CC 02-21-2024 Searchable Packet.pdf — Cupertino City Council, February 21, 2024 (part 2 of 2)

SIGNED:

________
Sheila Mohan, Mayor
City of Cupertino

________________________
Date
ATTEST:

________
Kirsten Squarcia, City Clerk

________________________
Date

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Exhibit A

Appropriation
Amendment by Fund
Appropriation
Amendment
Revenue
Amendment
Fund
Balance (Use
of)
General Fund $10,057 $807,672 $797,615
Special Revenue Funds $- $- $-
Capital Projects Funds $- $- $-
Enterprise Funds $- $- $-
Internal Service Funds $- $- $-
Total Appropriation
Amendment All Funds $10,057 $807,672 $797,615

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Detailed Budget Carryovers, Council-approved Adjustments, and Encumbrance Carryovers as of December 31, 2023
Attachment C
Budget Adjustment Type Fund Description Amount

BUDGET CARRYOVERS
Budget Carryover 100 General Fund $14,000 for media training $5,400 for City logo revamp 19,400 Budget Carryover 100 General Fund $80,000 for community survey 80,000 Budget Carryover 100 General Fund 4H Fence replacement 30,000 Budget Carryover 100 General Fund 4H roof/gutter, Milk Barn repainting 36,347 Budget Carryover 100 General Fund AC2 Traffic Monitoring 77,340 Budget Carryover 100 General Fund Adaptive Traffic Signaling - Projects in progress 5,970 Budget Carryover 100 General Fund ad-hoc Council meeting expenses 11,425 Budget Carryover 100 General Fund AV Social Room,Sports Center,Cupertino Room 33,571 Budget Carryover 100 General Fund Backflow Prevention Device Repl - on backorder 4,000 Budget Carryover 100 General Fund Backwater valve replacement - project in progress 13,596 Budget Carryover 100 General Fund Bench replacements 29,442 Budget Carryover 100 General Fund Bridge tread repair McClellan 70,000 Budget Carryover 100 General Fund CAP Vision Summary Doc 10,000 Budget Carryover 100 General Fund CAPIO conference (2 people) 2,400 Budget Carryover 100 General Fund City Facility reconfiguration/remodels/return to work 127,404 Budget Carryover 100 General Fund City Work Plan for Homeless Jobs Program - ongoing 40,040 Budget Carryover 100 General Fund Commission meeting meals per council policy 1,750 Budget Carryover 100 General Fund Conf room carpet replacement - project in progress 25,000 Budget Carryover 100 General Fund Council phone service 3,000 Budget Carryover 100 General Fund Crowe successor auditor prep and reproduction 700 Budget Carryover 100 General Fund CSTI and Bay Area UASI 24,600 Budget Carryover 100 General Fund CWP Electrification Study 50,000 Budget Carryover 100 General Fund CWP Revisit 5G 250,000 Budget Carryover 100 General Fund Deferred education due to Covid school closures 60,700 Budget Carryover 100 General Fund Deferred training due to Covid 9,913 Budget Carryover 100 General Fund Don Burnett Bridge inspection/median repairs 161,553 Budget Carryover 100 General Fund Dry rot maint retreat center - project in progress 25,000 Budget Carryover 100 General Fund Economic Development Strategy 20,000 Budget Carryover 100 General Fund Electric Cooking 6,400 Budget Carryover 100 General Fund Emergency preparedness outreach materials 2,500 Budget Carryover 100 General Fund Employee Commute Program 2,586 Budget Carryover 100 General Fund Energy Mgmt System Upgrades - project in progress 105,675 Budget Carryover 100 General Fund EOC System Electrical Upgrades - project in progress 25,000 Budget Carryover 100 General Fund ERP evaluation training and webinar workshops 16,896 Budget Carryover 100 General Fund ERP Implementation. Adjunct Staffing 720,673 Budget Carryover 100 General Fund Fee Study special project ongoing 70,800 Budget Carryover 100 General Fund Fence replacementMR in parking lot and path repairs 13,483 Budget Carryover 100 General Fund General Plan special project - ongoing 239,805 Budget Carryover 100 General Fund General supply purchases - supply chain delay 11,641 Budget Carryover 100 General Fund Glass replacement - project in progress 20,183 172
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Detailed Budget Carryovers, Council-approved Adjustments, and Encumbrance Carryovers as of December 31, 2023
Attachment C
Budget Adjustment Type Fund Description Amount
Budget Carryover 100 General Fund Grassroots Ecology contract 23,240 Budget Carryover 100 General Fund Greenhouse Gas emission, Climate Corps fellow 27,000 Budget Carryover 100 General Fund Homeland Security Conf,CESA, Naval Postgrad School APEX 3,240 Budget Carryover 100 General Fund Housing Element Update - ongoing 108,189 Budget Carryover 100 General Fund I-280 Wolfe Improvement - project in progress 800,199 Budget Carryover 100 General Fund Irrigation Controller Settlement 103,785 Budget Carryover 100 General Fund Library HVAC ventilation maint & repair 42,800 Budget Carryover 100 General Fund Marina application under review - ongoing 23,317 Budget Carryover 100 General Fund M-Group contract 50,000 Budget Carryover 100 General Fund Moss Adams Enterprise Leadership Study 10,175 Budget Carryover 100 General Fund MRC Rise 6,323
Budget Carryover 100 General Fund Muni Code update - ongoing 25,000 Budget Carryover 100 General Fund new PT Business Systems Analyst position 45,162 Budget Carryover 100 General Fund New staff ergo evals and office equipment 3,028 Budget Carryover 100 General Fund New staff memberships and dues 3,830 Budget Carryover 100 General Fund New staff,deferred training due to pandemic 3,411 Budget Carryover 100 General Fund New staff; defered training due to pandemic 9,171 Budget Carryover 100 General Fund New staff; deferred training due to pandemic 15,116 Budget Carryover 100 General Fund Performance Management App HR portal of ERP 32,000 Budget Carryover 100 General Fund Playground chip - purchase/work in progress 17,824 Budget Carryover 100 General Fund Portal Park concrete replacement 25,000 Budget Carryover 100 General Fund PR Strategy contract being finalized in FY24. 15,000 Budget Carryover 100 General Fund PR Strategy special project 160,000 Budget Carryover 100 General Fund purchase reusable banners for SCB 7,975 Budget Carryover 100 General Fund PW Scanning - Project in progress 28,226 Budget Carryover 100 General Fund Redesign of City Website. Adjunct Staffing 104,396 Budget Carryover 100 General Fund Regional Emergency Operations 500,000 Budget Carryover 100 General Fund Residential Mixed Used - ongoing 48,999 Budget Carryover 100 General Fund SC Corridor Vision Study - Work Plan Item 154,079 Budget Carryover 100 General Fund Senior Strategy CWP item is ongoing 41,378 Budget Carryover 100 General Fund Service Center Security project in progress 5,388 Budget Carryover 100 General Fund Shade structure replacement 65,630 Budget Carryover 100 General Fund Small to Medium Business Resiliency 500,000 Budget Carryover 100 General Fund Solar Battery Chargers for potential generator replacements 8,400 Budget Carryover 100 General Fund Special project - CWP Bicycle facilities 50,000 Budget Carryover 100 General Fund Special Projects LOS to VMT Standards 130,000 Budget Carryover 100 General Fund Special ProjectsMunicipal Water System 22,677 Budget Carryover 100 General Fund Staff augmentation delayed recruitement-Torres Engineering 82,806 Budget Carryover 100 General Fund Stay Active Fund used for Senior members 40,888 Budget Carryover 100 General Fund Sustainable Infrastructure Audit 10,000 Budget Carryover 100 General Fund The Hamptons developer agreement expires 2025 108,640 173
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Detailed Budget Carryovers, Council-approved Adjustments, and Encumbrance Carryovers as of December 31, 2023
Attachment C
Budget Adjustment Type Fund Description Amount
Budget Carryover 100 General Fund Tree and concrete work in progress 6,657 Budget Carryover 100 General Fund Trees and Badges - projects in progress 1,263 Budget Carryover 100 General Fund Trench work - special project in progress 40,000 Budget Carryover 100 General Fund Turf supplies not received until FY24 35,512 Budget Carryover 100 General Fund Vallco Town Center - ongoing 188,680 Budget Carryover 100 General Fund Vallco Town Center building inspections - ongoing 5,406,634 Budget Carryover 100 General Fund Vallco Town Center plan review - ongoing 13,500,000 Budget Carryover 100 General Fund VIA Community Shuttle Pilot Program Work Plan Item 10,574 Budget Carryover 100 General Fund VTA CMP Member Agency Fees; invoice pending 73,374 Budget Carryover 100 General Fund VTC-Project in progress 766,777 Budget Carryover 100 General Fund Zoom Room Improvements 40,316 TOTAL GENERAL FUND 25,990,872
Budget Carryover 210 Storm Drain Improvement Pumpkin/Fiesta Storm Drain Ph 1 & 2 249,346 Budget Carryover 230 Env Mgmt Cln Crk Strm Drain New staff; defered training due to pandemic 3,077 Budget Carryover 230 Env Mgmt Cln Crk Strm Drain Outfall repairs-unpurchased compost,recology payment 133,791 Budget Carryover 230 Env Mgmt Cln Crk Strm Drain Outstanding payment for school busing,APN fee audit 39,328 Budget Carryover 265 BMR Housing City Work plan for low income 234,722 Budget Carryover 265 BMR Housing City Work Plan for Support for Unhoused - ongoing 50,000 Budget Carryover 270 Transportation Fund 1 additional gateway sign 25,859 Budget Carryover 270 Transportation Fund Annual asphalt project-work in progress 3,542,503 Budget Carryover 270 Transportation Fund Annual SW Curb & Gutter project in progress 257,294 Budget Carryover 270 Transportation Fund Bridge Rehab Minor 492,082 Budget Carryover 270 Transportation Fund Homestead/De Anza Signal Upgrade 98,132 Budget Carryover 270 Transportation Fund Orange & Byrne Sidewalk Improvements 399,990 Budget Carryover 270 Transportation Fund Ph 1 & Ph 2 Pavement digouts, crack seal & fog seal 561,043 Budget Carryover 270 Transportation Fund SBI Funds-work scheduled - project in progress 818,959 Budget Carryover 270 Transportation Fund Sidewalk inspections in progress 62,774 Budget Carryover 270 Transportation Fund Sign survey - project in progress 73,491 Budget Carryover 280 Park Dedication Granite Rock PO 2022-540 (74,751) Budget Carryover 280 Park Dedication Lawrence-Mitty Park 5,940,908 Budget Carryover 280 Park Dedication Memorial Park Pond Repurposing 1,140,478 Budget Carryover 280 Park Dedication MRP Community Garden Improvements 32,900 TOTAL SPECIAL REVENUE FUNDS 14,081,926
Budget Carryover 420 Capital Improvement Fund ADA Improvements, multi-year 120,166 Budget Carryover 420 Capital Improvement Fund BBF Pool Improvements 710,704 Budget Carryover 420 Capital Improvement Fund Bike Plan Implementation 8,649,892 Budget Carryover 420 Capital Improvement Fund California Commercial Fence PO 2021-514 (72,335) Budget Carryover 420 Capital Improvement Fund Carmen Road Bridge Right-of-Way 72,700 Budget Carryover 420 Capital Improvement Fund City Hall & Community Hall Improvements 454,037 174
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Detailed Budget Carryovers, Council-approved Adjustments, and Encumbrance Carryovers as of December 31, 2023
Attachment C
Budget Adjustment Type Fund Description Amount
Budget Carryover 420 Capital Improvement Fund City Hall Annex (formerly10455 Torre Ave) Improv 1,901,522 Budget Carryover 420 Capital Improvement Fund City Lighting LED Transition Assessment 1,334,310 Budget Carryover 420 Capital Improvement Fund Citywide Community Garden - project scheduled 34,795 Budget Carryover 420 Capital Improvement Fund CW Bldg Condition Assess Impl 510,787 Budget Carryover 420 Capital Improvement Fund De Anza Blvd Buffered Bike Lanes 524,947 Budget Carryover 420 Capital Improvement Fund EV Parking Expansion - project in progress 208,000 Budget Carryover 420 Capital Improvement Fund Full-size Outdoor Basketball Court 29,493 Budget Carryover 420 Capital Improvement Fund G. Bortolotto PO 2023-204 (2,728) Budget Carryover 420 Capital Improvement Fund Guerra 3, 2022-11 Wilson Park Basketball Ct (97,225) Budget Carryover 420 Capital Improvement Fund Guerra Construction Group PO 2023-367 (18,086) Budget Carryover 420 Capital Improvement Fund Inclusive Play Area Planning 4,315,954 Budget Carryover 420 Capital Improvement Fund Library Expansion - project in progress 396,144 Budget Carryover 420 Capital Improvement Fund Mary Ave Protected Bikeway 49,000 Budget Carryover 420 Capital Improvement Fund McClellan Ranch Parking Lot Impro enviro monitoring 59,037 Budget Carryover 420 Capital Improvement Fund Memorial Park Specific Plan - project in progress 134,274 Budget Carryover 420 Capital Improvement Fund MR Community Garden Improv 1,099 Budget Carryover 420 Capital Improvement Fund Playground Equipment (Creekside & Varian) 602,810 Budget Carryover 420 Capital Improvement Fund Pub Bldg Solar Service Center 18,571 Budget Carryover 420 Capital Improvement Fund Regnart Road Improvements 736,500 Budget Carryover 420 Capital Improvement Fund SCB/Bandley Signal & Median Imps (PM-Stillman) 142,208 Budget Carryover 420 Capital Improvement Fund School Walk Audit Implementation 939,405 Budget Carryover 420 Capital Improvement Fund SLTG/280 Ped Bridge Lighting - (dev in lieu) 46,449 Budget Carryover 420 Capital Improvement Fund St Light Install - Annual Infill - multi-year 74,838 Budget Carryover 420 Capital Improvement Fund St Light Replacement CW (labor) (PM-Alexander) 99,330 Budget Carryover 420 Capital Improvement Fund Stelling/Alves Crosswalk Install 54,039 Budget Carryover 420 Capital Improvement Fund Stevens Crk Bank Repair Concept 30,216 Budget Carryover 420 Capital Improvement Fund Tree Inventory Stevens Creek Corridor 10,840 Budget Carryover 420 Capital Improvement Fund TYMAN Construction PO 2023-374 (9,537) Budget Carryover 420 Capital Improvement Fund Various Park Amenities - project in progress 471,221 TOTAL CAPITAL PROJECT FUNDS 22,533,377
Budget Carryover 520 Resource Recovery Calrecyle billing cycle delay 15,216 Budget Carryover 520 Resource Recovery New Landfill Agreement/Solid Waste 223,859 Budget Carryover 520 Resource Recovery SB1383 Procurement Requirements 44,640 Budget Carryover 520 Resource Recovery Single use Plastics Special project 3,986 Budget Carryover 560 Blackberry Farm BBF Golf Course recent fence repair 5,000 Budget Carryover 560 Blackberry Farm BBF Golf Renovation/Alt Use 270 Budget Carryover 570 Sports Center Door refinishing - project in progress 10,775 Budget Carryover 570 Sports Center HVAC Maint & Repair Special Projects in progress 23,705 Budget Carryover 570 Sports Center replacement windscreens for the Tennis Courts 72,853 Budget Carryover 570 Sports Center Sport Center Community Needs Analysis 25,000 175
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Detailed Budget Carryovers, Council-approved Adjustments, and Encumbrance Carryovers as of December 31, 2023
Attachment C
Budget Adjustment Type Fund Description Amount
Budget Carryover 570 Sports Center Unforeseen purchase of umbrellas for Sports Center 1,700 Budget Carryover 580 Recreation Program Quinlan Sustainable Infrastructure 181,329 TOTAL ENTERPRISE FUNDS 608,333
Budget Carryover 610 Innovation & Technology ActiveNet Additional Readers 6,666 Budget Carryover 610 Innovation & Technology Business Automation platform additional support 30,000 Budget Carryover 610 Innovation & Technology CH Ent Server & Storage Tech Ref 140,000 Budget Carryover 610 Innovation & Technology City Hall Enterprise Server & Storage Tech refresh 275,639 Budget Carryover 610 Innovation & Technology CWP Cybersecurity Public Education 7,500 Budget Carryover 610 Innovation & Technology CWP License Plate Readers 60,000 Budget Carryover 610 Innovation & Technology LaserFiche Scanning 21,550 Budget Carryover 610 Innovation & Technology PT GIS Tech reclassification and transfer of Web Specialist 24,848 Budget Carryover 610 Innovation & Technology Security Framework and Audit 60,000 Budget Carryover 610 Innovation & Technology Senior Center Access Controls 16,000 Budget Carryover 610 Innovation & Technology Special Project Additional Telematic Devices 5,300 Budget Carryover 610 Innovation & Technology Special Project Facility Battery 40,037 Budget Carryover 610 Innovation & Technology upgrade to SaaS solution 30,000 Budget Carryover 630 Vehicle/Equip Replacement Equipment/vehicle purchase 46,970 Budget Carryover 630 Vehicle/Equip Replacement Sign shop roof repair - project in progress 56,182 TOTAL INTERNAL SERVICE FUNDS 820,692
TOTAL BUDGET CARRYOVERS 64,035,200
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Detailed Budget Carryovers, Council-approved Adjustments, and Encumbrance Carryovers as of December 31, 2023
Attachment C
Budget Adjustment Type Fund Description Amount

