The proposed application fee will be introduced as a separate resolution for City Council consideration and adoption at the City Council Meeting scheduled for January 20, 2026.
Attachments
Attachment A: Ordinance
Attachment B: Budget Adoption Staff Report
Attachment C: July 15 Presentation
Attachment D: HOA Letter
Attachment E: HOA Responses
Attachment F: September 16 Draft Proposal
Attachment G: Short-Term Rental Map
Attachment H: Public Hearing Notice
Attachment I: Ordinance No. 1270 - Redline
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ORDINANCE NO. 1270
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BREA
ESTABLISHING STANDARDS AND PROCEDURES FOR A PILOT
SHORT-TERM RENTAL PROGRAM, ADDING CHAPTER 5.32
REGARDING SHORT-TERM RENTALS TO THE BREA CITY CODE, AND
APPROVING A CEQA EXEMPTION DETERMINATION
THE CITY COUNCIL OF THE CITY OF BREA DOES ORDAIN AS FOLLOWS:
A. RECITALS:
(i) On July 15, 2025, the City Council conducted a Study Session and directed staff to develop a limited-term pilot short-term rental program with a restricted number of licenses.
(ii) On August 19, 2025, City staff conducted community outreach by notifying homeowner associations and hotel operators regarding the City’s proposed short-term rental program and requested feedback related to operational impacts. (iii) On September 16, 2025, City Council conducted a Study Session and directed staff to include geographic boundaries to guide license distribution and implement a lottery-based allocation system.
(iv) On December 16, 2025, the City Council conducted a duly noticed public hearing concerning the addition of a new Chapter 5.32 to Title 5 of the Brea City Code regarding short term rentals, as set forth in this ordinance. (v) The City Council finds that unregulated short-term rentals may result in significant impacts to residential neighborhoods, including noise, parking, and transient 2 ____________, 2026
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occupancy activity, and that a regulatory framework is necessary to protect the public health, safety, and welfare while preserving housing availability. (vi) It is the intent of the City Council in adopting this ordinance adding a new Chapter 5.32 to Title 5 of the Brea City Code to codify and implement a pilot short-term rental program that will expire on December 31, 2029, unless the City Council acts otherwise to extend or modify its provisions.
(vii) All legal prerequisites for the adoption of this ordinance have occurred.
B. ORDINANCE:
SECTION 1. The City Council hereby finds that the facts set forth in the Recitals, Part A of this ordinance, are true and correct.
SECTION 2. Division II (Business Regulations) of Title 5 (Business Licenses and Regulations) of Part I (Municipal Code) of the Brea City Code is amended by adding a new Chapter 5.32 to read as follows:
“CHAPTER 5.32 – Short-Term Rentals
Chapter 5.32: General Provisions
Section
5.32.010 Intent and Purpose
5.32.020 Definitions
5.32.030 Authorized Agent or Representative
5.32.040 License Requirement
5.32.050 Inspections
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5.32.060 Operational Requirements
5.32.070 Hosting Platform Requirement
5.32.080 Prohibited Activities
5.32.090 License Nontransferable/No Property Rights
5.32.100 License Approval, Denial, and Revocation
5.32.110 Appeal Procedure
5.32.120 Recordkeeping
5.32.130 Requirements Not Exclusive
5.32.140 Violations and Penalties
§ 5.32.010 INTENT AND PURPOSE.
A. The purpose of this chapter is to establish a short-term rental pilot program containing regulations for the use of privately-owned residential dwellings as short-term rentals, minimize the secondary impacts of such uses on surrounding residential neighborhoods, and to ensure the collection and payment of applicable transient occupancy taxes.
B. This chapter does not provide any owner of a residential property with the right or privilege to violate any private conditions, covenants, and restrictions applicable to the owner’s property that may prohibit the use of such owner’s residential property for short-term rental purposes as defined in this chapter.
C. The city reserves the right to change the regulations provided in this chapter at any time, including discontinuing the issuance of short-term rental unit licenses, notwithstanding any impacts to existing or future short- 4 ____________, 2026
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term license holders. Anyone accepting a short-term rental license pursuant to this chapter acknowledges and accepts that possibility.
D. The program shall commence following the effective date of this chapter and shall expire on December 31, 2029, unless otherwise extended and/or modified by the City Council by amending this ordinance. § 5.32.020 DEFINITIONS.
For the purposes of this chapter, the following definitions shall apply, unless the context clearly indicates a different meaning or construction.
APPLICANT. The property owner applying for a new or renewal shortterm rental license.
ACCESSORY DWELLING UNIT. Same definitions specified in Section
20.00.070.B.
ACCESSORY DWELLING UNIT, JUNIOR. Also referred to as “Junior Accessory Dwelling Unit” in this chapter. Same definitions specified in Section 20.00.070.B.
CONTRACT. An agreement or evidence of any tenancy that allows or provides for the short-term rental of a property.
DIRECTOR. The Director of Community Development or a designee.
GOOD NEIGHBOR POLICY. Guidelines approved and updated from time-to-time by the Director, for conduct, consideration, and respect pertaining to the use and occupancy of short-term rentals consistent with the intent and purpose of this chapter.
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HEARING OFFICER. An appointed person by the City Manager or designee who shall preside at the hearing and hear all facts and testimony presented and deemed appropriate.
HOSTING PLATFORM. An individual or entity that facilitates online short-term rental bookings in exchange for a fee or other compensation, either directly or indirectly, by conducting transactions through various means. Examples include, but not limited to, Airbnb and VRBO.
LOCAL CONTACT PERSON. A person designated by the owner or the owner’s authorized agent or representative who is a resident of Brea and is available twenty-four (24) hours per day, seven days per week for the purpose of: (1) responding in person within thirty (30) minutes to complaints regarding the condition, operation or conduct of occupants of the short-term rental unit; and (2) taking remedial action to resolve any such complaints. A designated local contact person must obtain a business license required by Sections 5.00.030 and 5.04.010 of the Brea City Code.
MANAGING AGENCY OR AGENT. A person, firm, or agency
representing the owner of the short-term rental unit, or a person, firm, or agency owning or operating more than one (1) short-term rental.
MULTI-FAMILY RENTAL HOUSING. A complex, structure, or a portion of a structure zoned, used, and/or designated as rental dwellings that include two (2) or more independent dwelling units. This includes, but is not limited to, duplexes, triplexes, apartments, and townhouses.
OCCUPANT. Any person(s) occupying the short-term rental at any time. 6 ____________, 2026
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OWNER. A person(s), corporation(s) or other legal entity(ies) that hold(s) record legal and/or equitable title to the property used as a shortterm rental.
PROPERTY. A residential legal lot of record on which a short-term rental unit is located.
DWELLING UNIT. A residential unit, such as a single-family unit, multifamily rental housing, including a duplex, triplex, or condominium.
RESPONSIBLE PERSON. An occupant of a short-term rental who is at least twenty-five (25) years of age and who is legally responsible for compliance of all occupants of the unit and/or their guests with all provisions of this chapter and the Brea City Code.
SECTOR. A sector is one of the three geographic divisions of the City established for the purpose of license distribution, as shown in the City’s Sector Map adopted by Ordinance No. 1270.
SHORT-TERM RENTAL. A privately-owned residential dwelling unit, or portion thereof unless otherwise prohibited, that is offered or provided to a guest by an owner for thirty consecutive nights or less. The term, “shortterm rental”, shall not include hotels, motels, inns, timeshares, or bed and breakfasts.
SHORT-TERM RENTAL LICENSE or LICENSE. A license, with a license number, issued by the city to allow short-term rental units.
TRANSIENT OCCUPANCY TAX. The tax levied by the city pursuant to Chapter 3.16 of the Brea City Code.
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§ 5.32.030 AUTHORIZED AGENT OR REPRESENTATIVE.
An owner may authorize an agent or representative to comply with the requirements of this chapter on behalf of the owner (“owner’s agent”), unless the requirement is to be fulfilled solely by the owner.
Notwithstanding, the owner shall not be relieved from any personal liability for noncompliance with any provisions of this chapter or with any applicable laws, rule and regulation pertaining to the use and occupancy of the subject short-term rental, regardless of whether such noncompliance was committed by the owner’s agent or the occupants of the owner’s short-term rental or their guests. Failure of an owner’s agent to comply with this chapter shall be deemed non-compliance by the owner.
§ 5.32.040 LICENSE REQUIREMENT.
A. No person shall operate a short-term rental unless a license has been obtained in accordance with this chapter.
B. A license obtained under this chapter does not constitute a vested right, shall not run with the land, and shall be personal and limited to the owner listed on the application.
C. Any license issued pursuant to this chapter shall be valid for a period of one (1) year from the date of issuance and shall be subject to annual renewal for the duration of the pilot program, which requires submittal of a renewal license to the city.
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D. The short-term rental license application and annual renewal application shall be accompanied by an application fee in the amount established by resolution of the City Council.
E. Eligibility Requirements. The following requirements must be met at the time of short-term rental application submittal:
1. The applicant shall not be a lessee or a sub-lessee. All applications submitted shall be submitted by the owner of the residential dwelling unit or the owner’s agent.
2. The following types of dwelling units are prohibited to be used as a short-term rental unit:
i. Accessory dwelling units and junior accessory dwelling units ii. Recreational vehicles
iii. Affordable housing units under the City’s proprietorship.
3. No owner shall be granted a license for more than one shortterm rental within the city, except as otherwise provided herein.
4. There shall only be one (1) short-term rental license issued per property except in multi-family rental housing (i.e. apartments, condominiums or townhomes) the number of short-term rental licenses allowed shall be as follows in Table 5.32.040.C.1:
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Table 5.32.040.C.1
SHORT-TERM RENTAL LICENSE ISSUANCE
Number of Units Per Property Maximum Number of Short-Term Rental Licenses
Up to 49 1
50 or more 2
5. The dwelling unit or property used as a short-term rental property shall not be subject of any active or pending code enforcement actions or violations pursuant to the Brea City Code, including, but not limited to, zoning, building, and fire codes.
F. Application for License. The owner shall submit the following information and/or documents as part of their application or renewal application for a short-term rental, including but not limited to:
1. The name, address, and telephone number of the owner of the short-term rental and the local contact person, if different from the owner.
2. A copy of the owner’s current state issued driver’s license or identification card.
3. The address of the short-term rental property, including a diagram identifying the location of the short-term rental structure and the location of the required parking.
4. The number of bedrooms and the applicable occupancy limit of the short-term rental.
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5. A photo of the short-term rental structure to allow the city to visually identify the unit.
6. Signed acknowledgment form confirming that city staff shall conduct building, fire, and safety inspection to verify compliance with the operational requirements of this chapter. License approval shall be contingent upon passing the inspection.
7. The uniform resource locator (URL) (i.e. website address) for any and all anticipated advertisements of the short-term rental property.
8. An executed document, approved as to form by the City Attorney, by which the Applicant agrees to indemnify and hold harmless the city, its officers, employees and agents from any claim, demand, or judgment in favor of any person, arising out of activities or inactivity of the applicant with respect to the operations of the short-term rental.
9. A completed Transient Occupancy Tax registration form.
10. Proof of general liability insurance that covers the rental of the property as a short-term rental in the aggregate sum of not less than one million dollars ($1,000,000). Alternatively, the owner can provide evidence that each rental occurs through a platform that provides equal or greater insurance coverage. Proof of insurance shall be provided at the time of both initial license and renewal license issuance and shall remain in effect for the duration of the annual license. Failure to maintain liability insurance shall result in the revocation of the license.
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11. If a short-term rental is located on a property in any area governed by a homeowners’ association or community association and subject to covenants, conditions, and restrictions, the applicant shall submit a letter from the associations’ governing board stating that the and the rules and regulations of the association do not prohibit short-term rentals from operating, including the short-term rental proposed by the Applicant.
12. The short-term rental license application shall be
accompanied by a consent to inspection form signed by the owner of the property by which the owner agrees and consents to a building, fire, and health and safety inspection as further described under Section 5.32.050 of this chapter, in addition to the payment of inspection fee in the amount established by resolution of the City Council.
13. Proof of current City of Brea business license.
G. Maximum Number of Short-Term Rental Licenses.
1. The total number of licensed short-term rentals operating in the city at any given time shall not exceed one hundred (100), allocated as follows: twenty-five (25) in the Northwest sector, fifty (50) in the Southwest sector, and twenty-five (25) in the East sector.
2. Short-term rental licenses shall be issued on a lottery-based system within each sector. A licensed short-term rental business that ceases operation shall notify city staff in writing within thirty (30) days. Upon such notice, or upon license revocation, the license shall be returned to the available allocation for that sector.
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3. Each property owner shall not operate more than one (1) short-term rental in the city, except as otherwise provided herein.
4. When the maximum number of short-term rental licenses has been issued within a sector, the city shall establish and maintain a waitlist.
When a space becomes available in the designated sector, licenses may be issued as they become available.
H. Short-Term Rental License Waitlist.
1. All short-term rental license applications, which have been deemed complete, shall be placed on the short-term rental waitlist in the order of the application's filing date. Placement on the waitlist does not guarantee that a license will be issued during the pilot program.
2. The City shall notify applicants of license availability in the order of the application’s filing date.
§ 5.32.050 INSPECTIONS.
A. Prior to the issuance of a new short-term rental license or a renewal short-term rental license, the city shall conduct a building, fire, and health and safety inspection of the short-term rental for compliance with this chapter.
B. Such inspection shall be conducted within thirty (30) days of receipt of a completed application.
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C. No license shall be issued if the inspection finds that any of the following conditions exist:
1. The dwelling unit does not have functioning smoke and carbon monoxide detectors, electricity, or plumbing.
2. The structure has been modified in a way that required a building license from the city, but such building license was not obtained.
3. The city determines that there are conditions present on the property that would present a danger to the health, safety, or welfare of the occupants and/or the public.
§ 5.32.060 OPERATIONAL REQUIREMENTS.
A. Compliance by owner, agents, and occupants. The owner and/or owner’s agent shall ensure the property used as a short-term rental is used in a manner that complies with all applicable laws, rules, and regulations pertaining to its use and occupancy, including applicable codes regarding fire, building and safety, and shall further ensure the occupants of the shortterm rental do not create noise in violation of Chapter 8.20 of the Brea City Code or other disturbances, engage in disorderly conduct, or violate any applicable laws, rule, or regulation pertaining to the use and occupancy of the subject short-term rental.
B. Overnight maximum occupancy limits
1. The owner shall limit overnight occupancy of the short-term rental to a specific number of occupants as set forth in Table 5.32.050. C.1 below.
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2. Children twelve (12) years of age or younger are not counted towards the occupant maximum.
3. As used in this section, overnight occupancy shall mean during the hours of 10:00 p.m. through 8:00 a.m. of the following day.
Table 5.32.050. C.1
OVERNIGHT MAXIMUM OCCUPANCY LIMITS
Bedrooms Occupancy
0 2
1 4
2 6
3 8
4 10
5 or more 12
C. Overnight stay. The minimum overnight stay per responsible person shall be no less than two (2) consecutive nights.
D. Minimum age of the responsible person. The owner shall not rent a short-term rental to a person that is under the age of twenty-five (25).
E. Maintenance of rental contracts. Owners shall maintain all short-term rental contracts (in electronic or paper form) for a period of four (4) years from the date of occupancy. The exact number of occupants shall be included in the contract as well as all city code requirements regulating occupancy limits, noise, outdoor amplified music prohibition, public nuisance, parking, trash, prohibition of commercial activities, and other 15 ____________, 2026
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code requirements related to the use and occupancy of the short-term rental. The owner shall share all contracts upon the city’s request.
F. Prior to occupancy. Prior to occupancy of a short-term rental by occupants, the owner or owner’s agent or representative shall advise of or require the following from the responsible person:
1. Provide the responsible person with the local contact person’s contact information. The local contact person is required to be available twenty four (24) hours per day.
2. Obtain from the responsible person an “informational form,” in the form provided by the City, which contains, but not limited to, the following:
i. Name
ii. Address
iii. Telephone number
iv. Copy of the valid governmental identification of responsible person
v. List of all the names of all occupants of the short-term rental vi. List of all vehicle information and license plate numbers of the responsible person, occupants, and guests
vii. Signed copy of the city’s Good Neighbor Policy prior to or during check-in.
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viii. Signed acknowledgment statement, in which the responsible person understands that he or she is legally responsible for compliance by all occupants of the short-term rental and their guests.
3. Applicants for the short-term rental license shall review and acknowledge receipt of a copy of the city’s Good Neighbor Policy. In addition, the applicant shall provide a brochure or document intended to remind occupants of short-term regulations.
G. The owner of the short-term rental shall ensure that the property complies with all applicable codes regarding fire, building, health and safety, zoning and all other laws and regulations.
H. 24-Hour Availability.
1. During the period of a short-term rental, the owner, owner’s agent, and/or owner’s local contact person shall be available twenty-four (24) hours per day, seven (7) days per week to respond to complaints regarding the condition, operation, or conduct of the occupants, including responding in person at the location of the short-term rental.
2. The local contact person’s response to complaints may be made by telephone, text message and/or in person, however, in no event shall the response time exceed fifteen (15) minutes if responding by telephone or text or forty-five (45) minutes if an in-person response is required because of the severity of the complaint.
3. In all circumstances, complaints that the occupants of the short-term rental have created unreasonable or unlawful noise or 17 ____________, 2026
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disturbances in violation of Chapter 8.20 of the City Code or provisions of this chapter or are engaging in disorderly conduct, requires an in-person response by the local contact person.
I. Outdoor Activities. Occupants of the short-term rental shall be prohibited from using all outdoor amenities (i.e. pool/spa) and/or engaging in outdoor games or any outdoor activities that create noise between the hours of 10:00 p.m. to 7:00 a.m. all days of the week. A sign stating these restrictions must be clearly visible near any such outdoor amenities and posted on all interior doors leading to the outdoor amenities.
J. Parking. Property owners shall provide adequate on-site parking. For the purposes of this subsection, “adequate on-site parking” shall be determined by dividing the total number of occupants commensurate with the approved number of bedrooms and provided in Table 5.32.0050. C.1 by four (4), such that the ratio of the maximum allowed number of overnight occupants to on-site parking spots does not exceed four to one (4:1). For example, a residential dwelling with five (5) bedrooms may permissibly host a total number of ten (10) to twelve (12) overnight occupants and therefore requires three (3) on-site parking spots. On-site parking shall be on an approved driveway, garage, and/or carport areas. Overnight street parking is not licensed.
K. Trash Containers. Trash and refuse shall not be left stored within public view, except in proper containers for the purpose of collection by the city’s authorized waste hauler on scheduled trash collection days. The 18 ____________, 2026
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owner of the short-term rental shall provide sufficient trash collection containers and service to meet the demand of the occupants.
L. The short-term rental license number assigned by the city shall be displayed on any hosting platform’s website where said short-term rental is advertised. Each short-term rental shall have a unique license number.
M. Retention of Residential Character. The owner of a short-term rental shall not change the residential character or the outside appearance of the residence, either by the use of colors, materials, lighting or/and advertising mechanism.
N. Required Information for advertisements.
1. The owner shall include the current license registration number on or in any advertisement appearing in any newspaper, magazine, brochure, television, internet website, etc., that promotes the availability or the existence of the short-term rental in a place or location deemed acceptable by the license administrator in the following format:
i. “City of Brea – Short-term Rental License No. .”
ii. In the case of the audio-only advertising of the same, the license number shall be read as part of the advertising.
2. Each of the following shall be clearly identified in any advertisement:
i. Maximum occupancy.
ii. The number of bedrooms.
iii. Maximum number of vehicles allowed.
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iv. Photo of the front of the short-term rental.
O. Transient Occupancy Tax. The owner and/or the owner’s agent shall comply with all provisions of Chapter 3.16 of the City Code concerning transient occupancy taxes including, but not limited to, submission of a return in accordance with § 3.16.070, which shall be filed even if the shortterm rental unit was not rented during each such reporting period. While hosting platforms shall collect and remit transient occupancy tax payment as described in Section 5.32.070, the owner must ensure all transient occupancy tax is properly reported and remitted. Owners not using a hosting platform must self-report and remit transient occupancy tax to the City of Brea.
§ 5.32.070 HOSTING PLATFORM REQUIREMENTS.
A. Subject to applicable laws, Hosting Platforms shall disclose to the city on a quarterly basis each short-term rental listing located in the city, the names of the persons responsible for each such listing, the address of each such listing, the length of stay for each such listing, and the price paid for each stay.
B. Hosting platforms shall require owners to include the city-issued license registration number in their listing(s), in a format designated by the city. Hosting platforms shall not complete any booking transaction for unlicensed short-term rentals in the city.
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C. Prior to an owner listing a short-term rental location within the city through a hosting platform, the hosting platform shall provide a notice to such owner with the following information:
“Chapter 5.32 of the Brea City Code prohibits the short-term rental of residential property within the City of Brea unless the City has issued both a business license and a short-term rental license to the owner, and the owner pays the transient occupancy tax.”
D. A hosting platform that facilitates bookings of short-term rentals located within the City of Brea, and takes payment for the transaction, directly or indirectly through third party payment processors, shall collect transient occupancy tax and remit to the City of Brea all applicable transient occupancy tax, as calculated on the amount the occupant pays to the owner for rent, including any mandatory fees charged by the owner, such as a cleaning fee.
E. All hosting platforms must provide a monthly report to the City of Brea that includes the physical address, including the nine-digit ZIP code, and gross receipts for all short-term rental properties where at least one booking was facilitated by the platform per TOT reporting period. This report shall be due by the end of the month following the monthly reporting period. 21 ____________, 2026
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F. The provisions of this section shall be interpreted in accordance with otherwise applicable state and federal law(s) and will not apply if determined by the city to be in violation of, or preempted by, and such law(s). § 5.32.080 PROHIBITED ACTIVITIES.
A. A person who is renting a short-term rental is prohibited from subleasing such dwelling unit, or any portion thereof, to any other person or entity.
B. Commercial activities and special events, including but not limited to, weddings, receptions, large parties and sales events are prohibited on the property used as a short-term rental.
C. Hosting platforms are prohibited from facilitating the short-term vacation rental of unlicensed and illegal businesses. Hosting platforms shall not facilitate the evading of relevant taxes and regulations required of any short-term rental.
D. Hosting platforms are prohibited from advertising a short-term rental located within the city that is not licensed pursuant to this chapter.
E. Owners and/or owner’s agent of an unlicensed short-term rental are prohibited from operating in the city and are prohibited from being marketed as short-term rentals available within the city. Any owner and/or owner’s agent found to be operating a short-term rental without a valid license shall be subject to all applicable fines and penalties.
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§ 5.32.090 LICENSE NONTRANSFERABLE/NO PROPERTY RIGHTS.
A license granted pursuant to this chapter shall not be transferable to another person, entity, assessor’s parcel number or to another property owner. In addition, the issuance of a license or renewal license does not give the owner any vested property rights and any such license shall not run with the land or property to which it applies. All new property owners shall obtain a new license to continue with short-term rental operations. § 5.32.100 LICENSE APPROVAL, DENIAL, AND REVOCATION.
A. Decision Authority.
1. The Community Development Director has the authority to deny and/or or revoke a short-term rental license in accordance with this section.
2. The Director’s decision to deny a short-term rental license application shall take effect immediately, unless a timely appeal is filed pursuant to section 5.32.110 of this chapter. Unless successfully appealed, the Director’s decision to revoke a short-term rental license shall take effect upon 30 days’ notice to the owner of the Director’s decision.
B. License Approval. If, as a result of the investigation conducted by the city, the applicant is found to satisfy all of the requirements of this chapter and no grounds for denial exist, the associated short-term rental license application shall be approved, and a license (or a renewal license) shall be issued to the applicant unless the maximum number of licenses as specified in Section 5.32.040 has been issued.
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C. License Denial.
1. The applicant shall be denied the short-term rental license, including a renewal license, if any of the following findings are made:
i. The information contained in the application or supplemental information requested is false or misleading in any material detail. ii. The owner failed to provide a complete application, after having been notified of the requirement to produce documents or additional information within ten (10) calendar days.
iii. The owner is delinquent in payment of any city taxes, fees, assessments, fines, or penalties.
iv. If the owner has had a prior short-term rental license revoked or has been cited for violating any provision of the City Code related to shortterm rentals in the city within the past twelve (12) months. [BUT SEE D.2, BELOW]
v. The owner has failed to pay any previous administrative fines, remediate any other violations, and/or complete any other alternative disposition associated with a previous violation of this chapter related to the operation of a short-term rental.
vi. If, at the time the license application is being submitted, the city has commenced any enforcement proceedings against the owner with respect to the property for which the owner seeks a license or a renewal of a license.
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vii. The property does not comply with all applicable codes regarding zoning, fire, building and safety as specified under Section
5.32.050 of this chapter, and other relevant laws, ordinances, or regulations including any conditions placed on the license by the city. viii. The license cap has been reached.
2. Applicants who are denied a license solely based on the license cap shall have an option to join the waitlist.
D. License Revocation.
1. The Director shall hold a hearing on whether to revoke a shortterm rental upon at least 10-days written notice to the owner. A short-term rental license shall be revoked if, based on substantial evidence presented at such hearing, the Director makes any of the following findings:
i. The short-term rental has operated in violation of Section
5.32.050, 5.32.060, or 5.32.080 of this chapter
ii. Operation of the short-term rental has caused or substantially contributed to the violation of any other applicable law or in a manner injurious of or threatening to the public health and safety.
2. An owner whose license is revoked is prohibited from applying for a new short-term rental license for the duration of the pilot program.
3. City shall provide owner notice of license revocation that includes the findings the Director relied on to make their decision to revoke the license. City shall mail notice of revocation to the owner's address as 25 ____________, 2026
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listed on the short-term rental application and to the address of the local contact person listed on the license application.
4. The owner shall have ten (10) days from the date the notice was sent to appeal the decision pursuant to Section 5.32.110 before the Director's decision becomes final.
§ 5.32.110 APPEAL PROCEDURE.
A. Any interested party may appeal the Director’s decision to approve, deny, or revoke a short-term rental license; provided that the Director’s decision to deny a license application on the grounds that the license cap has been reached shall be final and not appealable. All appeals under this section shall be heard by the Hearing Officer. Any appeal filed by a person who is neither the license applicant nor the owner of the subject property must be accompanied by a written statement describing the legal grounds for the appeal and the factual basis for their standing as an interested party for purposes of the appeal.
B. Time for Filing of Appeal. An appeal must be filed within ten (10) calendar days after the date of action by the Director.
C. Filing of Appeal.
1. Appeals must be filed with the City Clerk together with the required appeal fee as set forth in the current schedule of fees adopted.
2. If the information included with an appeal is found by the City Clerk to be deficient, the City Clerk shall notify the appellant as to the particulars of the deficiencies. If such deficiencies are not corrected within 26 ____________, 2026
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ten (10) calendar days of such notice, the appeal shall be deemed withdrawn.
D. Effect of Timely Appeal.
1. The filing of a timely appeal shall suspend the decision of the Director until the final determination on the appeal or dismissal thereof.
2. No person shall commence operation or continue to operate a short-term rental until the final determination is made on the appeal.
E. Notice of Hearing. A notice of such hearing shall be given to the owner/applicant of the short-term rental license, in writing and mailed at least ten (10) calendar days prior to the date of the hearing addressed to the address listed on the short-term rental application. The notice shall state the grounds for denial or revocation, and the time and place where such hearing will be held.
F. Public Hearing
1. At the time and place set for public hearing, the Hearing Officer shall hear and determine all the facts and evidence relevant to the applicant and the contents of the application.
2. At the conclusion of the hearing, the Hearing Officer may affirm, modify, or reverse the Director’s decision. The Hearing Officer shall render a written decision within ten (10) calendar days from the date of the hearing where the decision on the appeal was made
3. The action of the Hearing Officer shall be final and conclusive. 27 ____________, 2026
ORD.1270
§ 5.32.120 RECORDKEEPING.
A. Each owner shall maintain all written records related to the use and occupancy of the short-term rental, including, but not limited to, compliance with the operation requirements and standards set forth in section 5.32.060, for a period of four (4) years for the purpose of inspection or audit to determine that the objective and conditions of this Chapter are being fulfilled.
B. Audit provisions shall be conducted pursuant to Chapter 3.16 of the Brea City Code.
§ 5.32.130 REQUIREMENTS NOT EXCLUSIVE.
The requirements of this Chapter shall be in addition to any license or fee required under any other provision of the Brea City Code. The issuance of any license pursuant to this Chapter shall not relieve any person of the obligation to comply with all other provisions of the Brea Municipal Code pertaining to the use and occupancy of the Short-Term Rental or the property on which it is located.
§ 5.32.140 VIOLATIONS AND PENALTIES.
A. Violations of this chapter shall be subject to enforcement as provided in Chapter 1.04 of the City Code in addition to, and not in lieu of, any and all other legal remedies available to the City, whether criminal or civil or in law or equity.
28 ____________, 2026
ORD.1270
B. Each and every day such a violation exists shall constitute a separate and distinct violation of this chapter.
C. It shall be unlawful to aid or abet any violation of this chapter.” SECTION 3. The new Chapter 5.32 added to Title 5 of the Brea City Code by this ordinance shall expire and of be of no further effect on December 31, 2029, unless otherwise extended or modified by the City Council. No later than October 31, 2029, the Community Development Director shall provide the City Council with an evaluation of program performance, compliance, revenue generation, and end neighborhood impacts to determine whether continued implementation is warranted.
SECTION 4. CEQA. Pursuant to the California Environmental Quality Act (“CEQA”) (Public Resources Code § 21000 et seq.) and the State of California Guidelines for Implementation of the California Environmental Quality Act (“CEQA Guidelines”) (14 C.C.R. § 15000 et seq.), the City Council finds and determines that adoption of this ordinance is exempt from CEQA review pursuant to statutory and categorical exemptions including California Code of Regulations Title 14, Section 15061(b)(3). The City Clerk shall file a Notice of Exemption for adoption of this ordinance in accordance with CEQA.
SECTION 5. Severability. If any section, subsection, sentence, clause, phrase, or portion of this ordinance is for any reason held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this ordinance. The City Council declares that it would have adopted this ordinance and each section, subsection, sentence, clause, phrase, or portion thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses, phrases, or portions be declared invalid or unconstitutional. 29 ____________, 2026
ORD.1270
SECTION 6. This ordinance shall become effective thirty (30) days after its adoption in accordance with the provisions of California law.
SECTION 7. The City Clerk shall certify to the passage of this ordinance.
APPROVED AND ADOPTED this __ day of __________, 2026.
________________________________
Cecilia Hupp, Mayor
ATTEST: ________________________________
Victoria Popescu, City Clerk
30 ____________, 2026
ORD.1270
I, Victoria Popescu, City Clerk of the City of Brea, do hereby certify that the foregoing ordinance was introduced at a regular meeting of the City Council of the City of Brea held on the ___ day of ___________, 2026, and was finally passed at a regular meeting of the City Council of the City of Brea held on the ____ day of ___________, 2026, by the following vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
DATED: ____________________, 2026
________________________________
Victoria Popescu, City Clerk
CITYofBREA
Communication
June 17, 2025
Item No. 3A.
Adoption of the FY 2025- 27 Biennial Operating and Capital Improvement Program ( CIP) Budget
TO PREPARED BY
Honorable Mayor and City Council Members Alicia Brenner, Budget Manager
DEPARTMENT HEAD APPROVAL CITY MANAGER APPROVAL
Monica Lo, Administrative Services Director Kristin Griffith, City Manager
RECOMMENDATION
Adopt Fiscal Year 2025-27 Proposed Biennial Operating Budget as presented in the Fiscal Year 2025-27 Operating Budget document and adopt Resolution No. 2025-XX approving the Fiscal Year 2025-27 Operating Budget and appropriating funds for the City of Brea FY 2025-27 Operating Program and Adopt Resolution No. 2025-XX approving the Fiscal Year 2025- 26 Appropriation Limit; and Adopt Resolution No. 2025-XX adopting the Proposed Fiscal Year 2025-27 Biennial Capital Improvement Program ( CIP) Budget and appropriating funds for the projects and purposes as presented in the Proposed Fiscal Year 2025-27 Biennial CIP Budget.
BACKGROUND/ DISCUSSION
A Budget Workshop was held on May 6, 2025 for City Council to preview and provide guidance on the Biennial FY 2025-27 Operating Budget and Capital Improvement Program ( CIP) Budget. Below provides an overview of the proposed budget for both the City Operating and Capital Improvement Program budget that was affirmed at the Budget Workshop for FY 2025-27.
