CC 01-17-2024 Searchable Packet.pdf — Cupertino City Council, January 17, 2024 (part 4 of 4)

TABLE 3-4 CUPERTINO CLIMATE ACTION PLAN CONSISTENCY MATRIX Measure Consistency
Measure WW-2 Reduce per capita water consumption 15
percent compared to 2019 levels by 2030 and maintain
through 2040
Consistent. The proposed project would comply with Senate Bill (SB) X7-7, which requires California to achieve a 20 percent reduction in urban per-capita water use by 2020 and would implement best management practices for water conservation to achieve the City’s water conservation goals. As described in Chapter 2, Project Description, the project incorporates low water-use groundcovers, shrubs, and trees throughout the project site. All landscape zones would be irrigated as required by the Cupertino Landscape Ordinance, and water uses would be tailored to meet CALGreen Building Standards, which requires water conservation and requires new buildings to reduce water consumption by 20 percent. The proposed project would not conflict with implementation of this measure.

Measure CS-1 Increase carbon sequestration through tree planting by developing and implementing an Urban Forest Management Plan.

Consistent. The City is the responsible party for this measure. As described in Chapter 2, Project Description, the proposed project would increase landscaping on-site. This would increase tree canopy over the buildings and hardscaped areas, reducing energy needed to cool the buildings. The proposed project would include 444 square feet of on-site bioretention facilities that would hold and treat stormwater before dispersal to the City’s off-site storm drain infrastructure. Furthermore, the project will comply with the Santa Clara Valley Urban Runoff Pollution Prevention Program C.3 and CMC Chapter 9.18, Stormwater Pollution Prevention and Watershed Protection, to ensure ongoing compliance with the City’s municipal stormwater and urban runoff requirements. The proposed project would not conflict with implementation of this measure.

Notes: Measures BE-2 and BE-3 apply to existing development and are not applicable. Measure TR-4 is a city measure to re-focus transportation infrastructure in the City that is not applicable on a project-level. Measure CS-2 is for open space projects that can sequester carbon dioxide (CO2), and therefore, is not directly applicable to the project.

Source: City of Cupertino, August 2022, City of Cupertino, Climate Action Plan 2.0. Prepared by PlaceWorks.

Development in Cupertino, including the proposed project, is required to adhere to City-adopted policy provisions, including those contained in the adopted CAP 2.0. The City ensures that the provisions of the Cupertino CAP 2.0 are incorporated into projects and their permits through development review and applications of conditions of approval as applicable. Additionally, as previously stated, the proposed project would replace the older structures with newer, more energy-efficient structures that achieve the most recent California Building and Energy-Efficiency Standards and water-efficiency standards. Furthermore, CMC Chapter 17.04, Standard Environmental Protection Requirements, requires the reduction of GHG emissions and energy use in Section 17.04.050(C), Greenhouse Gas Emissions and Energy Permit Requirements. Pursuant to CMC Section 17.04.050(C), the project applicant would be required to complete the City of Cupertino Climate Action Plan – Development Project Consistency Checklist, for review and CC 01-17-2024
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approval by the City Environment and Sustainability Department prior to issuance of the first permit, to demonstrate how the project is consistent with the Cupertino Climate Action Plan, as subsequently revised, supplemented, or replaced, to reduce GHG emissions and conserve energy. Accordingly, the impact would be less than significant.

Other Greenhouse Gas Reduction Plans
Other applicable plans adopted for the purpose of reducing GHG emissions include the California Air Resources Board’s (CARB) Scoping Plan and Plan Bay Area 2050. A consistency analysis with these plans is presented herein.

CARB’s Scoping Plan
CARB’s Climate Change Scoping Plan (Scoping Plan) outlines the State’s strategies to reduce GHG emissions in accordance with the targets established under Assembly Bill (AB) 32, Senate Bill (SB) 32, and Executive Order (EO) B-55-18. The Scoping Plan is applicable to State agencies and is not directly applicable to cities/counties and individual projects. Nonetheless, the Scoping Plan has been the primary tool that is used to develop performance-based and efficiency-based CEQA criteria and GHG reduction targets for climate action planning efforts. CARB recently released the 2022 Scoping Plan to address measures to achieve the State’s carbon neutrality goals under EO B-55-18.

Statewide strategies to reduce GHG emissions in the 2017 Climate Change Scoping Plan include implementing SB 350, which expands the Renewable Portfolio Standardsto 50 percent by 2030 and doubles energy-efficiency savings; expanding the Low Carbon Fuel Standards (LCFS) to 18 percent by 2030; implementing the Mobile Source Strategy to deploy zero-electric vehicle buses and trucks; implementing the Sustainable Freight Action Plan; implementing the Short-Lived Climate Pollutant Reduction Strategy, which reduces methane and hydrofluorocarbons to 40 percent below 2013 levels by 2030 and black carbon emissions to 50 percent below 2013 levels by 2030; continuing to implement SB 375; creating a post-2020 Cap-and-Trade Program; and developing an Integrated Natural and Working Lands Action Plan to secure California’s land base as a net carbon sink.

Statewide strategies to reduce GHG emissions include the low carbon fuel standards, California Appliance Energy Efficiency regulations, California Renewable Energy Portfolio standard, changes in the CAFE standards, and other early action measures as necessary to ensure the State is on target to achieve the GHG emissions reduction goals of AB 32, SB 32, and EO B-55-18. In addition, new buildings are required to comply with the current Building Energy Efficiency Standards and CALGreen. The Cupertino CAP 2.0 is consistent with the statewide GHG reduction strategy and therefore complying with the CAP 2.0 would ensure the proposed project complies with the CARB Scoping Plan. The project’s GHG emissions would be reduced from compliance with statewide measures that have been adopted since AB 32, SB 32, and EO B-55-18 were adopted. Therefore, impacts would be less than significant.

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Plan Bay Area
Plan Bay Area 2050 is the Bay Area’s RTP/SCS that identifies a sustainable vision for the Bay Area. To achieve the Metropolitan Transportation Commission’s (MTC’s)/Association of Bay Area Government’s (ABAG’s) sustainable vision for the Bay Area, the Plan Bay Area 2050 land use concept plan for the region concentratesthe majority of new population and employment growth in the region in Priority Development Areas (PDAs). PDAs are transit-oriented, infill development opportunity areas within existing communities.

An overarching goal of the regional plan is to concentrate development in areas where there are existing services and infrastructure rather than allocate new growth to outlying areas where substantial transportation investments would be necessary to achieve the per-capita passenger vehicle, vehicle miles traveled, and associated GHG emissions reductions. As previously described in Section 2.2.1, Location, the project site is within a Santa Clara Valley Transportation Authority (VTA) City Cores, Corridors, and Station Areas PDA. The growth associated with the proposed project is consistent with ABAG projections and would not exceed regional population and employment projections. The proposed project is an infill development project that would result in an increase in land use intensity in a portion of the city that has access to existing infrastructure and services, including transit service. Therefore, the proposed project would not conflict with the land use concept plan for the City of Cupertino identified in the Plan Bay Area 2050 and the impact would be less than significant.

3.4.4 Water Quality

3.4.4.1 CONSTRUCTION-RELATED WATER QUALITY IMPACTS
The City, as a participant in the Santa Clara Valley Urban Runoff Pollution Prevention Program, which is regulated by the NPDES Program, is committed to reducing pollutants entering waterways. Below is a discussion of the proposed project’s compliance with water quality standards.

The proposed project would include the demolition of existing residential structures and construction of the seven townhomes. Because the proposed project is less than one acre, it would not be required to comply with the General Permit for Stormwater Discharges Associated with Construction and Land Disturbance Activity (Construction General Permit). It would, however, be required to comply with the Regional Water Board Municipal Regional Permit (MRP), because it would create more than 10,000 square feet of impervious surfaces. Compliance with applicable regulations would ensure that the potential adverse impacts to surface water quality throughout the construction period would be less than significant.

The proposed project is required to comply with the Santa Clara Valley Urban Runoff Pollution Prevention Program C.3 requirements, which include minimization of impervious surfaces, measures to detain or infiltrate runoff from peak flows to match pre-development conditions, and agreements to ensure that the stormwater treatment and flow-control facilities are maintained in perpetuity.

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3.4.4.2 OPERATION PERIOD WATER QUALITY IMPACTS
As stated previously, the proposed project would be required to comply with the MRP. In addition, stormwater from implementation of the proposed project would be directed to the existing stormwater system, in addition to being filtered through the 390 square feet of bioretention areas and 1,049 square feet of self-treating permeable pavement included as part of the proposed project. Therefore, the proposed project would continue to minimize pollutant runoff from the project site, and water quality impacts during operation would be less than significant.

3.4.4.3 GROUNDWATER
The proposed project would connect to the existing water lines on-site and would not use groundwater at the site. Additionally, the proposed project would include 1,159 square feet of bioretention areas and 2,701 square feet of self-treating permeable pavement, which would allow water to percolate into the groundwater basin below the project site. Therefore, the proposed project would not deplete groundwater supplies or interfere substantially with groundwater recharge.

3.4.4.4 STORMWATER COLLECTION
Stormwater runoff from the project site is channeled into a storm drain under Bianchi Way. Stormwater from Cupertino is eventually discharged into San Francisco Bay. As described in Section 2.5.4.3, Stormwater Management, the increased density of the proposed project would result in an increase of 5,157 square feet of impervious surfaces. As described in Section 2.5.4.3, the City participates in the Santa Clara Valley Urban Runoff Pollution Prevention Program, which implements the NPDES program throughout the county, and requires minimization of impervious surfaces and measures to control from peak flows. Additionally, CMC Chapter 9.18, Stormwater Pollution Prevention and Watershed Protection, provides regulations and gives legal effect to certain requirements of the NPDES permit issued to the City. In compliance with this, the proposed project includes 1,159 square feet of on-site bioretention areas that would hold and treat stormwater before it is released into the City’s off-site storm drain infrastructure, as well as 2,701 square feet of self-treating permeable pavement.

3.4.4.5 FLOODING
The project site is not within a 100-year flood zone or special flood hazard area as mapped by the Federal Emergency Management Agency (FEMA). Additionally, the project site is also not located in an area subject to tsunami, seiche, or dam failure inundation. Therefore, no impacts would occur.

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3.5 CEQA GUIDELINES SECTION 15332(E): UTILITIES AND PUBLIC

SERVICES
For the following reasons, the project site can be adequately served by all required utilities and public services and therefore meets the criteria of CEQA Guidelines Section 15332(e).

The project site is in an urban area already served by all necessary municipal utilities (i.e., stormwater, water, wastewater, solid waste) and public services (i.e., police and fire).

3.5.1 Stormwater
As described in Section 3.4.4.4, Stormwater Collection, the project site is served by existing stormwater sewer systems, and the proposed project would not require additional or modified stormwater sewer systems. The proposed project would also implement on-site bioretention areas and self-treating permeable pavement to reduce or slow stormwater runoff. Therefore, there would be less-than-significant impacts to stormwater utilities.

3.5.2 Water
As described in Section 2.5.4.1, Water Supply and Conservation, the project site is within the CWS service area. Water service to the project site would be provided by the existing water line on Bianchi Way. No new connections would be needed and are not proposed as part of the proposed project.

The proposed project would be required to comply with CMC Section 17.04.050(I)(2), Ensure Adequate Water Supply and Infrastructure, which requires the project applicant to obtain written approval from the appropriate water service provider for water connections, service capability, and location and layout of water lines and backflow preventers, prior to issuance of the first permit.

As shown in the General Plan EIR, Chapter 4.14, Hydrology and Water Quality, the water supply at project buildout year 2025 would be 14,055 acre-feet43 per year (afy) and at General Plan buildout year 2040 would be 16,984 afy. As discussed in the General Plan EIR, buildout of the General Plan would not result in insufficient water supplies from SJW under normal-year conditions or during single-dry year and multipledry years, with the proposed and existing water conservation regulations and measures in place. As shown in Table 2-1, Reasonably Foreseeable Development Projects in Cupertino (Net New), in Section 2.4, General Plan EIR, the proposed project is within the buildout projections of the General Plan EIR. Therefore, with respect to water supply, impacts would be less than significant. 43 One acre-foot equals about 326,000 gallons, or enough water to cover an acre of land, about the size of a football field, one foot deep.

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3.5.3 Wastewater
As described in Section 2.5.4.2, Sanitary Sewer Service, the project site is within the CSD service area, and wastewater would be treated at the SJ/SCWPCP. Wastewater generated by the proposed project would be collected by the existing sanitary sewer main along Bianchi Way.

Municipal stormwater discharges in the city of Cupertino are subject to the Waste Discharge Requirements of the Municipal Regional Permit (MRP; Order Number R2-2022-0018) and NPDES Permit Number CAS612008, which became effective on July 1, 2022. The MRP currently allows average dry-weather flow (ADWF) of up to 167 million gallons per day (mgd) with full tertiary treatment, and wet weather discharges of up to 271 mgd with full tertiary treatment. As discussed here, future demands from the proposed project would not exceed the design or permitted capacity of the SJ/SCWPCP that serves the project site. Future water treatment demand was assessed in consultation with the City of Cupertino and includes consideration of development in the city through the 2040 buildout horizon of the General Plan. Therefore, development of the proposed project would not require any improvements not already considered and the impact of the proposed project on SJ/SCWPCP would be less than significant.

Based on the CSD’s Flow Modeling Analysis Homestead Flume Outfall to City of Santa Clara dated December 6, 2019, the estimated ADWF generation rate for single-family residential developments is 175 gallons per day (gpd) per household and for multifamily residential developments is 133 gpd per household. 44 Applying this generation rate, the proposed project would generate an additional 693 gpd. 45 The SJ/SCWPCP’s projected peak wet weather capacity stated in The San Jose Santa Clara Water Pollution Control Plant Master Plan, November 2013, is 450 mgd. Combined, the proposed project’s wastewater generation (518 gpd or 0.000518 mgd) and the existing wastewater generated in the SJ/SCWPCP’s service area (110 mgd) would not exceed the SJ/SCWPCP’s current total peak wet weather capacity of 450 mgd.

The ADWF capacity is 167 mgd pursuant to the most recent NPDES permit for the SJ/SCWPCP. Combined, the proposed project’s wastewater generation and the existing wastewater generated would not exceed the SJ/SCWCP’s current ADWF capacity limits.

The CSD has a contractual maximum treatment allocation of 7.85 mgd, on average, with the SJ/SCWPCP. At the time of the General Plan EIR, the wastewater generation of 5.3 mgd was estimated by the CSD.46 Combined, the existing wastewater flow (5.3 mgd) plus the proposed project would not exceed the City’s 44 Mark Thomas & Co. Inc., December 6, 2019. Cupertino Sanitary District Flow Modeling Analysis Homestead Flume Outfall to City of Santa Clara. 45 (175 gpd/household x 7 households = 1,225 gpd) – (133 gpd/household x 4 households = 532 gpd) = 693 gpd 46 City of Cupertino, General Plan (Community Vision 2015–2040), Appendix B: Housing Element Technical Report, 4.3 Environmental, Infrastructure & Public Service Constraints, page B-93.

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contractual allocation limits (7.85 mgd). Furthermore, the proposed project is within the buildout evaluated in the General Plan EIR; therefore, no new impact would result.

The CSD wastewater system flows through a portion of the City of Santa Clara’s sewer system. The contractual agreement between CSD and the City of Santa Clara, for this portion of the Santa Clara sewer system, allows the City 13.8 mgd of capacity in the sewer system during peak wet weather flows. The existing CSD peak wet weather flow into the Santa Clara system is 13.14 mgd.47 However, the estimated wastewater generation from the proposed project and from other potential projects in Cupertino, as established by the General Plan and other approved projects, is approximately 14.61 mgd, which is the total capacity needed to serve the General Plan buildout.48 Therefore, the proposed project, and other approved and potential projects as established by the General Plan buildout, will require a reduction in sewer generation from the CSD system prior to flowing into the City of Santa Clara system, or additional capacity rights will need to be acquired from the City of Santa Clara.

Until such corrections to the system can occur, the operation of future projects in Cupertino, including the proposed project, would exceed the 13.8 mgd contractual limit through the City of Santa Clara sewer system.

The project applicant would be required to comply with CMC Chapter 17.04, Standard Environmental Protection Requirements. Specifically, the project applicant would be required to comply with CMC Section

17.04.050(I)(1), Manage Wastewater Inflow and Infiltration to Sewer System, listed below, which would ensure that potential impacts to the sewer system would be less than significant:

Manage Wastewater Inflow and Infiltration to Sewer System. Project applicants shall implement the following measures to reduce wastewater flow:
a. The project applicant shall demonstrate, to the satisfaction of the City of Cupertino and Cupertino Sanitary District (CSD) that the project would not exceed the peak wet weather flow capacity of the Santa Clara sanitary sewer system by implementing one or more of the following methods:
i. Reduce inflow and infiltration in the CSD system to reduce peak wet weather flows, or ii. Increase on-site water reuse, such as increased grey water use, or reduce water consumption of the fixtures used within the proposed project, or other methods that are measurable and reduce sewer generation rates to acceptable levels, to the satisfaction of the CSD. 47 Mark Thomas & Co. Inc, December 6, 2019. Cupertino Sanitary District Flow Modeling Analysis Homestead Flume Outfall to City of Santa Clara.
48 Mark Thomas & Co. Inc, December 6, 2019. Cupertino Sanitary District Flow Modeling Analysis Homestead Flume Outfall to City of Santa Clara.

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The project’s estimated wastewater generation shall be calculated using the current generation rates used by the CSD unless alternative (i.e., lower) generation rates achieved by the project are substantiated by the project applicant based on evidence to the satisfaction of the CSD. b. The project applicant shall obtain a letter of clearance from the Cupertino Sanitary District and provide a copy of the letter of clearance to the City prior to issuance of the first permit.

This would ensure that the existing system can support the proposed project, and that impacts regarding wastewater utilities would be less than significant.

3.5.4 Solid Waste
As described in Section 2.5.4.4, Solid Waste Services, the City contracts with Recology to provide solid waste collection services to residents in the city. The proposed project site is already served by solid waste services and would continue to be served by Recology under the proposed project. The proposed project would not result in an excess of solid waste that would not be able to be accommodated for under existing services, and impacts would be less than significant.

3.5.5 Public Services Providers
The primary purpose of the public services impact analysis is to examine the impacts associated with physical improvements to public service facilities required to maintain acceptable service ratios, response times, or other performance objectives. Public service facilities need improvements (i.e., construction, renovation, or expansion) as demand for services increase. Increased demand is typically driven by increases in population. The proposed project would have a significant environmental impact if it would exceed the ability of public service providers to adequately serve residents, thereby requiring construction of new facilities or modification of existing facilities.

Because the proposed project is in an area already served by public service providers and would only increase development compared to existing conditions by two residential units, it would not result in an increase in demand that would prevent public service providers from adequately serving residents. No mitigation measures would be required. Furthermore, through developer impact fees, development of the proposed project would support the City’s public services funds that are used in part to maintain City services. Likewise, and pursuant to SB 50,49 the project applicant would be required the school impact fees required for residential development that would deem any impacts to the Cupertino Union School District less than significant.
49 Senate Bill 50 amended California Government Code Section 65995, which contains limitations on Education Code Section 17620, the statute that authorizes school districts to assess development fees within school district boundaries.

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4. Exceptions
In addition to analyzing the applicability of CEQA Guidelines Section 15332 (Class 32), this document assesses whether any of the exceptions to categorical exemptions identified in CEQA Guidelines Section 15300.2 (Exceptions) apply to the proposed project. The following analysis compares the criteria in CEQA Guidelines Section 15300.2 (Exceptions) to the project, and concludes, based on substantial evidence, that none of the exceptions are applicable to the project, and that the project is categorically exempt from CEQA pursuant to CEQA Guidelines Sections 15300 and 15332.

4.1 CEQA GUIDELINES SECTION 15300.2(A): LOCATION
Classes 3, 4, 5, 6, and 11 are qualified by consideration of where the project is to be located – a project that is ordinarily insignificant in its impact on the environment may in a particularly sensitive environment be significant. Therefore, these classes are considered to apply to all instances, except where the project may impact an environmental resource of hazardous or critical concern where designated, precisely mapped, and officially adopted pursuant to law by federal, State, or local agencies.

The proposed project does not qualify for an exemption under Classes 3, 4, 5, 6, or 11. The project site is located within an urban developed area and is not within a sensitive environment. In addition, the proposed project would not result in any impacts on an environmental resource of hazardous or critical concern.

Therefore, the exception under CEQA Guidelines Section 15300.2(a) does not apply to the proposed project.

4.2 CEQA GUIDELINES SECTION 15300.2(B): CUMULATIVE IMPACT All exemptions for these classes are inapplicable when the cumulative impact of successive projects of the same type in the same place, over time is significant.

The proposed project would result in a slightly increased residential density (two additional units) on the project site in an urban neighborhood that is already served by utilities and public services, as well as transportation. As discussed in Section 3.4, CEQA Guidelines Section 15332(d): Traffic, Noise, Air Quality, or Water Quality, the proposed project would not result in significant impacts pertaining to traffic, noise, air quality, or water quality. Any construction effects would be temporary, confined to the project vicinity, and reduced to the extent feasible by implementing specific General Plan policies and applicable regulatory CC 01-17-2024
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requirements. Therefore, the exception under CEQA Guidelines Section 15300.2(b) does not apply to the proposed project.

4.3 CEQA GUIDELINES SECTION 15300.2(C): SIGNIFICANT EFFECT A categorical exemption shall not be used for an activity where there is a reasonable possibility that the activity will have a significant effect on the environment due to unusual circumstances.

There are no known unusual circumstances that are applicable to the project, which may result in a significant effect on the environment. The proposed project consists of the demolition of the existing four residential units on the project site and the construction of seven new residential units. The proposed project would not result in a change in the existing use or introduce a new activity to the area that could result in a significant effect on the environment. Therefore, the exception under CEQA Guidelines Section 15003.2(b) does not apply to the proposed project.

4.4 CEQA GUIDELINES SECTION 15300.2(D): SCENIC HIGHWAYS A categorical exemption shall not be used for a project that may result in damage to scenic resources, including, but not limited to, trees, historic buildings, rock outcroppings, or similar resources, within a highway officially designated as a state scenic highway. This does not apply to improvements that are required as mitigation by an adopted negative declaration or certified EIR.

The proposed project would not affect a resource within a State Scenic Highway. The proposed project would not affect a resource within a State Scenic Highway. The nearest scenic highway, State Route 9, is over five miles south of the project site. Therefore, no scenic resources within view of a State Scenic Highway would be altered as part of the project.

The nearest eligible State Scenic Highway, I-280, is approximately 0.8 miles north of the project site, with urban development between. The project site is not visible from I-280. Additionally, the project site and surrounding area is already developed, and therefore the proposed project would not alter scenic resources. Therefore, no scenic resources within view of a State Scenic Highway would be altered as part of the project.

4.5 CEQA GUIDELINES SECTION 15300.2(E): HAZARDOUS WASTE SITES A categorical exemption shall not be used for a project on a site that is included on any list compiled pursuant to Section 65962.5 of the Government Code.

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California Government Code Section 65962.5 requires the California Environmental Protection Agency (CalEPA) to compile, maintain, and update specified lists of hazardous material release sites. CEQA50 requires the lead agency to consult the lists compiled pursuant to Government Code Section 65962.5 to determine whether a project and any alternatives are identified. The required lists of hazardous material release sites are commonly referred to as the “Cortese List” named after the legislator who authored the legislation. Because the statute was enacted more than 20 years ago, some of the provisions refer to agency activities that were conducted many years ago and are no longer being implemented and, in some cases the information required in the Cortese List does not exist. Those requesting a copy of the Cortese Lists are now referred directly to the appropriate information resources contained on internet websites hosted by the boards or departments referenced in the statute, including California Department of Toxic Substance Control’s (DTSC’s) online EnviroStor database and the State Water Resources Control Board’s (SWRCB’s) online GeoTracker database. These two databases include hazardous material release sites, along with other categories of sites or facilities specific to each agency’s jurisdiction. A search of these online databases found the project site is not on any list pursuant to Section 65962.5 of the Government Code or any other list compiled for purposes related to identifying the prior release of hazardous materials.51,52 The project site currently supports residential uses. Therefore, the exception under CEQA Guidelines Section 15300.2(e) does not apply to the proposed project.

4.6 CEQA GUIDELINES SECTION 15300.2(F): HISTORICAL RESOURCES A categorical exemption shall not be used for a project that may cause a substantial adverse change in the significance of a historical resource.

No historic resources exist in the vicinity of the project site. There is also no known sensitivity for archaeological or paleontological resources on the site. However, the site may contain previously unknown subsurface archaeological and paleontological deposits. The proposed project would comply with Land Use and Community Design Element Policy 2-72 in the General Plan, which requires compliance with City, State, and federal historic preservation laws, regulations, and codes, including laws related to archaeological resources. In particular, the proposed project would be required to comply with CEQA Guidelines Section 15064.5(e), which specifies procedures to be used in the event of a discovery of Native American human remains on non-federal land. CMC Chapter 17.04, Standard Environmental Protection Requirements, contains cultural resources permit requirements that are necessary to protect archaeological resources and tribal cultural resources in Section 17.04.050(E), Cultural Resources Permit Requirements. Such 50 California Public Resources Code Section 21092.6.
51 California Department of Toxic Substances Control. EnviroStor online database, https://www.envirostor.dtsc.ca.gov/public/map/?myaddress=10040+bianchi+way, accessed August 23, 2022. 52 California State Water Resources Control Board. GeoTracker online database, https://geotracker.waterboards.ca.gov/map/?CMD=runreport&myaddress=10040+bianchi+way, accessed August 23, 2022.

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requirements include providing written verification to the City that contractors and construction crews have been notified of basic archeological site indicators, the potential the potential for discovery of archaeological resources, laws pertaining to these resources, and procedures for protecting cultural and tribal cultural resources. The project applicant would be required to comply with the protocols to ensure impacts to archeological resources would be reduced. Additionally, CMC Section 17.04.050(H), Paleontological Resources Permit Requirements, provides protocols to protect paleontological resources during construction that the project applicant must adhere to in the event that there is a find. These requirements include temporarily halting or redirecting construction activities to allow a qualified paleontologist to assess the significance of the find, monitoring the project site if the find is found to be significant, and preparing a mitigation plan to ensure the preservation of the resources. With mandatory compliance with CMC Section 14.04.050(E) and Section 17.04.050(H), impacts to unknown archaeological and paleontological resources would be less than significant.

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5. Conclusion
As discussed in Chapter 3, Exemption, of this document, the proposed project meets the criteria for categorically exempt in-fill development projects in CEQA Guidelines Section 15332 and because, as discussed previously, none of the exceptions to the categorical exemptions in CEQA Guidelines Section 15300.2 apply, and it would not have a significant effect on the environment pursuant to CEQA, this analysis finds that a Notice of Exemption is appropriate for the proposed project.

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6. List of Preparers

CITY OF CUPERTINO
Luke Connolly, Assistant Director of Community Development Piu Ghosh, Planning Manager
Danielle Condit, Associate Planner, Project Manager

PLACEWORKS
Terri McCracken, Associate Principal
Jacqueline Protsman Rohr, Project Manager
Nicole Vermillion, Principal, Air Quality and Greenhouse Gas Emissions Lance Park, Senior Associate, Air Quality and Greenhouse Gas Emissions Tony Chung, Principal, Noise
Vivian Kha, Associate
Rachel Goren, Project Planner
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"
(2) CAR GARAGE
A-3
2,067 SF
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ADJACENT
CHURCH

PARKING

LEON TOWNHOUSE
PROPERTY ADDRESS :

ZONING :

DESIGNATED LAND USE:

SPECIAL ZONE

LOT AREA

DENSITY

MAX ALLOWED UNIT
PROPOSED:

OCCUPANCY:

TYPE OF CONSTRUCTION:

SPRINKLER SYSTEM:

PROJECT FUNDING:

MAXIMUM HEIGHT
STORY:

SETBACKS
10046 BIANCHI WAY,
CUPERTINO CA, 95014

P (CG, RES)

RESIDENTIAL

HEART OF CITY (CROSSROADS AREA)
14,975 SF ( 0.343 AC)
25 UNITS/ AC (HEART OF CITY)

8.57 UNITS
(7) NEW TOWNHOUSE UNITS OK
R-2
V-B
YES (NFPA 13 )

PRIVATE
45'
FRONT:

BACK
SIDE:

PROVIDED: 30'-0" OK
6' (AFTER DEDIC TION)
12-0"
10'-0" ,...__-ffi
&
LOT COVERAGE: 6,358 SF (STRUCTURE) / 14,975 SF = 42.5% < 45% OK 6,912 SF (+BAL & OVERHANG) /14,975 SF= 46% < 50% OK
UNIT INFORMATION 1ST 2ND 3RD TOTAL
UNIT A-1 3BR+DEN 3.5B 400 823 844 2,067 SF
UNIT A-2 3BR+DEN 3.5B 400 823 844 2,067 SF
UNIT A-3 3BR+DEN 3.5B 400 823 844 2,067 SF
UNIT A-4 3BR+DEN 3.5B 400 823 844 2,067 SF
UNIT B-1 3BR+DEN 3.5B 410 808 856 2,074 SF
UNIT B-2 3BR+DEN 3.5B 410 823 856 2,089 SF
UNIT B-3 3BR+DEN 3.5B 410 823 856 2,089 SF
TOTAL 14,520 SF
PRIVATE OPEN SPACE / BAL. 2ND 3RD TOTAL
UNIT A-1 BAL 80/150 58/98 138 SF> 60 SF
UNIT A-2 BAL 69/126 58 127 SF> 60 SF
UNIT A-3 BAL 69/126 58 127 SF> 60 SF
UNIT A-4 BAL 69/126 60 129 SF> 60 SF
UNIT B-1 BAL 80/188 58 138 SF> 60 SF
UNIT B-2 BAL 80/142 58 138 SF> 60 SF
UNIT B-3 BAL 90/152 60 150 SF> 60 SF
TOTAL 947 SF OK

PUBLIC OPEN SPACE
REQ'D 150SF/ UNIT = (7) X 150 SF/ UNIT

PROVIDE
1,050 SF
(WAIVER)

PARKING
REQ'D: 2.8/DU ( 2 COVER + .8 OPEN )
7 DU X (2) = (14) COVERED SPACES
7 DU X (.8) = (6) OPEN SPACES 20 SPACES
PROVIDED:
(14) COVERED SPACE
TOTAL PROVIDED 14 SPACES (GC.65915 (P)) OK
LANDSCAPE HARDSCAPE AREA 2,103 SF fu
LANDSCAPE GREEN AREA: 2,667 SF /14,118 SF LOT AREA AFTER

DEDICATION
TOTAL
LEGEND
D
D
D
D
D
D
4,770 SF

PROPERTY LINE

SETBACK

OVERHANG ABOVE

RESIDENTIAL UNIT

PARKING

CIRCULATION
ENTRY

LANDSCAPE GREEN AREA

LANDSCAPE HARDSCAPE AREA

SITE PLAN
SCALE: 1 /8" = 1'
a 5 10 20
3RD PLANNING SUBMITTAL
DATE 8-08-23
Tectonic Architects & Associates
10118 Bandley Dr. #E
Cupertino, CA 95014
408-216-0804 A1 .0
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CITY OF CUPERTINO
Legislation Text
Subject: Proposed amendments to Municipal Code Chapter 19.12, Chapter 19.28 and Chapter 19.112 regarding Two-Story Permit and Accessory Dwelling Unit (ADU) laws. (Application No. MCA-2023- 002; Applicant: City of Cupertino; Location: City-wide) Conduct the first reading of Ordinance No. 23‐2254: "An Ordinance of The City Council of the City of Cupertino to amend Municipal Code Chapter 19.12, Chapter 19.28 and Chapter 19.112 Regarding Two‐Story Permit and Accessory Dwelling Unit (ADU) Laws" (Attachment A) to amend the following:
a. Chapter 19.12, Administration, and
b. Chapter 19.28 Single‐Family Residential (R‐1) Zones. c. Chapter 19.112, Accessory Dwelling Units (ADU)
Presenter: Gian Martire, Senior Planner
File #: 23-12846, Version: 1
CITY OF CUPERTINO Page 1 of 1 Printed on 1/11/2024
powered by Legistar™
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CITY COUNCIL STAFF REPORT
Meeting: January 17, 2024
Subject
Proposed amendments to Municipal Code Chapter 19.12, Chapter 19.28 and Chapter

19.112 regarding Two-Story Permit and Accessory Dwelling Unit (ADU) laws. (Application No. MCA-2023-002; Applicant: City of Cupertino; Location: City-wide) Recommended Action
Conduct the public hearing and conduct the first reading of Ordinance No. 23-2254 (Attachments A &B) to amend the following:
a. Chapter 19.12, Administration, and
b. Chapter 19.28 Single-Family Residential (R-1) Zones. c. Chapter 19.112, Accessory Dwelling Units (ADU)
Discussion
Background
Two Story Permit Process
In order to improve efficiency and customer service the Community Development Department conducts periodic assessments of the City’s development review processes and requirements. As part of this effort staff proposes to eliminate the discretionary TwoStory Permit. This Planning entitlement is required when a two-story addition or new two-story home is proposed in an R1 zoning district. Of the 768 Planning permit applications that have been received since November 2021, 98 were Two-Story Permit applications1, the most of any codified permitting2 process. Eliminating this process has the potential to streamline the overall residential permitting process, saving residents time and money to upgrade their homes. All applications for new two-story residences

1 39 Two-story permits have been received in 2023.
2 The Planning Division took in 295 Preliminary Review applications during this time.

However, this is not a codified process. Therefore, a Municipal Code amendment is not required to eliminate or modify it.

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or additions to existing single-family residences will remain subject to the approval of a building permit, which will be reviewed by Planning staff for compliance with codified development standards, such as building setbacks and height, but the discretionary TwoStory Permit that precedes building permit approval will be eliminated. Minor Residential Permits3, as well as Residential Design Review Permits, 4 are proposed to
remain intact.

This item was intended to be heard at the December 5, 2023, City Council meeting.

However, the item was improperly agendized and had to be pushed to this hearing.

Accessory Dwelling Units
Chapter 19.112, Accessory Dwelling Units is intended to implement the State’s Accessory Dwelling Unit (ADU) requirements, which furthers the City’s own affordable housing goals by providing additional housing in all zoning districts where single-family homes and multi-family residences are allowed in a manner which minimizes adverse impacts.

This Chapter has been modified several times since 2016 to keep consistent with the State of California’s various Assembly and Senate Bills affecting ADU production.

Based on recent changes in state law, the City’s ADU ordinance is out of date and in some instances unenforceable. Staff recommends adopting the following revisions to Chapter

19.112 to be in full compliance with state laws.

The amendments proposed have been identified with strikethroughs and underlines (as appropriate) in Attachment A.

Planning Commission Recommendation
The Planning Commission convened at a regular scheduled hearing on November 14,

3 Minor Residential Permits are required for one-story, single-family residence encroachments into required rear yard setbacks, one-story extensions of an existing side yard nonconforming building wall line, new or expanded second story decks or balconies with views into neighboring residential side or rear yards, and one or two-story additions or new homes on a sloped single-family residential lot with development on building pads/graded areas with actual slopes equal to or greater than 20% and with total floor area ratio of all structures on the lot greater than 35%. 4 Residential Design Review is required when a second floor to first floor area ratio is greater than 66%, except any second to first floor ratio for development on building pads/graded areas with actual slopes equal to or greater than 20%; and/or where second story side yard setback(s) are less than 15 feet to any interior side property line.

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2023, to consider the proposed Municipal Code Amendments. The Planning Commission recommended (5-0) that City Council adopt the proposed amendments to the Municipal Code as indicated in Exhibit A Planning Commission Resolution No. 2023- 17 (Attachment C), with the following modifications:
 Modify 19.28.110(A)(5) to read:

Mechanical, heating or cooling equipment or associated piping installed on the roof shall be screened from view from the public right of way.  Tables 19.112.030A, 19.112.030B, and 19.112.040 – Remove major transit stop and transit corridor thresholds for height and second story allowances.  Modify Table 19.112.040 Row A to read:

A maximum of three ADUs per single-family lot in any combination of the following, subject to the underlying zoning standards for lot coverage, floor area, open space, and setback:
a. No More than one attached ADU
b. No More than one conversion of existing space ADU (whether in principal dwelling unit or existing accessory structure), c. No More than one detached ADU, or
d. No More than one Junior ADU
The Planning Commission’s recommended modifications have been incorporated into the Draft Ordinance (Attachments A & B).

Analysis
Chapter 19.12, Administration
The Two-Story permit had been removed from Table 19.12.030, as well as describing any sort of site noticing requirements required for the Two-Story Permit and detailed in

19.12.110 Noticing. However, staff has added this row back into Table 19.12.030, but has replaced the Two-Story Permit with the Design Review Permit process.

Chapter 19.28, Single-Family Residential (R-1) Zones
The Two-Story permit is removed from Table 19.28.040. However, all prescriptive standards applied to Two-Story homes, including but not limited to, setbacks, Floor Area Ratio, height, privacy protection, and parking remain in effect. New two-story homes or expanded second story additions will be ministerially approved if Minor Residential Permits and/or Design Review Permits are not triggered.

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In Section 19.28.110 Single-Family Residential Design Guidelines and Principles, many of the formerly discretionary design standards have been made mandatory for all single-family homes by, for instance, replacing the word “should” with the word “shall”. In practice, these design standards have generally been implemented over the years as nondiscretionary by staff. These include:
 Eliminating three-car wide curb cuts.
 Ensuring no more than fifty percent of the front elevation of a house shall consist of garage area, unless the lot is not wide enough to accommodate standard.  Ensuring Usable Living area shall be closer to the street, while garages should be set back more.
 Ensuring Mechanical, heating, or cooling equipment or associated piping installed on the roof shall be screened from the public right of way. o Staff recommended exception would apply to homes in the Eichler (R1-e) zoned neighborhood (Fairgrove).
 Porches shall appear proportionately greater in width than in height.

Two-Story Permit Findings have been removed from 19.28.140 Findings.

Chapter 19.112, Accessory Dwelling Units
To reflect the amendments to Government Code section 65852.2, Chapter 19.112, Accessory Dwelling Units, is proposed to be updated to ensure consistency with State Law, as well as clarifying impact fees charged on Accessory Dwelling Units (ADU) greater than 750 square feet in floor area.

Streamlined ADUs
Streamlined ADUs are defined as accessory units within a single-family development that are either attached or detached and under 800 square feet, or a conversion of space within the principal dwelling unit or accessory structures, and internal conversions and detached structures within multi-family developments. Updates include:
 A maximum of three ADUs per single-family lot in any combination of the following:
o One attached ADU (under 800 square feet)
o One conversion of existing space ADU (whether in principal dwelling unit or existing accessory structure),
o One detached ADU (under 800 square feet), or
o One Junior ADU
 Allowance for heights of 18 feet for a detached ADU and 25 feet if it’s attached to a principal dwelling unit.

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 Allowance for a second story on attached or detached ADUs.

Non-Streamlined ADUs
Non-Streamlined ADUs do not meet the requirements for approval under Government Code section 65852.2(e)(1). Updates to develop standards for non-streamlined ADUs include:
 A maximum of three ADUs per single-family lot in any combination of the following, subject to the underlying zoning standards for lot coverage, floor area, open space, and setback:
o No more than one attached ADU
o No more than one conversion of existing space ADU (whether in principal dwelling unit or existing accessory structure),
o No more than one detached ADU, or
o No more than one Junior ADU
 Allowance for heights of 18 feet for a detached ADU, and 25 feet if it’s attached to a principal dwelling unit.
 Allowance for second story on attached or detached ADU.

Staff has further strengthened language in this section that would not allow more than three (3) ADUs as well as clarifying that streamlined ADU standards cannot be combined with non-streamlined standards to create more than three (3) ADUs on a single-family site.

Public Noticing & Outreach
The following noticing has been conducted for this project:

Notice of Public Hearing, Site
Notice & Legal Ad
Agenda
 Display ad placed in newspaper
(at least 10 days prior to hearing)
 Posted on the City's official notice
bulletin board (five days prior to hearing)
 Posted on the City of Cupertino’s Web
site (five days prior to hearing)
Public Comments
Please refer to Attachment E for public comments.

Next Steps
If Council approves the introduction of the ordinance, a second reading would be scheduled for the next regular meeting of the City Council.

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Fiscal Impacts
As Two-Story Permits are no longer required, the City will no longer receive the fee payments from those applications. However, the ordinance would result in savings of staff time required to process two-story applications.

Sustainability Impacts
No Sustainability impacts.

California Environmental Quality Act
This Ordinance is not a project under the requirements of the California Quality Act of 1970, together with related State CEQA Guidelines (collectively, “CEQA”) because it has no potential for resulting in physical change in the environment, either directly or ultimately, or alternatively, is exempt from CEQA under CEQA Guidelines section 15061(b)(3) because it can be seen with certainty to have no possibility of a significant effect on the environment.

