,765.1714684 5,000,000.00 3.100MC3 04/27/2026 12,916.67 8,498.63 21,415.305.606010 4,975,637.2691159HHM5 4,543,262.1614693 5,000,000.00 3.000MC3 07/30/2029 12,500.00 11,010.78 23,510.786.746010 4,537,914.0791159HHW3 6,018,799.0214587 5,963,000.00 3.250MTN 05/20/2027 16,149.79 -3,683.68 12,466.112.700010 6,020,588.23747525AU7 5,001,020.3614570 5,000,000.00 3.650MTN 03/01/2026 15,208.33 -1,984.04 13,224.293.447010 5,001,984.04375558BF9 5,010,197.8514571 5,000,000.00 3.450MTN 01/06/2027 14,375.00 -954.77 13,420.233.492010 5,010,661.60233851CU6 3,738,262.9714574 3,725,000.00 3.450MTN 01/06/2027 10,709.38 -1,241.74 9,467.643.301010 3,738,866.10233851CU6 5,046,571.8114588 5,000,000.00 3.800MTN 10/30/2026 15,833.33 -5,491.34 10,341.992.671010 5,049,239.0307330MAA5 4,942,509.8114660 5,000,000.00 3.500MTN 08/15/2027 14,583.33 3,197.28 17,780.614.690010 4,940,956.8430303M8G0 4,000,000.0014698 4,000,000.00 5.272MC3 08/03/2026 17,573.33 0.00 17,573.335.727010 4,000,000.00857477CD3 409,963,000.00Subtotal 409,805,700.86 2.624 824,837.897,149.57817,688.32409,802,228.24 Fund: Wells Fargo MM- Regular
231,684,928.5014701 225,658,494.36RRP 693,009.81 0.00 693,009.813.899025 239,186,031.27SYS14701 225,658,494.36Subtotal 231,684,928.50 3.899 693,009.810.00693,009.81239,186,031.27 Fund: Fidelity MM - Regular
37,967,177.5714265 38,068,182.31 0.003RRP 104,745.66 0.00 104,745.663.596040 37,963,436.65SYS14265 38,068,182.31Subtotal 37,967,177.57 3.596 104,745.660.00104,745.6637,963,436.65 673,689,676.67Total 679,457,806.93 3.113 1,622,593.367,149.571,615,443.79686,951,696.16
Pooled Investments Selected Funds
Interest Earnings
Exhibit 2-B.3
Sorted by Fund - Fund
March 1, 2026 - March 31, 2026
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 1.750MC5 07/29/2026 14,583.33 0.00 14,583.331.717010 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 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 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 3.000MC5 04/29/2026 22,500.00 0.00 22,500.002.944010 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 2.500MC5 05/27/2026 31,250.00 0.00 31,250.002.453010 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 2.000MC5 05/27/2026 16,666.67 0.00 16,666.671.962010 10,000,000.003130AMG22 10,000,000.0014627 10,000,000.00 3.000MC5 06/17/2026 25,000.00 0.00 25,000.002.944010 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 2.000MC5 05/26/2026 16,666.67 0.00 16,666.671.962010 10,000,000.003130AMGG1 10,000,000.0014620 10,000,000.00 2.000MC5 05/26/2026 16,666.67 0.00 16,666.671.962010 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 2.000MC5 05/27/2026 33,333.33 0.00 33,333.331.962010 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 4,997,688.1114689 5,000,000.00 4.375FAC 07/06/2026 18,229.17 636.11 18,865.284.445010 4,997,349.543133EPPE9 4,970,484.1114686 5,000,000.00 4.000FAC 04/20/2033 16,666.67 346.83 17,013.504.030010 4,970,299.513133EPGG4 4,974,785.2514690 5,000,000.00 4.125FAC 07/05/2029 17,187.50 636.72 17,824.224.219010 4,974,446.353133EPPF6 4,996,602.6214653 5,000,000.00 4.370MC5 05/17/2032 18,208.33 45.91 18,254.244.302010 4,996,578.193133ENWW6 4,998,383.7314669 5,000,000.00 4.500FAC 07/27/2026 18,750.00 372.89 19,122.894.505010 4,998,185.263133ENV72 4,746,938.2714668 5,000,000.00 3.875FAC 09/20/2032 16,145.83 3,240.18 19,386.014.808010 4,745,213.663133ENN30 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
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, 2026 - March 31, 2026
Interest Earnings
Pooled Investments Selected Funds
Annualized
YieldCUSIP Investment #