City's Operating Budget
The Proposed Fiscal Year 2025-27 operating budget document and budget resolution are provided as Attachment A1 & A2, which contains an overview message from the City Manager, summary schedules, the fund balances of each operating fund, a comprehensive review of revenues, and expenditure breakdowns by department ( please see attachment). As part of this budget cycle, staff focused on long-term and strategic considerations as the organization adapts to changes in the economy as well as within the organization. The budget is the financial plan for the City of Brea for the next two fiscal years and does not constitute a mandate to spend, only the authority to do so.
This budget message provides a comprehensive overview of the City’s General Fund budget representing efforts to align resources with operating expenditures while continuing to provide core services to the community during the next two fiscal years. The City’s operating budget was developed after considerable review and a commitment to the City Council’ s top priorities and projects. The process and approach staff used to develop this biennial budget reflects cautiously optimistic projections for both revenues and expenditures, but again, these assumptions are based on very finite information in a changing economic environment.
Staff will continue to monitor several unknowns including economic uncertainty at both the State and Federal level, increases in the cost-of-living, continued demand for fixed asset replacement needs, economic pressures that may impact the City's sales tax base and CalPERS projected rate increases. Looking forward, staff will continue with strong communication at all levels as more information becomes available.
Revenues
For FY 2025-26, the total General Fund revenues are budgeted at $74,422,625 which includes $ 2,788,339 in estimated excess General Fund reserves from the prior year that are above the City’s 25% reserve policy limit. For FY 2026-27, the total General Fund revenues are budgeted at $77,472,773. Which includes excess General Fund reserves anticipated from the prior fiscal year in the amount of $3,997,142.
Sales tax revenue is the City’s single largest revenue source representing approximately 37% of the FY 2025- 27 budget. Sales tax revenues are projected to increase by 5.0% over the FY 2024-25 year-end estimate for the next two years with an average growth of 1.7% for the remaining three years covering FY 2027-28 through FY 2029-30. This assumption includes preliminary sales tax growth related to new development.
Property taxes are the second-largest revenue source representing 22% of the FY 2025-27 budget. Property tax revenues are anticipated to grow by 4.0% over the FY 2024-25 year-end estimate and future years beyond FY 2026-27 remain conservative at 2%. They will be adjusted as more information becomes available regarding development projects within the community and as construction begins to break ground.
Expenditures
Total General Fund expenditures in FY 2025-26 are budgeted at $72,330,689 and $ 76,432,821 for FY 2026-
27. This budget retains core service levels to the community and represents a 3.3% increase in budgeted expenditures when compared to the FY 2024-25 year-end expenditures ( exclusive of transfers- out). The proposed budget includes temporary and one-time budget changes presented at the Budget Workshop on May 6, 2025.
It is also important to note that employees continue to contribute toward their retirement in accordance with the provision of Memorandums of Understanding ( MOUs). All employees contribute 100% of the employee cost of retirement. The City has met its goal to have all City employees contribute the full cost per the current pension reform legislation. In addition, most employees are contributing more than the employee portion and are cost-sharing the normal employer cost.
Five Year Projections
Each year, the City’s General Fund revenues and expenditures are projected for five years. The five-year projection is a planning tool and reflects staff’ s best-educated estimates. It does not represent approved or authorized deficit spending, rather it depicts what could occur if the City were to choose not to make the necessary adjustments to operate within a balanced budget. The five-year projections allow us to take a glimpse at potential future budget impacts so that we can make the necessary adjustments to maintain a balanced budget.
These five-year projections and budget assumptions, from FY 2025- 26 through FY 2029- 30, are attached to this budget document. It is noted that the assumptions include all negotiated labor agreements for FY 2025-
26. The projections also assume major revenue sources, including sales tax and property tax, to be increased based upon preliminary development assumptions through FY 2026-27 and remain conservative thereafter.
With the use of Excess General Fund reserves above the current 25% policy limit, the organization is able to maintain a balanced budget for the next two fiscal years. The temporary and one-time budget changes proposed as part of this budget are folded back into the projections starting in Year 3 and represent a preliminary budget shortfall in the longer term. Work is underway to close this budget shortfall and will continue as more information becomes available, staff will work with City Council to identify longer- term resolutions. As previously noted, future- year projections are estimates and are provided solely for informational purposes. Staff will continue to monitor and adjust projections as new information develops for a balanced budget including CalPERS retirement costs.
Funds
Decision packages are requests for new programs, new personnel, and/or new equipment. The decision packages for FY 2025-27 were presented to the City Council at the Budget Workshop on May 6, 2025, to receive input and identify department needs for the coming two fiscal years. The City Council reviewed decision package requests and recommended that staff include them in the FY 2025-27 budget. Below is a summary of the recommended decision packages that are incorporated in the budget.
The City’s Community Benefit and Economic Development Fund ( 140) includes the purchase of a new software (“ Placer.ai”) that will provide staff with critical market insight and foot-traffic analysis data to enhance community development efforts within the City. This fund was established to assist with legacy projects as well as provide funding for the attraction and retention of business and economic development.
The Public Safety Augmentation Fund ( 172) is restricted for public safety related costs and includes operating and capital related costs for fire safety equipment. This includes replacement of resuscitation and cardiac monitor equipment, replacement of the Fire Department’ s multi-band portable radios, upgrade of exhaust system and alerting system at various fire stations, purchase of fire turnouts, and a tablet command mobile incident management platform.
Facility and equipment replacements, such as fitness equipment, facility tables and chairs, parking lot landscaping, HVAC equipment, and gym floor refinishing will be funded by the Community Center Replacement ( 181) Fund.
The Fixed Asset Replacement Program Fund ( 182) will provide funding for the replacement of equipment and facilities at the City’s Curtis Theatre. This includes replacement of drapes and projectors, as well as stage lighting.
The Water Utility Fund ( 420) will provide funding for a new full-time Water Quality Specialist position and the purchase of one vehicle to support the increased regulatory demands from the State Water Resources Control Board ( SWRCB). This includes increased compliance in the areas of crossconnection control and urban water education.
Replacement of network switches and the network access control system will be funded from the City’s External IT Services Fund ( 460) as the equipment is beyond its useful lifecycle.
The Information Technology Fund ( 475) will provide funding for the replacement of desktop, mobile computer, and peripherals throughout the City to maintain operational efficiency and safeguard the City’s digital infrastructure.
Purchase of tools and equipment to outfit the two Type 1 Fire Engines is recommend from the City’s Fire Impact Fees Fund ( 542) which is restricted for eligible fire costs that mitigate future impacts that development has on fire services.
Appropriation Limit
In November 1979, the voters of the State of California approved Proposition 4, commonly known as the Gann Initiative." The Proposition created Article XIII B of the State Constitution placing various limits on the appropriations of state and local governments. The law requires the governing body of each local jurisdiction to establish annually by resolution, the Appropriations Limit for the upcoming budget year.
In effect, the law requires that expenditures subject to the limit cannot exceed the prior year's expenditures after adjusting for inflation and population changes. In June 1990, Proposition 111 was enacted which modified the formula to allow the Appropriations Limit to be more responsive to local growth issues. Prop. 111 allowed the City of Brea to modify its limit to take into consideration the change in the County or City population, whichever is greater. The Appropriations Limit applies to all taxes levied by and for a municipality.
In addition, user fees are excluded from the formula. The Appropriations Limit also excludes the following activities: Successor Agency to the Brea Redevelopment Agency Funds, Enterprise Funds, certain Capital Improvement Funds, and funds received from special assessment districts.
Brea's appropriations that are " subject to the limit" have traditionally been much lower than the limitation established by Article XIII B. This year's Appropriations Limit has been calculated to be $ 145,222,222. FY 2025-26 budgeted revenues subject to the calculated Appropriations Limit are provided in Attachment B of the proposed resolution.
Summary
As we reflect on the last two years, the organizational and economic landscape has changed in Brea. Major initiatives moving forward include the launch of the City’s new in-house Ambulance Program, the purchase of new and replacement fire vehicles, and the construction of the Arovista Park Modernization Capital Improvement project.
While development remains constant with the prospect of new growth; economic pressures have constrained sales tax revenue growth, creating some uncertainty for the organization. That, coupled with rising CalPERS costs, have created fiscal challenges as we look ahead in the longer term. Though uncertainty and fiscal challenges remain throughout this budget process, the organization has responded and remains steadfast.
Balancing this biennial budget required a strategic approach across the organization, including the careful allocation of resources and the implementation of creative solutions to reduce expenditures, streamline operations, and enhance revenues over the two-year period. The budget savings changes discussed at the Budget Workshop on May 6, 2025 are included in the proposed operating budget with continued discussions underway. Longer- term resolutions are under evaluation and are highlighted below:
Evaluation of lease agreements at the Civic & Cultural Center; Evaluation of subsidies provided to other agencies, user groups, and/or events; Evaluation of oil franchise fees and cell tower lease agreements; Evaluation of market outreach to film industry;
Updates to the Brea Mall Message Board signage revenue projections; Consideration of short-term rentals and other business opportunities; and Consideration of business license tax and transient occupancy tax (TOT) updates.
The use of excess General Fund reserves above the City’s policy limit of 25% will help the organization maintain service levels to the community as the organization regains momentum in the coming fiscal years.
This fund balancing strategy will avoid making severe service reductions until the organization has an opportunity to better understand the changing economic environment.
Staff will also continue to closely monitor actual versus projected revenues and opportunities for vacancy savings that will assist in providing firmer estimates as we navigate the next two fiscal years. Staff is committed to providing budget updates to the City Council as the financial picture changes.
Overall it is important to note that Brea is paying all of its obligations on time; is setting aside funding for ongoing capital facility and equipment replacement; and is funding a robust Capital Improvement Program CIP) to adequately maintain City infrastructure.
The organization will make every effort to continue to build prudent reserves and strategic savings programs to insulate the City from a downturn in the economy and minimize organizational disruption. The City Council is also committed to pension modifications and plans to continue setting aside money in an irrevocable trust fund, administered through Public Agency Retirement Services ( PARS), that is specifically designed to help stabilize pension costs. This, combined with continued efforts to promote pension modifications at the legislation front, are steps in the right direction.
The entire organization is determined to preserve core City services. Staff will continue to diligently monitoring long-term economic uncertainties that could impact Brea’s budget picture. These include:
Uncertainty at the State and Federal level;
Increases in the cost-of-living (inflation);
Fixed asset replacement needs;
Economic pressures impacting the City’s sales tax base; and CalPERS projected rate increases.
City staff uses a variety of tools, such as strategically evaluating vacancies and consolidation of functions, to structurally close the budget gap when needed. Additionally, staff continues to research new and innovative ways of doing business. Presenting the City Council with the FY 2025-27 biennial budget is simply one of the many projects that City staff has completed during FY 2024-25. Working within the City Council priorities and under their direction, City staff was able to complete a substantial list of accomplishments, which are found in the department summary sections of the budget.
We would like to thank the City Council for their patience and leadership during this period. Though the development of the FY 2025-27 budget is complete, the work will continue as we enter a new phase of data gathering and forecasting to match our new economic reality.
City's Capital Improvement Program ( CIP) Budget
The Proposed Fiscal Year 2025- 27 Biennial Capital Improvement Program ( CIP) Budget and budget resolution is provided as Attachment C1 & C2 and formally adopts the City's seven- year CIP Budget and appropriates funding for the first two years of the seven year capital improvement plan. The CIP budget reflects the City Council’ s commitment to enhancing existing infrastructure, providing new infrastructure for a safe environment, and enhancing the quality of life in the community. The remaining five years of the CIP budget are not a commitment of funds but rather a long-range planning tool for subsequent investment in the City’s infrastructure. Staff recommends the adoption of the CIP Budget as presented.
The CIP Budget is divided into several categories: Street Improvements, Storm Drain Improvements, Traffic Safety Enhancements, Water Improvements, Sewer Improvements, Facility Improvements, and Golf Course Improvements.
There are 30 projects proposed for funding in the FY 2025- 2027 CIP Budget. A detail sheet has been prepared for each proposed project included within the seven- year CIP Budget that contains a description of the project, the amount of funding required, and the source of funds. The following are highlights of the FY 2025-2027 Biennial CIP Budget:
Street Improvements - The projects included in this section of the proposed CIP Budget continue emphasizing street pavement rehabilitation per the City’s Pavement Management Plan ( PMP). The PMP is updated every two ( 2) years for arterial roads and every six ( 6) years for local roads, as the Orange County Transportation Authority requires. Work continues on designing and constructing several large street/roadway improvement projects that are being carried forward from the previous fiscal year. Some examples of this include Walnut Way Street Improvements ( CIP 7326) and Birch Street Improvements from S. Associated to Valencia ( CIP 7329).
Requested appropriations for the FY 2025- 2027 CIP include funding for our annual Traffic Calming Improvements ( CIP 7219), Citywide Slurry Seal (CIP 7312) and Citywide Sidewalk Replacement ( CIP 7313) projects, as well as the design and construction budget for Palm Street Paving Improvements ( CIP 7334) and Tanglewood Street Paving Improvements ( CIP 7337).
Storm Drain Improvements - Requested appropriations for the FY 2025-2027 CIP include design phase funding for an update to the Storm Drain Master Plan (CIP 7330).
Traffic Safety Enhancements - In conjunction with Street Improvement projects, the projects included within the Traffic Safety Enhancements section of the proposed CIP Budget improve the driving experience in Brea by easing congestion and improving traffic flow. The City has partnered with OCTA and multiple local municipalities to progress OCTA’s Regional Traffic Signal Synchronization Program ( RTSSP). This partnership has led to the introduction of the Kraemer Blvd. Regional Traffic Signal Synchronization ( CIP 7720) and the State College Blvd. Regional Traffic Signal Synchronization ( CIP 7721) projects.
Requested appropriations for the FY 2025- 2027 CIP include funding for annual Traffic Signal Controller Upgrade ( CIP 7218), Transportation Improvement Nexus Program Update ( CIP 7718), and the two aforementioned RTSSP projects.
Water Improvements - A significant focus of the proposed CIP Budget is on proposed improvements to the City's water infrastructure. The design phases of Enterprise Tract Water Improvements ( CIP 7462) and the Candlewood Tract Water Main Replacement ( CIP 7465) continue to progress, while the design phase of Lotus Water Line Improvements ( CIP 7479) has been completed.
Requested appropriations for the FY 2025- 2027 CIP include design phase funding for Candlewood Tract Water Main Replacement ( CIP 7465), Olinda Village Water Line Improvements ( CIP 7482), Replace Generator at Berry Street Booster Pump Station ( CIP 7483), and design and construction phase funding for Thompson Oil Site Hydrant Improvements ( CIP 7494).
Sewer Improvements - Another focus area of the proposed FY 2025-2027 CIP Budget is the proposed improvements to the City’s sanitary sewer infrastructure. Requested appropriations for the FY 2025- 2027 CIP include funding for our annual Sewer Mainline Relining ( CIP 7617) project and design phase funding for the Carbon Canyon Access Road Phase 1-3 (CIP 7632) project.
Facility Improvements - Work continues on the design of several significant projects from FY 2024- 2025.
The Brea PD Integrated Crime Center ( ICC) Citywide Camera Network ( CIP 7719) is progressing through various phases, and the Arovista Park Modernization Project ( CIP 7978) is progressing through the construction phase of the park improvements on the east side of Brea Creek.
Requested appropriations for the FY 2025- 2027 CIP include funding for the Police Department Space Plan Improvements ( CIP 7992), Wildcatters Park Storage Building Improvements ( CIP 7997), the Public Works Standard Plans Update ( CIP 7998), as well as various other citywide facility improvements.
Golf Course Improvements - In Fiscal Year 2024-2025 various improvements were made at both Birch Hills and Brea Creek Golf Courses, including the Brea Creek Golf Course Netting Extension Project. Requested Appropriations for the FY 2025-2027 CIP include funding for the construction of cart path, driving range, storage shed, and HVAC improvements at the Birch Hills Golf Course ( CIP 7968).
In conclusion, with continued prudent fiscal management and project coordination, Brea’s Fiscal Year 2025- 2027 Biennial CIP Budget will support a variety of projects to sustain the quality of our infrastructure, and continue the goals of enhancing the quality of life in the community, ensuring a safe environment, and promoting transportation improvements in the City.
FISCAL IMPACT/ SUMMARY
The expenditures for all funds included in the Proposed Biennial Operating Budget is $134,193,644 for FY 2025-26 and $137,820,595 for FY 2026- 27 (exclusive of transfers- out).
The proposed FY 2025- 27 Biennial Capital Improvement Program Budget is $15,135,000 and includes $ 9,285,000 for FY 2025- 2026 and $ 5,850,000 for FY 2026-2027. Funding sources include the Fixed Asset Replacement Fund; Gas Tax Fund; Measure M Fund; RMRA; Water Fund; Sewer Fund; Golf Course Fund; Storm Drain Fund; Traffic Impact Fund; Federal Grants; State Grants; County Grants, and other miscellaneous contributions.
Attachments
Attachment A1 - 25-27 Proposed City of Brea Operating Budget Attachment A2 - Operating Budget Resolution
Attachment B - 25-26 Appropriation Limit Resolution and Exhibit Attachment C1 - Proposed FY 2025-27 CIP Budget
Attachment C2 - CIP Budget Resolution
Policy Considerations for Short-Term
Rental Properties
Study Session
July 15, 2025
July 15, 2025 1
• Defined as the a residential dwelling, a dwelling unit, or a room in a dwelling, that is available for rent or to rent (by way of a rental agreement, lease, license or any other means, whether oral or written) for less than 30 consecutive days, for compensation or any consideration.
• Current Municipal Code
• Section 20.71.030 (Short-Term Residential Rentals)
• It shall be unlawful for any person to offer or make available for rent or to rent (by way of a rental agreement, lease, license, or any other means, whether oral or written), for compensation or any consideration, a residential dwelling, a dwelling unit or a room in a dwelling for less than thirty (30) consecutive days.
• Adopted by City Council on September 04, 2018
Short-Term Rentals Overview
July 15, 2025 2
• FY 25-27 City Council Top Priorities and Projects
• Identify creative ways to enhance City revenues and reduce costs • City Council Budget Adoption Workshop on June 17
• Explore new business opportunities such as short-term rentals • Upcoming Opportunities
• DisneylandForward
• FIFA World Cup 2026
• 2028 Olympics
• OCVibe
City Budget and Council Priorities
July 15, 2025 3
Option A: Status
Quo
Option B: Allow
STRs with a
permit cap
Option C: Allow
STRs with no
permit cap
Option D: Allow
STRs with a
permit cap and
expanded
regulations
Option E: Allow
STRs with no
permit cap but
with expanded
regulations
Option F:
Complete
prohibition of
STRs
Maintain current
prohibition of
STRs for stays of
30 days or less
Establish new
ordinance
allowing for
STRs
Establish new
ordinance
allowing for
STRs
Establish new
ordinance
allowing for
STRs
Establish new
ordinance
allowing for
STRs
Update
ordinance to
prohibit all STRs
regardless of
stay duration
Determine a
max number of
permits for
issuance
Infinite number
of permits for
issuance
Determine a
max number of
permits for
issuance
Infinite number
of permits for
issuance
Core Regulations Core Regulations Expanded
Regulations
Expanded
Regulations
Policy Considerations
July 15, 2025 4
Consideration of Staff Recommended Regulations
July 15, 2025 5
Core Regulations – Included
with Option D Expanded Regulations – Included with Option D - Maintaining an active business license - Permit Fee: $1,000 - Permits are non-transferrable to new property owner(s) - Submitting an STR application and
paying a TBD fee
- Host Requirements:
- Must be available by phone within 30 minutes should an issue arise - Host must own the property; no renters can host
- Must be free of any building violations and code enforcement issues for over 1 year
- Homeowner Association approval – if applicable
- Passing a home inspection
- Guest/Occupant Requirements:
- 25 Years or Older
- Parking
- On-site only; no overnight street parking allowed
- Guest license plate(s) must be given to property owner - Two-night stay, minimum
- Paying Transient Occupancy Tax
(TOT)
- Ineligible Units
- Affordable Housing Units
- Accessory Dwelling Units (ADUs)
Consideration of Regulations
July 15, 2025 6
Regulations Necessitating Council Direction - For Option D - Permit Limit
- Maximum number of permits for issuance
- Distance between short-term rental properties
- Approval authority
- Revocation Criteria
- Limitations on the number of permits issued per property owner - Number of days property is available to rent
- Seasonal (180 Days) vs Annual (365 Days)
Number of
Permits
180 Days – 60%
Occupancy
180 Days – 100%
Occupancy
365 Days – 60%
Occupancy
365 Days – 100%
Occupancy
50 Permits $125,550 $209,250 $254,588 $424,313
100 Permits $251,100 $418,500 $509,175 $848,625
150 Permits $376,650 $627,750 $763,763 $1,272,938
200 Permits $502,200 $837,000 $1,018,350 $1,697,250
Revenue Projections: Transient Occupancy Tax
July 15, 2025 7
*Average Cost of Two-Night Stay in Brea: $465
**Total TOT Revenue = Number of Units x (Stays for Unit x Occupancy Rate) x Average Cost of Stay x TOT Rate ***TOT Rate: 10% (Current Rate)
• Report issued on May 16
Orange County Grand Jury Report
July 15, 2025 8
Findings
F1: Despite increasing media coverage of Online
Booking Agencies (OBAs), STRs are not a new
phenomenon in Orange County.
F3: Even with robust Code Enforcement, a city’s
statutory ban on STRs is not enough to keep STRs
from operating.
F2: The steady growth of STR usage in the last decade
raises concerns of potential public nuisance.
F4: City leaders have no regular communication with
each other concerning STR issues limiting
opportunities to develop strategies and expertise to
improve service.
Long Term Solutions to Short-Term Rentals: City of Brea • Report issued on May 16
Orange County Grand Jury Report
July 15, 2025 9
Recommendations
R1: Cities should review and begin to update
ordinances to keep up with the rapidly changing
nature of court findings and legislation related to
STRs, by December 31, 2025, and no less frequently
than every three years thereafter.
R3: City leaders should have regular discussions with
each other to share STR management strategies on a
biannual basis commencing no later than January 1,
2026.
R2: Cities should consider developing a plan for
upcoming major events that are expected to create a
surge in demand for STRs and its associated Transient
Occupancy Tax (TOT), by December 31, 2025, and no
less frequently than every two years thereafter.
Long Term Solutions to Short-Term Rentals: City of Brea • July 2025 - Introduction of STR Policy Considerations • September/October 2025 - Planning Commission review of draft Ordinance/recommendation to the City Council
• November/December 2025 - City Council review/First reading of the Ordinance • December 2025/January 2026 - City Council Adoption of the Ordinance • February 2026 - STR Ordinance Effective
• 30 days from the adoption date
Proposed Timeline of Next Steps
July 15, 2025 10
Questions
and
City Council Direction
July 15, 2025 11
Policy Considerations for Short-Term
Rental Properties
Study Session
July 15, 2025
July 15, 2025 12
City of Brea
1 Civic Center Circle
Brea, California 92821-5732
P: 714-990-7600 | F: 714-990-2258
www.cityofbrea.gov
August 25, 2025
HOMEOWNER ASSOCIATION NAME
FIRST NAME SECOND NAME
ADDRESS
CITY, STATE, ZIP CODE
RE: Notice of Review – Short-Term Rental Regulations
Dear FIRST NAME SECOND NAME:
The City of Brea is currently reviewing Brea Municipal Code Chapter 20.71: Short-Term Residential Rentals, which currently prohibits short-term rentals from operating within the City’s limits. Under Section 20.71.030, a “short-term rental” is defined as:
a residential dwelling, a dwelling unit, or a room in a dwelling, that is available for rent or to rent (by way of a rental agreement, lease, license, or any other means, whether oral or written), for less than 30 consecutive days for any compensation or any consideration.
The City of Brea is potentially considering an amendment to Brea Municipal Code to potentially allow a limited, regulated, short-term rental pilot program. As part of this consideration, the City is seeking feedback from homeowner association (HOA) representatives regarding this potential, short-term rental pilot and ask for your response to the following questions:
1. Are short-term rentals currently addressed in your HOA’s Covenants, Conditions and Restrictions (CC&Rs)?
2. What challenges or opportunities do you believe could arise from allowing short-term rentals?
3. How do you feel the City should address these challenges or opportunities? Please submit your input regarding this topic by 5:30 p.m. on Monday, September 15 to:
Joselyn Magaña, Management Analyst
Email: [email protected]
Phone: (714) 990-7788
The City of Brea values your feedback which will help guide the City of Brea’s assessment of this potential pilot program.
Sincerely,
Jason Killebrew
Community Development Director/Assistant City Manager
City of Brea
9/22/25, 5:24 PM Mail - Magana, Joselyn - Outlook
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1 Chapter 20.71
SHORT-TERM RENTALS
20.71.010 Intent and Purpose
A. The purpose of this chapter is to establish a short-term rental pilot program containing regulations for the use of privately-owned residential dwellings as ShortTerm Rentals (STR), minimize the secondary impacts of such uses on surrounding residential neighborhoods, and to ensure the collection and payment of applicable transient occupancy taxes.
B. This chapter does not provide any owner of a residential property with the right or privilege to violate any private conditions, covenants, and restrictions applicable to the owner’s property that may prohibit the use of such owner’s residential property for short-term rental purposes as defined in this chapter.
C. The City reserves the right to change the regulations provided in this chapter at any time, including discontinuing the issuance of short-term rental unit permits, notwithstanding any impacts to existing or future short-term permit holders. Anyone accepting a short-term rental permit pursuant to this chapter acknowledges and accepts that possibility.
D. The program shall commence following the effective date of the short-term rental ordinance and shall expire on December 31, 2029, unless otherwise extended and/or modified by the City Council by amending this ordinance.
20.71.020 DEFINITIONS
For the purposes of this chapter, the following definitions shall apply, unless the context clearly indicates a different meaning or construction.
APPLICANT. The property owner applying for a new or renewal short-term rental permit.
ACCESSORY DWELLING UNIT. Same definitions specified in Section 20.00.070.B.
ACCESSORY DWELLING UNIT, JUNIOR. Also referred to as “Junior Accessory Dwelling Unit” in this chapter. Same definitions specified in Section 20.00.070.B.
CONTRACT. An agreement or evidence of any tenancy that allows or provides for the short-term rental of a property.
GOOD NEIGHBOR POLICY. A document prepared by the City, as may be revised from time to time, that summarizes the general rules of conduct, consideration, and respect pertaining to the use and occupancy of short-term rentals.
HOSTING PLATFORM. An individual or entity that facilitates short-term rental bookings in exchange for a fee or other compensation, either directly or indirectly, by 2 conducting transactions through various means. Examples include, but not limited to, Airbnb and VRBO.
LOCAL CONTACT PERSON. A person designated by the owner or the owner’s authorized agent or representative who is a resident of Brea and is available twentyfour (24) hours per day, seven days per week for the purpose of: (1) responding in person within thirty (30) minutes to complaints regarding the condition, operation or conduct of occupants of the short-term rental unit; and (2) taking remedial action to resolve any such complaints. A designated local contact person must obtain a business license required by Sections 5.00.030 and 5.04.010 of the Brea City Code.
MANAGING AGENCY OR AGENT. A person, firm, or agency representing the owner of the short-term rental unit, or a person, firm, or agency owning or operating more than one (1) short-term rental.
MULTI-FAMILY RENTAL HOUSING. A complex, structure, or a portion of a structure zoned, used, and/or designated as rental dwellings that includes two (2) or more independent dwelling units. This includes, but is not limited to duplexes, triplexes, apartments, and townhouses.
OCCUPANT. Any person(s) occupying the short-term rental unit at any time.
OWNER. A person(s), corporation(s) or other legal entity(ies) that hold(s) record legal and/or equitable title to the property used as a short-term rental.
PROPERTY. A residential legal lot of record on which a short-term rental unit is located.
RESIDENTIAL DWELLING UNIT. A residential unit , such as a single-family unit, multi-family rental housing, including a duplex, triplex, or condominium.
RESPONSIBLE PERSON. An occupant of a short-term rental who is at least twentyfive (25) years of age and who is legally responsible for compliance of all occupants of the unit and/or their guests with all provisions of this Chapter and the Brea City Code.
SHORT-TERM RENTAL. A privately-owned residential dwelling unit, or portion thereof unless otherwise prohibited, that is offered or provided to a guest by an owner for thirty consecutive nights or less. The term, “short-term rental”, shall not include hotels, motels, inns, timeshares, or bed and breakfasts.
SHORT-TERM RENTAL PERMIT or PERMIT. A permit, with a permit number, issued by the City to allow short-term rental units.
TRANSIENT OCCUPANCY TAX. The tax levied by the City pursuant to Chapter 3.16 of the Brea City Code.
20.71.030 AUTHORIZED AGENT OR REPRESENTATIVE
A. An Owner may authorize an agent or representative to comply with the requirements of this chapter on behalf of the owner (“owner’s Agent”), unless the requirement is to be fulfilled solely by the owner. Notwithstanding, the owner shall 3 not be relieved from any personal liability for noncompliance with any provisions of this Chapter or with any applicable laws, rule and regulation pertaining to the use and occupancy of the subject short-term rental, regardless of whether such noncompliance was committed by the owner’s agent or the occupants of the owner’s short-term rental or their guests. Failure of an owner’s agent to comply with this Chapter shall be deemed non-compliance by the owner.
20.71.040 PERMIT REQUIREMENT
A. No person shall operate a short-term rental unless a permit has been obtained in accordance with this chapter.
B. A permit obtained under this chapter does not constitute a vested right, shall not run with the land, and shall be personal and limited to the owner listed on the application.
C. Any permit issued pursuant to this chapter shall be valid for a period of one (1) year from the date of issuance and shall be subject to annual renewal for the duration of the pilot program, which requires submittal of a renewal permit to the City.
D. The short-term rental permit application and annual renewal application shall be accompanied by an application fee in the amount established by resolution of the City Council.
E. Eligibility Requirements. The following requirements must be met at the time of short-term rental application submittal:
1. The applicant shall not be a lessee or a sub-lessee. All applications submitted shall be submitted by the owner of the residential dwelling unit or the owner’s agent.
2. The following types of dwelling units are prohibited to be used as a shortterm rental unit:
i. Accessory dwelling units and junior accessory dwelling units ii. Mobile home, house trailer on a residential lot, or within a mobile home iii. Recreational vehicles
iv. Housing units within the affordable housing program
3. No owner shall be granted a permit for more than one short-term rental within the City.
4. There shall only be one short-term rental permit issued per property except in multi-family single lot subdivisions (i.e. apartments, condominiums or townhomes) the number of short-term rental permits allowed shall be as follows in Table 20.71.040.C.1:
4 Table 20.71.040.C.1
SHORT-TERM RENTAL PERMIT ISSUANCE
Number of Units Per Property Maximum Number of Short-Term Rental Permits
Up to 3 1
4 or more 3
5. The dwelling unit or property used as a short-term rental property shall not be the subject of any active or pending code enforcement actions or violations pursuant to the City’s Municipal Code, including, but not limited to, zoning, building, and fire codes.
F. Application for Permit. The owner shall submit the following information and/or documents as part of their application or renewal application for a short-term rental:
1. The name, address, and telephone number of the owner of the short-term rental and the local contact person.
2. A copy of the owner’s current state issued driver’s license or identification card.
3. The address of the short-term rental property, including a diagram identifying the location of the short-term rental structure and the location of the required parking.
4. The number of bedrooms and the applicable occupancy limit of the shortterm rental.
5. A photo of the short-term rental structure to allow the City to visually identify the unit.
6. Signed acknowledgment form confirming that City staff shall conduct building, fire, and safety inspection to verify compliance with the operational requirements of this chapter. Permit approval shall be contingent upon passing the inspection.
7. The uniform resource locator (URL) (i.e. website address) for any and all anticipated advertisements of the short-term rental of the property.
8. An executed document, approved as to form by the City Attorney, by which the Applicant agrees to indemnify and hold harmless the City, its officers, employees and agents from any claim, demand, or judgment in favor of any person, arising out of activities or inactivity of the Applicant with respect to the operations of the short-term rental.
9. A completed and approved Business License application.
10. A completed Transient Occupancy Tax registration form. 5 11. Proof of general liability insurance that covers the rental of the property as a short-term rental in the aggregate sum of not less than one million dollars ($1,000,000). Alternatively, the owner can provide evidence that each rental occurs through a platform that provides equal or greater insurance coverage. Proof of insurance shall be provided at the time of both initial permit and renewal permit issuance and shall remain in effect for the duration of the annual permit. Failure to maintain liability insurance shall result in the revocation of the permit.