The proposed ordinance is further exempt from CEQA under Public Resources Code section 21080.17, which provides a statutory CEQA exemption to ADU ordinances adopted to implement Government Code section 65852.2.

Prepared by: Gian Paolo Martire, Senior Planner
Reviewed by: Luke Connolly, Assistant Director of Community Development Benjamin Fu, Director of Community Development
Approved for Submission by: Pamela Wu, City Manager

ATTACHMENTS
A. Draft Ordinance No. 23-2254 (clean)
B. Draft Ordinance No. 23-2254 (redline)
C. Planning Commission Resolution No. 2023-17
D. Gov. Code Sections 65852.2 and 65852.22
E. Public Comment
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ORDINANCE NO.

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO TO AMEND MUNICIPAL CODE CHAPTER 19.12, CHAPTER 19.28 AND CHAPTER

19.112 REGARDING TWO‐STORY PERMIT AND ACCESSORY DWELLING UNIT (ADU) LAWS
The City Council of the City of Cupertino finds that:

1. An assessment of the City’s development review processes and requirements revealed that out of the 768 Planning permit applications that have been received since November of 2021, the City has taken in 98 Two‐Story Permit applications, the most of any codified permitting process. To improve efficiency, staff proposes to eliminate the discretionary Two‐Story Permit requirement, with the intended result to streamline the permitting process and save residents time and money when upgrading their homes.

2. State Law changes have rendered the City’s Accessory Dwelling Unit ordinance (CMC

19.112) obsolete and unenforceable.

3. The City Council of the City of Cupertino held a duly noticed public hearing on December 5, 2023, and after considering all testimony and written materials provided in connection with that hearing introduced this ordinance and waived the reading thereof.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CUPERTINO DOES ORDAIN AS FOLLOWS:

SECTION 1. Adoption.

The Cupertino Municipal Code is further amended as set forth in Attachment A.

SECTION 2: Severability and Continuity.

The City Council declares that each section, sub‐section, paragraph, sub‐paragraph, sentence, clause and phrase of this ordinance is severable and independent of every other section, sub‐section, paragraph, sub‐paragraph, sentence, clause and phrase of this ordinance. If any section, sub‐section, paragraph, sub‐paragraph, sentence, clause or phrase of this ordinance is held invalid, or its application to any person or circumstance, be determined by a court of competent jurisdiction to be unlawful, unenforceable or otherwise void, the City Council declares that it would have adopted the remaining provisions of this ordinance irrespective of such portion, and further declares its express intent that the remaining portions of this ordinance should remain in effect after the invalid portion has been eliminated. To the extent the provisions of this Ordinance are substantially the same as previous provisions of the Cupertino Municipal Code, these CC 01-17-2024
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provisions shall be construed as continuations of those provisions and not as an amendment to or readoption of the earlier provisions.

SECTION 3: Effective Date.

This Ordinance shall take effect thirty days after adoption as provided by Government Code Section 36937.

SECTION 4: Publication.

The City Clerk shall give notice of adoption of this Ordinance as required by law.

Pursuant to Government Code Section 36933, a summary of this Ordinance may be prepared by the City Clerk and published in lieu of publication of the entire text. The City Clerk shall post in the office of the City Clerk a certified copy of the full text of the Ordinance listing the names of the City Council members voting for and against the ordinance.

INTRODUCED at a special meeting of the Cupertino City Council on January 17, 2024 and ENACTED at a regular meeting of the Cupertino City Council on _____________, 2024 by the following vote:

Members of the City Council
AYES:

NOES:

ABSENT:

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ABSTAIN
SIGNED:

Sheila Mohan, Mayor
City of Cupertino
Date
ATTEST:

Kirsten Squarcia, City Clerk Date
APPROVED AS TO FORM:

Christopher D. Jensen, City Attorney Date
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Ordinance No.

Page 6 ends

ATTACHMENT A ‐ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO TO AMEND MUNICIPAL CODE CHAPTER 19.12, CHAPTER 19.28 AND CHAPTER 19.112 REGARDING TWO‐STORY PERMIT AND ACCESSORY

DWELLING UNIT (ADU) LAWS

1. Amendments to Title 19 concerning the Two‐Story Permit

19.12.030 Approval Authority.

Table 19.12.030 shows the approval authority, Noticing Radius, Expiration Date and Extension Dates for different types of Permits.

Attachment A‐ Page 6
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Table 19.12.030 - Approval Authority
Type of Permit or Decision A, B
Administrative
Review
Arts and
Culture
Commission
Planning
Commission City Council
Public
Hearing/
Public
Meeting/
Comment
Period C
Noticing/ Noticing
Radius D
Posted
Site
Notice
Expirati
on
Date E
Chapter/ Findings
General Plan Amendment
Major F - R F PH CA. Govt. Code
65350-
65362
Yes - CA. Govt. Code
65350-
Minor G - R F PH Yes - 65362
Zoning Map Amendments
Major F - R F PH CA. Govt. Code
65853-
65857
Yes - 19.152.020
Minor G - R F PH Yes -
Zoning Text Amendments - R F PH
CA. Govt. Code
65853-
65857 - -

19.152.030
Specific Plans - R F PH
CA. Govt. Code
65350-
65362 - -

20.04.030
Development Agreements - R F PH CA. Govt. Code
65867 Yes - 19.144.120
Development Permits
Major F, H - F/R A1/F PM

19.12.110/300'
Yes 2 years

19.156.050
Minor G F A1 A2 PM Yes 2 years
Conditional Use Permits
Major F, H, I F A1/F/R A1/ A2/F PH CA. Govt. Code
65905
Yes 2 years

19.156.050
Minor G, I F A1/F/R A1/ A2/F PH Yes 2 years
Temporary F A1 A2 - None No 1 year None/ 19.160.030
Density Bonus (Residential) R F
Based on
concurrent
application

19.56 Adult-Oriented Commercial Activity (CUP) R F PH CA. Govt. Code 65905/300' Yes 2 years

19.128.030 &

19.128.040
Architectural and Site Approval
Major J F A1 A2 PM

19.12.110/
Yes 2 years

19.168.030
Minor K F A1 A2 PM Yes 2 years
Amendment
Major F, H - F A1 Varies L Yes 2 years 19.44,
Attachment A – Page 4
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Ordinance No.

Page 5 ends

19.144,

19.156,

19.164
Minor Modification F A1 A2 - None No 2 years 19.164
Hillside Exception/ Height Exception/ Heart
of the City Exception I
- F A1 PH 19.12.110/300' Yes 2 years

19.40.080,

19.24.070,

19.136.090
Variance F A1 A2 PH CA. Govt. Code
65905 Yes 2 years 19.156.060
Status of non- conforming Use - F A1 PH 19.12.110/300' Yes - 19.140.110 Wireless Antennas I
F
F/ A1 A2 Varies I
Depends on
application type Yes 2 years 19.136.090
Signs
Permits F A1 A2 - None No 1 year 19.104
Neon, Reader board & Freeway Oriented
Signs I
F - F/A1 A1/A2 PM 19.12.110/300’ No 1 year 19.104
Programs F A1 A2 - None No 1 year

19.104
Exceptions I
-
- F A1 PM 19.12.110/
Adjacent Yes 1 year 19.104.290
Parking Exceptions I FM - F/A1 A1
/A2 Varies M

19.12.110/
Adjacent/ 300’ N Yes 1 year 19.124.050
Fence Exceptions
F - A1 A2 L PM 19.12.110/
Adjacent Yes 1 year 19.48.060
Front Yard Interpretation F A1 A2 PM 19.12.110/
Adjacent Yes 1 year 19.08
R-1 Ordinance Permits
Residential Design Review I F - F/A1 A1 L/ A2 Varies I 19.12.110/ Adjacent
Yes 1 year 19.28.140
Minor Residential F A1 A2 CP No 1 year
Exceptions I
- - F A1 PM Yes 1 year
Miscellaneous Ministerial Permit F - - None Adjacent Yes 1 Year 19.28.150 and

19.40.090
Attachment A‐ Page 5
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Ordinance No.

Page 6 ends

19.12.110/
None No 2 years
Miscellaneous Ministerial Permit Not Allowed
Public Art Architectural and Site Approval Permits
Public Art
- F - A1 PM None None None 2.80 and 19.148
Art in lieu payment
- R - F PM None None None 2.80 and 19.148
KEY:

R—Review and recommendation body F—Final decision-making body unless appealed A1—Appeal Body on first appeal A2—Appeal body on second appeal PH—Public Hearing PM—Public Meeting
CP—Comment Period
Attachment A‐ Page 6
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Notes:

A. Permits can be processed concurrently with other applications, at the discretion of the Director of Community Development.

B. Projects with combined applications shall be processed at the highest level of approval in conformance with Section 19.04.090.

C. Public Hearing: Projects types that need noticing pursuant to the CA Government Code; Public Meeting: Project types that need only a mailed notice and no newspaper notices; Comment Period: Project types that need only a mailed notice and do not need a public hearing or public meeting.

D. Noticing Radius of an application in a combined application shall correspond to the maximum noticing radius required for any one of the applications.

E. Expiration date of an application in a combined application shall correspond to the maximum expiration date allowed for any one of the development applications (not including Subdivision Map Act applications, General Plan Amendments and Zoning Map or Text Amendments.)
F. Major General Plan Amendment, Conditional Use Permit, Development Permit application ‐ for more than ten thousand square feet of commercial and/or industrial and/or office and/or other non‐residential use, or greater than six residential units.

G. Minor General Plan Amendment, Conditional Use Permit, Development Permit application ‐ for ten thousand square feet or less of commercial and/or industrial and/or office and/or other non‐residential use, or six or less residential units.

H. City Council review for applications with new development greater than fifty thousand square feet of commercial, and/or greater than one hundred thousand square feet of industrial and/or office and/or other non‐residential use, and/or greater than fifty residential units.

Planning Commission review for all other applications.

I. Please see specific zoning district regulations or chapters in this title that apply to the subject property or project for approval authority.

J. Major Architectural and Site Approval application ‐ architectural and site approval for all projects that are not a Minor Architectural and Site Approval application.

Attachment A – Page 7
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K. Minor Architectural and Site Approval application ‐ single family home in a planned development zoning district, minor building architectural modifications, landscaping, signs and lighting for new development, redevelopment or modification in such zones where review is required and minor modifications of duplex and multi‐ family buildings.

L. Meeting type and noticing are dependent on the underlying permit being modified.

M. Parking Exceptions approved by the Director of Community Development need a comment period.

N. Parking Exceptions in Single‐family residential (R1) zones and Duplex (R2) zones need adjacent noticing.

All other Parking Exceptions need notices within three hundred feet of the exterior boundary of the subject property.

O. Application must be filed prior to expiration date of permit. Permit is extended until decision of the Approval Body on the extension.

19.12.110 Noticing.

A. Notice of Public Hearing: Noticing shall be provided in the following mannerfor applications that need a public hearing:

1. Notice of hearing shall be given by publication once in a local newspaper of general circulation not less than
ten days priorto the date of the hearing as provided in Section 65090 of the California Government Code;

2. The City shall mail written notice by first class mail to:
a. Each owner of record of real property within the noticing radius per Section 19.12.030 of the exterior boundary of the property for which the application is made as the owner of record is shown in the last tax assessment roll pursuant to Section 65091 of the California Government Code;
b. Owner(s) of subject site or his or her authorized agent c. Project applicant(s)
d. Local agencies expected to provide water, sewage, streets, roads, schools or other essential facilities or services to the proposed project;
e. Any individual or entity that has filed a written request with the City Clerk requesting notification of
public hearings.

3. If the number of owners to whom notice would be mailed or delivered pursuant to subsection A2 above is greaterthan one thousand, in lieu of mailed or delivered notice, the Director may provide published notice as provided in Government Code Section 65091(3).

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4. The notice shall contain the following:
a. The exact address of the property, if known, orthe location of the property, if the exact address is not known;
b. The date on which action on the application will be taken; c. A brief description, the content of which shall be in the sole discretion of the City, of the proposed project;
d. Reference to the application on file for particulars; e. A statement that any interested person, or agent thereof, may contact the city for additional information and/or plan.

Typographical and/or publishing errors shall not invalidate the notice nor any City action related to the notice.

B. Notice of Public Hearing for Zoning Text Amendments:

1. For amendments to zoning regulations: Notice of such hearing (publication) shall be given in the manner prescribed in Section 19.12.110 A(1) of this chapter.

2. For amendments to permitted uses of real property: Notice (mailing or publication) shall be given pursuant to Sections 19.12.110 A(2) or A(3), as the case may be.

C. Notice of Public Meeting: For projects requiring notice of a public meeting, notice shall be mailed in accord with 19.12.110A(2) or A(3), as the case may be, at least ten days prior to the date of the meeting date.

D. Notice of Comment Period: For projects requiring notice of a comment period, notice shall be mailed in accord
with 19.12.110A(2) and A(5), fourteen calendar days prior to the date of action on the application.

1. For permits issued pursuant to Chapter 19.28, Single Family Residential, the mailed notice shall include a copy of the site plan and elevation plans of the proposed project.

2. For permits issued pursuant to Chapter 14.18, Protected Trees, the mailed notice shall include a copy of the site plan and tree replacement/mitigation plan.

E. The City may also give notice of public hearings/public meetings in any other manner it deems necessary or desirable. If the Director of Community Development believes the project may have impacts beyond the range of the mailed notice, particularly on nearby residential areas, the Director, in his or her discretion, may expand noticing beyond the stated requirements in Section

19.12.030.

Compliance with the procedures set forth in this section shall constitute a good‐faith effort to provide notice, and the failure to provide notice, and the failure of any to receive notice, shall not prevent the City from proceeding with a hearing, meeting or from taking any action nor affect the validity of any action.

F. Posted Site Notice:

1. Applicants shall install notice(s) on the subject site that is/are clearly visible and legible from the right‐of‐way in accord with the requirements of Table 19.12.030. a. Applicants must install a site notice in the front yard of the subject site. b. For all applications other than Residential Design Review, Miscellaneous Ministerial Permits, and Tree Removal applications in R1 or R2 zones, if the CC 01-17-2024
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subject site has more than one property line abutting a street, the applicant may be required to install more than one notice.

2. The notice shall be a weatherproof sign, firmly attached to 5 foot tall posts and:
a. For Residential Design Review, Miscellaneous Ministerial Permits, and Tree Removal applications in R1 or R2 zones, shall be at least 2 feet tall and 3 feet wide. b. For all other applications that need a site notice, shall be at least 4 feet tall and 6 feet wide.

3. The notice shall be placed at least 14 days prior to the decision/public hearing and shall remain in place until an action has been taken on the application and the appeal period, if any, has passed.

4. The notice shall contain the following:
a. The exact address of the property, if known, orthe location of the property, if the address is not known;
b. A brief description of the proposed project, the content of which shall be at the sole discretion of the City;
c. City contact information for public inquiries;
d. A deadline forthe submission of public comments;
e. If proposing a physical alteration to an existing building or new buildings, at least one of the following visual representations of the proposed project:
i. A color perspective drawing or three‐dimensional (3‐D) photographic simulation of the proposed project, in a size deemed appropriate by the Director of Community Development.
ii. For Residential Design Review Permit, and Miscellaneous Ministerial Permit applications, a color or black and white perspective drawing or three‐dimensional (3‐D) photographic simulation of the proposed project, at least 11 inches by 17 inches in size.
iii. Visual Representation is not required for applications that do not have a material change in the physical appearance of the property.

G. Miscellaneous Ministerial Permit: For projects requiring notice of a Miscellaneous Ministerial Permit, notice shall be mailed in accord with subsection 19.12.110A(4) and posted on the property, fourteen calendar days prior to the date of action on the application.

19.28.040 Permits Required for Development.

Table 19.28.040 sets forth the planning permits required for development in the Single‐ Family Residential district.

Table 19.28.040 Permits Required
Planning permit
required prior to
building permit
Type of Project Approval
Authority
application
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A. None Single‐family projects that do not require
exception or variance from the requirements of this Admin.

B. Minor Residential
Permit, pursuant to

1. One‐story encroachment into a required rear yard
setback, subject to requirements of Section

19.28.070
Admin 2. One‐story extension of an existing side yard
nonconforming building wall line, subject to
requirements of Section

19.28.100 in all districts except R1‐a
Chapter 19.12,
Administration

3. One‐story project with a gable end of a roof
enclosing an attic space projecting outside the
building envelope, subject to requirements of
Section 19.28.070 or 19.28.080

4. New or expanded second story deck or balcony
with views into neighboring residential side or
rear yards in all districts except R1‐a or on any
project previously developed pursuant to
Government Code Section 65852.21

5. Any active or passive solar structure that requires
variation from the setback or height restrictions
of this chapter, provided that no such structure
shall infringe upon solar easements or adjoining
property owners

6. One or two‐story addition or new home on a
sloped single‐family residential lot with
development on building pads/graded areas with
actual slopes equal to or greater than 20% and
with total floor area ratio of all structures on the
lot greater than 35%
C. Director’s Minor
Modification, pursuant
to Chapter 19.12,
Administration
Encroachment of porch elements into the required
front yard setback in the R1‐a zone, subject to the
requirements of Section 19.28.100
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D. Residential Design
Review, pursuant to
Chapter 19.12,
Administration
Two‐story addition or new two‐story home in all
districts except R1‐a where:

1. Second floor to first floor area ratio is greater
than 66%, except any second to first floor ratio
for development on building pads/graded
areas with actual slopes equal to or greater
than 20%; and/or

2. Where second story side yard setback(s) are
less than 15 feet to any interior side property
line
Admin. with
design review
Two‐story addition, new two‐story home, and/or
second story deck in the R1‐a zone
PC
E. Exception,
pursuant to
Chapter 19.12,
Administration &
Section 19.28.130,
Exceptions
One or two‐story project requesting an exception
from Sections 19.28.070 [Development Regulations
(Building)],

19.28.080 [Eichler R1‐e Building Design
Requirements], and/or 19.28.110 [Landscape
Requirements].

PC
F. Hillside Exception,
pursuant to Chapter

19.12,
Administration
Development (area greater than 500 square feet) on
slopes greater than 30%
G. Architectural and
Site Approval,
pursuant to Chapter

19.12,
Administration
One or two‐story addition or new home on a sloped
single‐family residential lot with development on
building pads/graded areas with actual slopes equal
to or greater than 20% and where the cut plus fill of
the site exceeds 2,500 cubic yards
H. Conditional Use
Permit, pursuant to
Chapter 19.12,
Administration
Two‐story addition or new two‐story home in an R1
zoning district with an “i” suffix
I. Single‐Story Overlay
District Application,
pursuant to Chapter

19.12, Administration
Establishment orremoval of a Single‐Story Overlay
District in a Single-Family Residential District
(Addition or removal of the “I” suffix in an R1
zoning district)
CC
J. Miscellaneous
Ministerial Permit

1. New one or two‐story duplex project in an R1
zoning district pursuant to Government Code
Section 65852.21

2. New one or two‐story single‐family home,
secondary principal dwelling unit, ortwo‐story
addition in an R1 zoning district pursuant to
Government Code Section 65852.21
Admin

19.28.110 Single‐Family Residential Design Guidelines and Principles.

Any new single‐family residential house or addition to an existing house shall be generally consistent with the adopted single‐family residential guidelines in Sections 19.28.110(A) and (B).

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A. Single‐Family Residential Design Guidelines for all projects.1, 2

1. There shall not be a three‐car wide driveway curb cut.

2. No more than fifty percent of the front elevation of a house shall consist of garage area, unless the lot is not wide enough to accommodate.
a. In the R1‐a zone, the maximum width of a garage on the front elevation shall be twenty‐ five feet, which will accommodate a two‐car garage. Additional garage spaces shall only be provided through the use of a tandem garage or a detached accessory structure at the rear of the property.2

3. Usable Living area shall be closer to the street, while garages should be set back more.

4. All roofs shall have at least a one‐foot overhang.

5. Mechanical, heating, or cooling equipment or associated piping installed on the roof shall be screened from the public right away, except in R1-e zones where roof top equipment is not allowed.

6. Porches are encouraged.
a. In the R1‐a zone, the following porch design guidelines apply2:
i. When viewed from the street, a porch shall appear proportionately greater in width than in height. A porch differs from an entry element, which has a proportionately greater height than its width.
ii. Structural supports shall be designed such that the appearance is not obtrusive or massive.
iii. The use of large columns or pillars is discouraged. iv. The eave height for a front porch shall not be significantly taller than the eave height of typical single‐story elements in the neighborhood.
v. Porch elements shall have detailing that emphasizes the base and caps for posts and fence elements.

7. In R1‐6e and R1‐a zones, entry features shall not be higher than fourteen feet from natural grade to plate.2

19.28.140 Findings.

Sections 19.28.140(A), (B), (C), (D), and (E) set forth the findings required for a Minor Residential Permit, Two‐ Story Permit, Residential Design Review, and R‐1 Exception approval.

A. Minor Residential Permit Findings.

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1. The project is consistent with the Cupertino General Plan, any applicable specific plans, zoning ordinances and the purposes of this title.

2. The granting of the permit will not result in a condition that is detrimental or injurious to property or improvements in the vicinity, and will not be detrimental to the public health, safety or welfare.

3. The proposed project is harmonious in scale and design with the general neighborhood.

4. Adverse visual impacts on adjoining properties have been reasonably mitigated.

B. Residential Design Review Findings.

1. The project is consistent with the Cupertino General Plan, any applicable specific plans, zoning ordinance and the purposes of this title.

3. The project is harmonious in scale and design with the general neighborhood.

4. The project is consistent with the two‐story design principles and generally consistent with the single‐ family residential design guidelines.

5. Adverse visual impacts on adjoining properties have been reasonably mitigated.

C. Residential Design Review Findings, R1‐a zone.

1. The project is consistent with the Cupertino General Plan and Title 19 of the Cupertino Municipal Code.

2. The granting of this permit will notresult in detrimental orinjurious conditions to the property or improvements in the vicinity, or to the public health, safety, or welfare.

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3. The project is generally compatible with the established pattern of building forms, building materials, and designs of homes in the neighborhood.

4. The project is generally compatible with the Cityʹs single‐family residential design guidelines and the guidelines in this chapter and any inconsistencies have been found to not result in impacts on neighbors.

5. Significant adverse visual and privacy impacts as viewed from adjoining properties have been mitigated to the maximum extent possible.

D. R‐1 Exception Findings.

1. The literal enforcement of this chapter will result in restrictions inconsistent with the spirit and intent of this chapter.

2. The proposed development will not be injurious to property or improvements in the area, nor be detrimental to the public safety, health and welfare.

3. The exception to be granted is one that will require the least modification of the prescribed design regulation and the minimum variance that will accomplish the purpose.

4. The proposed exception will not result in significant visual impact as viewed from abutting properties.

2. Amendments to Title 19 concerning Accessory Dwelling Units

19.112.010 Purpose; Incorporation by Reference; Consistency with State Law.

The purpose of this chapter is to promote the goal of affordable housing within the City through provision of additional housing in certain residential, agricultural residential, and mixed‐use zoning districts in a manner which minimizes adverse impacts of accessory dwelling units on neighborhoods. Unless otherwise defined in this Title, all terms used in this Chapter shall be defined and interpreted in accordance with Government Code Sections 65852.2 and 65852.22. In the event of a conflict between this Chapter and the requirements of State law, the requirements of State law, including the requirements of Government Code Sections 65852.2 and 65852.22, shall prevail.

19.112.020 Accessory Dwelling Unit Regulations.

Notwithstanding any provision of this title to the contrary:

1. Accessory dwelling units are permitted on lots within any residential or mixed‐use residential zoning district. The lot must have an existing single family dwelling unit or if zoned multi‐family or mixed use residential, at least one residential unit. If the lot is vacant, an accessory dwelling unit may only be proposed in conjunction with the development of at least one residential unit. Notwithstanding the underlying zoning, an accessory dwelling Attachment A‐ Page 15
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unit developed pursuant to this chapter does not cause the lot upon which it is located to exceed its maximum the allowable density on the lot.

2. Accessory dwelling units must comply with the site development regulations and guideline specified in those zoning districts for dwelling units, including but not limited to: lot coverage; floor area ratio; height; setbacks; landscape; the regulations contained in this chapter; Chapter 19.100, Accessory Structures/Buildings; and Chapter 19.124, Parking; except as those standards are modified by this chapter.

3. No impact fees, as defined in Government Code Section 65852.2(f)(3)(B), shall be imposed on any accessory dwelling unit or junior accessory dwelling unit with a gross floor area of less than 750 square feet. Impact fees imposed on accessory dwelling units greater than or equal to 750 feet shall be charged proportionally in relation to the square footage of the primary dwelling unit in compliance with Government Code Section 65852.2(f)(3)(A).

4. Accessory dwelling units are permitted on lots within any residential or mixed‐use residential zoning district. The lot must have an existing single family dwelling unit or if zoned multi‐family or mixed use residential, at least one residential unit. If the lot is vacant, an accessory dwelling unit may only be proposed in conjunction with the development of at least one residential unit. Notwithstanding the underlying zoning, an accessory dwelling unit developed pursuant to this chapter does not cause the lot upon which it is located to exceed its maximum the allowable density on the lot.

5. Accessory dwelling units must comply with the site development regulations and guideline specified in those zoning districts for dwelling units, including but not limited to: lot coverage; floor area ratio; height; setbacks; landscape; the regulations contained in this chapter; Chapter 19.100, Accessory Structures/Buildings; and Chapter 19.124, Parking; except as those standards are modified by this chapter.

19.112.030 Site Development Regulations for Streamlined Accessory Dwelling Units & Junior Accessory Dwelling Units.

Pursuant to California Government Code Section 65852.2(e), the City shall approve the following streamlined accessory dwelling units if the specified development standards and use restrictions are met, as identified in:

A. Table 19.112.030A for single‐family residential uses and B. Table 19.112.030B for multi‐family residential uses.

Attachment A‐ Page 16
Table 19.112.030A: Site Development Regulations for Streamlined Accessory Dwelling Units and Junior Accessory Dwelling Units Associated with Single‐Family Residential Uses CC 01-17-2024
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Conversion of space within principal
dwelling unit or accessory structures
New Construction Attached or
Detached Accessory Dwelling
Unit ≤ 800 s.f.

1. Size of living space, exclusive of decks
a. Minimum
size
150 s.f.
b. Maximum
size
No size limitation as long as the unit:
i. Is wholly within the space of a proposed
or existing single‐family dwelling or the
existing space of an accessory structure,
and
ii. Does not require either:
• An addition of more than 150 square
feet to an existing accessory structure to
accommodate ingress and egress only, or
• Any addition to an existing single‐
family dwelling unit.
800 s.f.

2. Number of
Units
Maximum three ADUs per lot in any combination of the following:
 One attached ADU,
 One conversion of existing space ADU (whether in principal dwelling unit or existing accessory structure),
 One detached ADU, or
 One Junior ADU

3. Setbacks Per the underlying zoning district
except that if the existing structures do
not meet these standards, the side and
rear setbacks shall be sufficient for fire
safety and life safety.
a. At least four feet from the
rear and side lot lines.
a. An applicant alternately may
elect to follow the setback
standards for accessory
structures in
Chapter 19.100.

Attachment A‐ Page 17
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1 An additional two feet in height is permitted to accommodate a roof pitch on the accessory dwelling unit that is aligned with the roof pitch of the primary dwelling unit.

Attachment A‐ Page 18

4. Height The conversion shall not change the height
of the existing structure.
a. 18 feet for detached ADU
b. If accessory dwelling unit
attached to principal
dwelling, 25 feet or the
height limitations applicable
to the principal dwelling,
whichever is lower.
c. An applicant alternatively
may elect to follow the
height standards for
accessory structures in
Chapter 19.100.

5. Second‐story
accessory
dwelling unit
Allowed if the unit is a conversion of
existing second story portion of the
principal dwelling unit.

Allowed

6. Parking for
accessory
dwelling unit
None

7. Direct outside
access
Independent outdoor access must be provided without going through the principal dwelling unit.

8. Separation
from principal
dwelling unit
The conversion must result in an
independent unit. With the exception of a
JADU that has a shared bathroom with the
principal dwelling unit, no interior doors or
other connections between the units are
permitted.

Detached from principal dwelling
unit
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Attachment A‐ Page 19
Table 19.112.030B: Site Development Regulations for Streamlined Accessory Dwelling Units Associated with Existing Multi‐Family Residential Uses
Conversion of interior space within
multifamily dwelling structures
New Construction Detached
Accessory Dwelling Unit

1. Location Conversion of space within existing
dwelling structures that is not used as
livable space (e.g. existing units) including,
but not limited to, storage rooms, boiler
rooms, passageways, attics, basements, or
garages, as long as the unit meets building
standards for dwellings.

Detached from the multi‐family
dwelling structure(s)

2. Number of
Units
The greater of:
 25 percent of the existing number of
primary dwelling units, or
 One accessory dwelling unit.

No more than two units

3. Minimum Size 150 s.f.

4. Maximum Size No size limitation 1,200 s.f.

5. Setbacks The accessory dwelling unit shall not
increase the size of the existing structure.
a. Located at least four feet
from the side and rear lot
lines.
b. An applicant alternately may
elect to follow the setback
and height standards for
accessory structures in
Chapter 19.100.

6. Height The accessory dwelling unit shall not
increase the size of the existing structure.
a. 18 feet; or
b. An applicant alternatively
may elect to follow the
setback and height standards
for accessory structures in
Chapter 19.100.

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7. Separation
from principal
dwelling units
The conversion must result in an
independent unit. No interior doors or
other connections between the units are
permitted.

Detached from principal dwelling
units.

19.112.040 Site Development Regulations for Non‐Streamlined Accessory Dwelling Units.

A. This section shall govern applications for ADUs and JADUs that do not qualify for approval under Section 19.112.030 or Government Code section 65852.2(e)(1) and for which the city may impose local standards pursuant to Government Code section 65852.2, subdivisions (a) through (d). Nothing in this section shall be interpreted to prohibit an ADU of up to 800 square feet, at the heights stated in Section 19.112.030(A) and .030(B), with a four‐foot side and rear setbacks.

B. The Development Standards for units governed by this section are provided in Section 19.112.040.

Table 19.112.040: Site Development Regulations for Non‐Streamlined Accessory Dwelling Units Created by New Construction and/or Additions to the Principal Dwelling Unit Attached >800s.f. Detached > 800 s.f.

A. Number of
Units
A maximum of three ADUs per single-family lot in any combination of the following, subject to the underlying zoning standards for lot coverage, floor area, open space, and setback:
o No more than one attached ADU
o No more than one conversion of existing space ADU (whether in principal dwelling unit or existing accessory structure), o No more than one detached ADU, or
o No more than one Junior ADU
Nothing in this Section shall permit the development of more than three ADUs or Junior ADUs on any single-family lot. Non-streamlined ADU provisions cannot be combined with streamlined provisions to add more than a total of three ADUs.

B. Size of living space, exclusive of decks

1. Minimum
size
150 s.f.

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2. Maximum size a. Studios/one‐bedroom unit – 850 s.f.; two or more‐bedroom unit – 1,000 s.f.; and
b. Attached accessory dwelling units shall not exceed 50% of the existing primary dwelling
c. Application of lot coverage, floor area, and open space standards:
i. Maximum size for units ≤ 800 s.f. shall not be limited by lot coverage, floor area ratio, and open space requirements per the underlying zoning.
ii. Maximum size for units > 800 s.f. are limited by lot coverage, floor area ratio, and open space requirements per the underlying zoning.

These standards shall apply to the gross floor area of the unit proposed. Notwithstanding application of these standards, an 800 s.f. detached accessory dwelling unit is permitted pursuant to Table

19.112.030A or an 800 s.f. attached accessory dwelling unit is permitted.

C. Setbacks Per the underlying zoning district,
except the required side and rear
setbacks are modified to four feet.

The proposed structure must comply
with the setback standards for
accessory structures in Chapter

19.100, except the street side setbacks
are modified to four feet.

D. Height 25 feet or the height limitations
applicable to the principal dwelling,
whichever is lower.

The proposed structure must comply
with the height standards for
accessory structures in Chapter

19.100, except that a maximum height
of 18 feet is allowed.

E. Second‐story
accessory
dwelling units
Allowed
F. Parking

1. Parking for
accessory
dwelling unit
One additional off‐street parking space shall be provided, if the principal dwelling unit has less than the minimum off‐street parking spaces for the applicable residential zoning district in which it is located, as required in Chapter 19.124 unless the accessory dwelling unit meets one of the following requirements:
a. Located within one‐half (1/2) mile of a public transit stop; or b. Located within one block of a car share vehicle pick‐up location; or
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district; or
d. The occupant of the unit is not allowed/offered a required on‐street parking permit; or
e. Is part of the proposed or existing primary residence or an accessory structure.

2. Replacement
parking spaces
for existing
covered,
uncovered or
enclosed parking
spaces
converted to an
accessory
dwelling unit
No replacement parking spaces are required.

G. Direct outside
access
Independent outdoor access must be provided without going through the principal dwelling unit.

H. Screening from
public street
All access to accessory dwelling units shall be on a different wall plane than the access to the principal dwelling unit.

I. Structure
Design
Should be compatible with the architectural style and materials of the principal structure.

J. Separation from
principal
dwelling unit
The ADU must be an independent unit.

No interior doors or other connections
between the ADU and the principal
dwelling unit are permitted.

Detached from principal dwelling
unit.

1. No setback is required for an accessory dwelling unit located within existing living area or an existing accessory structure, or an accessory dwelling unit that replaces an existing structure and is located in the same location and to the same dimensions as the structure being replaced.

19.112.050 Review Process.

Applications for accessory dwelling units conforming to the requirements of this chapter shall be reviewed ministerial without discretionary review and must be approved or denied within the time frame specified in Government Code Section 65852.2.

19.112.060 Accessory Dwelling Units Prohibited on Certain Lots.

Notwithstanding Government Code Section 65852.2 or 65852.22 or any provision of this Chapter, no accessory dwelling unit or a junior accessory dwelling unit shall be permitted on any lot in single‐ family residence district (R‐1 or RHS) if a lot split has been approved pursuant to Section 18.12.70 and one CC 01-17-2024
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or more residential units has been approved for construction pursuant to Section 19.28.150 or 19.40.090 ( Government Code Section 65852.21).

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ORDINANCE NO.

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO TO AMEND MUNICIPAL CODE CHAPTER 19.12, CHAPTER 19.28 AND CHAPTER

19.112 REGARDING TWO‐STORY PERMIT AND ACCESSORY DWELLING UNIT (ADU) LAWS
The City Council of the City of Cupertino finds that:

2. State Law changes have rendered the City’s Accessory Dwelling Unit ordinance (CMC

19.112) obsolete and unenforceable.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CUPERTINO DOES ORDAIN AS FOLLOWS:

SECTION 1. Adoption.

The Cupertino Municipal Code is further amended as set forth in Attachment A.

SECTION 2: Severability and Continuity.

The City Council declares that each section, sub‐section, paragraph, sub‐paragraph, sentence, clause and phrase of this ordinance is severable and independent of every other section, sub‐section, paragraph, sub‐paragraph, sentence, clause and phrase of this ordinance. If any section, sub‐section, paragraph, sub‐paragraph, sentence, clause or phrase of this ordinance is held invalid, or its application to any person or circumstance, be determined by a court of competent jurisdiction to be unlawful, unenforceable or otherwise void, the City Council declares that it would have adopted the remaining provisions of this ordinance irrespective of such portion, and further declares its express intent that the remaining portions of this ordinance should remain in effect after the invalid portion has been eliminated. To the extent the provisions of this Ordinance are substantially the same as previous provisions of the Cupertino Municipal Code, these CC 01-17-2024
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provisions shall be construed as continuations of those provisions and not as an amendment to or readoption of the earlier provisions.

SECTION 3: Effective Date.

This Ordinance shall take effect thirty days after adoption as provided by Government Code Section 36937.

SECTION 4: Publication.

The City Clerk shall give notice of adoption of this Ordinance as required by law.

INTRODUCED at a special meeting of the Cupertino City Council on January 17, 2024 and ENACTED at a regular meeting of the Cupertino City Council on ____________, 2024 by the following vote:

Members of the City Council
AYES:

NOES:

ABSENT:

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ABSTAIN
SIGNED:

Shelia Mohan, Mayor
City of Cupertino
Date
ATTEST:

Kirsten Squarcia, City Clerk Date
APPROVED AS TO FORM:

Christopher D. Jensen, City Attorney Date
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ATTACHMENT A ‐ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO TO AMEND MUNICIPAL CODE CHAPTER 19.12, CHAPTER 19.28 AND CHAPTER 19.112 REGARDING TWO‐STORY PERMIT AND ACCESSORY

DWELLING UNIT (ADU) LAWS
The sections of the Cupertino Municipal Code set forth below are amended or adopted as follows:

Text added to existing provisions is shown in bold double‐underlined text (example) and text to be deleted in shown in strikethrough (example). Text in existing provisions is not amended or readopted by this Ordinance. Text in italics is explanatory and is not an amendment to the Code.

Where the explanatory text indicates that a new section is being added to the City Code, the new section is shown in plain text.

1. Amendments to Title 19 concerning the Two‐Story Permit

19.12.030 Approval Authority.

Table 19.12.030 shows the approval authority, Noticing Radius, Expiration Date and Extension Dates for different types of Permits.

Attachment A‐ Page 6
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Table 19.12.030 - Approval Authority
Type of Permit or Decision A, B
Administrative
Review
Arts and
Culture
Commission
Planning
Commission City Council
Public
Hearing/
Public
Meeting/
Comment
Period C
Noticing/ Noticing
Radius D
Posted
Site
Notice
Expirati
on
Date E
Chapter/ Findings
General Plan Amendment Major F - R F PH CA. Govt. Code
65350-
65362
Yes - CA. Govt. Code
65350-
Minor G - R F PH Yes - 65362 Zoning Map Amendments Major F - R F PH CA. Govt. Code 65853-
65857
Yes - 19.152.020
Minor G - R F PH Yes - Zoning Text Amendments - R F PH
CA. Govt. Code
65853-
65857 - -

19.152.030
Specific Plans - R F PH
CA. Govt. Code
65350-
65362 - -

20.04.030
Development Agreements - R F PH CA. Govt. Code 65867 Yes - 19.144.120 Development Permits Major F, H - F/R A1/F PM

19.12.110/300'
Yes 2 years

19.156.050
Minor G F A1 A2 PM Yes 2 years Conditional Use Permits Major F, H, I F A1/F/R A1/ A2/F PH CA. Govt. Code 65905
Yes 2 years

19.156.050
Minor G, I F A1/F/R A1/ A2/F PH Yes 2 years Temporary F A1 A2 - None No 1 year None/ 19.160.030 Density Bonus (Residential) R F Based on
concurrent application

19.56 Adult-Oriented Commercial Activity (CUP) R F PH CA. Govt. Code 65905/300' Yes 2 years 19.128.030 & 19.128.040 Architectural and Site Approval Major J F A1 A2 PM

19.12.110/
Yes 2 years

19.168.030
Minor K F A1 A2 PM Yes 2 years Amendment Major F, H - F A1 Varies L Yes 2 years 19.44, Attachment A – Page 4
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19.40.080, 19.24.070,

19.136.090
Variance F A1 A2 PH CA. Govt. Code 65905 Yes 2 years 19.156.060 Status of non- conforming Use - F A1 PH 19.12.110/300' Yes - 19.140.110 Wireless Antennas I F F/ A1 A2 Varies I Depends on application type Yes 2 years 19.136.090 Signs Permits F A1 A2 - None No 1 year 19.104 Neon, Reader board & Freeway Oriented Signs I F - F/A1 A1/A2 PM 19.12.110/300’ No 1 year 19.104 Programs F A1 A2 - None No 1 year

19.104
Exceptions I
-
- F A1 PM 19.12.110/ Adjacent Yes 1 year 19.104.290
Parking Exceptions I FM - F/A1 A1 /A2 Varies M 19.12.110/ Adjacent/ 300’ N Yes 1 year 19.124.050 Fence Exceptions
F - A1 A2 L PM 19.12.110/ Adjacent Yes 1 year 19.48.060 Front Yard Interpretation F A1 A2 PM 19.12.110/ Adjacent Yes 1 year 19.08 R-1 Ordinance Permits Two-story Residential Design Review I F - F/A1 A1 L/ A2 Varies I

19.12.110/
Adjacent
Yes 1 year 19.28.140
Minor Residential F A1 A2 CP No 1 year Exceptions I - - F A1 PM Yes 1 year Miscellaneous Ministerial Permit F - - None Adjacent Yes 1 Year 19.28.150 and 19.40.090 Attachment A‐ Page 5
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Table 19.12.030 - Approval Authority
Type of Permit or Decision A, B
Administrative
Review
Arts and
Culture
Commission
Planning
Commission City Council
Public
Hearing/
Public
Meeting/
Comment
Period C
Noticing/ Noticing
Radius D
Posted
Site
Notice
Expirati
on
Date E
Chapter/ Findings
Protected Trees Tree Removal F A1 A2 CP Adjacent unless exempt Yes 1 year 14.18.180 Heritage Tree Designation & Removal - F A1 PM 19.12.110/ 300' Yes - 14.18 Tree Management Plan F A1 A2 - None No - 14.18 Retroactive Tree Removal F A1 A2 - None No - 14.18 Reasonable Accommodation F A1 A2 - None No 1 year 19.52.050 Extensions O Parking, Fence & Sign Exceptions & Front Yard Interpretations F A1 A2 - None No 1 year Neon, Reader board & Freeway Oriented
Signs F A1 A2 - None No 1 year
Two Story Permits, Minor Residential Permits and Exceptions F A1 A2 - None No 1 year Tree Removals F A1 A2 - - No 1 year All other projects F A1 A2 - 19.12.110/ None No 2 years Miscellaneous Ministerial Permit Not Allowed Public Art Architectural and Site Approval Permits Public Art
- F - A1 PM None None None 2.80 and 19.148
Art in lieu payment - R - F PM None None None 2.80 and 19.148 KEY: R—Review and recommendation body F—Final decision-making body unless appealed A1—Appeal Body on first appeal A2—Appeal body on second appeal PH—Public Hearing PM—Public Meeting CP—Comment Period Attachment A‐ Page 6
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Notes:

A. Permits can be processed concurrently with other applications, at the discretion of the Director of Community Development.