COUNCIL ACTIONS
Council Action 100 General Fund SVCE Community Resilience Grant for EV Chargers 233,963 TOTAL GENERAL FUND 233,963
Council Action 260 CDBG CDBG fund transfer to BCA CIP Project Snr Cntr Fire Alarm 367,951 Council Action 270 Transportation Fund CC approved budget transfer for McClellan Rd. Bike Corridor Ph 3 948,552 TOTAL SPECIAL REVENUE FUNDS 1,316,503
Council Action 420 Capital Improvement Fund CDBG fund transfer to BCA CIP Project Snr Cntr Fire Alarm 367,951 Council Action 420 Capital Improvement Fund Council-approved BA-SCB Calabazas Emergency Storm Drain Repair 460,000 Council Action 420 Capital Improvement Fund CC-approved budget adjustment for Cristo Rey Bike Lanes Project 30,000 Council Action 420 Capital Improvement Fund CC-approved budget adjustment for Regnart Rd Improv Project 876,766 Council Action 429 Capital Reserve Council-approved BA-SCB Calabazas Emergency Storm Drain Repair 460,000 Council Action 429 Capital Reserve CC-approved budget adjustment for Cristo Rey Bike Lanes Project 15,000 Council Action 429 Capital Reserve CC-approved budget adjustment for Regnart Rd Improv Project 876,766 TOTAL CAPITAL PROJECT FUNDS 3,086,483
TOTAL COUNCIL ACTIONS 4,636,949
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Detailed Budget Carryovers, Council-approved Adjustments, and Encumbrance Carryovers as of December 31, 2023
Attachment C
Budget Adjustment Type Fund Description Amount

FIRST QUARTER ADJUSTMENTS
First Quarter Adjustment 100 General Fund 4H Rack Room Building Damage 2,500 First Quarter Adjustment 100 General Fund CA Volunteer N2N Grant 64,405 First Quarter Adjustment 100 General Fund Ceramic Room A/C Unit Repair 3,631 First Quarter Adjustment 100 General Fund Compressor Repair 14,636 First Quarter Adjustment 100 General Fund Emergency Management Performance Grant 8,000 First Quarter Adjustment 100 General Fund Fire Sprinkler Repair 2,401 First Quarter Adjustment 100 General Fund IMPEC Additional Janitorial Services 29,118 First Quarter Adjustment 100 General Fund Transfer fr I&T Fund for Senior Center Access Controls 16,000 First Quarter Adjustment 100 General Fund Transfer from F520 for ClimateNav Hub funds 20,000 First Quarter Adjustment 100 General Fund Transfer from I&T Fund for License Plate Readers 60,000 First Quarter Adjustment 100 General Fund Unforeseen Breaker Repair 7,882 First Quarter Adjustment 100 General Fund Unforeseen Generator Repair 14,574 First Quarter Adjustment 100 General Fund Unforeseen HVAC Repair 10,858 First Quarter Adjustment 100 General Fund Unforeseen Panel Replacement 8,831 TOTAL GENERAL FUND 262,836
First Quarter Adjustment 230 Env Mgmt Cln Crk Strm Drain Defund Permeable Pavement Rebate (12,500) First Quarter Adjustment 270 Transportation Fund Transfer from CIP for Street Sign damage at Wilson Park 467 TOTAL SPECIAL REVENUE FUNDS (12,033)
First Quarter Adjustment 420 Capital Improvement Fund Transfer from CIP for Street Sign damage at Wilson Park 467 TOTAL CAPITAL PROJECT FUNDS 467
First Quarter Adjustment 560 Blackberry Farm Tree Maintenance 55,000 First Quarter Adjustment 560 Blackberry Farm Utilities Adjustment 77,000 TOTAL ENTERPRISE FUNDS 132,000
First Quarter Adjustment 610 Innovation & Technology Transfer fr Gen Fund for Municipal Code Publishing 7,684 First Quarter Adjustment 610 Innovation & Technology Transfer from Gen Fund for LaserFiche Conference 2,500 First Quarter Adjustment 610 Innovation & Technology Transfer from Gen Fund for LaserFiche Consultation 15,900 First Quarter Adjustment 610 Innovation & Technology Transfer from Gen Fund for LaserFiche Subscription 45,000 First Quarter Adjustment 610 Innovation & Technology Transfer from Gen Fund for NexSan WORM Device 10,600 First Quarter Adjustment 610 Innovation & Technology Transfer from General Fund for Salaries Part Time 56,000 First Quarter Adjustment 630 Vehicle/Equip Replacement Install Wood Chipper Safety Shields 19,187 TOTAL INTERNAL SERVICE FUNDS 156,871
TOTAL FIRST QUARTER ADJUSTMENTS 540,141
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Detailed Budget Carryovers, Council-approved Adjustments, and Encumbrance Carryovers as of December 31, 2023
Attachment C
Budget Adjustment Type Fund Description Amount

ENCUMBRANCE CARRYOVERS
Encumbrance Carryover 100 General Fund Year End Soft Close 9,723,884 TOTAL GENERAL FUND 9,723,884
Encumbrance Carryover 210 Storm Drain Improvement Year End Soft Close 1,566,693 Encumbrance Carryover 230 Env Mgmt Cln Crk Strm Drain Year End Soft Close 296,053 Encumbrance Carryover 260 CDBG Year End Soft Close 6,637 Encumbrance Carryover 265 BMR Housing Year End Soft Close 3,666 Encumbrance Carryover 270 Transportation Fund Year End Soft Close 1,998,991 Encumbrance Carryover 280 Park Dedication Year End Soft Close 229,394 TOTAL SPECIAL REVENUE FUNDS 4,101,434
Encumbrance Carryover 420 Capital Improvement Fund Year End Soft Close 1,994,887 Encumbrance Carryover 427 Stevens Creek Corridor Park Year End Soft Close 7,848 TOTAL CAPITAL PROJECT FUNDS 2,002,735
Encumbrance Carryover 520 Resource Recovery Year End Soft Close 284,540 Encumbrance Carryover 560 Blackberry Farm Year End Soft Close 5,858 Encumbrance Carryover 570 Sports Center Year End Soft Close 7,925 TOTAL ENTERPRISE FUNDS 298,323
Encumbrance Carryover 610 Innovation & Technology Year End Soft Close 239,797 Encumbrance Carryover 630 Vehicle/Equip Replacement Year End Soft Close 761,591 TOTAL INTERNAL SERVICE FUNDS 1,001,388
TOTAL ENCUMBRANCE CARRYOVERS 17,127,764
BUDGET CARRYOVER, COUNCIL APPROVED ADJUSTMENT, AND ENCUMBRANCE CARRYOVER TOTAL 86,340,054 FY 2023-24 ADOPTED BUDGET 121,765,857
FY 2023-24 AMENDED BUDGET AS DECEMBER 31, 2023 208,105,911$ 179
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Budget Transfers as of December 31, 2023 Attachment D
GL Account Description Amount
100-32-308 700-702 - Contract Services General Service Agreement Contract Services Base Budget line item transfer 15,000 100-32-308 700-703 - Contract Services Maintenance of Equipment Contract Services Base Budget line item transfer (15,000) -
270-85-821 900-921 - Capital Outlay Annual Asphalt Project Transfer Budget from Capital Outlay to SB1 Line Item (616,739) 270-85-821 900-971 - Capital Outlay SB1 Roads Transfer Budget from Capital Outlay to SB1 Line Item 616,739 -
270-85-821 700-702 - Contract Services General Service Agreement Transfer Budget from Contract Service to Capital Outlay (559,000) 270-85-821 900-921 - Capital Outlay Annual Asphalt Project Transfer Budget from Contract Service to Capital Outlay 559,000 -
100-12-122 500-501 - Employee Compensation Salaries Full Time 2324-310 Sustainability Transfer to PW (285,228) 100-12-122 500-502 - Employee Compensation Salaries Part Time 2324-310 Sustainability Transfer to PW (29,853) 100-12-122 501-500 - Employee Benefits Retirement System 2324-310 Sustainability Transfer to PW (89,111) 100-12-122 501-501 - Employee Benefits PT Medicare 2324-310 Sustainability Transfer to PW (421) 100-12-122 501-502 - Employee Benefits Pers 1959 Surv Empr 2324-310 Sustainability Transfer to PW (52) 100-12-122 501-505 - Employee Benefits Health Insurance 2324-310 Sustainability Transfer to PW (35,910) 100-12-122 501-506 - Employee Benefits Dental Insurance 2324-310 Sustainability Transfer to PW (2,738) 100-12-122 501-507 - Employee Benefits Medicare 2324-310 Sustainability Transfer to PW (4,136) 100-12-122 501-508 - Employee Benefits Life Insurance 2324-310 Sustainability Transfer to PW (1,296) 100-12-122 501-509 - Employee Benefits Long Term Disability 2324-310 Sustainability Transfer to PW (1,164) 100-12-122 501-511 - Employee Benefits Vision Insurance 2324-310 Sustainability Transfer to PW (323) 100-12-122 501-513 - Employee Benefits Rec Bucks 2324-310 Sustainability Transfer to PW (900) 100-12-122 501-519 - Employee Benefits PT PARS 2324-310 Sustainability Transfer to PW (378) 100-12-122 600-601 - Materials General Office Supplies 2324-310 Sustainability Transfer to PW (1,328) 100-12-122 600-602 - Materials Printing and Duplication 2324-310 Sustainability Transfer to PW (4,482) 100-12-122 600-605 - Materials Meeting Expenses 2324-310 Sustainability Transfer to PW (1,779) 100-12-122 600-608 - Materials Sml Tools and Equipment 2324-310 Sustainability Transfer to PW (750) 100-12-122 600-613 - Materials General Supplies 2324-310 Sustainability Transfer to PW (1,220) 100-12-122 600-629 - Materials Conference and Training 2324-310 Sustainability Transfer to PW (3,460) 100-12-122 600-632 - Materials Mileage Reimbursement 2324-310 Sustainability Transfer to PW (528) 100-12-122 600-647 - Materials Memberships and Dues 2324-310 Sustainability Transfer to PW (6,819) 100-12-122 700-702 - Contract Services General Service Agreement 2324-310 Sustainability Transfer to PW (275,344) 100-12-122 700-704 - Contract Services Insurance Fees, Claims, Premiums 2324-310 Sustainability Transfer to PW (1,400) 100-12-122 719-705 - Contingencies Contingencies 2324-310 Sustainability Transfer to PW (915) 100-12-122 750-018 - Special Projects Climate Action Plan 2324-310 Sustainability Transfer to PW (1,236) 100-12-122 750-019 - Special Projects Employee Commute Program 2324-310 Sustainability Transfer to PW (2,586) 100-12-122 750-069 - Special Projects Sustainable Infrastructure Audit 2324-310 Sustainability Transfer to PW (10,000) 100-12-122 750-106 - Special Projects Electric Cooking Workshop Series 2324-310 Sustainability Transfer to PW (6,400) 180
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Budget Transfers as of December 31, 2023 Attachment D
100-12-122 750-176 - Special Projects Climate AP Vision Summary Doc 2324-310 Sustainability Transfer to PW (10,000) 100-12-122 750-223 - Special Projects CWP Electrification Study 2324-310 Sustainability Transfer to PW (50,000) 100-12-122 800-801 - Cost Allocation Equipment Reimbursement 2324-310 Sustainability Transfer to PW (142) 100-12-122 800-802 - Cost Allocation IT Reimbursement 2324-310 Sustainability Transfer to PW (60,777) 100-12-122 800-805 - Cost Allocation CC CAP Allocation 2324-310 Sustainability Transfer to PW (10,947) 100-12-122 800-806 - Cost Allocation CM CAP Allocation 2324-310 Sustainability Transfer to PW (4,617) 100-12-122 800-810 - Cost Allocation City Attorney CAP Alloc 2324-310 Sustainability Transfer to PW (48,360) 100-12-122 800-814 - Cost Allocation Finance CAP Alloc 2324-310 Sustainability Transfer to PW (30,811) 100-12-122 800-815 - Cost Allocation Human resources CAP Alloc 2324-310 Sustainability Transfer to PW (15,880) 100-12-122 800-820 - Cost Allocation Grounds Maintenance CAP 2324-310 Sustainability Transfer to PW (648) 100-12-122 800-821 - Cost Allocation Building Maintenance CAP 2324-310 Sustainability Transfer to PW (6,214) 100-81-122 500-501 - Employee Compensation Salaries Full Time 2324-310 Sustainability Transfer to PW 285,228 100-81-122 500-502 - Employee Compensation Salaries Part Time 2324-310 Sustainability Transfer to PW 29,853 100-81-122 501-500 - Employee Benefits Retirement System 2324-310 Sustainability Transfer to PW 89,111 100-81-122 501-501 - Employee Benefits PT Medicare 2324-310 Sustainability Transfer to PW 421 100-81-122 501-502 - Employee Benefits Pers 1959 Surv Empr 2324-310 Sustainability Transfer to PW 52 100-81-122 501-505 - Employee Benefits Health Insurance 2324-310 Sustainability Transfer to PW 35,910 100-81-122 501-506 - Employee Benefits Dental Insurance 2324-310 Sustainability Transfer to PW 2,738 100-81-122 501-507 - Employee Benefits Medicare 2324-310 Sustainability Transfer to PW 4,136 100-81-122 501-508 - Employee Benefits Life Insurance 2324-310 Sustainability Transfer to PW 1,296 100-81-122 501-509 - Employee Benefits Long Term Disability 2324-310 Sustainability Transfer to PW 1,164 100-81-122 501-511 - Employee Benefits Vision Insurance 2324-310 Sustainability Transfer to PW 323 100-81-122 501-513 - Employee Benefits Rec Bucks 2324-310 Sustainability Transfer to PW 900 100-81-122 501-519 - Employee Benefits PT PARS 2324-310 Sustainability Transfer to PW 378 100-81-122 600-601 - Materials General Office Supplies 2324-310 Sustainability Transfer to PW 1,328 100-81-122 600-602 - Materials Printing and Duplication 2324-310 Sustainability Transfer to PW 4,482 100-81-122 600-605 - Materials Meeting Expenses 2324-310 Sustainability Transfer to PW 1,779 100-81-122 600-608 - Materials Sml Tools and Equipment 2324-310 Sustainability Transfer to PW 750 100-81-122 600-613 - Materials General Supplies 2324-310 Sustainability Transfer to PW 1,220 100-81-122 600-629 - Materials Conference and Training 2324-310 Sustainability Transfer to PW 3,460 100-81-122 600-632 - Materials Mileage Reimbursement 2324-310 Sustainability Transfer to PW 528 100-81-122 600-647 - Materials Memberships and Dues 2324-310 Sustainability Transfer to PW 6,819 100-81-122 700-702 - Contract Services General Service Agreement 2324-310 Sustainability Transfer to PW 275,344 100-81-122 700-704 - Contract Services Insurance Fees, Claims, Premiums 2324-310 Sustainability Transfer to PW 1,400 100-81-122 719-705 - Contingencies Contingencies 2324-310 Sustainability Transfer to PW 915 100-81-122 750-018 - Special Projects Climate Action Plan 2324-310 Sustainability Transfer to PW 1,236 100-81-122 750-019 - Special Projects Employee Commute Program 2324-310 Sustainability Transfer to PW 2,586 100-81-122 750-069 - Special Projects Sustainable Infrastructure Audit 2324-310 Sustainability Transfer to PW 10,000 181
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Budget Transfers as of December 31, 2023 Attachment D
100-81-122 750-106 - Special Projects Electric Cooking Workshop Series 2324-310 Sustainability Transfer to PW 6,400 100-81-122 750-176 - Special Projects Climate AP Vision Summary Doc 2324-310 Sustainability Transfer to PW 10,000 100-81-122 750-223 - Special Projects CWP Electrification Study 2324-310 Sustainability Transfer to PW 50,000 100-81-122 800-801 - Cost Allocation Equipment Reimbursement 2324-310 Sustainability Transfer to PW 142 100-81-122 800-802 - Cost Allocation IT Reimbursement 2324-310 Sustainability Transfer to PW 60,777 100-81-122 800-805 - Cost Allocation CC CAP Allocation 2324-310 Sustainability Transfer to PW 10,947 100-81-122 800-806 - Cost Allocation CM CAP Allocation 2324-310 Sustainability Transfer to PW 4,617 100-81-122 800-810 - Cost Allocation City Attorney CAP Alloc 2324-310 Sustainability Transfer to PW 48,360 100-81-122 800-814 - Cost Allocation Finance CAP Alloc 2324-310 Sustainability Transfer to PW 30,811 100-81-122 800-815 - Cost Allocation Human resources CAP Alloc 2324-310 Sustainability Transfer to PW 15,880 100-81-122 800-820 - Cost Allocation Grounds Maintenance CAP 2324-310 Sustainability Transfer to PW 648 100-81-122 800-821 - Cost Allocation Building Maintenance CAP 2324-310 Sustainability Transfer to PW 6,214 -
610-34-310 600-608 - Materials Sml Tools and Equipment FY23 Budget Carryover transfer for Data Ctr. Special Project 77,460 610-34-310 600-608 - Materials Sml Tools and Equipment FY23 Budget Carryover transfer for Data Ctr. Special Project 41,077 610-34-310 700-701 - Contract Services Training and Instruction FY23 Budget Carryover transfer for Data Ctr. Special Project (22,173) 610-34-310 700-702 - Contract Services General Service Agreement FY23 Budget Carryover transfer for Data Ctr. Special Project (55,287) 610-34-310 700-703 - Contract Services Maintenance of Equipment FY23 Budget Carryover transfer for Data Ctr. Special Project (41,077) -
100-60-601 750-098 - Special Projects CWP Senior Strategy Correcting placement of funds for CWP Sr Svcs & Youth Engagement (20,000) 100-60-601 750-241 - Special Projects Senior Svcs & Youth Engagement Correcting placement of funds for CWP Sr Svcs & Youth Engagement 20,000 -
100-88-844 750-040 - Special Projects Planned Transportation Project Transferring from incorrect GL - I-280 Wolfe Project (800,000) 100-88-844 900-964 - Capital Outlay I-280/Wolfe Rd Interchange Imprv Transferring from incorrect GL - I-280 Wolfe Project 800,000 -
560-84-268 600-643 - Materials Water Services Transfer budget from BBF Golf Course Facilities to Grounds 39,289 560-87-260 600-643 - Materials Water Services Transfer budget from BBF Golf Course Facilities to Grounds (39,289) -
100-12-120 750-239 - Special Projects PR & Strategic Comm Strategy 2324-317 Transfer for PR and Strategic Communications Strategy 15,000 100-12-705 750-230 - Special Projects Business Continuity Resilience 2324-317 Transfer for PR and Strategic Communications Strategy (15,000) -
610-34-310 500-502 - Employee Compensation Salaries Part Time Transfer - unfilled Intern III position to fund Intern Contract (26,069) 610-34-310 700-702 - Contract Services General Service Agreement Transfer - unfilled Intern III position to fund Intern Contract 26,069 -
100-12-126 600-602 - Materials Printing and Duplication 2324-319 Transfer -Voler 2023 Media Training re Budget Messaging (21,000) 100-12-126 700-702 - Contract Services General Service Agreement 2324-319 Transfer -Voler 2023 Media Training re Budget Messaging 42,000 100-14-123 719-705 - Contingencies Contingencies 2324-319 Transfer -Voler 2023 Media Training re Budget Messaging (21,000) -
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Budget Transfers as of December 31, 2023 Attachment D
100-41-405 700-702 - Contract Services General Service Agreement CWP Analyze potential revenue measures (42,450) 100-41-426 750-217 - Special Projects CWP Analyze Potential Rev Measrs CWP Analyze potential revenue measures 42,450 -
100-31-305 500-502 - Employee Compensation Salaries Part Time De Anza Intern Agreement funding (120,088) 100-31-305 700-702 - Contract Services General Service Agreement De Anza Intern Agreement funding 120,088 -
100-32-308 500-502 - Employee Compensation Salaries Part Time De Anza Student Intern Agreement funding (13,843) 100-32-308 700-702 - Contract Services General Service Agreement De Anza Student Intern Agreement funding 13,843

TOTAL -
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FY 2023-24 Mid-Year Recommended Adjustments Attachment E Fund GL Account Revenue Expenditure Change in Fund Balance Proposal

GENERAL FUND
100 General Fund 100-12-632-410-432 795,258 - 795,258 Utility User Tax Revenue Adjustment 100 General Fund 100-63-623-450-404 12,414 - 12,414 Hidden Treasures Proceeds 101 General Fund 100-62-623-600-639 - 10,057 (10,057) Hidden Treasures Proceeds TOTAL GENERAL FUND 807,672 10,057 807,672 TOTAL ALL FUNDS $ 807,672 $ 10,057 $ 807,672 184
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: Administrative Services
Finance
Goal: Financial Stability ‐ Provide a sustainable level of core services that are funded from ongoing and stable revenue sources.