Interest
Earned
Fund: Pooled Investment - Long Term
4,999,755.8614667 5,000,000.00 4.125FAC 10/14/2027 17,187.50 12.91 17,200.414.051010 4,999,748.993133ENS50 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 10,570,065.5914670 10,000,000.00 7.250MTN 04/01/2032 60,416.67 -7,866.47 52,550.205.854010 10,574,252.58617446HD4 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 4,993,304.1614663 5,000,000.00 4.150MTN 09/15/2027 17,291.67 373.35 17,665.024.165010 4,993,105.4424422EWK1 4,988,659.3514684 5,000,000.00 3.100MC3 04/27/2026 12,916.67 8,498.63 21,415.305.054010 4,984,135.8991159HHM5 4,554,773.5914693 5,000,000.00 3.000MC3 07/30/2029 12,500.00 11,010.79 23,510.796.078010 4,548,924.8591159HHW3 6,014,943.8814587 5,963,000.00 3.250MTN 05/20/2027 16,149.79 -3,683.68 12,466.112.440010 6,016,904.55747525AU7 5,009,198.6414571 5,000,000.00 3.450MTN 01/06/2027 14,375.00 -954.77 13,420.233.154010 5,009,706.83233851CU6 3,736,963.4314574 3,725,000.00 3.450MTN 01/06/2027 10,709.38 -1,241.74 9,467.642.983010 3,737,624.36233851CU6 5,040,830.7814588 5,000,000.00 3.800MTN 10/30/2026 15,833.33 -5,491.34 10,341.992.416010 5,043,747.6907330MAA5 4,945,855.9014660 5,000,000.00 3.500MTN 08/15/2027 14,583.33 3,197.29 17,780.624.233010 4,944,154.1230303M8G0 4,000,000.0014698 4,000,000.00 5.272MC3 08/03/2026 17,573.33 0.00 17,573.335.173010 4,000,000.00857477CD3 404,963,000.00Subtotal 404,814,233.29 2.361 811,613.609,133.61802,479.99404,809,377.81 Fund: Wells Fargo MM- Regular
229,535,631.2814701 249,250,824.26RRP 726,605.07 0.00 726,605.073.727025 225,658,494.36SYS14701 249,250,824.26Subtotal 229,535,631.28 3.727 726,605.070.00726,605.07225,658,494.36 Fund: Fidelity MM - Regular
38,071,908.9714265 38,183,708.82 0.003RRP 115,526.51 0.00 115,526.513.573040 38,068,182.31SYS14265 38,183,708.82Subtotal 38,071,908.97 3.573 115,526.510.00115,526.5138,068,182.31 692,397,533.08Total 672,421,773.54 2.896 1,653,745.189,133.611,644,611.57668,536,054.48
Exhibit 2-C
Medium Term Notes
$55,647,666 8.06%
Federal Agency
$348,039,866 50.42%
Bank and Money Market
Account $286,574,938
41.52%
Pooled Cash and Investments
(Market Value)
as of March 31, 2026
Exhibit 2-D
$286,574,937
$55,647,666
$348,039,866
$690,262,470
$207,078,741
$690,262,470
BANK ACCOUNTS
MEDIUM TERM NOTES
FEDERAL AGENCY BONDS
City of Berkeley
Current Holdings vs. Policy Limits
as of March 31, 2026
Policy Limits
Current Holdings
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
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Pooled and Trust
Cash and Investment Portfolio Trend
as of March 31, 2026
Exhibit 2-F
Investments Yielding 2 Percent or Less Maturing in 2026 or 2027 Investment Investment Interest Maturity
Number Par Value Rate Date
14619 10,000,000 2.00% 05/26/2026
14620 10,000,000 2.00% 05/26/2026
14618 20,000,000 1.25% 05/27/2026
14622 10,000,000 1.38% 05/27/2026
14632 10,000,000 1.50% 06/10/2026
14630 20,000,000 1.20% 06/18/2026
14629 20,000,000 1.10% 06/02/2026
14627 10,000,000 1.30% 06/17/2026
14628 10,000,000 1.15% 06/03/2026
14643 40,000,000 1.00% 08/26/2026
14642 10,000,000 1.75% 07/29/2026
14631 15,000,000 1.15% 06/08/2026
14634 4,250,000 1.05% 06/30/2026
14616 15,000,000 1.15% 05/26/2026
14611 5,600,000 1.25% 04/29/2027
14624 10,000,000 1.25% 05/27/2026
14613 15,000,000 1.75% 05/27/2026
14612 9,000,000 2.00% 04/29/2026
14615 15,000,000 1.30% 05/27/2026
14638 10,000,000 1.50% 07/20/2026
$268,850,000
Attachment 3
Pooled Cash
Investments Gain/Loss on & Investments
Pooled Cash (Book Value) Investments (Market Value)
Retiree Medical Trust Fund
Fund No.