B. Projects with combined applications shall be processed at the highest level of approval in conformance with Section 19.04.090.

D. Noticing Radius of an application in a combined application shall correspond to the maximum noticing radius required for any one of the applications.

Planning Commission review for all other applications.

I. Please see specific zoning district regulations or chapters in this title that apply to the subject property or project for approval authority.

J. Major Architectural and Site Approval application ‐ architectural and site approval for all projects that are not a Minor Architectural and Site Approval application.

Attachment A – Page 7
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K. Minor Architectural and Site Approval application ‐ single family home in a planned development zoning district, minor building architectural modifications, landscaping, signs and lighting for new development, redevelopment or modification in such zones where review is required and minor modifications of duplex and multi‐ family buildings.

L. Meeting type and noticing are dependent on the underlying permit being modified.

M. Parking Exceptions approved by the Director of Community Development need a comment period.

N. Parking Exceptions in Single‐family residential (R1) zones and Duplex (R2) zones need adjacent noticing.

All other Parking Exceptions need notices within three hundred feet of the exterior boundary of the subject property.

O. Application must be filed prior to expiration date of permit. Permit is extended until decision of the Approval Body on the extension.

19.12.110 Noticing.

A. Notice of Public Hearing: Noticing shall be provided in the following mannerfor applications that need a public hearing:

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Typographical and/or publishing errors shall not invalidate the notice nor any City action related to the notice.

B. Notice of Public Hearing for Zoning Text Amendments:

1. For amendments to zoning regulations: Notice of such hearing (publication) shall be given in the manner prescribed in Section 19.12.110 A(1) of this chapter.

2. For amendments to permitted uses of real property: Notice (mailing or publication) shall be given pursuant to Sections 19.12.110 A(2) or A(3), as the case may be.

1. For permits issued pursuant to Chapter 19.28, Single Family Residential, the mailed notice shall include a copy of the site plan and elevation plans of the proposed project.

2. For permits issued pursuant to Chapter 14.18, Protected Trees, the mailed notice shall include a copy of the site plan and tree replacement/mitigation plan.

19.12.030.

F. Posted Site Notice:

1. Applicants shall install notice(s) on the subject site that is/are clearly visible and legible from the right‐of‐way in accord with the requirements of Table 19.12.030. a. Applicants must install a site notice in the front yard of the subject site. b. For all applications other than Two Story Permits, Residential Design Review, Miscellaneous Ministerial Permits, and Tree Removal applications in R1 or R2 zones, if the CC 01-17-2024
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subject site has more than one property line abutting a street, the applicant may be required to install more than one notice.

2. The notice shall be a weatherproof sign, firmly attached to 5 foot tall posts and:
a. For Two StoryPermits, Residential Design Review, Miscellaneous Ministerial Permits, and Tree Removal applications in R1 or R2 zones, shall be at least 2 feet tall and 3 feet wide. b. For all other applications that need a site notice, shall be at least 4 feet tall and 6 feet wide.

4. The notice shall contain the following:
a. The exact address of the property, if known, orthe location of the property, if the address is not known;
b. A brief description of the proposed project, the content of which shall be at the sole discretion of the City;
c. City contact information for public inquiries;
d. A deadline forthe submission of public comments;
e. If proposing a physical alteration to an existing building or new buildings, at least one of the following visual representations of the proposed project:
i. A color perspective drawing or three‐dimensional (3‐D) photographic simulation of the proposed project, in a size deemed appropriate by the Director of Community Development.
ii. For Two Story Permits, Residential Design Review Permit, and Miscellaneous Ministerial Permit applications, a color or black and white perspective drawing or three‐dimensional (3‐D) photographic simulation of the proposed project, at least 11 inches by 17 inches in size.
iii. Visual Representation is not required for applications that do not have a material change in the physical appearance of the property.

19.28.040 Permits Required for Development.

Table 19.28.040 sets forth the planning permits required for development in the Single‐ Family Residential district.

Table 19.28.040 Permits Required
Planning permit
required prior to
building permit Type of Project Approval
Authority
application
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A. None One‐story s Single‐family projects that does not require
exception or variance from the requirements of this
Admin.

B. Minor Residential
Permit, pursuant to

1. One‐story encroachment into a required rear yard
setback, subject to requirements of Section

19.28.070
Admin 2. One‐story extension of an existing side yard
nonconforming building wall line, subject to
requirements of Section

19.28.100 in all districts except R1‐a
Chapter 19.12,
Administration

3. One‐story project with a gable end of a roof
enclosing an attic space projecting outside the
building envelope, subject to requirements of
Section 19.28.070 or 19.28.080

19.12, Administration
Two‐story addition or new two‐story home in all
districts that do not require Residential Design
Review per Section 19.28.040(I) except in an R1‐a
zone
Admin
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E.D Residential Design
Review, pursuant to
Chapter 19.12,
Administration
Two‐story addition or new two‐story home in all
districts except R1‐a where:

2. Where second story side yard setback(s) are
less than 15 feet to any interior side property
line
Admin. with
design review
Two‐story addition, new two‐story home, and/or
second story deck in the R1‐a zone
PC
F. E Exception,
pursuant to
Chapter 19.12,
Administration &
Section 19.28.130 ,
Exceptions
One or two‐story project requesting an exception
from Sections 19.28.070 [Development Regulations
(Building)],

19.28.080 [Eichler R1‐e Building Design
Requirements], and/or 19.28.110 [Landscape
Requirements].

PC
G. F Hillside Exception,
pursuant to Chapter

19.12,
Administration
Development (area greaterthan 500 square feet) on
slopes greater than 30%
H. G Architectural and
Site Approval,
pursuant to Chapter

19.12,
Administration
One or two‐story addition or new home on a sloped
single‐family residential lot with development on
building pads/graded areas with actual slopes equal
to or greater than 20% and where the cut plus fill of
the site exceeds 2,500 cubic yards
I. H Conditional Use
Permit, pursuant to
Chapter 19.12,
Administration
Two‐story addition or new two‐story home in an R1
zoning district with an “i” suffix
J. I Single‐Story
Overlay District
Application,
pursuant to Chapter

19.12 ,
Administration
Establishment orremoval of a Single‐Story Overlay
District in a Single Family Residential District
(Addition or removal of the “I” suffix in an R1
zoning district)
CC
K.J Miscellaneous
Ministerial Permit

1. New one or two‐story duplex project in an R1
zoning district pursuant to Government Code
Section 65852.21

2. New one or two‐story single‐family home,
secondary principal dwelling unit, ortwo‐story
addition in an R1 zoning district pursuant to
Government Code Section 65852.21
Admin

19.28.110 Single‐Family Residential Design Guidelines and Principles.

Any new single‐family residential house or addition to an existing house shall be generally consistent with the adopted single‐family residential guidelines in Sections 19.28.110(A) and (B).

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A. Single‐Family Residential Design Guidelines for all projects.1, 2

1. There should shall not be a three‐car wide driveway curb cut.

2. No more than fifty percent of the front elevation of a house should shall consist of garage area, unless the lot is not wide enough to accommodate.
a. In the R1‐a zone, the maximum width of a garage on the front elevation should shall be twenty‐ five feet, which will accommodate a two‐car garage. Additional garage spaces should shall only be provided through the use of a tandem garage or a detached accessory structure at the rear of the property.2

3. Usable Living area should shall be closer to the street, while garages should be set back more.

4. All roofs should shall have at least a one‐foot overhang.

5. Mechanical, heating, or cooling equipment or associated piping installed on the roof shall be screened from the public right away, except in R1‐e zones where roof top equipment is not allowed.

6. Porches are encouraged.
a. In the R1‐a zone, the following porch design guidelines apply2 :
i. When viewed from the street, a porch should shall appear proportionately greater in width than in height. A porch differs from an entry element, which has a proportionately greater height than its width.
ii. Structural supports should shall be designed such that the appearance is not obtrusive or massive.
iii. The use of large columns or pillars is discouraged. iv. The eave height for a front porch should shall not be significantly taller than the eave height of typical single‐story elements in the neighborhood. v. Porch elements should shall have detailing that emphasizes the base and caps for posts and fence elements.

7. In R1‐6e and R1‐a zones, entry features should shall not be higher than fourteen feet from natural grade to plate.2

19.28.140 Findings.

Sections 19.28.140(A), (B), (C), (D), and (E) set forth the findings required for a Minor Residential Permit, Two‐ Story Permit, Residential Design Review, and R‐1 Exception approval.

A. Minor Residential Permit Findings.

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1. The project is consistent with the Cupertino General Plan, any applicable specific plans, zoning ordinances and the purposes of this title.

3. The proposed project is harmonious in scale and design with the general neighborhood.

4. Adverse visual impacts on adjoining properties have been reasonably mitigated.

B. Two‐Story Permit Findings.

1. The project is consistent with the Cupertino General Plan, any applicable specific plans, zoning ordinance and the purposes of this title.

2. The granting of the permit will notresult in a condition that is detrimental orinjurious to property or improvements in the vicinity, and will not be detrimental to the public health, safety or welfare.

3. The proposed project is harmonious in scale and design with the general neighborhood.

4. Adverse visual impacts on adjoining properties have been reasonably mitigated.

C. B. Residential Design Review Findings.

1. The project is consistent with the Cupertino General Plan, any applicable specific plans, zoning ordinance and the purposes of this title.

3. The project is harmonious in scale and design with the general neighborhood.

4. The project is consistent with the two‐story design principles and generally consistent with the single‐ family residential design guidelines.

5. Adverse visual impacts on adjoining properties have been reasonably mitigated.

D. C. Residential Design Review Findings, R1‐a zone.

1. The project is consistent with the Cupertino General Plan and Title 19 of the Cupertino Municipal Code.

2. The granting of this permit will notresult in detrimental orinjurious conditions to the property or improvements in the vicinity, or to the public health, safety, or welfare.

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3. The project is generally compatible with the established pattern of building forms, building materials, and designs of homes in the neighborhood.

5. Significant adverse visual and privacy impacts as viewed from adjoining properties have been mitigated to the maximum extent possible.

E. D. R‐1 Exception Findings.

1. The literal enforcement of this chapter will result in restrictions inconsistent with the spirit and intent of this chapter.

2. The proposed development will not be injurious to property or improvements in the area, nor be detrimental to the public safety, health and welfare.

3. The exception to be granted is one that will require the least modification of the prescribed design regulation and the minimum variance that will accomplish the purpose.

4. The proposed exception will not result in significant visual impact as viewed from abutting properties.

2. Amendments to Title 19 concerning Accessory Dwelling Units

19.112.010 Purpose; Incorporation by Reference; Consistency with State Law.

19.112.020 Accessory Dwelling Unit Regulations.

Notwithstanding any provision of this title to the contrary:

Page 16 ends

unit developed pursuant to this chapter does not cause the lot upon which it is located to exceed its maximum the allowable density on the lot.

3. No impact fees, as defined in Government Code Section 65852.2(f)(3)(B), shall be imposed on any accessory dwelling unit or junior accessory dwelling unit with a gross floor area of less than 750 square feet. Impact fees for all other accessory dwelling units shall be charged in compliance with State Law imposed on accessory dwelling units greater than or equal to 750 feet shall be charged proportionally in relation to the square footage of the primary dwelling unit in compliance with Government Code Section 65852.2(f)(3)(A).

19.112.030 Site Development Regulations for Streamlined Accessory Dwelling Units & Junior Accessory Dwelling Units.

A. Table 19.112.030A for single‐family residential uses developments and B. Table 19.112.030B for multi‐family residential uses developments.

Page 17 ends

Conversion of space within principal
dwelling unit or accessory structures
New Construction Attached or
Detached Accessory Dwelling
Unit ≤ 800 s.f.

2. Number of
Units
Two accessory dwelling units are allowed only if one of the accessory dwelling units is a detached unit built pursuant to this Table 19.112.030A and the other is a junior accessory dwelling unit. Otherwise, only one accessory dwelling unit is allowed per lot.

Maximum three ADUs per lot in any combination of the following:
 One attached ADU,
 One conversion of existing space ADU (whether in principal dwelling unit or existing accessory structure),
 One detached ADU, or
 One Junior ADU

3. Setbacks Per the underlying zoning district
except that if the existing structures do
not meet these standards, the side and
rear setbacks shall be sufficient for fire
safety and life safety.
a. At least four feet from the
rear and side lot lines.
a. An applicant alternately may
elect to follow the setback
and height standards for
accessory structures in
Chapter 19.100.

Attachment A‐ Page 17
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1 An additional two feet in height is permitted to accommodate a roof pitch on the accessory dwelling unit that is aligned with the roof pitch of the primary dwelling unit.

Attachment A‐ Page 18

4. Height The conversion shall not change the height
of the existing structure.
a. 16 feet
a. 18 feet for detached ADU
b. If accessory dwelling unit
attached to principal
dwelling, 25 feet or the
height limitations applicable
to the principal dwelling,
whichever is lower.
c. An applicant alternatively
may elect to follow the
height standards for
accessory structures in
Chapter 19.100.

5. Second‐story
accessory
dwelling unit
Allowed if the unit is a conversion of
existing second story portion of the
principal dwelling unit.

Not Allowed Allowed

6. Parking for
accessory
dwelling unit
None

7. Direct outside
access
Independent outdoor access must be provided without going through the principal dwelling unit.

Detached from principal dwelling
unit
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Attachment A‐ Page 19
Table 19.112.030B: Site Development Regulations for Streamlined Accessory Dwelling Units Associated with Existing Multi‐Family Residential Uses Developments Conversion of interior space within
multifamily dwelling structures
New Construction Detached
Accessory Dwelling Unit

Detached from the multi‐family
dwelling structure(s)

2. Number of
Units
The greater of:
 25 percent of the existing number of
primary dwelling units, or
 One accessory dwelling unit.

No more than two units

3. Minimum Size 150 s.f.

4. Maximum Size No size limitation 1,200 s.f.

6. Height The accessory dwelling unit shall not
increase the size of the existing structure.
a. 16 feet 18 feet; or
b. An applicant alternatively
may elect to follow the
setback and height standards
for accessory structures in
Chapter 19.100.

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7. Separation
from principal
dwelling units
The conversion must result in an
independent unit. No interior doors or
other connections between the units are
permitted.

Detached from principal dwelling
units.

19.112.040 Site Development Regulations for Non‐Streamlined Accessory Dwelling Units.

B. The Development Standards for units governed by this section are provided in Section 19.112.040.

Any accessory dwelling unit that does not meet the criteria of Section19.112.030 shall meet the following development standards and use restrictions as identified in Table 19.112.040.

A. Number of
Units
Only one accessory dwelling unit pursuant to Table 19.112.040 is permitted and cannot be combined with any accessory dwelling units pursuant to Table

19.112.030A.

A maximum of three ADUs per single‐family lot in any combination of the following, subject to the underlying zoning standards for lot coverage, floor area, open space, and setback:
o No more than one attached ADU
o No more than one conversion of existing space ADU (whether in principal dwelling unit or existing accessory structure), o No more than one detached ADU, or
o No more than one Junior ADU
Nothing in this Section shall permit the development of more than three ADUs or Junior ADUs on any single‐family lot. Non‐streamlined ADU provisions cannot be combined with streamlined provisions to add more than a total of three ADUs.

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B. Size of living space, exclusive of decks

1. Minimum
size
150 s.f.

These standards shall apply to the gross floor area of the unit proposed. Notwithstanding application of these standards, an 800 s.f. detached accessory dwelling unit is permitted pursuant to Table

19.112.030A or an 800 s.f. attached accessory dwelling unit is permitted.

C. Setbacks Per the underlying zoning district,
except the required side and rear
setbacks are modified to four feet.

The proposed structure must comply
with the setback standards for
accessory structures in Chapter

19.100, except the street side setbacks
are modified to four feet.

D. Height Per the underlying zoning district 25
feet or the height limitations applicable
to the principal dwelling, whichever is
lower.

The proposed structure must comply
with the height standards for
accessory structures in Chapter

19.100, except that a maximum height
of 16 18 feet is allowed. at the farthest
point of the proposed structure from
the rear and side property lines.

E. Second‐story
accessory
dwelling units
Not allowed
Not allowed Allowed
F. Parking

Page 22 ends

Chapter 19.124 unless the accessory dwelling unit meets one of the following requirements:
a. Located within one‐half (1/2) mile of a public transit stop; or b. Located within one block of a car share vehicle pick‐up location; or c. Located in an architecturally and historically significant historic district; or
d. The occupant of the unit is not allowed/offered a required on‐street parking permit; or
e. Located within one block of a car share vehicle pick‐up location; or e. Is part of the proposed or existing primary residence or an accessory structure.

2. Replacement
parking spaces
for existing
covered,
uncovered or
enclosed parking
spaces
converted to an
accessory
dwelling unit
No replacement parking spaces are required.

G. Direct outside
access
Independent outdoor access must be provided without going through the principal dwelling unit.

H. Screening from
public street
All access to accessory dwelling units shall be on a different wall plane than the access to the principal dwelling unit.

I. Structure
Design
Should be compatible with the architectural style and materials of the principal structure.

J. Separation from
principal
dwelling unit
The ADU must be an independent unit.

No interior doors or other connections
between the ADU and the principal
dwelling unit are permitted.

Detached from principal dwelling
unit.

19.112.050 Review Process.

Page 23 ends

in Government Code Section 65852.2.

19.112.060 Accessory Dwelling Units Prohibited on Certain Lots.

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RESOLUTION NO. 2023‐17

A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

CUPERTINO RECOMMENDING THAT THE CITY COUNCIL ADOPT
AN ORDINANCE AMENDING MUNICIPAL CODE CHAPTER 19.12,
CHAPTER 19.28 AND CHAPTER 19.112 REGARDING TWO‐STORY

PERMIT AND ACCESSORY DWELLING UNIT (ADU) LAWS
The Planning Commission recommends that the City Council:

1. Determine that Project is exempt under the requirements of the California Quality Act of 1970, together with related State CEQA Guidelines (collectively, “CEQA”) because it has no potential for resulting in physical change in the environment, either directly or ultimately. In the event that this Ordinance is found to be a project under CEQA, it is subject to the CEQA exemption contained in CEQA Guidelines section 15061(b)(3) because it can be seen with certainty to have no possibility of a significant effect on the environment. CEQA applies only to projects which have the potential of causing a significant effect on the environment. Where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment, the activity is not subject to CEQA. In this circumstance, the amendments to the City Code would have no or only a de minimis impact on the environment. The foregoing determination is made by the City Council in its independent judgment. The proposed ordinance is further exempt from the California Environmental Quality Act (“CEQA”) under Public Resources Code section 21080.17, which provides a statutory CEQA exemption to ADU ordinances adopted to implement Government Code Sec. 65852.2.

2. Adopt the proposed amendments to the Municipal Code as indicated in Exhibit A, with the following modifications:
 Modify 19.28.110(A)(5) to read:

Mechanical, heating or cooling equipment or associated piping installed on the roof shall be screened from the public right of way.
 Tables 19.112.030A, 19.112.030B, and 19.112.040 – Remove major transit stop and transit corridor thresholds for height and second story allowances.  Modify Table 19.112.040 Row A to read:

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A maximum of three ADUs per single‐family lot in any combination of the following, subject to the underlying zoning standards for lot coverage, floor area, open space, and setback:
o No more than one attached ADU
o No more than one conversion of existing space ADU (whether in principal dwelling unit or existing accessory structure), o No more than one detached ADU, or
o No more than one Junior ADU
PASSED AND ADOPTED at a regular meeting of the Planning Commission of the City of Cupertino this 14th day of November, 2023, by the following roll call vote:

AYES: COMMISSIONERS: Lindskog, Fung, Scharf, Madhdhipatla, Mistry NOES: COMMISSIONERS: None
ABSTAIN: COMMISSIONERS: None
ABSENT: COMMISSIONERS: None
ATTEST: APPROVED:
/S/ Piu Ghosh /S/ Steven Scharf
Piu Ghosh Steven Scharf
Planning Manager Chair, Planning Commission
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ORDINANCE NO.

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO TO AMEND MUNICIPAL CODE CHAPTER 19.12, CHAPTER 19.28 AND CHAPTER

19.112 REGARDING TWO‐STORY PERMIT AND ACCESSORY DWELLING UNIT (ADU) LAWS
The City Council of the City of Cupertino finds that:

2. State Law changes have rendered the City’s Accessory Dwelling Unit ordinance (CMC

19.112) obsolete and unenforceable.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CUPERTINO DOES ORDAIN AS FOLLOWS:

SECTION 1. Adoption.

The Cupertino Municipal Code is further amended as set forth in Attachment A.

SECTION 2: Severability and Continuity.

The City Council declares that each section, sub‐section, paragraph, sub‐paragraph, sentence, clause and phrase of this ordinance is severable and independent of every other section, sub‐section, paragraph, sub‐paragraph, sentence, clause and phrase of this ordinance. If any section, sub‐section, paragraph, sub‐paragraph, sentence, clause or phrase of this ordinance is held invalid, or its application to any person or circumstance, be determined by a court of competent jurisdiction to be unlawful, unenforceable or otherwise void, the City Council declares that it would have adopted the remaining provisions of this ordinance irrespective of such portion, and further declares its express intent that the remaining portions of this ordinance should remain in effect after the invalid portion has been eliminated. To the extent the provisions of this Ordinance are substantially the same as previous provisions of the Cupertino Municipal Code, these provisions shall be construed as continuations of those provisions and not as an amendment to or readoption of the earlier provisions.

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SECTION 3: California Environmental Quality Act.

Determine that Project is exempt under the requirements of the California Environmental Quality Act (CEQA) of 1970, and CEQA Guidelines (collectively, “CEQA”) subject to the CEQA exemption contained in CEQA Guidelines section 15061(b)(3) because it can be seen with certainty to have no possibility of a significant effect on the environment. CEQA applies only to projects which have the potential of causing a significant effect on the environment. Where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment, the activity is not subject to CEQA. In this circumstance, the amendments to the City Code would have no or only a de minimis impact on the environment. The foregoing determination is made by the City Council in its independent judgment. The proposed ordinance is further exempt from the California Environmental Quality Act (“CEQA”) under Public Resources Code section 21080.17, which provides a statutory CEQA exemption to ADU ordinances adopted to implement Government Code Sec. 65852.2.

SECTION 4: Effective Date.

This Ordinance shall take effect thirty days after adoption as provided by Government Code Section 36937.

SECTION 5: Publication.

The City Clerk shall give notice of adoption of this Ordinance as required by law.

INTRODUCED at a regular meeting of the Cupertino City Council on December 5, 2023 and ENACTED at a regular meeting of the Cupertino City Council on December 19, 2023 by the following vote:

Members of the City Council
AYES:

NOES:

ABSENT:

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ABSTAIN
SIGNED:

Hung Wei, Mayor
City of Cupertino
Date
ATTEST:

Kirsten Squarcia, City Clerk Date
APPROVED AS TO FORM:

Christopher D. Jensen, City Attorney Date
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ATTACHMENT A ‐ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO TO AMEND MUNICIPAL CODE CHAPTER 19.12, CHAPTER 19.28 AND CHAPTER 19.112 REGARDING TWO‐STORY PERMIT AND ACCESSORY

DWELLING UNIT (ADU) LAWS
The sections of the Cupertino Municipal Code set forth below are amended or adopted as follows:

Where the explanatory text indicates that a new section is being added to the City Code, the new section is shown in plain text.

1. Amendments to Title 19 concerning the Two‐Story Permit

19.12.030 Approval Authority.

Table 19.12.030 shows the approval authority, Noticing Radius, Expiration Date and Extension Dates for different types of Permits.

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Table 19.12.030 - Approval Authority
Type of Permit or Decision A, B
Administrative
Review
Arts and
Culture
Commission
Planning
Commission City Council
Public
Hearing/
Public
Meeting/
Comment
Period C
Noticing/ Noticing
Radius D
Posted
Site
Notice
Expirati
on
Date E
Chapter/ Findings
General Plan Amendment Major F - R F PH CA. Govt. Code
65350-
65362
Yes - CA. Govt. Code
65350-
Minor G - R F PH Yes - 65362 Zoning Map Amendments Major F - R F PH CA. Govt. Code 65853-
65857
Yes - 19.152.020
Minor G - R F PH Yes - Zoning Text Amendments - R F PH
CA. Govt. Code
65853-
65857 - -

19.152.030
Specific Plans - R F PH
CA. Govt. Code
65350-
65362 - -

20.04.030
Development Agreements - R F PH CA. Govt. Code 65867 Yes - 19.144.120 Development Permits Major F, H - F/R A1/F PM

19.12.110/300'
Yes 2 years

19.156.050
Minor G F A1 A2 PM Yes 2 years Conditional Use Permits Major F, H, I F A1/F/R A1/ A2/F PH CA. Govt. Code 65905
Yes 2 years

19.156.050
Minor G, I F A1/F/R A1/ A2/F PH Yes 2 years Temporary F A1 A2 - None No 1 year None/ 19.160.030 Density Bonus (Residential) R F Based on
concurrent application

19.56 Adult-Oriented Commercial Activity (CUP) R F PH CA. Govt. Code 65905/300' Yes 2 years 19.128.030 & 19.128.040 Architectural and Site Approval Major J F A1 A2 PM

19.12.110/
Yes 2 years

19.168.030
Minor K F A1 A2 PM Yes 2 years Amendment Major F, H - F A1 Varies L Yes 2 years 19.44, Attachment A – Page 4
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19.40.080, 19.24.070,

19.136.090
Variance F A1 A2 PH CA. Govt. Code 65905 Yes 2 years 19.156.060 Status of non- conforming Use - F A1 PH 19.12.110/300' Yes - 19.140.110 Wireless Antennas I F F/ A1 A2 Varies I Depends on application type Yes 2 years 19.136.090 Signs Permits F A1 A2 - None No 1 year 19.104 Neon, Reader board & Freeway Oriented Signs I F - F/A1 A1/A2 PM 19.12.110/300’ No 1 year 19.104 Programs F A1 A2 - None No 1 year

19.12.110/
Adjacent
Yes 1 year 19.28.140
Minor Residential F A1 A2 CP No 1 year 19.28.140Exceptions I - - F A1 PM Yes 1 year Miscellaneous Ministerial Permit F - - None Adjacent Yes 1 Year 19.28.150 and 19.40.090 Miscellaneous Ministerial Permit Not Allowed Attachment A‐ Page 5
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A. Permits can be processed concurrently with other applications, at the discretion of the Director of Community Development.

B. Projects with combined applications shall be processed at the highest level of approval in conformance with Section 19.04.090.

D. Noticing Radius of an application in a combined application shall correspond to the maximum noticing radius required for any one of the applications.

Planning Commission review for all other applications.

I. Please see specific zoning district regulations or chapters in this title that apply to the subject property or project for approval authority.

J. Major Architectural and Site Approval application ‐ architectural and site approval for all projects that are not a Minor Architectural and Site Approval application.

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K. Minor Architectural and Site Approval application ‐ single family home in a planned development zoning district, minor building architectural modifications, landscaping, signs and lighting for new development, redevelopment or modification in such zones where review is required and minor modifications of duplex and multi‐ family buildings.

L. Meeting type and noticing are dependent on the underlying permit being modified.

M. Parking Exceptions approved by the Director of Community Development need a comment period.

N. Parking Exceptions in Single‐family residential (R1) zones and Duplex (R2) zones need adjacent noticing.

All other Parking Exceptions need notices within three hundred feet of the exterior boundary of the subject property.

O. Application must be filed prior to expiration date of permit. Permit is extended until decision of the Approval Body on the extension.

19.12.110 Noticing.

A. Notice of Public Hearing: Noticing shall be provided in the following mannerfor applications that need a public hearing:

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Typographical and/or publishing errors shall not invalidate the notice nor any City action related to the notice.

B. Notice of Public Hearing for Zoning Text Amendments:

1. For amendments to zoning regulations: Notice of such hearing (publication) shall be given in the manner prescribed in Section 19.12.110 A(1) of this chapter.

2. For amendments to permitted uses of real property: Notice (mailing or publication) shall be given pursuant to Sections 19.12.110 A(2) or A(3), as the case may be.

1. For permits issued pursuant to Chapter 19.28, Single Family Residential, the mailed notice shall include a copy of the site plan and elevation plans of the proposed project.

2. For permits issued pursuant to Chapter 14.18, Protected Trees, the mailed notice shall include a copy of the site plan and tree replacement/mitigation plan.

19.12.030.

F. Posted Site Notice:

1. Applicants shall install notice(s) on the subject site that is/are clearly visible and legible from the right‐of‐way in accord with the requirements of Table 19.12.030. a. Applicants must install a site notice in the front yard of the subject site. b. For all applications other than Two Story Permits, Residential Design Review, Miscellaneous Ministerial Permits, and Tree Removal applications in R1 or R2 zones, if the CC 01-17-2024
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subject site has more than one property line abutting a street, the applicant may be required to install more than one notice.

4. The notice shall contain the following:
a. The exact address of the property, if known, orthe location of the property, if the address is not known;
b. A brief description of the proposed project, the content of which shall be at the sole discretion of the City;
c. City contact information for public inquiries;
d. A deadline forthe submission of public comments;
e. If proposing a physical alteration to an existing building or new buildings, at least one of the following visual representations of the proposed project:
i. A color perspective drawing or three‐dimensional (3‐D) photographic simulation of the proposed project, in a size deemed appropriate by the Director of Community Development.
ii. For Two Story Permits, Residential Design Review Permit, and Miscellaneous Ministerial Permit applications, a color or black and white perspective drawing or three‐dimensional (3‐D) photographic simulation of the proposed project, at least 11 inches by 17 inches in size.
iii. Visual Representation is not required for applications that do not have a material change in the physical appearance of the property.

19.28.040 Permits Required for Development.

Table 19.28.040 sets forth the planning permits required for development in the Single‐ Family Residential district.

Table 19.28.040 Permits Required
Planning permit
required prior to
building permit Type of Project Approval
Authority
application
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A. None One‐story s Single‐family projects that does not require
exception or variance from the requirements of this
Admin.

B. Minor Residential
Permit, pursuant to

1. One‐story encroachment into a required rear yard
setback, subject to requirements of Section

19.28.070
Admin 2. One‐story extension of an existing side yard
nonconforming building wall line, subject to
requirements of Section

19.28.100 in all districts except R1‐a
Chapter 19.12,
Administration

3. One‐story project with a gable end of a roof
enclosing an attic space projecting outside the
building envelope, subject to requirements of
Section 19.28.070 or 19.28.080

19.12, Administration
Two‐story addition or new two‐story home in all
districts that do not require Residential Design
Review per Section 19.28.040(I) except in an R1‐a
zone
Admin
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E.D Residential Design
Review, pursuant to
Chapter 19.12,
Administration
Two‐story addition or new two‐story home in all
districts except R1‐a where:

2. Where second story side yard setback(s) are
less than 15 feet to any interior side property
line
Admin. with
design review
Two‐story addition, new two‐story home, and/or
second story deck in the R1‐a zone
PC
F. E Exception,
pursuant to
Chapter 19.12,
Administration &
Section 19.28.130 ,
Exceptions
One or two‐story project requesting an exception
from Sections 19.28.070 [Development Regulations
(Building)],

19.28.080 [Eichler R1‐e Building Design
Requirements], and/or 19.28.110 [Landscape
Requirements].

PC
G. F Hillside Exception,
pursuant to Chapter

19.12,
Administration
Development (area greaterthan 500 square feet) on
slopes greater than 30%
H. G Architectural and
Site Approval,
pursuant to Chapter

19.12,
Administration
One or two‐story addition or new home on a sloped
single‐family residential lot with development on
building pads/graded areas with actual slopes equal
to or greater than 20% and where the cut plus fill of
the site exceeds 2,500 cubic yards
I. H Conditional Use
Permit, pursuant to
Chapter 19.12,
Administration
Two‐story addition or new two‐story home in an R1
zoning district with an “i” suffix
J. I Single‐Story
Overlay District
Application,
pursuant to Chapter

1. New one or two‐story duplex project in an R1
zoning district pursuant to Government Code
Section 65852.21

2. New one or two‐story single‐family home,
secondary principal dwelling unit, ortwo‐story
addition in an R1 zoning district pursuant to
Government Code Section 65852.21
Admin

19.28.110 Single‐Family Residential Design Guidelines and Principles.

Any new single‐family residential house or addition to an existing house shall be generally consistent with the adopted single‐family residential guidelines in Sections 19.28.110(A) and (B).

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A. Single‐Family Residential Design Guidelines for all projects.1, 2

1. There should shall not be a three‐car wide driveway curb cut.

3. Usable Living area should shall be closer to the street, while garages should be set back more.

4. All roofs should shall have at least a one‐foot overhang.

5. Structures shall not have any mechanical, heating or cooling or associated piping installed on the roof.

7. In R1‐6e and R1‐a zones, entry features should shall not be higher than fourteen feet from natural grade to plate.2

19.28.140 Findings.

Sections 19.28.140(A), (B), (C), (D), and (E) set forth the findings required for a Minor Residential Permit, Two‐ Story Permit, Residential Design Review, and R‐1 Exception approval.

A. Minor Residential Permit Findings.

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1. The project is consistent with the Cupertino General Plan, any applicable specific plans, zoning ordinances and the purposes of this title.

3. The proposed project is harmonious in scale and design with the general neighborhood.

4. Adverse visual impacts on adjoining properties have been reasonably mitigated.

B. Two‐Story Permit Findings.

1. The project is consistent with the Cupertino General Plan, any applicable specific plans, zoning ordinance and the purposes of this title.

2. The granting of the permit will notresult in a condition that is detrimental orinjurious to property or improvements in the vicinity, and will not be detrimental to the public health, safety or welfare.

3. The proposed project is harmonious in scale and design with the general neighborhood.

4. Adverse visual impacts on adjoining properties have been reasonably mitigated.

C. B. Residential Design Review Findings.

1. The project is consistent with the Cupertino General Plan, any applicable specific plans, zoning ordinance and the purposes of this title.

3. The project is harmonious in scale and design with the general neighborhood.

4. The project is consistent with the two‐story design principles and generally consistent with the single‐ family residential design guidelines.

5. Adverse visual impacts on adjoining properties have been reasonably mitigated.

D. C. Residential Design Review Findings, R1‐a zone.

1. The project is consistent with the Cupertino General Plan and Title 19 of the Cupertino Municipal Code.

2. The granting of this permit will notresult in detrimental orinjurious conditions to the property or improvements in the vicinity, or to the public health, safety, or welfare.

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3. The project is generally compatible with the established pattern of building forms, building materials, and designs of homes in the neighborhood.

5. Significant adverse visual and privacy impacts as viewed from adjoining properties have been mitigated to the maximum extent possible.

E. D. R‐1 Exception Findings.

1. The literal enforcement of this chapter will result in restrictions inconsistent with the spirit and intent of this chapter.

2. The proposed development will not be injurious to property or improvements in the area, nor be detrimental to the public safety, health and welfare.

3. The exception to be granted is one that will require the least modification of the prescribed design regulation and the minimum variance that will accomplish the purpose.

4. The proposed exception will not result in significant visual impact as viewed from abutting properties.

2. Amendments to Title 19 concerning Accessory Dwelling Units

19.112.010 Purpose; Incorporation by Reference; Consistency with State Law.

19.112.020 Accessory Dwelling Unit Regulations.

Notwithstanding any provision of this title to the contrary:

Page 16 ends

unit developed pursuant to this chapter does not cause the lot upon which it is located to exceed its maximum the allowable density on the lot.

3. No impact fees, as defined in Government Code Section 65852.2(f)(3)(B), shall be imposed on any accessory dwelling unit or junior accessory dwelling unit with a gross floor area of less than 750 square feet. Impact fees for all other accessory dwelling units shall be charged in compliance with State Law imposed on accessory dwelling units greater than or equal to 750 feet shall be charged proportionally in relation to the square footage of the primary dwelling unit in compliance with Government Code Section 65852.2(f)(3)(A).

19.112.030 Site Development Regulations for Streamlined Accessory Dwelling Units & Junior Accessory Dwelling Units.

A. Table 19.112.030A for single‐family residential uses developments and B. Table 19.112.030B for multi‐family residential uses developments.

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Conversion of space within principal
dwelling unit or accessory structures
New Construction Attached or
Detached Accessory Dwelling
Unit ≤ 800 s.f.

3. Setbacks Per the underlying zoning district
except that if the existing structures do
not meet these standards, the side and
rear setbacks shall be sufficient for fire
safety and life safety.
a. At least four feet from the
rear and side lot lines.
a. An applicant alternately may
elect to follow the setback
and height standards for
accessory structures in
Chapter 19.100.

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1 An additional two feet in height is permitted to accommodate a roof pitch on the accessory dwelling unit that is aligned with the roof pitch of the primary dwelling unit.

Attachment A‐ Page 18

4. Height The conversion shall not change the height
of the existing structure.
a. 16 feet or.
b. 18 feet for detached ADU
within half a mile walking
distance of a major transit
stop or transit corridor
defined in Section 21155 of
the Public Resources Code. 1
c. If accessory dwelling unit
attached to principal
dwelling, 25 feet or the
height limitations applicable
to the principal dwelling,
whichever is lower.
d. An applicant alternatively
may elect to follow the
height standards for
accessory structures in
Chapter 19.100.

5. Second‐story
accessory
dwelling unit
Allowed if the unit is a conversion of
existing second story portion of the
principal dwelling unit.

Not Allowed Allowed if accessory
dwelling is located within one half
mile walking distance of a major
transit stop or transit corridor;

6. Parking for
accessory
dwelling unit
None

7. Direct outside
access
Independent outdoor access must be provided without going through the principal dwelling unit.

Detached from principal dwelling
unit
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Detached from the multi‐family
dwelling structure(s)

2. Number of
Units
The greater of:
 25 percent of the existing number of
primary dwelling units, or
 One accessory dwelling unit.

No more than two units

3. Minimum Size 150 s.f.

4. Maximum Size No size limitation 1,200 s.f.

6. Height The accessory dwelling unit shall not
increase the size of the existing structure.
a. 16 feet 18 feet; or
b. 25 feet or the height
limitations applicable to the
principal dwelling,
whichever is lower if
accessory dwelling unit
attached to principal
dwelling
c.b.An applicant alternatively
may elect to follow the
setback and height standards
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for accessory structures in
Chapter 19.100.

7. Separation
from principal
dwelling units
The conversion must result in an
independent unit. No interior doors or
other connections between the units are
permitted.

Detached from principal dwelling
units.
(Ord. 20‐2199, § 5 (part), 2020; Ord. 17‐2170, § 4, 2018; Ord. 17‐2165, § 12, 2017; Ord. 16‐2159, § 8 (part), 2016; Ord. 2085, § 2 (part), 2011)

19.112.040 Site Development Regulations for Non‐Streamlined Accessory Dwelling Units.

B. The Development Standards for units governed by this section are provided in Section 19.112.040.

These regulations do not limit the height of existing structures converted into ADU/JADUs unless the envelope of the building is proposed to be modified beyond any existing legal, non‐conforming condition
Any accessory dwelling unit that does not meet the criteria of Section19.112.030 shall meet the following development standards and use restrictions as identified in Table 19.112.040.

Table 19.112.040: Site Development Regulations for Non‐Streamlined Accessory Dwelling Units Created by New Construction and/or Additions to the Principal Dwelling Unit Attached Detached > 800 s.f.

A. Number of
Units
Only one accessory dwelling unit pursuant to Table 19.112.040 is permitted and cannot be combined with any accessory dwelling units pursuant to Table

19.112.030A.