So that… Measure
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Ongoing
Target
General Fund committed, assigned,
and unassigned fund balance as a %
of bud
geted appropriations
86% 122% 97% 35%
Credit Rating AA+ AA+ AA+ AA+
Actual expenditures (% below budget) 9% 14% 24% 5%
So that…
Citizens can enjoy high quality services that meet community priorities.

Human Resources
Goal: To create a thriving organization with meaningful careers in public service.

So that…
Measure
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Ongoing
Target
# of Worker’s Compensation Cases 11 4 1 0
Total recorda ble Injury Rate YTD 4.3% 1.4% 0.3% 0%
% absenteeism
(% of total annual work hours) 2% 3% 3% 2%
% turnover rate 9% 9% 3% 1%
% Employee participation in wellness
activities 48% 38% 39% 75%
Average # of applications received per
recruitment 49 45 49 50
Recruitment timeline ‐ # days from
hiring request to offer letter 88 105 53 60
So that…
Citizens can enjoy high quality services that meet community priorities.

Actual revenue vs. budget (% below
budget) 24% 17% 28% 10%
Funding allocated to high priority
services (Public Works, Community
Development, Law Enforcement)
52% 58% 72% 63%
The City is
financially
responsible.

The City can
invest in
Community
priorities.

The City can
ensure a safe
working
environment for
all employees
The City attracts
and retains a
talented
workforce
The agency
builds a flexible
and productive
work
arrangement.
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City of Cupertino
FY 23‐24 Budget Workload Indicators
Department: Administrative Services
Finance
Workload Indicator
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24  Jul‐
Dec
# of vendor checks processed 4,993          5,130          2,199 # of payroll checks processed 8,119          9,176          4,758 # of business license applications 884             969             515 # of business license renewals 1,521          2,176          1,005 # of journal entries posted 3,635          3,695          1,743 # of purchase orders approved 563             543             307 # of receipts processed 9,353          11,275        4,885 Human Resources
Workload Indicator
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
# of regular recruitments 33               29               11 # of regular new hires 38               31               9 # of temporary new hires 77               70               14 # of personnel payroll changes 787
773             331
# of full‐time employee exits
processed 24               22               12
# of mandated training classes
offered* 20               19               21
# of employees participating in the
wellness program 104             161             99
*some trainings mandated every other year, however not on the same annual schedule 186
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: Community Development Department
Community Development
Goal: Review and guide development activity to ensure compliance with relevant codes and policies, and alignment with community values to promote and enhance Cupertinoʹs community‐wide quality of life.

Enabled by… Measure
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24
Jul‐Dec Ongoing Target
Building permit applications shall be
plan reviewed within 15 business days.
87% 80% 82% 80%
Customer/Applicants visiting the
Building Permit Counter shall be
assisted within 15 minutes
83% 90% 92% 80%
Applicants visiting the Planning Counter
shall be assisted within 15 minutes 87% 98% 96% 50%
Building permit applications
reviewed/issued over‐the‐counter (OTC)
60% 62% 61% 75%
Below market rate rental and purchase
vacancies filled 24 20 8 15 per year
Average number of days to initiate
investigation of code complaints 0.19 0.54 0.46 < 7
Code enforcement cases resolved
without issuance of citations 91% 93% 92% 80%
Landlord‐tenant counseling and dispute
resolution cases provided 57 25 38 100 per year
Public Outreach Events 21 5 9 1 2 per year
Funds received from Community Block
Grant (CDBG) federal entitlement
program
$412,800 $388,459 $358,910
Comply with
HUDʹs a nnual
timeliness test
* No data due to closure of city hall.

So that…
In‐person appointment started July 15, 2021, the counters were temporary closed in January 10, 2022 due to the surge of the COVID‐19 Omicron variant and reopened April 2022. ** Dollar amount from HUD is for th e whole fiscal year.

Efficient
planning and
building
services and
enhanced
customer
service.

Effective code
enforcement
services.

Affordable and
Below Market
Rate Housing
programs and
public service
grants.

Cupertino is a thriving City to live, work, learn and play. 187
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City of Cupertino
FY 23‐24 Budget Workload Indicators
Department: Community Development
Planning and Community Development
Workload Indicator
FY22  Jul‐
Jun
FY23  Jul‐
Jun
FY24
Jul‐Dec
Number of preliminary reviews 142 127 21
Number of planning applications
received 301 232 95
Number of planning counter inquiries 217** 1,223 644
Housing Services
Workload Indicator
FY22  Jul‐
Jun
FY23  Jul‐
Jun
FY24
Jul‐Dec
Number of BMR rental and ownership
vacancies filled 24 20 8
Number of landlord tenant counseling
and dispute cases received 57 25 38
Number of annual HUD documents
(CAPER, Action Plan, Consolidated
Plan) completed 22 1
Housing and Human Services Grant
Funds inquiries 91 0
N/A
(applications are
due 2/6/24)
Building
Workload Indicator
FY22  Jul‐
Jun
FY23  Jul‐
Jun
FY24
Jul‐Dec
Number of permits received 2,380 2,618 1,324
Number of inspections requested 11,906 15,181 8,406
Number of building counter inquiries 406** 2310 1755
* No data due to the Shelter in Place order
** In person appointment started July 15, 2021, the counters were temporary closed in January 10, 2022 due to the surge of the Omicron variant of Covid‐19
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: City Managerʹs Office, City Clerk Division
GOAL:  Streamline information processing for Council, staff and community members for compliance with State requirements and facilitate independent and transparent access to public information.

Enabled by… Measure
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Ongoing
Target
City Council min utes for meetings
presented for Council approval by the
following regular meeting
100% 100% 100% 100%
Adopted City Council resolutions and
ordinances processed and scanned to
Laserfiche within a week of Clerk’s
office receipt of final, signed document
12%/0% 85%/60% 26%/
100% 100%
Public Record Act requests responded
to by the Statutory deadline date 100% 99% 99% 100%
So that…
All can fully participate in local government to achieve the community & organizational goals.

Online
information
and updated
records that can
be easily
accessed in a
timely manner.

Response to
records
requests to
comply with
State law of 10
days.
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City of Cupertino
FY 23‐24 Budget Workload Indicators
Department: Administration, City Clerk Division
City Clerk
Workload Indicator
FY22
Jul‐Jun
FY23
Jul‐Jun
FY23
Jul‐Dec
City Council minutes for regular
meetings presented for Council
approval by the following regular
meeting
21/21 20/20 9/9
Adopted City Council resolutions and
ordinances processed and scanned to
Laserfiche within a week of Clerk’s
office receipt of final, signed
document
17/140;
0/16
136/160;
6/10 18/70; 4/4
Public Record Act requests responded
to by the Statutory deadline date 240/240 271/274 109/110 190
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: City Managerʹs Office, Economic Development Division Enabled by…
Measure
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Ongoing
Target
Maintain Economic Development
Business Connect Subscribers 3,000 6,000 8,525 8,000
Economic Development Business
Visits, Workshops & Events 3 7 15 20 per year
So that…
GOAL: To actively pursue opportunities in the areas of bus iness attraction, retention, and expansion as a means of promoting economic vitality, and strengthening the City’s sales tax base to support Cupertino’s excellent quality of life for its residents, businesses, and daytime population.

Effective
partnerships
and proactive
Economic
Development
programs to
support local
businesses.

Cupertinoʹs economy and sales tax revenue base are diversified to further enhance the Cityʹs financial stability and its ability to provide quality amenities to the community. 191
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City of Cupertino
FY 23‐24 Budget Workload Indicators
Department: Administration, Economic Development Division Economic Development
Workload Indicator
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Meetings with large groups/organizations; appointments
with brokers, prospective business owners, business owners and operators, City staff, etc. 50 50 20
Special events, including small business workshops and
seminars, ICSC conferences and events, ribbon cuttings and grand openings, and Small Business Saturday Celebration 774 Number of Business Connect Newsletter editions 431
* This is an estimate based on the best information available 192
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: Administration, City Managerʹs Office, Office of Communications Division GOAL: Promote and increase interest and participation in City services, programs, initiatives, and projects while building community pride and positive identification with the City among its residents.

Enabled by… Measure
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24
Ju
l‐Dec
Ongoing
Target
Social media engagement: total number
of followers including City Hall
Nextdoor, Facebook, Twitter, and
Instagram accounts
40,294 41,000 43,011
10%
annual
increase
Social media engagement: average
number of engagements (reactions,
comments, shares, and clicks) per post
on City Hall Facebook account

20.6 31.077 55.94
10%
annual
increase
Cupertino 311: Average response time to
customers o rganization ‐wide (in days):

2.6 Days 2.57 Days 2.49
Days
Average
Close
Time 5
Days
So that…
*Social media engagement metrics seen here are different due to Facebookʹs changes on its metrics, how they calculate it, and what they provide now. Previously, Facebook would count any action as engagement; now they only count likes/reactions, comments, link clicks, and shares.

Residents have access to timely, engaging, and important information Leveraging the
communication
skills,
knowledge, and
experience of
employees while
utilizing existing
and emerging
technologies to
enhance,
improve, and
streamline the
communication
process.
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City of Cupertino
FY 23‐24 Budget Workload Indicators
Department: Administration, Office of Communications
Public Affairs
Workload Indicator
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24 Jul‐
Dec
Ongoing
Target
Social Media Engagement: Post per
year (Facebook, Nextdoor, Twitter,
Instagram) 1,161 500 432 500
Number of Projects Created on
Engage Cupertino 35 3 1
1‐2 per
year
Number of Community Information
and Outreach Program products
provided (newsletters, press releases,
website news postings) 185
150 257 200
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: Innovation & Technology
Innovation & Technology
Goal: Provide superior delivery of information and technology services to city employees and constituents while continually enhancing levels of engagement.

Enabled by… Measure
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Ongoing
Target
GIS: % of time spent Developing
Ap
plication 40% 50% 55% 65%
GIS: % of time Maintaining
applications 60% 50% 45% 35%
GIS: Cityworks utilization ‐ # of assets
Cupertino maintains vs # of assets
maintained in Cityworks. Also the %
increase of work units completed
(WOs, INSP,SRs)
45/31 68% 45/31 45/31 45/45
100%
Infrastructure: Percentage based upon
number of scheduled projects/Number
of projects completed on time
89% N/A 50% 100%
Infrastructure: Percentage based upon
number of HelpDesk tickets/SLA
measurements
93% 85.9% 91.5% 90%
Infrastructure: % Customer
satisfaction based upon Satisfaction
Rate from helpdesk tickets

98.0% 99.6% 95.7%% 85%
Infrastructure: % of network uptime
(not including planned maintenance) 99.9% 99.9% 99.9% 99% Applications: % of citywide‐enterprise
application project management
performed on time and on budget
96% 98.1%% 96% 95%
Applications: Number of website site
visits/Number of site hits 886,899 857,387 438,732
5%
annual
increase
Applications: Number of support
request for the applications support
per month
870 640 330 20
3546/1606 900/600
GIS: Increase Property Information
(Internal/External) site visits per
month
3,344/616 2807/1593
Tools and
services leverage
existing,
emerging and
innovative
technologies to
enhance,
improve, and
streamline
business and
communications
processes
Integrated
information
services enable
customers’
access to the
tools and
information they
need, when and
where they need
it
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City of Cupertino
FY 23‐24 Budget Workload Indicators
Department: Innovation Technology
Applications
Workload Indicator
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24  Jul
‐
Dec
Ongoing
Target
Number of tasks for Enterprise Programs Support & Maintenanace ‐ includes enterprise business platforms like ERP, Land Management System, Recreation System, City Digital Records, City Website and many programs like Admin Services digital transformation, citywide permiting, licensing and enforcement solutions.  The related tasks may range from providing staff user access to these platforms to issues that may require intensive programming and configurations to resolve. 1,950
2,250
Standardizing
tracking
process
2,450
2,500
Number of Hours for Application Development ‐ includes custom software solutions like Bid Management solution and Permit Parking software solutions. Application development for these kind of software solution goes through all stages of Software Development Life Cycle (SDLC) of Requirement‐gathering, Analysis, Designing, Coding, Testing and Deployment of these custom software solutions. 850
1,300 1,450 1,500
hours
% of Project Implementation Performed on Time and Budget for Ciytwide Applications ‐ This measure involves the task of project research and communications, project charter creation, creating or reviewing statement of work, contractor research and selection process, activity and resource planning, creation of work breakdown structure, team building, time management, deliverable management,  customer satisfaction, risk management, communication management, project closeout process and  documentation.
94%
95% 95% 95%
Infrastructure
Workload Indicator
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24  Jul‐
Dec
Ongoing
Target
% of helpdesk requests completed 48 hours or less ‐ Infrastructure is responisble for computer and technology support to all City staff. Prompt customer service and attention is a critical customer service measurement to ensure staff is able to perform and excel with their daily duties. This core responsibilty is performed by two Network Specialists serving 200‐250 staff depending on the time of year. Users may electronically submit or call‐in support requests which is logged in the BossDesk ticketing software. Infrastructureʹs goal is to provide a service level where 90% of all helpdesk service requests are completed in 48 hours or less. 93% 85.9% 91.5% 90%
% of network uptime ‐ Maintain availability and accessibility of the Cityʹs network infrastructure during business hours of operation. The Cityʹs local and wide area networks require high reliability to ensure various applications (ERP, GIS, Land management, etc.) and services (Internet, e‐mail, shared files, City web services, etc). are available for staff and members of the public. Monitoring of equipment, service links, and responsiveness through tools such as Solarwinds Orion and Aruba Airwave allow the Infrastructure team to ensure quick reponse time for any issues as well as document/log network performance.

99.9%

99.9% 99.9% 99.90%
Number of IT Projects Completed ‐ Project research and communications, project charter creation, SOW creation, contractor research and selection process, activity & resource planning/work breakdown structure, team building and motivation, time management, deliverable management, ensuring customer satisfaction, risk management, communication management, project closeout process, documentation

88.89% 9/8
N/A 50% 1/2 100%
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GIS
Workload Indicator
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24 Jul‐
Dec
Ongoing
Target
Hours Spent on Development ‐ The GIS Division builds internal and external web applications, business intelligence tools, digital workflows, and configures enterprise applications.
876/tracking
is still being
refined. This
is not an
accurate
account.
507/new
tracking
system was in
development
during this
time frame
824 1,000
Number of Map, Data, Analysis, Report Completed Requests ‐ GIS receives requests from staff and sometimes Commissioners, Sheriffs office, City Council members…These requests range from hard copy maps (ex. Update a zoning designation and print all new zoning maps) to interactive web maps (ex. PW had a consultant evaluate a section of regnart rd and Chad asked us to create a web map with the data point locations and associate photos), data request (ex. how many Trees were trimmed this year), data changes (ex. can I see this layer symbolized by status and added to property info application), crystal report requests (ex. fleet wants a report that shows how many times each vehicle has a repair work order based on a 1272/trackin
g is still
being
refined. This
is not an
accurate
account.
316/new
tracking
system was in
development
during this
time frame
328
1,000/track
ing is still
being
refined.

This is not
an
accurate
account.
project charter creation, SOW creation, contractor research and selection process, activity & resource planning/work breakdown structure, team building and motivation, time management, deliverable management, ensuring customer satisfaction, risk management, communication management, project closeout process, documentation
90%
9/10
90%*
7/8
2%
1/6 8/8
*One project was removed due to budget cuts
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: Information & Technology, Video Division
Enabled by…
Measure
FY22
Jul‐Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Ongoing
Target
Percentage of total video productions
performed vs scheduled productions (city
meetings excluded)
356%
57/16
220%
44/20
155%
28/18 100%
Percentage of total engineering projects vs
scheduled projects
200%
10/5
182%
11/6
133%
4/3 100%
Total video views on YouTube*
141,571 135,641 80,351 5% annual
increase
So that…
* Unable to retrieve Granicus viewership data due to error in their reporting module GOAL: Video Division oversees numerous outreach projects, public meetings, internal equipment upgrades, and public events. These activities coincide with the City Council and City’s expectation for a positive presence in the community and communications and transparency to residents. 24/7 government access
channel, radio station,
digital signage network,
City website, and
numerous online video
platforms.