721 BHA 105,492$ 739,258 (31,630) 813,120$ 722 M1=IBEW (238,631) 37,230 (10,046) (211,447) 723 M2=Local 1 1,629,360 13,900,550 (521,042) 15,008,868 724 MUI=Z1 274,511 2,041,732 (68,262) 2,247,982 725 MUI=Z2 to Z6 373,082 3,033,402 (116,323) 3,290,161 726 M535= Local 535 1,417,670 11,574,938 (351,543) 12,641,065 727 M3=Local 790 770,450 7,267,465 (345,977) 7,691,938 Total Retiree Medical Trust Fund 4,331,934 38,594,576 (1,444,823) 41,481,686 Fire Medical Trust Fund
736 Fire Medical Trust Fund 1,115,348 15,298,901 (949,357) 15,464,891 Total Fire Medical Trust Fund 1,115,348 15,298,901 (949,357) 15,464,891 Police Medical Trust Fund
731 Police EE Retiree HLT Assistance Plan 337,671 1,857,119 (196,896) 1,997,894 706 Police Medical Trust Fund (76,775) 1,996,740 (283,790) 1,636,175 Total Police Medical Trust Fund 260,896 3,853,858 (480,686) 3,634,069 Total Trust Funds 5,708,178$ 57,747,335$ (2,874,867)$ 60,580,646$ Summary of Pooled Cash and Investments - Trust Funds
(Market Value)
As of March 31, 2026
Exhibit 3-A
As of March 31, 2026
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
717081ED1 14713 Pfizer 3,800,000.00 - 3,196,953.46 3,059,798.00 12/15/2046 A2 4.125 5.678 11,320.84 2,103.46 13,424.30 Medium Term Notes - Callable
26442UAU8 14705 Duke Energy Progress LLC 2,000,000.00 1,997,774.05 1,997,891.76 2,004,140.00 03/15/2035 AA3 5.050 5.138 25,250.00 58.85 25,308.85 665859AX2 14671 Northern Trust Corp 10,000,000.00 10,012,066.50 10,011,215.08 10,663,300.00 11/02/2032 A2 6.125 6.186 153,125.00 (425.71) 152,699.29 Federal Agency Continuous Callable
3133EPNL5 14692 Misc Federal Farm Credit Bank 3,796,800.00 3,775,321.53 3,776,711.23 3,770,260.37 06/23/2033 AA1 5.180 5.355 49,168.56 694.85 49,863.41 Continous Callable Bonds
797440CD4 14680 San Diego Gas & Electric 2,000,000.00 1,980,750.76 1,981,100.75 1,839,960.00 04/01/2053 A1 5.350 5.512 26,750.00 174.99 26,924.99 Corporate Bonds - Callable
002824BH2 14712 Abbott Labs 5,000,000.00 - 4,750,661.45 4,589,600.00 03/05/2046 AA3 4.900 5.284 17,694.44 871.46 18,565.90 25161FXB9 14706 Deutsche Bank 4,000,000.00 4,000,000.00 4,000,000.00 3,969,920.00 03/29/2040 A1 5.600 5.678 56,000.00 - 56,000.00 91159XFL4 14714 US Bancorp 3,000,000.00 - 3,000,000.00 2,959,410.00 03/06/2046 A3 5.600 5.459 11,666.67 - 11,666.67 Preferred Securities
00206R706 14591 AT&T Inc. 1,680,033.60 1,680,033.60 1,680,033.60 1,226,691.20 N/A N/A 4.596 4.596 19,325.09 - 19,325.09 00206R706 14596 AT&T Inc. 1,680,008.40 1,680,008.40 1,680,008.40 1,226,672.80 N/A N/A 4.640 4.640 19,442.82 - 19,442.82 00206R706 14597 AT&T Inc. 2,520,000.00 2,520,000.00 2,520,000.00 1,840,000.00 N/A N/A 4.643 4.643 29,176.26 - 29,176.26 Pooled Cash 4,331,934.20 14,383,008.61 4,331,934.20 4,331,934.20 N/A N/A 4.300 135,000.13 - 135,000.13 Total 43,808,776.20 42,028,963.45 42,926,509.93 41,481,686.57 5.181 553,919.81 3,477.90 557,397.71 Total Pooled Cash and Investments (Book Value) 42,926,509.93$ Gain/Loss on Investments (1,444,823.36)