B. Size of living space, exclusive of decks

1. Minimum
size
150 s.f.

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2. Maximum
size
a. Studios/one‐bedroom unit – 850 s.f.; two or more‐bedroom unit – 1,000 s.f.; and
b. Attached accessory dwelling units shall not exceed 50% of the existing primary dwelling
c. Application of lot coverage, floor area, and open space standards:
i. Maximum size for units ≤ 800 s.f. shall not be limited by lot coverage, floor area ratio, and open space requirements per the underlying zoning.
ii. Maximum size for units > 800 s.f. are limited by lot coverage, floor area ratio, and open space requirements per the underlying zoning.

These standards shall apply to the gross floor area of the unit proposed. Notwithstanding application of these standards, an 800 s.f. detached accessory dwelling unit is permitted pursuant to Table 19.112.030A or an 800 s.f. attached accessory dwelling unit is permitted.

C. Setbacks Per the underlying zoning district, except
the required side and rear setbacks are
modified to four feet.

The proposed structure must
comply with the setback standards
for accessory structures in Chapter

19.100, except the street side
setbacks are modified to four feet.

D. Height 25 feet or the height limitations applicable
to the principal dwelling, whichever is
lower.
a. The proposed structure
must comply with the height
standards for accessory
structures in Chapter 19.100,
except that a maximum
height of 16 feet is allowed
at the farthest point of the
proposed structure from the
rear and side property lines.
b. 18 feet for detached ADU
within half a mile of a major
transit stop or transit
corridor or on a lot with an
existing multifamily,
multistory dwelling or;
c. If accessory dwelling unit
attached to principal
dwelling, 25 feet or the
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height limitations applicable
to the principal dwelling,
whichever is lower.

E. Second‐story
accessory
dwelling units
Not allowed Allowed if accessory dwelling
is:
a. Located within one half mile of a
major transit stop or transit
corridor; or
b. On a lot with an existing
multifamily, multistory dwelling; or
c. More than 800 s.f. and attached to
principal dwelling.

Not allowed Allowed if accessory
dwelling is located within one half
mile of a major transit stop or
transit corridor.

F. Parking

1. Parking for
accessory
dwelling unit
One additional off‐street parking space shall be provided, if the principal dwelling unit has less than the minimum off‐street parking spaces for the applicable residential zoning district in which it is located, as required in Chapter 19.124 unless the accessory dwelling unit meets one of the following requirements:
a. Located within one‐half (1/2) mile of a public transit stop; or b. Located within one block of a car share vehicle pick‐up location; or c. Located in an architecturally and historically significant historic district; or
d. The occupant of the unit is not allowed/offered a required on‐street parking permit; or
e. Located within one block of a car share vehicle pick‐up location; or f. Is part of the proposed or existing primary residence or an accessory structure.

2. Replacement
parking spaces
for existing
covered,
uncovered or
enclosed
parking spaces
converted to an
No replacement parking spaces are required.

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accessory
dwelling unit
G. Direct outside
access
Independent outdoor access must be provided without going through the principal dwelling unit.

H. Screening from
public street
All access to accessory dwelling units shall be on a different wall plane than the access to the principal dwelling unit.

I. Structure
Design
Should be compatible with the architectural style and materials of the principal structure.

J. Separation from
principal
dwelling unit
The ADU must be an independent unit.

No interior doors or other connections
between the ADU and the principal
dwelling unit are permitted.

Detached from principal dwelling
unit.

19.112.050 Review Process.

19.112.060 Accessory Dwelling Units Prohibited on Certain Lots.

Attachment A‐ Page 23
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11/8/23, 3:44 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=20… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=2022&op_chap… 1/9 TITLE 7. PLANNING AND LAND USE [65000 - 66499.58] ( Heading of Title 7 amended by Stats. 1974, Ch. 1536. )
DIVISION 1. PLANNING AND ZONING [65000 - 66301] ( Heading of Division 1 added by Stats. 1974, Ch. 1536. )
CHAPTER 4. Zoning Regulations [65800 - 65912] ( Chapter 4 repealed and added by Stats. 1965, Ch. 1880. )
65852.2.

GOVERNMENT CODE - GOV
ARTICLE 2. Adoption of Regulations [65850 - 65863.13] ( Article 2 added by Stats. 1965, Ch. 1880. ) (a) (1) A local agency may, by ordinance, provide for the creation of accessory dwelling units in areas zoned to allow single-family or multifamily dwelling residential use. The ordinance shall do all of the following:
(A) Designate areas within the jurisdiction of the local agency where accessory dwelling units may be permitted. The designation of areas may be based on the adequacy of water and sewer services and the impact of accessory dwelling units on traffic flow and public safety. A local agency that does not provide water or sewer services shall consult with the local water or sewer service provider regarding the adequacy of water and sewer services before designating an area where accessory dwelling units may be permitted.
(B) (i) Impose objective standards on accessory dwelling units that include, but are not limited to, parking, height, setback, landscape, architectural review, maximum size of a unit, and standards that prevent adverse impacts on any real property that is listed in the California Register of Historical Resources. These standards shall not include requirements on minimum lot size.
(ii) Notwithstanding clause (i), a local agency may reduce or eliminate parking requirements for any accessory dwelling unit located within its jurisdiction.
(C) Provide that accessory dwelling units do not exceed the allowable density for the lot upon which the accessory dwelling unit is located, and that accessory dwelling units are a residential use that is consistent with the existing general plan and zoning designation for the lot.
(D) Require the accessory dwelling units to comply with all of the following:
(i) Except as provided in Section 65852.26, the accessory dwelling unit may be rented separate from the primary residence, but may not be sold or otherwise conveyed separate from the primary residence. (ii) The lot is zoned to allow single-family or multifamily dwelling residential use and includes a proposed or existing dwelling.
(iii) The accessory dwelling unit is either attached to, or located within, the proposed or existing primary dwelling, including attached garages, storage areas or similar uses, or an accessory structure or detached from the proposed or existing primary dwelling and located on the same lot as the proposed or existing primary dwelling, including detached garages.

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11/8/23, 3:44 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=20… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=2022&op_chap… 2/9 (iv) If there is an existing primary dwelling, the total floor area of an attached accessory dwelling unit shall not exceed 50 percent of the existing primary dwelling.
(v) The total floor area for a detached accessory dwelling unit shall not exceed 1,200 square feet. (vi) No passageway shall be required in conjunction with the construction of an accessory dwelling unit. (vii) No setback shall be required for an existing living area or accessory structure or a structure constructed in the same location and to the same dimensions as an existing structure that is converted to an accessory dwelling unit or to a portion of an accessory dwelling unit, and a setback of no more than four feet from the side and rear lot lines shall be required for an accessory dwelling unit that is not converted from an existing structure or a new structure constructed in the same location and to the same dimensions as an existing structure. (viii) Local building code requirements that apply to detached dwellings, except that the construction of an accessory dwelling unit shall not constitute a Group R occupancy change under the local building code, as described in Section 310 of the California Building Code (Title 24 of the California Code of Regulations), unless the building official or enforcement agency of the local agency makes a written finding based on substantial evidence in the record that the construction of the accessory dwelling unit could have a specific, adverse impact on public health and safety. Nothing in this clause shall be interpreted to prevent a local agency from changing the occupancy code of a space that was unhabitable space or was only permitted for nonresidential use and was subsequently converted for residential use pursuant to this section.
(ix) Approval by the local health officer where a private sewage disposal system is being used, if required. (x) (I) Parking requirements for accessory dwelling units shall not exceed one parking space per accessory dwelling unit or per bedroom, whichever is less. These spaces may be provided as tandem parking on a driveway. (II) Offstreet parking shall be permitted in setback areas in locations determined by the local agency or through tandem parking, unless specific findings are made that parking in setback areas or tandem parking is not feasible based upon specific site or regional topographical or fire and life safety conditions. (III) This clause shall not apply to an accessory dwelling unit that is described in subdivision (d). (xi) When a garage, carport, or covered parking structure is demolished in conjunction with the construction of an accessory dwelling unit or converted to an accessory dwelling unit, the local agency shall not require that those offstreet parking spaces be replaced.
(xii) Accessory dwelling units shall not be required to provide fire sprinklers if they are not required for the primary residence. The construction of an accessory dwelling unit shall not trigger a requirement for fire sprinklers to be installed in the existing primary dwelling.
(2) The ordinance shall not be considered in the application of any local ordinance, policy, or program to limit residential growth. (3) (A) A permit application for an accessory dwelling unit or a junior accessory dwelling unit shall be considered and approved ministerially without discretionary review or a hearing, notwithstanding Section 65901 or 65906 or any local ordinance regulating the issuance of variances or special use permits. The permitting agency shall either approve or deny the application to create or serve an accessory dwelling unit or a junior accessory dwelling unit within 60 days from the date the permitting agency receives a completed application if there is an existing single-family or multifamily dwelling on the lot. If the permit application to create or serve an accessory dwelling unit or a junior accessory dwelling unit is submitted with a permit application to create a new singlefamily or multifamily dwelling on the lot, the permitting agency may delay approving or denying the permit application for the accessory dwelling unit or the junior accessory dwelling unit until the permitting agency approves or denies the permit application to create the new single-family or multifamily dwelling, but the application to create or serve the accessory dwelling unit or junior CC 01-17-2024
700 of 825
11/8/23, 3:44 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=20… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=2022&op_chap… 3/9 accessory dwelling unit shall be considered without discretionary review or hearing. If the applicant requests a delay, the 60-day time period shall be tolled for the period of the delay. If the local agency has not approved or denied the completed application within 60 days, the application shall be deemed approved. A local agency may charge a fee to reimburse it for costs incurred to implement this paragraph, including the costs of adopting or amending any ordinance that provides for the creation of an accessory dwelling unit.
(B) If a permitting agency denies an application for an accessory dwelling unit or junior accessory dwelling unit pursuant to subparagraph (A), the permitting agency shall, within the time period described in subparagraph (A), return in writing a full set of comments to the applicant with a list of items that are defective or deficient and a description of how the application can be remedied by the applicant.
(4) The ordinance shall require that a demolition permit for a detached garage that is to be replaced with an accessory dwelling unit be reviewed with the application for the accessory dwelling unit and issued at the same time. (5) The ordinance shall not require, and the applicant shall not be otherwise required, to provide written notice or post a placard for the demolition of a detached garage that is to be replaced with an accessory dwelling unit, unless the property is located within an architecturally and historically significant historic district. (6) An existing ordinance governing the creation of an accessory dwelling unit by a local agency or an accessory dwelling ordinance adopted by a local agency shall provide an approval process that includes only ministerial provisions for the approval of accessory dwelling units and shall not include any discretionary processes, provisions, or requirements for those units, except as otherwise provided in this subdivision. If a local agency has an existing accessory dwelling unit ordinance that fails to meet the requirements of this subdivision, that ordinance shall be null and void and that agency shall thereafter apply the standards established in this subdivision for the approval of accessory dwelling units, unless and until the agency adopts an ordinance that complies with this section.
(7) No other local ordinance, policy, or regulation shall be the basis for the delay or denial of a building permit or a use permit under this subdivision.
(8) (A) This subdivision establishes the maximum standards that local agencies shall use to evaluate a proposed accessory dwelling unit on a lot that includes a proposed or existing single-family dwelling. No additional standards, other than those provided in this subdivision, shall be used or imposed, except that, subject to subparagraphs (B) and (C), a local agency may require an applicant for a permit issued pursuant to this subdivision to be an owner-occupant. (B) (i) Notwithstanding subparagraph (A), a local agency shall not impose an owner-occupant requirement on an accessory dwelling unit before January 1, 2025.
(ii) Notwithstanding subparagraph (A), a local agency shall not impose an owner-occupant requirement on an accessory dwelling unit that was permitted between January 1, 2020, and January 1, 2025. (C) Notwithstanding subparagraphs (A) and (B), a local agency may require that an accessory dwelling unit be used for rentals of terms longer than 30 days.
(9) A local agency may amend its zoning ordinance or general plan to incorporate the policies, procedures, or other provisions applicable to the creation of an accessory dwelling unit if these provisions are consistent with the limitations of this subdivision. (10) An accessory dwelling unit that conforms to this subdivision shall be deemed to be an accessory use or an accessory building and shall not be considered to exceed the allowable density for the lot upon which it is located, and shall be deemed to be a residential use that is consistent with the existing general plan and zoning designations for the lot. The accessory dwelling unit shall not be considered in the application of any local ordinance, policy, or program to limit residential growth.

CC 01-17-2024
701 of 825
11/8/23, 3:44 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=20… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=2022&op_chap… 4/9 (b) (1) When a local agency that has not adopted an ordinance governing accessory dwelling units in accordance with subdivision (a) receives an application for a permit to create or serve an accessory dwelling unit pursuant to this subdivision, the local agency shall approve or disapprove the application ministerially without discretionary review pursuant to subdivision (a). The permitting agency shall either approve or deny the application to create or serve an accessory dwelling unit or a junior accessory dwelling unit within 60 days from the date the permitting agency receives a completed application if there is an existing single-family or multifamily dwelling on the lot. If the permit application to create or serve an accessory dwelling unit or a junior accessory dwelling unit is submitted with a permit application to create or serve a new single-family or multifamily dwelling on the lot, the permitting agency may delay approving or denying the permit application for the accessory dwelling unit or the junior accessory dwelling unit until the permitting agency approves or denies the permit application to create or serve the new single-family or multifamily dwelling, but the application to create or serve the accessory dwelling unit or junior accessory dwelling unit shall still be considered ministerially without discretionary review or a hearing. If the applicant requests a delay, the 60-day time period shall be tolled for the period of the delay. If the local agency has not approved or denied the completed application within 60 days, the application shall be deemed approved.
(2) If a permitting agency denies an application for an accessory dwelling unit or junior accessory dwelling unit pursuant to paragraph (1), the permitting agency shall, within the time period described in paragraph (1), return in writing a full set of comments to the applicant with a list of items that are defective or deficient and a description of how the application can be remedied by the applicant.
(c) (1) Subject to paragraph (2), a local agency may establish minimum and maximum unit size requirements for both attached and detached accessory dwelling units.
(2) Notwithstanding paragraph (1), a local agency shall not establish by ordinance any of the following:
(A) A minimum square footage requirement for either an attached or detached accessory dwelling unit that prohibits an efficiency unit.
(B) A maximum square footage requirement for either an attached or detached accessory dwelling unit that is less than either of the following:
(i) 850 square feet.
(ii) 1,000 square feet for an accessory dwelling unit that provides more than one bedroom. (C) Any requirement for a zoning clearance or separate zoning review or any other minimum or maximum size for an accessory dwelling unit, size based upon a percentage of the proposed or existing primary dwelling, or limits on lot coverage, floor area ratio, open space, front setbacks, and minimum lot size, for either attached or detached dwellings that does not permit at least an 800 square foot accessory dwelling unit with four-foot side and rear yard setbacks to be constructed in compliance with all other local development standards.
(D) Any height limitation that does not allow at least the following, as applicable:
(i) A height of 16 feet for a detached accessory dwelling unit on a lot with an existing or proposed single family or multifamily dwelling unit.
(ii) A height of 18 feet for a detached accessory dwelling unit on a lot with an existing or proposed single family or multifamily dwelling unit that is within one-half of one mile walking distance of a major transit stop or a high-quality transit corridor, as those terms are defined in Section 21155 of the Public Resources Code. A local agency shall also allow an additional two feet in height to accommodate a roof pitch on the accessory dwelling unit that is aligned with the roof pitch of the primary dwelling unit.

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702 of 825
11/8/23, 3:44 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=20… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=2022&op_chap… 5/9 (iii) A height of 18 feet for a detached accessory dwelling unit on a lot with an existing or proposed multifamily, multistory dwelling.
(iv) A height of 25 feet or the height limitation in the local zoning ordinance that applies to the primary dwelling, whichever is lower, for an accessory dwelling unit that is attached to a primary dwelling. This clause shall not require a local agency to allow an accessory dwelling unit to exceed two stories. (d) Notwithstanding any other law, and whether or not the local agency has adopted an ordinance governing accessory dwelling units in accordance with subdivision (a), all of the following shall apply:
(1) The local agency shall not impose any parking standards for an accessory dwelling unit in any of the following instances:
(A) Where the accessory dwelling unit is located within one-half mile walking distance of public transit. (B) Where the accessory dwelling unit is located within an architecturally and historically significant historic district. (C) Where the accessory dwelling unit is part of the proposed or existing primary residence or an accessory structure. (D) When onstreet parking permits are required but not offered to the occupant of the accessory dwelling unit. (E) When there is a car share vehicle located within one block of the accessory dwelling unit. (F) When a permit application for an accessory dwelling unit is submitted with a permit application to create a new singlefamily dwelling or a new multifamily dwelling on the same lot, provided that the accessory dwelling unit or the parcel satisfies any other criteria listed in this paragraph.
(2) The local agency shall not deny an application for a permit to create an accessory dwelling unit due to the correction of nonconforming zoning conditions, building code violations, or unpermitted structures that do not present a threat to public health and safety and are not affected by the construction of the accessory dwelling unit. (e) (1) Notwithstanding subdivisions (a) to (d), inclusive, a local agency shall ministerially approve an application for a building permit within a residential or mixed-use zone to create any of the following:
(A) One accessory dwelling unit and one junior accessory dwelling unit per lot with a proposed or existing single-family dwelling if all of the following apply:
(i) The accessory dwelling unit or junior accessory dwelling unit is within the proposed space of a single-family dwelling or existing space of a single-family dwelling or accessory structure and may include an expansion of not more than 150 square feet beyond the same physical dimensions as the existing accessory structure. An expansion beyond the physical dimensions of the existing accessory structure shall be limited to accommodating ingress and egress. (ii) The space has exterior access from the proposed or existing single-family dwelling. (iii) The side and rear setbacks are sufficient for fire and safety. (iv) The junior accessory dwelling unit complies with the requirements of Section 65852.22. (B) One detached, new construction, accessory dwelling unit that does not exceed four-foot side and rear yard setbacks for a lot with a proposed or existing single-family dwelling. The accessory dwelling unit may be combined with a junior accessory dwelling unit described in subparagraph (A). A local agency may impose the following conditions on the accessory dwelling unit:
(i) A total floor area limitation of not more than 800 square feet.

CC 01-17-2024
703 of 825
11/8/23, 3:44 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=20… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=2022&op_chap… 6/9 (ii) A height limitation as provided in clause (i), (ii), or (iii) as applicable, of subparagraph (D) of paragraph (2) of subdivision (c).
(C) (i) Multiple accessory dwelling units within the portions of existing multifamily dwelling structures that are not used as livable space, including, but not limited to, storage rooms, boiler rooms, passageways, attics, basements, or garages, if each unit complies with state building standards for dwellings. (ii) A local agency shall allow at least one accessory dwelling unit within an existing multifamily dwelling and shall allow up to 25 percent of the existing multifamily dwelling units. (D) (i) Not more than two accessory dwelling units that are located on a lot that has an existing or proposed multifamily dwelling, but are detached from that multifamily dwelling and are subject to a height limitation in clause (i), (ii), or (iii), as applicable, of subparagraph (D) of paragraph (2) of subdivision (c) and rear yard and side setbacks of no more than four feet. (ii) If the existing multifamily dwelling has a rear or side setback of less than four feet, the local agency shall not require any modification of the existing multifamily dwelling as a condition of approving the application to construct an accessory dwelling unit that satisfies the requirements of this subparagraph. (2) A local agency shall not require, as a condition for ministerial approval of a permit application for the creation of an accessory dwelling unit or a junior accessory dwelling unit, the correction of nonconforming zoning conditions. (3) The installation of fire sprinklers shall not be required in an accessory dwelling unit if sprinklers are not required for the primary residence. The construction of an accessory dwelling unit shall not trigger a requirement for fire sprinklers to be installed in the existing multifamily dwelling.
(4) A local agency may require owner-occupancy for either the primary dwelling or the accessory dwelling unit on a single-family lot, subject to the requirements of paragraph (8) of subdivision (a). (5) A local agency shall require that a rental of the accessory dwelling unit created pursuant to this subdivision be for a term longer than 30 days.
(6) A local agency may require, as part of the application for a permit to create an accessory dwelling unit connected to an onsite wastewater treatment system, a percolation test completed within the last five years, or, if the percolation test has been recertified, within the last 10 years.
(7) Notwithstanding subdivision (c) and paragraph (1) a local agency that has adopted an ordinance by July 1, 2018, providing for the approval of accessory dwelling units in multifamily dwelling structures shall ministerially consider a permit application to construct an accessory dwelling unit that is described in paragraph (1), and may impose objective standards including, but not limited to, design, development, and historic standards on said accessory dwelling units. These standards shall not include requirements on minimum lot size.
(f) (1) Fees charged for the construction of accessory dwelling units shall be determined in accordance with Chapter 5 (commencing with Section 66000) and Chapter 7 (commencing with Section 66012). (2) An accessory dwelling unit shall not be considered by a local agency, special district, or water corporation to be a new residential use for purposes of calculating connection fees or capacity charges for utilities, including water and sewer service, unless the accessory dwelling unit was constructed with a new single-family dwelling. (3) (A) A local agency, special district, or water corporation shall not impose any impact fee upon the development of an accessory dwelling unit less than 750 square feet. Any impact fees charged for an accessory dwelling unit of 750 square feet or more shall be charged proportionately in relation to the square footage of the primary dwelling unit.

CC 01-17-2024
704 of 825
11/8/23, 3:44 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=20… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=2022&op_chap… 7/9 (B) For purposes of this paragraph, “impact fee” has the same meaning as the term “fee” is defined in subdivision (b) of Section 66000, except that it also includes fees specified in Section 66477. “Impact fee” does not include any connection fee or capacity charge charged by a local agency, special district, or water corporation. (4) For an accessory dwelling unit described in subparagraph (A) of paragraph (1) of subdivision (e), a local agency, special district, or water corporation shall not require the applicant to install a new or separate utility connection directly between the accessory dwelling unit and the utility or impose a related connection fee or capacity charge, unless the accessory dwelling unit was constructed with a new single-family dwelling.
(5) For an accessory dwelling unit that is not described in subparagraph (A) of paragraph (1) of subdivision (e), a local agency, special district, or water corporation may require a new or separate utility connection directly between the accessory dwelling unit and the utility. Consistent with Section 66013, the connection may be subject to a connection fee or capacity charge that shall be proportionate to the burden of the proposed accessory dwelling unit, based upon either its square feet or the number of its drainage fixture unit (DFU) values, as defined in the Uniform Plumbing Code adopted and published by the International Association of Plumbing and Mechanical Officials, upon the water or sewer system. This fee or charge shall not exceed the reasonable cost of providing this service.
(g) This section shall supersede a conflicting local ordinance. This section does not limit the authority of local agencies to adopt less restrictive requirements for the creation of an accessory dwelling unit. (h) (1) A local agency shall submit a copy of the ordinance adopted pursuant to subdivision (a) to the Department of Housing and Community Development within 60 days after adoption. After adoption of an ordinance, the department may submit written findings to the local agency as to whether the ordinance complies with this section. (2) (A) If the department finds that the local agency’s ordinance does not comply with this section, the department shall notify the local agency and shall provide the local agency with a reasonable time, no longer than 30 days, to respond to the findings before taking any other action authorized by this section.
(B) The local agency shall consider the findings made by the department pursuant to subparagraph (A) and shall do one of the following:
(i) Amend the ordinance to comply with this section.
(ii) Adopt the ordinance without changes. The local agency shall include findings in its resolution adopting the ordinance that explain the reasons the local agency believes that the ordinance complies with this section despite the findings of the department.
(3) (A) If the local agency does not amend its ordinance in response to the department’s findings or does not adopt a resolution with findings explaining the reason the ordinance complies with this section and addressing the department’s findings, the department shall notify the local agency and may notify the Attorney General that the local agency is in violation of state law. (B) Before notifying the Attorney General that the local agency is in violation of state law, the department may consider whether a local agency adopted an ordinance in compliance with this section between January 1, 2017, and January 1, 2020. (i) The department may review, adopt, amend, or repeal guidelines to implement uniform standards or criteria that supplement or clarify the terms, references, and standards set forth in this section. The guidelines adopted pursuant to this subdivision are not subject to Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2. (j) As used in this section, the following terms mean:
(1) “Accessory dwelling unit” means an attached or a detached residential dwelling unit that provides complete independent living facilities for one or more persons and is located on a lot with a proposed or existing primary residence. It shall include permanent CC 01-17-2024
705 of 825
11/8/23, 3:44 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=20… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=2022&op_chap… 8/9 provisions for living, sleeping, eating, cooking, and sanitation on the same parcel as the single-family or multifamily dwelling is or will be situated. An accessory dwelling unit also includes the following:
(A) An efficiency unit.
(B) A manufactured home, as defined in Section 18007 of the Health and Safety Code. (2) “Accessory structure” means a structure that is accessory and incidental to a dwelling located on the same lot. (3) “Efficiency unit” has the same meaning as defined in Section 17958.1 of the Health and Safety Code. (4) “Living area” means the interior habitable area of a dwelling unit, including basements and attics, but does not include a garage or any accessory structure.
(5) “Local agency” means a city, county, or city and county, whether general law or chartered. (6) “Nonconforming zoning condition” means a physical improvement on a property that does not conform with current zoning standards.
(7) “Objective standards” means standards that involve no personal or subjective judgment by a public official and are uniformly verifiable by reference to an external and uniform benchmark or criterion available and knowable by both the development applicant or proponent and the public official prior to submittal. (8) “Passageway” means a pathway that is unobstructed clear to the sky and extends from a street to one entrance of the accessory dwelling unit.
(9) “Permitting agency” means any entity that is involved in the review of a permit for an accessory dwelling unit or junior accessory dwelling unit and for which there is no substitute, including, but not limited to, applicable planning departments, building departments, utilities, and special districts. (10) “Proposed dwelling” means a dwelling that is the subject of a permit application and that meets the requirements for permitting.
(11) “Public transit” means a location, including, but not limited to, a bus stop or train station, where the public may access buses, trains, subways, and other forms of transportation that charge set fares, run on fixed routes, and are available to the public. (12) “Tandem parking” means that two or more automobiles are parked on a driveway or in any other location on a lot, lined up behind one another.
(k) A local agency shall not issue a certificate of occupancy for an accessory dwelling unit before the local agency issues a certificate of occupancy for the primary dwelling.
(l) Nothing in this section shall be construed to supersede or in any way alter or lessen the effect or application of the California Coastal Act of 1976 (Division 20 (commencing with Section 30000) of the Public Resources Code), except that the local government shall not be required to hold public hearings for coastal development permit applications for accessory dwelling units. (m) A local agency may count an accessory dwelling unit for purposes of identifying adequate sites for housing, as specified in subdivision (a) of Section 65583.1, subject to authorization by the department and compliance with this division. (n) In enforcing building standards pursuant to Article 1 (commencing with Section 17960) of Chapter 5 of Part 1.5 of Division 13 of the Health and Safety Code for an accessory dwelling unit described in paragraph (1) or (2), a local agency, upon request of an owner of an accessory dwelling unit for a delay in enforcement, shall delay enforcement of a building standard, subject to compliance with Section 17980.12 of the Health and Safety Code:
(1) The accessory dwelling unit was built before January 1, 2020.

CC 01-17-2024
706 of 825
11/8/23, 3:44 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=20… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.2.&op_statues=2022&op_chap… 9/9 (2) The accessory dwelling unit was built on or after January 1, 2020, in a local jurisdiction that, at the time the accessory dwelling unit was built, had a noncompliant accessory dwelling unit ordinance, but the ordinance is compliant at the time the request is made.
(Amended (as amended by Stats. 2021, Ch. 343, Sec. 1) by Stats. 2022, Ch. 664, Sec. 2.5. (SB 897) Effective January 1, 2023.) CC 01-17-2024
707 of 825
11/8/23, 3:46 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.22.&op_statues=2… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.22.&op_statues=2022&op_cha… 1/2 TITLE 7. PLANNING AND LAND USE [65000 - 66499.58] ( Heading of Title 7 amended by Stats. 1974, Ch. 1536. )
DIVISION 1. PLANNING AND ZONING [65000 - 66301] ( Heading of Division 1 added by Stats. 1974, Ch. 1536. )
CHAPTER 4. Zoning Regulations [65800 - 65912] ( Chapter 4 repealed and added by Stats. 1965, Ch. 1880. )
65852.22.

GOVERNMENT CODE - GOV
ARTICLE 2. Adoption of Regulations [65850 - 65863.13] ( Article 2 added by Stats. 1965, Ch. 1880. ) (a) Notwithstanding Section 65852.2, a local agency may, by ordinance, provide for the creation of junior accessory dwelling units in single-family residential zones. The ordinance may require a permit to be obtained for the creation of a junior accessory dwelling unit, and shall do all of the following:
(1) Limit the number of junior accessory dwelling units to one per residential lot zoned for single-family residences with a single-family residence built, or proposed to be built, on the lot. (2) Require owner-occupancy in the single family residence in which the junior accessory dwelling unit will be permitted. The owner may reside in either the remaining portion of the structure or the newly created junior accessory dwelling unit. Owneroccupancy shall not be required if the owner is another governmental agency, land trust, or housing organization. (3) Require the recordation of a deed restriction, which shall run with the land, shall be filed with the permitting agency, and shall include both of the following:
(A) A prohibition on the sale of the junior accessory dwelling unit separate from the sale of the single-family residence, including a statement that the deed restriction may be enforced against future purchasers. (B) A restriction on the size and attributes of the junior accessory dwelling unit that conforms with this section. (4) Require a permitted junior accessory dwelling unit to be constructed within the walls of the proposed or existing single-family residence. For purposes of this paragraph, enclosed uses within the residence, such as attached garages, are considered a part of the proposed or existing single-family residence.
(5) (A) Require a permitted junior accessory dwelling unit to include a separate entrance from the main entrance to the proposed or existing single-family residence.
(B) If a permitted junior accessory dwelling unit does not include a separate bathroom, the permitted junior accessory dwelling unit shall include a separate entrance from the main entrance to the structure, with an interior entry to the main living area. (6) Require the permitted junior accessory dwelling unit to include an efficiency kitchen, which shall include all of the following:
(A) A cooking facility with appliances.
(B) A food preparation counter and storage cabinets that are of reasonable size in relation to the size of the junior accessory dwelling unit.

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708 of 825
11/8/23, 3:46 PM leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.22.&op_statues=2… https://leginfo.legislature.ca.gov/faces/printCodeSectionWindow.xhtml?lawCode=GOV&article=2.&sectionNum=65852.22.&op_statues=2022&op_cha… 2/2 (b) (1) An ordinance shall not require additional parking as a condition to grant a permit. (2) This subdivision shall not be interpreted to prohibit the requirement of an inspection, including the imposition of a fee for that inspection, to determine if the junior accessory dwelling unit complies with applicable building standards. (c) (1) An application for a permit pursuant to this section shall, notwithstanding Section 65901 or 65906 or any local ordinance regulating the issuance of variances or special use permits, be considered ministerially, without discretionary review or a hearing.

The permitting agency shall either approve or deny the application to create or serve a junior accessory dwelling unit within 60 days from the date the local agency receives a completed application if there is an existing single-family dwelling on the lot. If the permit application to create or serve a junior accessory dwelling unit is submitted with a permit application to create or serve a new singlefamily dwelling on the lot, the permitting agency may delay approving or denying the permit application for the junior accessory dwelling unit until the permitting agency approves or denies the permit application to create or serve the new single-family dwelling, but the application to create or serve the junior accessory dwelling unit shall still be considered ministerially without discretionary review or a hearing. If the applicant requests a delay, the 60-day time period shall be tolled for the period of the delay. A local agency may charge a fee to reimburse the local agency for costs incurred in connection with the issuance of a permit pursuant to this section. (2) If a permitting agency denies an application for a junior accessory dwelling unit pursuant to paragraph (1), the permitting agency shall, within the time period described in paragraph (1), return in writing a full set of comments to the applicant with a list of items that are defective or deficient and a description of how the application can be remedied by the applicant. (d) A local agency shall not deny an application for a permit to create a junior accessory dwelling unit pursuant to this section due to the correction of nonconforming zoning conditions, building code violations, or unpermitted structures that do not present a threat to public health and safety and that are not affected by the construction of the junior accessory dwelling unit. (e) For purposes of any fire or life protection ordinance or regulation, a junior accessory dwelling unit shall not be considered a separate or new dwelling unit. This section shall not be construed to prohibit a city, county, city and county, or other local public entity from adopting an ordinance or regulation relating to fire and life protection requirements within a single-family residence that contains a junior accessory dwelling unit so long as the ordinance or regulation applies uniformly to all single-family residences within the zone regardless of whether the single-family residence includes a junior accessory dwelling unit or not. (f) For purposes of providing service for water, sewer, or power, including a connection fee, a junior accessory dwelling unit shall not be considered a separate or new dwelling unit.
(g) This section shall not be construed to prohibit a local agency from adopting an ordinance or regulation related to a service or a connection fee for water, sewer, or power, that applies to a single-family residence that contains a junior accessory dwelling unit, so long as that ordinance or regulation applies uniformly to all single-family residences regardless of whether the single-family residence includes a junior accessory dwelling unit.
(h) If a local agency has not adopted a local ordinance pursuant to this section, the local agency shall ministerially approve a permit to construct a junior accessory dwelling unit that satisfies the requirements set forth in subparagraph (A) of paragraph (1) of subdivision (e) of Section 65852.2 and the requirements of this section. (i) For purposes of this section, the following terms have the following meanings:
(1) “Junior accessory dwelling unit” means a unit that is no more than 500 square feet in size and contained entirely within a single-family residence. A junior accessory dwelling unit may include separate sanitation facilities, or may share sanitation facilities with the existing structure.
(2) “Local agency” means a city, county, or city and county, whether general law or chartered. (3) “Permitting agency” means any entity that is involved in the review of a permit for an accessory dwelling unit or junior accessory dwelling unit and for which there is no substitute, including, but not limited to, applicable planning departments, building departments, utilities, and special districts. (Amended by Stats. 2022, Ch. 664, Sec. 4. (SB 897) Effective January 1, 2023.) CC 01-17-2024
709 of 825
From: Peggy Griffin
To: City of Cupertino Planning Commission
Cc: City Clerk
Subject: 2023-11-14 Planning Commission Mtg-AGENDA ITEM2 - Missing RED-LINED Muni Code Date: Tuesday, November 14, 2023 4:27:28 PM
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

PLEASE INCLUDE THIS EMAIL AS PART OF WRITTEN COMMUNICATIONS FOR THE ABOVE PLANNING COMMISSION MEETING AGENDA ITEM.

Dear City Clerk, Staff and Planning Commissioners,
It is difficult to see the changes to the Muni Code when a red-lined version is not provided.

REQUEST: Please provide a red-lined version.

Thank you,
Peggy Griffin
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From: Y Thorstenson
To: City of Cupertino Planning Commission; City of Cupertino Planning Dept.; Housing Subject: Clarify and Boost ADU Rules
Date: Tuesday, November 14, 2023 4:08:28 PM
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Dear Cupertino Planning Commission,
I’m glad our city’s planning commission is taking up the revision of ADU rules, with the passage of new state laws requiring cities to relax unnecessary rules. Overall, I believe our main goals should be to give property owners the freedom and discretion to decide how to best utilize their own land, and to demonstrate to the State of California that we will tackle our severe housing and homelessness crisis in good faith. ADUs have shown to be an effective way to house new families and individuals in Cupertino and have generated significant interest from property owners; now the city should ensure all homeowners have an equal opportunity to pursue this desirable use of their land, rather than just those with the means, expertise, and time.

Still, I believe the planning commission should better clarify new ADU rules, while also further empowering property owners to build new homes on their own land. The commission should advise Council on stronger language that:

1. Makes ADU regulations simpler, especially since small property owners are unlikely familiar with complex land use principles. Simplification and alignment with our existing pre-approved ADU ordinance are also essential to ensure the program is better utilized.

2. Provide across the board permission for ADUs to be up to two stories in height, as was intended by the passage of new state laws. There is no reason we should restrict heights for such a small type of housing, which will result in limited new impacts on the community. For homeowners, these restrictions will limit access to opportunity based on neighborhoods, when all should be allowed this same ability. In addition, Cupertino has a uniquely large number of multigenerational families who deserve ample space to live together, with caretakers and other loved ones. Transit oriented development should be focused around true dense, multi family homes, rather than single story additions.

3. In line with the above, we should also increase design flexibility by cleanly allowing for both detached and attached ADUs to accommodate all types of families and homeowners of all backgrounds and situations.

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4. Provide the same opportunities for single-story and multi-story single family homeowners.

5. Remove all mentions of proximity to transit without the context of ADUs.

ADUs are an effective, desirable way to better meet our housing needs, without noticeable impacts on neighborhoods, while also placing the financial onus on homeowners, who are demonstrably eager to build these homes. We should be simplifying and incentivizing our ambitious, thoughtful residents, instead of making the process needlessly challenging.

Thank you for your consideration.

Yvonne Thorstenson
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From: Neil Park-McClintick
To: City of Cupertino Planning Commission; City of Cupertino Planning Dept.; Housing Subject: (Strengthen Item 4 on ADUs) or (Clarify and Boost ADU Rules) Date: Tuesday, November 14, 2023 4:33:42 PM
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Dear Cupertino Planning Commission,
I’m personally glad our city’s planning commission is taking up the revision of ADU rules, with the passage of new state laws requiring cities to relax unnecessary rules. I can personally speak to the need for ADUs as one of many new housing options. When I was a college student, I lived in a garage->ADU conversion, which provided a rental rate almost half of the typical market rate housing option. It was the reason I was able to continue attending school and complete my degree. I believe others should have this same opportunity!
ADUs have shown to be an effective way to house new families and individuals in Cupertino and have generated significant interest from property owners; now the city should ensure all homeowners have an equal opportunity to pursue this desirable use of their land, rather than just those with the means, expertise, and time.

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In line with the above, we should also increase design flexibility by cleanly allowing for both detached and attached ADUs to accommodate all types of families and homeowners of all backgrounds and situations.

4. Provide the same opportunities for single-story and multi-story single family homeowners.

5. Remove all mentions of proximity to transit within the context of ADUs.

Thank you for your consideration,
Neil Park-McClintick,
from a family of longtime cupertino residents
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From: Philip Nguyen
To: City of Cupertino Planning Commission; City of Cupertino Planning Dept.; Housing Subject: Clarify and Boost ADU Rules
Date: Tuesday, November 14, 2023 4:46:25 PM
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Dear Cupertino Planning Commission,
I am pleased that our city’s planning commission is taking up the revision of ADU rules, with the passage of new state laws requiring cities to relax unnecessary rules. Overall, I believe our main goals should be to give property owners the freedom and discretion to decide how to best utilize their own land, and to demonstrate to the State of California that we will tackle our severe housing and homelessness crisis in good faith. ADUs have shown to be an effective way to house new families and individuals in Cupertino and have generated significant interest from property owners; now the city should ensure all homeowners have an equal opportunity to pursue this desirable use of their land, rather than just those with the means, expertise, and time.

1. Makes ADU regulations simpler, especially since small property owners are not savvy with complex land use principles. Simplification and alignment with our existing pre-approved ADU ordinance are also essential to ensure the program is better utilized.

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4. Provide the same opportunities for single-story and multi-story single family homeowners.

5. Remove all mentions of proximity to transit without the context of ADUs.

Thank you for your consideration.

Philip Nguyen
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From: Sean Hughes
To: City of Cupertino Planning Commission
Subject: Planning - Item 4 - ADU Commentary
Date: Tuesday, November 14, 2023 4:57:29 PM
Attachments: CFA%20Comment_Item%204_11.14.23_PC_.pdf.pdf CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Hello,
I would like to submit the attached letter on behalf of CFA’s Steering Committee, for today’s Planning Commission meeting this evening.

Regards,
Sean Hughes
Policy Director, Cupertino for All
Get Outlook for iOS
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November 14, 2023
Commentary regarding Two-Story Permit and Accessory Dwelling Unit (ADU) laws Cupertino for All has been closely following the Housing Element process on behalf of our constituents, many of whom benefit from not only more housing opportunities, but also a diversity of the types of housing available.

ADUs are one type of housing where we see greater potential in Cupertino. Across the state, ADUs have contributed to the production of affordable to moderate income housing. In particular, they have been especially helpful to Cupertino’s housing production. Showcased in our Annual Progress Report, most of Cupertino’s recent housing production consisted largely of ADUs. In addition, the HE draft plans for even greater production over the next planning period. As such, we hope to see the City support, rather than constrain, ADU production. This support would also actively demonstrate the City’s positive intentions for the Department of Housing and Community Development’s (HCD) review of our updated draft Housing Element.

CFA suggests finding ways to support ADU development that go beyond the minimum action(s) required by state law. Some changes we would support are:

1. Make our ADU regulations less prescriptive. For example: let ADUs be attached or detached, and remove the requirements for proximity to a major transit stop or high quality transit corridor. While we support transit-oriented development, it is overly prescriptive to require this when an ADU could easily function as an in-law unit, in which case transit accessibility may be less of a concern.

2. Enable the creation of two-story/second-story ADUs.

3. Within reason, allow the same design opportunities for single and two-story ADUs.

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We support making changes to ensure the City can support ADU development to its fullest extent, not just in compliance with state law.