12. If a short-term rental is located on a property in any area governed by a homeowners’ association or community association and subject to Covenants, Conditions, and Restrictions (“CC&Rs”), the Applicant shall submit a letter from the associations’ governing board stating that the CC&Rs and the rules and regulations of the association do not prohibit short-term rentals from operating, including the short-term rental proposed by the Applicant.
13. The short-term rental permit application shall be accompanied by a consent to inspection form signed by the owner of the property by which the owner agrees and consents to a building, fire, and health and safety inspection as further described under Section 20.71.050 of this chapter, in addition to the payment of inspection fee in the amount established by resolution of the City Council.
G. Maximum Number of Short-Term Rental Permits.
1. The total number of short-term rental permits issued in the City shall not exceed one hundred (100).
2. Short-term rental permits shall be issued on a first-come, first-served basis.
A permitted short-term business that ceases operation shall notify City staff within thirty (30) days of ceasing operation.
3. Each property owner shall not operate more than one (1) short-term rental in the City.
4. When the maximum number of short-term rental permits has been issued, the City shall establish and maintain a waitlist from which permits may be issued as they become available.
H. Short-Term Rental Permit Waitlist.
1. All short-term rental permit applications, which have been deemed complete, shall be placed on the short-term rental waitlist in the order of the application's filing date. Placement on the waitlist does not guarantee that a permit will be issued during the pilot program.
2. The City shall notify applicants of permit availability in the order of the application’s filing date.
21.71.050 INSPECTIONS
6 A. Prior to the issuance of a new short-term rental permit or a renewal short-term rental permit, the City shall conduct a building, fire, and health and safety inspection of the short-term rental for compliance with this Chapter.
B. Such inspection shall be conducted within thirty (30) days of receipt of a completed application.
C. No permit shall be issued if the inspection finds that any of the following conditions exist:
1. The dwelling unit does not have functioning smoke and carbon monoxide detectors, electricity, or plumbing.
2. The structure has been modified in a way that required a building permit from the City, but such building permit was not obtained.
3. The City determines that there are conditions present on the property that would present a danger to the health, safety, or welfare of the occupants and/or the public.
20.71.060 OPERATIONAL REQUIREMENTS
A. Compliance by owner, agents, and occupants. The owner and/or owner’s agent shall ensure the property used as a short-term rental is used in a manner that complies with all applicable laws, rules, and regulations pertaining to its use and occupancy, including applicable codes regarding fire, building and safety, and shall further ensure the occupants of the short-term rental do not create noise in violation of Chapter 8.20 of the Brea Municipal Code or other disturbances, engage in disorderly conduct, or violate any applicable laws, rule, or regulation pertaining to the use and occupancy of the subject short-term rental.
B. Overnight maximum occupancy limits
1. The owner shall limit overnight occupancy of the short-term rental to a specific number of occupants as set forth in Table 20.71.050. C.1 below.
2. Children twelve (12) years of age or younger are not counted towards the occupant maximum.
3. As used in this section, overnight occupancy shall mean during the hours of 10:00 p.m. through 8:00 a.m. of the following day.
Table 20.71.050. C.1
OVERNIGHT MAXIMUM OCCUPANCY LIMITS
Bedrooms Occupancy
0 2
1 4
2 6
3 8
4 10
7 5 or more
12 C. Minimum age of the responsible person. The owner shall not rent a short-term rental to a person that is under the age of 25.
D. Minimum stay. The minimum stay duration shall be no less than two nights.
E. Maintenance of rental contracts. Owners shall maintain all short-term rental contracts (in electronic or paper form) for a period of three years from the date of occupancy. The exact number of occupants shall be included in the contract as well as all City municipal code requirements regulating occupancy limits, noise, outdoor amplified music prohibition, public nuisance, parking trash, no commercial activities, and other code requirements related to the use and occupancy of the short-term rental. The owner shall share all contracts upon the City’s request.
F. Prior to occupancy. Prior to occupancy of a short-term rental by occupants, the owner or owner’s agent or representative shall advise of or require the following from the responsible person:
1. Provide the responsible person with the local contact person’s contact information. The local contact person is required to be available 24 hours.
2. Obtain from the responsible person an “informational form,” in the form provided by the City, which contains, but not limited to, the following:
i. Name
ii. Address
iii. Telephone number
iv. Copy of the valid governmental identification of responsible person
v. List of all the names of all occupants of the short-term rental vi. List of all vehicle information and license plate numbers of the responsible person, occupants, and guests
vii. Signed copy of the City’s Good Neighbor Policy prior to or during check-in.
viii. Signed acknowledgment statement, in which the responsible person understands that he or she is legally responsible for compliance by all occupants of the short-term rental and their guests.
3. Applicants for the short-term rental permit shall review and acknowledge receipt of a copy of the good neighbor policy. In addition, the applicant shall provide a brochure or document intended to remind occupants of short-term regulations.
G. The owner of the short-term rental shall ensure that the property complies with all applicable codes regarding fire, building, health and safety, zoning and all other laws and regulations.
8 H. 24-Hour Availability.
1. During the period of a short-term rental, the owner, owner’s agent, and/or owner’s local contact person shall be available twenty-four (24) hours per day, seven (7) days per week to respond to complaints regarding the condition, operation, or conduct of the occupants, including responding in person at the location of the short-term rental.
2. The local contact person’s response to complaints may be made by telephone, text message and/or in person, however, in no event shall the response time exceed fifteen (15) minutes if responding by telephone or text or forty-five (45) minutes if an in-person response is required because of the severity of the complaint.
3. In all circumstances, complaints that the occupants of these short-term rental has created unreasonable or unlawful noise or disturbances in violation of Chapter 8.20 of the Municipal Code or provisions of this Chapter or is engaging in disorderly conduct, requires an in-person response by the local contact person.
I. Outdoor Activities. Occupants of the short-term rental shall be prohibited from using all outdoor amenities (i.e. pool/spa) and/or engaging in outdoor games or any outdoor activities that create noise between the hours of 10:00 p.m. to 7:00 a.m. all days of the week. A sign stating these restrictions must be clearly visible near any such outdoor amenities and posted on all interior doors leading to the outdoor amenities.
J. Trash Containers. Trash and refuse shall not be left stored within public view, except in proper containers for the purpose of collection by the City’s authorized waste hauler on scheduled trash collection days. The owner of the short-term rental shall provide sufficient trash collection containers and service to meet the demand of the occupants.
K. The short-term rental permit license number assigned by the City shall be displayed on any hosting platform’s website where said short-term rental is advertised. Each short-term rental shall have a unique permit number.
L. Retention of Residential Character. The owner of a short-term rental shall not change the residential character of the outside appearance of the residence, either by the use of colors, materials, lighting or/and advertising mechanism.
M. Parking. On-site parking shall be on an approved driveway, garage, and/or approved parking structure.
N. Required Information for advertisements.
1. The owner shall include the current permit registration number on or in any advertisement appearing in any newspaper, magazine, brochure, television, internet website, etc., that promotes the availability or the existence of the short-term rental in a place or location deemed acceptable by the permit administrator in the following format:
i. “City of Brea – Short-term Rental Permit No. ___”
9 ii. In the case of the audio-only advertising of the same, the permit number shall be read as part of the advertising.
2. The following shall be clearly identified in any advertisement:
a. Maximum Occupancy
b. The number of bedrooms
c. Maximum number of vehicles allowed
d. Photo of the front of the short-term rental
O. Transient Occupancy Tax. The owner and/or the owner’s agent shall comply with all provisions of Chapter 3.16 of the Municipal Code concerning transient occupancy taxes including, but not limited to, submission of a return in accordance with § 3.16.070, which shall be filed even if the short-term rental unit was not rented during each such reporting period.
20.71.70 HOSTING PLATFORM REQUIREMENTS
Subject to applicable laws, Hosting Platforms shall disclose to the City on a quarterly basis each short-term rental listing located in the City, the names of the persons responsible for each such listing, the address of each such listing, the length of stay for each such listing, and the price paid for each stay.
A. Hosting platforms shall require owners to include the City-issued permit registration number in their listing(s), in a format designated by the City. Hosting platforms shall not complete any booking transaction unpermitted short-term rentals in the City.
B. Prior to an owner listing a short-term rental location within the City through a hosting platform, the hosting platform shall provide a notice to such owner with the following information:
1. “Chapter 20.71 of the City of Brea’s Municipal Code prohibits the shortterm rental of residential property within the City of Brea unless the City has issued both a business license and a short-term rental permit, and the owner pays the transient occupancy tax.”
C. The provisions of this section shall be interpreted in accordance with otherwise applicable state and federal law(s) and will not apply if determined by the City to be in violation of, or preempted by, and such law(s).
20.71.080 PROHIBITED ACTIVITIES
A. A person who is renting a short-term rental is prohibited from subleasing such dwelling unit, or any portion thereof, to any other person or entity.
B. Commercial activities and special events, including but not limited to, weddings, receptions, large parties and sales events are prohibited on the property used as a short-term rental.
C. Hosting Platforms are prohibited from facilitating the short-term vacation rental of unlicensed, unpermitted, and illegal businesses. Hosting Platforms shall not process transactions for properties that are not licensed and permitted by the 10 City. Hosting Platforms shall not facilitate the evading of relevant taxes and regulations required of any short-term rental.
D. Hosting Platforms are prohibited from advertising a short-term rental located within the City that is not licensed and permitted pursuant to this Chapter.
E. Owners and/or owner’s agent of an unlicensed short-term rental are prohibited from operating in the City and are prohibited from being marketed as short-term rentals available within the City. Any owner and/or owner’s agent found to be operating a short-term rental without a valid permit shall be subject to all applicable fines and penalties.
20.71.090 PERMIT NONTRANSFERABLE/NO PROPERTY RIGHTS
A permit granted pursuant to this Chapter shall not be transferable to another person, entity, assessor’s parcel number or to another property owner. In addition, the issuance of a permit or renewal permit does not give the owner any vested property rights and any such permit shall not run with the land or property to which it applies. All new property owners shall obtain a new permit to continue with short-term rental operations.
20.71.100 PERMIT APPROVAL, DENIAL, AND REVOCATION
A. Decision Authority.
1. The Director has the authority to approve, deny, or revoke a short-term rental permit.
2. The Director’s decision on short-term rental permits shall take effect immediately, unless timely appeal is filed pursuant to Section 20.71.110 of this chapter.
B. Permit Approval. If, as a result of the investigation conducted by the City, the applicant is found to satisfy all of the requirements of this chapter and no grounds for denial exist, the associated short-term permit application shall be approved, and a permit (or a renewal permit) shall be issued to the applicant unless the maximum number of permits as specified in Section 20.71.040 have been issued.
C. Permit Denial
1. The applicant shall be denied the short-term rental permit, including a renewal permit, if any of the following findings are made:
i. The information contained in the application or supplemental information requested is false or misleading in any material detail. ii. The owner failed to provide a complete application, after having been notified of the requirement to produce documents or additional information within ten (10) calendar days.
iii. The owner is delinquent in payment of any city taxes, fees, assessments, fines, or penalties.
iv. If the owner has had a prior short-term rental permit revoked or has been cited for violating any provision of the Municipal Code related to short-term rentals in the City within the past twelve (12) months. 11 v. The owner has failed to pay any previous administrative fines, remediate any other violations, and/or complete any other alternative disposition associated with a previous violation of this chapter related to the operation of a short-term rental.
vi. If, at the time the permit application is being submitted, the City has commenced any enforcement proceedings against the owner with respect to the property for which the owner seeks a permit or a renewal of a permit.
vii. The property does not comply with all applicable codes regarding zoning, fire, building and safety as specified under Section 20.71.050 of this chapter, and other relevant laws, ordinances, or regulations including any conditions placed on the permit by the City. viii.The permit cap has been reached.
2. Applicants who are denied a permit solely based on the permit cap shall have an option to join the waitlist.
D. Permit Revocation
1. A short-term rental permit shall be revoked if any of the following findings are made:
a. If any of the applicable conditions listed under subsection B.1 of this section exist.
b. Any violation of Sections 20.71.050, 20.71.060, and/or 20.71.080 is found.
c. Any violation of any other law exists on the premises of the short-term rental, for the conditions as may be shown to be injurious to the public health and safety.
2. An owner whose permit is revoked is prohibited from applying for a new shortterm rental permit for the duration of the pilot program.
20.71.110 APPEAL PROCEDURE
A. Decision Authority. The Director’s decision to deny or revoke short-term rental permit is appealable to the Hearing Officer.
1. No appeal may be filed if the ground of the permit denial is due to the permit cap.
B. Appellants. The applicant of the short-term rental permit may file an appeal.
C. Time for Filing of Appeal. An appeal must be filed within ten (10) calendar days after the date of action by the Director.
D. Filing of Appeal.
1. Appeals must be filed with the City Clerk together with the required appeal fee as set forth in the current schedule of fees adopted.
12 2. If the information included with an appeal is found by the City Clerk to be deficient, the City Clerk shall notify the appellant as to the particulars of the deficiencies. If such deficiencies are not corrected within ten (10) calendar days of such notice, the appeal shall be deemed withdrawn.
E. Effect of Timely Appeal.
1. The filing of a timely appeal shall suspend the decision of the Director until the final determination on the appeal or dismissal thereof.
2. No person shall commence operation or continue to operate a short-term rental until the final determination is made on the appeal.
F. Notice of Hearing. A notice of such hearing shall be given to the applicant of the short-term rental permit, in writing and mailed at least ten (10) calendar days prior to the date of the hearing addressed to the address listed on the short-term rental application. The notice shall state the grounds for denial or revocation, and the time and place where such hearing will be held.
G. Public Hearing.
1. At the time and place set for public hearing, the Hearing Officer shall hear and determine all the facts and evidence relevant to the applicant and the contents of the application.
2. At the conclusion of the hearing, the Hearing Officer may affirm, modify, or reverse the Director’s decision. The Hearing Officer shall render a written decision within ten (10) calendar days form the date of the hearing where the decision on the appeal was made.
3. The action of the Hearing Officer shall be final and conclusive.
20.71.120 VIOLATIONS AND PENALTIES
A. Fees. The City Council shall establish fees, fines, penalties, and other charges for violation of this Chapter by resolution, which may be amended from time to time.
B. Operating a short-term rental without a valid permit is prohibited. Advertising shall be understood as evidence of operation. Additional evidence of operation may include, but not limited to guest testimony, online reviews, rental agreements or any other information deemed relevant by the City.
C. Violation(s) of any provision of this chapter shall constitute a misdemeanor and shall be punishable by a fine not-to-exceed one thousand dollars ($1,000) or by imprisonment for a period not-to-exceed six (6) months, or by both such fine and imprisonment. Each and every day such a violation exists shall constitute a separate and distinct violation of this chapter.
D. In addition to the foregoing, a violation of any provision of this chapter shall constitute a public nuisance pursuant to Chapter 15.212 and shall be subject to abatement by the city by means of a civil action or administrative abatement 13 pursuant to this code, and each day such condition continues it shall be regarded as a new and separate offense.
E. The remedies provided for in this section are in addition to, and not in lieu of, all other legal remedies, criminal or civil, which may be pursued by the City to address any violation of this chapter.
20.71.130 RECORDKEEPING
Each owner shall maintain all written records related to the use and occupancy of the short-term rental, including, but not limited to compliance with the operation requirements and standards set forth in section 21.070.060, for a period of three (3) years for the purpose of inspection or audit to determine that the objective and conditions of this Chapter are being fulfilled.
20.71.140 REQUIREMENTS NOT EXCLUSIVE
The requirements of this Chapter shall be in addition to any license, permit or fee required under any other provision of the Brea Municipal Code. The issuance of any permit pursuant to this Chapter shall not relieve any person of the obligation to comply with all other provisions of the Brea Municipal Code pertaining to the use and occupancy of the Short-Term Rental or the property on which it is located.
Short-Term Rental License Map
Sector Guide
East Sector: Twenty-five (25) Licenses
Northwest Sector: Twenty-five (25) Licenses
Southwest Sector: Fifty (50) Licenses
BREA CITY COUNCIL
PUBLIC HEARING NOTICE
NOTICE IS HEREBY GIVEN that on Tuesday, December 16, 2025 at 7:00 p.m., or as soon thereafter as the matter can be heard, the Brea City Council will conduct a public hearing in the Council Chambers of the Brea Civic & Cultural Center, 1 Civic Center Circle, Brea, California, for the purpose of considering the following:
An Ordinance of the City Council of the City of Brea Adopting Title 5.32:
Short-Term Rentals.
The project has been assessed in accordance with the California Environmental Quality Act (CEQA) Guidelines and the environmental regulations of the City. The proposed ordinance is exempt from the requirements of CEQA pursuant to Section 15061(b)(3) of the CEQA Guidelines.
ALL INTERESTED PERSONS are invited to attend said hearing and express opinions on the matters outlined above. Further information may be obtained by calling the Economic Development Division at (714) 990-7788 or by emailing [email protected].
If you challenge any action taken by the City Council at this public hearing in court, you may be limited to raising only those issues you or someone else raised at the public hearing described in this Notice, or in written correspondence, delivered to the Office of the City Clerk at, or prior to, the public hearing.
Dated: November 25, 2025
Victoria Popescu, City Clerk
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ORD.1270
ORDINANCE NO. 1270
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BREA
ESTABLISHING STANDARDS AND PROCEDURES FOR A PILOT
SHORT-TERM RENTAL PROGRAM, ADDING CHAPTER 5.32
REGARDING SHORT-TERM RENTALS TO THE BREA CITY CODE, AND
APPROVING A CEQA EXEMPTION DETERMINATION
THE CITY COUNCIL OF THE CITY OF BREA DOES ORDAIN AS FOLLOWS:
A. RECITALS:
(i) On July 15, 2025, the City Council conducted a Study Session and directed staff to develop a limited-term pilot short-term rental program with a restricted number of licenses.
(ii) On August 19, 2025, City staff conducted community outreach by notifying homeowner associations and hotel operators regarding the City’s proposed short-term rental program and requested feedback related to operational impacts. (iii) On September 16, 2025, City Council conducted a Study Session and directed staff to include geographic boundaries to guide license distribution and implement a lottery-based allocation system.
(iv) On December 16, 2025, the City Council conducted a duly noticed public hearing concerning the addition of a new Chapter 5.32 to Title 5 of the Brea City Code regarding short term rentals, as set forth in this ordinance. (v) The City Council finds that unregulated short-term rentals may result in significant impacts to residential neighborhoods, including noise, parking, and transient 2 ____________, 2026
ORD.1270
occupancy activity, and that a regulatory framework is necessary to protect the public health, safety, and welfare while preserving housing availability. (vi) It is the intent of the City Council in adopting this ordinance adding a new Chapter 5.32 to Title 5 of the Brea City Code to codify and implement a pilot short-term rental program that will expire on December 31, 2029, unless the City Council acts otherwise to extend or modify its provisions.
(vii) All legal prerequisites for the adoption of this ordinance have occurred.
B. ORDINANCE:
SECTION 1. The City Council hereby finds that the facts set forth in the Recitals, Part A of this ordinance, are true and correct.
SECTION 2. Division II (Business Regulations) of Title 5 (Business Licenses and Regulations) of Part I (Municipal Code) of the Brea City Code is amended by adding a new Chapter 5.32 to read as follows:
“CHAPTER 5.32 – Short-Term Rentals
Chapter 5.32: General Provisions
Section
5.32.010 Intent and Purpose
5.32.020 Definitions
5.32.030 Authorized Agent or Representative
5.32.040 License Requirement
5.32.050 Inspections
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ORD.1270
5.32.060 Operational Requirements
5.32.070 Hosting Platform Requirement
5.32.080 Prohibited Activities
5.32.090 License Nontransferable/No Property Rights
5.32.100 License Approval, Denial, and Revocation
5.32.110 Appeal Procedure
5.32.120 Recordkeeping
5.32.130 Requirements Not Exclusive
5.32.140 Violations and Penalties
§ 5.32.010 INTENT AND PURPOSE.
A. The purpose of this chapter is to establish a short-term rental pilot program containing regulations for the use of privately-owned residential dwellings as short-term rentals, minimize the secondary impacts of such uses on surrounding residential neighborhoods, and to ensure the collection and payment of applicable transient occupancy taxes.
B. This chapter does not provide any owner of a residential property with the right or privilege to violate any private conditions, covenants, and restrictions applicable to the owner’s property that may prohibit the use of such owner’s residential property for short-term rental purposes as defined in this chapter.
C. The city reserves the right to change the regulations provided in this chapter at any time, including discontinuing the issuance of short-term rental unit licenses, notwithstanding any impacts to existing or future short- 4 ____________, 2026
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term license holders. Anyone accepting a short-term rental license pursuant to this chapter acknowledges and accepts that possibility.
D. The program shall commence following the effective date of this chapter and shall expire on December 31, 2029, unless otherwise extended and/or modified by the City Council by amending this ordinance. § 5.32.020 DEFINITIONS.
For the purposes of this chapter, the following definitions shall apply, unless the context clearly indicates a different meaning or construction.
APPLICANT. The property owner applying for a new or renewal shortterm rental license.
ACCESSORY DWELLING UNIT. Same definitions specified in Section
20.00.070.B.
ACCESSORY DWELLING UNIT, JUNIOR. Also referred to as “Junior Accessory Dwelling Unit” in this chapter. Same definitions specified in Section 20.00.070.B.
CONTRACT. An agreement or evidence of any tenancy that allows or provides for the short-term rental of a property.
DIRECTOR. The Director of Community Development or a designee.
GOOD NEIGHBOR POLICY. Guidelines approved and updated from time-to-time by the Director, for conduct, consideration, and respect pertaining to the use and occupancy of short-term rentals consistent with the intent and purpose of this chapter.
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HEARING OFFICER. An appointed person by the City Manager or designee who shall preside at the hearing and hear all facts and testimony presented and deemed appropriate.
HOSTING PLATFORM. An individual or entity that facilitates online short-term rental bookings in exchange for a fee or other compensation, either directly or indirectly, by conducting transactions through various means. Examples include, but not limited to, Airbnb and VRBO.
LOCAL CONTACT PERSON. A person designated by the owner or the owner’s authorized agent or representative who is a resident of Brea and is available twenty-four (24) hours per day, seven days per week for the purpose of: (1) responding in person within thirty (30) minutes to complaints regarding the condition, operation or conduct of occupants of the short-term rental unit; and (2) taking remedial action to resolve any such complaints. A designated local contact person must obtain a business license required by Sections 5.00.030 and 5.04.010 of the Brea City Code.
MANAGING AGENCY OR AGENT. A person, firm, or agency
representing the owner of the short-term rental unit, or a person, firm, or agency owning or operating more than one (1) short-term rental.
MULTI-FAMILY RENTAL HOUSING. A complex, structure, or a portion of a structure zoned, used, and/or designated as rental dwellings that include two (2) or more independent dwelling units. This includes, but is not limited to, duplexes, triplexes, apartments, and townhouses.
OCCUPANT. Any person(s) occupying the short-term rental at any time. 6 ____________, 2026
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OWNER. A person(s), corporation(s) or other legal entity(ies) that hold(s) record legal and/or equitable title to the property used as a shortterm rental.
PROPERTY. A residential legal lot of record on which a short-term rental unit is located.
DWELLING UNIT. A residential unit, such as a single-family unit, multifamily rental housing, including a duplex, triplex, or condominium.
RESPONSIBLE PERSON. An occupant of a short-term rental who is at least twenty-five (25) years of age and who is legally responsible for compliance of all occupants of the unit and/or their guests with all provisions of this chapter and the Brea City Code.
SECTOR. A sector is one of the three geographic divisions of the City established for the purpose of license distribution, as shown in the City’s Sector Map adopted by Ordinance No. 1270.
SHORT-TERM RENTAL. A privately-owned residential dwelling unit, or portion thereof unless otherwise prohibited, that is offered or provided to a guest by an owner for thirty consecutive nights or less. The term, “shortterm rental”, shall not include hotels, motels, inns, timeshares, or bed and breakfasts.
SHORT-TERM RENTAL LICENSE or LICENSE. A license, with a license number, issued by the city to allow short-term rental units.
TRANSIENT OCCUPANCY TAX. The tax levied by the city pursuant to Chapter 3.16 of the Brea City Code.
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§ 5.32.030 AUTHORIZED AGENT OR REPRESENTATIVE.
An owner may authorize an agent or representative to comply with the requirements of this chapter on behalf of the owner (“owner’s agent”), unless the requirement is to be fulfilled solely by the owner.
Notwithstanding, the owner shall not be relieved from any personal liability for noncompliance with any provisions of this chapter or with any applicable laws, rule and regulation pertaining to the use and occupancy of the subject short-term rental, regardless of whether such noncompliance was committed by the owner’s agent or the occupants of the owner’s short-term rental or their guests. Failure of an owner’s agent to comply with this chapter shall be deemed non-compliance by the owner.
§ 5.32.040 LICENSE REQUIREMENT.
A. No person shall operate a short-term rental unless a license has been obtained in accordance with this chapter.
B. A license obtained under this chapter does not constitute a vested right, shall not run with the land, and shall be personal and limited to the owner listed on the application.
C. Any license issued pursuant to this chapter shall be valid for a period of one (1) year from the date of issuance and shall be subject to annual renewal for the duration of the pilot program, which requires submittal of a renewal license to the city.
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D. The short-term rental license application and annual renewal application shall be accompanied by an application fee in the amount established by resolution of the City Council.
E. Eligibility Requirements. The following requirements must be met at the time of short-term rental application submittal:
1. The applicant shall not be a lessee or a sub-lessee. All applications submitted shall be submitted by the owner of the residential dwelling unit or the owner’s agent.
2. The following types of dwelling units are prohibited to be used as a short-term rental unit:
i. Accessory dwelling units and junior accessory dwelling units ii. Recreational vehicles
iii. Affordable housing units under the City’s proprietorship.
3. No owner shall be granted a license for more than one shortterm rental within the city, except as otherwise provided herein.
4. There shall only be one (1) short-term rental license issued per property except in multi-family rental housing (i.e. apartments, condominiums or townhomes) the number of short-term rental licenses allowed shall be as follows in Table 5.32.040.C.1:
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Table 5.32.040.C.1
SHORT-TERM RENTAL LICENSE ISSUANCE
Number of Units Per Property Maximum Number of Short-Term Rental Licenses
Up to 49 1
50 or more 2
5. The dwelling unit or property used as a short-term rental property shall not be subject of any active or pending code enforcement actions or violations pursuant to the Brea City Code, including, but not limited to, zoning, building, and fire codes.
F. Application for License. The owner shall submit the following information and/or documents as part of their application or renewal application for a short-term rental, including but not limited to:
1. The name, address, and telephone number of the owner of the short-term rental and the local contact person, if different from the owner.
2. A copy of the owner’s current state issued driver’s license or identification card.
3. The address of the short-term rental property, including a diagram identifying the location of the short-term rental structure and the location of the required parking.
4. The number of bedrooms and the applicable occupancy limit of the short-term rental.
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5. A photo of the short-term rental structure to allow the city to visually identify the unit.
6. Signed acknowledgment form confirming that city staff shall conduct building, fire, and safety inspection to verify compliance with the operational requirements of this chapter. License approval shall be contingent upon passing the inspection.
7. The uniform resource locator (URL) (i.e. website address) for any and all anticipated advertisements of the short-term rental property.
8. An executed document, approved as to form by the City Attorney, by which the Applicant agrees to indemnify and hold harmless the city, its officers, employees and agents from any claim, demand, or judgment in favor of any person, arising out of activities or inactivity of the applicant with respect to the operations of the short-term rental.
9. A completed Transient Occupancy Tax registration form.
10. Proof of general liability insurance that covers the rental of the property as a short-term rental in the aggregate sum of not less than one million dollars ($1,000,000). Alternatively, the owner can provide evidence that each rental occurs through a platform that provides equal or greater insurance coverage. Proof of insurance shall be provided at the time of both initial license and renewal license issuance and shall remain in effect for the duration of the annual license. Failure to maintain liability insurance shall result in the revocation of the license.
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11. If a short-term rental is located on a property in any area governed by a homeowners’ association or community association and subject to covenants, conditions, and restrictions, the applicant shall submit a letter from the associations’ governing board stating that the and the rules and regulations of the association do not prohibit short-term rentals from operating, including the short-term rental proposed by the Applicant.
12. The short-term rental license application shall be
accompanied by a consent to inspection form signed by the owner of the property by which the owner agrees and consents to a building, fire, and health and safety inspection as further described under Section 5.32.050 of this chapter, in addition to the payment of inspection fee in the amount established by resolution of the City Council.
13. Proof of current City of Brea business license.
G. Maximum Number of Short-Term Rental Licenses.
1. The total number of licensed short-term rentals operating in the city at any given time shall not exceed one hundred (100), allocated as follows: twenty-five (25) in the Northwest sector, fifty (50) in the Southwest sector, and twenty-five (25) in the East sector.
2. Short-term rental licenses shall be issued on a lottery-based system within each sector. A licensed short-term rental business that ceases operation shall notify city staff in writing within thirty (30) days. Upon such notice, or upon license revocation, the license shall be returned to the available allocation for that sector.
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3. Each property owner shall not operate more than one (1) short-term rental in the city, except as otherwise provided herein.
4. When the maximum number of short-term rental licenses has been issued within a sector, the city shall establish and maintain a waitlist.
When a space becomes available in the designated sector, licenses may be issued as they become available.
H. Short-Term Rental License Waitlist.
1. All short-term rental license applications, which have been deemed complete, shall be placed on the short-term rental waitlist in the order of the application's filing date. Placement on the waitlist does not guarantee that a license will be issued during the pilot program.
2. The City shall notify applicants of license availability in the order of the application’s filing date.
§ 5.32.050 INSPECTIONS.
A. Prior to the issuance of a new short-term rental license or a renewal short-term rental license, the city shall conduct a building, fire, and health and safety inspection of the short-term rental for compliance with this chapter.
B. Such inspection shall be conducted within thirty (30) days of receipt of a completed application.
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C. No license shall be issued if the inspection finds that any of the following conditions exist:
1. The dwelling unit does not have functioning smoke and carbon monoxide detectors, electricity, or plumbing.
2. The structure has been modified in a way that required a building license from the city, but such building license was not obtained.
3. The city determines that there are conditions present on the property that would present a danger to the health, safety, or welfare of the occupants and/or the public.
§ 5.32.060 OPERATIONAL REQUIREMENTS.
A. Compliance by owner, agents, and occupants. The owner and/or owner’s agent shall ensure the property used as a short-term rental is used in a manner that complies with all applicable laws, rules, and regulations pertaining to its use and occupancy, including applicable codes regarding fire, building and safety, and shall further ensure the occupants of the shortterm rental do not create noise in violation of Chapter 8.20 of the Brea City Code or other disturbances, engage in disorderly conduct, or violate any applicable laws, rule, or regulation pertaining to the use and occupancy of the subject short-term rental.
B. Overnight maximum occupancy limits
1. The owner shall limit overnight occupancy of the short-term rental to a specific number of occupants as set forth in Table 5.32.050. C.1 below.
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2. Children twelve (12) years of age or younger are not counted towards the occupant maximum.
3. As used in this section, overnight occupancy shall mean during the hours of 10:00 p.m. through 8:00 a.m. of the following day.
Table 5.32.050. C.1
OVERNIGHT MAXIMUM OCCUPANCY LIMITS
Bedrooms Occupancy
0 2
1 4
2 6
3 8
4 10
5 or more 12
C. Overnight stay. The minimum overnight stay per responsible person shall be no less than two (2) consecutive nights.
D. Minimum age of the responsible person. The owner shall not rent a short-term rental to a person that is under the age of twenty-five (25).
E. Maintenance of rental contracts. Owners shall maintain all short-term rental contracts (in electronic or paper form) for a period of four (4) years from the date of occupancy. The exact number of occupants shall be included in the contract as well as all city code requirements regulating occupancy limits, noise, outdoor amplified music prohibition, public nuisance, parking, trash, prohibition of commercial activities, and other 15 ____________, 2026
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code requirements related to the use and occupancy of the short-term rental. The owner shall share all contracts upon the city’s request.
F. Prior to occupancy. Prior to occupancy of a short-term rental by occupants, the owner or owner’s agent or representative shall advise of or require the following from the responsible person:
1. Provide the responsible person with the local contact person’s contact information. The local contact person is required to be available twenty four (24) hours per day.
2. Obtain from the responsible person an “informational form,” in the form provided by the City, which contains, but not limited to, the following:
i. Name
ii. Address
iii. Telephone number
iv. Copy of the valid governmental identification of responsible person
v. List of all the names of all occupants of the short-term rental vi. List of all vehicle information and license plate numbers of the responsible person, occupants, and guests
vii. Signed copy of the city’s Good Neighbor Policy prior to or during check-in.