Public awareness, interest, understanding, and participation in the issues, programs, and services presented by the City of Cupertino can be enhanced.
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City of Cupertino
FY 23‐24 Budget Workload Indicators
Department: Information & Technology, Video Division
Workload Indicator
FY21
Jul‐Jun
FY22
Jul‐Jun
FY23
Jul‐Dec Ongoing Target
Video Productions Completed vs. Those Scheduled ‐ The Video Division is responsible for producing videos for both city staff as well as the general Cupertino public. Video productions range in scope from relatively simple 30‐ second public service announcements to major projects like CREST that require more than two months of on‐going field production, post‐production editing, and a live awards program telecast. This specific Workload Indicator clearly indicates that a large percentage of annual video projects are unscheduled or unanticipated. The main reason is that video productions are oftentimes evaluated and prioritized on the basis of their immediate organizational value, impact and/or newsworthiness. Oftentimes, these unanticipated projects are identified and assigned with only a few days or weeks of advanced notice. As such, there is an on‐going need within the division for workflow and work schedule adaptability when it comes to evaluating video productions and completing them on time and on budget.

The measurements here are tracked in the ʺmilestonesʺ document located in our City Channel documentation folder. The milestones document is a comprehensive dataset of all the video division projects‐‐both large and small‐‐ and is maintained by the entire video staff. City meeting telecasts are not included in this particular dataset.
522%
47/9
356%
57/16
245%
27/11 100%
Engineering Projects Completed vs. Those Scheduled ‐ Video staff is responsible for designing, managing, and maintaining the many audiovisual and broadcast systems located within the organization. These include systems within the conference and multipurpose rooms, office and huddle spaces, as well as the complex broadcast systems within the video control room at Community Hall. Engineering projects differ from simple repairs, tasks, and modifications in that projects, as defined, require a phased‐in approach with advanced planning, design, budgeting, resource acquisition, and implementation. Most engineering projects are scheduled well in advance; occasionally, however, video staff may need to implement unanticipated projects if staff or council priorities require as such. The Workload Indicator here measures the number of projects completed vs. the number of scheduled projects. These measurements are tracked in the ʺengineering milestonesʺ document located in our City Channel documentation folder. This document is maintained by Pete Coglianese, who is the broadcast engineer for the division.
250%
15/6
275%
11/4
100%
2/2 100%
Total Viewership on the YouTube and Granicus Platforms ‐ Video staff historically tracks viewership data within our primary online video platforms‐ ‐
YouTube and Granicus. Both YouTube and Granicus provide advanced reporting modules that allow us to accurately track the number of views over a given date range. The numbers here indicate total views rather than total unique views. Other online platforms were considered as part of this dataset; however, because we do not consistently post videos to our other social media sites such as Facebook, Twitter, Instagram, and Nextdoor, those statistics were not included as part of this specific performance measure. Similarly, we do have accurate viewership data for the City Channel, our government access television channel, so that platform was excluded as well. 246,313
158,300 60,249 5% annual increase
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: Law Enforcement
Law Enforcement
Goal: Maintain a safe environment to live, work, learn and play.

Enabled by… Measure
FY22 Jul‐
Jun
FY23 Jul‐
Jun
FY24 Jul‐
Dec
Ongoing
Target
Priority 1 3.27 6.57 5.78 5 minutes
Priority 2 6.66 7.46 6.69 9 minutes
Priority 3 11.73 12.72 8.18 20 minutes
% programs maintaining minimum
attendance
Teen & Citizen
Academy
98% 90% 90% 80%
Response time for emergency calls
All members of the
community are
safe, informed,
empowered and
supported.
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City of Cupertino
FY 23‐24 Budget Workload Indicators
Department: Law Enforcement
Law Enforcement
Workload Indicator FY22 Jul‐
Jun
FY23 Jul‐
Jun
FY24 Jul‐
Dec
Ongoing
Target
Total Priority 1 Calls 76 85 30 72
Total Priority 2 Calls 4,027 4,263 2,548 4,578
Total Priority 3 Calls 3,624 3,161 1,965 5,221
Total Teen/Community Academy
Participants 39 18 18 55
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: Parks and Recreation
Parks and Recreation
Goal: Create a positive, healthy and connected community.

Enabled by…
Measure
FY22  Jul‐
Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Ongoing
Target
% of Parks and Recreation Department
customers surveyed who rate services
as good or excellent
95% 98% 98% 85%
% of programs maintaining minimum
registration 73% 78% 79% 80%
% change in participants 119% 16% 14% +1%
So that…
Cupertino has an exceptional system of parks and services that align with community values. % Departmentʹs total cost recovery for
all (direct and indirect) costs 53% 55% 59% 40%
# of new programs or events offered 91 1 1 2 5 0
City investment in
quality recreation
and community
programs
Improved
business processes
to improve
customer
experience
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City of Cupertino
FY 23‐24 Budget Workload Indicators
Department: Parks and Recreation
Business and Community Services
Workload Indicator
FY22  Jul‐
Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Number of reservations at Quinlan
Center 260 405 210
Number of festival applications
received 91 00
Recreation and Education
Workload Indicator
FY22  Jul‐
Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Number of registrations 2,736 3,756 2,636
Number of survey respondents 85 95 41
Number of Senior Center classes
offered 183 235 178
Number of Senior Center trips offered 31 49
Sports, Safety and Outdoor Recreation
Workload Indicator
FY22  Jul‐
Jun
FY23
Jul‐Jun
FY24
Jul‐Dec
Number of programs offered 1445 1256 705
Number of picnic reservations @ BBF 123 152 107
Rounds of golf at BBF Golf Course 45,367 37,961 21,950
Sports Center Memberships 1,186 1,394 1,474
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: Public Works
Capital Project Delivery
So that…
Measure
FY22
Jul‐Jun
FY23   Jul‐
Jun
FY24
Jul‐Dec
Ongoing
Target
Percentage of projects completed on
budget
90% 100% 100% 95%
Percentage of construction projects
completed on time 90% 100% 100% 95%
Goal: Develop and deliver projects on time and within budget that serve the residentʹs needs and supports the Cityʹs stability and growth
*FY22: 9 projects completed, 8 projects on budget and time; *FY23 JULY TO DEC 2022: 8 projects completed, 8 projects on budget and time

City funds
capital
improvement
projects.

Projects are
utilized by the
community.

Benefit: Residents and businesses are assured their community is being improved by insightful, targeted and efficient use of taxes and fees towards maintaining and improving the Cityʹs facilities and assets. 204
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Environment
Goal: Protect our natural environment for current and future generations.

So that...

Measure
FY22
Jul‐Jun
FY23 Jul‐
Jun
FY24
Jul‐Dec
Ongoing
Target
Percent of businesses in compliance
during annual proactive stormwater
pollution prevention inspections
88% 95% 76% 75%
Percent of non‐exempt businesses and
multi‐family accounts separating
organics
86% 87% 97% 100%
(SB1383)
Percent trash/litter reduction achieved to
meet Stormwater Permit requirements
95% 94% N/A 100% by
7/1/2025
Diversion rate from all single‐family,
multi‐family, and commercial accounts
as reported by Recology tonnage reports
53% 53%
50% (July‐
October
2023; Nov‐
Dec not
55%
Respond to reports of actual or potential
discharge the same business day
93% 86% 67% 95%
% of pla
n reviews completed in required
number of days 93% 93% 89% 100%
Cubic yards of compost distributed via
compost site
440 CY
Quarry:
600CY
SMaRT
Station:
789CY
Quarry:
160 CY
SMaRT
Station
Data: 71.40
1,000 CY
% of vegetation obstructions resolved
within 15 days from time of report* 32% 37% 68% 100%
*Inspections occur in the spring only
City is
responsible for
a
comprehensive
storm water
pollution
prevention
program.

Potential
pollutants are
stopped before
entering the
storm drain
system.

City implements
solid waste
collection
services that
encourage
diversion of
waste from
landfills.

Benefit: Current and future residents enjoy a healthy, sustainable environment.

Diversion of
solid waste
from landfill is
maximized,
compost is
produced for
community use,
recyclable
material is sold
to help offset
collection costs
and methane
gas emissions at
landfills are
reduced.
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Development Services
Goal: Provide timely review and permitting of privately completed improvements within the public right of way.

So that…
Measure
FY22
Jul‐Jun
FY23   Jul‐
Jun
FY24
Jul‐Dec
Ongoing
Target
Respond to complete plan submittals or
applications within two (2) weeks 94% 94% 99% 90%
Respond to complete encroachment
permit applications within two (2)
weeks
93% 94% 94% 90%
Respond to public inquiries at the Public
Works counter in City Hall within 15
minutes
91% 95% 95% 95%
Grounds Division
So that... Measure
FY22
Jul‐Jun
FY23   Jul‐
Jun
FY24
Jul‐Dec
Ongoing
Target
Percentage of 311 requests that are
responded to and closed within 3
business days
82% 62% 67% 80%
Percentage of the 1,872 park inspections,
including play grounds, performed
weekly
79% 31% 29% 100%
Percentage of Backflow Prevention
Devices inspected, tested and repaired
annually
100% 100% 50% 100%
Goal: Provide well maintained, clean, and safe areas for the community’s recreational us e and enjoyment  at optimal life cycle costs.

Improvements
within the
public right of
way have
engineering
oversight and
are constructed
to City
standards.

Public
improvements
are consistent
and meet the
needs of the
community.

Benefit: Customers can expect quality reviews and permitting on a defined schedule, and the community can expect quality public facilities.

The City
consistently
funds park
maintenance
and safety
improvement
programs.

Benefit: Cupertino has a well maintained public park system that meets the needs of the community and is beneficial to personal wellness.

Parks are
maintained in
good, usable
condition;
safety
programs are
effective.
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Streets Division
So that… Measure
FY22
Jul‐Jun
FY23 Jul‐
Jun
FY24
Jul‐Dec
Ongoing
Target
Pavement condition index (PCI) > or
equal to 82 83 81 81 82
Percent of the 2087 storm drain inlets
inspected and cleaned in fiscal year 80% 53% 2% 100%
Percent of Inlets with Trash Capture
Screens inspected and cleaned twice
yearly
100% 100% 50% 100%
Percentage of roadway regulatory &
street name signs repaired or replaced 3.5% 2.0% 2.0% 7% Percentage of trip and fall complaints
investigated and mitigated within 2
business days
72% 73% 73% 98%
Percentage of reported streetlight
outages investigated and repaired in 3
business days
90% 90% 90% 90%
Trees and Right of Way Division
So that... Measure
FY22
Jul‐Jun
FY23 Jul‐
Jun
FY24
Jul‐Dec
Ongoing
Target
Percentage of 311 requests that are
responded to and closed within 3
business days
95% 90% 93% 95%
Percentage of trees inspected and
maintained in the yearly maintenance
zone (8 year maintenance cycle)
100% 22% 7% 100%
Percentage of trees planted versus trees
removed
# planted/# removed
113%
211/187
146%
153/105
61%
40/65 101%
Goal: Timely maintenance of public sid ewalks, streets, streetlights and storm drain system in good condition to ensure safe, environmentally compliant, and accessible infrastructure that minimizes liability and has an optimal life cycle cost.

Goal: Maintain and enhance the Cityʹs street trees and medians to ensure a safe, healthy and environmentally conscious Urban Forest.

The City
consistently
funds street
and storm
drain
maintenance
and safety
improvement
programs.

Street and
storm drain
systems are
maintained in a
good condition;
safety
programs are
effective.

Benefit: Cupertino has well maintained street and storm drain systems that meet the needs of the community.

Benefit: Cupertino has a healthy and safe urban forest and medians provide good aesthetic and environmental value.

The City
consistently
funds street
tree and
median
maintenance
and safety
programs
Street trees and
medians
remain in good
health and
condition
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Facilities and Fleet Division
So that… Measure
FY22
Jul‐Jun
FY23 Jul‐
Jun
FY24
Jul‐Dec
Ongoing
Target
Percentage of preventative maintenance
work orders completed for Fleet assets
within 14 days of the due date.
87% 54% 61% 85%
Percentage of facilities maintenance
requests closed within 30 days. 69% 35% 51% 90%
Transportation Division
So that... Measure
FY22
Jul‐Jun
FY23 Jul‐
Jun
FY24
Jul‐Dec
Ongoing
Target
Percentage of non‐emergency traffic
signal requests addressed within 72
hours.
90% 95% 90% 100%
Percentage of emergency traffic signal
requests addressed within 2 hours. 100% 100% 100% 100%
Percentage of traffic engineering
requests responded to within 72 hours 95% 85% 90% 95%
Annual mileage increase of separated
bicycle lanes and pedestrian paths.

2.20 0.82 0 1 mile
Goal: Timely maintain City Facilities and City Fl eet to meet staff, community and environmental requirements at an optimal life cycle cost.

Goal: Ensure the efficiency and safety of the transportation system for all modes of travel.

The City
consistently
funds facility
and fleet
maintenance,
fleet
procurement,
and safety
improvement
programs.

Benefit: Cupertino has well maintained, usable, and safe facilities and fleet in order to meet the needs of staff and the community.

Benefit: Having a safe and efficient transportation system that is inviting for all modes of travel.

Infrastructure
indicates good
condition;
safety
programs are
effective.

Facilities and
Fleet remain in
good and
operable
condition.
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Total number of special equipment
maintained (tractors, trailers, chippers,
riding mowers, club car, forklift,
generator)
329 329 360
Total number of small equipment
maintained 292 278 278
Total number of work orders
com
pleted
1,966 Facilities
835 Fleet
1,836 Facilities
553 Fleet
1,199 Facilities
277 Fleet
Fleet vehicles replaced with hybrid
and/or electric models 01 2
Annual number of sitevisits to ensure
janitorial compliance 1,628 1,628 814
Transportation
Workload Indicator FY 22
Jul‐Jun
FY 23
Jul‐Jun
FY24
Jul‐Dec
Number of signalized intersections 60 60 60A1:E76
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City of Cupertino
FY 23‐24 Budget Performance Measures
Department: Public Works, Sustainability
GOAL: Implement Cupertino’s Climate Action Plan and General Plan Sustainability Element to achieve quantifiable emissions reductions, conserve finite resources, and achieve utility cost avoidance and savings across municipal operations and community partners.

Enabled by… Measure
FY21
Jul‐Jun
FY22
Jul‐Jun
FY23
Ju
l‐Dec
FY24
Jul‐Dec
Ongoing
Target
% community‐wide emissions reduced
from baseline of 307,288 MT CO2e/yr
15%
reduction
by 2020
(261,195
MT
CO2e/yr)
Initiate, develop, and complete actions
from the Climate Action Plan 2.0
% initiated
% complete or ongoing
100%
79%
100%
79%
6%
4%
23%
5%
100%
100%
% municipal operations emissions
reduced from baseline of 1,865 MT
CO2e/yr
15%
reduction
by 2020
1 Cupertinoʹs GHG inventories are conducted roughly every 3‐5 years.

So that…
2018 inventory: 24% decrease in
emissions from baseline (258,659 MT
CO2e/yr)
2018 inventory: 66% reduction in
emissions from baseline: 642 MTCO2e
An agency
implementing
Council and
community
sustainability
goals to
effectively
safeguard
shared
resources.

Engaged
community
partners and
volunteers
supporting CAP
implementation
Cupertino is a thriving City to live, work, learn and play. 210
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City of Cupertino
FY 23‐24 Budget Workload Indicators
Department: Public Works, Sustainability
Workload Indicator
FY22  Jul‐
Jun
FY22  Jul‐
Jun
FY23  Jul‐
Dec
FY24  Jul‐
Dec
Climate Action Plan 2.0 Actions
initiated or in Progress 838 2 2
Climate Action Plan 2.0 Actions
Completed 5257
Community Education and Outreach
Activities Held 52 65 5
Cross‐Departmental Projects
Supporting 9695
Number of municipal and community
programs leading or supporting 8888
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FY 2022-23 Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Administration 120 City Manager
750.228 - CWP Safe Gun Storage
O
rdinance
100-12-120 - General Fund-City Manager-
City Manager 12,000 - Cancelled Administration 120 City Manager 750.239 - PR & Strategic Comm Strategy 100-12-120 - General Fund-City Manager-
City Manager - - Not Started Administration 122 Sustainability Division 750.018 - Climate Action Plan 100-12-122 - General Fund-City Manager-
Sustainability Division 89,147 91,745 Completed Administration 122 Sustainability Division 750.019 - Employee Commute Program 100-12-122 - General Fund-City Manager-
Sustainability Division 14,455 14,455 Completed Program
discontinued. No
funding.