Regards,
The Steering Committee for Cupertino for All
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From: Peggy Griffin
To: City of Cupertino Planning Commission; Piu Ghosh (she/her) Cc: City Clerk
Subject: 2023-11-14 Planning Commission Mtg-AGENDA ITEM4 - 2 stories Date: Tuesday, November 14, 2023 5:06:02 PM
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

PLEASE INCLUDE THIS EMAIL AS PART OF WRITTEN COMMUNICATIONS FOR THE ABOVE PLANNING COMMISSION MEETING AGENDA ITEM.

Dear Planning Staff,
Thank you for changing “should” to “shall”! Please continue doing it.

Sincerely,
Peggy Griffin
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From: Kamyab Mashian
To: City of Cupertino Planning Commission
Cc: City of Cupertino Planning Dept.; Housing
Subject: Clarify and Boost ADU Rules
Date: Tuesday, November 14, 2023 5:53:44 PM
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Dear Cupertino Planning Commission,
We are glad our city’s planning commission is taking up the revision of ADU rules, with the passage of new state laws requiring cities to relax unnecessary rules. Overall, we believe our main goals should be to give property owners the freedom and discretion to decide how to best utilize their own land, and to demonstrate to the State of California that our city will tackle our severe housing and homelessness crisis in good faith. ADUs have shown to be an effective way to house new families and individuals in Cupertino and have generated significant interest from property owners; now the city should ensure all homeowners have an equal opportunity to pursue this desirable use of their land, rather than just those with the means, expertise, and time.

Still, we believe the planning commission should better clarify new ADU rules, while also further empowering property owners to build new homes on their own land. The commission should advise Council on stronger language that:

3. In line with the above, we should also increase design flexibility by cleanly allowing for both detached and attached ADUs to accommodate all types of families and CC 01-17-2024
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homeowners of all backgrounds and situations.

4. Provide the same opportunities for single-story and multi-story single family homeowners.

5. Remove all mentions of proximity to transit within the context of ADUs.

Thank you for your consideration.

Shivani Kavuluru
&
Kamyab Mashian
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From: Jennifer Griffin
To: City of Cupertino Planning Commission
Subject: Planning Commission Going Too Late
Date: Tuesday, November 14, 2023 11:29:41 PM
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Dear Planning Commission:

It is now 11:30 PM. Why are we making hundreds of changes on adus when we Have had no Planning Commission meetings for two months? You should probably postpone most of this.

I am assuming we will have a Planning Commission meeting next week? Thank you.

Jennifer Griffin
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CITY OF CUPERTINO
Legislation Text
Subject: Councilmember Reports
File #: 23-12294, Version: 1
CITY OF CUPERTINO Page 1 of 1 Printed on 1/11/2024
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1 CITY COUNCIL ACTIVITY REPORT
Meeting:  January 17, 2024
Reporting Councilmember:  Vice Mayor J.R. Fruen
Report Activity Dates:  11/30/23 to 1/8/24
Event Date, Title, and Description:

Event 1. December 3, 2023 – Preparation Session on Revenue Measures – I attended a preparation session with city staff on various revenue tax measures that could be prospectively placed before voters on November 2024 General Election ballot to help resolve the city’s budget deficit.

Event 2. December 3, 2023 – Cupertino Chamber of Commerce Holiday Party – I attended this holiday mixer event where I canvassed business community sentiment and issues.

Event 3. December 4, 2023 – Fremont Union High School District Community Trustee Area Districting (CTAD) Committee Meeting – I attended this meeting as a member of the Committee. We selected a chair (Doug Kunz) and Vice Chair (Taek Kim). The Committee reviewed input to‐date, and discussed participation at upcoming planned community engagement events. CTAD meeting information is available on a dedicated website through the school district: https://www.fuhsd.org/newsroom/trustee‐areas/ctad Event 4. December 8, 2023 – Assembly District 26 Open House – I attended this mixer event hosted by Assemblymember Evan Low at the Triton Museum of Art in Santa Clara. The event afforded the opportunity to share stories with constituents and policymakers across our local Assembly district.

Event 5. December 13, 2023 – Cupertino Historical Society Holiday Mixer – I attended this holiday mixer event put on by the Cupertino Historical Society in support of their ongoing work to preserve the history of Cupertino and the greater West Valley.

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2 Event 6. December 15, 2023 – Walk‐Bike Cupertino Holiday Mixer – I attended this holiday mixer event hosted by Walk‐Bike Cupertino, a local nonprofit that supports increased active transportation in Cupertino and its environs.

Event 7. December 16, 2023 – Wreaths Across America Commemoration – Wreaths Across America is an annual effort to commemorate American veterans interred in local cemeteries.

For several years, local veterans’ groups, together with local BSA Troops, with the guidance of resident Dennis Whittaker and former Mayor Sandy James, have arranged for the laying of holiday wreaths at the burial sites of members of the Armed Services at Gate of Heaven Cemetery. I attended this thoughtful ceremony together with Mayor Mohan and Councilmembers Moore and Wei.

Event 8. December 16, 2023 – Meeting with Rep. Ro Khanna – I met with Rep. Ro Khann, representing California Congressional District 17, to discuss policy priorities and Cupertino’s federal needs. The meeting was productive and illuminating and should provide a basis for a fruitful future partnership.

Event 9. December 18, 2023 – SV Hopper Ribbon Cutting – Together with Mayor Mohan and Santa Clara Mayor Lisa Gillmor and other local officials, I participated in the ribbon cutting for the expansion of the Cupertino Via program—now denominated SV Hopper—commemorating the expansion of service of this program into Santa Clara pursuant to a grant secured by our local representative in the California Assembly, Evan Low.

Event 10. December 21, 2023 – City Reception for Hsinchu Mayor Hung‐An Kao – Together with Mayor Mohan and Councilmembers Moore and Wei, I attended a city‐hosted reception honoring the visit of the mayor of the city of Hsinchu—one of Cupertino’s four sister cities. The visit involved an introduction to the City of Cupertino’s operation and statistical information provided by the City Manager and reciprocal greetings from the mayor of Hsinchu, as well as tours of city buildings. The event reinforced the relationship between the two cities.

Event 11. December 21, 2023 – Cupertino‐Hsinchu Sister City Dinner – At the invitation of the Cupertino‐Hsinchu Sister City Association, I attended the Association’s dinner in honor of the visit of Hsinchu City Mayor Hung‐An Kao at New Port Restaurant.

Event 12. January 1, 2023 – Taiwan Economic and Cultural Organization New Year Celebration – I filled in for Mayor Mohan to present a certificate to honor the organizers of this annual event hosted by the TECO at its Milpitas location. Numerous local officials from the South Bay attended to honor our Taiwanese‐American community.

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3 Event 13. January 8, 2023 – Fremont Union High School District Community Trustee Area Districting (CTAD) Committee Meeting – I attended this meeting as a member of the Committee. We focused on devising additional outreach opportunities including through Sunnyvale’s Neighborhood Associations, various Parent Teacher Associations and Parent Teacher Organizations, among others. The Committee refined how to best present the CTAD to the public in order to improve both the quantity and the quality of the engagement the trustee area districting process receives. The Committee broke into groups to better define and develop the Board’s existing CTAD slide presentation. CTAD meeting information is available on a dedicated website through the school district: https://www.fuhsd.org/newsroom/trustee‐ areas/ctad

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1 CITY COUNCIL ACTIVITY REPORT
Meeting: January 17, 2024
Reporting Councilmember: Mayor Sheila Mohan
Report Activity Dates: 11/28/23 to 1/8/24
Event Date, Title, and Description:
11/28/23: Attended a prep session conducted by City staff on the Recology agreement which was first approved by Council in 2020. The agreement required an annual rate increase based on the cost of operations.
11/29/23: Attended the West Valley Mayors and Managers meeting. The round table discussion focused on crime statistics and safety around schools. The group recognized the efforts made by Cupertino to enhance traffic safety around schools and promote bike and pedestrian usage.
11/30/23: Participated in the Commissioners Appreciation Dinner at Quinlan – and honored Commissioners for volunteering their time and effort in the interests of the City. Councilmembers who attended were particularly grateful to outgoing Commissioners for their service and completing their term as commissioners. 12/1/23: Joined Mayor Wei, Councilmembers Moore and Fruen in the annual tree-lighting ceremony at the Quinlan Center. A very fun event which included the grand arrival of Santa in a lighted vehicle (a modern-day sleigh) and the magical lighting of the Christmas tree. Thanks to City staff for organizing this well-attended, thoroughly enjoyable community event.
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2 attended event. Many chamber members and community leaders were in attendance.
12/4/23: Welcomed the New Taipei delegation and accompanied them on a tour of the Civic Center Plaza area, including the library. 12/5/23: Visited the Tessellations school, toured the premises and discussed residents’ parking concerns with the principal.
12/5/23: Attended a prep session with finance staff and consultants on the various options for revenue increases, including possibility of sales tax increase in November 2024.
12/7/23: Spent time with UC Irvine student Hana Yoon who interviewed me on City issues, particularly the future of Vallco.
12/8/23: Attended Assemblymember Evan Low’s holiday open house at Santa Clara’s beautiful Triton Museum of Art. An elegant setting and well attended by elected officials from neighboring cities.
12/13/23: Attended the Silicon Valley Clean Energy end of year event titled Reflect and Recharge. Experts and industry leaders discussed the state of California’s clean energy transition. Speakers included State Senators Josh Becker and Dave Cortese.
12/13/23: Attended the SVCE December Board of Directors meeting at which the board authorized the launch of the Clean and Healthy Affordable Multifamily Properties program.
12/16/23: The annual Wreaths Across America commemorating fallen soldiers and veterans was held at the Gate of Heaven Cemetry. Somber speeches and heartfelt rendition of patriotic songs added to the emotion of the event. 12/16/23: Attended a fund-raiser for Patrick Ahrens, candidate for State Assembly District 26.

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City Council Councilmember Activity Report
3 12/16/23: Celebrated the achievements of the Shin Shin Educational Foundation, a non-profit engaged in improving educational facilities in rural China.
12/16/23: Attended a meeting with US Representative Ro Khanna at his Santa Clara office and discussed the possibility of securing funding for infrastructure needs of the City through federal programs.
12/18/23: Along with Santa Clara Mayor Lisa Gilmor participated in the ribbon cutting for the SV Hopper which has now expanded from Cupertino to Santa Clara. The shuttle service is a user-friendly, on-demand rideshare service and now serves major transit hubs around Cupertino and Santa Clara. 12/19/23: Ribbon Cutting and Inaugural event of MorningStar, a West San Jose retirement facility on De Anza Blvd. Assisted Living and Memory Care services in addition to wellness programs and activities are included in its program. 12/20/23: Interview with Boy Scout leader and Monta Vista High School student, Arnav Mahadev on issues facing the City.
12/21/23: Spent the day with the Hsinchu Sister City delegation. The day started with a welcome by Council and staff and included a tour of City facilities. 12/22/23: Attended a fund-raiser for Assemblymember Evan Low, a candidate for US Congress in California’s 16th District.
12/29/23 to 1/10/24: On vacation.

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1 CITY COUNCIL ACTIVITY REPORT
Meeting: January 17, 2024
Reporting Councilmember: Councilmember Kitty Moore
Report Activity Dates: 11/28/23 to 1/8/24
Event Date, Title, and Description:

December 1, 2023. City of Cupertino Tree Lighting at the Quinlan Center. Parks and Recreation Director Sander led an excellent celebration with music, crafts, Gogo Biblio, and a special visitor.

December 4, 2023. Prep. Session on Revenue tax measures.

December 5, 2023. City Council Meeting.

December 9, 2023 – December 15, 2023. Wrap up of Environmental Studies courses finals Environmental Resource Management and Pollution Prevention and Environmental Resource Management and Pollution Prevention Lab. 9 courses in certificate program, A+ avg. Self-funded.

December 11, 2023. 1:1 with City Manager.

December 14, 2023. City Council reorganization.

December 16, 2023. Visited Wreaths Across America.

Meeting with Rep. Ro Khanna and office administrative staff.

December 18, 2023. 1:1 with City Manager.

Silicon Valley Hopper Ribbon Cutting with Santa Clara Councilmembers and Staff leaders from both cities who coordinated this program.

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City Council Councilmember Activity Report
2 https://www.santaclaraca.gov/Home/Components/News/News/44837/3171 How to access SV Hopper: https://www.cupertino.org/ourcity/departments/public-works/transportation-mobility/community-shuttle December 19, 2023. City Council closed session.

December 21, 2023. Hsinchu Sister City visit and tour.

December 22, 2023. Submitted budget questions.

January 4, 2023. CalCities committee introductions. 4th year accepted to the CalCities Environmental Quality Policy Committee which includes councilmembers from across the state.

January 5, 2023. Group Chat: Governance vs. Politics, Social Prosperity Partners.

Councilmembers and other nationwide community leaders discuss governance vs. politics.

January 8, 2023. Begin Winter quarter Environmental Studies courses: very special thank you to Prof. Jeff Staudinger for excellent environmental instruction and caring guidance. Current courses: Environmental Management Tools:

Environmental Management Systems & Environmental Performance Reporting and Environmental Resource Mgmt & Pollution Prevention: Air, Water & Land.

Self-funded.

Respectfully submitted in Memory of Professor Jeff Staudinger, PE, CHMM.

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1 CITY COUNCIL ACTIVITY REPORT
Meeting:  January 17, 2024
Reporting Councilmember:  Councilmember Hung Wei
Report Activity Dates:  11/28/23 to 1/8/24
Event Date, Title, and Description:

Event 1. Wednesday November 29, 2023 @ noon, West Valley Mayors & City Managers Quarterly Meeting @ Campo Di Bocce in Los Gatos
Met with Mayors and City Managers of West Valley Cities (Cupertino, Campbell, Los Gatos, Monte Sereno, and Saratoga), planning for meeting dates/locations/topics for 2024.

Event 2. Wednesday November 29, 2023 @ 3:30pm, ZOOM meeting with Silicon Valley Clean Energy CFO & Director of Administrative Services Amrit Singh ZOOM met with SVCE CFO Armit Singh to be briefed and asked questions on financial updates.

Event 3. Thursday November 30, 2023 @ 10:00am, Silicon Valley Leadership Group Update Briefing @ Linkedin Mountain View
Attended SVLG Update Briefing on current and future issues/challenges in Silicon Valley.

Event 4. Thursday November 30, 2023 @ 2:00pm, Silicon Valley Clean Energy Finance & Administration Committee Meeting
Chaired SVCE Finance and Administration Committee Meeting, topics including update on budget projections and customer discount rates.

Event 5. Thursday November 30, 2023 @ 6:00pm, Commissioners Appreciation Dinner @ Cupertino Quinlan Center
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Attended Commissioners Appreciation Dinner, thanking the outgoing Commissioners for their time and talent in serving the Cupertino community.

Event 6. Friday December 1, 2023 @ 6:00pm, Community Tree Lighting @ Cupertino Quinlan Center
Attended the annual Community Tree Lighting Ceremony, marking the start of the holiday season with holiday singing by Homestead High School Choir and Santa visiting on a fire engine.

Event 7. Saturday December 2, 2023 @ 4:30pm, Ainak Holiday Get‐Together Attended, as Mayor of Cupertino and Rotary District 5170 Governor, the Holiday Get‐Together by Ainak, a Silicon Valley non‐profit organization focused on helping under‐resourced school children with free eye care services such as vision tests and prescription eyeglasses.

Event 8. Monday December 4, 2023 @ 8:30am, ZOOM Prep Session on Revenue Tax Measures Attended a Prep Session with City staff and Consultants to receive update and ask questions on various Revenue Tax Measures.

Event 9. Monday December 4, 2023 @ 12:15pm, Cal Cities Peninsula Division E‐Committee ZOOM Meeting
ZOOM met with ED and E‐Board members of Cal Cities Peninsula Division to plan the December 2023 Officer Retreat.

Event 10. Tuesday December 5, 2023 @ 8:30am, Morning Chat with Mayor @ Cupertino Holder’s Country Inn
Hosted the December 2023 Morning Chat w/Mayor at Cupertino Holder’s Country Inn with Cupertino City Director of Community Development Ben Fu present. Discussion included issues/questions ranging from Vallco/the Rise update, Pickleball courts at De Anza College, City Hall issues, support of small‐ medium businesses, what/why there is a “generator” in the City Hall parking lot, Silicon Valley Hopper for senior services.

Event 11. Tuesday December 5, 2023 @ 4:00pm, Alan Row Holiday Reception for City staff and Councilmembers @ Cupertino Community Hall
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City Council Councilmember Activity Report
Attended the Holiday Reception hosted by Alan Enterprise, LLC (the Alan Row Development Project) @ Cupertino Community Hall before the 5:00pm Special City Council Meeting.

Event 12. Wednesday December 6, 2023 @ noon, ZOOM meeting with Silicon Valley Clean Energy ED Girish Balachandran
ZOOM met with SVCE ED Girish Balachandran to learn of SVCE finance update and ask questions relating to current and future financial planning including reserves, building fund, customer discounts, etc.

Event 13. Wednesday December 13, 2023 @ 10:30am, Cal Cities Peninsula Division Officer Retreat @ Linkedin M.ountain View
Attended the Cal Cities Peninsula Officer Retreat – arriving late at 10:30am due to flight from Taiwan landing in SFO at 8:30am.

Event 14. Wednesday December 13, 2023 @ 4:00pm, Silicon Valley Clean Energy Reflect & Recharge Meeting @ Cupertino Community Hall
Attended SVCE 2023 Reflect & Recharge Meeting – briefs on 2023 achieved milestones and future outlooks from SVCE staff.

Event 15. Wednesday December 13, 2023 @ 6:00pm, Cupertino Historical Society & Museum Holiday Party @ Cupertino Hotel
Attended the Holiday Party hosted by the Cupertino Historical Society & Museum.

Event 16. Thursday December 14, 2023 @ 9:00am, Mayors & City Managers Quarterly Meeting with Cupertino, Mountain View, Santa Clara, and Sunnyvale @ Mountain View City Hall Attended the Quarterly Mayors/City Managers Meeting with neighboring cities to the north (Sunnyvale, Mountain View, Santa Clara) to work on housing, transportation, and related issues such as Silicon Valley Hopper, the Unhoused, Housing Elements, Neighborhood Safety, etc.’ Event 17. Thursday December 14, 2023 @ noon, ZOOM Seminar on Self‐Care hosted by Cal Cities Women’s Caucus
Attended the ZOOM Seminar on Self‐Care with Speaker Wendy Chan hosted by Cal Cities Women’s Caucus.

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Event 18. Saturday December 16, 2023 @ 10:00am, Wreath Across America @ Gate of Heaven Cemetery
Attended the annual Wreath Across America event, honoring the men and women who sacrificed their lives to protect and fight for peace, freedom, and democracy.

Event 19. Saturday December 16, 2023 @ 1:00pm, Shin Shin Educational Foundation’s annual Appreciation & Celebration event at Cupertino Quinlan Center Attended the annual Appreciation and Celebration event hosted by Shin Shin Educational Foundation with Mayor Sheila Mohan and City Manager Pamela Wu.

Event 20. Saturday December 16, 2023 @ 3:30pm, meeting with Congressman Ro Khanna Met with Congressman Ro Khanna, chatted on issues and challenges in Cupertino as well as in Silicon Valley as a region.

Event 21. Sunday December 17, 2023 @ 5:30pm, Global Federation of Chinese Business Women Northern California Chapter Holiday Get‐Together
Attended the Holiday Get‐Together and Election of President/Board Members hosted by the Global Federation of Chinese Business Women Northern California Chapter with a surprise visit by Cupertino Sister City Hsinchu Mayor Hung‐An Kao from Taiwan.

Event 22. Monday December 18, 2023 @ 10:30am, Silicon Valley Hopper Ribbon‐Cutting Ceremony @ Cupertino Community Hall and Civic Plaza
Ribbon‐Cutting Ceremony of the extension of Silicon Valley Hopper into the City of Santa Clara was attended by Santa Clara City Mayor Lisa Gilmore & Councilmembers and Cupertino City Mayor, Vice Mayor, and Councilmembers.

Event 23. Tuesday December 19, 2023 @ 9:00am, Wecome Sister City Hsinchu Mayor Kao and Delegation @ Cupertino Hotel
Welcomed Hsinchu Mayor and her Delegation at Cupertino Hotel and drove them to Muir Elementary School for a school visit.

Event 24. Tuesday December 19, 2023 @ 4:00pm, Ribbon Cutting Ceremony at MorningStar Senor Living
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Attended the Ribbon Cutting Ceremony at MorningStar Senior Living with Mayor Sheila Mohan.

Though located in West San Jose, MonrnigStar is in close proximity with Cupertino and will serve seniors from Cupertino as well as from the neighboring regions.

Event 25. Wednesday December 20, 2023 from 9am to 4:30pm, Hsinchu Mayor and Delegation visits
Accompanied Hsinchu Mayor and Delegation visits to Stanford University, VTA, and Sunnyvale City Hall.

Event 26. Thursday December 21, 2023 @ 9:00am, 12:30am, and 6:30pm, Hsinchu Mayor and Delegation visits
Accompanied Hsinchu Mayor and Delegation visits to Cupertino Library, Lunch & Wine Tasting, and Farewell Dinner.

Event 27. Thursday December 21, 2023 @ 3:00pm, Culture and Tour Exchange Anhui Province in China News Conference at Filoli Garden
Attended the New Conference event hosted by the Culture and Tour Exchange Office from Anhui Province in China at Filoli Garden.

Event 28. Wednesday December 27, 2023 @ 5:00pm, visit a resident regarding tree issues Visited a Cupertino resident to check out the complaint on City tree overhanging over the backyard issue.

Event 29. Saturday December 30, 2023 @ 2:00pm, meet with a Cupertino Friendship City Xianning Representative
Met with Xianning Friendship City Representative to learn of activities in 2023 and upcoming activities in 2024.

Event 30. Sunday January 1, 2024 @ 10:00am, Celebrating New Year Day @ the Taipie Economic and Culture Center (TECO) in Milpitas
Attended the annual Celebrating New Year Day at TECO hosted by the Double Ten Celebration Committee with Color Guard, Drumming, Dragon Dance, singing and various performances.

Presented a Certificate of Appreciation from Cupertino with Vice Mayor JR Fruen.

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Event 31. Friday January 5, 2024 @ 2:00pm, Cities Association E‐Board Meeting @ Los Altos Community Center
Attended the monthly Cities Association E‐Board Meeting to plan on the upcoming Legislative Action Committee meetings, Cities Selection Committee Meetings, and Board of Directors Meetings.

Event 32. Monday January 8, 2024 @ 11:30am, Cal Cities Peninsula Division E‐Committee ZOOM Meeting
ZOOM meeting with the Peninsula Division E‐Committee, planning on 2024 events and reflection on the 2023 Executive Committee Officers Retreat.

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CITY OF CUPERTINO
Legislation Text
Subject: 2023 Legislative Activity and Priorities update Receive update on 2023 Legislative Activity and Priorities File #: 23-12742, Version: 1
CITY OF CUPERTINO Page 1 of 1 Printed on 1/11/2024
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CITY COUNCIL INFORMATIONAL MEMORANDUM
Meeting: January 17, 2024
To: Cupertino City Council
From: Pamela Wu, City Manager
Re: 2023 legislative activity and priorities update.

Reasons for Recommendation
The legislative Advocacy Policy (Resolution No. 23-026, Attachment A) sets forth a process for the City to engage in legislative activities and advocacy, rely on staff knowledge on the applicability of prospective legislation, and reflect the voice of entire Council in taking positions on legislation. Since the policy was adopted in February 2023, the City Manager’s Office (CMO) has monitored and researched pending legislation to identify bills that could significantly impact Cupertino. Staff has maintained a list of these bills, which is posted on the City’s website at cupertino.org/legislation. Staff will bring these identified bills forward for Council consideration in spring and facilitate letters to the legislature outlining the City’s position.
2023 Legislative Activity and Advocacy Update
In 2023, the City monitored 15 bills, which can be found at cupertino.org/legislation. Of these 15 bills, the City took positions and sent letters to the state Legislature regarding three bills:

1. ACA 5 (support) – Enacted into law in 2023.

2. AB 1469 (support) – Signed into law in 2023.

3. The Taxpayer Protection and Accountability Act (oppose) – Though opposed by various cities and legislative organizations, this initiative has qualified for the November 2024 general election.

Many of the other bills on the City’s watch list are two-year bills and may be considered again during the 2024 Legislative Session. Staff will continue to monitor these bills along with other new bills introduced in early 2024.

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This past year, staff spent considerable time and effort advocating around the California Department of Tax and Fee Administration (CDTFA) matters. This work has included participation in stakeholder meetings with CDTFA, the Governor’s office, our legislators, and other pertinent state agencies. This is an ongoing effort that staff will continue to actively engage in.

Other 2023 State Legislation Highlights
Broadly speaking CalCities adopted positions on 66 measures/bills that made it to Governor Newsom’s desk. The Governor signed 82% of the bills CalCities supported and vetoed 42% of the bills opposed by CalCities (compared to the Governor’s overall average 14% veto rate).

Collaborations and Partnerships
CMO staff and the City Attorney’s Office, in collaboration with the City Council, are the core team and are primarily responsible for all legislative activity and bill tracking within Cupertino. CMO staff also works with all City Departments to gather input on bills related to specific focus areas to determine potential impacts of legislation on Cupertino. The City remains under contract with Gonsalves and Son, a state lobbyist, to maintain a presence in Sacramento and to remain apprised of key legislative activity.

To track and drive legislation, staff also participates with a number of coalitions and tries to find alignment with different groups such as Cal Cities, SCC legislative coordinators, MTC, ABAG, Valley Water, Mid Pen Housing, and others.

The City’s lobbyist, Joe A. Gonsalves & Son, actively tracked and advocated on behalf of the City on all bills where the City adopted a position. This includes private meetings with legislators, staff and pertinent committee consultants, as well as any necessary state agency and/or Administration related advocacy.

Looking Ahead to 2024 Legislative Priorities and Program The legislative advocacy work is guided by the Council adopted goals of Public Engagement and Transparency, Transportation, Housing, Sustainability & Fiscal Strategy, and Quality of Life (Attachment C).

Staff recommends the following Strategic Legislative Priorities for 2024 that align with the Council adopted goals to direct the City’s advocacy efforts and resources. These legislative priorities will focus on supporting legislation that:

1. Helps Cupertino build a fiscally sustainable and resilient community.

2. Furthers the health and wellbeing of Cupertino community members and enhances public engagement and transparency.

3. Promotes Cupertino’s infrastructure needs, especially as they relate to transportation and housing.

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In 2024, staff will continue to monitor and research bills using the above mentioned Strategic Legislative Priorities as guiding principles and oppose legislation that affects the City’s ability to accomplish them. Should the Council adopted goals change at the next Council priority setting session, staff will follow the new goals as guiding principles for the City’s advocacy work.

Staff will also continue to focus on regional coordination with our legislative teams, raising the profile of Cupertino, as well as making a pointed effort to expand our alliances and our work with coalitions. Considerable effort will be spent to protect the City’s tax revenue and watch bills that might affect our ability to operate and provide services.

Next Steps
Staff will bring updates to Council based on the legislative cycle. Staff reports will be strategically timed to coincide with key milestones in the legislative process as follows:
 January/ February – provide an overview of upcoming legislation and potential activities as they align with Council priorities.
 April/ May - Gather council input on pending legislation that have the potential to impact Cupertino based on the priorities above.
 September/October - Present a legislative overview when the legislative session has ended.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.

California Environmental Quality Act
Not Applicable.

Prepared by: Astrid Robles, Senior Management Analyst
Tina Kapoor, Deputy City Manager
Reviewed by: Matt Morley, Assistant City Manager
Chris Jensen, City Attorney
Approved for Submission by: Pamela Wu, City Manager
Attachments:

A – Resolution No. 23-026 Legislative Advocacy Policy
B – 2023 Council Adopted Goals
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RESOLUTION NO. 23-026

A RESOLUTION OF THE CUPERTINO CITY COUNCIL

REVISITING THE CITY OF CUPERTINO LEGISLATIVE ADVOCACY
POLICY
WHEREAS, the City Council has an interest in weighing in on state, federal, and regional legislative issues that impact the City and its residents; and WHEREAS, the City receives legislative action alerts sent by various city associations that need to be reviewed on a case by case basis; and WHEREAS, the City Council has historically approved City positions on proposed legislation by majority vote of the City Council; and WHEREAS, in addition to allowing for City Council action, Cupertino City Council Resolution No. 18-010 established a Legislative Advocacy Policy that delegated Council power to the Legislative Review Committee to take positions on proposed legislation where the position was within the judgment of the Committee consistent with the City’ s adopted Legislative Advocacy Policy; and
WHEREAS, the City Council finds that this delegation of authority is inconsistent with Municipal Code section 2.17.031, which provides that the authority of the City Council “ cannot be delegated to individual Council members, nor to committees composed of council members consisting of less than a quorum of the City Council”; and
WHEREAS, the City Council wishes to revise the Legislative Advocacy Policy to ensure consistency with the Municipal Code and to allow the City Manager to take direction from the full Council, consistent with the requirements of the Municipal Code.

NOW, THEREFORE, BE IT RESOLVED:

1. The City Council hereby adopts the Legislative Advocacy Policy attached hereto as Exhibit A.

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Resolution No. 23-026

Page 2 ends

2. Resolution No. 18-010 and any other procedures, polices, or rules adopted by the Council that are inconsistent with this Resolution are hereby repealed and rescinded.

PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 21st day of February, 2023, by the following vote:

Members of the City Council
AYES: Wei, Mohan, Fruen
NOES: Chao, Moore
ABSENT: None
ABSTAIN: None
SIGNED:

Hung Wei, Mayor
City of Cupertino
Date
ATTEST:

Kirsten Squarcia, City Clerk Date
2/24/2023
2/28/23
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Resolution No. 23-026

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LEGISLATIVE ADVOCACY POLICY
I. PURPOSE
The purpose of this policy is to establish guidelines regarding City legislative advocacy by the City Council.

II. BACKGROUND
The City has actively taken positions on legislation for many years through direction of the full Council and the Legislative Review Committee. On January 25, 2023, the City Council voted to dissolve the Legislative Review Committee and consider taking positions on pending legislation as a full Council.

III. POLICY STATEMENT

1. Each year staff will monitor and research pending legislation to identify bills that could significantly impact Cupertino. Staff will bring these identified bills to Council for consideration at a City Council meeting. With authorization from the full Council, City staff shall prepare position letters for the Mayor’ s signature. This work can be additionally supported by a contracted lobbyist, as needed.

2. In circumstances where Council review is impracticable, the City Manager can authorize staff to prepare position letters for the Mayor’ s signature on urgent matters. Positions must align with a policy adopted by the City Council or other clear direction provided by vote of the full Council that supports the position taken on legislation.

3. Legislative advocacy should focus on issues directly relevant to or impacting the provision of municipal services. Generally, the City will not address matters that are not pertinent to the City’ s local government services, such as international issues.

IV. IMPLEMENTATION
The City Manager shall monitor the provisions of this policy. City departments are encouraged to monitor and be knowledgeable of any legislative issues related to their discipline. However, any requests for the City to take positions on a legislative matter must be directed to the City Attorney’ s Office. City Exhibit A
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Resolution No. 23-026

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departments may not take positions on legislative issues without City Manager’ s Office review, and approval from the full Council when required by this policy.

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Established Council Priorities
In February 2020, the City Council adopted a number of goals to provide a framework for City priorities and to guide annual development of the Work Program. City Council reaffirmed their goals in March 2023 to include:
• Public Engagement and Transparency
o Creating and maintaining key conversations and interactions with the Cupertino Community.
• Transportation
o Providing access to an efficient, safe multi-modal transportation system for our community, and advocating for effective, equitable mass transit in the greater region.
▪ Improving Traffic Flow and Alleviating Congestion
• Housing
o Contributing meaningfully and in a balanced manner to the housing inventory in support of our community needs, including affordable housing (from extremely low-income to moderate-income level housing) and addressing homelessness. • Sustainability & Fiscal Strategy
o Continuing Cupertino’s commitment to building a sustainable and resilient community for future generations.
• Quality of Life
o Furthering the health and well-being of all Cupertino community members. ▪ Air Quality and Noise
▪ Public Safety
▪ Recreation
▪ Access to Goods and Services
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CITY OF CUPERTINO
Legislation Text
Subject: Receive the Monthly Treasurer's Investment Report for November 2023 Receive the Monthly Treasurer's Investment Report for November 2023 File #: 23-12111, Version: 1
CITY OF CUPERTINO Page 1 of 1 Printed on 1/11/2024
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CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending November 30, 2023
City of Cupertino
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SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of November 30, 2023
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SECTION | Section 1 | Economic Update
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Economic Update



Recent economic data has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market.

Inflationary trends are subsiding, but core levels remain well above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward.

As expected at the November meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Market participants interpreted the FOMC statement as somewhat dovish, with the formal statement noting “tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation.” Federal Reserve Chair Jerome Powell also noted the stance of policy is restrictive, the full effects of the tightening have yet to be felt, and the process of getting inflation to 2% has a long way to go. We believe monetary policy will remain restrictive for longer, but further tightening will not be required for the Federal Reserve to eventually achieve their policy objectives.

US Treasury rates fell steeply across the yield curve in November on decelerating inflation readings and a more dovish Federal Reserve outlook. The 2-year Treasury yield declined 41 basis points to 4.68%, the 5-year Treasury yield dropped 59 basis points to 4.27%, and the 10- year Treasury yield decreased 60 basis points to 4.33%. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -35 basis points at November month-end versus -16 basis points at October month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -71 basis points. The inversion between 3-month and 10-year Treasuries widened to - 107 basis points in November from -54 basis points in October. The shape of the yield curve indicates that the probability of recession persists.
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Employment
-400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 150,000 jobs in October, versus consensus expectations of 180,000, and the last two months were revised downward by 101,000 jobs. The largest gains came from education and health services, while the United Auto Workers strike contributed to the softer results for the month. The trajectory of job creation is moderating, with the three-month moving average payrolls at 204,000 and the six-month moving average at 206,000. The unemployment rate ticked up 0.1% to 3.9%, and the labor participation rate fell slightly to 62.7%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons rose to 7.2% from 7.0% last month. Average hourly earnings declined to 4.1% year-over-year in October from 4.3% in September. Employment remains strong by historical standards, but data are trending toward a less robust labor market outlook.

Source: US Department of Labor Source: US Department of Labor 4 CC 01-17-2024
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Inflation

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) was unchanged month-over-month and +3.2% year-over-year in October, lower than expected. Headline CPI decelerated due to lower energy prices. The Core CPI, which excludes volatile food and energy components, was up 0.2% month-overmonth and 4.0 % year-over-year, decelerating from 4.1% last month. Inflation in rents and services decelerated, while auto prices and airfares fell in October. The Personal Consumption Expenditures (PCE) Index eased in October, as inflation remained unchanged monthover-month due to a drop in energy prices and rose 3.0% year-over-year in October, down from 3.4% in September. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 0.2% month-over-month and decelerated to 3.5% year-over-year in October from a 3.7% year-over-year increase in September. Inflation remains above the Fed's 2% target.

Source: US Department of Labor Source: US Department of Commerce 5 CC 01-17-2024
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Federal Reserve
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As expected at the November meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Market participants interpreted the FOMC statement as somewhat dovish, with the formal statement noting “tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation.” During the press conference concluding the meeting, Federal Reserve Chair Jerome Powell also noted the stance of policy is restrictive, the full effects of the tightening have yet to be felt, and the process of getting inflation to 2% has a long way to go. We believe monetary policy needs to remain restrictive for longer to continue to put downward pressure on inflation; however we do not believe further tightening will be required for the Federal Reserve to eventually achieve their 2% policy objective. Since the Federal Reserve began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1.1 trillion to approximately $7.9T.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
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Bond Yields
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Nov-23
Aug-23
Nov-22
Yield (%)
At the end of November, the 2-year Treasury yield was 37 basis points higher, and the 10-Year Treasury yield was about 72 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -35 basis points at November month-end versus -16 basis points at October month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries widened to -107 basis points in November from -54 basis points in October. The shape of the yield curve indicates that the probability of recession persists. 7 CC 01-17-2024
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Periodic Table of Asset Class Returns As of November 30, 2023 Index returns as of 11/30/2023. Past performance is not indicative of future results. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. It is not possible to invest directly in an index. This information is not intended to constitute an offer, solicitation, recommendation, or advice regarding securities or investment strategy. Please see attached Asset Class Disclosure. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 US Small Cap
Stocks

39.1%
US Real Estate

30.4%
US Real Estate

2.5%
US Small Cap
Stocks

20.4%
Emerging Market
Stocks

37.3%
International
Bonds

3.2%
US Large Cap
Stocks

31.5%
US Mid Cap
Stocks

19.8%
US Real Estate

43.1%
Diversified
Commodities

26.0%
US Large Cap
Stocks

20.8%
US Mid Cap
Stocks

36.3%
US Large Cap
Stocks

13.7%
US Large Cap
Stocks

1.4%
US High Yield
Bonds

17.5%
International
Stocks

25.0%
US Core Bonds

0.0%
US Mid Cap
Stocks

30.6%
US Small Cap
Stocks

19.2%
Diversified
Commodities

40.4%
US High Yield
Bonds
-11.2%
International
Stocks

12.3%
US Large Cap
Stocks

32.4%
US Mid Cap
Stocks

13.4%
International
Bonds

1.3%
US Mid Cap
Stocks

12.6%
US Large Cap
Stocks

21.8%
US High Yield
Bonds
-2.3%
US Small Cap
Stocks

25.9%
US Large Cap
Stocks

18.4%
US Large Cap
Stocks

28.7%
International
Bonds
-12.7%
US High Yield
Bonds

9.4%
International
Stocks

22.8%
International
Bonds

9.1%
US Core Bonds

0.6%
US Large Cap
Stocks

12.0%
US Mid Cap
Stocks

20.3%
US Large Cap
Stocks
-4.4%
US Real Estate

25.8%
Emerging Market
Stocks

18.3%
US Mid Cap
Stocks

24.0%
US Core Bonds
-13.3%
US Small Cap
Stocks

6.6%
US High Yield
Bonds

7.4%
US Core Bonds

6.4%
US Mid Cap
Stocks
-0.6%
Diversified
Commodities

11.4%
International
Real Estate

20.0%
US Real Estate
-4.6%
International
Stocks

22.0%
International
Stocks

7.8%
US Small Cap
Stocks

21.1%
International
Stocks
-14.5%
US Mid Cap
Stocks

6.0%
International
Real Estate

5.8%
US Small Cap
Stocks

6.1%
International
Stocks
-0.8%
Emerging Market
Stocks

11.2%
US Small Cap
Stocks

15.2%
International
Real Estate
-6.4%
International
Real Estate

21.0%
US Core Bonds

7.6%
International
Stocks

11.3%
US Mid Cap
Stocks
-16.9%
Emerging Market
Stocks

5.7%
US Real Estate

2.5%
International
Real Estate

2.8%
International
Real Estate
-3.8%
US Real Estate

8.6%
US High Yield
Bonds

7.5%
US Mid Cap
Stocks
-8.1%
Emerging Market
Stocks

18.4%
US High Yield
Bonds

6.2%
International
Real Estate

8.1%
US Small Cap
Stocks
-17.8%
International
Bonds

5.4%
International
Bonds

1.8%
US High Yield
Bonds

2.5%
US Small Cap
Stocks
-4.1%
International
Bonds

4.9%
Diversified
Commodities

5.8%
US Small Cap
Stocks
-11.0%
Diversified
Commodities

17.6%
International
Bonds

4.7%
US High Yield
Bonds

5.4%
US Large Cap
Stocks
-18.1%
US Real Estate

3.5%
Diversified
Commodities
-1.2%
Emerging Market
Stocks
-2.2%
High Yield Bonds
-4.6%
US Core Bonds

2.6%
US Real Estate

5.1%
International
Stocks
-13.8%
US High Yield
Bonds

14.4%
International
Real Estate
-7.1%
US Core Bonds
-1.6%
Emerging Market
Stocks
-20.1%
US Core Bonds

1.6%
US Core Bonds
-2.3%
International
Stocks
-4.9%
Emerging Market
Stocks
-14.9%
International
Real Estate

1.3%
US Core Bonds

3.6%
Diversified
Commodities
-13.8%
US Core Bonds

9.0%
US Real Estate
-7.6%
International
Bonds
-2.1%
International
Real Estate
-24.3%
Diversified
Commodities
-1.0%
Emerging Market
Stocks
-2.6%
Diversified
Commodities
-33.1%
Diversified
Commodities
-32.9%
International
Stocks

1.0%
International
Bonds

2.6%
Emerging Market
Stocks
-14.6%
International
Bonds

8.1%
Diversified
Commodities
-23.7%
Emerging Market
Stocks
-2.5%
US Real Estate
-24.5%
International
Real Estate
-2.6%
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Section 2| SECTION | Section 2 | Account Profile
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Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Investment Objectives
The City of Cupertino’s investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.

Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code.

As of November 30, 2023
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Compliance As of November 30, 2023
Category Standard Comment
Treasury Issues No Limitation Complies
Agency Issues 25% per Agency/GSE issuer; 20% max agency callable securities; Issued by Federal Agencies or U.S. Government Sponsored Enterprise obligations. Complies Supranational "AA" rating category or better by a NRSRO; 30% maximum; 10% max per issuer; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB. Complies Municipal Securities
"A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Obligations of the City, State of California, and any local agency within the State of California; Obligations of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states in addition to California.

Complies
Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S. Complies Asset Backed/ Mortgage Backed/
Collateralized Mortgage Obligation
"AA" rating category or better by a NRSRO; 20% maximum; 5% max per issuer on Asset-Backed or Commercial Mortgage security; There is no issuer limitation on any Mortgage security where the issuer is the U.S. Treasury or a Federal Agency/GSE . Complies Negotiable Certificates of Deposit (NCDs)
No rating required if amount of the NCD is insured up to the FDIC limit; If above FDIC insured limit, requires "A-1" short-term rated or "A" longterm rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by nationally or state chartered banks, state or federal savings associations, or state or federal credit unions, or by a federally licensed or state-licensed branch of a foreign bank.

Complies
Certificates of Deposit (CDs)/Time
Deposit (TDs)
30% maximum; 5% max per issuer; Certificates of Deposit, Time Deposit, non-negotiable, and collateralized in accordance with California Government Code. Complies
Banker’s Acceptances "A-1" short-term rated or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 40% maximum; 5% max per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" short term rated or better a NRSRO; "A" long-term issuer rating category or better by a NRSRO; 25% maximum; 5% max per issuer; 270 days max maturity; Issued by corporations organized and operating in the U.S. with assets > $500 million; 10% max outstanding paper of the issuing corporation.

Complies
Money Market Funds
20% maximum; Daily money market funds administered for or by trustees, paying agents and custodian banks contracted by a City of Cupertino as allowed under California Government Code; Only funds holding U.S. Treasury obligations, Government agency obligations or repurchase agreements collateralized by U.S. Treasury or Government agency obligations can be utilized.

Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino and the broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances arise that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved by City Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips; Zero interest accrual securities; Purchasing/selling securities on margin; Foreign currency denominated securities.

Complies
Minimum Budgeted Operating
Expenditures in Short Term Investments Minimum 6 months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements Complies Max Per Issuer 5% per issuer, unless otherwise specified in the policy Complies Maximum maturity 5 years Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 11 CC 01-17-2024
760 of 825
Portfolio Summary – City of Cupertino #10659 As of November 30, 2023 12 CC 01-17-2024
761 of 825
Purchase Yield as of 11/30/23 = 2.17%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of November 30, 2023
13 CC 01-17-2024
762 of 825
SECTION | Section 3 | Portfolio Holdings
14 CC 01-17-2024
763 of 825
Issue Name Investment Type % Portfolio
Government of United States US Treasury 36.20%
Federal National Mortgage Association Agency 8.79%
Federal Home Loan Mortgage Corp Agency 4.34%
Federal Home Loan Mortgage Corp CMO 3.74%
Federal Home Loan Bank Agency 2.28%
American Express ABS ABS 1.85%
Federal Farm Credit Bank Agency 1.85%
Royal Bank of Canada Corporate 1.65%
John Deere ABS ABS 1.60%
Toyota Motor Corp Corporate 1.60%
JP Morgan Chase & Co Corporate 1.55%
Bank of America Corp Corporate 1.53%
International Finance Corp Supranational 1.53%
Bank of New York Corporate 1.52%
Inter-American Dev Bank Supranational 1.48%
Intl Bank Recon and Development Supranational 1.45%
Toronto Dominion Holdings Corporate 1.42%
Hyundai Auto Receivables ABS 1.39%
Honda ABS ABS 1.29%
Northwestern Mutual Glbl Corporate 1.28%
Paccar Financial Corporate 1.24%
Toyota ABS ABS 1.21%
Bank of Montreal Chicago Corporate 1.16%
Salesforce.com Inc Corporate 1.13%
Amazon.com Inc Corporate 1.12%
Metlife Inc Corporate 1.12%
Prudential Financial Inc Corporate 1.11%
Air Products & Chemicals Corporate 1.10%
Morgan Stanley Corporate 1.08%
New York Life Global Funding Corporate 1.06%
United Health Group Inc Corporate 1.05%
Berkshire Hathaway Corporate 0.99%
Guardian Life Global Funding Corporate 0.84%
US Bancorp Corporate 0.81%
Caterpillar Inc Corporate 0.70%
MasterCard Inc Corporate 0.64%
Mass Mutual Insurance Corporate 0.59%
GM Financial Securitized Term Auto Trust ABS 0.59%
Issuers
City of Cupertino – Account #10659
As of November 30, 2023
15 CC 01-17-2024
764 of 825
Issue Name Investment Type % Portfolio
Charles Schwab Corp/The Corporate 0.58%
Toyota Lease Owner Trust ABS 0.54%
State of California Municipal Bonds 0.49%
GM Financial Automobile Leasing Trust ABS 0.44%
Northern Trust Corp Corporate 0.43%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.42% Verizon Master Trust ABS 0.37%
BMW ABS ABS 0.34%
Wal-Mart Stores Corporate 0.21%
Hyundai Auto Lease Securitization ABS 0.18%
BMW Vehicle Lease Trust ABS 0.11%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of November 30, 2023
16 CC 01-17-2024
765 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
43813KAC6 Honda Auto Receivables Trust 2020-3 A3

0.370% Due 10/18/2024
29,741.01 09/22/2020

0.38%
29,736.64
29,741.01

99.57 5.64%
29,613.63

3.97 0.02%
(127.38)

NR / AAA
AAA

0.88 0.08
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2

0.390% Due 10/21/2024
99,705.04 08/10/2021

0.39%
99,703.69
99,704.96

99.71 5.71%
99,415.10

11.88 0.07%
(289.86)

NR / AAA
AAA

0.89 0.05
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3

0.330% Due 12/26/2024
8,282.92 09/08/2021

0.34%
8,282.06
8,282.90

99.96 0.92%
8,279.56

0.46 0.01%
(3.34)
Aaa / NR
AAA

1.07 0.07
89236XAC0 Toyota Auto Receivables 2020-D A3

0.350% Due 01/15/2025
7,717.40 10/06/2020

0.36%
7,715.96
7,717.02

99.78 5.63%
7,700.68

1.20 0.01%
(16.34)

NR / AAA
AAA

1.13 0.04
44891WAC3 Hyundai Auto Lease Trust 2022-A A3

1.160% Due 01/15/2025
283,648.76 01/11/2022

1.16%
283,642.50
283,647.72

99.19 5.73%
281,347.23
146.24

0.18%
(2,300.49)
Aaa / AAA
NR

1.13 0.18
89238LAC4 Toyota Lease Owner Trust 2022-A A3

1.960% Due 02/20/2025
833,500.53 02/23/2022

1.98%
833,369.33
833,469.09

99.12 5.54%
826,159.89
499.17

0.54%
(7,309.20)

NR / AAA
AAA

1.23 0.24
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3

1.900% Due 03/20/2025
578,202.99 02/15/2022

1.91%
578,198.01
578,202.10

99.17 5.82%
573,378.46
335.68

0.38%
(4,823.64)
Aaa / NR
AAA

1.30 0.21
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3

1.100% Due 03/25/2025
159,574.39 01/11/2022

1.11%
159,550.54
159,570.94

99.24 5.82%
158,359.39

29.26 0.10%
(1,211.55)

NR / AAA
AAA

1.32 0.16
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
59,522.37 02/17/2021

0.27%
59,521.28
59,522.26

98.64 5.70%
58,713.46

4.46 0.04%
(808.80)
Aaa / NR
AAA

1.39 0.25
89240BAC2 Toyota Auto Receivables Owners 2021-A A3

0.260% Due 05/15/2025
224,693.89 02/02/2021

0.27%
224,652.19
224,690.02

98.73 5.63%
221,831.96

25.96 0.15%
(2,858.06)
Aaa / NR
AAA

1.46 0.24
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
172,686.39 04/20/2021

0.38%
172,668.22
172,683.68

98.41 5.51%
169,946.37

29.16 0.11%
(2,737.31)

NR / AAA
AAA

1.79 0.31
43815GAC3 Honda Auto Receivables Trust 2021-4 A3

0.880% Due 01/21/2026
344,032.15 11/16/2021

0.89%
343,959.62
344,004.73

96.79 5.82%
332,978.74

84.10 0.22%
(11,025.99)
Aaa / NR
AAA

2.15 0.65
47789QAC4 John Deere Owner Trust 2021-B A3

0.520% Due 03/16/2026
374,083.57 07/13/2021

0.52%
374,050.20
374,071.80

96.69 6.22%
361,718.24

86.45 0.24%
(12,353.56)
Aaa / NR
AAA

2.29 0.58
89238JAC9 Toyota Auto Receivables Trust 2021-D A3

0.710% Due 04/15/2026
325,983.42 11/09/2021

0.71%
325,976.47
325,980.83

96.73 5.85%
315,339.74
102.87

0.21%
(10,641.09)

NR / AAA
AAA

2.38 0.63
43815BAC4 Honda Auto Receivables Trust 2022-1 A3

1.880% Due 05/15/2026
740,000.00 02/15/2022

1.89%
739,888.70
739,949.79

96.97 5.76%
717,600.20
618.31

0.47%
(22,349.59)
Aaa / AAA
NR

2.46 0.78
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3

0.740% Due 05/15/2026
988,717.31 Various

2.03%
963,718.12
978,744.27

96.99 5.85%
958,943.09
325.17

0.63%
(19,801.18)

NR / AAA
AAA

2.46 0.59
05602RAD3 BMW Vehicle Owner Trust 2022-A A3

3.210% Due 08/25/2026
530,000.00 05/10/2022

3.23%
529,972.44
529,986.10

98.00 5.86%
519,414.84
283.55

0.34%
(10,571.26)
Aaa / AAA
NR

2.74 0.76
As of November 30, 2023
17 CC 01-17-2024
766 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
362554AC1 GM Financial Securitized Term 2021-4 A3

0.680% Due 09/16/2026
267,989.87 10/13/2021

0.68%
267,983.04
267,987.28

96.27 6.09%
257,994.92

75.93 0.17%
(9,992.36)
Aaa / AAA
NR

2.80 0.69
47787JAC2 John Deere Owner Trust 2022-A A3

2.320% Due 09/16/2026
402,289.78 03/10/2022

2.34%
402,200.79
402,244.28

97.38 5.76%
391,731.68
414.81

0.26%
(10,512.60)
Aaa / NR
AAA

2.80 0.76
448977AD0 Hyundai Auto Receivables Trust 2022-A A3

2.220% Due 10/15/2026
1,010,000.00 03/09/2022

2.23%
1,009,961.12
1,009,981.59

97.33 5.63%
983,052.20
996.53

0.65%
(26,929.39)

NR / AAA
AAA

2.88 0.78
380146AC4 GM Financial Auto Receivables 2022-1 A3

1.260% Due 11/16/2026
261,079.43 01/11/2022

1.27%
261,056.73
261,069.47

96.73 5.72%
252,547.09
137.07

0.17%
(8,522.38)

NR / AAA
AAA

2.96 0.73
362585AC5 GM Financial Securitized ART 2022-2 A3

3.100% Due 02/16/2027
390,000.00 04/05/2022

3.13%
389,918.49
389,957.36

97.73 5.52%
381,148.95
503.75

0.25%
(8,808.41)
Aaa / AAA
NR

3.22 0.95
47800AAC4 John Deere Owner Trust 2022-B A3

3.740% Due 02/16/2027
655,000.00 07/12/2022

3.77%
654,937.45
654,961.35

97.59 5.88%
639,211.23
1,088.76

0.42%
(15,750.12)
Aaa / NR
AAA

3.22 1.15
02589BAA8 American Express Credit Accoun 22-1 A

2.210% Due 03/15/2027
1,545,000.00 03/21/2022

2.69%
1,524,359.77
1,536,083.72

95.99 5.49%
1,483,094.94
1,517.53

0.98%
(52,988.78)
Aaa / NR
AAA

3.29 1.24
02582JJT8 American Express Credit Trust 2022-2 A

3.390% Due 05/17/2027
1,375,000.00 05/17/2022

3.42%
1,374,695.85
1,374,851.42

97.24 5.43%
1,337,000.50
2,071.67

0.88%
(37,850.92)

NR / AAA
AAA

3.46 1.38
47800BAC2 John Deere Owner Trust 2022-C A3

5.090% Due 06/15/2027
1,050,000.00 10/12/2022

5.15%
1,049,918.52
1,049,943.42

99.20 5.72%
1,041,634.65
2,375.33

0.69%
(8,308.77)
Aaa / NR
AAA

3.54 1.39
92348KAV5 Verizon Master Trust 2022-5 A1A

3.720% Due 07/20/2027
570,000.00 08/02/2022

3.75%
569,974.92
569,986.73

99.71 4.74%
568,357.26
647.90

0.37%
(1,629.47)

NR / AAA
AAA

3.64 0.71
89231FAD2 Toyota Auto Recievables Owner 2023-C A3

5.160% Due 04/17/2028
1,300,000.00 11/21/2023

5.65%
1,294,718.75
1,294,796.25

99.90 5.28%
1,298,750.70
2,981.33

0.86%
3,954.45

NR / AAA
AAA

4.38 1.55
438123AC5 Honda Auto Receivables OT 2023-4 A3

5.670% Due 06/21/2028
805,000.00 Various

5.63%
806,992.67
806,957.97
101.09

5.24%
813,803.48
2,916.11

0.54%
6,845.51
Aaa / NR
AAA

4.56 2.19
TOTAL ABS 15,391,451.22 2.92%
15,341,324.07
15,368,790.06 5.59%
15,089,068.18
18,314.61

9.92%
(279,721.88)
Aaa / AAA
AAA

2.94 0.96
Agency
3137EAFA2 FHLMC Note

0.250% Due 12/04/2023
855,000.00 12/02/2020

0.28%
854,153.55
854,997.68

99.96 4.10%
854,634.06
1,050.94

0.56%
(363.62)
Aaa / AA+
AA+

0.01 0.01
3130A1XJ2 FHLB Note

2.875% Due 06/14/2024
1,500,000.00 06/18/2019

1.96%
1,564,890.20
1,506,980.50

98.68 5.40%
1,480,135.50
20,005.21

0.99%
(26,845.00)
Aaa / AA+
NR

0.54 0.52
3135G0V75 FNMA Note

1.750% Due 07/02/2024
1,500,000.00 07/16/2019

1.96%
1,484,895.00
1,498,216.08

97.95 5.33%
1,469,254.50
10,864.58

0.97%
(28,961.58)
Aaa / AA+
AA+

0.59 0.57
3130A2UW4 FHLB Note

2.875% Due 09/13/2024
2,000,000.00 09/13/2019

1.79%
2,103,380.00
2,016,266.48

98.14 5.32%
1,962,714.00
12,458.33

1.30%
(53,552.48)
Aaa / AA+
NR

0.79 0.76
As of November 30, 2023
18 CC 01-17-2024
767 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3135G0W66 FNMA Note

1.625% Due 10/15/2024
1,975,000.00 Various

1.73%
1,965,802.75
1,973,347.89

96.96 5.22%
1,914,946.18
4,100.87

1.26%
(58,401.71)
Aaa / AA+
AA+

0.88 0.85
3135G0X24 FNMA Note

1.625% Due 01/07/2025
1,295,000.00 Various

1.38%
1,309,953.95
1,298,426.37

96.30 5.12%
1,247,057.81
8,417.50

0.82%
(51,368.56)
Aaa / AA+
AA+

1.11 1.06
3137EAEP0 FHLMC Note

1.500% Due 02/12/2025
2,365,000.00 02/13/2020

1.52%
2,363,178.95
2,364,561.95

95.99 4.98%
2,270,265.19
10,741.04

1.50%
(94,296.76)
Aaa / AA+
AA+

1.21 1.16
3135G03U5 FNMA Note

0.625% Due 04/22/2025
1,860,000.00 04/22/2020

0.67%
1,856,168.40
1,858,932.87

94.24 4.95%
1,752,793.32
1,259.38

1.15%
(106,139.55)
Aaa / AA+
AA+

1.39 1.36
3135G04Z3 FNMA Note

0.500% Due 06/17/2025
2,500,000.00 Various

0.50%
2,499,227.30
2,499,826.35

93.51 4.91%
2,337,665.00
5,694.44

1.54%
(162,161.35)
Aaa / AA+
AA+

1.55 1.50
3137EAEU9 FHLMC Note

0.375% Due 07/21/2025
1,250,000.00 07/21/2020

0.48%
1,243,775.00
1,247,959.13

93.11 4.79%
1,163,895.00
1,692.71

0.77%
(84,064.13)
Aaa / AA+
AA+

1.64 1.60
3135G05X7 FNMA Note

0.375% Due 08/25/2025
2,500,000.00 Various

0.48%
2,487,983.75
2,495,709.70

92.66 4.83%
2,316,537.51
2,500.00

1.52%
(179,172.19)
Aaa / AA+
AA+

1.74 1.69
3137EAEX3 FHLMC Note

0.375% Due 09/23/2025
2,500,000.00 Various

0.46%
2,489,362.80
2,496,058.57

92.36 4.82%
2,308,995.00
1,770.83

1.52%
(187,063.57)
Aaa / AA+
AA+

1.82 1.77
3135G06G3 FNMA Note

0.500% Due 11/07/2025
2,500,000.00 Various

0.56%
2,492,700.00
2,497,164.97

92.16 4.79%
2,303,955.00
833.33

1.51%
(193,209.97)
Aaa / AA+
AA+

1.94 1.88
3133EPC60 FFCB Note

4.625% Due 11/15/2027
2,800,000.00 11/09/2023

4.73%
2,789,612.00
2,789,725.76
100.52

4.48%
2,814,610.40
5,755.56

1.85%
24,884.64
Aaa / AA+
AA+

3.96 3.55
TOTAL Agency 27,400,000.00 1.41%
27,505,083.65
27,398,174.30 4.93%
26,197,458.47
87,144.72

17.27%
(1,200,715.83)
Aaa / AA+
AA+

1.56 1.48
CMO
3137BFE98 FHLMC K041 A2

3.171% Due 10/25/2024
1,289,110.65 07/01/2021

0.72%
1,386,700.36
1,314,292.43

97.97 5.54%
1,262,942.99
3,406.47

0.83%
(51,349.44)
Aaa / AAA
AAA

0.90 0.78
3137BLMZ8 FHLMC K049 A2

3.010% Due 07/25/2025
1,000,000.00 07/01/2021

0.87%
1,079,687.50
1,031,655.93

96.53 5.31%
965,312.00
2,508.33

0.64%
(66,343.93)

NR / NR
AAA

1.65 1.45
3137BLW95 FHLMC K050 A2

3.334% Due 08/25/2025
950,000.00 11/16/2021

1.17%
1,018,132.81
980,712.72

96.93 5.27%
920,865.40
2,639.42

0.61%
(59,847.32)

NR / NR
AAA

1.74 1.51
3137BM7C4 FHLMC K051 A2

3.308% Due 09/25/2025
440,000.00 03/15/2022

2.21%
453,079.69
446,627.87

96.79 5.24%
425,866.76
1,212.93

0.28%
(20,761.11)

NR / NR
AAA

1.82 1.59
3137BN6G4 FHLMC KO53

2.995% Due 12/25/2025
570,000.00 03/15/2022

2.29%
582,001.17
576,575.39

96.02 5.14%
547,323.71
1,422.63

0.36%
(29,251.68)

NR / NR
AAA

2.07 1.80
As of November 30, 2023
19 CC 01-17-2024
768 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3137BSP72 FHLMC K058 A2

2.653% Due 08/25/2026
650,000.00 11/12/2021

1.35%
687,451.17
671,232.50

94.16 4.96%
612,035.45
1,437.04

0.40%
(59,197.05)

NR / NR
AAA

2.74 2.53
3137FBBX3 FHLMC K068 A2

3.244% Due 08/25/2027
1,000,000.00 09/28/2022

4.41%
950,664.06
962,529.31

94.53 4.87%
945,307.00
2,703.33

0.62%
(17,222.31)
Aaa / NR
NR

3.74 3.37
TOTAL CMO 5,899,110.65 1.75%
6,157,716.76
5,983,626.15 5.22%
5,679,653.31
15,330.15

3.74%
(303,972.84)
Aaa / AAA
AAA

2.02 1.79
Corporate
89114QCA4 Toronto Dominion Bank Note

2.650% Due 06/12/2024
1,500,000.00 09/11/2019

2.24%
1,527,255.00
1,503,049.29

98.37 5.79%
1,475,559.00
18,660.42

0.98%
(27,490.29)
A1 / A
AA0.530.51
06367TQW3 Bank of Montreal Note

0.625% Due 07/09/2024
600,000.00 02/09/2022

1.89%
582,216.00
595,528.71

97.01 5.70%
582,046.20
1,479.17

0.38%
(13,482.51)
A2 / AAA0.61

0.59 79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022

0.625% Due 07/15/2024
1,760,000.00 Various

0.87%
1,748,937.40
1,757,377.31

97.07 5.46%
1,708,391.52
4,155.56

1.13%
(48,985.79)
A2 / A+
NR

0.62 0.61
78013XZU5 Royal Bank of Canada Note

2.550% Due 07/16/2024
1,500,000.00 Various

1.99%
1,533,359.18
1,505,061.60

98.08 5.70%
1,471,167.00
14,343.76

0.98%
(33,894.60)
A1 / A
AA0.630.60
91159HHX1 US Bancorp Callable Note Cont 6/28/2024

2.400% Due 07/30/2024
1,250,000.00 10/10/2019

2.07%
1,268,262.50
1,252,232.32

97.78 5.83%
1,222,307.50
10,083.33

0.81%
(29,924.82)
A3 / A
A

0.67 0.64
009158AV8 Air Products & Chemicals Callable Note Cont 4/30/2024

3.350% Due 07/31/2024
1,675,000.00 08/07/2019

2.07%
1,771,212.00
1,683,417.16

98.50 5.66%
1,649,900.13
18,860.03

1.10%
(33,517.03)
A2 / A
NR

0.67 0.64
69371RR40 Paccar Financial Corp Note

0.500% Due 08/09/2024
680,000.00 08/03/2021

0.52%
679,632.80
679,915.57

96.59 5.60%
656,788.88
1,057.78

0.43%
(23,126.69)
A1 / A+
NR

0.69 0.67
69371RQ25 Paccar Financial Corp Note

2.150% Due 08/15/2024
370,000.00 08/08/2019

2.20%
369,182.30
369,884.53

97.65 5.57%
361,320.54
2,342.31

0.24%
(8,563.99)
A1 / A+
NR

0.71 0.68
14913Q3B3 Caterpillar Finl Service Note

2.150% Due 11/08/2024
1,100,000.00 01/28/2020

1.92%
1,111,517.00
1,102,265.10

97.11 5.34%
1,068,225.40
1,510.97

0.70%
(34,039.70)
A2 / A
A+

0.94 0.91
74153WCQ0 Pricoa Global Funding Note

1.150% Due 12/06/2024
885,000.00 12/01/2021

1.19%
884,088.45
884,690.87

95.63 5.63%
846,360.90
4,947.40

0.56%
(38,329.97)
Aa3 / AAAA1.02

0.98 89114TZL9 Toronto-Dominion Bank Note

1.450% Due 01/10/2025
700,000.00 03/15/2022

2.79%
674,737.00
690,041.96

95.75 5.45%
670,217.80
3,975.42

0.44%
(19,824.16)
A1 / A
NR

1.12 1.07
89236TJT3 Toyota Motor Credit Corp Note

1.450% Due 01/13/2025
1,215,000.00 01/10/2022

1.50%
1,213,371.90
1,214,392.43

95.95 5.22%
1,165,754.84
6,753.38

0.77%
(48,637.59)
A1 / A+
A+

1.12 1.08
64952WEK5 New York Life Global Note

1.450% Due 01/14/2025
1,680,000.00 01/11/2022

1.49%
1,678,185.60
1,679,321.26

95.83 5.33%
1,609,860.00
9,270.33

1.06%
(69,461.26)
Aaa / AA+
AAA

1.13 1.08
As of November 30, 2023
20 CC 01-17-2024
769 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
69371RR73 Paccar Financial Corp Note

2.850% Due 04/07/2025
885,000.00 03/31/2022

2.86%
884,769.90
884,896.50

97.01 5.17%
858,500.45
3,783.38

0.57%
(26,396.05)
A1 / A+
NR

1.35 1.30
78016EZ59 Royal Bank of Canada Note

3.375% Due 04/14/2025
1,050,000.00 04/07/2022

3.39%
1,049,611.50
1,049,822.76

97.23 5.49%
1,020,924.45
4,626.56

0.67%
(28,898.31)
A1 / A
AA1.371.31
06406RBC0 Bank of NY Mellon Corp Callable Note Cont 3/25/2025

3.350% Due 04/25/2025
1,370,000.00 04/19/2022

3.35%
1,369,808.20
1,369,910.49

97.24 5.42%
1,332,170.19
4,589.50

0.88%
(37,740.30)
A1 / A
AA1.401.34
06367WB85 Bank of Montreal Note

1.850% Due 05/01/2025
1,240,000.00 07/23/2021

0.85%
1,285,656.80
1,257,179.45

94.95 5.60%
1,177,415.96
1,911.67

0.77%
(79,763.49)
A2 / AAA1.42

1.37 46647PCH7 JP Morgan Chase & Co Callable Note Cont 6/1/2024

0.824% Due 06/01/2025
1,370,000.00 05/24/2021

0.78%
1,371,773.90
1,370,296.19

97.29 6.11%
1,332,908.62
5,644.40

0.88%
(37,387.57)
A1 / AAA1.50

1.43 46647PCK0 JP Morgan Chase & Co Callable Note Cont 6/23/2024

0.969% Due 06/23/2025
655,000.00 Various

0.95%
655,406.85
655,076.17

97.10 6.12%
635,989.28
2,785.61

0.42%
(19,086.89)
A1 / AAA1.56

1.48 66815L2J7 Northwestern Mutual Glbl Note

4.000% Due 07/01/2025
1,170,000.00 06/27/2022

4.01%
1,169,602.20
1,169,790.21

98.05 5.29%
1,147,207.23
19,500.00

0.77%
(22,582.98)
Aaa / AA+
AAA

1.59 1.49
74153WCM9 Pricoa Global Funding Note

0.800% Due 09/01/2025
904,000.00 04/06/2022

3.26%
832,972.72
867,399.79

92.38 5.41%
835,130.57
1,808.00

0.55%
(32,269.22)
Aa3 / AAAA1.76

1.69 06406HCQ0 Bank of New York Callable Note Cont 10/18/2025

3.950% Due 11/18/2025
1,000,000.00 04/05/2022

3.20%
1,024,910.00
1,013,266.02

97.41 5.35%
974,135.00
1,426.39

0.64%
(39,131.02)
A1 / A
AA1.971.86
40139LBC6 Guardian Life Glob Fun Note

0.875% Due 12/10/2025
1,400,000.00 Various

1.12%
1,385,860.00
1,393,148.82

90.95 5.66%
1,273,234.20
5,818.76

0.84%
(119,914.62)
Aa1 / AA+
NR

2.03 1.95
66815L2A6 Northwestern Mutual Glbl Note

0.800% Due 01/14/2026
850,000.00 12/06/2021

1.47%
827,449.50
838,333.35

91.22 5.22%
775,361.50
2,587.78

0.51%
(62,971.85)
Aaa / AA+
AAA

2.13 2.05
06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025

2.015% Due 02/13/2026
600,000.00 05/24/2021

1.05%
620,988.00
606,795.23

95.24 6.18%
571,447.80
3,627.00

0.38%
(35,347.43)
A1 / AAA2.21

1.15 46647PBK1 JP Morgan Chase & Co Callable Note Cont 4/22/2025

2.083% Due 04/22/2026
401,000.00 05/20/2021

1.11%
415,969.33
406,321.50

94.99 5.88%
380,902.68
904.89

0.25%
(25,418.82)
A1 / AAA2.39

1.34 6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

2.188% Due 04/28/2026
650,000.00 05/23/2022

4.93%
615,699.50
628,974.80

95.08 5.87%
618,022.60
1,303.68

0.41%
(10,952.20)
A1 / AA+2.41

1.35 023135BX3 Amazon.com Inc Callable Note Cont 4/12/2026

1.000% Due 05/12/2026
1,875,000.00 05/10/2021

1.09%
1,866,900.00
1,871,038.72

91.25 4.83%
1,710,920.63
989.58

1.12%
(160,118.09)
A1 / AA
AA2.452.37
As of November 30, 2023
21 CC 01-17-2024
770 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026

1.150% Due 05/15/2026
1,035,000.00 Various

1.37%
1,025,051.35
1,029,452.82

91.65 4.79%
948,526.79
529.00

0.62%
(80,926.03)
A2 / A+
A

2.46 2.37
89236TJK2 Toyota Motor Credit Corp Note

1.125% Due 06/18/2026
1,385,000.00 06/15/2021

1.13%
1,384,390.60
1,384,689.63

90.86 4.99%
1,258,408.23
7,054.84

0.83%
(126,281.40)
A1 / A+
A+

2.55 2.44
06051GJD2 Bank of America Corp Callable Note Cont 6/19/2025

1.319% Due 06/19/2026
700,000.00 07/16/2021

1.27%
701,274.00
700,504.25

93.10 6.04%
651,729.40
4,154.85

0.43%
(48,774.85)
A1 / AAA2.55

1.49 57629WDE7 Mass Mutual Global funding Note

1.200% Due 07/16/2026
1,000,000.00 08/19/2021

1.15%
1,002,230.00
1,001,194.82

89.96 5.35%
899,575.00
4,500.00

0.59%
(101,619.82)
Aa3 / AA+
AA+

2.63 2.51
58989V2D5 Met Tower Global Funding Note

1.250% Due 09/14/2026
770,000.00 09/07/2021

1.27%
769,291.60
769,605.07

89.50 5.35%
689,180.03
2,058.68

0.45%
(80,425.04)
Aa3 / AAAA2.79

2.67 931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026

1.050% Due 09/17/2026
350,000.00 09/08/2021

1.09%
349,338.50
349,630.13

90.88 4.56%
318,076.15
755.42

0.21%
(31,553.98)
Aa2 / AA
AA

2.80 2.69
61690U7W4 Morgan Stanley Bank NA Callable Note Cont 9/30/2026

5.882% Due 10/30/2026
1,000,000.00 Various

5.88%
1,000,082.50
1,000,080.31
101.60

5.27%
1,015,999.00
4,901.67

0.67%
15,918.69
Aa3 / A+
AA2.922.57
59217GER6 Metlife Note

1.875% Due 01/11/2027
1,115,000.00 01/03/2022

1.90%
1,113,728.90
1,114,208.52

89.70 5.52%
1,000,182.88
8,130.21

0.66%
(114,025.64)
Aa3 / AAAA3.12

2.93 808513BY0 Charles Schwab Corp Callable Note Cont 2/3/2027

2.450% Due 03/03/2027
960,000.00 03/01/2022

2.46%
959,729.90
959,822.51

90.92 5.53%
872,860.80
5,749.33

0.58%
(86,961.71)
A2 / AA3.26

3.04 084664CZ2 Berkshire Hathaway Callable Note Cont 2/15/2027

2.300% Due 03/15/2027
1,615,000.00 03/07/2022

2.30%
1,614,693.15
1,614,798.35

93.09 4.58%
1,503,468.10
7,841.72

0.99%
(111,330.25)
Aa2 / AA
A+

3.29 3.10
06051GHT9 Bank of America Corp Callable Note 1X 4/23/2026

3.559% Due 04/23/2027
1,150,000.00 Various

4.94%
1,114,222.54
1,124,230.49

95.14 5.76%
1,094,096.20
4,320.23

0.72%
(30,134.29)
A1 / AAA3.40

2.24 665859AW4 Northern Trust Company Callable Note Cont 4/10/2027

4.000% Due 05/10/2027
670,000.00 05/05/2022

4.04%
668,914.60
669,253.42

97.11 4.92%
650,664.47
1,563.33

0.43%
(18,588.95)
A2 / A+
A+

3.44 3.16
91324PEG3 United Health Group Inc Callable Note Cont 4/15/2027

3.700% Due 05/15/2027
675,000.00 05/17/2022

3.69%
675,316.70
675,219.30

96.39 4.85%
650,609.55
1,110.01

0.43%
(24,609.75)
A2 / A+
A

3.46 3.19
As of November 30, 2023
22 CC 01-17-2024
771 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
57636QAW4 MasterCard Inc Callable Note Cont 2/9/28

4.875% Due 03/09/2028
945,000.00 03/06/2023

4.90%
944,083.35
944,217.31
101.23

4.55%
956,642.40
10,493.44

0.64%
12,425.09
Aa3 / A+
NR

4.28 3.72
TOTAL Corporate 43,705,000.00 2.17%
43,741,683.22
43,636,335.04 5.41%
41,642,189.87
221,909.79

27.50%
(1,994,145.17)
A1 / A+
AA1.841.66
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund 634,255.23 Various

4.95%
634,255.23
634,255.23

1.00 4.95%
634,255.23

0.00 0.42%

0.00 Aaa / AAA
NR

0.00 0.00
TOTAL Money Market Fund 634,255.23 4.95%
634,255.23
634,255.23 4.95%
634,255.23

0.00 0.42%

0.00 Aaa / AAA
NR

0.00 0.00
Municipal Bonds
13063DRK6 California State Taxable GO

2.400% Due 10/01/2024
755,000.00 10/16/2019

1.91%
772,342.35
757,932.05

97.54 5.45%
736,389.25
3,020.00

0.49%
(21,542.80)
Aa2 / AAAA0.84

0.81 TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
757,932.05 5.45%
736,389.25
3,020.00

0.49%
(21,542.80)
Aa2 / AAAA0.84

0.81 Supranational
45950KCT5 International Finance Corp Note

0.375% Due 07/16/2025
2,500,000.00 05/27/2021

0.66%
2,471,150.00
2,488,640.07

92.99 4.91%
2,324,777.50
3,515.63

1.53%
(163,862.57)
Aaa / AAA
NR

1.63 1.58
459058JL8 Intl. Bank Recon & Development Note

0.500% Due 10/28/2025
2,400,000.00 Various

0.60%
2,388,859.25
2,395,477.07

92.21 4.82%
2,213,023.21
1,100.00

1.45%
(182,453.86)
Aaa / AAA
AAA

1.91 1.86
4581X0DV7 Inter-American Dev Bank Note

0.875% Due 04/20/2026
2,460,000.00 04/13/2021

0.97%
2,448,733.20
2,454,625.75

91.55 4.65%
2,252,240.70
2,451.46

1.48%
(202,385.05)
Aaa / AAA
AAA

2.39 2.31
TOTAL Supranational 7,360,000.00 0.74%
7,308,742.45
7,338,742.89 4.79%
6,790,041.41
7,067.09

4.47%
(548,701.48)
Aaa / AAA
AAA

1.97 1.91
US Treasury
912796ZN2 US Treasury Bill

5.228% Due 12/28/2023
1,500,000.00 06/28/2023

5.44%
1,460,358.13
1,494,119.06

99.61 5.44%
1,494,119.06

0.00 0.98%

0.00 P-1 / A-1+
F-1+

0.08 0.07
912828X70 US Treasury Note

2.000% Due 04/30/2024
1,700,000.00 06/10/2019

1.92%
1,705,976.56
1,700,505.58

98.63 5.34%
1,676,757.60
2,895.60

1.10%
(23,747.98)
Aaa / AA+
AA+

0.42 0.41
912828XX3 US Treasury Note

2.000% Due 06/30/2024
2,000,000.00 Various

1.80%
2,018,574.22
2,002,230.44

98.10 5.35%
1,961,954.00
16,739.13

1.30%
(40,276.44)
Aaa / AA+
AA+

0.58 0.56
As of November 30, 2023
23 CC 01-17-2024
772 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912797GB7 US Treasury Bill

5.119% Due 07/11/2024
1,000,000.00 07/27/2023

5.39%
950,378.99
968,293.74

96.83 5.39%
968,293.74

0.00 0.64%

0.00 P-1 / A-1+
F-1+

0.61 0.60
912797GK7 US Treasury Bill

5.119% Due 08/08/2024
1,000,000.00 08/30/2023

5.39%
951,232.07
964,312.68

96.43 5.39%
964,312.68

0.00 0.63%

0.00 P-1 / A-1+
F-1+

0.69 0.67
912828D56 US Treasury Note

2.375% Due 08/15/2024
1,700,000.00 09/18/2019

1.71%
1,753,191.41
1,707,658.14

97.97 5.33%
1,665,469.60
11,849.18

1.10%
(42,188.54)
Aaa / AA+
AA+

0.71 0.69
912797GL5 US Treasury Bill

5.162% Due 09/05/2024
1,000,000.00 09/25/2023

5.44%
950,526.04
959,990.62

96.00 5.44%
959,990.62

0.00 0.63%

0.00 P-1 / A-1+
F-1+

0.77 0.75
912828YY0 US Treasury Note

1.750% Due 12/31/2024
2,100,000.00 03/15/2022

1.97%
2,087,203.13
2,095,036.67

96.44 5.17%
2,025,269.40
15,379.08

1.34%
(69,767.27)
Aaa / AA+
AA+

1.09 1.04
912828ZC7 US Treasury Note

1.125% Due 02/28/2025
1,500,000.00 03/18/2020

0.81%
1,523,144.53
1,505,827.76

95.28 5.07%
1,429,219.50
4,265.11

0.94%
(76,608.26)
Aaa / AA+
AA+

1.25 1.21
91282CED9 US Treasury Note

1.750% Due 03/15/2025
3,100,000.00 Various

2.23%
3,057,617.20
3,081,523.62

95.95 5.03%
2,974,425.20
11,475.96

1.96%
(107,098.42)
Aaa / AA+
AA+

1.29 1.25
912828ZL7 US Treasury Note

0.375% Due 04/30/2025
2,500,000.00 03/21/2022

2.24%
2,360,839.85
2,436,734.24

93.76 4.99%
2,344,042.50
798.42

1.54%
(92,691.74)
Aaa / AA+
AA+

1.42 1.38
91282CAB7 US Treasury Note

0.250% Due 07/31/2025
1,500,000.00 03/12/2021

0.72%
1,469,765.63
1,488,503.75

92.72 4.84%
1,390,840.50
1,253.40

0.91%
(97,663.25)
Aaa / AA+
AA+

1.67 1.63
91282CAM3 US Treasury Note

0.250% Due 09/30/2025
2,400,000.00 Various

0.56%
2,366,140.63
2,386,442.97

92.17 4.76%
2,212,032.00
1,016.39

1.45%
(174,410.97)
Aaa / AA+
AA+

1.84 1.79
91282CAT8 US Treasury Note

0.250% Due 10/31/2025
2,450,000.00 Various

0.49%
2,422,492.19
2,438,962.72

91.87 4.73%
2,250,841.95
521.63

1.48%
(188,120.77)
Aaa / AA+
AA+

1.92 1.87
91282CAZ4 US Treasury Note

0.375% Due 11/30/2025
2,250,000.00 03/26/2021

0.77%
2,209,658.20
2,232,747.79

91.83 4.70%
2,066,220.00

23.05 1.36%
(166,527.79)
Aaa / AA+
AA+

2.00 1.95
91282CBH3 US Treasury Note

0.375% Due 01/31/2026
2,500,000.00 05/27/2021

0.75%
2,456,445.31
2,479,815.50

91.30 4.64%
2,282,520.00
3,133.49

1.50%
(197,295.50)
Aaa / AA+
AA+

2.17 2.11
91282CBW0 US Treasury Note

0.750% Due 04/30/2026
2,500,000.00 05/27/2021

0.80%
2,493,652.34
2,496,889.72

91.39 4.55%
2,284,765.00
1,596.84

1.50%
(212,124.72)
Aaa / AA+
AA+

2.42 2.34
91282CCZ2 US Treasury Note

0.875% Due 09/30/2026
1,400,000.00 10/18/2021

1.19%
1,379,054.68
1,388,014.69

90.61 4.44%
1,268,477.00
2,075.14

0.83%
(119,537.69)
Aaa / AA+
AA+

2.84 2.74
91282CDG3 US Treasury Note

1.125% Due 10/31/2026
1,400,000.00 11/15/2021

1.25%
1,391,468.75
1,394,977.46

90.96 4.46%
1,273,452.60
1,341.35

0.84%
(121,524.86)
Aaa / AA+
AA+

2.92 2.81
91282CEW7 US Treasury Note

3.250% Due 06/30/2027
3,250,000.00 Various

3.18%
3,260,312.50
3,257,193.22

96.21 4.40%
3,126,981.00
44,201.78

2.08%
(130,212.22)
Aaa / AA+
AA+

3.58 3.29
91282CFB2 US Treasury Note

2.750% Due 07/31/2027
400,000.00 08/22/2022

3.12%
393,218.75
394,967.66

94.45 4.40%
377,796.80
3,676.63

0.25%
(17,170.86)
Aaa / AA+
AA+

3.67 3.40
As of November 30, 2023
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Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CFH9 US Treasury Note

3.125% Due 08/31/2027
4,500,000.00 Various

3.28%
4,468,902.34
4,476,561.20

95.63 4.40%
4,303,125.00
35,542.58

2.85%
(173,436.20)
Aaa / AA+
AA+

3.75 3.46
91282CFM8 US Treasury Note

4.125% Due 09/30/2027
3,450,000.00 Various

4.31%
3,421,152.34
3,427,538.19

99.07 4.39%
3,418,059.90
24,107.58

2.26%
(9,478.29)
Aaa / AA+
AA+

3.84 3.48
91282CFZ9 US Treasury Note

3.875% Due 11/30/2027
850,000.00 12/05/2022

3.81%
852,656.25
852,130.84

98.18 4.38%
834,527.45

89.99 0.55%
(17,603.39)
Aaa / AA+
AA+

4.00 3.66
91282CGC9 US Treasury Note

3.875% Due 12/31/2027
2,750,000.00 Various

3.67%
2,775,107.42
2,770,820.51

98.18 4.37%
2,699,834.50
44,594.09

1.80%
(70,986.01)
Aaa / AA+
AA+

4.09 3.67
91282CGH8 US Treasury Note

3.500% Due 01/31/2028
3,000,000.00 02/07/2023

3.81%
2,957,929.69
2,964,779.42

96.74 4.36%
2,902,149.00
35,095.11

1.93%
(62,630.42)
Aaa / AA+
AA+

4.17 3.78
91282CGP0 US Treasury Note

4.000% Due 02/29/2028
3,700,000.00 Various

4.00%
3,699,113.28
3,699,359.86

98.63 4.36%
3,649,125.00
37,406.59

2.42%
(50,234.86)
Aaa / AA+
AA+

4.25 3.83
TOTAL US Treasury 57,400,000.00 2.53%
56,836,112.43
57,065,938.05 4.74%
54,804,601.60
299,078.12

36.20%
(2,261,336.45)
Aaa / AA+
AA+

2.43 2.26
TOTAL PORTFOLIO 158,544,817.10 2.17%
158,297,260.16
158,183,793.77 5.07%
151,573,657.32
651,864.48
100.00%
(6,610,136.45)
Aa1 / AA
AA+

2.11 1.78
TOTAL MARKET VALUE PLUS ACCRUALS 152,225,521.80
As of November 30, 2023
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SECTION | Section 4 | Transactions
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Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 09/26/2023 912797GL5 1,000,000.00 US Treasury Bill

5.162% Due: 09/05/2024

95.053 5.44% 950,526.04 0.00 950,526.04 0.00
Purchase 11/01/2023 61690U7W4 725,000.00 Morgan Stanley Bank NA Callable Note Cont 9/30/2026

5.882% Due: 10/30/2026
100.000 5.88% 725,000.00 0.00 725,000.00 0.00
Purchase 11/02/2023 61690U7W4 275,000.00 Morgan Stanley Bank NA Callable Note Cont 9/30/2026

5.882% Due: 10/30/2026
100.030 5.87% 275,082.50 44.93 275,127.43 0.00
Purchase 11/08/2023 438123AC5 340,000.00 Honda Auto Receivables OT 2023-4 A3

5.67% Due: 06/21/2028

99.982 5.74% 339,940.13 0.00 339,940.13 0.00
Purchase 11/08/2023 438123AC5 465,000.00 Honda Auto Receivables OT 2023-4 A3

5.67% Due: 06/21/2028
100.441 5.55% 467,052.54 0.00 467,052.54 0.00
Purchase 11/15/2023 3133EPC60 2,800,000.00 FFCB Note

4.625% Due: 11/15/2027

99.629 4.73% 2,789,612.00 0.00 2,789,612.00 0.00
Purchase 11/24/2023 89231FAD2 1,300,000.00 Toyota Auto Recievables Owner 2023-C A3

5.16% Due: 04/17/2028

99.594 5.65% 1,294,718.75 1,677.00 1,296,395.75 0.00
Subtotal 6,905,000.00 6,841,931.96 1,721.93 6,843,653.89 0.00 TOTAL ACQUISITIONS 6,905,000.00 6,841,931.96 1,721.93 6,843,653.89 0.00

DISPOSITIONS
Maturity 11/02/2023 912796YT0 1,500,000.00 US Treasury Bill

4.888% Due: 11/02/2023
100.000 1,500,000.00 0.00 1,500,000.00 0.00
August 31, 2023 through November 30, 2023
As of November 30, 2023
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Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Maturity 11/15/2023 4581X0DP0 2,800,000.00 Inter-American Dev Bank Note

0.25% Due: 11/15/2023
100.000 2,800,000.00 0.00 2,800,000.00 0.00
Subtotal 4,300,000.00 4,300,000.00 0.00 4,300,000.00 0.00 TOTAL DISPOSITIONS 4,300,000.00 4,300,000.00 0.00 4,300,000.00 0.00 August 31, 2023 through November 30, 2023
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Important Disclosures
2023 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS 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 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.