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viii. Signed acknowledgment statement, in which the responsible person understands that he or she is legally responsible for compliance by all occupants of the short-term rental and their guests.
3. Applicants for the short-term rental license shall review and acknowledge receipt of a copy of the city’s Good Neighbor Policy. In addition, the applicant shall provide a brochure or document intended to remind occupants of short-term regulations.
G. The owner of the short-term rental shall ensure that the property complies with all applicable codes regarding fire, building, health and safety, zoning and all other laws and regulations.
H. 24-Hour Availability.
1. During the period of a short-term rental, the owner, owner’s agent, and/or owner’s local contact person shall be available twenty-four (24) hours per day, seven (7) days per week to respond to complaints regarding the condition, operation, or conduct of the occupants, including responding in person at the location of the short-term rental.
2. The local contact person’s response to complaints may be made by telephone, text message and/or in person, however, in no event shall the response time exceed fifteen (15) minutes if responding by telephone or text or forty-five (45) minutes if an in-person response is required because of the severity of the complaint.
3. In all circumstances, complaints that the occupants of the short-term rental have created unreasonable or unlawful noise or 17 ____________, 2026
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disturbances in violation of Chapter 8.20 of the City Code or provisions of this chapter or are engaging in disorderly conduct, requires an in-person response by the local contact person.
I. Outdoor Activities. Occupants of the short-term rental shall be prohibited from using all outdoor amenities (i.e. pool/spa) and/or engaging in outdoor games or any outdoor activities that create noise between the hours of 10:00 p.m. to 7:00 a.m. all days of the week. A sign stating these restrictions must be clearly visible near any such outdoor amenities and posted on all interior doors leading to the outdoor amenities.
J. Parking. Property owners shall provide adequate on-site parking. For the purposes of this subsection, “adequate on-site parking” shall be determined by dividing the total number of occupants commensurate with the approved number of bedrooms and provided in Table 5.32.0050. C.1 by four (4), such that the ratio of the maximum allowed number of overnight occupants to on-site parking spots does not exceed four to one (4:1). For example, a residential dwelling with five (5) bedrooms may permissibly host a total number of ten (10) to twelve (12) overnight occupants and therefore requires three (3) on-site parking spots. On-site parking shall be on an approved driveway, garage, and/or carport areas. Overnight street parking is not licensed.
K. Trash Containers. Trash and refuse shall not be left stored within public view, except in proper containers for the purpose of collection by the city’s authorized waste hauler on scheduled trash collection days. The 18 ____________, 2026
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owner of the short-term rental shall provide sufficient trash collection containers and service to meet the demand of the occupants.
L. The short-term rental license number assigned by the city shall be displayed on any hosting platform’s website where said short-term rental is advertised. Each short-term rental shall have a unique license number.
M. Retention of Residential Character. The owner of a short-term rental shall not change the residential character or the outside appearance of the residence, either by the use of colors, materials, lighting or/and advertising mechanism.
N. Required Information for advertisements.
1. The owner shall include the current license registration number on or in any advertisement appearing in any newspaper, magazine, brochure, television, internet website, etc., that promotes the availability or the existence of the short-term rental in a place or location deemed acceptable by the license administrator in the following format:
i. “City of Brea – Short-term Rental License No. .”
ii. In the case of the audio-only advertising of the same, the license number shall be read as part of the advertising.
2. Each of the following shall be clearly identified in any advertisement:
i. Maximum occupancy.
ii. The number of bedrooms.
iii. Maximum number of vehicles allowed.
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iv. Photo of the front of the short-term rental.
O. Transient Occupancy Tax. The owner and/or the owner’s agent shall comply with all provisions of Chapter 3.16 of the City Code concerning transient occupancy taxes including, but not limited to, submission of a return in accordance with § 3.16.070, which shall be filed even if the shortterm rental unit was not rented during each such reporting period. While hosting platforms shall collect and remit transient occupancy tax payment as described in Section 5.32.070, the owner must ensure all transient occupancy tax is properly reported and remitted. Owners not using a hosting platform must self-report and remit transient occupancy tax to the City of Brea.
§ 5.32.070 HOSTING PLATFORM REQUIREMENTS.
A. Subject to applicable laws, Hosting Platforms shall disclose to the city on a quarterly basis each short-term rental listing located in the city, the names of the persons responsible for each such listing, the address of each such listing, the length of stay for each such listing, and the price paid for each stay.
B. Hosting platforms shall require owners to include the city-issued license registration number in their listing(s), in a format designated by the city. Hosting platforms shall not complete any booking transaction for unlicensed short-term rentals in the city.
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C. Prior to an owner listing a short-term rental location within the city through a hosting platform, the hosting platform shall provide a notice to such owner with the following information:
“Chapter 5.32 of the Brea City Code prohibits the short-term rental of residential property within the City of Brea unless the City has issued both a business license and a short-term rental license to the owner, and the owner pays the transient occupancy tax.”
D. A hosting platform that facilitates bookings of short-term rentals located within the City of Brea, and takes payment for the transaction, directly or indirectly through third party payment processors, shall collect transient occupancy tax and remit to the City of Brea all applicable transient occupancy tax, as calculated on the amount the occupant pays to the owner for rent, including any mandatory fees charged by the owner, such as a cleaning fee.
D.E. All hosting platforms must provide a monthly report to the City of Brea that includes the physical address, including the nine-digit ZIP code, and gross receipts for all short-term rental properties where at least one booking was facilitated by the platform per TOT reporting period. This report shall be due by the end of the month following the monthly reporting period.
E.F. The provisions of this section shall be interpreted in accordance with otherwise applicable state and federal law(s) and will not 21 ____________, 2026
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apply if determined by the city to be in violation of, or preempted by, and such law(s).
§ 5.32.080 PROHIBITED ACTIVITIES.
A. A person who is renting a short-term rental is prohibited from subleasing such dwelling unit, or any portion thereof, to any other person or entity.
B. Commercial activities and special events, including but not limited to, weddings, receptions, large parties and sales events are prohibited on the property used as a short-term rental.
C. Hosting platforms are prohibited from facilitating the short-term vacation rental of unlicensed and illegal businesses. Hosting platforms shall not facilitate the evading of relevant taxes and regulations required of any short-term rental.
D. Hosting platforms are prohibited from advertising a short-term rental located within the city that is not licensed pursuant to this chapter.
E. Owners and/or owner’s agent of an unlicensed short-term rental are prohibited from operating in the city and are prohibited from being marketed as short-term rentals available within the city. Any owner and/or owner’s agent found to be operating a short-term rental without a valid license shall be subject to all applicable fines and penalties.
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§ 5.32.090 LICENSE NONTRANSFERABLE/NO PROPERTY RIGHTS.
A license granted pursuant to this chapter shall not be transferable to another person, entity, assessor’s parcel number or to another property owner. In addition, the issuance of a license or renewal license does not give the owner any vested property rights and any such license shall not run with the land or property to which it applies. All new property owners shall obtain a new license to continue with short-term rental operations. § 5.32.100 LICENSE APPROVAL, DENIAL, AND REVOCATION.
A. Decision Authority.
1. The Community Development Director has the authority to deny and/or or revoke a short-term rental license in accordance with this section.
2. The Director’s decision to deny a short-term rental license application shall take effect immediately, unless a timely appeal is filed pursuant to section 5.32.110 of this chapter. Unless successfully appealed, the Director’s decision to revoke a short-term rental license shall take effect upon 30 days’ notice to the owner of the Director’s decision.
B. License Approval. If, as a result of the investigation conducted by the city, the applicant is found to satisfy all of the requirements of this chapter and no grounds for denial exist, the associated short-term rental license application shall be approved, and a license (or a renewal license) shall be issued to the applicant unless the maximum number of licenses as specified in Section 5.32.040 has been issued.
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C. License Denial.
1. The applicant shall be denied the short-term rental license, including a renewal license, if any of the following findings are made:
i. The information contained in the application or supplemental information requested is false or misleading in any material detail. ii. The owner failed to provide a complete application, after having been notified of the requirement to produce documents or additional information within ten (10) calendar days.
iii. The owner is delinquent in payment of any city taxes, fees, assessments, fines, or penalties.
iv. If the owner has had a prior short-term rental license revoked or has been cited for violating any provision of the City Code related to shortterm rentals in the city within the past twelve (12) months. [BUT SEE D.2, BELOW]
v. The owner has failed to pay any previous administrative fines, remediate any other violations, and/or complete any other alternative disposition associated with a previous violation of this chapter related to the operation of a short-term rental.
vi. If, at the time the license application is being submitted, the city has commenced any enforcement proceedings against the owner with respect to the property for which the owner seeks a license or a renewal of a license.
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vii. The property does not comply with all applicable codes regarding zoning, fire, building and safety as specified under Section
5.32.050 of this chapter, and other relevant laws, ordinances, or regulations including any conditions placed on the license by the city. viii. The license cap has been reached.
2. Applicants who are denied a license solely based on the license cap shall have an option to join the waitlist.
D. License Revocation.
1. The Director shall hold a hearing on whether to revoke a shortterm rental upon at least 10-days written notice to the owner. A short-term rental license shall be revoked if, based on substantial evidence presented at such hearing, the Director makes any of the following findings:
i. The short-term rental has operated in violation of Section
5.32.050, 5.32.060, or 5.32.080 of this chapter
ii. Operation of the short-term rental has caused or substantially contributed to the violation of any other applicable law or in a manner injurious of or threatening to the public health and safety.
2. An owner whose license is revoked is prohibited from applying for a new short-term rental license for the duration of the pilot program.
3. City shall provide owner notice of license revocation that includes the findings the Director relied on to make their decision to revoke the license. City shall mail notice of revocation to the owner's address as 25 ____________, 2026
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listed on the short-term rental application and to the address of the local contact person listed on the license application.
4. The owner shall have ten (10) days from the date the notice was sent to appeal the decision pursuant to Section 5.32.110 before the Director's decision becomes final.
§ 5.32.110 APPEAL PROCEDURE.
A. Any interested party may appeal the Director’s decision to approve, deny, or revoke a short-term rental license; provided that the Director’s decision to deny a license application on the grounds that the license cap has been reached shall be final and not appealable. All appeals under this section shall be heard by the Hearing Officer. Any appeal filed by a person who is neither the license applicant nor the owner of the subject property must be accompanied by a written statement describing the legal grounds for the appeal and the factual basis for their standing as an interested party for purposes of the appeal.
B. Time for Filing of Appeal. An appeal must be filed within ten (10) calendar days after the date of action by the Director.
C. Filing of Appeal.
1. Appeals must be filed with the City Clerk together with the required appeal fee as set forth in the current schedule of fees adopted.
2. If the information included with an appeal is found by the City Clerk to be deficient, the City Clerk shall notify the appellant as to the particulars of the deficiencies. If such deficiencies are not corrected within 26 ____________, 2026
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ten (10) calendar days of such notice, the appeal shall be deemed withdrawn.
D. Effect of Timely Appeal.
1. The filing of a timely appeal shall suspend the decision of the Director until the final determination on the appeal or dismissal thereof.
2. No person shall commence operation or continue to operate a short-term rental until the final determination is made on the appeal.
E. Notice of Hearing. A notice of such hearing shall be given to the owner/applicant of the short-term rental license, in writing and mailed at least ten (10) calendar days prior to the date of the hearing addressed to the address listed on the short-term rental application. The notice shall state the grounds for denial or revocation, and the time and place where such hearing will be held.
F. Public Hearing
1. At the time and place set for public hearing, the Hearing Officer shall hear and determine all the facts and evidence relevant to the applicant and the contents of the application.
2. At the conclusion of the hearing, the Hearing Officer may affirm, modify, or reverse the Director’s decision. The Hearing Officer shall render a written decision within ten (10) calendar days from the date of the hearing where the decision on the appeal was made
3. The action of the Hearing Officer shall be final and conclusive. 27 ____________, 2026
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§ 5.32.120 RECORDKEEPING.
A. Each owner shall maintain all written records related to the use and occupancy of the short-term rental, including, but not limited to, compliance with the operation requirements and standards set forth in section 5.32.060, for a period of four (4) years for the purpose of inspection or audit to determine that the objective and conditions of this Chapter are being fulfilled.
B. Audit provisions shall be conducted pursuant to Chapter 3.16 of the Brea City Code.
§ 5.32.130 REQUIREMENTS NOT EXCLUSIVE.
The requirements of this Chapter shall be in addition to any license or fee required under any other provision of the Brea City Code. The issuance of any license pursuant to this Chapter shall not relieve any person of the obligation to comply with all other provisions of the Brea Municipal Code pertaining to the use and occupancy of the Short-Term Rental or the property on which it is located.
§ 5.32.140 VIOLATIONS AND PENALTIES.
A. Violations of this chapter shall be subject to enforcement as provided in Chapter 1.04 of the City Code in addition to, and not in lieu of, any and all other legal remedies available to the City, whether criminal or civil or in law or equity.
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B. Each and every day such a violation exists shall constitute a separate and distinct violation of this chapter.
C. It shall be unlawful to aid or abet any violation of this chapter.” SECTION 3. The new Chapter 5.32 added to Title 5 of the Brea City Code by this ordinance shall expire and of be of no further effect on December 31, 2029, unless otherwise extended or modified by the City Council. No later than October 31, 2029, the Community Development Director shall provide the City Council with an evaluation of program performance, compliance, revenue generation, and end neighborhood impacts to determine whether continued implementation is warranted.
SECTION 4. CEQA. Pursuant to the California Environmental Quality Act (“CEQA”) (Public Resources Code § 21000 et seq.) and the State of California Guidelines for Implementation of the California Environmental Quality Act (“CEQA Guidelines”) (14 C.C.R. § 15000 et seq.), the City Council finds and determines that adoption of this ordinance is exempt from CEQA review pursuant to statutory and categorical exemptions including California Code of Regulations Title 14, Section 15061(b)(3). The City Clerk shall file a Notice of Exemption for adoption of this ordinance in accordance with CEQA.
SECTION 5. Severability. If any section, subsection, sentence, clause, phrase, or portion of this ordinance is for any reason held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this ordinance. The City Council declares that it would have adopted this ordinance and each section, subsection, sentence, clause, phrase, or portion thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses, phrases, or portions be declared invalid or unconstitutional. 29 ____________, 2026
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SECTION 6. This ordinance shall become effective thirty (30) days after its adoption in accordance with the provisions of California law.
SECTION 7. The City Clerk shall certify to the passage of this ordinance.
APPROVED AND ADOPTED this __ day of __________, 2026.
________________________________
Cecilia Hupp, Mayor
ATTEST: ________________________________
Victoria Popescu, City Clerk
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I, Victoria Popescu, City Clerk of the City of Brea, do hereby certify that the foregoing ordinance was introduced at a regular meeting of the City Council of the City of Brea held on the ___ day of ___________, 2026, and was finally passed at a regular meeting of the City Council of the City of Brea held on the ____ day of ___________, 2026, by the following vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
DATED: ____________________, 2026
________________________________
Victoria Popescu, City Clerk
CITYof BREA
City Council Regular Meeting
Communication
January 20, 2026
Item No. 6E.
Resolution of Intent to Conduct a Public Hearing to Grant Crimson California Pipeline, L.P., a Franchise to Operate and Maintain Existing Pipelines in the City
TO PREPARED BY
Honorable Mayor and City Council Members Matthew Cuevas, Senior Management Analyst
DEPARTMENT HEAD APPROVAL CITY MANAGER APPROVAL
Michael Ho, Public Works Director Kristin Griffith, City Manager
RECOMMENDATION
Staff recommends the City Council take the following action:
1. Adopt Resolution No. 2026-11 noticing a Public Hearing for February 17, 2026, to consider granting Crimson California Pipeline, L.P., a franchise to operate and maintain existing pipelines in the City.
BACKGROUND/DISCUSSION
Crimson California Pipeline, L.P. (“Crimson”) is requesting a franchise agreement to operate and maintain existing pipelines located in the City. The California Public Utilities Code (“CPUC”) and Brea City Code (“BCC”) require any person, firm or corporation utilizing City property to convey petroleum or similar products to have a franchise agreement with the City of Brea. The CPUC and BCC establish the procedures that a city must follow when considering the granting of a new pipeline franchise which is approved by ordinance. To act on this franchise, the City Council is required to:
Adopt a Resolution of Intent to grant a franchise and set a Public Hearing date Conduct a Public Hearing and introduce the franchise ordinance for first reading Conduct a second reading of the franchise ordinance
The franchise becomes effective 30 days after final adoption of the ordinance, acceptance of terms by the franchisee, and submittal of a performance bond
The existing pipelines in the attached map (“Exhibit B”) were maintained under prior Ordinance No. 1056. In 2012, ownership of multiple pipelines, as specified in Ordinance No. 1056, was transferred to Crimson under Ordinance No. 1159. However, the three pipelines indicated in Exhibit B were not clearly acknowledged in the transfer of ownership to Crimson at that time and remained under Ordinance No. 1056. Therefore, a new pipeline franchise will be required to formally establish Crimson as the current owner and operator of these three pipelines.
The attached Resolution (“Exhibit A”) will set a Public Hearing on February 17, 2026, to consider granting a new franchise to Crimson for the pipelines identified in Exhibit B and receive any public testimony. The request for the pipeline franchise is for ten (10) years. Adoption of this resolution does not create an obligation to grant a franchise, it only indicates that the matter will be considered by the City Council.
FISCAL IMPACT/SUMMARY
Crimson California Pipeline, L.P. (“Crimson”) is requesting a franchise agreement to operate and maintain existing pipelines located in the City. The attached Resolution (“Exhibit A”) will set a Public Hearing on February 17, 2026, to consider granting a new franchise to Crimson and receive any public testimony. There is no fiscal impact associated with the recommended action to adopt the attached Resolution. The estimated franchise fee amounts will be made available at the Public Hearing.
Attachments
Exhibit A - Resolution.pdf
Exhibit B - Pipeline Map.pdf
1 RESOLUTION NO. 2026-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BREA DECLARING ITS INTENT TO GRANT A PIPELINE
FRANCHISE TO CRIMSON CALIFORNIA PIPELINE, L.P.
A. RECITALS:
(i) Crimson California Pipeline, L.P., has filed an application with the City of Brea requesting that a franchise for existing pipeline be granted to Crimson California Pipeline, L.P.; and
(ii) The requested franchise shall be of the character and for the purposes set forth in the notice, below.
B. RESOLUTION:
Now, therefore, the City Council of the City of Brea does find, determine, and resolve as follows:
SECTION 1. The facts set forth in the Recitals, Part A, above, are true and correct.
SECTION 2. The City Council intends to consider granting a pipeline franchise as to existing pipeline facilities, to Crimson California Pipeline, L.P.
SECTION 3. The character of the franchise, and the terms and conditions upon which it is proposed to be granted, are described in the form of notice hereinafter set forth.
SECTION 4. The City Council has determined that it is in the City's best interest that the franchise be granted.
SECTION 5. The City Council will hear any objections to the renewal and grant of the franchise at the time and place specified in the form of notice hereinafter set forth.
SECTION 6. The City Clerk is hereby directed to publish the text of the notice set forth below, in a newspaper of general circulation printed and published in or nearest to 2 the City of Brea, within fifteen (15) days after the passage of this Resolution. Such notice shall be substantially in the following words and figures:
"NOTICE OF INTENT TO CONSIDER GRANTING OF A PIPELINE FRANCHISE NOTICE IS HEREBY GIVEN that Crimson California Pipeline, L.P., hereafter referred to as Grantee, has filed an application with the City of Brea requesting that the City Council grant to it a franchise for a period of ten (10) years from and after the date upon which the franchise shall become effective, to maintain, operate, renew, repair, remove or abandon in place, existing pipes and pipelines for the collection, transportation or distribution of hydrocarbon substances, together with all manholes, valves, appurtenances, service connections, conduits, cathodic protection devices, wires, cables and other appurtenances necessary or convenient for the exercise of the Grantee's business, in, under, along or across any and all property of the City of Brea, as approved by ordinance of the City Council.
If such franchise shall be granted to the Grantee, then Grantee and any approved successors will pay to the City the following fees:
A. Base Annual Fee. A base annual fee shall be paid within sixty (60) days after the end of each calendar year and during the life of the franchise for each and every year, including the year of granting the franchise in the following amounts:
Pipelines with an internal
diameter of:
Base Rate per Linear
Foot
0-4 inches $0.088
6 inches $0.132
8 inches $0.176
3 10 inches $0.220
12 inches $0.264
14 inches $0.308
16 inches $0.352
18 inches $0.390
20 inches $0.440
22 inches $0.484
24 inches $0.528
26 inches $0.572
28 inches $0.616
30 inches $0.660
For pipelines with an internal diameter not listed above, the fees shall be in the same proportion to the fees of a twelve (12)-inch-diameter pipe as the diameter of the unlisted pipe is to twelve (12) inches.
The amount of the fee or charge provided for in the chart above shall be multiplied by the Consumer Price Index, all Urban Consumers for the Orange-Anaheim-Riverside Area for the month of September immediately preceding the month in which payment is due and payable, and divided by the Consumer Price Index, All Urban Consumers for the Orange-Anaheim, Riverside Area for June 30, 1989, (1982-84=100.0).
B. Base Construction Charges. The Grantee shall pay at the time of installation, relocation, or replacement of any pipeline or other facility covered by the franchise, a base construction charge of two thousand five hundred dollars ($2,500) for each one-half (1/2) mile of pipeline or fractional part thereof installed, replaced or relocated on major streets and one thousand five hundred dollars ($1,500) per one-half (1/2) mile or fractional part thereof, on minor streets. The City reserves the right to change the base fees established hereunder at any time after the effective date of the 4 ordinance, but the base fees applicable to any one franchise may only be changed five (5) times during the life of that particular franchise.
C. Adjustments.
1. The amount of each base fee specified in Subsections A. and B. shall be adjusted at the time payment is due by the percentage change in the Consumer Price Index, all Urban Consumers for the Orange-Anaheim-Riverside area (1982-84 = 100), for the period January 1, 2011 to the date which is sixty (60) days prior to the due date of the fee.
2. In no event shall any fee be charged which is less than the base fee amount established by Subsections A. and B.
3. The indices specified in subparagraphs A. and C.1., are calculated and published by the United States Department of Labor, Bureau of Labor Statistics. If the Bureau discontinues the calculation or publication of the Consumer Price Index, all Urban Consumers for the Orange-Anaheim-Riverside area (1982-84 = 100), and no transposition table is available to convert to another index, then the amount of each annual adjustment in base fees shall be computed by using a comparable governmental index.
D. Publication and Administrative Issuance Costs. Grantee shall pay to the City within thirty (30) days after receiving a statement therefore, all administrative, legal and other costs incurred by the city in processing the application for a franchise, including but not limited to the preparation of any 5 reports, statements or studies pursuant to the California Environmental Quality Act (Cal. Pub. Res. Code §§ 21000 et seq.) and any similar federal statute, or any successor statute, and for any and all advertising and publishing costs, including the cost of publishing the ordinance, if necessary, incurred in connection with the granting of the franchise.
The City Council of the City of Brea proposes to consider granting such franchise for a period of ten (10) years from and after the date upon which the franchise shall become effective, or until it is voluntarily surrendered or abandoned by the Grantee, or until the State or some municipal or public corporation purchases by voluntary agreement or condemns and takes under the power of eminent domain, all property actually used and useful in the exercise of the franchise and situated within the territorial limits of the State, municipal, or public corporation purchasing or condemning such property, or until such franchise is forfeited for noncompliance with its terms by Grantee NOTICE IS FURTHER GIVEN that the Grantee shall file a bond, with a corporate surety authorized to conduct a surety business in the State of California, and in a form approved by the City Attorney for the City of Brea, in the penal sum of One Hundred Thousand Dollars ($100,000.00), conditioned that the Grantee shall well and truly observe, fulfill, and perform each condition of the franchise and that in case of any breach of condition of the bond or franchise, the whole amount of the penal sum therein named shall be recoverable from the principal and surety upon the bond. The bond shall be filed with the Director of Finance of the City on or before the effective date of the ordinance granting such franchise; and if the bond is not filed, or if it does not receive the approval of the City Attorney, such franchise may be refused or forfeited and any money paid to 6 the City in connection therewith shall be retained by the City. The Grantee will also be required to obtain insurance as will be provided in the franchise ordinance.
NOTICE IS FURTHER GIVEN, that any and all persons having any objection to the granting of such franchise may appear before the City Council in the Council Chambers located at the Brea Civic and Cultural Center, 1 Civic Center Circle, Brea, California, at 7:00 p.m. on February 17, 2026 and be heard thereon; and at any time not later than the hour set for hearing objections, any person interested may make written protest stating objections against the renewal and granting of such franchise, which protest must be signed by the protestant and be delivered to the City Clerk. At the time set for hearing any objections, the City Council shall proceed to hear and pass upon all protests so made.
For further particulars, reference is hereby made to franchise application which is on file in the office of City Engineer and also to the resolution adopted by the City Council on January 20, 2026, declaring its intent to consider granting such franchise." SECTION 5. The City Clerk shall certify to the adoption of this Resolution.
ADOPTED AND APPROVED this 20th day of January, 2026.
Cecilia Hupp, Mayor
7 I, Victoria Popescu, City Clerk of the City of Brea, do hereby certify that the foregoing Resolution was adopted at a regular meeting of the City Council of the City of Brea held on the 20th day of January, 2026 by the following vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
ATTEST: ___________________________
Victoria Popescu, City Clerk
4" WASTE WATER
8" LINE 700A1 STEWART TO NORWALK
8" A GATHERING LINE
CRIMSON PIPELINE LLC
CITYof BREA
City Council Regular Meeting
Communication
January 20, 2026
Item No. 6F.
2026 Legislative Platform
TO PREPARED BY
Honorable Mayor and City Council Members Liz Pharis, Communications & Marketing Manager/PIO
DEPARTMENT HEAD APPROVAL CITY MANAGER APPROVAL
Kristin Griffith, City Manager Kristin Griffith, City Manager
RECOMMENDATION
Staff recommends that the City Council take the following action:
1. Adopt the 2026 City of Brea Legislative Platform to coincide with the current legislative session.
BACKGROUND/DISCUSSION
To proactively engage in the legislative process, staff has prepared the attached Legislative Platform for City Council consideration. The Legislative Platform is updated annually to align with state and federal legislative sessions. As part of this process, City Council, staff, the Executive Directors, and the City’s Legislative Advocates review the previous year's platform.
This year’s update included the addition of items suggested by the City Council and staff. During the December 2, 2025 Study Session, City Council reviewed the draft 2026 Legislative Platform that incorporated staff’s proposed changes. Additionally, Council Member Vargas requested the inclusion of an item to support naloxone distribution without liability if allowed by law.
The revisions to the legislative platform include,
City Governance and Finance
Added Item 12: “Support maintaining local discretion and authority over transfer taxes and other locally approved revenue measures, opposing any state efforts to preempt, delay, or undermine their implementation.”
Added Item 13: “Support policies that affirm cities must retain the fiscal autonomy necessary to fund essential community services, infrastructure, and housing initiatives approved by their voters.” Economic Development
Revised Item 1: “Support legislation that provides financial incentives (state grants or tax incentives) for modernization of land use principles.
Revised Item 2: “Support efforts to facilitate the production of affordable housing and workforce housing, including infill housing incentives, grants to local agencies and private developer partnerships.” Human Resources
Added Item 7: “Support state and federal policies that authorize and expand the distribution and administration of opioid overdose reversal medications, including naloxone, by local agencies and their partners. The City further supports statutory clarity and liability protections that shield local governments, employees, contractors, first responders, and community-based partners from civil and criminal liability when acting in good faith to possess, distribute, or administer naloxone pursuant to authorized public health programs.”
Public Safety and First Responders
Revised Item 3: “Support legislation that funds innovations in law enforcement technology that integrates data sources, increases efficiency, and facilitates solvability and reduction of crime.” Added Item 7: “Support legislation that provides the necessary funding for Proposition 36 programs.” Revised Item 11: “Support State adoption of building and fuel modification requirements through the code adoption process, which preserves local agencies' authority to make amendments based on local conditions and maintain local enforcement capabilities, rather than through legislation that mandates uniform standards and removes the ability to address local topographic, climatic, and geographic factors.”
Added Item 18: “Support legislation and funding that promotes e-bike safety through improved rider education, clearer equipment and classification standards, enhanced data collection on collisions, and infrastructure investments that protect pedestrians, bicyclists, and motorists while maintaining local authority to regulate safe operations within the community.” Added Item 21: “Oppose legislation that imposes new mandates on law enforcement agencies without providing corresponding funding.”
Revised Item 27: “Support legislation that preserves public safety’s ability to employ new technology, such as Artificial Intelligence, to assist personnel in detecting and investigating criminal activity, while strictly protecting the rights and privacy of the public.” Added Item 28: “Support legislation that preserves and enhances the ability of public safety to lawfully retain, manage, and utilize data.”
Added Item 29: “Support legislation and funding programs that assist local jurisdictions with the modernization, seismic strengthening, and replacement of aging fire stations and essential-services facilities.”
Added Item 30: “Support dedicated funding for firefighter cancer, cardiac, and behavioral health earlydetection programs, including annual screenings, lab work, and wellness diagnostics to reduce occupational illness.”
Parks, Recreation, Cultural Arts and Community Services Added Item 8: “Support equitable, transparent, and data-driven distribution of state and county homelessness funding that ensures North Orange County Service Planning Area (SPA) cities, including Brea, receive fair access to resources needed to sustain their collaborative regional outreach, shelter, and service delivery systems.”
FISCAL IMPACT/SUMMARY
The City of Brea proactively engages in the legislative process by annually adopting a legislative platform. The legislative platform outlines City Council positions on essential issues. It serves as City Council authorization for Brea elected officials and professional staff to advocate the City’s position as legislation proceeds at the federal, state, and regional levels. The platform also provides staff with clear direction regarding the types of issues the City will monitor during the legislative session, enabling staff to respond quickly with the City’s position.
There is no fiscal impact associated with the adoption of the 2026 Brea Legislative Platform.
Attachments
2026 Legislative Platform_REVISED DRAFT.pdf
1 REVISED DRAFT
2026 State and Federal Legislative Platform
Adopted by the City Council on
The Legislative Platform provides a streamlined process through which the City Council, City Manager, City staff, and the City’s legislative advocates can act in a timely manner in response to legislative proposals. Legislation that is consistent with the Legislative Platform are reviewed, approved and signed by the Mayor or City Manager. In addition, legislative positions that are deemed time-sensitive and are consistent with the Legislative Platform may be approved and signed by the City Manager when the Mayor is unavailable. Once approved, a position letter is sent to the bill’s author, the City’s legislative advocate, and other stakeholders as deemed appropriate by staff, and a copy of the letter is distributed to the City Council.
Additionally, to remain nimble throughout the Legislative Session and respond to amendments, the City Manager or his/her designee may sign and submit position letters so long as the position is consistent with the position taken by Cal Cities and/or other City affiliated organizations, even if the scope of the legislation is not already incorporated into the City's Legislative Platform.
GUIDING PRINCIPLES
1. Preserve Local Control
Preserve and protect the City’s powers, duties and prerogatives to enact local legislation and policy direction concerning local affairs and oppose legislation that preempts local authority. Local agencies should preserve authority and accountability for revenues raised and services provided.
2. Support Funding Opportunities
Support opportunities that allow the City to compete and receive its fair share of regional, state, and federal funding for City projects and priorities. Opportunities include, and are not limited to, state and federal stimulus funding for state and local governments, economic development and job training, transportation, cultural arts, parks and recreation, energy efficiency, public safety, and public health.
3. Promote Fiscal Stability
Support measures that promote fiscal stability, predictability, financial independence, and preserve the City’s revenue base and maximum local control over local government budgeting. Oppose measures that shift local funds to the County, State or Federal Governments and/or make cities more dependent on the County, State or Federal Governments for financial stability, such as mandated costs with no guarantee of local reimbursement or offsetting benefits.
2 CITY OF BREA POLICY PLATFORM POSITIONS
City Governance and Finance
1. Support stability, predictability, and independence in local government budgeting.
2. Support increases in local flexibility for use of state, federal and regional funding opportunities.
3. Support the continuation of the tax-free status of municipal bonds.
4. Encourage the County of Orange to make available more detailed auditing and reporting information regarding property tax and assessment appeals filed on property within city limits.
5. Support modification of the tax system to reflect the change in the State’s economy from a manufacturing base to a service and information base.
6. Support the preservation and enhancement of the City’s ability to generate revenues from all types of sales.
7. Support supplements to local funds to comply with mandates created by the National Pollutant Discharge Elimination System (NPDES) provisions of the Federal Clean Water Act.
8. Support generation, protection and timely allocation of local funding distributed by the state and federal government.