Administration 122 Sustainability Division 750.069 - Sustainable Infrastructure Audit 100-12-122 - General Fund-City Manager-
Sustainability Division - - Not Started n/a Administration 122 Sustainability Division 750.106 - Electric Cooking Workshop Series 100-12-122 - General Fund-City Manager-
Sustainability Division - - In Progress 6/30/2024 Administration 122 Sustainability Division 750.176 - Climate AP Vision Summary Doc 100-12-122 - General Fund-City Manager-
Sustainability Division - - In Progress 6/30/2025 Administration 122 Sustainability Division 750.223 - CWP Electrification Study 100-12-122 - General Fund-City Manager-
Sustainability Division - - In Progress 6/30/2024 Administration 126 Office of Communications
750.220 - CWP Community Engagement
Alt T/P
100-12-126 - General Fund-City Manager-
Office of Communications 12,000 - Cancelled Administration 126 Office of Communications
750.225 - CWP Integrated Plan for
Engagmnt
100-12-126 - General Fund-City Manager-
Office of Communications 30,000 - Cancelled Administration 305 Video 900.945 - Fixed Asset Acquisition 100-12-305 - General Fund-City Manager-
Video 10,000 9,549 Completed
Administration 633 Disaster Preparedness 750.230 - Business Continuity Resilience 100-12-633 - General Fund-City Manager-
Disaster Preparedness - - Not Started Administration 633 Disaster Preparedness 750.240 - MRC Rise 100-12-633 - General Fund-City Manager-
Disaster Preparedness 18,677 18,677 In Progress Administration 705 Economic Development 750.103 - CWP Regulate Diversified Retail 100-12-705 - General Fund-City Manager-
Economic Development - - Not Started Administration 705 Economic Development 750.179 - Econ Dev Strategy Outreach 100-12-705 - General Fund-City Manager-
Economic Development - - Not Started Administration 705 Economic Development
750.221 - CWP Cupertino Store
Implementatn
100-12-705 - General Fund-City Manager-
Economic Development 145,000 14,058 Cancelled Administration 705 Economic Development 750.230 - Business Continuity Resilience 100-12-705 - General Fund-City Manager-
Economic Development - - Not Started Administrative
services 405 Accounting 750.189 - Fee Study
100-41-405 - General Fund-Finance-
Accounting 4,200 4,200 In Progress Feb-24 Administrative
services 412 Human Resources 750.214 - Hybrid Recruitment Strategy 100-44-412 - General Fund-Human
Resources-Human Resources - - Cancelled Administrative
services 412 Human Resources 750.215 - Online Marketing and Branding 100-44-412 - General Fund-Human
Resources-Human Resources - - Cancelled Administrative
services 412 Human Resources 750.229 - CWP Student Internship Program 100-44-412 - General Fund-Human
Resources-Human Resources - - Cancelled 212
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FY 2022-23 Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Administrative
services 425 Purchasing 750.190 - Purchasing - Grant Program 100-41-425 - General Fund-Finance-
Purchasing 100,000 - Cancelled
Administrative
services 426 Budgeting
750.217 - CWP Analyze Potential Rev
Measrs
100-41-426 - General Fund-Finance-
Budgeting 50,000 - In Progress Feb-24 Community
development
700 Community Development
Admin 750.104 - CWP Homeless Jobs Program
100-70-700 - General Fund-Planning &
Community Development-Community
Development Admin 126,048 126,047 Completed
Community
development 701 Current Planning 750.007 - The Hamptons 100-71-701 - General Fund-Planning-
Current Planning - - Not Started Community
development 701 Current Planning 750.009 - Marina Plaza 100-71-701 - General Fund-Planning-
Current Planning 43,195 43,194 In Progress Community
development 701 Current Planning 750.029 - Vallco Town Center 100-71-701 - General Fund-Planning-
Current Planning 10,170 10,170 In Progress Community
development 701 Current Planning
750.091 - Banning Gas Powered Leaf
Blowers
100-71-701 - General Fund-Planning-
Current Planning 1,158 7,594 Completed Community
development 702 Mid Long Term Planning 750.032 - General Plan 100-71-702 - General Fund-Planning-Mid
Long Term Planning - - In Progress Community
development 702 Mid Long Term Planning 750.048 - Urban Village 100-71-702 - General Fund-Planning-Mid
Long Term Planning 250,000 - Cancelled City of San Jose Community
development 702 Mid Long Term Planning 750.049 - MuniCode Updates 100-71-702 - General Fund-Planning-Mid
Long Term Planning - - In Progress Community
development 702 Mid Long Term Planning 750.055 - Dark Sky 100-71-702 - General Fund-Planning-Mid
Long Term Planning 10,000 - Completed Community
development 702 Mid Long Term Planning 750.090 - Residential/Mixed Use Design 100-71-702 - General Fund-Planning-Mid
Long Term Planning 2,433 2,433 In Progress Community
development 702 Mid Long Term Planning 750.092 - General Plan Auth Process 100-71-702 - General Fund-Planning-Mid
Long Term Planning 6,500 - Cancelled Community
development 702 Mid Long Term Planning
750.100 - CWP Development
Accountability
100-71-702 - General Fund-Planning-Mid
Long Term Planning 10,000 - Cancelled Community
development 702 Mid Long Term Planning 750.101 - CWP RHNA and Gen Plan Update 100-71-702 - General Fund-Planning-Mid
Long Term Planning 438,314 438,314 In Progress Community
development 702 Mid Long Term Planning 750.102 - CWP Sign Ordinance Update 100-71-702 - General Fund-Planning-Mid
Long Term Planning 25,000 - In Progress Community
development 702 Mid Long Term Planning
750.135 - Laserfiche planning map
scanning
100-71-702 - General Fund-Planning-Mid
Long Term Planning 26,010 26,010 In Progress Community
development
711 BMR Affordable Housing
Fund 750.051 - Support for the Unhoused
265-72-711 - BMR Housing-Housing
Services-BMR Affordable Housing Fund 178,775 13,787 Cancelled Community
development
711 BMR Affordable Housing
Fund 750.052 - Develop ELI Housing
265-72-711 - BMR Housing-Housing
Services-BMR Affordable Housing Fund 3,571 3,571 In Progress Community
development
711 BMR Affordable Housing
Fund 750.093 - De Anza Housing Program
265-72-711 - BMR Housing-Housing
Services-BMR Affordable Housing Fund 25,000 - Cancelled Community
development 713 General Building
750.036 - Ongoing Bldg Recrd
scan/conversn
100-73-713 - General Fund-Building-
General Building - - In Progress Community
development 714 Construction Plan Check 750.031 - Westport 100-73-714 - General Fund-Building-
Construction Plan Check 122,835 122,835 In Progress 213
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FY 2022-23 Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Community
development 714 Construction Plan Check 750.067 - VTC
100-73-714 - General Fund-Building-
Construction Plan Check 11,985 11,985 In Progress Community
development 715 Building Inspection 750.067 - VTC
100-73-715 - General Fund-Building-
Building Inspection - - Not Started Information Services 300 Administration 750.087 - Pollution Monitoring 610-30-300 - Innovation & Technology-I&T
Administration-Administration 14,500 14,500 Completed Information Services 300 Administration 750.107 - Security Framework and Audit 610-30-300 - Innovation & Technology-I&T
Administration-Administration - - In Progress Information Services 300 Administration 750.173 - CWP Lehigh & SC Quarry 610-30-300 - Innovation & Technology-I&T
Administration-Administration 27,000 26,500 Completed Information Services 300 Administration 750.197 - Aclima & Envirosuite Pilot Ext 610-30-300 - Innovation & Technology-I&T
Administration-Administration - - Completed Information Services 300 Administration 750.222 - CWP Cybersecurity Public Edu 610-30-300 - Innovation & Technology-I&T
Administration-Administration - - Completed Information Services 300 Administration
750.224 - CWP Hybrid Mtg for CC and
Commis
610-30-300 - Innovation & Technology-I&T
Administration-Administration 15,000 - Cancelled Information Services 300 Administration 750.227 - CWP License Plate Readers 610-30-300 - Innovation & Technology-I&T
Administration-Administration - - Cancelled Information Services 305 Video 750.109 - Radio Windows 10 Replacement 100-31-305 - General Fund-I&T Video-
Video 10,000 5,641 Completed
Information Services 305 Video 900.945 - Fixed Asset Acquisition 100-31-305 - General Fund-I&T Video-
Video 9,684 9,684 Completed
Information Services 305 Video 900.995 - Special Projects - CDD/I&T 100-31-305 - General Fund-I&T Video-
Video 27,109 27,108 Completed
Information Services 308 Applications 750.115 - ERP Exploration 100-32-308 - General Fund-I&T
Applications-Applications 50,000 50,000 Completed Information Services 308 Applications 750.117 - Green Halo 100-32-308 - General Fund-I&T
Applications-Applications 3,465 (4,395) Completed Information Services 308 Applications 750.120 - Performance Management App 100-32-308 - General Fund-I&T
Applications-Applications - - Cancelled Information Services 308 Applications
750.121 - Pre-Employment
Assessment/Tests
100-32-308 - General Fund-I&T
Applications-Applications 5,000 - Cancelled Information Services 308 Applications 750.123 - Redesign of City Website 100-32-308 - General Fund-I&T
Applications-Applications 24,300 24,300 Completed Information Services 308 Applications 750.180 - CAP Implementation Software 100-32-308 - General Fund-I&T
Applications-Applications 20,000 - Cancelled Information Services 308 Applications 750.181 - ERP (Phase II) 100-32-308 - General Fund-I&T
Applications-Applications 12,852 12,852 Cancelled Information Services 308 Applications 750.182 - Zendesk for Parks and Rec 100-32-308 - General Fund-I&T
Applications-Applications 40,000 - Cancelled Information Services 308 Applications 750.183 - ACA Guide & Wrapper 100-32-308 - General Fund-I&T
Applications-Applications - - In Progress Information Services 308 Applications 750.184 - Accela Roadmap 100-32-308 - General Fund-I&T
Applications-Applications 2,000 - In Progress 214
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FY 2022-23 Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Information Services 308 Applications 750.185 - ActiveNet Roadmap 100-32-308 - General Fund-I&T
Applications-Applications 25,000 - Cancelled Information Services 308 Applications 750.186 - Consolidated Code Enf Services 100-32-308 - General Fund-I&T
Applications-Applications 17,592 17,593 Completed Information Services 308 Applications 750.187 - Crisis Management Software 100-32-308 - General Fund-I&T
Applications-Applications 15,000 - Cancelled Information Services 308 Applications 750.188 - Semi Annual ADA Consultant 100-32-308 - General Fund-I&T
Applications-Applications 35,000 26,000 Completed Information Services 308 Applications 750.232 - Debtbook 100-32-308 - General Fund-I&T
Applications-Applications - - Completed Information Services 308 Applications 750.233 - Startup Space 100-32-308 - General Fund-I&T
Applications-Applications - - Completed Information Services 310 Infrastructure 750.107 - Security Framework and Audit 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure - - In Progress Information Services 310 Infrastructure 750.124 - ActiveNet Additional Readers 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure - - Completed Information Services 310 Infrastructure 750.125 - Council Voting System and Timer 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure - - Cancelled Information Services 310 Infrastructure 750.130 - Senior Center Access Controls 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure - - In Progress transferred to
Facilities
Information Services 310 Infrastructure 750.131 - Wireless Bridge 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 1,650 (74) Cancelled Information Services 310 Infrastructure 750.171 - Quinlan Touch Screen 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 14,870 14,870 In Progress Information Services 310 Infrastructure 750.198 - Office 365 E5 Licenses 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 7,000 7,000 Completed Information Services 310 Infrastructure 750.199 - City Facilities Video Capture 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 53,921 48,895 In Progress Information Services 310 Infrastructure
750.200 - CH Ent Server & Storage Tech
Re
f
610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure - - Completed Information Services 310 Infrastructure 750.201 - Digital Signage 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 25,000 - Cancelled Information Services 310 Infrastructure 750.202 - CAD & RMS Wan Link 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 7,200 - Cancelled Information Services 310 Infrastructure 750.203 - Suppl Wi-Fi Exp in Public Areas 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 15,875 1,765 Cancelled Information Services 310 Infrastructure
750.204 - Proactive Man Risk & Sec
Monitor
610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 23,000 23,000 Completed Information Services 310 Infrastructure 750.205 - Public Bike Smart Rack DockTech 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure - - Cancelled Information Services 310 Infrastructure 750.206 - Sign Shop Printer Warranty 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 3,000 2,897 Completed Information Services 310 Infrastructure 900.945 - Fixed Asset Acquisition 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 124,813 - In Progress 215
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FY 2022-23 Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Information Services 310 Infrastructure 900.969 - Software 610-34-310 - Innovation & Technology-I&T
Infrastructure-Infrastructure 49,000 - Completed Information Services 986 GIS 750.166 - AR McClellan Ranch 610-35-986 - Innovation & Technology-I&T
GIS-GIS 13,333 13,333 In Progress
Information Services 986 GIS
750.167 - Data Governance & Data
Warehouse
610-35-986 - Innovation & Technology-I&T
GIS-GIS 75,000 45,990 Cancelled
Information Services 986 GIS 750.207 - Additional Telematics Devices 610-35-986 - Innovation & Technology-I&T
GIS-GIS - - Cancelled Information Services 986 GIS 750.208 - Geotab Keyless Solution 610-35-986 - Innovation & Technology-I&T
GIS-GIS 6,000 - Cancelled
Information Services 986 GIS 750.209 - Google Query
610-35-986 - Innovation & Technology-I&T
GIS-GIS 5,000 1,257 Cancelled
Information Services 986 GIS
750.210 - Business Process Automation
Plat
610-35-986 - Innovation & Technology-I&T
GIS-GIS 42,000 42,000 Completed
Information Services 986 GIS 750.211 - Drone Instructor Training 610-35-986 - Innovation & Technology-I&T
GIS-GIS 825 775 Completed
Information Services 986 GIS 750.212 - Laserfiche Scanning 610-35-986 - Innovation & Technology-I&T
GIS-GIS 7,585 7,585 In Progress
Information Services 986 GIS 750.213 - Amazon EC2 Instance t3aXLarge 610-35-986 - Innovation & Technology-I&T
GIS-GIS 5,000 5,000 Completed
Information Services 986 GIS 750.216 - CIP Management System 610-35-986 - Innovation & Technology-I&T
GIS-GIS 87,465 88,300 In Progress
Public works 800 Public Works Admin 750.071 - Municipal Water System 100-80-800 - General Fund-PW
Administration-Public Works Admin - - In Progress 8/1/2024 Public works 801 Resources Recovery 750.041 - HHW and PaintCare 520-81-801 - Resource Recovery-
Environmental Programs-Resources
Recovery 62,717 73,123 In Progress
Ongoing
annual
project
No completion
date
Public works 801 Resources Recovery 750.084 - Single Use Plastics Ordinance 520-81-801 - Resource Recovery-
Environmental Programs-Resources
Recovery 21,529 21,529 In Progress 6/30/2025 Public works 801 Resources Recovery
750.137 - SB1383 Procurement
Requirements
520-81-801 - Resource Recovery-
Environmental Programs-Resources
Recovery 14,811 14,811 In Progress
Ongoing
annual
project
No completion
date
Public works 801 Resources Recovery
750.174 - New Lndfill Agrmnt/Solid Wst
con
520-81-801 - Resource Recovery-
Environmental Programs-Resources
Recovery 104,303 104,303 In Progress 8/31/2025 Public works 802 Non Point Source 750.196 - Storm Water (SWPPP) Update 230-81-802 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-Non Point Source (439) 12,161 Completed Public works 804 Plan Review 750.039 - PW Scanning Project 100-82-804 - General Fund-
Developmental Services-Plan Review 24,296 24,295 In Progress 6/30/2024 Public works 804 Plan Review 750.067 - VTC
100-82-804 - General Fund-
Developmental Services-Plan Review - - In Progress Ongoing No completion
date
Public works 804 Plan Review 750.105 - CWP Revisit 5G
100-82-804 - General Fund-
Developmental Services-Plan Review - - In Progress 9/30/2024 216
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FY 2022-23 Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Public works 804 Plan Review 750.191 - BBF Golf Netting Support Inspect 100-82-804 - General Fund-
Developmental Services-Plan Review 6,000 7,353 Completed Public works
807 Service Center
Administration 750.043 - Office Reconfiguration
100-83-807 - General Fund-Service Center-
Service Center Administration 38,152 38,152 In Progress Ongoing
annual
project
No completion
date
Public works 808 McClellan Ranch Park 750.025 - Special Maintenance 100-84-808 - General Fund-Grounds-
McClellan Ranch Park - - Completed Public works 808 McClellan Ranch Park
750.138 - 4H Perimeter Fence
Re
placement
100-84-808 - General Fund-Grounds-
McClellan Ranch Park - - Completed Public works 809 Memorial Park 750.025 - Special Maintenance 100-84-809 - General Fund-Grounds-
Memorial Park 15,000 15,400 Completed
Public works 811 BBF Ground Maintenance 750.025 - Special Maintenance 100-84-811 - General Fund-Grounds-BBF
Ground Maintenance 30,000 17,900 Completed Public works 812 School Site Maintenance 750.025 - Special Maintenance 100-84-812 - General Fund-Grounds-
School Site Maintenance 30,000 35,491 In Progress 6/30/2024 Public works 812 School Site Maintenance 750.140 - Backflow Prevention Device Repl 100-84-812 - General Fund-Grounds-
School Site Maintenance 6,000 4,798 Completed Public works 813 Neighborhood Parks 750.025 - Special Maintenance 100-84-813 - General Fund-Grounds-
Neighborhood Parks 83,000 48,476 Completed Public works 813 Neighborhood Parks 750.074 - Tot Lot Rubber Resurfacing 100-84-813 - General Fund-Grounds-
Neighborhood Parks 20,449 20,449 Completed Public works 813 Neighborhood Parks 750.140 - Backflow Prevention Device Repl 100-84-813 - General Fund-Grounds-
Neighborhood Parks 10,809 11,283 Completed Public works 813 Neighborhood Parks 750.141 - Basketball Court Resurfacing 100-84-813 - General Fund-Grounds-
Neighborhood Parks - - Completed Public works 813 Neighborhood Parks 900.990 - Special Projects - PW 100-84-813 - General Fund-Grounds-
Neighborhood Parks - - Completed Public works 814 Sport Fields Jollyman CRK 750.140 - Backflow Prevention Device Repl 100-84-814 - General Fund-Grounds-Sport
Fields Jollyman CRK - - In Progress 6/30/2024 Public works 814 Sport Fields Jollyman CRK 750.141 - Basketball Court Resurfacing 100-84-814 - General Fund-Grounds-Sport
Fields Jollyman CRK - - Completed Public works 820 Sidewalk Curb and Gutter 750.020 - Annual Sidewalk Curb & Gutter 270-85-820 - Transportation Fund-Streets-
Sidewalk Curb and Gutter 177,577 177,576 In Progress 6/30/2025 Public works
821 Street Pavement
Maintenance 900.921 - Annual Asphalt Project
270-85-821 - Transportation Fund-Streets-
Street Pavement Maintenance 1,813,019 1,901,218 Not Started Public works 822 Street Sign Marking 750.025 - Special Maintenance 270-85-822 - Transportation Fund-Streets-
Street Sign Marking 10,300 10,266 Completed Public works 822 Street Sign Marking 900.945 - Fixed Asset Acquisition 270-85-822 - Transportation Fund-Streets-
Street Sign Marking - 5,852 Completed Public works 824 Overpasses and Medians 750.192 - Mound Removals 100-86-824 - General Fund-Trees and
Right of Way-Overpasses and Medians 70,775 70,775 Completed Public works 824 Overpasses and Medians 750.193 - Split Rail Fence-SCB & Mary Ave 100-86-824 - General Fund-Trees and
Right of Way-Overpasses and Medians 16,400 18,255 Completed Public works 824 Overpasses and Medians 750.194 - Trench Work 100-86-824 - General Fund-Trees and
Right of Way-Overpasses and Medians - - Completed 217
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FY 2022-23 Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Public works 825 Street Tree Maintenance 900.911 - Trees and Badges 100-86-825 - General Fund-Trees and
Right of Way-Street Tree Maintenance 13,737 13,737 In Progress Ongoing
annual
project
No completion
date
Public works 827 Bldg Maint City Hall 750.144 - Electrical Preventive Maint 100-87-827 - General Fund-Facilities and
Fleet-Bldg Maint City Hall - - Completed Public works 827 Bldg Maint City Hall 750.145 - Fascia Repair and Painting 100-87-827 - General Fund-Facilities and
Fleet-Bldg Maint City Hall 60,000 42,692 Completed Public works 827 Bldg Maint City Hall 750.146 - Lower Floor Recarpeting 100-87-827 - General Fund-Facilities and
Fleet-Bldg Maint City Hall 70,000 58,640 Completed Public works 827 Bldg Maint City Hall 750.147 - Boiler Preventive Maintenance 100-87-827 - General Fund-Facilities and
Fleet-Bldg Maint City Hall - 2,535 Completed Public works 828 Bldg Maint Library 750.025 - Special Maintenance 100-87-828 - General Fund-Facilities and
Fleet-Bldg Maint Library - - In Progress 6/30/2024 Public works 828 Bldg Maint Library 750.147 - Boiler Preventive Maintenance 100-87-828 - General Fund-Facilities and
Fleet-Bldg Maint Library 5,000 3,209 Completed Public works 829 Bldg Maint Service Center 750.025 - Special Maintenance 100-87-829 - General Fund-Facilities and
Fleet-Bldg Maint Service Center 64,638 13,424 In Progress 6/30/2024 Public works 829 Bldg Maint Service Center 750.150 - Shop Building Roof Recoating 100-87-829 - General Fund-Facilities and
Fleet-Bldg Maint Service Center - - Completed Public works 829 Bldg Maint Service Center 750.152 - Locksmith Training 100-87-829 - General Fund-Facilities and
Fleet-Bldg Maint Service Center 4,000 4,000 Completed Public works 830 Bldg Maint Quinlan Center 750.025 - Special Maintenance 100-87-830 - General Fund-Facilities and
Fleet-Bldg Maint Quinlan Center 34,000 19,440 In Progress 6/30/2024 Public works 830 Bldg Maint Quinlan Center 750.147 - Boiler Preventive Maintenance 100-87-830 - General Fund-Facilities and
Fleet-Bldg Maint Quinlan Center 5,000 2,580 Completed Public works 831 Bldg Maint Senior Center 750.025 - Special Maintenance 100-87-831 - General Fund-Facilities and
Fleet-Bldg Maint Senior Center 6,050 6,050 Not Started 6/30/2024 Public works 831 Bldg Maint Senior Center 900.945 - Fixed Asset Acquisition 100-87-831 - General Fund-Facilities and
Fleet-Bldg Maint Senior Center 10,940 17,197 Completed Public works 832 Bldg Maint McClellan Ranch 750.025 - Special Maintenance 100-87-832 - General Fund-Facilities and
Fleet-Bldg Maint McClellan Ranch 18,653 18,653 In Progress 6/30/2024 Public works 836 Bldg Maint Sports Center 750.025 - Special Maintenance 570-87-836 - Sports Center-Facilities and
Fleet-Bldg Maint Sports Center 35,506 17,179 In Progress 6/30/2024 HVAC is the only
project left
Public works 836 Bldg Maint Sports Center 750.155 - Exterior Painting 570-87-836 - Sports Center-Facilities and
Fleet-Bldg Maint Sports Center 45,000 63,327 Completed Public works 836 Bldg Maint Sports Center 750.157 - Door Refinishing 570-87-836 - Sports Center-Facilities and
Fleet-Bldg Maint Sports Center 2,745 2,744 Completed Public works 836 Bldg Maint Sports Center 900.945 - Fixed Asset Acquisition 570-87-836 - Sports Center-Facilities and
Fleet-Bldg Maint Sports Center - - Completed Public works 838 Comm Hall Bldg Maint 750.148 - Exterior Door Painting 100-87-838 - General Fund-Facilities and
Fleet-Comm Hall Bldg Maint 4,000 - Completed Public works 841 BBF Facilities Maintenance 750.025 - Special Maintenance 100-87-841 - General Fund-Facilities and
Fleet-BBF Facilities Maintenance - - Not Started Public works 841 BBF Facilities Maintenance 750.162 - Uninterrupted Power Supply 100-87-841 - General Fund-Facilities and
Fleet-BBF Facilities Maintenance 5,000 5,000 Completed 218
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FY 2022-23 Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Public works 841 BBF Facilities Maintenance 900.990 - Special Projects - PW 100-87-841 - General Fund-Facilities and
Fleet-BBF Facilities Maintenance - - Completed Public works 844 Traffic Engineering 750.040 - Planned Transportation Project 100-88-844 - General Fund-Transportation-
Traffic Engineering 43,977 43,976 In Progress 6/30/2024 Public works 844 Traffic Engineering
750.061 - Community Shuttle Pilot
Program
100-88-844 - General Fund-Transportation-
Traffic Engineering 825,911 825,910 Completed Public works 844 Traffic Engineering 750.079 - Adaptive Traffic Signaling 100-88-844 - General Fund-Transportation-
Traffic Engineering 141,557 141,557 Completed Public works 844 Traffic Engineering 750.163 - VMT to LOS Standards 100-88-844 - General Fund-Transportation-
Traffic Engineering - - In Progress 6/30/2025 Public works 844 Traffic Engineering 750.195 - Lawson Middle School Bikeway 100-88-844 - General Fund-Transportation-
Traffic Engineering 40,000 40,000 Completed Public works 844 Traffic Engineering 750.219 - CWP Bicycle Facilities 100-88-844 - General Fund-Transportation-
Traffic Engineering - - Not Started 6/30/2024 Public works 844 Traffic Engineering 750.231 - SC Corridor Vision Study 100-88-844 - General Fund-Transportation-
Traffic Engineering - - In Progress 6/30/2025 Public works 844 Traffic Engineering 900.923 - Apple Campus 2 100-88-844 - General Fund-Transportation-
Traffic Engineering - - Completed Public works 845 Traffic Signal Maintenance 750.079 - Adaptive Traffic Signaling 100-88-845 - General Fund-Transportation-
Traffic Signal Maintenance (2,886) - Completed Public works 846 Safe Routes 2 School 750.080 - Pedestrian Education 100-88-846 - General Fund-Transportation-
Safe Routes 2 School 13,040 57,729 Completed Public works 846 Safe Routes 2 School 750.165 - Riding for Focus Program 100-88-846 - General Fund-Transportation-
Safe Routes 2 School 49,000 - Completed Public works 848 Street Lighting 750.025 - Special Maintenance 100-85-848 - General Fund-Streets-Street
Lighting 8,300 7,919 Completed
Public works 848 Street Lighting 900.945 - Fixed Asset Acquisition 100-85-848 - General Fund-Streets-Street
Lighting - 6,273 Completed
Public works 848 Street Lighting 900.990 - Special Projects - PW 100-85-848 - General Fund-Streets-Street
Lighting 213,000 212,630 In Progress 8/30/2024 Public works 849 Equipment Maintenance 750.078 - Mechanic Shop Hose Reels 630-85-849 - Vehicle/Equip Replacement -
Streets-Equipment Maintenance 49,615 49,615 Completed Public works 853 Storm Drain Fee 750.062 - Permeable Pavement 230-81-853 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-Storm Drain Fee 12,500 - Completed Defunded by
council 6/6/23
Public works 853 Storm Drain Fee 750.063 - Rainwater Capture 230-81-853 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-Storm Drain Fee (12,325) 175 In Progress Ongoing
annual
project
No completion
date
Public works 854 General Fund Subsidy 750.064 - Low Income Cost Share 230-81-854 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-General Fund
Subsidy 8,000 271 In Progress
Ongoing
annual
project
No completion
date
219
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FY 2022-23 Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Public works 854 General Fund Subsidy 750.065 - CUSD Joint Use Cost Share 230-81-854 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-General Fund
Subsidy 21,868 8,713 In Progress
Ongoing
annual
project
No completion
date
Public works 985 Fixed Assets Acquisition 900.945 - Fixed Asset Acquisition 630-90-985 - Vehicle/Equip Replacement -
Citywide - Non Departmental-Fixed Assets
Acquisition 366,980 5,157 In Progress
Ongoing
annual
project
Recreation services
601 Rec & Comm Svcs
Administration 750.096 - CWP Mental Health Support
100-60-601 - General Fund-Administration-
Rec & Comm Svcs Administration 9,274 - In Progress CWP was
completed 21-22
and now just an
ongoing P&R
program
Recreation services
601 Rec & Comm Svcs
Administration 750.098 - CWP Senior Strategy
100-60-601 - General Fund-Administration-
Rec & Comm Svcs Administration
25,400 25,400 In Progress
Carried over to
FY23-24 to
Senior Survey
Assessment
Recreation services
601 Rec & Comm Svcs
Administration 750.164 - CWP Dogs Off Leash Area
100-60-601 - General Fund-Administration-
Rec & Comm Svcs Administration
5,000 452 In Progress
Carried over to
FY23-24 and
includes DOLA
Amenities
Recreation services
601 Rec & Comm Svcs
Administration
750.218 - CWP Artwork at the
Library/Exhib
100-60-601 - General Fund-Administration-
Rec & Comm Svcs Administration
10,000 - Completed
Recreation services
601 Rec & Comm Svcs
Administration
750.226 - CWP Intergenerational
Engagement
100-60-601 - General Fund-Administration-
Rec & Comm Svcs Administration
20,000 4,240 Completed
Carried over to
FY23-24. New
project WP24
005 Senior
Services and
Youth
Engagement
Recreation services 616 BBF Golf Course 900.945 - Fixed Asset Acquisition 560-63-616 - Blackberry Farm-Sports,
Safety and Outdoor Rec-BBF Golf Course
137,000 - Completed
Recreation services 621 Sports Center Operation 900.959 - Windscreens 570-63-621 - Sports Center-Sports, Safety
and Outdoor Rec-Sports Center Operation - - Completed Carried over to
FY23-24.