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.

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 it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

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 and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.

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.

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Asset Class 10-Year Snapshot Disclosure As of November 30, 2023  US Small Cap Stocks – Morgan Stanley Capital International (MSCI) Small Cap 1750 – The MSCI Small Cap 1750 is a market capitalization weighted index that measures the performance of small capitalization U.S. stocks.
 US Mid Cap Stocks – Morgan Stanley Capital International (MSCI) Mid Cap 450 – The MSCI Mid Cap 450 is a market capitalization weighted index that measures the performance of mid-capitalization U.S. stocks.
 US Large Cap Stocks – Standard & Poor’s 500 – The S&P 500 is a market value weighted index of 500 large capitalization stocks. The 500 companies included in the index capture approximately 80% of available U.S. market capitalization.
 International Stocks – Morgan Stanley Capital International (MSCI) EAFE – The MSCI EAFE International Equity Index is a market capitalization weighted index that captures international equity performance of large and mid-cap stocks in the developed stock markets of Europe, Australasia, and the Far East.
 Emerging Market Stocks – Morgan Stanley Capital International (MSCI) Emerging Markets – The MSCI Emerging Markets Index is a market capitalization weighted index that captures equity performance of large and mid-cap stocks across emerging market countries.  U.S. Real Estate – Morgan Stanley Capital International (MSCI) REIT – The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. It represents about 99% of the US REIT universe and securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS®). It excludes Mortgage REITs and selected Specialized REITs.
 International Real Estate – S&P Developed Ex-US Property – The S&P Developed Ex-US Property Index is a market capitalization weighted index that captures the performance of a universe of publicly traded property companies based in developing countries outside of the US. The companies included are engaged in real estate related activities, such as property ownership, management, development, rental and investment.
 US Core Bonds – ICE BofA US Corporate, Government, Mortgage – The ICE BofA US Corporate, Government, Mortgage index is a broad measure of US investment grade bond performance, including US Treasuries, agencies, investment-grade corporates and mortgage securities.  US High Yield Bonds – ICE BofA US High Yield – The ICE BofA High Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds.  International Bonds – Bloomberg Barclays Global Aggregate ex-USD Total Return Index Value Unhedged USD – Index from 2/1/2013 – current. This index measures the performance of global investment grade debt from 24 local currency markets. This multi- currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. S&P Citigroup International Govt Bond – Index from 1/1/2009 – 1/31/2013. This index measures the performance of sovereign bonds of non-U.S. developed countries.
 Diversified Commodities – S&P GSCI Commodity Index – The S&P GSCI Commodity Index is a world production-weighted measure of general commodity price movements and inflation in the world economy. It consists of a basket of physical commodity futures contracts.

Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits the use of 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 representation, 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.

Bloomberg® and Bloomberg Barclays Global Aggregate ex-USD Total Return Index Value Unhedged USD are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by Chandler Asset Management Inc. Bloomberg is not affiliated with Chandler Asset Management Inc., and Bloomberg does not approve, endorse, review, or recommend this product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to this product.

Morgan Stanley Capital International® (MSCI), the MSCI indices are service marks of Morgan Stanley Capital International and its affiliates, and have been licensed for use for certain purposes by Chandler Asset Management Inc. MSCI is not affiliated with Chandler Asset Management Inc., and MSCI does not approve, endorse, review, or recommend these products. MSCI does not guarantee the timeliness, accurateness, or completeness of any data or information relating to these products.

Disclosure: This report 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 publication, but may become outdated or superseded at any time without notice.

Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgement.

All investments contain risk and may lose value. Fixed income investments are subject to interest rate, credit, and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise.

Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk:
the bond market in general could decline due to economic conditions, especially during periods of rising interest rates. International: Non-US markets may be more volatile due to a variety of factors including less liquidity, transparency and oversight of companies and assets. Values of non-US investments may fluctuate due to changes in currency exchange rates. Non-US companies are also subject to risks that come with political and economic stability that may affect their respective countries. These risks may be greater in emerging market countries. Equities: Investments on equities are subject to risks from stock market fluctuations that occur in response to economic and business developments. 30 CC 01-17-2024
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Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 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 three 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.

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CITY OF CUPERTINO
Legislation Text
Subject: Receive the Monthly Treasurer's Report for November 2023 Receive the Monthly Treasurer's Report for November 2023 File #: 23-12589, Version: 1
CITY OF CUPERTINO Page 1 of 1 Printed on 1/11/2024
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1 CITY COUNCIL STAFF REPORT
Meeting: January 17, 2024
Subject
Receive the Monthly Treasurer's Report for November 2023 Recommended Action
Receive the Monthly Treasurer's Report for November 2023 Reasons for Recommendation
Background
California Government Code Section 41004 states:

Regularly, at least once each month, the city treasurer shall submit to the city clerk a written report and accounting of all receipts, disbursements, and fund balances.

The city treasurer shall file a copy with the legislative body.

The City's Municipal Code Section 2.24.030 Monthly Reports states:

The Treasurer shall make monthly reports which conform to the requirements of Government Code Section 41004. Said reports shall be delivered to the City Council, the City Manager and made available for review by such other persons who may so request.

The Treasurer's Report (report and accounting of all receipts, disbursements, and fund balances) is made available to City Council in compliance with the aforementioned requirements.

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2 Cash vs. Accrual Basis Accounting
Cash basis accounting and accrual basis accounting differ in the way revenues and expenses are recognized and recorded, primarily with regard to their timing.

Under cash basis accounting, revenues are recorded when payment is received, and expenses are recorded when payment is made. This method of accounting recognizes transactions only when cash changes hands. In contrast, accrual basis accounting recognizes revenues when they are earned (but not necessarily received) and expenses when they are incurred (but not necessarily paid). This method of accounting recognizes transactions as they occur, regardless of whether cash has been exchanged.

Receipts, disbursements, and cash balance are measured on a cash basis. The cash balance shows the total cash and investments in the City's accounts. The ending balance is the beginning balance plus receipts minus disbursements. Journal adjustments generally include transactions recorded in other systems and imported into New World, Councilapproved budget adjustments, quarterly Cost Allocation Plan (CAP) charges, and quarterly interest earnings.

Revenues, expenditures, and fund balance are measured on an accrual basis. As a result, the amount in fund balance does not mean the City has that much cash on hand. Instead, fund balance is the difference between assets and liabilities. The ending balance is the beginning balance plus revenues minus expenditures.

Treasurer's Report
The report provides an update on the City's cash and fund balances for November 2023.

The report is as of December 8, 2023.

The City Council cancelled the second meeting in December and there was no opportunity to provide the Weekly Payment Registers covering November’s disbursements.

Following the approved resolution while considering the Cancellation, the November reporting period is being presented in the first meeting following the cancellation.

A copy of this report was emailed to City Council on December 15, 2023 to comply with California Government Code.

Receipts, Disbursements, and Cash Balance
The City's General Fund ending cash and investment balance was $137.8 million, increasing by $4.3 million from the prior month. Receipts were $11.0 million, disbursements were $(6.8) million, and journal adjustments were $42,443 for the month.

The City's total ending cash and investment balance was $238.9 million, increasing by $2.5 million from the prior month. Receipts were $11.9 million, disbursements were $(9.4) million, and journal adjustments were $9,196 for the month.

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3 Journal adjustments included the following:
 Parks and Recreation transactions imported from Active Network into New World
 BNY Debt Service interest payment
Fund Balance/Net Position
The City's General Fund ending fund balance was $106.4 million, increasing by $0.4 million from the prior month due to revenues of $5.2 million and expenditures of $4.7 million.

The City's total ending fund balance was $201.5 million, decreasing by $1.9 million from the prior month due to revenues of $5.9 million and expenditures of $7.8 million.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.

California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: __________________
Thomas Leung
Budget Manager
Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services
Approved for Submission by: __________________
Pamela Wu
City Manager
Attachments:

A – Report of City-wide Receipts, Disbursements, and Cash Balances November 2023 B – Report of City‐wide Fund Balances/Net Position November 2023 CC 01-17-2024
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November 2023 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of October 31, 2023 Receipts Disbursements Journal Adjustments as of November 30, 2023 General Fund 100 General Fund 133,533,137 11,035,758 (6,790,925) 42,443 137,820,412 General Fund 130 Investment Fund 189,996 ‐ ‐ ‐ 189,996
Special Revenue Funds 210 Storm Drain Improvement 1,566,544 ‐ (3,450) ‐ 1,563,094 Special Revenue Funds 215 Storm Drain AB1600 1,927,157 3,695 ‐ ‐ 1,930,852Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 581,712 1,418 (65,762) ‐ 517,368 Special Revenue Funds 260 CDBG 290,158 662 (7,996) ‐ 282,824 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,103,995 50,000 (124,587) ‐ 5,029,408 Special Revenue Funds 270 Transportation Fund 13,840,206 576,703 (329,030) ‐ 14,087,879Special Revenue Funds 271 Traffic Impact 779,541 6,797 ‐ ‐ 786,338 Special Revenue Funds 280 Park Dedication 18,940,191 15,000 (33,634) ‐ 18,921,556 Special Revenue Funds 281 Tree Fund 69,982 ‐ ‐ ‐ 69,982 Debt Service Funds 365 Public Facilities Corp 2,684,450 ‐ ‐ (321,300) 2,363,150 Capital Project Funds 420 Capital Improvement Fund 26,610,214 47,700 (752,408) ‐ 25,905,506Capital Project Funds 427 Stevens Creek Corridor Park 154,692 ‐ ‐ ‐ 154,692 Capital Project Funds 429 Capital Reserve* 10,574,444 ‐ ‐ ‐ 10,574,444 Enterprise Funds 520 Resource Recovery 5,386,568 123,429 (68,607) ‐ 5,441,389Enterprise Funds 560 Blackberry Farm 900,343 ‐ (54,630) 45,104 890,817Enterprise Funds 570 Sports Center 1,567,427 ‐ (367,385) 150,797 1,350,838 Enterprise Funds 580 Recreation Program 3,436,589 22,138 (92,436) 92,153 3,458,443Internal Service Funds 610 Innovation & Technology 3,980,202 ‐ (586,869) ‐ 3,393,333 Internal Service Funds 620 Workersʹ Compensation 3,686,797 ‐ (2,810) ‐ 3,683,987 Internal Service Funds 630 Vehicle/Equip Replacement 1,395,344 ‐ (52,648) ‐ 1,342,696 Internal Service Funds 641 Compensated Absence/LTD 886,671 ‐ 288 ‐ 886,958 Internal Service Funds 642 Retiree Medical (1,814,171) ‐ (108,340) ‐ (1,922,511) Total $ 236,494,488 $ 11,883,299 $ (9,441,232) $ 9,196 $ 238,945,751 * For reporting purposes, this fund rolls up/combines with Fund 420Printed December 08, 2023For more information on funds, please see cupertino.org/fund‐structure CC 01-17-2024
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November 2023 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of October 31, 2023 Revenues Expenditures as of November 30, 2023 General Fund 100 General Fund 106,005,702 5,155,811 4,749,367 106,412,146 General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425
Special Revenue Funds 210 Storm Drain Improvement 1,799,078 ‐ 533,465 1,265,613 Special Revenue Funds 215 Storm Drain AB1600 1,793,319 3,695 ‐ 1,797,014 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,215,552 1,367 61,995 1,154,924 Special Revenue Funds 260 CDBG 880,226 152 36,467 843,912 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ 222,300Special Revenue Funds 265 BMR Housing 5,642,317 50,000 129,416 5,562,901 Special Revenue Funds 270 Transportation Fund 13,492,204 138,003 324,216 13,305,991 Special Revenue Funds 271 Traffic Impact 720,198 6,797 ‐ 726,995 Special Revenue Funds 280 Park Dedication 21,170,781 15,000 19,314 21,166,466 Special Revenue Funds 281 Tree Fund 136,086 ‐ ‐ 136,086 Debt Service Funds 365 Public Facilities Corp 8,350 ‐ 322,800 (314,450) Capital Project Funds 420 Capital Improvement Fund 25,757,440 ‐ 868,938 24,888,502 Capital Project Funds 427 Stevens Creek Corridor Park 166,579 ‐ ‐ 166,579Capital Project Funds 429 Capital Reserve* 8,677,046 ‐ ‐ 8,677,046 Enterprise Funds 520 Resource Recovery 5,045,294 134,591 144,033 5,035,852 Enterprise Funds 560 Blackberry Farm 869,790 45,390 45,225 869,955 Enterprise Funds 570 Sports Center 1,983,733 214,367 77,759 2,120,341 Enterprise Funds 580 Recreation Program 2,639,448 137,344 76,745 2,700,047 Internal Service Funds 610 Innovation & Technology 224,021 ‐ 176,557 47,463 Internal Service Funds 620 Workersʹ Compensation 2,213,261 ‐ 5,153 2,208,108 Internal Service Funds 630 Vehicle/Equip Replacement 2,249,402 ‐ 89,714 2,159,688 Internal Service Funds 641 Compensated Absence/LTD 337,622 8,512 8,224 337,910 Internal Service Funds 642 Retiree Medical (83,646) ‐ 108,340 (191,986) Total $ 203,395,526 $ 5,911,029 $ 7,777,730 $ 201,528,825 * For reporting purposes, this fund rolls up/combines with Fund 420 Printed December 08, 2023For more information on funds, please see cupertino.org/fund‐structure CC 01-17-2024
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CITY OF CUPERTINO
Legislation Text
Subject: Receive the Monthly Treasurer's Investment Report for December 2023 Receive the Monthly Treasurer's Investment Report for December 2023 File #: 23-12590, Version: 1
CITY OF CUPERTINO Page 1 of 1 Printed on 1/11/2024
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CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending December 31, 2023
City of Cupertino
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SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of December 31, 2023
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SECTION | Section 1 | Economic Update
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Economic Update



Recent economic data has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market.

Inflationary trends are subsiding, but core levels remain above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will loosen monetary policy in 2024.

As expected at the December meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Fed Chair Powell signaled that the federal funds rate is likely at or near its peak. The new Summary of Economic Projections reflected Core PCE inflation reaching the target 2% level in 2026 without a significant increase in unemployment. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate.

US Treasury rates fell steeply across the yield curve in December on decelerating inflation readings and a more dovish Federal Reserve outlook. The 2-year Treasury yield declined 43 basis points to 4.25%, the 5-year Treasury yield dropped 42 basis points to 3.85%, and the 10- year Treasury yield decreased 45 basis points to 3.88%. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -37 basis points at December month-end versus -35 basis points at November month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -55 basis points. The inversion between 3-month and 10-year Treasuries widened to - 146 basis points in December from -107 basis points in November. Interest rates peaked in 2023 followed by the Fed’s dovish pivot late in the year, resulting in a decline in yields across the curve and signaling less restrictive monetary policy in 2024. The shape of the yield curve indicates that the probability of recession persists. 3 CC 01-17-2024
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Employment
-400
-200
0 200
400
600
800
1,000 MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 216,000 jobs in December, exceeding consensus expectations of 175,000, and the last two months were revised down by 71,000 jobs. Leading sectors included government, leisure, hospitality, and healthcare. The trajectory of job creation is gradually moderating, with the three-month moving average payrolls at 165,000 and the six-month moving average at 193,000. The unemployment rate remained unchanged at 3.7%, and the labor participation rate decreased to 62.5% from 62.8%, falling well below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons rose to 7.1% from 7.0% last month. Average hourly earnings rose 4.1% year-over-year in December, increasing from a 4.0% gain last month. Employment remains strong by historical standards, but data are trending toward a less robust labor market outlook.

Source: US Department of Labor Source: US Department of Labor 4 CC 01-17-2024
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Inflation

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) increased 0.1% month-over-month and 3.1% year-over-year in November, edging down from 3.2% yearover-year in October. The Core CPI, which excludes volatile food and energy components, was up 0.3% month-over-month and 4.0% yearover-year, unchanged from October as expected. Shelter was the largest contributor to November's Core CPI monthly advance, accounting for 70% of the increase. The Personal Consumption Expenditures (PCE) Index eased more than expected in November, as headline inflation fell 0.1% month-over-month and rose 2.6% year-over-year, down from a 2.9% increase in October. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 0.1% month-over-month and decelerated to 3.2% year-over-year in November from a 3.4% year-over-year increase in October. The trend is moderating, but inflation remains above the Fed's 2% target.

Source: US Department of Labor Source: US Department of Commerce 5 CC 01-17-2024
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Federal Reserve
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As expected at the December meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%. The Fed acknowledged inflation eased over the past year while remaining elevated. Fed Chair Powell signaled that the federal funds rate is likely at or near its peak. The Summary of Economic Projections reflected Core PCE inflation reaching the target 2% level in 2026 without a significant increase in unemployment. The median forecast for the federal funds rate declined to 4.6%, implying three quarter-point cuts next year, four in 2025 and three in 2026, placing the federal funds target rate around

2.9% at the end of the forecast horizon. The market interpreted the statement as dovish, with futures contracts pricing in rate cuts sooner and more aggressively than the Fed’s forecasts next year. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1.2T to approximately $7.8T.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
6 CC 01-17-2024
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Bond Yields
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Dec-23
Sep-23
Dec-22
Yield (%)
At the end of December, the 2-year Treasury yield was 18 basis points lower, and the 10-Year Treasury yield was flat, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -37 basis points at December month-end versus -35 basis points at November month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3- month and 10-year Treasuries widened to -146 basis points in December from -107 basis points in November. The shape of the yield curve indicates that the probability of recession persists. 7 CC 01-17-2024
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Periodic Table of Asset Class Returns As of December 31, 2023 Index returns as of 12/31/2023. Past performance is not indicative of future results. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. It is not possible to invest directly in an index. This information is not intended to constitute an offer, solicitation, recommendation, or advice regarding securities or investment strategy. Please see attached Asset Class Disclosure. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 US Small Cap
Stocks

39.1%
US Real Estate

30.4%
US Real Estate

2.5%
US Small Cap
Stocks

20.4%
Emerging Market
Stocks

37.3%
International
Bonds

3.2%
US Large Cap
Stocks

31.5%
US Mid Cap
Stocks

19.8%
US Real Estate

43.1%
Diversified
Commodities

26.0%
US Large Cap
Stocks

26.3%
US Mid Cap
Stocks

36.3%
US Large Cap
Stocks

13.7%
US Large Cap
Stocks

1.4%
US High Yield
Bonds

17.5%
International
Stocks

25.0%
US Core Bonds

0.0%
US Mid Cap
Stocks

30.6%
US Small Cap
Stocks

19.2%
Diversified
Commodities

40.4%
US High Yield
Bonds
-11.2%
US Small Cap
Stocks

19.1%
US Large Cap
Stocks

32.4%
US Mid Cap
Stocks

13.4%
International
Bonds

1.3%
US Mid Cap
Stocks

12.6%
US Large Cap
Stocks

21.8%
US High Yield
Bonds
-2.3%
US Small Cap
Stocks

25.9%
US Large Cap
Stocks

18.4%
US Large Cap
Stocks

28.7%
International
Bonds
-12.7%
International
Stocks

18.2%
International
Stocks

22.8%
International
Bonds

9.1%
US Core Bonds

0.6%
US Large Cap
Stocks

12.0%
US Mid Cap
Stocks

20.3%
US Large Cap
Stocks
-4.4%
US Real Estate

25.8%
Emerging Market
Stocks

18.3%
US Mid Cap
Stocks

24.0%
US Core Bonds
-13.3%
US Mid Cap
Stocks

14.5%
US High Yield
Bonds

7.4%
US Core Bonds

6.4%
US Mid Cap
Stocks
-0.6%
Diversified
Commodities

11.4%
International
Real Estate

20.0%
US Real Estate
-4.6%
International
Stocks

22.0%
International
Stocks

7.8%
US Small Cap
Stocks

21.1%
International
Stocks
-14.5%
US Real Estate

13.7%
International
Real Estate

5.8%
US Small Cap
Stocks

6.1%
International
Stocks
-0.8%
Emerging Market
Stocks

11.2%
US Small Cap
Stocks

15.2%
International
Real Estate
-6.4%
International
Real Estate

21.0%
US Core Bonds

7.6%
International
Stocks

11.3%
US Mid Cap
Stocks
-16.9%
US High Yield
Bonds

13.5%
US Real Estate

2.5%
International
Real Estate

2.8%
International
Real Estate
-3.8%
US Real Estate

8.6%
US High Yield
Bonds

7.5%
US Mid Cap
Stocks
-8.1%
Emerging Market
Stocks

18.4%
US High Yield
Bonds

6.2%
International
Real Estate

8.1%
US Small Cap
Stocks
-17.8%
Emerging Market
Stocks

9.8%
International
Bonds

1.8%
US High Yield
Bonds

2.5%
US Small Cap
Stocks
-4.1%
International
Bonds

4.9%
Diversified
Commodities

5.8%
US Small Cap
Stocks
-11.0%
Diversified
Commodities

17.6%
International
Bonds

4.7%
US High Yield
Bonds

5.4%
US Large Cap
Stocks
-18.1%
International
Bonds

8.7%
Diversified
Commodities
-1.2%
Emerging Market
Stocks
-2.2%
High Yield Bonds
-4.6%
US Core Bonds

2.6%
US Real Estate

5.1%
International
Stocks
-13.8%
US High Yield
Bonds

14.4%
International
Real Estate
-7.1%
US Core Bonds
-1.6%
Emerging Market
Stocks
-20.1%
International
Real Estate

6.3%
US Core Bonds
-2.3%
International
Stocks
-4.9%
Emerging Market
Stocks
-14.9%
International
Real Estate

1.3%
US Core Bonds

3.6%
Diversified
Commodities
-13.8%
US Core Bonds

9.0%
US Real Estate
-7.6%
International
Bonds
-2.1%
International
Real Estate
-24.3%
US Core Bonds

5.4%
Emerging Market
Stocks
-2.6%
Diversified
Commodities
-33.1%
Diversified
Commodities
-32.9%
International
Stocks

1.0%
International
Bonds

2.6%
Emerging Market
Stocks
-14.6%
International
Bonds

8.1%
Diversified
Commodities
-23.7%
Emerging Market
Stocks
-2.5%
US Real Estate
-24.5%
Diversified
Commodities
-4.3%
8 CC 01-17-2024
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Section 2| SECTION | Section 2 | Account Profile
9 CC 01-17-2024
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Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code.

As of December 31, 2023
10 CC 01-17-2024
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Portfolio Summary – City of Cupertino #10659 As of December 31, 2023 11 CC 01-17-2024
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Purchase Yield as of 12/31/23 = 2.19%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of December 31, 2023
12 CC 01-17-2024
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SECTION | Section 3 | Portfolio Holdings
13 CC 01-17-2024
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Issue Name Investment Type % Portfolio
Government of United States US Treasury 36.84%
Federal National Mortgage Association Agency 8.76%
Federal Home Loan Mortgage Corp Agency 3.77%
Federal Home Loan Mortgage Corp CMO 3.73%
Federal Home Loan Bank Agency 2.26%
Federal Farm Credit Bank Agency 1.87%
American Express ABS ABS 1.85%
Royal Bank of Canada Corporate 1.64%
Toyota Motor Corp Corporate 1.60%
John Deere ABS ABS 1.57%
JP Morgan Chase & Co Corporate 1.54%
Bank of America Corp Corporate 1.53%
International Finance Corp Supranational 1.53%
Bank of New York Corporate 1.52%
Inter-American Dev Bank Supranational 1.48%
Intl Bank Recon and Development Supranational 1.45%
Toronto Dominion Holdings Corporate 1.40%
Hyundai Auto Receivables ABS 1.30%
Northwestern Mutual Glbl Corporate 1.28%
Paccar Financial Corporate 1.23%
Honda ABS ABS 1.23%
Toyota ABS ABS 1.16%
Bank of Montreal Chicago Corporate 1.16%
Amazon.com Inc Corporate 1.13%
Metlife Inc Corporate 1.12%
Salesforce.com Inc Corporate 1.12%
Prudential Financial Inc Corporate 1.10%
Air Products & Chemicals Corporate 1.09%
Morgan Stanley Corporate 1.08%
New York Life Global Funding Corporate 1.06%
United Health Group Inc Corporate 1.05%
Berkshire Hathaway Corporate 1.00%
Guardian Life Global Funding Corporate 0.84%
US Bancorp Corporate 0.81%
Mercedes-Benz ABS 0.74%
Caterpillar Inc Corporate 0.70%
MasterCard Inc Corporate 0.64%
Mass Mutual Insurance Corporate 0.60%
Issuers
City of Cupertino – Account #10659
As of December 31, 2023
14 CC 01-17-2024
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Issue Name Investment Type % Portfolio
Charles Schwab Corp/The Corporate 0.59%
GM Financial Securitized Term Auto Trust ABS 0.56%
State of California Municipal Bonds 0.48%
Toyota Lease Owner Trust ABS 0.45%
Northern Trust Corp Corporate 0.43%
Verizon Master Trust ABS 0.37%
BMW ABS ABS 0.33%
GM Financial Automobile Leasing Trust ABS 0.30%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.27% Wal-Mart Stores Corporate 0.21%
Hyundai Auto Lease Securitization ABS 0.15%
BMW Vehicle Lease Trust ABS 0.08%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of December 31, 2023
15 CC 01-17-2024
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Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
43813KAC6 Honda Auto Receivables Trust 2020-3 A3

0.370% Due 10/18/2024
11,635.70 09/22/2020

0.38%
11,633.99
11,635.70

99.73 7.04%
11,603.98

1.55 0.01%
(31.72)

NR / AAA
AAA

0.80 0.04
44891WAC3 Hyundai Auto Lease Trust 2022-A A3

1.160% Due 01/15/2025
225,391.76 01/11/2022

1.16%
225,386.79
225,391.12

99.35 5.93%
223,929.19
116.20

0.15%
(1,461.93)
Aaa / AAA
NR

1.04 0.13
89238LAC4 Toyota Lease Owner Trust 2022-A A3

1.960% Due 02/20/2025
697,356.13 02/23/2022

1.98%
697,246.36
697,333.86

99.26 5.68%
692,178.96
417.64

0.45%
(5,154.90)

NR / AAA
AAA

1.14 0.20
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3

1.900% Due 03/20/2025
468,695.25 02/15/2022

1.91%
468,691.21
468,694.69

99.37 5.69%
465,733.10
272.10

0.30%
(2,961.59)
Aaa / NR
AAA

1.22 0.17
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3

1.100% Due 03/25/2025
117,001.40 01/11/2022

1.11%
116,983.91
116,999.55

99.43 6.24%
116,337.42

21.45 0.08%
(662.13)

NR / AAA
AAA

1.23 0.11
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
49,061.52 02/17/2021

0.27%
49,060.62
49,061.46

98.79 6.20%
48,465.82

3.68 0.03%
(595.64)
Aaa / NR
AAA

1.31 0.20
89240BAC2 Toyota Auto Receivables Owners 2021-A A3

0.260% Due 05/15/2025
187,097.99 02/02/2021

0.27%
187,063.27
187,095.72

98.89 6.00%
185,027.00

21.62 0.12%
(2,068.72)
Aaa / NR
AAA

1.37 0.19
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
148,939.13 04/20/2021

0.38%
148,923.46
148,937.23

98.59 5.75%
146,831.79

25.15 0.10%
(2,105.44)

NR / AAA
AAA

1.71 0.26
43815GAC3 Honda Auto Receivables Trust 2021-4 A3

0.880% Due 01/21/2026
320,414.02 11/16/2021

0.89%
320,346.47
320,390.25

97.04 5.75%
310,915.03

78.32 0.20%
(9,475.22)
Aaa / NR
AAA

2.06 0.61
47789QAC4 John Deere Owner Trust 2021-B A3

0.520% Due 03/16/2026
353,397.32 07/13/2021

0.52%
353,365.80
353,386.94

97.29 5.63%
343,826.26

81.67 0.22%
(9,560.68)
Aaa / NR
AAA

2.21 0.53
89238JAC9 Toyota Auto Receivables Trust 2021-D A3

0.710% Due 04/15/2026
304,187.35 11/09/2021

0.71%
304,180.86
304,185.10

97.03 5.67%
295,156.03

95.99 0.19%
(9,029.07)

NR / AAA
AAA

2.29 0.60
43815BAC4 Honda Auto Receivables Trust 2022-1 A3

1.880% Due 05/15/2026
722,168.70 02/15/2022

1.89%
722,060.08
722,122.56

97.33 5.61%
702,901.95
603.41

0.46%
(19,220.61)
Aaa / AAA
NR

2.37 0.71
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3

0.740% Due 05/15/2026
918,383.73 Various

2.03%
895,162.89
909,818.85

97.28 5.70%
893,447.76
302.04

0.58%
(16,371.09)

NR / AAA
AAA

2.37 0.55
05602RAD3 BMW Vehicle Owner Trust 2022-A A3

3.210% Due 08/25/2026
517,431.97 05/10/2022

3.23%
517,405.06
517,419.13

98.59 5.24%
510,127.90
276.83

0.33%
(7,291.23)
Aaa / AAA
NR

2.65 0.70
362554AC1 GM Financial Securitized Term 2021-4 A3

0.680% Due 09/16/2026
252,152.27 10/13/2021

0.68%
252,145.84
252,149.99

96.65 5.81%
243,699.62

71.44 0.16%
(8,450.37)
Aaa / AAA
NR

2.71 0.65
47787JAC2 John Deere Owner Trust 2022-A A3

2.320% Due 09/16/2026
380,268.74 03/10/2022

2.34%
380,184.62
380,227.77

97.77 5.39%
371,775.06
392.10

0.24%
(8,452.71)
Aaa / NR
AAA

2.71 0.73
448977AD0 Hyundai Auto Receivables Trust 2022-A A3

2.220% Due 10/15/2026
980,803.64 03/09/2022

2.23%
980,765.88
980,786.75

97.72 5.40%
958,485.45
967.73

0.62%
(22,301.30)

NR / AAA
AAA

2.79 0.72
As of December 31, 2023
16 CC 01-17-2024
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Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
380146AC4 GM Financial Auto Receivables 2022-1 A3

1.260% Due 11/16/2026
246,016.07 01/11/2022

1.27%
245,994.68
246,007.24

97.07 5.49%
238,810.02
129.16

0.16%
(7,197.22)

NR / AAA
AAA

2.88 0.69
362585AC5 GM Financial Securitized ART 2022-2 A3

3.100% Due 02/16/2027
390,000.00 04/05/2022

3.13%
389,918.49
389,959.38

98.06 5.34%
382,426.59
503.75

0.25%
(7,532.79)
Aaa / AAA
NR

3.13 0.88
47800AAC4 John Deere Owner Trust 2022-B A3

3.740% Due 02/16/2027
655,000.00 07/12/2022

3.77%
654,937.45
654,962.83

98.38 5.27%
644,405.37
1,088.76

0.42%
(10,557.46)
Aaa / NR
AAA

3.13 1.08
02589BAA8 American Express Credit Accoun 22-1 A

2.210% Due 03/15/2027
1,545,000.00 03/21/2022

2.69%
1,524,359.77
1,536,671.82

96.73 5.07%
1,494,517.13
1,517.53

0.97%
(42,154.69)
Aaa / NR
AAA

3.21 1.15
02582JJT8 American Express Credit Trust 2022-2 A

3.390% Due 05/17/2027
1,375,000.00 05/17/2022

3.42%
1,374,695.85
1,374,860.10

97.95 4.99%
1,346,866.13
2,071.67

0.88%
(27,993.97)

NR / AAA
AAA

3.38 1.30
47800BAC2 John Deere Owner Trust 2022-C A3

5.090% Due 06/15/2027
1,050,000.00 10/12/2022

5.15%
1,049,918.52
1,049,945.31

99.99 5.15%
1,049,918.10
2,375.33

0.68%
(27.21)
Aaa / NR
AAA

3.46 1.30
92348KAV5 Verizon Master Trust 2022-5 A1A

3.720% Due 07/20/2027
570,000.00 08/02/2022

3.75%
569,974.92
569,987.50

99.90 4.58%
569,443.11
647.90

0.37%
(544.39)

NR / AAA
AAA

3.55 0.62
89231FAD2 Toyota Auto Recievables Owner 2023-C A3

5.160% Due 04/17/2028
1,300,000.00 11/21/2023

5.65%
1,294,718.75
1,295,139.48
100.71

4.87%
1,309,189.70
2,981.33

0.85%
14,050.22

NR / AAA
AAA

4.30 2.01
438123AC5 Honda Auto Receivables OT 2023-4 A3

5.670% Due 06/21/2028
805,000.00 Various

5.63%
806,992.67
806,911.22
102.09

3.84%
821,820.48
1,267.88

0.53%
14,909.26
Aaa / NR
AAA

4.48 1.09
58769FAC9 Mercedes-Benz Auto Receivables 2023-2 A3

5.950% Due 11/15/2028
1,100,000.00 11/29/2023

3.88%
1,123,289.06
1,121,979.63
102.82

4.68%
1,131,072.80
2,908.89

0.74%
9,093.17

NR / AAA
AAA

4.88 2.08
TOTAL ABS 15,690,402.69 3.07%
15,665,407.27
15,692,061.18 5.19%
15,508,911.75
19,241.12

10.09%
(183,149.43)
Aaa / AAA
AAA

3.07 1.01
Agency
3130A1XJ2 FHLB Note

2.875% Due 06/14/2024
1,500,000.00 06/18/2019

1.96%
1,564,890.20
1,505,876.44

98.93 5.29%
1,483,933.51
2,036.46

0.97%
(21,942.93)
Aaa / AA+
NR

0.45 0.44
3135G0V75 FNMA Note

1.750% Due 07/02/2024
1,500,000.00 07/16/2019

1.96%
1,484,895.00
1,498,474.50

98.33 5.15%
1,474,981.50
13,052.08

0.97%
(23,493.00)
Aaa / AA+
AA+

0.50 0.49
3130A2UW4 FHLB Note

2.875% Due 09/13/2024
2,000,000.00 09/13/2019

1.79%
2,103,380.00
2,014,509.47

98.60 4.93%
1,971,924.00
17,250.00

1.29%
(42,585.47)
Aaa / AA+
NR

0.70 0.68
3135G0W66 FNMA Note

1.625% Due 10/15/2024
1,975,000.00 Various

1.73%
1,965,802.75
1,973,508.43

97.45 4.96%
1,924,677.00
6,775.35

1.25%
(48,831.43)
Aaa / AA+
AA+

0.79 0.77
3135G0X24 FNMA Note

1.625% Due 01/07/2025
1,295,000.00 Various

1.38%
1,309,953.95
1,298,162.80

96.90 4.78%
1,254,867.95
10,171.14

0.82%
(43,294.85)
Aaa / AA+
AA+

1.02 0.98
3137EAEP0 FHLMC Note

1.500% Due 02/12/2025
2,365,000.00 02/13/2020

1.52%
2,363,178.95
2,364,592.88

96.54 4.72%
2,283,192.28
13,697.29

1.49%
(81,400.60)
Aaa / AA+
AA+

1.12 1.08
As of December 31, 2023
17 CC 01-17-2024
805 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3135G03U5 FNMA Note