9. Support policies that add additional flexibilities and reduce burdensome requirements within the Brown Act.
10. Support local sales and use tax reform to create an equitable distribution structure that appropriately captures and allocates online sales tax.
11. Support measures that apply general communications taxes, such as UUT, to all communications providers across including, but not limited to, providers of cable, video services, wireless, wire line (telephone lines), and satellite.
12. Support maintaining local discretion and authority over transfer taxes and other locally approved revenue measures, opposing any state efforts to preempt, delay, or undermine their implementation.
13. Support policies that affirm cities must retain the fiscal autonomy necessary to fund essential community services, infrastructure, and housing initiatives approved by their voters.
14. Oppose policies that would increase the voter threshold for local revenue measures or would increase the potential for litigation over local taxes and fees. 3 Economic Development
1. Support legislation that provides financial incentives (state grants or tax incentives) for modernization of land use principles.
2. Support efforts to facilitate the production of affordable housing and workforce housing, including infill housing incentives, grants to local agencies and private developer partnerships.
3. Support legislation that clarifies and narrows the prevailing wage standard for economic development, public works, and affordable housing projects.
4. Support increasing the State’s minimum threshold for public works projects that require prevailing wage.
5. Support efforts to assist local business growth and economic development post Redevelopment.
6. Oppose efforts to cut funding from Community Development Block Grant and other federal grant programs.
Environmental Sustainability
1. Support efforts that encourage and incentivize regional coordinated planning activities for sustainable water resources, infrastructure, and planning.
2. Support limiting local government liability as a third party to superfund cleanup litigation.
3. Support Federal, State, and regional efforts to encourage and fund acquisition, preservation, and management of open space.
4. Support legislation that revises the California Environmental Quality Act (CEQA) for purposes of expediting projects.
5. Support policies and guidelines to facilitate alternative building methods, materials and technologies.
6. Support incentives and pricing strategies as a preferred alternative to traditional command and control regulations for meeting state and local emission reduction objectives for all sources.
7. Support strategies that clearly demonstrate and provide for the most cost-effective means for meeting air quality goals.
8. Support the expansion of infrastructure to support recyclable materials, the reuse of recyclable materials, as well as increase waste diversion rates and support “green” projects that do not place an undue burden on local government. 4 9. Support financial incentive mechanisms to cities and businesses to fund public and private capital for organic waste diversion and recycling infrastructure in order to comply with the Organic waste procurement mandates.
10. Support efforts to mitigate traffic congestion, leading to improved mobility and air quality, without incurring excessive public and private costs associated with their implementation.
11. Oppose efforts by other governmental agencies to enlist cities as implementers of their environmental mandates.
12. Oppose any new or more restrictive water reduction measures by the state that do not consider new development and regulatory water requirements.
Housing and Land Use
1. Support housing element reform that provides local government the greatest flexibility to achieve realistic goals and support incentives for smart growth as well as funding for mandated General Plan Housing Element Updates and related processes.
2. Support reduction of housing density requirements to qualify for state grant funding.
3. Support legislation that preserves local discretion in the assessment, collection, and usage of development fees for projects including, but not limited to, water, wastewater, transportation, and other critical infrastructure needs.
4. Support funding and tax incentives for the identification, acquisition, maintenance, adaptive reuse and restoration of historic or vacant sites and structures.
5. Support legislation to allow local jurisdictions to work with others to fulfill RHNA requirements in order to meet regional demand.
6. Support legislation that preserves local flexibility in the adoption and implementation of health and safety standards contained in the building codes, including the preservation of local control over developments in fire-prone areas to safeguard human health and safety and mitigate wildfire risks.
7. Oppose legislation which weakens the City’s position for land use controls due to potential claims of partial takings and any requirements for compensation of such claims.
8. Oppose actions that redefine the annexation process to require so-called "revenue neutral" annexations.
9. Oppose County of Orange processing of development projects within Brea's Sphere of Influence and any development agreements or other entitlements in sphere of influence areas that do not conform to City standards. Promote County of Orange compliance with existing Memorandum of Understanding regarding development within the Sphere of Influence.
5 Human Resources
1. Support workers’ compensation reform that requires formulas to rely on more evidence of work-related causation to determine compensability, higher thresholds for compensation, or a proportionate exposure formula.
2. Support reform and responsible changes to the CalPERS medical insurance program and CalPERS Public Employees’ Medical and Hospital Care Program (PEMCHA) to address rising costs of premiums and the City’s future liability for retiree medical insurance.
3. Support easing applicability of the Fair Labor Standards Act (FLSA) on public agencies.
4. Support reforms to CalPERS that promote Investment Restrictions that are similar or the same as those adopted by Public Agency Retirement Services (PARS).
5. Support legislative proposals that establish Defined Contribution Retirement Plans for new hires within CalPERS retirement programs.
6. Support fiscally responsible adjustments to CalPERS projected investment returns based on historical performance and conservative market projections. Advocate for CalPERS to adopt wiser investment strategies, prioritizing diversified, sustainable, and prudent investment practices that ensure long-term stability and minimize risk to taxpayers and public employees.
7. Support state and federal policies that authorize and expand the distribution and administration of opioid overdose reversal medications, including naloxone, by local agencies and their partners. The City further supports statutory clarity and liability protections that shield local governments, employees, contractors, first responders, and community-based partners from civil and criminal liability when acting in good faith to possess, distribute, or administer naloxone pursuant to authorized public health programs.
8. Oppose legislation that expands or extends any public safety presumptions of occupational injury or illness and support legislation that repeals the presumption that the findings of a treating physician are correct.
9. Oppose the imposition of compulsory and binding arbitration with respect to public employees upon local government.
10. Oppose efforts that restrict the investment ability of CalPERS based on social or political statements.
11. Oppose the imposition of mandated employee benefits that are more properly negotiated at the bargaining table upon local government.
12. Oppose the imposition of Federal or State mandates on the collective bargaining process.
13. Oppose making disciplinary proceedings for public safety employees similar to criminal proceedings thus rendering it impossible for employers to prove an administrative violation.
6 Public Safety and First Responders
1. Support measures that encourage community safety, well-being and emergency planning.
2. Support legislation that promotes recruitment, retention, resources, and elevated hiring and training standards across law enforcement and fire departments, with a focus on highrisk and high-need areas.
3. Support legislation that funds innovations in law enforcement technology that integrates data sources, increases efficiency, and facilitates solvability and reduction of crime.
4. Support legislation for consistent funding for advanced firefighting equipment, including SCBA’s, thermal imaging devices and specialized apparatus for more effective incident assessment and control.
5. Support increased State support for local services related to homeless and youth violence prevention programs through the North Orange County Public Safety Collaborative.
6. Support policies and funding that provide resources to combat organized retail, cargo, and vehicle theft operations.
7. Support legislation that provides the necessary funding for Proposition 36 programs.
8. Support clarifying legislation related to recreational marijuana, including DUI drugs presumed intoxication and state funding for research and identification of intoxication measurement devices.
9. Support increased funding and State reimbursements for law enforcement training costs related to homelessness, mental illness, de-escalation, use of force, and public record act requests.
10. Support initiatives for specialized fire simulation training, hazardous material response and advance emergency medical services training to ensure the highest level of readiness and service.
11. Support State adoption of building and fuel modification requirements through the code adoption process, which preserves local agencies' authority to make amendments based on local conditions and maintain local enforcement capabilities, rather than through legislation that mandates uniform standards and removes the ability to address local topographic, climatic, and geographic factors.
12. Support legislation that secures funding for police and fire department mental health programs, with a focus on post-incident trauma resources, peer support and access to licensed professionals to support long-term resilience.
13. Support enhanced emergency preparedness and response initiatives by securing funding and legislation that prioritizes community resilience programs, modernizes emergency operations equipment, and ensures rigorous training for first responders. 7 14. Support comprehensive disaster readiness education and drills to prepare both residents and first responders, promoting community awareness and resilience through regular, coordinated practices.
15. Support policies that create restrictions on the early release of state inmates from incarceration for the purpose of alleviating overcrowding, and limit parole hearing opportunities for state inmates serving a life sentence or paroled inmates with a violation.
16. Support clarifying legislation to further define ‘non-violent’ offenses.
17. Support legislation that increases safety of all modes of transportation, including electric bikes.
18. Support legislation and funding that promotes e-bike safety through improved rider education, clearer equipment and classification standards, enhanced data collection on collisions, and infrastructure investments that protect pedestrians, bicyclists, and motorists while maintaining local authority to regulate safe operations within the community.
19. Oppose legislation which would interfere with the ability of law enforcement to remove individuals, either in person or in a vehicle, from public facilities, property, or streets.
20. Oppose legislation that places burdensome restrictions on law enforcement and limits their ability to protect public safety.
21. Oppose legislation that imposes new mandates on law enforcement agencies without providing corresponding funding.
22. Oppose restrictions on access to social media material for the purposes of law enforcement personnel background investigations.
23. Oppose legislation that serves to impact eligibility for local jurisdictions for disaster response and recovery assistance.
24. Support legislation which grants law enforcement access via proper legal process to electronic data held by private corporations for use in criminal investigations.
25. Support clarifying legislation which would prohibit the use of marijuana by peace officers.
26. Support legislation which would prohibit the use of Artificial Intelligence to impersonate another person.
27. Support legislation that preserves public safety’s ability to employ new technology, such as Artificial Intelligence, to assist personnel in detecting and investigating criminal activity, while strictly protecting the rights and privacy of the public.
28. Support legislation that preserves and enhances the ability of public safety to lawfully retain, manage, and utilize data.
29. Support legislation and funding programs that assist local jurisdictions with the modernization, seismic strengthening, and replacement of aging fire stations and essential-services facilities.
8 30. Support dedicated funding for firefighter cancer, cardiac, and behavioral health earlydetection programs, including annual screenings, lab work, and wellness diagnostics to reduce occupational illness.
Parks, Recreation, Cultural Arts and Community Services
1. Support efforts that facilitate the provision of quality, affordable "dependent care" for both children and seniors.
2. Support Federal and State funding opportunities and/or legislation that provides for senior citizen nutrition programs, prescription drug benefits, transportation, adult day care, technology improvements, education, and emergency education for seniors.
3. Work to strengthen policies and support the creation of more affordable, innovative, inclusive, and quality parks and recreation, open space, the acquisition of open space, bike lanes, and non-motorized trails.
4. Support continued State funding for local art, visual and performing arts, cultural, and music programs, as well as funding for facilities and programs for the City’s youth, adults, and seniors.
5. Support funding for local and regional collaboration that supports equitable access for connected multimodal networks.
6. Support increasing opportunities for California’s multi-generational residents to participate in civic engagement activities.
7. Support the County of Orange response to homeless issues, such as shelters and housing programs.
8. Support equitable, transparent, and data-driven distribution of state and county homelessness funding that ensures North Orange County Service Planning Area (SPA) cities, including Brea, receive fair access to resources needed to sustain their collaborative regional outreach, shelter, and service delivery systems.
General Issues
1. Support measures that create or expand home rule authority as it applies to the cable, video and telecommunications industry and franchising processes.
2. Support policies and funding that expand access to broadband.
3. Support measures that require companies providing communication services to a local community to provide or support Public, Educational and Governmental (PEG) access to new networks, including PEG equipment, funding, and support. 9 4. Support measures to reform California’s tort system to curtail unreasonable liability exposure for public agencies and restore the ability of public agencies to obtain affordable insurance.
5. Support legislation to extend the protections limiting local government liability for property damage caused by hillsides and mudslides.
6. Oppose any state or federal effort by the wireless industry that would force local governments to lease out publicly owned infrastructure, eliminate reasonable local environmental and design review, and eliminate the ability for local governments to negotiate fair leases or public benefits for the installation of “small cell” wireless equipment on taxpayer-funded property.
7. Consider the League of California Cities’ Policy and Guiding Principles when taking into consideration supporting or opposing legislation.
CITYof BREA
City Council Regular Meeting
Communication
January 20, 2026
Item No. 6G.
Monthly Report of Investments for the City of Brea for Period Ended December 31, 2025
TO PREPARED BY
Honorable Mayor and City Council Members Faith Madrazo, Financial Services Manager, Revenue
DEPARTMENT HEAD APPROVAL CITY MANAGER APPROVAL
Monica Lo, Administrative Services Director Kristin Griffith, City Manager
RECOMMENDATION
Staff recommends that the City Council take the following action:
1. Receive and file the Monthly Report of Investments.
BACKGROUND/DISCUSSION
The current Monthly Report of Investments is prepared in accordance with Government Code Sections 41004 and 53607 and contains information on the City's investment activities for the month of December. On June 6, 2023, upon the recommendation of the Investment Advisory Committee, the City Council authorized the use of U.S.
Treasury Bills and other short-term investments—referred to as the City’s Liquidity Account—as an alternative to the Local Agency Investment Fund (LAIF). The LAIF is used for short-term investments and functions like a savings account. Whereas cash for day-to-day activities is deposited in Demand and Interest-Bearing checking accounts.
This Liquidity Account was closed in July 2025, as LAIF had consistently outperformed it over several months. The remaining cash balance was subsequently transferred to the City’s main investment portfolio. The City’s investment portfolio is for long-term investments and is managed through Chandler Asset Management (Chandler).
Together, the short and long-term investment accounts represent the City’s investment portfolio.
Attachment A includes an Investment Information Summary and a Monthly Account Statement prepared by Chandler. The book value represents the cost of investments, plus or minus amortization/accretion. As of December 31, 2025, the total market value of the managed investment portfolio, including accrued interest, was $91,051,762 as compared to $97,543,880 at November 30, 2025. The weighted average investment yield for December 31, 2025, was 3.93%, which was slightly higher than the prior month. The City’s LAIF had a total market value, including accrued interest, of $7,822,509 at December 31, 2025, which brings the total value of the City’s investment portfolio as of December 31 2025, to $98,874,271 as compared to the balance of $101,049,758 at November 30, 2025.
The City has restricted cash and investments held in the post-employment benefits trust accounts for both Pension and Other Post Employment Benefits (OPEB), administered by PARS, which are managed by PFM Asset Management (PFM), and the City's various bond reserve accounts, which are managed by Chandler. Attachment A includes monthly statements from US Bank for the PARS accounts, as well as a portfolio report from Chandler for each bond reserve account that is invested. As of December 31, 2025, the market value of the PARS pension account, including short-term cash and accrued interest, was $13,900,399 as compared to $13,889,009 from the prior month. The OPEB account had a market value of $497,174 as compared to $496,863 from the prior month.
All other restricted cash investments (bond reserve accounts), including short-term cash and accrued interest, were $1,281,755 in comparison to $695,166 from the prior month.
Pursuant to the City's investment policy, except for LAIF, direct time certificates of deposit, and money market mutual funds, all City investments are held by third-party custodians. The Bank of New York Mellon Trust Company, N.A. (BNY) holds accounts managed by Chandler, and US Bank holds the PARS accounts managed by PFM, which acts as an agent of the City. All securities are held in the name of the City of Brea. The City of Brea has sufficient cash flow to meet its expected expenditures for the next six months.
FISCAL IMPACT/SUMMARY
In December, the City’s managed investment portfolio experienced a net decrease of $2,175,487, reflecting the combined impact of the timing of sales and property tax receipts and a planned withdrawal to fund the Jamboree Housing project, a 39-unit affordable housing development approved by the City Council on May 21, 2024. Despite this net decrease, investment performance for the month remained positive due to favorable market conditions.
Bond reserve account balances increased by $586,589 as a result of debt service payments made to the City’s bond trustee and strong market performance. Additionally, the PARS investment accounts recorded investment gains of $11,701 during the reporting period.
Attachments
Attachment A - City - December 2025.pdf
City of Brea
Cash and Investment Information
Book Market
Value Value*
Demand and Interest-Bearing Checking Accounts Citizen's Bank $ 4,933,617.75 $ 4,933,617.75 Local Agency Investment Fund LAIF $ 7,787,293.53 $ 7,822,509.13 Managed Investment Portfolio - CHANDLER Chandler/BNY $ 89,653,687.58 $ 91,051,761.60 PARS Post-Employment Benefits Trust - Pension** PFM/US Bank $ 12,560,366.36 $ 13,900,398.71 PARS Post-Employment Benefits Trust - OPEB** PFM/US Bank $ 463,389.98 $ 497,173.65 Fiscal Agent Cash & Investments**
2017 Brea Plaza Public Improvements CFD Bonds (CFD 2008-2) Chandler/BNY $ 689,810.17 $ 695,529.19 2019 Olinda Ranch Public Improvements CFD Bonds (CFD 1997-1) Chandler/BNY $ 506.24 $ 506.24 2019 Water Revenue Bonds Chandler/BNY $ 370,901.81 $ 370,901.81 2020 Water Revenue Refunding Bonds Chandler/BNY $ 214,785.58 $ 214,785.58 2021 Lease Revenue Refunding Bonds Chandler/BNY $ 32.25 $ 32.25 Sub-total - Fiscal Agent Cash & Investments $ 1,276,036.05 $ 1,281,755.07 Report Grand Total $ 116,674,391.25 $ 119,487,215.91
* Includes accrued interest on invested funds
** Reserve Fund
December 31, 2025
ATTACHMENT A Page 1 of 202
City of Brea
Cash and Investment Information
Fiscal Agent Cash & Investments Detail
10600 2017 Brea Plaza Public Improvements CFD Bonds (CFD 2008-2) - CHANDLER $ 670,893.30 $ 676,612.32 Short-Term Treasury Funds - BNY $ 18,916.87 $ 18,916.87 Sub-total $ 689,810.17 $ 695,529.19
2019 Olinda Ranch Public Improvements Bonds (CFD 1997-1) - CHANDLER $ - $ - Short-Term Treasury Funds - BNY $ 506.24 $ 506.24
Sub-total $ 506.24 $ 506.24
2019 Water Revenue Bonds - CHANDLER $ - $ -
Short-Term Treasury Funds - BNY $ 370,901.81 $ 370,901.81 Sub-total $ 370,901.81 $ 370,901.81
2020 Water Revenue Refunding Bonds - CHANDLER $ - $ -
Short-Term Treasury Funds - BNY $ 214,785.58 $ 214,785.58 Sub-total $ 214,785.58 $ 214,785.58
Report Grand Total $ 1,276,036.05 $ 1,281,755.07
Book
Value
Market
Value
December 31, 2025
ATTACHMENT A Page 2 of 202
MONTHLY ACCOUNT STATEMENT
City of Brea LAIF | Account #10164 | As of December 31, 2025 CHANDLER ASSET MANAGEMENT | chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:
ATTACHMENT A Page 3 of 202
City of Brea LAIF | Account #10164 | As of December 31, 2025 Execution Time: 01/07/2026 06:21:58 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Performance Review
Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (03/01/12)
City of Brea LAIF 0.32% 1.12% 4.49% 4.49% 4.57% 4.19% 2.79% 2.12% 1.61% Average Modified Duration 0.00
Average Coupon 3.96%
Average Purchase YTM 3.98%
Average Market YTM 3.98%
Average Credit Quality* AAA
Average Final Maturity 0.00
Average Life 0.00
End Values as of
11/30/2025
End Values as of
12/31/2025
Market Value 3,505,877.55 7,822,509.13
Accrued Interest 0.00 0.00
Total Market Value 3,505,877.55 7,822,509.13
Income Earned 0.00 0.00
Cont/WD 500,000.00 4,300,000.00
Par 3,505,877.55 7,822,509.13
Book Value 3,505,877.55 7,822,509.13
Cost Value 3,505,877.55 7,822,509.13
LAIF 99.55%
**Periods over 1 year are annualized.
Benchmark: NO BENCHMARK REQUIRED
*The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
ATTACHMENT A Page 4 of 202
City of Brea LAIF | Account #10164 | As of December 31, 2025 Execution Time: 01/07/2026 06:21:58 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date
(07/01/2025)
Beginning Book Value 3,505,877.55 29,381,670.58
Maturities/Calls 0.00 0.00
Principal Paydowns 0.00 0.00
Purchases 4,300,000.00 7,682,465.79
Sales 0.00 (29,000,000.00)
Change in Cash, Payables, Receivables 16,631.58 (241,627.24) Amortization/Accretion 0.00 0.00
Realized Gain (Loss) 0.00 0.00
Ending Book Value 7,822,509.13 7,822,509.13
Month to Date Fiscal Year to Date
(07/01/2025)
Beginning Market Value 3,505,877.55 29,381,670.58
Maturities/Calls 0.00 0.00
Principal Paydowns 0.00 0.00
Purchases 4,300,000.00 7,682,465.79
Sales 0.00 (29,000,000.00)
Change in Cash, Payables, Receivables 16,631.58 (241,627.24) Amortization/Accretion 0.00 0.00
Change in Net Unrealized Gain (Loss) 0.00 0.00
Realized Gain (Loss) 0.00 0.00
Ending Market Value 7,822,509.13 7,822,509.13
Maturities / Calls
Month to Date 0.00
Fiscal Year to Date 0.00
Principal Paydowns
Month to Date 0.00
Fiscal Year to Date 0.00
Purchases
Month to Date 4,300,000.00
Fiscal Year to Date 7,682,465.79
Sales
Month to Date 0.00
Fiscal Year to Date (29,000,000.00)
Interest Received
Month to Date 0.00
Fiscal Year to Date 382,465.79
Purchased / Sold Interest
Month to Date 0.00
Fiscal Year to Date 0.00
ATTACHMENT A Page 5 of 202
City of Brea LAIF | Account #10164 | As of December 31, 2025 Execution Time: 01/07/2026 06:21:58 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 35,215.60 -- 35,215.60
35,215.60
1.00 35,215.60
0.00 0.45%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 35,215.60
35,215.60
35,215.60
1.00 35,215.60
0.00 0.45%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 7,787,293.53 --3.98%
7,787,293.53
7,787,293.53
1.00 3.98%
7,787,293.53
0.00 99.55%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 7,787,293.53 3.98%
7,787,293.53
7,787,293.53
1.00 3.98%
7,787,293.53
0.00 99.55%
0.00 0.00
0.00 Total Portfolio 7,822,509.13 3.98%
7,822,509.13
7,822,509.13
1.00 3.98%
7,822,509.13
0.00 100.00%
0.00 0.00
0.00 Total Market Value
+ Accrued 7,822,509.13
ATTACHMENT A Page 6 of 202
City of Brea LAIF | Account #10164 | As of December 31, 2025 Execution Time: 01/07/2026 06:21:58 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/22/2025 90LAIF$00 4,300,000.00 Local Agency Investment Fund State Pool 1.000 4.01% (4,300,000.00) 0.00 (4,300,000.00) 0.00 Total Purchase 4,300,000.00 (4,300,000.00) 0.00 (4,300,000.00) 0.00 TOTAL
ACQUISITIONS 4,300,000.00 (4,300,000.00) 0.00 (4,300,000.00) 0.00 OTHER
TRANSACTIONS
Cash Transfer 12/22/2025 CCYUSD 4,300,000.00 Cash 0.00% 4,300,000.00 0.00 4,300,000.00 0.00 Total Cash
Transfer 4,300,000.00 4,300,000.00 0.00 4,300,000.00 0.00
TOTAL OTHER
TRANSACTIONS 4,300,000.00 4,300,000.00 0.00 4,300,000.00 0.00 ATTACHMENT A Page 7 of 202
City of Brea LAIF | Account #10164 | As of December 31, 2025 Execution Time: 01/07/2026 06:21:58 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
CASH & EQUIVALENTS
CCYUSD Receivable
35,215.60
18,584.02
0.00 0.00
35,215.60
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 Total Cash & Equivalents 35,215.60
18,584.02
0.00 0.00
35,215.60
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00 0.00
LAIF
90LAIF$00 Local Agency Investment
Fund State Pool 7,787,293.53
3,487,293.53
4,300,000.00
0.00 7,787,293.53
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 Total LAIF 7,787,293.53
3,487,293.53
4,300,000.00
0.00 7,787,293.53
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00 0.00
TOTAL PORTFOLIO 7,822,509.13
3,505,877.55
4,300,000.00
0.00 7,822,509.13
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00 0.00
ATTACHMENT A Page 8 of 202
City of Brea LAIF | Account #10164 | As of December 31, 2025 Execution Time: 01/07/2026 06:21:58 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount JANUARY 2026
01/15/2026 Dividend 90LAIF$00 7,787,293.53 Local Agency Investment Fund State Pool 35,215.60 35,215.60 January 2026 Total 35,215.60 35,215.60
Grand Total 7,787,293.53 35,215.60 35,215.60
ATTACHMENT A Page 9 of 202
City of Brea LAIF | Account #10164 | As of December 31, 2025 Execution Time: 01/07/2026 06:21:58 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
IMPORTANT DISCLOSURES
Chandler Asset Management, Inc. (“Chandler”) is an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV).
To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com.
Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice.
Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.
Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance: Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE INDICES AND RELATED DATA ON AN “AS IS” BASIS; ICE, ITS AFFILIATES AND
THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM.
NEITHER ICE DATA, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY PROVIDERS GUARANTEE THE QUALITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND LICENSEE’S USE IS AT LICENSEE’S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Ratings: Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest.