Completed in
Sept 23
220
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FY 2023-24 Mid-Year Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Administration 120 City Manager 750.239 - PR & Strategic Comm Strategy 100-12-120 - General Fund-City Manager-
City Manager 175,000 11,700 In Progress
Administration 122 Sustainability Division 750.018 - Climate Action Plan 100-12-122 - General Fund-City Manager-
Sustainability Division - - Completed Administration 122 Sustainability Division 750.019 - Employee Commute Program 100-12-122 - General Fund-City Manager-
Sustainability Division - - Completed Program
discontinued. No
funding.

No funding.

Public works 122 Sustainability Division 750.069 - Sustainable Infrastructure Audit 100-81-122 - General Fund-Environmental
Programs-Sustainability Division 10,000 - Not Started Public works 122 Sustainability Division
750.106 - Electric Cooking Workshop
Series
100-81-122 - General Fund-Environmental
Programs-Sustainability Division 6,400 - In Progress 6/30/2024 Public works 122 Sustainability Division 750.176 - Climate AP Vision Summary Doc 100-81-122 - General Fund-Environmental
Programs-Sustainability Division 10,000 - In Progress 6/30/2025 Public works 122 Sustainability Division 750.223 - CWP Electrification Study 100-81-122 - General Fund-Environmental
Programs-Sustainability Division 50,000 - In Progress 6/30/2024 Public works 800 Public Works Admin 750.071 - Municipal Water System 100-80-800 - General Fund-PW
Administration-Public Works Admin 22,677 11,846 In Progress 8/1/2024 Public works 801 Resources Recovery 750.041 - HHW and PaintCare 520-81-801 - Resource Recovery-
Environmental Programs-Resources
Recovery 115,733 70,456 In Progress
Ongoing
annual
project
No completion
date
Public works 801 Resources Recovery 750.084 - Single Use Plastics Ordinance 520-81-801 - Resource Recovery-
Environmental Programs-Resources
Recovery 84,716 34,764 In Progress 6/30/2025 Public works 801 Resources Recovery
750.137 - SB1383 Procurement
Requirements
520-81-801 - Resource Recovery-
Environmental Programs-Resources
Recovery 112,742 - In Progress Ongoing
annual
project
No completion
date
Public works 801 Resources Recovery
750.174 - New Lndfill Agrmnt/Solid Wst
con
520-81-801 - Resource Recovery-
Environmental Programs-Resources
Recovery 245,697 161,452 In Progress 8/31/2025 Public works 802 Non Point Source 750.196 - Storm Water (SWPPP) Update 230-81-802 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-Non Point Source 19,539 - Completed Public works 804 Plan Review 750.039 - PW Scanning Project 100-82-804 - General Fund-
Developmental Services-Plan Review 39,713 21,129 In Progress 6/30/2024 Public works 804 Plan Review 750.067 - VTC
100-82-804 - General Fund-
Developmental Services-Plan Review 1,961,366 - In Progress Ongoing No completion
date
Public works 804 Plan Review 750.105 - CWP Revisit 5G
100-82-804 - General Fund-
Developmental Services-Plan Review 250,000 - In Progress 9/30/2024 224
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FY 2023-24 Mid-Year Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Public works
807 Service Center
Administration 750.043 - Office Reconfiguration
100-83-807 - General Fund-Service Center-
Service Center Administration 189,861 50,445 In Progress Ongoing
annual
project
No completion
date
Public works 808 McClellan Ranch Park 750.025 - Special Maintenance 100-84-808 - General Fund-Grounds-
McClellan Ranch Park 70,000 - Completed Public works 808 McClellan Ranch Park
750.138 - 4H Perimeter Fence
Replacement
100-84-808 - General Fund-Grounds-
McClellan Ranch Park 30,000 24,600 Completed Public works
812 School Site
Maintenance 750.025 - Special Maintenance
100-84-812 - General Fund-Grounds-
School Site Maintenance 20,000 - In Progress 6/30/2024 Public works 813 Neighborhood Parks 750.074 - Tot Lot Rubber Resurfacing 100-84-813 - General Fund-Grounds-
Neighborhood Parks 17,824 - Completed Public works 813 Neighborhood Parks 750.141 - Basketball Court Resurfacing 100-84-813 - General Fund-Grounds-
Neighborhood Parks 20,000 20,000 Completed Public works 813 Neighborhood Parks 900.990 - Special Projects - PW 100-84-813 - General Fund-Grounds-
Neighborhood Parks 25,000 24,100 Completed Public works
814 Sport Fields Jollyman
CRK 750.140 - Backflow Prevention Device Repl
100-84-814 - General Fund-Grounds-Sport
Fields Jollyman CRK 4,000 - In Progress 6/30/2024 Public works
814 Sport Fields Jollyman
CRK 750.141 - Basketball Court Resurfacing
100-84-814 - General Fund-Grounds-Sport
Fields Jollyman CRK 10,000 10,000 Completed Public works
820 Sidewalk Curb and
Gutter 750.020 - Annual Sidewalk Curb & Gutter
270-85-820 - Transportation Fund-Streets-
Sidewalk Curb and Gutter 2,868,400 724,222 In Progress 6/30/2025 Public works
821 Street Pavement
Maintenance 900.921 - Annual Asphalt Project
270-85-821 - Transportation Fund-Streets-
Street Pavement Maintenance 5,600,754 14,370 Not Started Public works
824 Overpasses and
Medians 750.194 - Trench Work
100-86-824 - General Fund-Trees and
Right of Way-Overpasses and Medians 40,000 - Completed Public works
825 Street Tree
Maintenance 750.235 - CWP Tree List
100-86-825 - General Fund-Trees and
Right of Way-Street Tree Maintenance 60,000 - In Progress 6/30/2024 Collaborating
with CDD
Public works
825 Street Tree
Maintenance 900.911 - Trees and Badges
100-86-825 - General Fund-Trees and
Right of Way-Street Tree Maintenance 16,263 325 In Progress Ongoing
annual
project
No completion
date
Public works 827 Bldg Maint City Hall 750.144 - Electrical Preventive Maint 100-87-827 - General Fund-Facilities and
Fleet-Bldg Maint City Hall 25,000 - Completed Public works 828 Bldg Maint Library 750.025 - Special Maintenance 100-87-828 - General Fund-Facilities and
Fleet-Bldg Maint Library 45,000 - In Progress 6/30/2024 Public works
829 Bldg Maint Service
Center 750.025 - Special Maintenance
100-87-829 - General Fund-Facilities and
Fleet-Bldg Maint Service Center 40,000 - In Progress 6/30/2024 Public works
829 Bldg Maint Service
Center 900.990 - Special Projects - PW
100-87-829 - General Fund-Facilities and
Fleet-Bldg Maint Service Center 233,963 - Completed Public works
830 Bldg Maint Quinlan
Center 750.025 - Special Maintenance
100-87-830 - General Fund-Facilities and
Fleet-Bldg Maint Quinlan Center 85,000 - In Progress 6/30/2024 Public works
831 Bldg Maint Senior
Center 750.025 - Special Maintenance
100-87-831 - General Fund-Facilities and
Fleet-Bldg Maint Senior Center 121,675 - Not Started 6/30/2024 225
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FY 2023-24 Mid-Year Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Public works
831 Bldg Maint Senior
Center 900.945 - Fixed Asset Acquisition
100-87-831 - General Fund-Facilities and
Fleet-Bldg Maint Senior Center 65,835 65,259 Completed Public works
832 Bldg Maint McClellan
Ranch 750.025 - Special Maintenance
100-87-832 - General Fund-Facilities and
Fleet-Bldg Maint McClellan Ranch 101,347 - In Progress 6/30/2024 Public works 834 Bldg Maint Wilson 750.025 - Special Maintenance 100-87-834 - General Fund-Facilities and
Fleet-Bldg Maint Wilson 7,000 - Not Started 6/30/2024 Public works
836 Bldg Maint Sports
Center 750.025 - Special Maintenance
570-87-836 - Sports Center-Facilities and
Fleet-Bldg Maint Sports Center 50,494 6,789 In Progress 6/30/2024 HVAC is the only
project left
Public works
836 Bldg Maint Sports
Center 750.157 - Door Refinishing
570-87-836 - Sports Center-Facilities and
Fleet-Bldg Maint Sports Center 10,775 14,337 Completed Public works
836 Bldg Maint Sports
Center 900.990 - Special Projects - PW
570-87-836 - Sports Center-Facilities and
Fleet-Bldg Maint Sports Center - - Completed Public works 837 Bldg Maint Creekside 750.025 - Special Maintenance 100-87-837 - General Fund-Facilities and
Fleet-Bldg Maint Creekside 12,000 - Completed Public works 837 Bldg Maint Creekside 900.990 - Special Projects - PW 100-87-837 - General Fund-Facilities and
Fleet-Bldg Maint Creekside - - Completed Public works
841 BBF Facilities
Maintenance 750.025 - Special Maintenance
100-87-841 - General Fund-Facilities and
Fleet-BBF Facilities Maintenance 25,000 - Not Started Public works
841 BBF Facilities
Maintenance 900.990 - Special Projects - PW
100-87-841 - General Fund-Facilities and
Fleet-BBF Facilities Maintenance - 6,803 Completed Public works 844 Traffic Engineering 750.040 - Planned Transportation Project 100-88-844 - General Fund-Transportation-
Traffic Engineering 56,023 16,025 In Progress 6/30/2024 Public works 844 Traffic Engineering
750.061 - Community Shuttle Pilot
Program
100-88-844 - General Fund-Transportation-
Traffic Engineering 10,574 - Completed Public works 844 Traffic Engineering 750.079 - Adaptive Traffic Signaling 100-88-844 - General Fund-Transportation-
Traffic Engineering 18,443 12,473 Completed Public works 844 Traffic Engineering 750.163 - VMT to LOS Standards 100-88-844 - General Fund-Transportation-
Traffic Engineering 130,000 - In Progress 6/30/2025 Public works 844 Traffic Engineering 750.219 - CWP Bicycle Facilities 100-88-844 - General Fund-Transportation-
Traffic Engineering 50,000 - Not Started 6/30/2024 Public works 844 Traffic Engineering 750.231 - SC Corridor Vision Study 100-88-844 - General Fund-Transportation-
Traffic Engineering 154,079 - In Progress 6/30/2025 Public works 844 Traffic Engineering 750.242 - AC2 Traffic Monitoring 100-88-844 - General Fund-Transportation-
Traffic Engineering - 27,033 In Progress 6/30/2025 Public works 844 Traffic Engineering 900.923 - Apple Campus 2 100-88-844 - General Fund-Transportation-
Traffic Engineering 77,340 - Completed Public works 844 Traffic Engineering
900.964 - I-280/Wolfe Rd Interchange
Imprv
100-88-844 - General Fund-Transportation-
Traffic Engineering 800,000 800,000 In Progress Est.
completion
date
unknown
Public works
845 Traffic Signal
Maintenance 750.079 - Adaptive Traffic Signaling
100-88-845 - General Fund-Transportation-
Traffic Signal Maintenance 16,042 - Completed 226
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FY 2023-24 Mid-Year Special Projects
Function Program
Base And Detail Account With Detail
Description Full Org Set Code And Description
Amended
Budget
Actual
Amount Status
Estimated
Complete
Notes (e.g.,
carried over to
next fiscal year)
Public works
845 Traffic Signal
Maintenance 900.945 - Fixed Asset Acquisition
100-88-845 - General Fund-Transportation-
Traffic Signal Maintenance - 41,529 Completed Public works 846 Safe Routes 2 School 750.080 - Pedestrian Education 100-88-846 - General Fund-Transportation-
Safe Routes 2 School 10,118 10,118 Completed Public works 848 Street Lighting 900.990 - Special Projects - PW 100-85-848 - General Fund-Streets-Street
Lighting 230,000 171,163 In Progress 8/30/2024 Public works 853 Storm Drain Fee 750.062 - Permeable Pavement 230-81-853 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-Storm Drain Fee - - Completed Defunded by
council 6/6/23
Public works 853 Storm Drain Fee 750.063 - Rainwater Capture 230-81-853 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-Storm Drain Fee
47,719 12,369 In Progress
Ongoing
annual
project
No completion
date
Public works 854 General Fund Subsidy 750.064 - Low Income Cost Share 230-81-854 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-General Fund
Subsidy 13,162 (52) In Progress
Ongoing
annual
project
No completion
date
Public works 854 General Fund Subsidy 750.065 - CUSD Joint Use Cost Share 230-81-854 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-General Fund
Subsidy 8,706 - In Progress Ongoing
annual
project
No completion
date
Public works
855 Storm Drain
Maintenance 900.945 - Fixed Asset Acquisition
230-81-855 - Env Mgmt Cln Crk Strm Drain-
Environmental Programs-Storm Drain
Maintenance 131,000 128,895 Completed
Rover storm
drain camera
purchase
Public works
985 Fixed Assets
Acquisition 900.945 - Fixed Asset Acquisition
630-90-985 - Vehicle/Equip Replacement -
Citywide - Non Departmental-Fixed Assets
Acquisition 1,264,468 130,222 In Progress
Ongoing
annual
project
Recreation
services
601 Rec & Comm Svcs
Administration 750.098 - CWP Senior Strategy
100-60-601 - General Fund-Administration-
Rec & Comm Svcs Administration
41,378 32 In Progress June 2024
Senior Survey
Assessment
Recreation
services
601 Rec & Comm Svcs
Administration 750.164 - CWP Dogs Off Leash Area
100-60-601 - General Fund-Administration-
Rec & Comm Svcs Administration
5,000 123 In Progress June 2024
Recreation
services
601 Rec & Comm Svcs
Administration
750.226 - CWP Intergenerational
Engagement
100-60-601 - General Fund-Administration-
Rec & Comm Svcs Administration
- - Completed June 2023
Completed
previous FY.