Total Pooled Cash and Investments (Market Value) 41,481,686.57 Adjusted Interest Earnings
Retiree Medical Trust Fund
Fund 721 - 727
Investments Interest Earnings
January 01 to March 31, 2026
January 01 to March 31, 2026
Interest Earnings
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
Federal Agency Continuously Callable
3133EPNL5 14692 Fire Federal Farm Credit Bank 28,400.00 28,244.54 28,249.74 28,201.48 06/23/2033 AA1 5.180 5.355 367.78 5.20 372.98 Federal Agency Continuously Callable
3130B5CR7 14703 Federal Home Loan Banks - 4,000,000.00 - - 03/06/2025 AA1 5.890 6.065 42,538.89 - 42,538.89 3133ER6C0 14704 Federal Farm Credit Bank - 4,000,000.00 - - 03/06/2025 AA1 5.740 5.911 41,455.56 - 41,455.56 Corporate Bonds - Callable
002824BH2 14710 Abbott Labs 5,000,000.00 - 4,750,675.96 4,589,600.00 11/30/2046 AA3 4.900 5.291 18,375.00 904.93 19,279.93 91159XFL4 14711 US Bancorp 8,000,000.00 - 8,000,000.00 7,891,760.00 03/06/2046 A3 5.600 5.459 31,111.11 - 31,111.11 Preferred Securities
00206R706 14592 AT&T Inc. 1,679,983.20 1,679,983.20 1,679,983.20 1,226,654.40 N/A N/A 4.596 4.665 19,324.52 - 19,324.52 00206R706 14594 AT&T Inc. 839,991.60 839,991.60 839,991.60 613,327.20 N/A N/A 4.640 4.694 9,721.26 - 9,721.26 Pooled Cash 1,115,348.40 5,493,940.67 1,115,348.40 1,115,348.40 N/A N/A 4.145 48,346.93 - 48,346.93 Total 16,663,723.20$ 16,042,160.01$ 16,414,248.90$ 15,464,891.48$ 5.135 211,241.05$ 910.13$ 212,151.18$ Total Pooled Cash and Investments (Book Value) 16,414,248.90$ Gain/Loss on Investments (949,357.42)
Total Pooled Cash and Investments (Market Value) 15,464,891.48 Fire Retiree Medical
Fund 736
Adjusted Interest Earnings
January 01 to March 31, 2026As of March 31, 2026
Investments Interest Earnings
Interest Earnings
January 01 to March 31, 2026
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
Federal Agency Continuously Callable
3133EPNL5 14692 Pol Federal Farm Credit Bank 174,800.00 173,843.15 173,875.14 173,578.15 06/23/2033 AA1 5.180 5.355 2,263.66 31.99 2,295.65 Corporate Bonds - Callable
91159XFL4 14715 US Bancorp 2,000,000.00 - 2,000,000.00 1,972,940.00 03/06/2046 A3 5.600 5.459 7,777.78 - 7,777.78 Preferred Securities
00206R706 14593 AT&T Inc. 1,679,983.20 1,679,983.20 1,679,983.20 1,226,654.40 N/A N/A 4.596 4.665 19,324.52 - 19,324.52 Pooled Cash 260,896.00 2,539,178.15 260,896.00 260,896.00 N/A N/A 4.414 22,322.24 - 22,322.24 Total 4,115,679.20$ 4,393,004.50$ 4,114,754.34$ 3,634,068.55$ 4.679 51,688.20$ 31.99$ 51,720.19$ Total Pooled Cash and Investments (Book Value) 4,114,754.34$ Gain/Loss on Investments (480,685.79)
Total Pooled Cash and Investments (Market Value) 3,634,068.55 Police Retiree Medical
Fund 731 and 706
Adjusted Interest Earnings
Investments Interest Earnings
As of March 31, 2026 January 01 to March 31, 2026
Interest Earnings
January 01 to March 31, 2026
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/
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