ATTACHMENT A Page 10 of 202
MONTHLY ACCOUNT STATEMENT
City of Brea | Account #120 | As of December 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:
Bank of New York Mellon
ATTACHMENT A Page 11 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Performance Review
Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (05/01/96)
City of Brea 0.24% 1.16% 6.18% 6.18% 5.01% 4.93% 1.68% 2.13% 3.49% Benchmark Return 0.19% 1.11% 5.73% 5.73% 4.57% 4.48% 1.34% 1.83% 3.17% Average Modified Duration 2.53
Average Coupon 3.69%
Average Purchase YTM 3.93%
Average Market YTM 3.76%
Average Credit Quality* AA
Average Final Maturity 3.00
Average Life 2.77
End Values as of
11/30/2025
End Values as of
12/31/2025
Market Value 96,845,517.17 90,444,688.47
Accrued Interest 698,362.59 607,073.14
Total Market Value 97,543,879.77 91,051,761.60
Income Earned 213,071.42 385,539.22
Cont/WD 0.00 (6,700,000.00)
Par 96,442,231.90 90,194,722.97
Book Value 95,887,317.33 89,653,687.58
Cost Value 95,574,857.05 89,350,484.06
United States 43.22%
FHLMC 12.59%
International Bank for Recon and Dev 2.24%
Inter-American Development Bank 2.10%
American Express Credit Master Trust 1.69%
Toyota Motor Corporation 1.66%
Farm Credit System 1.39%
Honda Auto Receivables Owner Trust 1.31%
**Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index *The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
ATTACHMENT A Page 12 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date
(07/01/2025)
Beginning Book Value 95,887,317.33 96,304,754.95
Maturities/Calls 0.00 (1,550,000.00)
Principal Paydowns (77,386.34) (276,536.96)
Purchases 10,220,551.22 25,522,259.16
Sales (15,031,571.71) (30,622,789.17)
Change in Cash, Payables, Receivables (1,438,207.11) 4,538.33 Amortization/Accretion 15,235.51 99,136.90
Realized Gain (Loss) 77,748.68 168,962.57
Ending Book Value 89,653,687.58 89,653,687.58
Month to Date Fiscal Year to Date
(07/01/2025)
Beginning Market Value 96,845,517.17 96,723,691.95
Maturities/Calls 0.00 (1,550,000.00)
Principal Paydowns (77,386.34) (276,536.96)
Purchases 10,220,551.22 25,522,259.16
Sales (15,031,571.71) (30,622,789.17)
Change in Cash, Payables, Receivables (1,438,207.11) 4,538.33 Amortization/Accretion 15,235.51 99,136.90
Change in Net Unrealized Gain (Loss) (167,198.95) 372,063.89 Realized Gain (Loss) 77,748.68 168,962.57
Ending Market Value 90,444,688.47 90,444,688.47
Maturities / Calls
Month to Date 0.00
Fiscal Year to Date (1,550,000.00)
Principal Paydowns
Month to Date (77,386.34)
Fiscal Year to Date (276,536.96)
Purchases
Month to Date 10,220,551.22
Fiscal Year to Date 25,522,259.16
Sales
Month to Date (15,031,571.71)
Fiscal Year to Date (30,622,789.17)
Interest Received
Month to Date 384,742.88
Fiscal Year to Date 1,650,807.49
Purchased / Sold Interest
Month to Date 76,850.29
Fiscal Year to Date 122,125.54
ATTACHMENT A Page 13 of 202
CONFIDENTIAL | 4
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
47800BAC2 JDOT 2022-C A3 5.09
06/15/2027 118,883.27 10/12/20223.29%
118,874.05
118,880.68
100.24
4.16%
119,172.75
268.94
0.13%
292.07
Aaa/NA
AAA
1.45 0.24
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 301,473.95 05/07/20245.85%
301,456.43
301,465.42
100.42
4.24%
302,728.38
496.51
0.33%
1,262.96
NA/AAA
AAA
1.55 0.34
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 240,000.00 05/17/20245.73%
239,971.92
239,984.29
100.97
4.03%
242,332.08
567.47
0.27%
2,347.79
Aaa/NA
AAA
2.05 0.72
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 440,000.00 05/20/20254.84%
439,992.70
439,994.16
100.90
3.87%
443,948.56
615.76
0.49%
3,954.40
NA/AAA
AAA
2.39 1.18
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 965,000.00 09/07/2023
5.23%
964,732.50
964,855.34
100.94
3.83%
974,081.62
2,213.07
1.08%
9,226.27
NA/AAA
AAA
2.71 0.68
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 300,802.84 05/14/20245.27%
300,766.29
300,779.41
101.21
3.84%
304,441.05
572.44
0.34%
3,661.64
NA/AAA
AAA
2.89 0.81
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 404,101.42 06/04/20245.18%
404,040.04
404,060.33
100.91
3.98%
407,789.66
348.87
0.45%
3,729.32
Aaa/AAA
NA
3.16 0.73
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 465,000.00 06/11/2024
5.81%
464,909.09
464,938.60
101.43
4.01%
471,627.65
1,074.67
0.52%
6,689.04
Aaa/NA
AAA
3.20 1.14
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 575,000.00 08/09/20244.66%
574,909.67
574,936.56
100.76
3.84%
579,370.00
729.93
0.64%
4,433.44
Aaa/NA
AAA
3.22 0.97
02582JKH2 AMXCA 2024-1 A 5.23
04/16/2029 720,000.00 04/16/20245.30%
719,852.40
719,902.55
101.89
3.75%
733,610.16
1,673.60
0.81%
13,707.61
NA/AAA
AAA
3.29 1.22
05522RDJ4 BACCT 2024-1 A 4.93
05/15/2029 460,000.00 06/06/20244.93%
459,974.19
459,982.40
101.57
3.78%
467,206.36
1,007.91
0.52%
7,223.96
Aaa/AAA
NA
3.37 1.30
89240JAD3 TAOT 2025-A A3 4.64
08/15/2029 565,000.00 01/22/20254.69%
564,977.34
564,981.94
101.07
3.95%
571,047.76
1,165.16
0.63%
6,065.82
Aaa/NA
AAA
3.62 1.46
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 460,000.00 03/04/2025
5.09%
459,971.07
459,976.26
100.75
3.85%
463,431.60
864.80
0.51%
3,455.34
Aaa/NA
AAA
3.71 1.77
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029 515,000.00 10/17/20244.29%
514,923.47
514,941.75
100.97
3.76%
519,988.81
981.93
0.57%
5,047.06
Aaa/AAA
NA
3.79 1.69
44935CAD3 HART 2025-A A3 4.32
10/15/2029 575,000.00 03/04/20254.84%
574,915.19
574,930.10
100.74
3.90%
579,257.88
1,104.00
0.64%
4,327.77
NA/AAA
AAA
3.79 1.61
437921AD1 HAROT 252 A3 4.15 10/15/2029 300,000.00 04/29/2025
4.15%
299,966.49
299,971.41
100.61
3.84%
301,835.10
553.33
0.33%
1,863.69
Aaa/NA
AAA
3.79 1.77
362955AD8 GMCAR 2025-1 A3 4.62
12/17/2029 375,000.00 01/09/20255.03%
374,972.14
374,977.58
101.03
3.89%
378,851.25
721.88
0.42%
3,873.67
Aaa/NA
AAA
3.96 1.32
ATTACHMENT A Page 14 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
58773DAD6 MBART 2025-1 A3 4.78
12/17/2029 545,000.00 01/14/20254.84%
544,884.08
544,906.31
101.45
3.85%
552,887.79
1,157.82
0.61%
7,981.48
Aaa/NA
AAA
3.96 1.47
02582JKP4 AMXCA 2025-2 A 4.28
04/15/2030 790,000.00 05/06/20254.28%
789,985.70
789,987.55
101.14
3.79%
799,017.06
1,502.76
0.88%
9,029.51
NA/AAA
AAA
4.29 2.14
Total ABS 9,115,261.48 4.94%
9,114,074.76
9,114,452.63
101.07
3.87%
9,212,625.49
17,620.84
10.19%
98,172.86
3.32 1.26
AGENCY
3133EPGW9
FEDERAL FARM CREDIT
BANKS FUNDING CORP 3.875
04/25/2028
1,250,000.00 05/05/2023
3.55%
1,268,125.00
1,258,443.01
100.80
3.51%
1,260,025.00
8,880.21
1.39%
1,581.99
Aa1/AA+
AA+
2.32 2.18
Total Agency 1,250,000.00 3.55%
1,268,125.00
1,258,443.01
100.80
3.51%
1,260,025.00
8,880.21
1.39%
1,581.99
2.32 2.18
AGENCY CMBS
3137BQYS0 FHMS K-056 A2 2.525
05/25/2026 479,330.21 01/31/20221.67%
493,785.01
480,450.74
99.38 3.89%
476,356.93
1,008.59
0.53%
(4,093.81)
Aa1/AA+
AAA
0.40 0.33
3137BXQY1 FHMS K-064 A2 3.224
03/25/2027 1,000,000.00 05/06/20223.23%
997,929.69
999,499.82
99.31 3.71%
993,088.00
2,686.67
1.10%
(6,411.82)
Aa1/AAA
AA+
1.23 1.03
3137FCLD4 FHMS K-071 A2 3.286
11/25/2027 2,000,000.00 04/11/20234.08%
1,932,500.00
1,972,829.42
99.00 3.75%
1,979,942.00
5,476.67
2.19%
7,112.58
Aa1/AA+
AAA
1.90 1.77
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 1,500,000.00 03/27/2023
4.14%
1,452,187.50
1,479,917.65
99.07 3.75%
1,486,114.50
4,187.50
1.64%
6,196.85
Aa1/AA+
AAA
2.07 1.86
3137FEZU7 FHMS K-076 A2 3.9 04/25/2028 1,200,000.00 04/20/2023
4.12%
1,187,062.50
1,194,108.88
100.11
3.76%
1,201,285.20
3,900.00
1.33%
7,176.32
Aa1/AA+
AAA
2.32 2.09
3137FGR31 FHMS K-078 A2 3.854
06/25/2028 1,300,000.00 09/18/20235.02%
1,240,890.63
1,269,600.90
100.01
3.76%
1,300,124.80
4,175.17
1.44%
30,523.90
Aa1/AA+
AAA
2.48 2.20
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 600,000.00 11/28/2023
4.74%
578,718.75
588,059.94
100.21
3.76%
601,239.00
1,960.00
0.66%
13,179.06
Aa1/AA+
AAA
2.74 2.48
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 1,500,000.00 03/25/2024
4.61%
1,350,820.31
1,406,033.94
95.51 3.84%
1,432,672.50
2,825.00
1.58%
26,638.56
Aa1/AA+
AAA
3.07 2.83
3137FLMV3 FHMS K-090 A2 3.422
02/25/2029 1,000,000.00 07/29/20244.46%
957,070.31
970,624.31
98.66 3.83%
986,625.00
2,851.67
1.09%
16,000.69
Aa1/AAA
AA+
3.15 2.88
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030 1,000,000.00 06/06/20254.37%
905,039.06
916,673.91
92.97 3.95%
929,722.00
1,724.17
1.03%
13,048.09
Aa1/AA+
AAA
4.07 3.79
ATTACHMENT A Page 15 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Agency CMBS 11,579,330.21 4.18%
11,096,003.76
11,277,799.52
98.39 3.79%
11,387,169.93
30,795.42
12.59%
109,370.41
2.39 2.17
CASH
CCYUSD Receivable 5,272.30 -- 5,272.30
5,272.30
1.00 5,272.30
0.00 0.01%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 5,272.30
5,272.30
5,272.30
1.00 5,272.30
0.00 0.01%
0.00 0.00
0.00 CORPORATE
023135BX3 AMAZON.COM INC 1.0
05/12/2026 655,000.00 05/10/20211.09%
652,170.40
654,797.00
99.02 3.74%
648,594.76
891.53
0.72%
(6,202.25)
A1/AA
AA0.360.36
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 995,000.00 06/15/20211.13%
994,562.20
994,959.72
98.79 3.80%
982,919.71
404.22
1.09%
(12,040.02)
A1/A+
A+
0.46 0.45
06368FAC3 BANK OF MONTREAL 1.25
09/15/2026 500,000.00 09/13/20211.27%
499,395.00
499,914.85
98.18 3.89%
490,913.50
1,840.28
0.54%
(9,001.35)
A2/AAA0.71
0.69 26442CAS3 DUKE ENERGY CAROLINAS LLC
2.95 12/01/2026 850,000.00 01/13/20221.82%
892,644.50
856,142.63
99.27 3.77%
843,804.35
2,089.58
0.93%
(12,338.28)
Aa3/A
NA
0.92 0.89
87612EBM7 TARGET CORP 1.95 01/15/2027 535,000.00 01/19/2022
1.99%
534,090.50
534,810.29
98.20 3.73%
525,379.63
4,810.54
0.58%
(9,430.66)
A2/A
A
1.04 1.00
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 750,000.00 03/09/20222.73%
740,115.00
747,683.71
98.42 3.84%
738,167.25
6,022.92
0.82%
(9,516.46)
A2/AA1.17
1.13 084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,080,000.00 03/07/20222.30%
1,079,794.80
1,079,950.78
98.42 3.65%
1,062,987.84
7,314.00
1.18%
(16,962.94)
Aa2/AA
A+
1.20 1.16
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,000,000.00 12/12/20235.16%
979,800.60
988,070.52
101.93
4.00%
1,019,267.00
2,088.89
1.13%
31,196.48
A3/ANA2.96
2.66 46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 1,000,000.00 01/19/20245.14%
941,600.00
969,940.59
99.05 4.28%
990,511.00
15,400.61
1.10%
20,570.41
A1/A
AA3.061.93
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 490,000.00 02/21/2024
4.86%
489,828.50
489,891.86
102.64
3.95%
502,941.88
8,251.74
0.56%
13,050.02
A1/AANA3.16
2.79 14913UAJ9 CATERPILLAR FINANCIAL
SERVICES CORP 4.85 02/27/2029 1,000,000.00 03/18/20244.84% 1,000,490.00
1,000,313.00
102.75
3.91%
1,027,510.00
16,705.56
1.14%
27,197.00
A2/A
A+
3.16 2.86
89236TMF9 TOYOTA MOTOR CREDIT CORP
5.05 05/16/2029 500,000.00 05/21/20245.00%
501,040.00
500,703.82
103.15
4.04%
515,752.50
3,156.25
0.57%
15,048.68
A1/A+
A+
3.37 3.07
341081GT8 FLORIDA POWER & LIGHT CO
5.15 06/15/2029 1,000,000.00 06/13/20244.82%
1,013,864.64
1,009,437.08
103.84
3.95%
1,038,359.00
2,288.89
1.15%
28,921.92
Aa2/A+
AA3.453.00
ATTACHMENT A Page 16 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
437076DC3 HOME DEPOT INC 4.75
06/25/2029 950,000.00 06/17/20244.88%
944,586.45
946,231.86
102.52
3.97%
973,981.80
752.08
1.08%
27,749.94
A2/A
A
3.48 3.12
713448FX1 PEPSICO INC 4.5 07/17/2029 830,000.00 07/15/2024
4.53%
828,713.50
829,089.02
101.96
3.90%
846,248.08
17,015.00
0.94%
17,159.06
A1/A+
NA
3.54 3.12
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 505,000.00 08/12/20244.52%
507,853.00
507,051.93
102.21
3.99%
516,155.96
8,871.17
0.57%
9,104.02
A2/A
A
3.62 3.19
69371RT48 PACCAR FINANCIAL CORP 4.0
09/26/2029 600,000.00 --4.02%
599,541.65
599,657.62
100.13
3.96%
600,785.40
6,333.33
0.66%
1,127.78
A1/A+
NA
3.74 3.40
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 695,000.00 10/17/2025
4.25%
695,087.10
695,081.44
99.97 4.27%
694,776.21
5,505.50
0.77%
(305.23)
A1/AA+3.80
2.59 38141GD27 GOLDMAN SACHS GROUP INC
4.153 10/21/2029 735,000.00 --4.29%
735,090.00
735,084.09
99.98 4.27%
734,835.36
5,935.33
0.81%
(248.73)
A2/BBB+
A
3.80 2.60
63743HFX5
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP
4.95 02/07/2030
1,000,000.00 --
4.88%
1,002,776.40
1,002,511.06
102.92
4.17%
1,029,175.00
19,800.00
1.14%
26,663.94
A2/NA
A
4.10 3.55
00287YDZ9 ABBVIE INC 4.875 03/15/2030 1,000,000.00 --
4.64%
1,009,826.00
1,008,591.95
103.03
4.08%
1,030,326.00
14,354.17
1.14%
21,734.05
A3/ANA4.20
3.66 571748CA8
MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030
1,000,000.00 --
4.59%
1,002,366.00
1,002,077.71
102.00
4.12%
1,020,047.00
13,691.67
1.13%
17,969.29
A3/AA4.20
3.67 743315AW3 PROGRESSIVE CORP 3.2
03/26/2030 1,000,000.00 11/14/2025
4.16%
962,050.00
963,124.06
96.72 4.05%
967,248.00
8,444.44
1.07%
4,123.94
A2/A
A
4.23 3.88
857477DB6 STATE STREET CORP 4.834
04/24/2030 1,000,000.00 --4.64%
1,008,346.00
1,007,356.82
102.95
4.08%
1,029,531.00
8,996.61
1.14%
22,174.18
Aa3/A
AA4.313.77
828807DK0 SIMON PROPERTY GROUP LP
2.65 07/15/2030 1,000,000.00 08/19/2025
4.32%
926,690.00
932,178.01
93.64 4.21%
936,370.00
12,219.44
1.04%
4,191.99
A3/A
NA
4.54 4.15
24422EYF0 JOHN DEERE CAPITAL CORP
4.375 10/15/2030 1,000,000.00 11/04/20254.21%
1,007,320.00
1,007,088.84
101.05
4.13%
1,010,534.00
9,236.11
1.12%
3,445.16
A1/A
A+
4.79 4.25
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 750,000.00 11/12/20254.11%
753,000.00
752,924.71
100.21
4.15%
751,584.75
5,075.00
0.83%
(1,339.96)
Aa3/AANA
4.87 4.27
717081FD0 PFIZER INC 4.2 11/15/2030 900,000.00 12/16/2025
4.10%
903,906.00
903,872.77
100.46
4.09%
904,168.80
4,200.00
1.00%
296.03
A2/A
NA
4.87 4.28
665859AY0 NORTHERN TRUST CORP 4.15
11/19/2030 850,000.00 11/12/20254.16%
849,583.50
849,593.31
100.11
4.12%
850,920.55
4,115.42
0.94%
1,327.24
A2/A+
A+
4.88 4.36
Total Corporate 24,170,000.00 3.96%
24,056,131.74
24,068,131.05
100.53
4.01%
24,283,796.32
215,810.27
26.85%
215,665.27
3.27 2.84
ATTACHMENT A Page 17 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
MONEY MARKET
FUND
316175884 FIDELITY IMM:TRS III 294,858.97 --
3.40%
294,858.97
294,858.97
1.00 3.40%
294,858.97
0.00 0.33%
0.00 Aaa/
AAAm
AAA
0.00 0.00
Total Money
Market Fund 294,858.97 3.40%
294,858.97
294,858.97
1.00 3.40%
294,858.97
0.00 0.33%
0.00 0.00
0.00 MUNICIPAL
BONDS
13063EGT7 CALIFORNIA STATE 4.5
08/01/2029 965,000.00 10/30/20244.38%
970,085.55
968,845.03
102.47
3.76%
988,835.50
18,093.75
1.09%
19,990.47
Aa2/AAAA3.58
3.23 Total Municipal
Bonds 965,000.00 4.38%
970,085.55
968,845.03
102.47
3.76%
988,835.50
18,093.75
1.09%
19,990.47
3.58 3.23
SUPRANATIONAL
4581X0DV7
INTER-AMERICAN
DEVELOPMENT BANK 0.875
04/20/2026
1,915,000.00 04/13/2021
0.97%
1,906,229.30
1,914,476.45
99.14 3.77%
1,898,511.85
3,304.70
2.10%
(15,964.60)
Aaa/AAA
NA
0.30 0.30
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
1,000,000.00 12/12/2024
4.25%
983,720.00
987,255.93
100.70
3.68%
1,006,998.00
8,070.00
1.11%
19,742.07
Aaa/AAA
NA
3.79 3.47
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
1,000,000.00 03/14/2025
4.20%
996,600.00
997,134.39
101.49
3.74%
1,014,881.00
11,572.92
1.12%
17,746.61
Aaa/AAA
NA
4.22 3.80
Total
Supranational 3,915,000.00 2.65%
3,886,549.30
3,898,866.77
100.15
3.74%
3,920,390.85
22,947.62
4.33%
21,524.08
2.21 2.02
US TREASURY
91282CCW9 UNITED STATES TREASURY 0.75
08/31/2026 480,000.00 09/17/20210.86%
477,393.75
479,650.77
98.17 3.59%
471,218.40
1,223.20
0.52%
(8,432.37)
Aa1/AA+
AA+
0.67 0.64
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 2,820,000.00 --
1.08%
2,791,946.88
2,815,786.67
98.03 3.59%
2,764,355.76
6,304.33
3.06%
(51,430.91)
Aa1/AA+
AA+
0.75 0.73
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 2,250,000.00 --
3.12%
2,263,417.97
2,254,042.87
99.66 3.49%
2,242,266.75
202.00
2.48%
(11,776.12)
Aa1/AA+
AA+
1.50 1.45
ATTACHMENT A Page 18 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 600,000.00 08/22/20223.12%
589,828.13
596,750.42
98.87 3.49%
593,226.60
6,904.89
0.66%
(3,523.82)
Aa1/AA+
AA+
1.58 1.51
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 700,000.00 03/14/20233.91%
698,878.91
699,533.26
100.75
3.48%
705,222.70
74.93 0.78%
5,689.45
Aa1/AA+
AA+
2.00 1.91
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 2,500,000.00 02/16/20234.05%
2,438,378.91
2,474,111.65
100.02
3.49%
2,500,487.50
36,616.85
2.76%
26,375.85
Aa1/AA+
AA+
2.08 1.96
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 2,500,000.00 --4.07%
2,491,714.85
2,496,443.50
101.04
3.49%
2,526,075.00
33,977.90
2.79%
29,631.50
Aa1/AA+
AA+
2.16 2.03
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 2,425,000.00 --
4.03%
2,381,062.51
2,403,464.29
100.26
3.51%
2,431,346.23
7,728.02
2.69%
27,881.94
Aa1/AA+
AA+
2.42 2.28
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 400,000.00 09/25/20234.62%
395,781.25
397,720.80
102.11
3.53%
408,453.20
5,946.13
0.45%
10,732.40
Aa1/AA+
AA+
2.67 2.46
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 600,000.00 10/27/20234.79%
602,273.44
601,286.67
103.54
3.54%
621,258.00
5,009.67
0.69%
19,971.33
Aa1/AA+
AA+
2.84 2.61
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 625,000.00 12/28/20233.83%
640,234.38
634,015.23
102.27
3.55%
639,184.38
2,403.85
0.71%
5,169.15
Aa1/AA+
AA+
2.92 2.71
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 2,100,000.00 --3.98%
2,078,330.08
2,086,939.35
100.57
3.55%
2,111,894.40
217.54
2.34%
24,955.05
Aa1/AA+
AA+
3.00 2.81
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 1,500,000.00 02/16/20244.31%
1,479,375.00
1,487,140.78
101.27
3.56%
1,519,101.00
25,108.70
1.68%
31,960.22
Aa1/AA+
AA+
3.08 2.83
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 --4.47%
2,264,699.22
2,276,887.64
101.66
3.58%
2,338,094.90
24,240.04
2.59%
61,207.26
Aa1/AA+
AA+
3.25 2.99
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,150,000.00 --4.47%
2,164,254.89
2,159,535.69
103.23
3.58%
2,219,455.75
17,030.73
2.45%
59,920.06
Aa1/AA+
AA+
3.33 3.05
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 1,000,000.00 07/18/20244.09%
1,007,070.31
1,004,992.65
102.11
3.60%
1,021,133.00
117.40
1.13%
16,140.35
Aa1/AA+
AA+
3.50 3.23
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 2,000,000.00 09/11/20243.45%
2,015,703.13
2,011,588.96
99.98 3.63%
1,999,688.00
24,633.98
2.21%
(11,900.96)
Aa1/AA+
AA+
3.67 3.36
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 1,000,000.00 10/04/20243.76%
988,125.00
991,069.27
99.54 3.63%
995,352.00
8,942.31
1.10%
4,282.73
Aa1/AA+
AA+
3.75 3.45
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 1,500,000.00 12/16/20244.25%
1,491,386.72
1,493,196.03
101.73
3.65%
1,525,899.00
5,439.56
1.69%
32,702.97
Aa1/AA+
AA+
3.91 3.58
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 1,000,000.00 02/13/20254.41%
992,968.75
994,214.35
102.22
3.66%
1,022,227.00
17,785.33
1.13%
28,012.65
Aa1/AA+
AA+
4.08 3.66
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 1,000,000.00 04/10/2025
4.00%
1,000,000.00
1,000,000.00
101.27
3.67%
1,012,734.00
13,591.16
1.12%
12,734.00
Aa1/AA+
AA+
4.16 3.75
ATTACHMENT A Page 19 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 1,500,000.00 --3.76%
1,491,250.00
1,492,297.31
99.81 3.67%
1,497,187.50
13,892.51
1.66%
4,890.19
Aa1/AA+
AA+
4.25 3.86
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 1,200,000.00 07/09/20253.95%
1,195,875.00
1,196,272.51
100.75
3.69%
1,209,046.80
128.45
1.34%
12,774.29
Aa1/AA+
AA+
4.50 4.09
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 2,250,000.00 --3.70%
2,242,382.81
2,242,836.57
99.64 3.71%
2,242,001.25
27,713.23
2.48%
(835.32)
Aa1/AA+
AA+
4.67 4.20
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 2,500,000.00 12/16/20253.70%
2,477,050.78
2,477,241.07
98.99 3.73%
2,474,805.00
7,692.31
2.74%
(2,436.07)
Aa1/AA+
AA+
4.91 4.45
Total US Treasury 38,900,000.00 3.73%
38,659,382.67
38,767,018.30
100.51
3.59%
39,091,714.11
292,925.02
43.22%
324,695.81
3.04 2.80
Total Portfolio 90,194,722.97 3.93%
89,350,484.06
89,653,687.58
99.98 3.76%
90,444,688.47
607,073.14
100.00%
791,000.89
3.00 2.53
Total Market Value
+ Accrued 91,051,761.60
ATTACHMENT A Page 20 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/01/2025 316175884 103,631.26 FIDELITY IMM:TRS III 1.000 3.60% (103,631.26) 0.00 (103,631.26) 0.00 Purchase 12/01/2025 316175884 1,350,000.00 FIDELITY IMM:TRS III 1.000 3.60% (1,350,000.00) 0.00 (1,350,000.00) 0.00 Purchase 12/02/2025 316175884 2,385.69 FIDELITY IMM:TRS III 1.000 3.60% (2,385.69) 0.00 (2,385.69) 0.00 Purchase 12/03/2025 316175884 5,027,465.22 FIDELITY IMM:TRS III 1.000 3.55% (5,027,465.22) 0.00 (5,027,465.22) 0.00 Purchase 12/15/2025 316175884 75,807.18 FIDELITY IMM:TRS III 1.000 3.43% (75,807.18) 0.00 (75,807.18) 0.00 Purchase 12/15/2025 316175884 12,541.72 FIDELITY IMM:TRS III 1.000 3.43% (12,541.72) 0.00 (12,541.72) 0.00 Purchase 12/16/2025 316175884 1,443.75 FIDELITY IMM:TRS III 1.000 3.45% (1,443.75) 0.00 (1,443.75) 0.00 Purchase 12/17/2025 717081FD0 900,000.00 PFIZER INC 4.2 11/15/2030 100.434 4.10% (903,906.00) (2,730.00) (906,636.00) 0.00 Purchase 12/17/2025 91282CPN5 2,500,000.00 UNITED STATES TREASURY
3.5 11/30/2030 99.082 3.70% (2,477,050.78) (4,086.54) (2,481,137.32) 0.00 Purchase 12/18/2025 316175884 9,197.16 FIDELITY IMM:TRS III 1.000 3.41% (9,197.16) 0.00 (9,197.16) 0.00 Purchase 12/18/2025 316175884 6,958.30 FIDELITY IMM:TRS III 1.000 3.41% (6,958.30) 0.00 (6,958.30) 0.00 Purchase 12/22/2025 316175884 25,557.05 FIDELITY IMM:TRS III 1.000 3.39% (25,557.05) 0.00 (25,557.05) 0.00 Purchase 12/22/2025 316175884 5,338.03 FIDELITY IMM:TRS III 1.000 3.39% (5,338.03) 0.00 (5,338.03) 0.00 Purchase 12/26/2025 316175884 30,090.41 FIDELITY IMM:TRS III 1.000 3.39% (30,090.41) 0.00 (30,090.41) 0.00 Purchase 12/26/2025 316175884 55,178.67 FIDELITY IMM:TRS III 1.000 3.39% (55,178.67) 0.00 (55,178.67) 0.00 Purchase 12/31/2025 316175884 134,000.00 FIDELITY IMM:TRS III 1.000 3.40% (134,000.00) 0.00 (134,000.00) 0.00 Total Purchase 10,239,594.44 (10,220,551.22) (6,816.54) (10,227,367.76) 0.00 TOTAL
ACQUISITIONS 10,239,594.44 (10,220,551.22) (6,816.54) (10,227,367.76) 0.00
DISPOSITIONS
Sale 12/03/2025 24422EXT1 (500,000.00) JOHN DEERE CAPITAL CORP 4.85 06/11/2029 102.815 5.04% 514,075.00 (11,586.11) 525,661.11 16,969.56 Sale 12/03/2025 02665WFY2 (500,000.00)
AMERICAN HONDA
FINANCE CORP 4.8
03/05/2030
102.021 4.82% 510,105.00 (5,866.67) 515,971.67 10,479.22 Sale 12/03/2025 3130AWTR1 (2,000,000.00) FEDERAL HOME LOAN BANKS 4.375 09/08/2028 102.109 4.43% 2,042,180.00 (20,659.72) 2,062,839.72 45,181.21 ATTACHMENT A Page 21 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 12/03/2025 30303M8S4 (532,000.00) META PLATFORMS INC
4.3 08/15/2029 101.281 4.33% 538,814.92 (6,862.80) 545,677.72 7,426.03 Sale 12/03/2025 69371RT48 (500,000.00) PACCAR FINANCIAL CORP
4.0 09/26/2029 100.192 4.02% 500,960.00 (3,722.22) 504,682.22 1,251.38 Sale 12/03/2025 3133EPME2 (850,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
3.875 06/08/2028
100.779 3.96% 856,621.50 (16,011.28) 872,632.78 8,312.79 Sale 12/09/2025 316175884 (6,700,000.00) FIDELITY IMM:TRS III 1.000 3.51% 6,700,000.00 0.00 6,700,000.00 0.00 Sale 12/17/2025 91282CFH9 (1,950,000.00) UNITED STATES TREASURY
3.125 08/31/2027 99.395 3.41% 1,938,193.36 (18,180.25) 1,956,373.61 (3,259.83) Sale 12/17/2025 316175884 (639,509.93) FIDELITY IMM:TRS III 1.000 3.40% 639,509.93 0.00 639,509.93 0.00 Sale 12/17/2025 023135BX3 (800,000.00) AMAZON.COM INC 1.0 05/12/2026 98.889 1.09% 791,112.00 (777.78) 791,889.78 (8,611.67) Total Sale (14,971,509.93) 15,031,571.71 (83,666.83) 15,115,238.54 77,748.68 TOTAL
DISPOSITIONS (14,971,509.93) 15,031,571.71 (83,666.83) 15,115,238.54 77,748.68 OTHER
TRANSACTIONS
Cash Transfer 12/09/2025 CCYUSD (6,700,000.00) Cash 0.00% (6,700,000.00) 0.00 (6,700,000.00) 0.00 Total Cash
Transfer (6,700,000.00) (6,700,000.00) 0.00 (6,700,000.00) 0.00 Coupon 12/01/2025 3137FGR31 0.00 FHMS K-078 A2 3.854
06/25/2028 5.02% 4,175.17 0.00 4,175.17 0.00
Coupon 12/01/2025 3137FJKE8 0.00 FHMS K-082 A2 3.92
09/25/2028 4.74% 1,960.00 0.00 1,960.00 0.00
Coupon 12/01/2025 3137H5YC5 0.00 FHMS K-748 A2 2.26
01/25/2029 4.61% 2,825.00 0.00 2,825.00 0.00
Coupon 12/01/2025 3137FLMV3 0.00 FHMS K-090 A2 3.422
02/25/2029 4.46% 2,851.67 0.00 2,851.67 0.00
Coupon 12/01/2025 3137FRUT6 0.00 FHMS K-106 A2 2.069
01/25/2030 4.37% 1,724.17 0.00 1,724.17 0.00
ATTACHMENT A Page 22 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 12/01/2025 3137FETN0 0.00 FHMS K-073 A2 3.35
01/25/2028 4.14% 4,187.50 0.00 4,187.50 0.00
Coupon 12/01/2025 3137FEZU7 0.00 FHMS K-076 A2 3.9
04/25/2028 4.12% 3,900.00 0.00 3,900.00 0.00
Coupon 12/01/2025 3137FCLD4 0.00 FHMS K-071 A2 3.286
11/25/2027 4.08% 5,476.67 0.00 5,476.67 0.00
Coupon 12/01/2025 3137BXQY1 0.00 FHMS K-064 A2 3.224
03/25/2027 3.23% 2,686.67 0.00 2,686.67 0.00
Coupon 12/01/2025 26442CAS3 0.00
DUKE ENERGY
CAROLINAS LLC 2.95
12/01/2026
1.82% 12,537.50 0.00 12,537.50 0.00
Coupon 12/01/2025 3137BQYS0 0.00 FHMS K-056 A2 2.525
05/25/2026 1.67% 1,059.49 0.00 1,059.49 0.00
Coupon 12/15/2025 47786WAD2 0.00 JDOT 2024-B A3 5.2
03/15/2029 5.81% 2,015.00 0.00 2,015.00 0.00
Coupon 12/15/2025 58770JAD6 0.00 MBALT 2024-A A3 5.32
01/18/2028 5.73% 1,064.00 0.00 1,064.00 0.00
Coupon 12/15/2025 02582JKH2 0.00 AMXCA 2024-1 A 5.23
04/16/2029 5.30% 3,138.00 0.00 3,138.00 0.00
Coupon 12/15/2025 161571HT4 0.00 CHAIT 2023-1 A 5.16
09/15/2028 5.23% 4,149.50 0.00 4,149.50 0.00
Coupon 12/15/2025 756109BS2 0.00 REALTY INCOME CORP 4.7 12/15/2028 5.16% 23,500.00 0.00 23,500.00 0.00
Coupon 12/15/2025 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 5.09% 1,621.50 0.00 1,621.50 0.00
Coupon 12/15/2025 05522RDJ4 0.00 BACCT 2024-1 A 4.93
05/15/2029 4.93% 1,889.83 0.00 1,889.83 0.00
Coupon 12/15/2025 44935CAD3 0.00 HART 2025-A A3 4.32
10/15/2029 4.84% 2,070.00 0.00 2,070.00 0.00
Coupon 12/15/2025 58773DAD6 0.00 MBART 2025-1 A3 4.78
12/17/2029 4.84% 2,170.92 0.00 2,170.92 0.00
Coupon 12/15/2025 341081GT8 0.00 FLORIDA POWER & LIGHT
CO 5.15 06/15/2029 4.82% 25,750.00 0.00 25,750.00 0.00
ATTACHMENT A Page 23 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 12/15/2025 89240JAD3 0.00 TAOT 2025-A A3 4.64
08/15/2029 4.69% 2,184.67 0.00 2,184.67 0.00
Coupon 12/15/2025 92970QAE5 0.00 WFCIT 2024-2 A 4.29
10/15/2029 4.29% 1,841.13 0.00 1,841.13 0.00
Coupon 12/15/2025 02582JKP4 0.00 AMXCA 2025-2 A 4.28
04/15/2030 4.28% 2,817.67 0.00 2,817.67 0.00
Coupon 12/15/2025 437921AD1 0.00 HAROT 252 A3 4.15
10/15/2029 4.15% 1,037.50 0.00 1,037.50 0.00
Coupon 12/15/2025 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027 3.29% 557.46 0.00 557.46 0.00
Coupon 12/16/2025 362955AD8 0.00 GMCAR 2025-1 A3 4.62
12/17/2029 5.03% 1,443.75 0.00 1,443.75 0.00
Coupon 12/18/2025 437930AC4 0.00 HAROT 2024-2 A3 5.27
11/20/2028 5.27% 1,361.42 0.00 1,361.42 0.00
Coupon 12/18/2025 89236TJK2 0.00 TOYOTA MOTOR CREDIT
CORP 1.125 06/18/2026 1.13% 5,596.88 0.00 5,596.88 0.00 Coupon 12/20/2025 36269WAD1 0.00 GMALT 2024-2 A3 5.39
07/20/2027 5.85% 1,468.91 0.00 1,468.91 0.00
Coupon 12/20/2025 362962AD4 0.00 GMALT 2025-2 A3 4.58
05/22/2028 4.84% 1,679.33 0.00 1,679.33 0.00
Coupon 12/21/2025 43813YAC6 0.00 HAROT 2024-3 A3 4.57
03/21/2029 4.66% 2,189.79 0.00 2,189.79 0.00
Coupon 12/25/2025 096919AD7 0.00 BMWOT 2024-A A3 5.18
02/26/2029 5.18% 1,769.83 0.00 1,769.83 0.00
Coupon 12/25/2025 437076DC3 0.00 HOME DEPOT INC 4.75
06/25/2029 4.88% 22,562.50 0.00 22,562.50 0.00
Coupon 12/31/2025 91282CKX8 0.00 UNITED STATES TREASURY
4.25 06/30/2029 4.09% 21,250.00 0.00 21,250.00 0.00
Coupon 12/31/2025 91282CJR3 0.00 UNITED STATES TREASURY
3.75 12/31/2028 3.98% 39,375.00 0.00 39,375.00 0.00
Coupon 12/31/2025 91282CNK3 0.00 UNITED STATES TREASURY
3.875 06/30/2030 3.95% 23,250.00 0.00 23,250.00 0.00
Coupon 12/31/2025 91282CGC9 0.00 UNITED STATES TREASURY
3.875 12/31/2027 3.91% 13,562.50 0.00 13,562.50 0.00
ATTACHMENT A Page 24 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 12/31/2025 91282CEW7 0.00 UNITED STATES TREASURY
3.25 06/30/2027 3.12% 36,562.50 0.00 36,562.50 0.00
Total Coupon 0.00 291,263.43 0.00 291,263.43 0.00
Dividend 12/31/2025 316175884 0.00 FIDELITY IMM:TRS III 3.39% 5,272.30 0.00 5,272.30 0.00 Total Dividend 0.00 5,272.30 0.00 5,272.30 0.00
Principal Paydown 12/01/2025 3137BQYS0 24,191.83 FHMS K-056 A2 2.525 05/25/2026 1.67% 24,191.83 -- 24,191.83 0.00
Principal Paydown 12/15/2025 47800BAC2 12,541.72 JDOT 2022-C A3 5.09 06/15/2027 3.29% 12,541.72 -- 12,541.72 (0.00)
Principal Paydown 12/18/2025 437930AC4 9,197.16 HAROT 2024-2 A3 5.27 11/20/2028 5.27% 9,197.16 -- 9,197.16 0.00
Principal Paydown 12/20/2025 36269WAD1 25,557.05 GMALT 2024-2 A3 5.39 07/20/2027 5.85% 25,557.05 -- 25,557.05 (0.00)
Principal Paydown 12/25/2025 096919AD7 5,898.58 BMWOT 2024-A A3 5.18 02/26/2029 5.18% 5,898.58 -- 5,898.58 0.00
Total Principal
Paydown 77,386.34 77,386.34 -- 77,386.34 0.00
TOTAL OTHER
TRANSACTIONS (6,622,613.66) (6,326,077.93) 0.00 (6,326,077.93) 0.00 ATTACHMENT A Page 25 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
CASH & EQUIVALENTS
316175884 FIDELITY IMM:TRS III
294,858.97
794,774.46
6,839,594.44
(7,339,509.93)
294,858.97
0.00 2,385.69
0.00 2,385.69
0.00 0.00
0.00 2,385.69
2,385.69
CCYUSD Receivable
5,272.30
1,443,479.41
0.00 0.00
5,272.30
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 Total Cash & Equivalents 300,131.27
2,238,253.87
6,839,594.44
(7,339,509.93)
300,131.27
0.00 2,385.69
0.00 2,385.69
0.00 0.00
0.00 2,385.69 2,385.69
FIXED INCOME
00287YDZ9 ABBVIE INC 4.875
03/15/2030 1,000,000.00
1,008,768.81
0.00 0.00
1,008,591.95
10,291.67
0.00 14,354.17
4,062.50
0.00 (176.86)
(176.86)
3,885.64
3,885.64
023135BX3 AMAZON.COM INC 1.0
05/12/2026
05/10/2021
05/12/2021
655,000.00
1,454,442.35
0.00 (799,723.67)
654,797.00
767.92
777.78
891.53
901.39
78.32 0.00
78.32 979.71
979.71
02582JKH2 AMXCA 2024-1 A 5.23
04/16/2029
04/16/2024
04/23/2024
720,000.00
719,900.03
0.00 0.00
719,902.55
1,673.60
3,138.00
1,673.60
3,138.00
2.52 0.00
2.52 3,140.52
3,140.52
02582JKP4 AMXCA 2025-2 A 4.28
04/15/2030
05/06/2025
05/13/2025
790,000.00
789,987.31
0.00 0.00
789,987.55
1,502.76
2,817.67
1,502.76
2,817.67
0.25 0.00
0.25 2,817.92
2,817.92
02665WFY2 AMERICAN HONDA FINANCE
CORP 4.8 03/05/2030
03/03/2025
03/05/2025
0.00 499,625.30
0.00 (499,625.78)
0.00 5,733.33
5,866.67
0.00 133.34
0.48 0.00
0.48 133.82
133.82
ATTACHMENT A Page 26 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
05522RDJ4 BACCT 2024-1 A 4.93
05/15/2029
06/06/2024
06/13/2024
460,000.00
459,981.95
0.00 0.00
459,982.40
1,007.91
1,889.83
1,007.91
1,889.83
0.44 0.00
0.44 1,890.27
1,890.27
06368FAC3 BANK OF MONTREAL 1.25
09/15/2026
09/13/2021
09/15/2021
500,000.00
499,904.58
0.00 0.00
499,914.85
1,319.44
0.00 1,840.28
520.83
10.27 0.00
10.27 531.10
531.10
084664CZ2
BERKSHIRE HATHAWAY
FINANCE CORP 2.3
03/15/2027
03/07/2022
03/15/2022
1,080,000.00
1,079,947.29
0.00 0.00
1,079,950.78
5,244.00
0.00 7,314.00
2,070.00
3.48 0.00
3.48 2,073.48
2,073.48
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029
06/04/2024
06/11/2024
404,101.42
409,957.19
0.00 (5,898.58)
404,060.33
353.97
1,769.83
348.87
1,764.74
1.72 0.00
1.72 1,766.46
1,766.46
13063EGT7 CALIFORNIA STATE 4.5
08/01/2029
10/30/2024
11/05/2024
965,000.00
968,936.16
0.00 0.00
968,845.03
14,475.00
0.00 18,093.75
3,618.75
0.00 (91.13)
(91.13)
3,527.62
3,527.62
14913UAJ9
CATERPILLAR FINANCIAL
SERVICES CORP 4.85
02/27/2029