Recreation
services
601 Rec & Comm Svcs
Administration 750.241 - Senior Svcs & Youth Engagement 100-60-601 - General Fund-Administration-
Rec & Comm Svcs Administration
20,000 239 In Progress June 2024
Recreation
services
621 Sports Center
Operation 900.959 - Windscreens
570-63-621 - Sports Center-Sports, Safety
and Outdoor Rec-Sports Center Operation 72,853 72,162 Completed September
2023
227
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Department Name of Grant Description of Grant
Requested
Grant
Amount
Date
Applied
Date
Due Staff Contact
Status (Grant
Awarded,
Pending
Results, Grant
Denied)
Grant Amount
Awarded Date Awarded
Administration National Association of City and
County Health Officials (NACCHO)
Respond, Innovate, Sustain, and
Equip (RISE) Awards
To provide resources to the
MRC network to support
COVID‐19 response efforts.
$25,000 3/4/2022 3/4/2022 Thomas Chin Grant
Awarded
$25,000 8/11/2022
Administration Local Governments: Connecting
Neighbors to Neighbors
California Office of the
Governor, CalVolunteers
program funding for the Block
Lea
der Program to hold events
that expand networks of
neighbors within the
community
$222,233 6/16/2023 6/16/2023 Tom Chin / Marta
Drown
Grant
Awarded
$222,233 7/17/2023
Administration/
Public Works
Community Decarbonization
Engagement Grant
Competitive grant for
community engagement around
decarbonization topics from
SVCE. Grant Funds shall be
disbursed to Recipient on a
reimbursement basis.
$100,000 4/1/2022 4/4/2022 Teri
Gerhardt/Victoria
Morin/Adam
Araza/
Ursula
Syrova
Grant
Awarded
111,500 2/2/2023
Community
Development
Department
Santa Clara County Permanent
Local Housing Allocation (PLHA)
Consortium
CA Dept of Housing &
Community Development
(HCD)
$165,510 12/15/2021 12/30/2021 Alec Vybiral Grant
Awarded to
County PLHA
Consortium
$165,510 N/A
Community
Development
Department
Santa Clara County Permanent
Local Housing Allocation (PLHA)
Consortium
CA Dept of Housing &
Community Development
(HCD)
$257,254 12/15/2021 12/30/2021 Alec Vy biral Grant
Awarded to
County PLHA
Consortium
$257,254 N/A
Community
Development
Department
2020 Local Early Action Planning
(LEAP) Grants Program
CA Dept of Housing &
Community Development
(HCD) funding to accelerate
progress of Housing Element
towards state housing goals
$300,000 7/1/2020 7/1/2020 Piu Ghosh Grant
Awarded
$300,000 10/6/2020
Information &
Technology
California Automated Permit
Processing (CalAPP) Program
Grant to enhance sola r
permitting applications.
$60,000 3/13/2023 7/1/2027 Marilyn Pavlov,
Nidhi Mathur
Grant
Awarded
$60,000 4/4/2023
Information &
Technology and
Community
Development
Department
Dept. of Housing and Community
Development
Financial assistance for
implementation of softwares
that accelerate and streamline
Housing Production
$310,000 3/20/2020 12/31/2022 Nidhi Mathur Grant
Awarded
$310,000 3/24/2020
Competitive Citywide Grants Tracking - FY24 Mid-Year Update 228
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Department Name of Grant Description of Grant
Requested
Grant
Amount
Date
Applied
Date
Due Staff Contact
Status (Grant
Awarded,
Pending
Results, Grant
Denied)
Grant Amount
Awarded Date Awarded
Competitive Citywide Grants Tracking - FY24 Mid-Year Update Public Works California Electric Vehicle
Infrastructure Project
Purchase and installation of EV
charging infrastructure at
publicly‐owned sites ($4,500 per
charging port)
$130,500 12/22/2020 12/22/2020 Susan Michael or
Chad Mosley
Funds
Partially
Reserved
$130,500 N/A
Public Works TIRCP (Transit and Intercity Rail
Program)
5‐year expansion of Via shuttle,
including partnership with City
of Santa Clara
$8,465,000 3/3/2022 3/8/2022 David Stillman Grant
Awarded
$8,465,000 7/11/2022
Public Works HSIP (Highway Safety
Improvement Program)
Improving safety at signalized
intersections
$2,005,900 9/12/2022 9/12/2022 David Stillman Grant denied N/A N/A Public Works HSIP (Highway Safety
Improvement Program)
Improving safety on roadway
segments
$3,561,800 9/12/2022 9/12/2022 David Stillman Grant
Awarded
$3,205,620 3/15/2023
Public Works HSIP (Highway Safety
Improvement Program)
Improving safety on roadway
segments
$4,450,200 9/12/2022 9/12/2022 David Stillman Grant denied N/A N/A Public Works OBAG (One Ba y Area Grant) Cycle
3 De Anza Blvd buffered bike
lanes
$500,000 7/27/2022 7/27/2022 David Stillman Grant denied N/A N/A Public Works Safe Streets 4 All (SS4A) Bollinger Road road diet traffic analysis, outreach and
engineering design
$532,000 7/10/2023 7/10/2023 David Stillman Grant
Awarded
$425,600 12/13/2023
Public Works Federal Community Project Funding
Grant FY22
Funding for Cupertino Library
Expansion project
$1,000,000 3/25/2021 6/10/2022 Chad Mosley Grant
Awarded
$1,000,000 N/A
Public Works
Federal C ommunity Project Funding
Grant FY22
Funding for Jollyman All
Inclusive Play Area
$1,000,000 4/25/2022 6/10/2022 Chad Mosley Grant Denied $1,000,000 N/A Public Works
State Specified Grant
Funding for Jollyman All
Inclusive Play Area
$1,000,000 3/17/2022 7/1/2022 Susan Michael Grant
Awarded
$1,000,000 N/A
Public Works
PG&E Community Grant
Funding for Jollyman All
Inclusive Play Area
$25,000 8/8/2022 9/1/2022 Susan Michael Grant
Awarded
$25,000 10/3/2022
Public Works
Santa Clara County AIPG
Funding for Jollyman All
I
nclusive Play Area
$1,440,000 10/10/2018 10/12/2018 Susan Michael Grant
Awarded
$1,440,000 5/13/2019
Public Works McClellan Road Bridge
Reconstruction
State Funding Grant $7,500,000 3/17/2022 7/1/2022 Chad Mosley Grant Awarded
$5,000,000 N/A
Public Works McClellan Road Bridge
Reconstruction
Federal Funding Grant ‐ Ro
Khanna
$2,500,000 3/14/2023 3/17/2023 Chad Mosley Pending
Results
Public Works TDA3 Funding for Tamien Innu (I‐280
Trail)‐East
$1,015,022 12/1/2021 12/1/2021 David Stillman
and Susan
Michael
Grant
Awarded
$1,015,022 5/25/2022
Public Works TDA3 Fun ding for De Anza Blvd
Buffered Bike Lanes
$166,259 5/24/2023 5/26/2023 Marlon
Aumentado
Grant
Awarded
$166,259 10/5/2023
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Department Name of Grant Description of Grant
Requested
Grant
Amount
Date
Applied
Date
Due Staff Contact
Status (Grant
Awarded,
Pending
Results, Grant
Denied)
Grant Amount
Awarded Date Awarded
Competitive Citywide Grants Tracking - FY24 Mid-Year Update Public Works 2016 Measure B Capital Projects Funding for Tamien Innu (I‐280 Trail)‐East
$920,978 12/1/2021 12/1/2021 David Stillman
and Susan
Michael
Grant
Awarded
$920,978 11/12/2021
Public Works 2016 Measure B Capital Projects Funding for Tamien Innu (I‐280 Trail)‐Central
$460,000 7/1/2020 7/1/2020 David Stillman
and Susan
Michael
Grant
Awarded
$460,000 7/14/2020
Public Works 2016 Measure B Capital Projects Funding for Tamien Innu (I‐280 Trail)‐Central
$3,725,000 7/ 1/2020 7/1/2020 David Stillman
and Susan
Michael
Pending
Results
$3,725,000 N/A
Public Works Sustainable Transportation Planning
Grant
Bollinger Road road diet traffic
analysis, outreach and
engineering design
$318,707 3/14/2023 3/14/2023 David Stillman Grant Denied N/A N/A Public Works 2016 Measure B Noise Abatement
Program
Funding for Tamien Innu (I‐280
Trail)‐Central
$15,000 3/23/2023 3/31/2023 Evelyn Moran
and David
Stillman
Grant Denied

N/A N/A
Public Works BPMP (Bridge Preventative
Maintenance Program)
Funding for recommended
preventative maintenance on
local roadway bridges
$1,144,472 9/30/2020 N/A Susan Michael
and Suyesh
Shrestha
Grant
Awarded
$1,144,472 4/12/2023
Public Works HBP (Highway Bridge Program) Repairs to bridge 37C0011, SCB over Stevens Creek
$688,000 10/5/2018 N/A Susan Michael
and Suyesh
Shrestha
Grant
Awarded
$688,000 10/12/2018
Public Works State of California Proposition 68 Funding for Wilson Pa rk Basketball Court
$214,549 12/6/2021 N/A Susan Michael Grant
Awarded
$214,549 1/21/2022
Public Works ‐
Environmental
Programs Division
EPA Recycling Education and
Outreach
Improve the effectiveness of
residential and community
recycling and composting
programs through public
education and outreach.