0.625% Due 04/22/2025
1,860,000.00 04/22/2020

0.67%
1,856,168.40
1,858,997.99

95.08 4.54%
1,768,450.80
2,228.13

1.15%
(90,547.19)
Aaa / AA+
AA+

1.31 1.27
3135G04Z3 FNMA Note

0.500% Due 06/17/2025
2,500,000.00 Various

0.50%
2,499,227.30
2,499,835.89

94.36 4.53%
2,359,087.50
486.11

1.53%
(140,748.39)
Aaa / AA+
AA+

1.46 1.42
3137EAEU9 FHLMC Note

0.375% Due 07/21/2025
1,250,000.00 07/21/2020

0.48%
1,243,775.00
1,248,064.93

93.97 4.43%
1,174,660.00
2,083.33

0.76%
(73,404.93)
Aaa / AA+
AA+

1.56 1.52
3135G05X7 FNMA Note

0.375% Due 08/25/2025
2,500,000.00 Various

0.48%
2,487,983.75
2,495,919.81

93.49 4.51%
2,337,292.50
3,281.25

1.52%
(158,627.31)
Aaa / AA+
AA+

1.65 1.61
3137EAEX3 FHLMC Note

0.375% Due 09/23/2025
2,500,000.00 Various

0.46%
2,489,362.80
2,496,243.14

93.33 4.43%
2,333,320.00
2,552.08

1.52%
(162,923.14)
Aaa / AA+
AA+

1.73 1.68
3135G06G3 FNMA Note

0.500% Due 11/07/2025
2,500,000.00 Various

0.56%
2,492,700.00
2,497,289.27

93.15 4.40%
2,328,627.50
1,875.00

1.51%
(168,661.77)
Aaa / AA+
AA+

1.85 1.80
3133EPC60 FFCB Note

4.625% Due 11/15/2027
2,800,000.00 11/09/2023

4.73%
2,789,612.00
2,789,946.18
102.24

3.99%
2,862,776.00
16,547.22

1.87%
72,829.82
Aaa / AA+
AA+

3.88 3.50
TOTAL Agency 26,545,000.00 1.44%
26,650,930.10
26,541,421.73 4.62%
25,557,790.54
92,035.44

16.66%
(983,631.19)
Aaa / AA+
AA+

1.53 1.45
CMO
3137BFE98 FHLMC K041 A2

3.171% Due 10/25/2024
1,286,114.81 07/01/2021

0.72%
1,383,477.73
1,308,684.56

98.31 5.31%
1,264,339.60
3,398.56

0.82%
(44,344.96)
Aaa / AAA
AAA

0.82 0.70
3137BLMZ8 FHLMC K049 A2

3.010% Due 07/25/2025
1,000,000.00 07/01/2021

0.87%
1,079,687.50
1,029,958.12

97.24 4.90%
972,417.33
2,508.33

0.63%
(57,540.79)

NR / NR
AAA

1.57 1.38
3137BLW95 FHLMC K050 A2

3.334% Due 08/25/2025
950,000.00 11/16/2021

1.17%
1,018,132.81
979,149.34

97.76 4.78%
928,717.22
2,639.42

0.60%
(50,432.12)

NR / NR
AAA

1.65 1.43
3137BM7C4 FHLMC K051 A2

3.308% Due 09/25/2025
440,000.00 03/15/2022

2.21%
453,079.69
446,306.83

97.54 4.82%
429,182.60
1,212.93

0.28%
(17,124.23)

NR / NR
AAA

1.74 1.51
3137BN6G4 FHLMC KO53

2.995% Due 12/25/2025
570,000.00 03/15/2022

2.29%
582,001.17
576,305.40

96.85 4.74%
552,049.01
1,422.63

0.36%
(24,256.39)

NR / NR
AAA

1.99 1.73
3137BSP72 FHLMC K058 A2

2.653% Due 08/25/2026
650,000.00 11/12/2021

1.35%
687,451.17
670,556.72

95.42 4.49%
620,209.20
1,437.04

0.40%
(50,347.52)

NR / NR
AAA

2.65 2.46
3137FBBX3 FHLMC K068 A2

3.244% Due 08/25/2027
1,000,000.00 09/28/2022

4.41%
950,664.06
963,396.82

96.15 4.39%
961,467.00
2,703.33

0.63%
(1,929.82)
Aaa / NR
NR

3.65 3.31
TOTAL CMO 5,896,114.81 1.75%
6,154,494.13
5,974,357.79 4.82%
5,728,381.96
15,322.24

3.73%
(245,975.83)
Aaa / AAA
AAA

1.94 1.72
As of December 31, 2023
18 CC 01-17-2024
806 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Corporate
89114QCA4 Toronto Dominion Bank Note

2.650% Due 06/12/2024
1,500,000.00 09/11/2019

2.24%
1,527,255.00
1,502,562.03

98.75 5.51%
1,481,220.00
2,097.92

0.96%
(21,342.03)
A1 / A
AA0.450.44
06367TQW3 Bank of Montreal Note

0.625% Due 07/09/2024
600,000.00 02/09/2022

1.89%
582,216.00
596,155.90

97.56 5.44%
585,334.20
1,791.67

0.38%
(10,821.70)
A2 / AAA0.52

0.51 79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022

0.625% Due 07/15/2024
1,760,000.00 Various

0.87%
1,748,937.40
1,757,735.47

97.48 5.43%
1,715,633.92
5,072.23

1.12%
(42,101.55)
A2 / A+
NR

0.54 0.52
78013XZU5 Royal Bank of Canada Note

2.550% Due 07/16/2024
1,500,000.00 Various

1.99%
1,533,359.18
1,504,373.40

98.47 5.45%
1,477,053.00
17,531.26

0.97%
(27,320.40)
A1 / A
AA0.540.52
91159HHX1 US Bancorp Callable Note Cont 6/28/2024

2.400% Due 07/30/2024
1,250,000.00 10/10/2019

2.07%
1,268,262.50
1,251,902.79

98.27 5.45%
1,228,391.25
12,583.33

0.81%
(23,511.54)
A3 / A
A

0.58 0.56
009158AV8 Air Products & Chemicals Callable Note Cont 4/30/2024

3.350% Due 07/31/2024
1,675,000.00 08/07/2019

2.07%
1,771,212.00
1,681,689.13

98.71 5.62%
1,653,395.85
23,536.08

1.09%
(28,293.28)
A2 / A
NR

0.58 0.56
69371RR40 Paccar Financial Corp Note

0.500% Due 08/09/2024
680,000.00 08/03/2021

0.52%
679,632.80
679,925.96

97.06 5.50%
660,018.20
1,341.11

0.43%
(19,907.76)
A1 / A+
NR

0.61 0.59
69371RQ25 Paccar Financial Corp Note

2.150% Due 08/15/2024
370,000.00 08/08/2019

2.20%
369,182.30
369,898.40

98.00 5.46%
362,599.63
3,005.22

0.24%
(7,298.77)
A1 / A+
NR

0.62 0.60
14913Q3B3 Caterpillar Finl Service Note

2.150% Due 11/08/2024
1,100,000.00 01/28/2020

1.92%
1,111,517.00
1,102,060.38

97.51 5.17%
1,072,601.20
3,481.81

0.70%
(29,459.18)
A2 / A
A+

0.86 0.83
74153WCQ0 Pricoa Global Funding Note

1.150% Due 12/06/2024
885,000.00 12/01/2021

1.19%
884,088.45
884,716.70

96.12 5.48%
850,667.31
706.77

0.55%
(34,049.39)
Aa3 / AAAA0.93

0.90 89114TZL9 Toronto-Dominion Bank Note

1.450% Due 01/10/2025
700,000.00 03/15/2022

2.79%
674,737.00
690,802.31

96.37 5.13%
674,577.40
4,821.25

0.44%
(16,224.91)
A1 / A
NR

1.03 0.99
89236TJT3 Toyota Motor Credit Corp Note

1.450% Due 01/13/2025
1,215,000.00 01/10/2022

1.50%
1,213,371.90
1,214,438.48

96.50 4.96%
1,172,515.10
8,221.50

0.77%
(41,923.38)
A1 / A+
A+

1.04 1.00
64952WEK5 New York Life Global Note

1.450% Due 01/14/2025
1,680,000.00 01/11/2022

1.49%
1,678,185.60
1,679,372.58

96.30 5.16%
1,617,905.52
11,300.33

1.06%
(61,467.06)
Aaa / AA+
AAA

1.04 1.00
69371RR73 Paccar Financial Corp Note

2.850% Due 04/07/2025
885,000.00 03/31/2022

2.86%
884,769.90
884,903.01

97.72 4.72%
864,823.77
5,885.25

0.57%
(20,079.24)
A1 / A+
NR

1.27 1.22
78016EZ59 Royal Bank of Canada Note

3.375% Due 04/14/2025
1,050,000.00 04/07/2022

3.39%
1,049,611.50
1,049,833.75

97.96 5.02%
1,028,629.35
7,579.69

0.67%
(21,204.40)
A1 / A
AA1.291.23
06406RBC0 Bank of NY Mellon Corp Callable Note Cont 3/25/2025

3.350% Due 04/25/2025
1,370,000.00 04/19/2022

3.35%
1,369,808.20
1,369,915.92

97.68 5.19%
1,338,181.75
8,414.08

0.87%
(31,734.17)
A1 / A
AA1.321.26
As of December 31, 2023
19 CC 01-17-2024
807 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
06367WB85 Bank of Montreal Note

1.850% Due 05/01/2025
1,240,000.00 07/23/2021

0.85%
1,285,656.80
1,256,149.35

95.88 5.09%
1,188,856.20
3,823.33

0.77%
(67,293.15)
A2 / AAA1.33

1.29 46647PCH7 JP Morgan Chase & Co Callable Note Cont 6/1/2024

0.824% Due 06/01/2025
1,370,000.00 05/24/2021

0.78%
1,371,773.90
1,370,246.01

97.86 6.00%
1,340,665.56
940.73

0.87%
(29,580.45)
A1 / AAA1.42

1.28 46647PCK0 JP Morgan Chase & Co Callable Note Cont 6/23/2024

0.969% Due 06/23/2025
655,000.00 Various

0.95%
655,406.85
655,064.65

97.66 5.97%
639,684.14
141.05

0.42%
(15,380.51)
A1 / AAA1.48

0.47 66815L2J7 Northwestern Mutual Glbl Note

4.000% Due 07/01/2025
1,170,000.00 06/27/2022

4.01%
1,169,602.20
1,169,801.46

99.09 4.64%
1,159,310.88
23,400.00

0.77%
(10,490.58)
Aaa / AA+
AAA

1.50 1.41
74153WCM9 Pricoa Global Funding Note

0.800% Due 09/01/2025
904,000.00 04/06/2022

3.26%
832,972.72
869,172.61

93.35 5.01%
843,855.07
2,410.67

0.55%
(25,317.54)
Aa3 / AAAA1.67

1.61 06406HCQ0 Bank of New York Callable Note Cont 10/18/2025

3.950% Due 11/18/2025
1,000,000.00 04/05/2022

3.20%
1,024,910.00
1,012,667.41

98.24 4.93%
982,411.00
4,718.06

0.64%
(30,256.41)
A1 / A
AA1.881.78
40139LBC6 Guardian Life Glob Fun Note

0.875% Due 12/10/2025
1,400,000.00 Various

1.12%
1,385,860.00
1,393,435.82

92.52 4.96%
1,295,336.00
714.58

0.84%
(98,099.82)
Aa1 / AA+
NR

1.95 1.88
66815L2A6 Northwestern Mutual Glbl Note

0.800% Due 01/14/2026
850,000.00 12/06/2021

1.47%
827,449.50
838,800.02

92.46 4.73%
785,881.95
3,154.44

0.51%
(52,918.07)
Aaa / AA+
AAA

2.04 1.97
06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025

2.015% Due 02/13/2026
600,000.00 05/24/2021

1.05%
620,988.00
606,316.48

96.09 5.66%
576,549.60
4,634.50

0.38%
(29,766.88)
A1 / AAA2.12

1.07 46647PBK1 JP Morgan Chase & Co Callable Note Cont 4/22/2025

2.083% Due 04/22/2026
401,000.00 05/20/2021

1.11%
415,969.33
405,996.76

95.78 5.45%
384,097.45
1,600.96

0.25%
(21,899.31)
A1 / AAA2.31

1.26 6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

2.188% Due 04/28/2026
650,000.00 05/23/2022

4.95%
615,699.50
629,716.30

96.07 5.29%
624,425.75
2,488.85

0.41%
(5,290.55)
A1 / AA+2.33

1.28 023135BX3 Amazon.com Inc Callable Note Cont 4/12/2026

1.000% Due 05/12/2026
1,875,000.00 05/10/2021

1.09%
1,866,900.00
1,871,176.23

92.38 4.43%
1,732,050.00
2,552.08

1.13%
(139,126.23)
A1 / AA
AA2.362.29
91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026

1.150% Due 05/15/2026
1,035,000.00 Various

1.38%
1,025,051.35
1,029,644.09

92.57 4.49%
958,122.27
1,520.88

0.62%
(71,521.82)
A2 / A+
A

2.37 2.29
89236TJK2 Toyota Motor Credit Corp Note

1.125% Due 06/18/2026
1,385,000.00 06/15/2021

1.13%
1,384,390.60
1,384,699.97

92.34 4.44%
1,278,902.08
562.66

0.83%
(105,797.89)
A1 / A+
A+

2.47 2.38
As of December 31, 2023
20 CC 01-17-2024
808 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
06051GJD2 Bank of America Corp Callable Note Cont 6/19/2025

1.319% Due 06/19/2026
700,000.00 07/16/2021

1.27%
701,274.00
700,476.64

94.11 5.54%
658,791.70
307.77

0.43%
(41,684.94)
A1 / AAA2.47

1.42 57629WDE7 Mass Mutual Global funding Note

1.200% Due 07/16/2026
1,000,000.00 08/19/2021

1.15%
1,002,230.00
1,001,156.16

91.29 4.89%
912,891.00
5,500.00

0.60%
(88,265.16)
Aa3 / AA+
AA+

2.54 2.43
58989V2D5 Met Tower Global Funding Note

1.250% Due 09/14/2026
770,000.00 09/07/2021

1.27%
769,291.60
769,617.09

90.96 4.86%
700,395.08
2,860.76

0.46%
(69,222.01)
Aa3 / AAAA2.71

2.59 931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026

1.050% Due 09/17/2026
350,000.00 09/08/2021

1.09%
349,338.50
349,641.36

91.88 4.25%
321,582.10
1,061.67

0.21%
(28,059.26)
Aa2 / AA
AA

2.72 2.61
61690U7W4 Morgan Stanley Bank NA Callable Note Cont 9/30/2026

5.882% Due 10/30/2026
1,000,000.00 Various

5.88%
1,000,082.50
1,000,077.97
102.82

4.77%
1,028,226.00
9,803.34

0.67%
28,148.03
Aa3 / A+
AA2.832.50
59217GER6 Metlife Note

1.875% Due 01/11/2027
1,115,000.00 01/03/2022

1.90%
1,113,728.90
1,114,230.10

91.31 5.00%
1,018,145.53
9,872.40

0.67%
(96,084.57)
Aa3 / AAAA3.03

2.85 808513BY0 Charles Schwab Corp Callable Note Cont 2/3/2027

2.450% Due 03/03/2027
960,000.00 03/01/2022

2.46%
959,729.90
959,827.01

93.09 4.83%
893,640.00
7,709.34

0.59%
(66,187.01)
A2 / AA3.17

2.97 084664CZ2 Berkshire Hathaway Callable Note Cont 2/15/2027

2.300% Due 03/15/2027
1,615,000.00 03/07/2022

2.30%
1,614,693.15
1,614,803.56

94.58 4.12%
1,527,462.16
10,937.14

1.00%
(87,341.40)
Aa2 / AA
A+

3.21 3.02
06051GHT9 Bank of America Corp Callable Note 1X 4/23/2026

3.559% Due 04/23/2027
1,150,000.00 Various

4.93%
1,114,222.54
1,124,875.24

96.24 5.30%
1,106,815.20
7,730.94

0.72%
(18,060.04)
A1 / AAA3.31

2.17 665859AW4 Northern Trust Company Callable Note Cont 4/10/2027

4.000% Due 05/10/2027
670,000.00 05/05/2022

4.04%
668,914.60
669,271.84

98.65 4.44%
660,933.56
3,796.67

0.43%
(8,338.28)
A2 / A+
A+

3.36 3.09
91324PEG3 United Health Group Inc Callable Note Cont 4/15/2027

3.700% Due 05/15/2027
675,000.00 05/17/2022

3.69%
675,316.70
675,213.92

97.93 4.37%
661,007.93
3,191.25

0.43%
(14,205.99)
A2 / A+
A

3.37 3.12
57636QAW4 MasterCard Inc Callable Note Cont 2/9/28

4.875% Due 03/09/2028
945,000.00 03/06/2023

4.90%
944,083.35
944,232.86
103.07

4.05%
974,035.13
14,332.50

0.64%
29,802.27
Aa3 / A+
NR

4.19 3.65
TOTAL Corporate 43,705,000.00 2.17%
43,741,683.22
43,636,597.12 5.05%
42,037,620.79
247,136.07

27.47%
(1,598,976.33)
A1 / A+
AA1.761.57
As of December 31, 2023
21 CC 01-17-2024
809 of 825
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund 416,194.51 Various

4.94%
416,194.51
416,194.51

1.00 4.94%
416,194.51

0.00 0.27%

0.00 Aaa / AAA
NR

0.00 0.00
TOTAL Money Market Fund 416,194.51 4.94%
416,194.51
416,194.51 4.94%
416,194.51

0.00 0.27%

0.00 Aaa / AAA
NR

0.00 0.00
Municipal Bonds
13063DRK6 California State Taxable GO

2.400% Due 10/01/2024
755,000.00 10/16/2019

1.91%
772,342.35
757,634.04

98.08 5.03%
740,533.45
4,530.00

0.48%
(17,100.59)
Aa2 / AAAA0.75

0.73 TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
757,634.04 5.03%
740,533.45
4,530.00

0.48%
(17,100.59)
Aa2 / AAAA0.75

0.73 Supranational
45950KCT5 International Finance Corp Note

0.375% Due 07/16/2025
2,500,000.00 05/27/2021

0.66%
2,471,150.00
2,489,233.93

93.88 4.53%
2,346,965.00
4,296.88

1.53%
(142,268.93)
Aaa / AAA
NR

1.54 1.50
459058JL8 Intl. Bank Recon & Development Note

0.500% Due 10/28/2025
2,400,000.00 Various

0.60%
2,388,859.25
2,395,678.23

93.19 4.42%
2,236,651.20
2,100.01

1.45%
(159,027.03)
Aaa / AAA
AAA

1.83 1.78
4581X0DV7 Inter-American Dev Bank Note

0.875% Due 04/20/2026
2,460,000.00 04/13/2021

0.97%
2,448,733.20
2,454,817.03

92.71 4.23%
2,280,697.98
4,245.21

1.48%
(174,119.05)
Aaa / AAA
AAA

2.30 2.23
TOTAL Supranational 7,360,000.00 0.74%
7,308,742.45
7,339,729.19 4.40%
6,864,314.18
10,642.10

4.47%
(475,415.01)
Aaa / AAA
AAA

1.89 1.83
US Treasury
912828X70 US Treasury Note

2.000% Due 04/30/2024
1,700,000.00 06/10/2019

1.92%
1,705,976.56
1,700,401.79

98.95 5.19%
1,682,202.70
5,791.21

1.10%
(18,199.09)
Aaa / AA+
AA+

0.33 0.33
912828XX3 US Treasury Note

2.000% Due 06/30/2024
2,000,000.00 Various

1.80%
2,018,574.22
2,001,904.29

98.44 5.20%
1,968,828.00
109.89

1.28%
(33,076.29)
Aaa / AA+
AA+

0.50 0.49
912797GB7 US Treasury Bill

5.119% Due 07/11/2024
1,000,000.00 07/27/2023

5.39%
950,378.99
972,701.34

97.27 5.39%
972,701.34

0.00 0.63%

0.00 P-1 / A-1+
F-1+

0.53 0.51
912797GK7 US Treasury Bill

5.119% Due 08/08/2024
1,000,000.00 08/30/2023

5.39%
951,232.07
968,720.28

96.87 5.39%
968,720.28

0.00 0.63%

0.00 P-1 / A-1+
F-1+

0.61 0.59
912828D56 US Treasury Note

2.375% Due 08/15/2024
1,700,000.00 09/18/2019

1.71%
1,753,191.41
1,706,737.97

98.37 5.06%
1,672,242.40
15,250.34

1.10%
(34,495.57)
Aaa / AA+
AA+

0.62 0.60
912797GL5 US Treasury Bill

5.162% Due 09/05/2024
1,000,000.00 09/25/2023

5.44%
950,526.04
964,436.11

96.44 5.44%
964,436.11

0.00 0.63%

0.00 P-1 / A-1+
F-1+

0.68 0.66
As of December 31, 2023
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Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828YY0 US Treasury Note

1.750% Due 12/31/2024
2,100,000.00 03/15/2022

1.97%
2,087,203.13
2,095,425.21

97.05 4.81%
2,038,020.60
100.96

1.32%
(57,404.61)
Aaa / AA+
AA+

1.00 0.97
912828ZC7 US Treasury Note

1.125% Due 02/28/2025
1,500,000.00 03/18/2020

0.81%
1,523,144.53
1,505,430.70

96.05 4.65%
1,440,762.00
5,702.27

0.94%
(64,668.70)
Aaa / AA+
AA+

1.16 1.13
91282CED9 US Treasury Note

1.750% Due 03/15/2025
3,100,000.00 Various

2.23%
3,057,617.20
3,082,742.28

96.63 4.65%
2,995,495.90
16,096.16

1.96%
(87,246.38)
Aaa / AA+
AA+

1.21 1.17
912828ZL7 US Treasury Note

0.375% Due 04/30/2025
2,500,000.00 03/21/2022

2.24%
2,360,839.85
2,440,535.09

94.63 4.57%
2,365,820.00
1,596.84

1.54%
(74,715.09)
Aaa / AA+
AA+

1.33 1.30
91282CAB7 US Treasury Note

0.250% Due 07/31/2025
1,500,000.00 03/12/2021

0.72%
1,469,765.63
1,489,089.91

93.65 4.44%
1,404,784.50
1,569.29

0.91%
(84,305.41)
Aaa / AA+
AA+

1.58 1.55
91282CAM3 US Treasury Note

0.250% Due 09/30/2025
2,400,000.00 Various

0.56%
2,366,140.63
2,387,071.18

93.13 4.38%
2,235,000.00
1,524.59

1.45%
(152,071.18)
Aaa / AA+
AA+

1.75 1.71
91282CAT8 US Treasury Note

0.250% Due 10/31/2025
2,450,000.00 Various

0.49%
2,422,492.19
2,439,451.51

92.89 4.33%
2,275,724.15
1,043.27

1.48%
(163,727.36)
Aaa / AA+
AA+

1.84 1.79
91282CAZ4 US Treasury Note

0.375% Due 11/30/2025
2,250,000.00 03/26/2021

0.77%
2,209,658.20
2,233,480.42

92.86 4.30%
2,089,424.25
737.70

1.36%
(144,056.17)
Aaa / AA+
AA+

1.92 1.87
91282CBH3 US Treasury Note

0.375% Due 01/31/2026
2,500,000.00 05/27/2021

0.75%
2,456,445.31
2,480,605.55

92.39 4.23%
2,309,765.00
3,923.23

1.50%
(170,840.55)
Aaa / AA+
AA+

2.09 2.03
91282CBW0 US Treasury Note

0.750% Due 04/30/2026
2,500,000.00 05/27/2021

0.80%
2,493,652.34
2,496,999.16

92.52 4.15%
2,312,890.00
3,193.68

1.50%
(184,109.16)
Aaa / AA+
AA+

2.33 2.27
91282CCZ2 US Treasury Note

0.875% Due 09/30/2026
1,400,000.00 10/18/2021

1.19%
1,379,054.68
1,388,374.01

91.85 4.04%
1,285,867.80
3,112.70

0.84%
(102,506.21)
Aaa / AA+
AA+

2.75 2.66
91282CDG3 US Treasury Note

1.125% Due 10/31/2026
1,400,000.00 11/15/2021

1.25%
1,391,468.75
1,395,123.65

92.28 4.04%
1,291,882.20
2,682.69

0.84%
(103,241.45)
Aaa / AA+
AA+

2.84 2.73
91282CJP7 US Treasury Note

4.375% Due 12/15/2026
2,500,000.00 12/28/2023

4.01%
2,525,097.66
2,525,028.07
100.98

4.02%
2,524,415.00
5,080.26

1.64%
(613.07)
Aaa / AA+
AA+

2.96 2.75
91282CEW7 US Treasury Note

3.250% Due 06/30/2027
3,250,000.00 Various

3.18%
3,260,312.50
3,257,022.60

97.72 3.95%
3,175,987.75
290.18

2.06%
(81,034.85)
Aaa / AA+
AA+

3.50 3.27
91282CFB2 US Treasury Note

2.750% Due 07/31/2027
400,000.00 08/22/2022

3.12%
393,218.75
395,084.25

95.99 3.96%
383,968.80
4,603.26

0.25%
(11,115.45)
Aaa / AA+
AA+

3.58 3.33
91282CFH9 US Treasury Note

3.125% Due 08/31/2027
4,500,000.00 Various

3.28%
4,468,902.34
4,477,091.94

97.19 3.96%
4,373,437.50
47,518.89

2.87%
(103,654.44)
Aaa / AA+
AA+

3.67 3.39
91282CFM8 US Treasury Note

4.125% Due 09/30/2027
3,450,000.00 Various

4.31%
3,421,152.34
3,428,035.91
100.63

3.94%
3,471,831.60
36,161.38

2.28%
43,795.69
Aaa / AA+
AA+

3.75 3.41
91282CFZ9 US Treasury Note

3.875% Due 11/30/2027
850,000.00 12/05/2022

3.81%
852,656.25
852,085.59

99.79 3.93%
848,207.35
2,879.78

0.55%
(3,878.24)
Aaa / AA+
AA+

3.92 3.59
As of December 31, 2023
23 CC 01-17-2024
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Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CGC9 US Treasury Note

3.875% Due 12/31/2027
2,750,000.00 Various

3.67%
2,775,107.42
2,770,387.62

99.84 3.92%
2,745,487.25
292.75

1.78%
(24,900.37)
Aaa / AA+
AA+

4.00 3.67
91282CGH8 US Treasury Note

3.500% Due 01/31/2028
3,000,000.00 02/07/2023

3.81%
2,957,929.69
2,965,496.79

98.42 3.92%
2,952,657.00
43,940.22

1.95%
(12,839.79)
Aaa / AA+
AA+

4.09 3.71
91282CGP0 US Treasury Note

4.000% Due 02/29/2028
3,700,000.00 Various

4.00%
3,699,113.28
3,699,372.65
100.33

3.91%
3,712,139.70
50,010.99

2.44%
12,767.05
Aaa / AA+
AA+

4.17 3.76
TOTAL US Treasury 58,400,000.00 2.52%
57,900,851.96
58,118,835.87 4.33%
56,462,699.18
253,212.53

36.84%
(1,656,136.69)
Aaa / AA+
AA+

2.44 2.28
TOTAL PORTFOLIO 158,767,712.01 2.19%
158,610,645.99
158,476,831.43 4.69%
153,316,446.36
642,119.50
100.00%
(5,160,385.07)
Aa1 / AA
AA+

2.10 1.76
TOTAL MARKET VALUE PLUS ACCRUALS 153,958,565.86
As of December 31, 2023
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SECTION | Section 4 | Transactions
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Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 11/01/2023 61690U7W4 725,000.00 Morgan Stanley Bank NA Callable Note Cont 9/30/2026

5.882% Due: 10/30/2026
100.000 5.88% 725,000.00 0.00 725,000.00 0.00
Purchase 11/02/2023 61690U7W4 275,000.00 Morgan Stanley Bank NA Callable Note Cont 9/30/2026

5.882% Due: 10/30/2026
100.030 5.87% 275,082.50 44.93 275,127.43 0.00
Purchase 11/08/2023 438123AC5 340,000.00 Honda Auto Receivables OT 2023-4 A3

5.67% Due: 06/21/2028

99.982 5.74% 339,940.13 0.00 339,940.13 0.00
Purchase 11/08/2023 438123AC5 465,000.00 Honda Auto Receivables OT 2023-4 A3

5.67% Due: 06/21/2028
100.441 5.55% 467,052.54 0.00 467,052.54 0.00
Purchase 11/15/2023 3133EPC60 2,800,000.00 FFCB Note

4.625% Due: 11/15/2027

99.629 4.73% 2,789,612.00 0.00 2,789,612.00 0.00
Purchase 11/24/2023 89231FAD2 1,300,000.00 Toyota Auto Recievables Owner 2023-C A3

5.16% Due: 04/17/2028

99.594 5.65% 1,294,718.75 1,677.00 1,296,395.75 0.00
Purchase 12/04/2023 58769FAC9 1,100,000.00 Mercedes-Benz Auto Receivables 2023-2 A3

5.95% Due: 11/15/2028
102.117 3.88% 1,123,289.06 3,454.31 1,126,743.37 0.00
Purchase 12/29/2023 91282CJP7 2,500,000.00 US Treasury Note

4.375% Due: 12/15/2026
101.004 4.01% 2,525,097.66 4,183.74 2,529,281.40 0.00
Subtotal 9,505,000.00 9,539,792.64 9,359.98 9,549,152.62 0.00 TOTAL ACQUISITIONS 9,505,000.00 9,539,792.64 9,359.98 9,549,152.62 0.00

DISPOSITIONS
Maturity 11/02/2023 912796YT0 1,500,000.00 US Treasury Bill

4.888% Due: 11/02/2023
100.000 1,500,000.00 0.00 1,500,000.00 0.00
Maturity 11/15/2023 4581X0DP0 2,800,000.00 Inter-American Dev Bank Note

0.25% Due: 11/15/2023
100.000 2,800,000.00 0.00 2,800,000.00 0.00
September 30, 2023 through December 31, 2023
As of December 31, 2023
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Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Maturity 12/04/2023 3137EAFA2 855,000.00 FHLMC Note

0.25% Due: 12/04/2023
100.000 855,000.00 0.00 855,000.00 0.00
Maturity 12/28/2023 912796ZN2 1,500,000.00 US Treasury Bill

5.228% Due: 12/28/2023
100.000 1,500,000.00 0.00 1,500,000.00 0.00
Subtotal 6,655,000.00 6,655,000.00 0.00 6,655,000.00 0.00 TOTAL DISPOSITIONS 6,655,000.00 6,655,000.00 0.00 6,655,000.00 0.00 September 30, 2023 through December 31, 2023
As of December 31, 2023
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Important Disclosures
2023 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

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.

As of December 31, 2023
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Asset Class 10-Year Snapshot Disclosure As of December 31, 2023  US Small Cap Stocks – Morgan Stanley Capital International (MSCI) Small Cap 1750 – The MSCI Small Cap 1750 is a market capitalization weighted index that measures the performance of small capitalization U.S. stocks.
 US Mid Cap Stocks – Morgan Stanley Capital International (MSCI) Mid Cap 450 – The MSCI Mid Cap 450 is a market capitalization weighted index that measures the performance of mid-capitalization U.S. stocks.
 US Large Cap Stocks – Standard & Poor’s 500 – The S&P 500 is a market value weighted index of 500 large capitalization stocks. The 500 companies included in the index capture approximately 80% of available U.S. market capitalization.
 International Stocks – Morgan Stanley Capital International (MSCI) EAFE – The MSCI EAFE International Equity Index is a market capitalization weighted index that captures international equity performance of large and mid-cap stocks in the developed stock markets of Europe, Australasia, and the Far East.
 Emerging Market Stocks – Morgan Stanley Capital International (MSCI) Emerging Markets – The MSCI Emerging Markets Index is a market capitalization weighted index that captures equity performance of large and mid-cap stocks across emerging market countries.  U.S. Real Estate – Morgan Stanley Capital International (MSCI) REIT – The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. It represents about 99% of the US REIT universe and securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS®). It excludes Mortgage REITs and selected Specialized REITs.
 International Real Estate – S&P Developed Ex-US Property – The S&P Developed Ex-US Property Index is a market capitalization weighted index that captures the performance of a universe of publicly traded property companies based in developing countries outside of the US. The companies included are engaged in real estate related activities, such as property ownership, management, development, rental and investment.
 US Core Bonds – ICE BofA US Corporate, Government, Mortgage – The ICE BofA US Corporate, Government, Mortgage index is a broad measure of US investment grade bond performance, including US Treasuries, agencies, investment-grade corporates and mortgage securities.  US High Yield Bonds – ICE BofA US High Yield – The ICE BofA High Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds.  International Bonds – Bloomberg Barclays Global Aggregate ex-USD Total Return Index Value Unhedged USD – Index from 2/1/2013 – current. This index measures the performance of global investment grade debt from 24 local currency markets. This multi- currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. S&P Citigroup International Govt Bond – Index from 1/1/2009 – 1/31/2013. This index measures the performance of sovereign bonds of non-U.S. developed countries.
 Diversified Commodities – S&P GSCI Commodity Index – The S&P GSCI Commodity Index is a world production-weighted measure of general commodity price movements and inflation in the world economy. It consists of a basket of physical commodity futures contracts.

Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk:
the bond market in general could decline due to economic conditions, especially during periods of rising interest rates. International: Non-US markets may be more volatile due to a variety of factors including less liquidity, transparency and oversight of companies and assets. Values of non-US investments may fluctuate due to changes in currency exchange rates. Non-US companies are also subject to risks that come with political and economic stability that may affect their respective countries. These risks may be greater in emerging market countries. Equities: Investments on equities are subject to risks from stock market fluctuations that occur in response to economic and business developments. 29 CC 01-17-2024
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Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 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 three 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.

As of December 31, 2023
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CITY OF CUPERTINO
Legislation Text
Subject: Receive the Monthly Treasurer's Report for December 2023 Receive the Monthly Treasurer's Report for December 2023 File #: 23-12377, Version: 1
CITY OF CUPERTINO Page 1 of 1 Printed on 1/11/2024
powered by Legistar™
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1 CITY COUNCIL STAFF REPORT
Meeting: January 17, 2024
Subject
Receive the Monthly Treasurer's Report for December 2023 Recommended Action
Receive the Monthly Treasurer's Report for December 2023 Reasons for Recommendation
Background
California Government Code Section 41004 states:

Regularly, at least once each month, the city treasurer shall submit to the city clerk a written report and accounting of all receipts, disbursements, and fund balances.

The city treasurer shall file a copy with the legislative body.

The City's Municipal Code Section 2.24.030 Monthly Reports states:

The Treasurer's Report (report and accounting of all receipts, disbursements, and fund balances) is made available to City Council in compliance with the aforementioned requirements.

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2 Cash vs. Accrual Basis Accounting
Cash basis accounting and accrual basis accounting differ in the way revenues and expenses are recognized and recorded, primarily with regard to their timing.

Treasurer's Report
The report provides an update on the City's cash and fund balances for December 2023.

The report is as of January 4, 2024.

Receipts, Disbursements, and Cash Balance
The City's General Fund ending cash and investment balance was $137.5 million, decreasing by $0.4 million from the prior month. Receipts were $0.8 million, disbursements were $(1.2) million, and journal adjustments were $5,691 for the month.

The City's total ending cash and investment balance was $237.5 million, decreasing by $1.4 million from the prior month. Receipts were $1.0 million, disbursements were $(2.4) million, and journal adjustments were $55,000 for the month.

Journal adjustments included the following:
 Parks and Recreation transactions imported from Active Network into New World
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3 Fund Balance/Net Position
The City's General Fund ending fund balance was $108.0 million, decreasing by $2.3 million from the prior month due to revenues of $0.8 million and expenditures of $3.1 million.

The City's total ending fund balance was $203.8 million, decreasing by $2.6 million from the prior month due to revenues of $1.1 million and expenditures of $3.7 million.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.

A – Report of City-wide Receipts, Disbursements, and Cash Balances December 2023 B – Report of City‐wide Fund Balances/Net Position December 2023 CC 01-17-2024
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December 2023 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of November 30, 2023 Receipts Disbursements Journal Adjustments as of December 31, 2023 General Fund 100 General Fund 137,820,412 803,365 (1,161,537) 5,691 137,467,930 General Fund 130 Investment Fund 189,996 ‐ ‐ ‐ 189,996
Special Revenue Funds 210 Storm Drain Improvement 1,563,094 ‐ (533,465) ‐ 1,029,629 Special Revenue Funds 215 Storm Drain AB1600 1,930,852 ‐ ‐ ‐ 1,930,852 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 517,368 ‐ (44,069) ‐ 473,299 Special Revenue Funds 260 CDBG 282,824 ‐ (32,635) ‐ 250,189 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,029,408 ‐ (50,641) ‐ 4,978,767 Special Revenue Funds 270 Transportation Fund 14,087,879 147,893 (67,429) ‐ 14,168,344Special Revenue Funds 271 Traffic Impact 786,338 ‐ ‐ ‐ 786,338 Special Revenue Funds 280 Park Dedication 18,921,556 ‐ ‐ ‐ 18,921,556 Special Revenue Funds 281 Tree Fund 69,982 ‐ ‐ ‐ 69,982 Debt Service Funds 365 Public Facilities Corp 2,363,150 ‐ ‐ ‐ 2,363,150 Capital Project Funds 420 Capital Improvement Fund 25,905,506 ‐ (77,976) ‐ 25,827,530Capital Project Funds 427 Stevens Creek Corridor Park 154,692 ‐ ‐ ‐ 154,692 Capital Project Funds 429 Capital Reserve* 10,574,444 ‐ ‐ ‐ 10,574,444 Enterprise Funds 520 Resource Recovery 5,441,389 ‐ (111,240) ‐ 5,330,149 Enterprise Funds 560 Blackberry Farm 890,817 1,309 (9,423) 8,272 890,974 Enterprise Funds 570 Sports Center 1,350,838 ‐ (28,149) 27,209 1,349,898 Enterprise Funds 580 Recreation Program 3,458,443 ‐ (30,469) 13,800 3,441,774Internal Service Funds 610 Innovation & Technology 3,393,333 ‐ (101,868) ‐ 3,291,465Internal Service Funds 620 Workersʹ Compensation 3,683,987 ‐ (4,288) ‐ 3,679,699Internal Service Funds 630 Vehicle/Equip Replacement 1,342,696 ‐ (63,407) ‐ 1,279,289 Internal Service Funds 641 Compensated Absence/LTD 886,958 ‐ 9,403 ‐ 896,361 Internal Service Funds 642 Retiree Medical (1,922,511) ‐ (108,108) ‐ (2,030,619) Total $ 238,945,751 $ 952,567 $ (2,415,302) $ 54,971 $ 237,537,988 * For reporting purposes, this fund rolls up/combines with Fund 420Printed January 04, 2024For more information on funds, please see cupertino.org/fund‐structure CC 01-17-2024
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December 2023 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of November 30, 2023 Revenues Expenditures as of December 31, 2023 General Fund 100 General Fund 110,346,561 812,683 3,141,864 108,017,379 General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425
Special Revenue Funds 210 Storm Drain Improvement 1,712,797 ‐ ‐ 1,712,797 Special Revenue Funds 215 Storm Drain AB1600 1,791,232 ‐ ‐ 1,791,232 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain ‐ 1,249,020 36,470 1,212,551 Special Revenue Funds 260 CDBG 1,219,908 ‐ 829 1,219,079 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,619,673 ‐ 25,472 5,594,202 Special Revenue Funds 270 Transportation Fund 11,642,182 147,506 66,030 11,723,658 Special Revenue Funds 271 Traffic Impact 726,995 ‐ ‐ 726,995 Special Revenue Funds 280 Park Dedication 21,165,786 ‐ ‐ 21,165,786 Special Revenue Funds 281 Tree Fund 132,786 ‐ ‐ 132,786 Debt Service Funds 365 Public Facilities Corp (314,450) ‐ ‐ (314,450) Capital Project Funds 420 Capital Improvement Fund 24,916,228 ‐ 7,362 24,908,866 Capital Project Funds 427 Stevens Creek Corridor Park 166,579 ‐ ‐ 166,579 Capital Project Funds 429 Capital Reserve* 9,137,046 ‐ ‐ 9,137,046 Enterprise Funds 520 Resource Recovery 5,001,557 ‐ 35,488 4,966,068 Enterprise Funds 560 Blackberry Farm 856,385 13,267 9,423 860,228 Enterprise Funds 570 Sports Center 2,371,774 76,190 27,746 2,420,218 Enterprise Funds 580 Recreation Program 2,637,320 20,588 34,458 2,623,450 Internal Service Funds 610 Innovation & Technology 699,593 ‐ 159,169 540,424 Internal Service Funds 620 Workersʹ Compensation 2,221,600 ‐ 4,288 2,217,312 Internal Service Funds 630 Vehicle/Equip Replacement 2,360,485 ‐ 26,255 2,334,231 Internal Service Funds 641 Compensated Absence/LTD 337,624 9,403 ‐ 347,026 Internal Service Funds 642 Retiree Medical (81,786) ‐ 108,108 (189,894) Total $ 206,368,618 $ 1,079,636 $ 3,682,961 $ 203,765,294 * For reporting purposes, this fund rolls up/combines with Fund 420 Printed January 04, 2024For more information on funds, please see cupertino.org/fund‐structure CC 01-17-2024
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CITY OF CUPERTINO
Legislation Text
Subject: Adjourn in memory of former Cupertino Mayor William Reed Sparks File #: 24-12899, Version: 1
CITY OF CUPERTINO Page 1 of 1 Printed on 1/11/2024
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CC 01-17-2024
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Cupertino City CouncilJanuary 17, 2024

Cupertino City Council
January 17, 2024