03/18/2024
03/20/2024
1,000,000.00
1,000,321.42
0.00 0.00
1,000,313.00
12,663.89
0.00 16,705.56
4,041.67
0.00 (8.42)
(8.42)
4,033.25
4,033.25
161571HT4 CHAIT 2023-1 A 5.16
09/15/2028
09/07/2023
09/15/2023
965,000.00
964,850.80
0.00 0.00
964,855.34
2,213.07
4,149.50
2,213.07
4,149.50
4.54 0.00
4.54 4,154.04
4,154.04
171239AL0 CHUBB INA HOLDINGS LLC
4.65 08/15/2029
08/12/2024
08/15/2024
505,000.00
507,101.21
0.00 0.00
507,051.93
6,914.29
0.00 8,871.17
1,956.88
0.00 (49.27)
(49.27)
1,907.60
1,907.60
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029
02/21/2024
02/26/2024
490,000.00
489,888.95
0.00 0.00
489,891.86
6,271.32
0.00 8,251.74
1,980.42
2.91 0.00
2.91 1,983.33
1,983.33
ATTACHMENT A Page 27 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
24422EXT1 JOHN DEERE CAPITAL CORP
4.85 06/11/2029
06/07/2024
06/11/2024
0.00 497,100.94
0.00 (497,105.44)
0.00 11,451.39
11,586.11
0.00 134.72
4.50 0.00
4.50 139.22
139.22
24422EYF0 JOHN DEERE CAPITAL CORP
4.375 10/15/2030
11/04/2025
11/05/2025
1,000,000.00
1,007,214.56
0.00 0.00
1,007,088.84
5,590.28
0.00 9,236.11
3,645.83
0.00 (125.72)
(125.72)
3,520.12
3,520.12
26442CAS3 DUKE ENERGY CAROLINAS
LLC 2.95 12/01/2026
01/13/2022
01/18/2022
850,000.00
856,926.26
0.00 0.00
856,142.63
12,537.50
12,537.50
2,089.58
2,089.58
0.00 (783.63)
(783.63)
1,305.96
1,305.96
30303M8S4 META PLATFORMS INC 4.3
08/15/2029
08/12/2024
08/15/2024
0.00 531,387.99
0.00 (531,388.89)
0.00 6,735.71
6,862.80
0.00 127.09
0.90 0.00
0.90 127.99
127.99
30303MAB8 META PLATFORMS INC 4.2
11/15/2030
11/12/2025
11/17/2025
750,000.00
752,976.58
0.00 0.00
752,924.71
2,450.00
0.00 5,075.00
2,625.00
0.00 (51.87)
(51.87)
2,573.13
2,573.13
3130AWTR1 FEDERAL HOME LOAN BANKS
4.375 09/08/2028
09/08/2023
09/11/2023
0.00 1,996,992.85
0.00 (1,996,998.79)
0.00 20,173.61
20,659.72
0.00 486.11
5.94 0.00
5.94 492.05
492.05
3133EPGW9
FEDERAL FARM CREDIT
BANKS FUNDING CORP 3.875
04/25/2028
05/05/2023
05/08/2023
1,250,000.00
1,258,752.76
0.00 0.00
1,258,443.01
4,843.75
0.00 8,880.21
4,036.46
0.00 (309.74)
(309.74)
3,726.71
3,726.71
3133EPME2
FEDERAL FARM CREDIT
BANKS FUNDING CORP 3.875
06/08/2028
06/07/2023
06/08/2023
0.00 848,305.02
0.00 (848,308.71)
0.00 15,828.30
16,011.28
0.00 182.98
3.68 0.00
3.68 186.67
186.67
3137BQYS0 FHMS K-056 A2 2.525
05/25/2026
01/31/2022
02/03/2022
479,330.21
505,003.20
0.00 (24,191.83)
480,450.74
1,059.49
1,059.49
1,008.59
1,008.59
0.00 (360.63)
(360.63)
647.95
647.95
ATTACHMENT A Page 28 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
3137BXQY1 FHMS K-064 A2 3.224
03/25/2027
05/06/2022
05/11/2022
1,000,000.00
999,463.25
0.00 0.00
999,499.82
2,686.67
2,686.67
2,686.67
2,686.67
36.57 0.00
36.57 2,723.24
2,723.24
3137FCLD4 FHMS K-071 A2 3.286
11/25/2027
04/11/2023
04/14/2023
2,000,000.00
1,971,570.40
0.00 0.00
1,972,829.42
5,476.67
5,476.67
5,476.67
5,476.67
1,259.03
0.00 1,259.03
6,735.70
6,735.70
3137FETN0 FHMS K-073 A2 3.35
01/25/2028
03/27/2023
03/30/2023
1,500,000.00
1,479,064.84
0.00 0.00
1,479,917.65
4,187.50
4,187.50
4,187.50
4,187.50
852.81
0.00 852.81
5,040.31
5,040.31
3137FEZU7 FHMS K-076 A2 3.9
04/25/2028
04/20/2023
04/25/2023
1,200,000.00
1,193,886.44
0.00 0.00
1,194,108.88
3,900.00
3,900.00
3,900.00
3,900.00
222.44
0.00 222.44
4,122.44
4,122.44
3137FGR31 FHMS K-078 A2 3.854
06/25/2028
09/18/2023
09/21/2023
1,300,000.00
1,268,532.45
0.00 0.00
1,269,600.90
4,175.17
4,175.17
4,175.17
4,175.17
1,068.45
0.00 1,068.45
5,243.62
5,243.62
3137FJKE8 FHMS K-082 A2 3.92
09/25/2028
11/28/2023
12/01/2023
600,000.00
587,679.92
0.00 0.00
588,059.94
1,960.00
1,960.00
1,960.00
1,960.00
380.02
0.00 380.02
2,340.02
2,340.02
3137FLMV3 FHMS K-090 A2 3.422
02/25/2029
07/29/2024
07/30/2024
1,000,000.00
969,816.28
0.00 0.00
970,624.31
2,851.67
2,851.67
2,851.67
2,851.67
808.03
0.00 808.03
3,659.70
3,659.70
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030
06/06/2025
06/11/2025
1,000,000.00
914,905.87
0.00 0.00
916,673.91
1,724.17
1,724.17
1,724.17
1,724.17
1,768.04
0.00 1,768.04
3,492.21
3,492.21
3137H5YC5 FHMS K-748 A2 2.26
01/25/2029
03/25/2024
03/28/2024
1,500,000.00
1,403,376.14
0.00 0.00
1,406,033.94
2,825.00
2,825.00
2,825.00
2,825.00
2,657.80
0.00 2,657.80
5,482.80
5,482.80
ATTACHMENT A Page 29 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
341081GT8 FLORIDA POWER & LIGHT CO
5.15 06/15/2029
06/13/2024
06/17/2024
1,000,000.00
1,009,680.87
0.00 0.00
1,009,437.08
23,747.22
25,750.00
2,288.89
4,291.67
0.00 (243.79)
(243.79)
4,047.88
4,047.88
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027
05/07/2024
05/16/2024
301,473.95
327,021.24
0.00 (25,557.05)
301,465.42
538.60
1,468.91
496.51
1,426.82
1.23 0.00
1.23 1,428.05
1,428.05
362955AD8 GMCAR 2025-1 A3 4.62
12/17/2029
01/09/2025
01/15/2025
375,000.00
374,977.10
0.00 0.00
374,977.58
721.88
1,443.75
721.88
1,443.75
0.48 0.00
0.48 1,444.23
1,444.23
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028
05/20/2025
05/29/2025
440,000.00
439,993.95
0.00 0.00
439,994.16
615.76
1,679.33
615.76
1,679.33
0.21 0.00
0.21 1,679.54
1,679.54
38141GD27 GOLDMAN SACHS GROUP
INC 4.153 10/21/2029 10/21/2025
735,000.00
735,086.63
0.00 0.00
735,084.09
3,391.62
0.00 5,935.33
2,543.71
0.00 (2.55)
(2.55)
2,541.17
2,541.17
437076DC3 HOME DEPOT INC 4.75
06/25/2029
06/17/2024
06/25/2024
950,000.00
946,139.96
0.00 0.00
946,231.86
19,554.17
22,562.50
752.08
3,760.42
91.91 0.00
91.91 3,852.32
3,852.32
437921AD1 HAROT 252 A3 4.15
10/15/2029
04/29/2025
05/08/2025
300,000.00
299,970.77
0.00 0.00
299,971.41
553.33
1,037.50
553.33
1,037.50
0.64 0.00
0.64 1,038.14
1,038.14
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028
05/14/2024
05/21/2024
300,802.84
309,975.14
0.00 (9,197.16)
300,779.41
589.95
1,361.42
572.44
1,343.92
1.43 0.00
1.43 1,345.34
1,345.34
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029
08/09/2024
08/21/2024
575,000.00
574,934.89
0.00 0.00
574,936.56
729.93
2,189.79
729.93
2,189.79
1.67 0.00
1.67 2,191.46
2,191.46
ATTACHMENT A Page 30 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
44935CAD3 HART 2025-A A3 4.32
10/15/2029
03/04/2025
03/12/2025
575,000.00
574,928.53
0.00 0.00
574,930.10
1,104.00
2,070.00
1,104.00
2,070.00
1.57 0.00
1.57 2,071.57
2,071.57
4581X0DV7
INTER-AMERICAN
DEVELOPMENT BANK 0.875
04/20/2026
04/13/2021
04/20/2021
1,915,000.00
1,914,327.55
0.00 0.00
1,914,476.45
1,908.35
0.00 3,304.70
1,396.35
148.90
0.00 148.90
1,545.25
1,545.25
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
12/12/2024
12/13/2024
1,000,000.00
986,970.48
0.00 0.00
987,255.93
4,840.00
0.00 8,070.00
3,230.00
285.45
0.00 285.45
3,515.45
3,515.45
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
03/14/2025
03/20/2025
1,000,000.00
997,076.67
0.00 0.00
997,134.39
8,135.42
0.00 11,572.92
3,437.50
57.72 0.00
57.72 3,495.22
3,495.22
46647PAM8 JPMORGAN CHASE & CO
3.509 01/23/2029
01/19/2024
01/23/2024
1,000,000.00
968,701.44
0.00 0.00
969,940.59
12,476.44
0.00 15,400.61
2,924.17
1,239.15
0.00 1,239.15
4,163.32
4,163.32
47786WAD2 JDOT 2024-B A3 5.2
03/15/2029
06/11/2024
06/18/2024
465,000.00
464,936.98
0.00 0.00
464,938.60
1,074.67
2,015.00
1,074.67
2,015.00
1.63 0.00
1.63 2,016.63
2,016.63
47800BAC2 JDOT 2022-C A3 5.09
06/15/2027
10/12/2022
10/19/2022
118,883.27
131,421.96
0.00 (12,541.72)
118,880.68
297.31
557.46
268.94
529.09
0.44 0.00
0.44 529.53
529.53
47800DAD6 JDOT 2025 A3 4.23
09/17/2029
03/04/2025
03/11/2025
460,000.00
459,975.71
0.00 0.00
459,976.26
864.80
1,621.50
864.80
1,621.50
0.54 0.00
0.54 1,622.04
1,622.04
571748CA8
MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030 1,000,000.00
1,002,120.48
0.00 0.00
1,002,077.71
9,816.67
0.00 13,691.67
3,875.00
0.00 (42.77)
(42.77)
3,832.23
3,832.23
ATTACHMENT A Page 31 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028
05/17/2024
05/23/2024
240,000.00
239,983.64
0.00 0.00
239,984.29
567.47
1,064.00
567.47
1,064.00
0.65 0.00
0.65 1,064.65
1,064.65
58773DAD6 MBART 2025-1 A3 4.78
12/17/2029
01/14/2025
01/23/2025
545,000.00
544,904.30
0.00 0.00
544,906.31
1,157.82
2,170.92
1,157.82
2,170.92
2.01 0.00
2.01 2,172.93
2,172.93
61748UAK8 MORGAN STANLEY 4.133
10/18/2029
10/17/2025
10/22/2025
695,000.00
695,083.91
0.00 0.00
695,081.44
3,111.80
0.00 5,505.50
2,393.70
0.00 (2.47)
(2.47)
2,391.22
2,391.22
63743HFX5
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP
4.95 02/07/2030 1,000,000.00
1,002,564.52
0.00 0.00
1,002,511.06
15,675.00
0.00 19,800.00
4,125.00
18.70 (72.16)
(53.46)
4,071.54
4,071.54
665859AY0 NORTHERN TRUST CORP 4.15
11/19/2030
11/12/2025
11/19/2025
850,000.00
849,586.24
0.00 0.00
849,593.31
1,175.83
0.00 4,115.42
2,939.58
7.07 0.00
7.07 2,946.65
2,946.65
69371RT48 PACCAR FINANCIAL CORP 4.0
09/26/2029 09/26/2024
600,000.00
1,099,358.04
0.00 (499,708.62)
599,657.62
7,944.44
3,722.22
6,333.33
2,111.11
11.46 (3.26)
8.20 2,119.31
2,119.31
713448FX1 PEPSICO INC 4.5 07/17/2029
07/15/2024
07/17/2024
830,000.00
829,067.18
0.00 0.00
829,089.02
13,902.50
0.00 17,015.00
3,112.50
21.84 0.00
21.84 3,134.34
3,134.34
717081FD0 PFIZER INC 4.2 11/15/2030
12/16/2025
12/17/2025
900,000.00
0.00 903,906.00
0.00 903,872.77
0.00 (2,730.00)
4,200.00
1,470.00
0.00 (33.23)
(33.23)
1,436.77
1,436.77
743315AW3 PROGRESSIVE CORP 3.2
03/26/2030
11/14/2025
11/17/2025
1,000,000.00
962,384.15
0.00 0.00
963,124.06
5,777.78
0.00 8,444.44
2,666.67
739.91
0.00 739.91
3,406.57
3,406.57
ATTACHMENT A Page 32 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
756109BS2 REALTY INCOME CORP 4.7
12/15/2028
12/12/2023
12/15/2023
1,000,000.00
987,727.79
0.00 0.00
988,070.52
21,672.22
23,500.00
2,088.89
3,916.67
342.74
0.00 342.74
4,259.40
4,259.40
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027
03/09/2022
03/11/2022
750,000.00
747,515.16
0.00 0.00
747,683.71
4,491.67
0.00 6,022.92
1,531.25
168.56
0.00 168.56
1,699.81
1,699.81
828807DK0 SIMON PROPERTY GROUP LP
2.65 07/15/2030
08/19/2025
08/20/2025
1,000,000.00
930,908.40
0.00 0.00
932,178.01
10,011.11
0.00 12,219.44
2,208.33
1,269.61
0.00 1,269.61
3,477.95
3,477.95
857477DB6 STATE STREET CORP 4.834
04/24/2030 1,000,000.00
1,007,504.63
0.00 0.00
1,007,356.82
4,968.28
0.00 8,996.61
4,028.33
0.00 (147.80)
(147.80)
3,880.53
3,880.53
87612EBM7 TARGET CORP 1.95
01/15/2027
01/19/2022
01/24/2022
535,000.00
534,794.77
0.00 0.00
534,810.29
3,941.17
0.00 4,810.54
869.38
15.52 0.00
15.52 884.89
884.89
89236TJK2 TOYOTA MOTOR CREDIT
CORP 1.125 06/18/2026
06/15/2021
06/18/2021
995,000.00
994,952.29
0.00 0.00
994,959.72
5,068.28
5,596.88
404.22
932.82
7.43 0.00
7.43 940.25
940.25
89236TMF9 TOYOTA MOTOR CREDIT
CORP 5.05 05/16/2029
05/21/2024
05/23/2024
500,000.00
500,721.54
0.00 0.00
500,703.82
1,052.08
0.00 3,156.25
2,104.17
0.00 (17.72)
(17.72)
2,086.44
2,086.44
89240JAD3 TAOT 2025-A A3 4.64
08/15/2029
01/22/2025
01/29/2025
565,000.00
564,981.52
0.00 0.00
564,981.94
1,165.16
2,184.67
1,165.16
2,184.67
0.42 0.00
0.42 2,185.09
2,185.09
91282CAZ4 UNITED STATES TREASURY
0.375 11/30/2025
03/26/2021
03/29/2021
0.00 0.00
0.00 0.00
0.00 0.00
2,531.25
0.00 2,531.25
0.00 0.00
0.00 2,531.25
2,531.25
ATTACHMENT A Page 33 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
91282CCW9 UNITED STATES TREASURY
0.75 08/31/2026
09/17/2021
09/20/2021
480,000.00
479,606.03
0.00 0.00
479,650.77
914.92
0.00 1,223.20
308.29
44.74 0.00
44.74 353.02
353.02
91282CCZ2 UNITED STATES TREASURY
0.875 09/30/2026 2,820,000.00
2,815,306.47
0.00 0.00
2,815,786.67
4,202.88
0.00 6,304.33
2,101.44
480.20
0.00 480.20
2,581.64
2,581.64
91282CEW7 UNITED STATES TREASURY
3.25 06/30/2027 2,250,000.00
2,254,272.83
0.00 0.00
2,254,042.87
30,601.22
36,562.50
202.00
6,163.28
0.00 (229.96)
(229.96)
5,933.32
5,933.32
91282CFB2 UNITED STATES TREASURY
2.75 07/31/2027
08/22/2022
08/23/2022
600,000.00
596,575.53
0.00 0.00
596,750.42
5,514.95
0.00 6,904.89
1,389.95
174.89
0.00 174.89
1,564.84
1,564.84
91282CFH9 UNITED STATES TREASURY
3.125 08/31/2027 0.00
1,941,233.34
0.00 (1,941,453.19)
0.00 15,486.88
18,180.25
0.00 2,693.37
219.85
0.00 219.85
2,913.23
2,913.23
91282CGC9 UNITED STATES TREASURY
3.875 12/31/2027
03/14/2023
03/16/2023
700,000.00
699,513.41
0.00 0.00
699,533.26
11,351.22
13,562.50
74.93 2,286.21
19.85 0.00
19.85 2,306.06
2,306.06
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028
02/16/2023
02/17/2023
2,500,000.00
2,473,055.67
0.00 0.00
2,474,111.65
29,245.92
0.00 36,616.85
7,370.92
1,055.97
0.00 1,055.97
8,426.90
8,426.90
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 2,500,000.00
2,496,303.76
0.00 0.00
2,496,443.50
25,414.36
0.00 33,977.90
8,563.54
230.46
(90.72)
139.74
8,703.27
8,703.27
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030
04/10/2025
04/11/2025
1,000,000.00
1,000,000.00
0.00 0.00
1,000,000.00
10,165.75
0.00 13,591.16
3,425.41
0.00 0.00
0.00 3,425.41
3,425.41
ATTACHMENT A Page 34 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
91282CGS4 UNITED STATES TREASURY
3.625 03/31/2030 1,500,000.00
1,492,143.26
0.00 0.00
1,492,297.31
9,261.68
0.00 13,892.51
4,630.84
154.72
(0.67)
154.05
4,784.89
4,784.89
91282CHE4 UNITED STATES TREASURY
3.625 05/31/2028 2,425,000.00
2,402,706.50
0.00 0.00
2,403,464.29
241.50
43,953.13
7,728.02
51,439.65
757.78
0.00 757.78
52,197.43
52,197.43
91282CHX2 UNITED STATES TREASURY
4.375 08/31/2028
09/25/2023
09/26/2023
400,000.00
397,648.18
0.00 0.00
397,720.80
4,447.51
0.00 5,946.13
1,498.62
72.62 0.00
72.62 1,571.23
1,571.23
91282CJF9 UNITED STATES TREASURY
4.875 10/31/2028
10/27/2023
10/31/2023
600,000.00
601,325.24
0.00 0.00
601,286.67
2,504.83
0.00 5,009.67
2,504.83
0.00 (38.58)
(38.58)
2,466.26
2,466.26
91282CJN2 UNITED STATES TREASURY
4.375 11/30/2028
12/28/2023
12/29/2023
625,000.00
634,277.89
0.00 0.00
634,015.23
75.12 13,671.88
2,403.85
16,000.61
0.00 (262.66)
(262.66)
15,737.94
15,737.94
91282CJR3 UNITED STATES TREASURY
3.75 12/31/2028 2,100,000.00
2,086,569.60
0.00 0.00
2,086,939.35
32,955.16
39,375.00
217.54
6,637.38
369.75
0.00 369.75
7,007.13
7,007.13
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029
02/16/2024
02/21/2024
1,500,000.00
1,486,786.75
0.00 0.00
1,487,140.78
20,054.35
0.00 25,108.70
5,054.35
354.03
0.00 354.03
5,408.38
5,408.38
91282CKG5 UNITED STATES TREASURY
4.125 03/31/2029 2,300,000.00
2,276,283.02
0.00 0.00
2,276,887.64
16,160.03
0.00 24,240.04
8,080.01
604.63
0.00 604.63
8,684.64
8,684.64
91282CKP5 UNITED STATES TREASURY
4.625 04/30/2029 2,150,000.00
2,159,778.99
0.00 0.00
2,159,535.69
8,515.37
0.00 17,030.73
8,515.37
0.00 (243.30)
(243.30)
8,272.07
8,272.07
ATTACHMENT A Page 35 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
91282CKX8 UNITED STATES TREASURY
4.25 06/30/2029
07/18/2024
07/19/2024
1,000,000.00
1,005,113.94
0.00 0.00
1,004,992.65
17,785.33
21,250.00
117.40
3,582.08
0.00 (121.29)
(121.29)
3,460.78
3,460.78
91282CLK5 UNITED STATES TREASURY
3.625 08/31/2029
09/11/2024
09/13/2024
2,000,000.00
2,011,857.47
0.00 0.00
2,011,588.96
18,425.41
0.00 24,633.98
6,208.56
0.00 (268.50)
(268.50)
5,940.06
5,940.06
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029
10/04/2024
10/07/2024
1,000,000.00
990,866.89
0.00 0.00
991,069.27
5,961.54
0.00 8,942.31
2,980.77
202.38
0.00 202.38
3,183.15
3,183.15
91282CMA6 UNITED STATES TREASURY
4.125 11/30/2029
12/16/2024
12/17/2024
1,500,000.00
1,493,048.43
0.00 0.00
1,493,196.03
169.99
30,937.50
5,439.56
36,207.07
147.60
0.00 147.60
36,354.68
36,354.68
91282CMG3 UNITED STATES TREASURY
4.25 01/31/2030
02/13/2025
02/14/2025
1,000,000.00
994,094.06
0.00 0.00
994,214.35
14,205.16
0.00 17,785.33
3,580.16
120.29
0.00 120.29
3,700.45
3,700.45
91282CNK3 UNITED STATES TREASURY
3.875 06/30/2030
07/09/2025
07/10/2025
1,200,000.00
1,196,202.09
0.00 0.00
1,196,272.51
19,459.24
23,250.00
128.45
3,919.21
70.42 0.00
70.42 3,989.63
3,989.63
91282CNX5 UNITED STATES TREASURY
3.625 08/31/2030 2,250,000.00
2,242,706.17
0.00 0.00
2,242,836.57
20,728.59
0.00 27,713.23
6,984.63
130.40
0.00 130.40
7,115.03
7,115.03
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030
12/16/2025
12/17/2025
2,500,000.00
0.00 2,477,050.78
0.00 2,477,241.07
0.00 (4,086.54)
7,692.31
3,605.77
190.29
0.00 190.29
3,796.06
3,796.06
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029
10/17/2024
10/24/2024
515,000.00
514,940.44
0.00 0.00
514,941.75
981.93
1,841.13
981.93
1,841.13
1.31 0.00
1.31 1,842.44
1,842.44
ATTACHMENT A Page 36 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
Total Fixed Income 89,894,591.70
93,649,063.46
3,380,956.78
(7,691,699.44)
89,353,556.31
698,362.59
459,207.48
607,073.14
367,918.02
19,014.21
(3,778.70)
15,235.51
383,153.53 383,153.53
TOTAL PORTFOLIO 90,194,722.97
95,887,317.33
10,220,551.22
(15,031,209.37)
89,653,687.58
698,362.59
461,593.17
607,073.14
370,303.71
19,014.21
(3,778.70)
15,235.51
385,539.22 385,539.22
ATTACHMENT A Page 37 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount JANUARY 2026
01/15/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 01/15/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 01/15/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 01/15/2026 Coupon 161571HT4 965,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,149.50 4,149.50 01/15/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 01/15/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 01/15/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,015.00 2,015.00 01/15/2026 Coupon 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 504.26 504.26 01/15/2026 Principal Paydown 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 20,787.16 20,787.16 01/15/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 01/15/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 1,064.12 1,064.12 01/15/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,170.92 2,170.92 01/15/2026 Coupon 828807DK0 1,000,000.00 SIMON PROPERTY GROUP LP 2.65 07/15/2030 13,250.00 13,250.00 01/15/2026 Coupon 87612EBM7 535,000.00 TARGET CORP 1.95 01/15/2027 5,216.25 5,216.25 01/15/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,184.67 2,184.67 01/15/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 01/16/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,443.75 1,443.75 01/19/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 1,321.03 1,321.03 01/19/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 16,678.62 16,678.62 01/20/2026 Coupon 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 1,319.63 1,319.63 01/20/2026 Principal Paydown 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 50,386.30 50,386.30 01/20/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,679.33 1,679.33 01/20/2026 Coupon 713448FX1 830,000.00 PEPSICO INC 4.5 07/17/2029 18,675.00 18,675.00 01/21/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,189.79 2,189.79 01/23/2026 Coupon 46647PAM8 1,000,000.00 JPMORGAN CHASE & CO 3.509 01/23/2029 17,545.00 17,545.00 01/26/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 1,744.37 1,744.37 01/26/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 22,317.83 22,317.83 01/26/2026 Coupon 3137BQYS0 479,330.21 FHMS K-056 A2 2.525 05/25/2026 1,008.59 1,008.59 01/26/2026 Principal Paydown 3137BQYS0 479,330.21 FHMS K-056 A2 2.525 05/25/2026 1,037.00 1,037.00 01/26/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,686.67 2,686.67 01/26/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 ATTACHMENT A Page 38 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/26/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,187.50 4,187.50 01/26/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 01/26/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 01/26/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 01/26/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 01/26/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 01/26/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 January 2026 Total 111,206.92 121,683.68 232,890.59
FEBRUARY 2026
02/02/2026 Coupon 13063EGT7 965,000.00 CALIFORNIA STATE 4.5 08/01/2029 21,712.50 21,712.50 02/02/2026 Coupon 91282CFB2 600,000.00 UNITED STATES TREASURY 2.75 07/31/2027 8,250.00 8,250.00 02/02/2026 Coupon 91282CGH8 2,500,000.00 UNITED STATES TREASURY 3.5 01/31/2028 43,750.00 43,750.00 02/02/2026 Coupon 91282CJW2 1,500,000.00 UNITED STATES TREASURY 4.0 01/31/2029 30,000.00 30,000.00 02/02/2026 Coupon 91282CMG3 1,000,000.00 UNITED STATES TREASURY 4.25 01/31/2030 21,250.00 21,250.00 02/09/2026 Coupon 63743HFX5 1,000,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 24,750.00 24,750.00
02/16/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 02/16/2026 Coupon 161571HT4 965,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,149.50 4,149.50 02/16/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,443.75 1,443.75 02/16/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 02/16/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 02/16/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,015.00 2,015.00 02/16/2026 Coupon 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 416.09 416.09 02/16/2026 Principal Paydown 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 18,961.65 18,961.65 02/16/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 02/16/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 1,064.12 1,064.12 02/16/2026 Principal Paydown 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 9,766.90 9,766.90 02/16/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,170.92 2,170.92 02/16/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,184.67 2,184.67 02/17/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 02/17/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 02/17/2026 Coupon 171239AL0 505,000.00 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 11,741.25 11,741.25 ATTACHMENT A Page 39 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/17/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 02/18/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 1,247.78 1,247.78 02/18/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 16,512.20 16,512.20 02/20/2026 Coupon 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 1,093.32 1,093.32 02/20/2026 Principal Paydown 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 43,712.17 43,712.17 02/20/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,679.33 1,679.33 02/23/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,189.79 2,189.79 02/25/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 1,648.03 1,648.03 02/25/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 22,085.97 22,085.97 02/25/2026 Coupon 3137BQYS0 479,330.21 FHMS K-056 A2 2.525 05/25/2026 1,006.41 1,006.41 02/25/2026 Principal Paydown 3137BQYS0 479,330.21 FHMS K-056 A2 2.525 05/25/2026 4,417.70 4,417.70 02/25/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,686.67 2,686.67 02/25/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 02/25/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,187.50 4,187.50 02/25/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 02/25/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 02/25/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 02/25/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 02/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 02/25/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 02/26/2026 Coupon 17275RBR2 490,000.00 CISCO SYSTEMS INC 4.85 02/26/2029 11,882.50 11,882.50 02/27/2026 Coupon 14913UAJ9 1,000,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 24,250.00 24,250.00
February 2026
Total 115,456.59 264,097.42 379,554.01
MARCH 2026
03/02/2026 Coupon 91282CCW9 480,000.00 UNITED STATES TREASURY 0.75 08/31/2026 1,800.00 1,800.00 03/02/2026 Coupon 91282CGP0 2,500,000.00 UNITED STATES TREASURY 4.0 02/29/2028 50,000.00 50,000.00 03/02/2026 Coupon 91282CGQ8 1,000,000.00 UNITED STATES TREASURY 4.0 02/28/2030 20,000.00 20,000.00 03/02/2026 Coupon 91282CHX2 400,000.00 UNITED STATES TREASURY 4.375 08/31/2028 8,750.00 8,750.00 03/02/2026 Coupon 91282CLK5 2,000,000.00 UNITED STATES TREASURY 3.625 08/31/2029 36,250.00 36,250.00 03/02/2026 Coupon 91282CNX5 2,250,000.00 UNITED STATES TREASURY 3.625 08/31/2030 40,781.25 40,781.25 ATTACHMENT A Page 40 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/03/2026 Coupon 808513BY0 750,000.00 CHARLES SCHWAB CORP 2.45 03/03/2027 9,187.50 9,187.50 03/16/2026 Coupon 00287YDZ9 1,000,000.00 ABBVIE INC 4.875 03/15/2030 24,375.00 24,375.00 03/16/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 03/16/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 03/16/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 03/16/2026 Coupon 06368FAC3 500,000.00 BANK OF MONTREAL 1.25 09/15/2026 3,125.00 3,125.00 03/16/2026 Coupon 084664CZ2 1,080,000.00 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 12,420.00 12,420.00
03/16/2026 Coupon 161571HT4 965,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,149.50 4,149.50 03/16/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,443.75 1,443.75 03/16/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 03/16/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 03/16/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,015.00 2,015.00 03/16/2026 Coupon 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 335.66 335.66 03/16/2026 Principal Paydown 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 16,489.48 16,489.48 03/16/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 03/16/2026 Coupon 571748CA8 1,000,000.00 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 23,250.00 23,250.00
03/16/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 1,020.82 1,020.82 03/16/2026 Principal Paydown 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 16,455.26 16,455.26 03/16/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,170.92 2,170.92 03/16/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,184.67 2,184.67 03/16/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 03/18/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 1,175.26 1,175.26 03/18/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 16,001.10 16,001.10 03/20/2026 Coupon 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 896.98 896.98 03/20/2026 Principal Paydown 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 40,436.15 40,436.15 03/20/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,679.33 1,679.33 03/20/2026 Coupon 459058LR2 1,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4.125 03/20/2030 20,625.00 20,625.00
03/23/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,189.79 2,189.79 03/25/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 1,552.69 1,552.69 ATTACHMENT A Page 41 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/25/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 21,473.93 21,473.93 03/25/2026 Coupon 3137BQYS0 479,330.21 FHMS K-056 A2 2.525 05/25/2026 997.11 997.11 03/25/2026 Principal Paydown 3137BQYS0 479,330.21 FHMS K-056 A2 2.525 05/25/2026 1,217.11 1,217.11 03/25/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,686.67 2,686.67 03/25/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 03/25/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,187.50 4,187.50 03/25/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 03/25/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 03/25/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 03/25/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 03/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 03/25/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 03/26/2026 Coupon 69371RT48 600,000.00 PACCAR FINANCIAL CORP 4.0 09/26/2029 12,000.00 12,000.00 03/26/2026 Coupon 743315AW3 1,000,000.00 PROGRESSIVE CORP 3.2 03/26/2030 16,000.00 16,000.00 03/31/2026 Coupon 91282CCZ2 2,820,000.00 UNITED STATES TREASURY 0.875 09/30/2026 12,337.50 12,337.50 03/31/2026 Coupon 91282CGS4 1,500,000.00 UNITED STATES TREASURY 3.625 03/31/2030 27,187.50 27,187.50 03/31/2026 Coupon 91282CKG5 2,300,000.00 UNITED STATES TREASURY 4.125 03/31/2029 47,437.50 47,437.50 03/31/2026 Coupon 91282CLN9 1,000,000.00 UNITED STATES TREASURY 3.5 09/30/2029 17,500.00 17,500.00 March 2026 Total 112,073.03 449,040.20 561,113.23
APRIL 2026
04/15/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 04/15/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 04/15/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 04/15/2026 Coupon 161571HT4 965,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,149.50 4,149.50 04/15/2026 Coupon 24422EYF0 1,000,000.00 JOHN DEERE CAPITAL CORP 4.375 10/15/2030 21,875.00 21,875.00 04/15/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 04/15/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 04/15/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,015.00 2,015.00 04/15/2026 Principal Paydown 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 30,462.78 30,462.78 04/15/2026 Coupon 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 265.72 265.72 04/15/2026 Principal Paydown 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 20,762.69 20,762.69 04/15/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 ATTACHMENT A Page 42 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/15/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 947.87 947.87 04/15/2026 Principal Paydown 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 18,352.62 18,352.62 04/15/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,170.92 2,170.92 04/15/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,184.67 2,184.67 04/15/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 04/16/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,443.75 1,443.75 04/16/2026 Coupon 459058LN1 1,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 19,375.00 19,375.00
04/20/2026 Coupon 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 715.35 715.35 04/20/2026 Principal Paydown 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 43,980.83 43,980.83 04/20/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,679.33 1,679.33 04/20/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 1,104.99 1,104.99 04/20/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 16,594.22 16,594.22 04/20/2026 Coupon 4581X0DV7 1,915,000.00 INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 8,378.13 8,378.13
04/20/2026 Final Maturity 4581X0DV7 1,915,000.00 INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 1,915,000.00 1,915,000.00
04/20/2026 Coupon 61748UAK8 695,000.00 MORGAN STANLEY 4.133 10/18/2029 14,043.02 14,043.02 04/21/2026 Coupon 38141GD27 735,000.00 GOLDMAN SACHS GROUP INC 4.153 10/21/2029 15,262.28 15,262.28
04/21/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,189.79 2,189.79 04/21/2026 Principal Paydown 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 16,690.71 16,690.71 04/24/2026 Coupon 857477DB6 1,000,000.00 STATE STREET CORP 4.834 04/24/2030 24,170.00 24,170.00 04/27/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 1,460.00 1,460.00 04/27/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 21,581.07 21,581.07 04/27/2026 Coupon 3133EPGW9 1,250,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP
3.875 04/25/2028 24,218.75 24,218.75
04/27/2026 Coupon 3137BQYS0 479,330.21 FHMS K-056 A2 2.525 05/25/2026 994.55 994.55 04/27/2026 Principal Paydown 3137BQYS0 479,330.21 FHMS K-056 A2 2.525 05/25/2026 257,678.07 257,678.07 04/27/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,686.67 2,686.67 04/27/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 04/27/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,187.50 4,187.50 04/27/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 ATTACHMENT A Page 43 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/27/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 04/27/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 04/27/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 04/27/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 04/27/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 04/30/2026 Coupon 91282CJF9 600,000.00 UNITED STATES TREASURY 4.875 10/31/2028 14,625.00 14,625.00 04/30/2026 Coupon 91282CKP5 2,150,000.00 UNITED STATES TREASURY 4.625 04/30/2029 49,718.75 49,718.75 April 2026 Total 2,341,102.98 257,189.82 2,598,292.79
MAY 2026
05/12/2026 Coupon 023135BX3 655,000.00 AMAZON.COM INC 1.0 05/12/2026 3,275.00 3,275.00 05/12/2026 Final Maturity 023135BX3 655,000.00 AMAZON.COM INC 1.0 05/12/2026 655,000.00 655,000.00 05/15/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 05/15/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 05/15/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 05/15/2026 Coupon 161571HT4 965,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,149.50 4,149.50 05/15/2026 Coupon 30303MAB8 750,000.00 META PLATFORMS INC 4.2 11/15/2030 16,800.00 16,800.00 05/15/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 05/15/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 05/15/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,882.99 1,882.99 05/15/2026 Principal Paydown 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 29,545.46 29,545.46 05/15/2026 Coupon 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 177.65 177.65 05/15/2026 Principal Paydown 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 17,728.38 17,728.38 05/15/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 05/15/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 866.51 866.51 05/15/2026 Principal Paydown 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 18,610.70 18,610.70 05/15/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,170.92 2,170.92 05/15/2026 Coupon 717081FD0 900,000.00 PFIZER INC 4.2 11/15/2030 18,270.00 18,270.00 05/15/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,184.67 2,184.67 05/15/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 05/18/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,443.75 1,443.75 05/18/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 1,032.12 1,032.12 05/18/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 15,953.41 15,953.41 ATTACHMENT A Page 44 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/18/2026 Coupon 89236TMF9 500,000.00 TOYOTA MOTOR CREDIT CORP 5.05 05/16/2029 12,625.00 12,625.00 05/19/2026 Coupon 665859AY0 850,000.00 NORTHERN TRUST CORP 4.15 11/19/2030 17,637.50 17,637.50 05/20/2026 Coupon 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 517.80 517.80 05/20/2026 Principal Paydown 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 38,081.68 38,081.68 05/20/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,679.33 1,679.33 05/21/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,126.23 2,126.23 05/21/2026 Principal Paydown 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 34,246.96 34,246.96 05/25/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 1,366.84 1,366.84 05/25/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 20,788.82 20,788.82 05/25/2026 Coupon 3137BQYS0 479,330.21 FHMS K-056 A2 2.525 05/25/2026 452.35 452.35 05/25/2026 Final Maturity 3137BQYS0 479,330.21 FHMS K-056 A2 2.525 05/25/2026 214,980.34 214,980.34 05/25/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,686.67 2,686.67 05/25/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 05/25/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,187.50 4,187.50 05/25/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 05/25/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 05/25/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 05/25/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 05/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 05/25/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 May 2026 Total 1,044,935.74 132,860.62 1,177,796.37
JUNE 2026
06/01/2026 Coupon 26442CAS3 850,000.00 DUKE ENERGY CAROLINAS LLC 2.95 12/01/2026 12,537.50 12,537.50
06/01/2026 Coupon 91282CHE4 2,425,000.00 UNITED STATES TREASURY 3.625 05/31/2028 43,953.13 43,953.13 06/01/2026 Coupon 91282CJN2 625,000.00 UNITED STATES TREASURY 4.375 11/30/2028 13,671.88 13,671.88 06/01/2026 Coupon 91282CMA6 1,500,000.00 UNITED STATES TREASURY 4.125 11/30/2029 30,937.50 30,937.50 06/01/2026 Coupon 91282CPN5 2,500,000.00 UNITED STATES TREASURY 3.5 11/30/2030 43,750.00 43,750.00 06/15/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 06/15/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 06/15/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 06/15/2026 Coupon 161571HT4 965,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,149.50 4,149.50 ATTACHMENT A Page 45 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/15/2026 Coupon 341081GT8 1,000,000.00 FLORIDA POWER & LIGHT CO 5.15 06/15/2029 25,750.00 25,750.00 06/15/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 06/15/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 06/15/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,754.96 1,754.96 06/15/2026 Principal Paydown 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 18,837.48 18,837.48 06/15/2026 Coupon 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 102.45 102.45 06/15/2026 Principal Paydown 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 14,384.36 14,384.36 06/15/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 06/15/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 784.00 784.00 06/15/2026 Principal Paydown 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 22,922.52 22,922.52 06/15/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,170.92 2,170.92 06/15/2026 Coupon 756109BS2 1,000,000.00 REALTY INCOME CORP 4.7 12/15/2028 23,500.00 23,500.00 06/15/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,184.67 2,184.67 06/15/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 06/16/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,443.75 1,443.75 06/18/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 962.05 962.05 06/18/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 15,678.88 15,678.88 06/18/2026 Coupon 89236TJK2 995,000.00 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 5,596.88 5,596.88
06/18/2026 Final Maturity 89236TJK2 995,000.00 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 995,000.00 995,000.00
06/22/2026 Coupon 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 346.75 346.75 06/22/2026 Principal Paydown 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 37,509.84 37,509.84 06/22/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,679.33 1,679.33 06/22/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 1,995.80 1,995.80 06/22/2026 Principal Paydown 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 33,618.12 33,618.12 06/25/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 1,277.10 1,277.10 06/25/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 20,473.74 20,473.74 06/25/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,686.67 2,686.67 06/25/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 06/25/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,187.50 4,187.50 06/25/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 ATTACHMENT A Page 46 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/25/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 06/25/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 06/25/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 06/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 06/25/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 06/25/2026 Coupon 437076DC3 950,000.00 HOME DEPOT INC 4.75 06/25/2029 22,562.50 22,562.50 06/30/2026 Coupon 91282CEW7 2,250,000.00 UNITED STATES TREASURY 3.25 06/30/2027 36,562.50 36,562.50 06/30/2026 Coupon 91282CGC9 700,000.00 UNITED STATES TREASURY 3.875 12/31/2027 13,562.50 13,562.50 06/30/2026 Coupon 91282CJR3 2,100,000.00 UNITED STATES TREASURY 3.75 12/31/2028 39,375.00 39,375.00 06/30/2026 Coupon 91282CKX8 1,000,000.00 UNITED STATES TREASURY 4.25 06/30/2029 21,250.00 21,250.00 06/30/2026 Coupon 91282CNK3 1,200,000.00 UNITED STATES TREASURY 3.875 06/30/2030 23,250.00 23,250.00 June 2026 Total 1,158,424.94 419,313.13 1,577,738.07
JULY 2026
07/08/2026 Coupon 14913UBH2 880,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.15 01/08/2031 18,260.00 18,260.00
07/15/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 07/15/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 07/15/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 07/15/2026 Coupon 161571HT4 965,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,149.50 4,149.50 07/15/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 07/15/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 07/15/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,673.34 1,673.34 07/15/2026 Principal Paydown 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 20,922.71 20,922.71 07/15/2026 Coupon 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 41.44 41.44 07/15/2026 Effective Maturity 47800BAC2 118,883.27 JDOT 2022-C A3 5.09 06/15/2027 9,769.55 9,769.55 07/15/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 07/15/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 682.38 682.38 07/15/2026 Principal Paydown 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 21,371.95 21,371.95 07/15/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,170.92 2,170.92 07/15/2026 Coupon 828807DK0 1,000,000.00 SIMON PROPERTY GROUP LP 2.65 07/15/2030 13,250.00 13,250.00 07/15/2026 Coupon 87612EBM7 535,000.00 TARGET CORP 1.95 01/15/2027 5,216.25 5,216.25 07/15/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,184.67 2,184.67 ATTACHMENT A Page 47 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/15/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 07/16/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,443.75 1,443.75 07/17/2026 Coupon 713448FX1 830,000.00 PEPSICO INC 4.5 07/17/2029 18,675.00 18,675.00 07/20/2026 Coupon 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 178.27 178.27 07/20/2026 Principal Paydown 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 35,698.21 35,698.21 07/20/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,679.33 1,679.33 07/20/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 893.20 893.20 07/20/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 15,335.88 15,335.88 07/21/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 1,867.78 1,867.78 07/21/2026 Principal Paydown 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 32,911.52 32,911.52 07/23/2026 Coupon 46647PAM8 1,000,000.00 JPMORGAN CHASE & CO 3.509 01/23/2029 17,545.00 17,545.00 07/27/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 1,188.72 1,188.72 07/27/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 20,032.10 20,032.10 07/27/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,686.67 2,686.67 07/27/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 07/27/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,187.50 4,187.50 07/27/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 07/27/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 07/27/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 07/27/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 07/27/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 07/27/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 07/31/2026 Coupon 91282CFB2 600,000.00 UNITED STATES TREASURY 2.75 07/31/2027 8,250.00 8,250.00 07/31/2026 Coupon 91282CGH8 2,500,000.00 UNITED STATES TREASURY 3.5 01/31/2028 43,750.00 43,750.00 07/31/2026 Coupon 91282CJW2 1,500,000.00 UNITED STATES TREASURY 4.0 01/31/2029 30,000.00 30,000.00 07/31/2026 Coupon 91282CMG3 1,000,000.00 UNITED STATES TREASURY 4.25 01/31/2030 21,250.00 21,250.00 July 2026 Total 156,041.91 238,552.00 394,593.91
AUGUST 2026
08/03/2026 Coupon 13063EGT7 965,000.00 CALIFORNIA STATE 4.5 08/01/2029 21,712.50 21,712.50 08/07/2026 Coupon 63743HFX5 1,000,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 24,750.00 24,750.00
08/17/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 ATTACHMENT A Page 48 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/17/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 08/17/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 08/17/2026 Coupon 161571HT4 965,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,149.50 4,149.50 08/17/2026 Coupon 171239AL0 505,000.00 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 11,741.25 11,741.25 08/17/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,443.75 1,443.75 08/17/2026 Principal Paydown 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,813.53 1,813.53 08/17/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 08/17/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 08/17/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,582.67 1,582.67 08/17/2026 Principal Paydown 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 21,618.40 21,618.40 08/17/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 08/17/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 587.63 587.63 08/17/2026 Principal Paydown 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 21,949.79 21,949.79 08/17/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,170.92 2,170.92 08/17/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,184.67 2,184.67 08/17/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 08/18/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 825.85 825.85 08/18/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 14,918.67 14,918.67 08/20/2026 Coupon 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 17.93 17.93 08/20/2026 Effective Maturity 36269WAD1 301,473.95 GMALT 2024-2 A3 5.39 07/20/2027 3,991.08 3,991.08 08/20/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,679.33 1,679.33 08/21/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 1,742.44 1,742.44 08/21/2026 Principal Paydown 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 31,958.05 31,958.05 08/25/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 1,102.25 1,102.25 08/25/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 18,599.95 18,599.95 08/25/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,686.67 2,686.67 08/25/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 08/25/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,187.50 4,187.50 08/25/2026 Principal Paydown 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 193.12 193.12 08/25/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 08/25/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 08/25/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 ATTACHMENT A Page 49 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/25/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 08/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 08/25/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 08/26/2026 Coupon 17275RBR2 490,000.00 CISCO SYSTEMS INC 4.85 02/26/2029 11,882.50 11,882.50 08/27/2026 Coupon 14913UAJ9 1,000,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 24,250.00 24,250.00
08/31/2026 Coupon 91282CCW9 480,000.00 UNITED STATES TREASURY 0.75 08/31/2026 1,800.00 1,800.00 08/31/2026 Final Maturity 91282CCW9 480,000.00 UNITED STATES TREASURY 0.75 08/31/2026 480,000.00 480,000.00 08/31/2026 Coupon 91282CGP0 2,500,000.00 UNITED STATES TREASURY 4.0 02/29/2028 50,000.00 50,000.00 08/31/2026 Coupon 91282CGQ8 1,000,000.00 UNITED STATES TREASURY 4.0 02/28/2030 20,000.00 20,000.00 08/31/2026 Coupon 91282CHX2 400,000.00 UNITED STATES TREASURY 4.375 08/31/2028 8,750.00 8,750.00 08/31/2026 Coupon 91282CLK5 2,000,000.00 UNITED STATES TREASURY 3.625 08/31/2029 36,250.00 36,250.00 08/31/2026 Coupon 91282CNX5 2,250,000.00 UNITED STATES TREASURY 3.625 08/31/2030 40,781.25 40,781.25 August 2026 Total 595,042.57 313,606.89 908,649.46
SEPTEMBER 2026
09/03/2026 Coupon 808513BY0 750,000.00 CHARLES SCHWAB CORP 2.45 03/03/2027 9,187.50 9,187.50 09/15/2026 Coupon 00287YDZ9 1,000,000.00 ABBVIE INC 4.875 03/15/2030 24,375.00 24,375.00 09/15/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 09/15/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 09/15/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 09/15/2026 Coupon 06368FAC3 500,000.00 BANK OF MONTREAL 1.25 09/15/2026 3,125.00 3,125.00 09/15/2026 Final Maturity 06368FAC3 500,000.00 BANK OF MONTREAL 1.25 09/15/2026 500,000.00 500,000.00 09/15/2026 Coupon 084664CZ2 1,080,000.00 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 12,420.00 12,420.00
09/15/2026 Coupon 161571HT4 965,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,149.50 4,149.50 09/15/2026 Effective Maturity 161571HT4 965,000.00 CHAIT 2023-1 A 5.16 09/15/2028 965,000.00 965,000.00 09/15/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 09/15/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 09/15/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,488.99 1,488.99 09/15/2026 Principal Paydown 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 23,513.03 23,513.03 09/15/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 ATTACHMENT A Page 50 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/15/2026 Coupon 571748CA8 1,000,000.00 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 23,250.00 23,250.00
09/15/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 490.32 490.32 09/15/2026 Principal Paydown 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 24,080.58 24,080.58 09/15/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,170.92 2,170.92 09/15/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,184.67 2,184.67 09/15/2026 Principal Paydown 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 8,207.47 8,207.47 09/15/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 09/16/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,436.77 1,436.77 09/16/2026 Principal Paydown 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 16,341.69 16,341.69 09/18/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 760.33 760.33 09/18/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 14,614.94 14,614.94 09/21/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,679.33 1,679.33 09/21/2026 Principal Paydown 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 4,302.71 4,302.71 09/21/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 1,620.73 1,620.73 09/21/2026 Principal Paydown 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 31,276.85 31,276.85 09/21/2026 Coupon 459058LR2 1,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4.125 03/20/2030 20,625.00 20,625.00
09/25/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 1,021.96 1,021.96 09/25/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 18,015.74 18,015.74 09/25/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,686.67 2,686.67 09/25/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 09/25/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,186.96 4,186.96 09/25/2026 Principal Paydown 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 2,632.60 2,632.60 09/25/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 09/25/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 09/25/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 09/25/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 09/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 09/25/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 09/28/2026 Coupon 69371RT48 600,000.00 PACCAR FINANCIAL CORP 4.0 09/26/2029 12,000.00 12,000.00 09/28/2026 Coupon 743315AW3 1,000,000.00 PROGRESSIVE CORP 3.2 03/26/2030 16,000.00 16,000.00 ATTACHMENT A Page 51 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/30/2026 Coupon 91282CCZ2 2,820,000.00 UNITED STATES TREASURY 0.875 09/30/2026 12,337.50 12,337.50 09/30/2026 Final Maturity 91282CCZ2 2,820,000.00 UNITED STATES TREASURY 0.875 09/30/2026 2,820,000.00 2,820,000.00 09/30/2026 Coupon 91282CGS4 1,500,000.00 UNITED STATES TREASURY 3.625 03/31/2030 27,187.50 27,187.50 09/30/2026 Coupon 91282CKG5 2,300,000.00 UNITED STATES TREASURY 4.125 03/31/2029 47,437.50 47,437.50 09/30/2026 Coupon 91282CLN9 1,000,000.00 UNITED STATES TREASURY 3.5 09/30/2029 17,500.00 17,500.00 September 2026
Total 4,427,985.61 286,650.43 4,714,636.04
OCTOBER 2026
10/15/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 10/15/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 10/15/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 10/15/2026 Coupon 24422EYF0 1,000,000.00 JOHN DEERE CAPITAL CORP 4.375 10/15/2030 21,875.00 21,875.00 10/15/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 10/15/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 10/15/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,387.10 1,387.10 10/15/2026 Principal Paydown 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 22,300.14 22,300.14 10/15/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 10/15/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 383.56 383.56 10/15/2026 Principal Paydown 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 25,790.64 25,790.64 10/15/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,170.92 2,170.92 10/15/2026 Principal Paydown 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 15,374.63 15,374.63 10/15/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,152.93 2,152.93 10/15/2026 Principal Paydown 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 30,696.25 30,696.25 10/15/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 10/16/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,373.85 1,373.85 10/16/2026 Principal Paydown 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 20,149.35 20,149.35 10/16/2026 Coupon 459058LN1 1,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 19,375.00 19,375.00
10/19/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 696.14 696.14 10/19/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 14,101.82 14,101.82 10/19/2026 Coupon 61748UAK8 695,000.00 MORGAN STANLEY 4.133 10/18/2029 14,362.18 14,362.18 10/20/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,662.91 1,662.91 ATTACHMENT A Page 52 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/20/2026 Principal Paydown 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 46,579.24 46,579.24 10/21/2026 Coupon 38141GD27 735,000.00 GOLDMAN SACHS GROUP INC 4.153 10/21/2029 15,262.28 15,262.28
10/21/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 1,501.62 1,501.62 10/21/2026 Principal Paydown 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 30,091.97 30,091.97 10/26/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 944.19 944.19 10/26/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 16,489.25 16,489.25 10/26/2026 Coupon 3133EPGW9 1,250,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP
3.875 04/25/2028 24,218.75 24,218.75
10/26/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,686.67 2,686.67 10/26/2026 Principal Paydown 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 10,335.22 10,335.22 10/26/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 10/26/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,179.61 4,179.61 10/26/2026 Principal Paydown 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 2,815.87 2,815.87 10/26/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 10/26/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 10/26/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 10/26/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 10/26/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 10/26/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 10/26/2026 Coupon 857477DB6 1,000,000.00 STATE STREET CORP 4.834 04/24/2030 24,170.00 24,170.00 October 2026 Total 234,724.40 175,731.00 410,455.40
NOVEMBER 2026
11/02/2026 Coupon 91282CJF9 600,000.00 UNITED STATES TREASURY 4.875 10/31/2028 14,625.00 14,625.00 11/02/2026 Coupon 91282CKP5 2,150,000.00 UNITED STATES TREASURY 4.625 04/30/2029 49,718.75 49,718.75 11/16/2026 Coupon 02582JKH2 720,000.00 AMXCA 2024-1 A 5.23 04/16/2029 3,138.00 3,138.00 11/16/2026 Coupon 02582JKP4 790,000.00 AMXCA 2025-2 A 4.28 04/15/2030 2,817.67 2,817.67 11/16/2026 Coupon 05522RDJ4 460,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,889.83 1,889.83 11/16/2026 Coupon 30303MAB8 750,000.00 META PLATFORMS INC 4.2 11/15/2030 15,750.00 15,750.00 11/16/2026 Coupon 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 1,296.28 1,296.28 11/16/2026 Principal Paydown 362955AD8 375,000.00 GMCAR 2025-1 A3 4.62 12/17/2029 19,771.99 19,771.99 11/16/2026 Coupon 437921AD1 300,000.00 HAROT 252 A3 4.15 10/15/2029 1,037.50 1,037.50 ATTACHMENT A Page 53 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/16/2026 Coupon 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 2,070.00 2,070.00 11/16/2026 Principal Paydown 44935CAD3 575,000.00 HART 2025-A A3 4.32 10/15/2029 6,422.95 6,422.95 11/16/2026 Coupon 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,290.47 1,290.47 11/16/2026 Principal Paydown 47786WAD2 465,000.00 JDOT 2024-B A3 5.2 03/15/2029 26,395.43 26,395.43 11/16/2026 Coupon 47800DAD6 460,000.00 JDOT 2025 A3 4.23 09/17/2029 1,621.50 1,621.50 11/16/2026 Coupon 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 269.22 269.22 11/16/2026 Principal Paydown 58770JAD6 240,000.00 MBALT 2024-A A3 5.32 01/18/2028 19,836.91 19,836.91 11/16/2026 Coupon 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 2,109.67 2,109.67 11/16/2026 Principal Paydown 58773DAD6 545,000.00 MBART 2025-1 A3 4.78 12/17/2029 27,571.42 27,571.42 11/16/2026 Coupon 717081FD0 900,000.00 PFIZER INC 4.2 11/15/2030 18,900.00 18,900.00 11/16/2026 Coupon 89236TMF9 500,000.00 TOYOTA MOTOR CREDIT CORP 5.05 05/16/2029 12,625.00 12,625.00 11/16/2026 Coupon 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 2,034.24 2,034.24 11/16/2026 Principal Paydown 89240JAD3 565,000.00 TAOT 2025-A A3 4.64 08/15/2029 30,105.94 30,105.94 11/16/2026 Coupon 92970QAE5 515,000.00 WFCIT 2024-2 A 4.29 10/15/2029 1,841.13 1,841.13 11/18/2026 Coupon 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 634.21 634.21 11/18/2026 Principal Paydown 437930AC4 300,802.84 HAROT 2024-2 A3 5.27 11/20/2028 13,792.03 13,792.03 11/19/2026 Coupon 665859AY0 850,000.00 NORTHERN TRUST CORP 4.15 11/19/2030 17,637.50 17,637.50 11/20/2026 Coupon 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 1,485.13 1,485.13 11/20/2026 Principal Paydown 362962AD4 440,000.00 GMALT 2025-2 A3 4.58 05/22/2028 53,622.68 53,622.68 11/23/2026 Coupon 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 1,387.02 1,387.02 11/23/2026 Principal Paydown 43813YAC6 575,000.00 HAROT 2024-3 A3 4.57 03/21/2029 29,362.62 29,362.62 11/25/2026 Coupon 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 873.02 873.02 11/25/2026 Principal Paydown 096919AD7 404,101.42 BMWOT 2024-A A3 5.18 02/26/2029 16,171.67 16,171.67 11/25/2026 Coupon 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 2,658.90 2,658.90 11/25/2026 Principal Paydown 3137BXQY1 1,000,000.00 FHMS K-064 A2 3.224 03/25/2027 155,899.31 155,899.31 11/25/2026 Coupon 3137FCLD4 2,000,000.00 FHMS K-071 A2 3.286 11/25/2027 5,476.67 5,476.67 11/25/2026 Coupon 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 4,171.75 4,171.75 11/25/2026 Principal Paydown 3137FETN0 1,500,000.00 FHMS K-073 A2 3.35 01/25/2028 2,649.21 2,649.21 11/25/2026 Coupon 3137FEZU7 1,200,000.00 FHMS K-076 A2 3.9 04/25/2028 3,900.00 3,900.00 11/25/2026 Coupon 3137FGR31 1,300,000.00 FHMS K-078 A2 3.854 06/25/2028 4,175.17 4,175.17 11/25/2026 Coupon 3137FJKE8 600,000.00 FHMS K-082 A2 3.92 09/25/2028 1,960.00 1,960.00 11/25/2026 Coupon 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422 02/25/2029 2,851.67 2,851.67 ATTACHMENT A Page 54 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/25/2026 Coupon 3137FRUT6 1,000,000.00 FHMS K-106 A2 2.069 01/25/2030 1,724.17 1,724.17 11/25/2026 Coupon 3137H5YC5 1,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,825.00 2,825.00 11/30/2026 Coupon 91282CHE4 2,425,000.00 UNITED STATES TREASURY 3.625 05/31/2028 43,953.13 43,953.13 11/30/2026 Coupon 91282CJN2 625,000.00 UNITED STATES TREASURY 4.375 11/30/2028 13,671.88 13,671.88 11/30/2026 Coupon 91282CMA6 1,500,000.00 UNITED STATES TREASURY 4.125 11/30/2029 30,937.50 30,937.50 11/30/2026 Coupon 91282CPN5 2,500,000.00 UNITED STATES TREASURY 3.5 11/30/2030 43,750.00 43,750.00 November 2026
Total 401,602.15 317,106.95 718,709.11
Grand Total 392,744,144.89 10,698,596.83 2,975,832.14 13,674,428.97 ATTACHMENT A Page 55 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
IMPORTANT DISCLOSURES
Chandler Asset Management, Inc. (“Chandler”) is an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV).
To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com.
Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice.
Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.
Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance: Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE INDICES AND RELATED DATA ON AN “AS IS” BASIS; ICE, ITS AFFILIATES AND
THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM.
NEITHER ICE DATA, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY PROVIDERS GUARANTEE THE QUALITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND LICENSEE’S USE IS AT LICENSEE’S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Ratings: Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest.
ATTACHMENT A Page 56 of 202
City of Brea | Account #120 | As of December 31, 2025
Execution Time: 01/06/2026 08:42:52 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
BENCHMARK INDEX & DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency
Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
ATTACHMENT A Page 57 of 202
CITY OF BREA
ATTN.: CITY MANAGER1 CIVIC CENTER CIRCLEBREA, CA 92821-5792 00190301 30- -01-B -62C-007-010102 -11-02877-01Questions?If you have any questions regarding your account or thisstatement, please contact your Account Manager.Account Manager:RODION BUTYRSKI18300 VON KARMANSUITE 500IRVINE CA 92612Phone: 949-224-7211E-mail: [email protected] Number: 6746050899PARS/CITY OF BREA 115P-PENSIONCONSOLIDATEDThis statement is for the period from December 1, 2025 to December 31, 2025 DDFTDAFAFDDFFDAFTTTFFTDTTFDTAAAATFADATFATTAADTDFFAFFFATTTFFFAADFT00000001903 000638102334526 P
ATTACHMENT A