Increase collection rates and
decrease contamination across
the nation
$1,400,000 2/15/2023 2/15/2023 Ursula Syrova Denied N/A N/A Public Works and
Administration
CalOES Hazard Mitigation Grant
Pr
ogram Project Subapplication
Cupertino Civic Center Plaza
Microgrid study and
construction
$979,402 6/17/2021 6/17/2021 Thomas Chin,
Susan Michael
Grant
Awarded

N/A N/A
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Department Name of Grant Description of Grant Grant Amount Date
Applied
Date
Due Staff Contact
Status
(Grant
Awarded,
Pending
Results,
Grant
Denied)
Grant Amount
Awarded Date Awarded
Administration
/Public Works
Energy Efficiency Community Block
Grant
EECBG funds for use in developing energy efficiency
services or strategies, code enforcement, other uses 139,518$                  N/A 4/28/2023 Ursula Syrova and
Victoria Morin
Pending
Results 139,518$
Dates an
d exact
amount not yet
known
Administration Reach Codes/Building Codes
Silicon Valley Clean Energy grant to support reach
codes development 10,000$                    3/18/2022 4/30/2022 Ursula Syrova and
Victoria Morin
Grant
Reserved 10,000$                     11/30/2022
Community
Development
Department Homeless Services and Supports
A matching grant of $50,000 for the City of Cupertino,
which currently funds several assistance programs fo r
unhoused residents. These programs include Haven
to Home, a program run by West Valley Community
Services that offers bus passes, laundry quarters,
hygiene kits, foods assistance, and other forms of
assistance, as well as a Rotating Safe Car Park
program that serves Saratoga and Cupertino and is
operated by Amig os de Guadalupe and West Valley
Community Services. 50,000$                    5/10/2023 5/10/2023 Thomas Chin, Alec
Vybiral Awarded 50,000$                     5/10/2023
Community
Development
Department
Community Development Block Grant
(CDBG)
U.S. Dept of Housing & Urban Development (HUD)
Federal Entitlement Allocation ‐ FY 2021‐22 412,800$
8/26/2021 Annually:
6/30 Alec Vybiral
Grant
Awarded $                  412,800 2/25/2021
Community
Development
Department
Community Development Block Gr ant
(CDBG)
U.S. Dept of Housing & Urban Development (HUD)
Federal Entitlement Allocation ‐ FY 2022‐23 388,459$                  10/5/2022 Annually:
6/30 Alec Vybiral
Grant
Awarded 388,459$                   9/26/2022
Community
Development
Department
Community Development Block Grant
(CDBG)
U.S. Dept of Housing & Urban Development (HUD)
Federal Entitlement Allocation ‐ FY 2023‐24 358,910$                  N/A Annually:
6/30 Alec Vybiral
Grant
Awarded 358,910$                   7/ 21/2023
Community
Development
Department CDBG ‐CV CARES Act Funding
U.S. Dept of Housing & Urban Development (HUD)
Emergency COVID Allocation 553,939$                  8/26/2021 6/30/2022 Alec Vybiral Grant
Awarded 553,939$                   8/20/2021
Community
Development
Department
Santa Clara County Home Investment
Partnerships Program (HOME)
Consortium
U.S. Dept of Housing & Urban Development (HUD)
Federal Entitlement Allocation 993,289$                  N/A Annually:
6/30 Alec Vy biral
Grant
Awarded to
County
HOME
Consortium 993,289$                   2/25/2021
Community
Development
Department
Santa Clara County Home Investment
Partnerships Program (HOME)
Consortium
U.S. Dept of Housing & Urban Development (HUD)
Federal Entitlement Allocation 1,083,978$               N/A Annually:
6/30 Alec Vybiral
Grant
Awarded to
County
HOME
Consortium 1,083,978$                9/26/2022
Community
Development
Department
Regional Early Action Planning ( REAP)
Grants of 2021
CA Dept of Housing & Dev
elopment (HCD) funding
and technical assistance for implementation of
sodtware to help streamline housing approvals 52,613$                    11/1/2022 11/1/2022 Piu Ghosh Grant
Awarded 52,613$                     12/1/2022
Innovation and
Technology
California Automated Permit Processing
(CalAPP) Program
CalAPP is proving a one time grant for the
enhancement of Solar permit applications 60,000$                    2/ 15/2023 5/31/2027 Nidhi Mathur Grant
Awarded 60,000$                     4/4/2023
Non-Competitive Citywide Grants Tracking - FY24 Mid-Year Update 231
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Department Name of Grant Description of Grant Grant Amount Date
Applied
Date
Due Staff Contact
Status
(Grant
Awarded,
Pending
Results,
Grant
Denied)
Grant Amount
Awarded Date Awarded
Non-Competitive Citywide Grants Tracking - FY24 Mid-Year Update Parks and
Recreation
Community Fourth of July Fireworks
Events
The County of Santa Clara allocates a total of $25,000
to sponsor up to two fireworks events in each of the
five supervisorial districts ($5,000 per district). The County’s fireworks grant program, which was
suspended for three years during the COVID‐19
pandemic, retu rns for 2023. 5,000$                      3/15/2023 3/31/2023 Jacinta Liang Awarded 3,750$                       5/2/2023 Public Works
Bicycle/Pedestrian Education &
Encouragement 2016 Measure B 33,090$                    9/8/2022 N/A Cherie Walkowiak/
David Stillman
Grant
Awarded 33,090$                     9/29/2022
Public Works
Sustainable Infrastructure/Energy
Resiliency Grant To support energy resiliency capital improvements 255,798$                  6/29/2022 N/A Susan
Michael/Chad
Mosley
Grant
Awarded 255,798$                   6/29/2022
Public Works
Community Resilience Program ‐ Capital
Projects Grant with SVCE
Gr
ant to purchase two transportable EV Solar
Charging infrastructure and trailer units. 223,665$                  11/8/2023 N/A Jimmy Tan Grant
Awarded 223,665$
Agreement has yet
to be executed
Public Works
CalRecycle SB 1383 Local Assistance
Grant Program ‐ 2022 cycle
Grant program meant to provide aid in the
implementation of regulation requirements associated
with SB 1383. 83,693$                    1/ 21/2022 2/1/2022 Ursula Syrova Grant
Awarded 83,693$                     4/27/2022
Public Works
CalRecycle Beverage Container Recycling
City/County Payment Program
Provide opportunities for beverage container
recycling. Allowable uses include 2 staff attending
annual CA Resource Recovery Association conference,
water refill stations, and recycling receptacles. 14,812$ Funds must be
expensed
between
5/03/2022 ‐
4/1/2024 Annually:
dates vary Ursula Sy
rova
Grant
Awarded 14,812$                     5/28/2021
Public Works
CalRecycle Beverage Container Recycling
City/County Payment Program
Provide opportunities for beverage container
recycling. Allowable uses include 2 staff attending
annual CA Resource Recovery Association conference,
water refill stations, and recycling receptacles. 15,158$ Funds must be
expensed
between
4/13/2023‐
3/1/2025 Annually:
dates vary Ursula Syrova
Grant
Awarded 15,158$                     4/
13/2023
Public Works
CalRecycle Beverage Container Recycling
City/County Payment Program
Provide opportunities for beverage container
recycling. Allowable uses include 2 staff attending
annual CA Resource Recovery Association conference,
water refill stations, and recycling receptacles. Pending Pending Annually:
dates vary Ursula Syrova Pending Pending Pending
Public Works
CalRecycle SB 1383 Local Assistance
Grant Program ‐ 2023 cycle
Gr
ant program meant to provide aid in the
implementation of regulation requirements associated
with SB 1383. 116,401$                  11/14/2023 11/15/2023 Ursula
Syrova/Steven
Hirsch
Under
Review Pending Pending
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CIP PROJECT UPDATE February 12, 2024
Program Overview, Accomplishments & Status

T
he Capital Improvement Program (CIP) Administration Division provides design and construction administration for all capital improvement projects including streets, sidewalks, storm drainage, buildings, parks, bicycle and pedestrian improvements and other public facilities.

The Division ensures that all public improvements are designed and constructed in accordance with community expectations and City standards. The Division places safety of the public, City employees, and workers as the highest priority in the delivery of capital projects.

Q2 - FY2023 – 2024 (October - December 2023)

Status of Current CIP Projects
The categories below directly correlate to the categ
ories in the FY23-28 CIP Schedule. Furthermore, the
projects are color-coded to illustrate the type of project. These ‘types’ are somewhat intuitively, rather than effectively ascribed to the projects, as many projects would fall into multiple categories.

Facilities related CIP Projects (orange) – 6 active projects, 1 queued Streets and Grounds related CIP Projects (red) – 4 active projects, 3 completed Traffic, Bike and Pedestrian related CIP Projects (blue) – 5 active projects, 1 queued Parks and Recreation System related CIP Projects (green) - 6 active projects, 3 completed

Total: 21 active projects, 6 completed, 2 queued (on hold).

ACTIVE PROJECTS
Project Title Description Current
Phase
Scheduled
Completion
Status/Notes
DeAnza Blvd
Buffered Bike
Lanes
Restripe De Anza Blvd to
include a painted buffered
zone between the existing
bike lane and the vehicle
lanes.

Construction July 2024 Construction planned for
April or May 2024, and
is planned to be
coordinated with the
McClelland Road Bike
Corridor project.

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ACTIVE PROJECTS (continued)
Project Title Description Current
Phase
Scheduled
Completion
Status/Notes
McClellan Road
Separated Bike
Corridor, Phase
3 Improve pedestrian and
bicycle safety by
reconfiguring the intersection
and vehicle movements.
(Externally Funded, in part)
Construction July 2024 Construction began in
January 2024.

School Walk
Audit
Implementation
Construct infrastructure
related improvements around
schools that were identified as
part of the comprehensive
School Walk Audit study.
(Externally Funded, in part)
Ongoing/
Construction
Ongoing
Stevens Creek
Boulevard CL
IV Bikeway -
Phase 2 –
Design &
Construction
Design and Construction of
the separated bikeway along
Stevens Creek Blvd from
Wolfe Road to DeAnza Blvd
(2A) and De Anza Blvd to US-
85 (2B). This includes signal
upgrades at Bandley Drive.
(Externally Funded, in part)
Bid 2024/2025 Phase 2A Construction
will be posted for public
bid process once
additional grant funding
is secured. Phase 2B
Design is underway.

Tamien Innu
(Trail) – East &
Central
Segments
Design and construct an off-
street bicycle and pedestrian
facility parallel to the I-280
HWY, from De Anza Blvd.

Wolfe Road (Central), from
Wolfe Rd. to Vallco Parkway
(East) (Externally Funded)
Design Late 2024 for
East
segment;
2025 for
Central
Segment
East segment will
continue into Final
Documentation once
Valley Water approves
the design. Design phase
for Central segment is
paused while the east
segment design is
finalized. The CEQA
process is complete.

ADA
Improvements
This is an ongoing program
funded annually to improve
accessibility at all public
facilities throughout the City.
(Multi-year funding)
Design Ongoing Undertaking
improvements at
Jollyman Park and
Creekside Park
City Hall and
Community
Hall
Improvements
(Programming
and Feasibility)
Programming, Feasibility and
Community Outreach to form
the basis of a renovation
strategy for the buildings.

Feasibility/
Report
TBD Understanding of the
overall City financial
issues must advance
before this project can
progress.

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ACTIVE PROJECTS (continued)
Project Title Description Current
Phase
Scheduled
Completion
Status/Notes
Citywide
Building
Condition
Assessment
Implementation
& Report
Update
Implement recommendations
identified as a priority in the
Comprehensive Facility
Condition and Use
Assessment.

Construction/
Ongoing,
Ongoing • Sports Center Fire
Panel Replacement:
work is awaiting final
inspection.
• 2018 Report
Update/Dashboard
creation: report
complete.
• Senior Center Fire
Alarm System: RFP
will be issued for
Engineering services.
• CIP is developing
scope documents for
repairs needed in
Locker/ Shower
rooms.

Electric Vehicle
Parking
Expansion
Expansion of the existing
level 2 charging ports at
municipal properties.

Procurement April 2024 Project was defunded in
FY23. However, SVCE
grant funding is being
used to acquire portable
solar-powered EVCS.

Procurement is
underway.

Library
Expansion
Project
Develop a design and
construct a 5600 SF addition
to the existing Library
building.

Building:
complete.

Landscaping:

Ready for
Bid
TBD Courtyard and
Landscaping scope can
resume once Grant
funding ($1M) is
received. Building
construction is
complete. Donor Wall is
complete, but minor
repairs are required.

SV Hopper
EVCS
Provide electric vehicle
charging stations (EVCS) for
SV Hopper (formerly VIA)
fleet.

Engineering analysis
underway.

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ACTIVE PROJECTS (continued)
Project Title Description Current
Phase
Scheduled
Completion
Status/Notes
All Inclusive
Play Area &
Adult Assistive
Bathroom
Facility
(Jollyman Park)
At Jollyman Park, Design
and construct an all-inclusive
playground and an adult-
assistive bathroom facility
adjacent to the new AIPG.
(Externally Funded, in part)
Design Fall 2024 Construction
documentation is
complete. Permit
application and Bid
processes are
underway.

Annual
Playground
Replacement
Replacement of older
playground equipment that
is dated and worn. (Multi-
year funding)
Procurement
– Various
locations
Ongoing Creekside School Age
Lot – Equipment
arrives in February
2024. Next: RFPs for
Little Rancho and
Canyon Oaks
playgrounds.

Blackberry
Farm Pool
Improvements
Make improvements to the
pools and facility related to
safety, accessibility, and
maintenance.

Construction
& Bid
June 2024 Pool scope: Pool
replastering and other
repairs are under
construction. ADA
scope: contract
execution underway;
work will begin in
March 2024.

Lawrence-
Mitty Park and
Trail
Design and construct a new
neighborhood park. Located
on 7.8 acres adjacent to
Saratoga Creek, near
intersection of Lawrence
Expressway and Mitty Way.

Design Master Plan
Phase: June
2024
Draft IS/MND is
published for 30day
public review
(Feb/March 2024).

Commissions and
Council review/
approval will follow.

Memorial Park
- Specific Plan
Design
Following the findings of the
Master Plan process, develop
a conceptual design for Phase
One features and amenities.

Design June 2024 IS/MND Addendum is
complete. Staff will
bring this to Parks &
Rec Commission in
March, and Council in
April 2024.

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ACTIVE PROJECTS (continued)
Project Title Description Current
Phase
Scheduled
Completion
Status/Notes
Park Amenity
Improvements
Funding for various park
amenities such as benches,
hydration stations, outdoor
table tennis, cornhole, shade
structures, pickleball striping,
etc. (Multi-year funding)
Procurement Ongoing More benches
purchased for Jollyman
and Linda Vista DOLA
areas. Portal Park’s
large BBQ is being
reconstructed.

City Bridge
Maintenance
Repairs
Repair 5 bridges as
recommended in the Caltrans
Bridge Report along with
additional improvements to
prolong the useful life of the
bridges. The work is partially
funded (80%) through the
Bridge Preventative
Maintenance Program, a
federally funded program.

Design 2024 Construction
documents are
complete. Awaiting
response on the
additional funding
request documents
submitted to Caltrans
in September. Planning
to Re-Bid once funding
is approved.

City Lighting
LED
Improvements
Implement the transition of
City's streetlight
infrastructure from induction
and other fixtures to LED
fixtures to meet the "Dark
Sky" Ordinance requirements
and reduce light pollution
and energy cost.

Design TBD. 12 – 18
months
installation
Audit of existing
facilities is complete.

Working on
construction/bid
documents for public
bid process in April
2024.

Regnart Road
Improvements,
Phase 1
Phase 1 will construct a
retaining wall to stabilize the
road slope to the creek from
Sta 28+40 to 29+80 (+/-140 LF).

Construction July 2024 Construction activities
will begin after the
rainy season, in April
2024.

Stevens Creek
Bridge Repair
Stevens Creek Blvd Bridge
over Stevens Creek. Prepare
feasibility study to determine
appropriate scour
countermeasures, prepare
PS&E and install scour
countermeasure.

Design 2025 Awaiting Preliminary
Engineering (E-76)
approval from Caltrans.

RFP for the design will
be issued after the E-76
is approved.

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QUEUED PROJECTS
Project Title Description Status/Notes
I-280 Trail - West Segment Design and construct an off-street bicycle and pedestrian facility
parallel to the I-280 HWY, from
the Don Burnett Bicycle –
Pedestrian Bridge to De Anza Blvd
This segment is on hold until the
other segments are designed.

City Hall Annex (10455 Torre
Avenue Improvements)
Program, plan and build facility
improvements required for
interim facility to accommodate
staff while City Hall is remodeled,
as well as the long-term use of this
facility
Design documentation is 60%
complete. Awaiting direction on
City Hall project before further
action on this project.

COMPLETED PROJECTS
Project Title Description Status/Notes
Blackberry Farm Golf Renovation
/ Alternative Use Study
Study to determine options for the
BBF Golf Course: minor repairs or
alternative use (‘natural habitat’).

Completed; Council direction
provided.

Citywide [Satellite] Community
Garden (Wilson Park)
Develop a program to establish
community gardens throughout
the City.

Construction completed. Facility
is open.

Full-sized Outdoor Basketball
Court (Wilson Park)
Install a full-size basketball court at
a park, following the Parks and
Recreation System Master Plan.
(Externally Funded, in part)
Construction completed. Facility
is open.

Pumpkin and Fiesta Storm Drain
Project, Phase 1 & 2
Design storm drainage
improvements at Pumpkin Drive,
Fiesta Lane, as identified in the
Storm Drain Master Plan.

Construction is complete.

Street Light Installation - Annual
Infill
Replace fluted streetlight poles on
an as needed basis. (Multi-year
funding)
Installations for this fiscal year are
complete.

Stevens Creek Blvd./Calabazas
Creek Storm Drain Repair
Repair the storm drain that runs
under SCB at Calabazas Creek.

Emergency repairs completed.

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CITY OF CUPERTINO
Agenda Item
23-12417 Agenda Date: 2/21/2024
Agenda #: 10.

Subject: Amendments to the Cupertino Municipal Code Chapter 3.22 (Purchase of Supplies, Materials, Equipment and Services) and Chapter 3.23 (Public Works Contract and Bidding Procedures) of Title 3 (Revenue and Finance)
Conduct the first reading of Ordinance No. 24-2254: “An Ordinance of the City Council of the City of Cupertino Amending Chapters 3.22 and 3.23 of the Municipal Code regarding the purchase of goods and services, and contract and bidding procedures for public work contracts.” Presenter: Greg Card, Purchasing Manager
CITY OF CUPERTINO Printed on 2/14/2024Page 1 of 1
powered by Legistar™
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CITY COUNCIL STAFF REPORT
Meeting: February 21, 2024

Subject
Amendments to the Cupertino Municipal Code Chapter 3.22 (Purchase of Supplies, Materials, Equipment and Services) and Chapter 3.23 (Public Works Contract and Bidding Procedures) of Title 3 (Revenue and Finance)

Recommended Action
Conduct the first reading of Ordinance No. 24-XXX: “An Ordinance of the City Council of the City of Cupertino Amending Chapter s 3.22 and 3.23 of the Municipal Code regarding the purchase of goods and services, and contract and bidding procedures for public work contracts.”

Reasons for Recommendation
Background
The Cupertino Municipal Code (CMC) Chapter 3.22, last amended in 1992, directs the purchase of goods and services. CMC Chapter 3.23, which directs the contract and bidding procedures for a public work project, was also amended in 1992, with additional amendments in 2016. The administrative purchasing policy that governs and guides the purchases outlined in these chapters was last updated in 2013.

The following audits were completed between 2019 and 2022 which highlighted areas of risk and recommended improvements in the procurement process, contract management and vendor management.
 March 2019 - Internal Controls Review presented to the Audit Committee on April 24, 2019.
 December 2020 - Enterprise Risk Assessment presented to City Council on July 20, 2021.
 February 2022 - Procurement Operational Review presented to City Council on April 19, 2022.
 May 2022 - Fiscal Policy Inventory and Gap Analysis presented to City Council on July 19, 2022.
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Staff responded to the various audits and made changes to administrative practices and invested staff resources to address the items identified. In May 2023 , the Purchasing Manager was hired to evaluate and revise City policy, introduce standardization in the procurement process and propose improvements that demonstrate best practices, provide clarity in the purchasing process and support staff through the various procurement actions. In January and February 2024, after a thorough review by staff and additional review by Moss Adams , two administrative policie s, a new Public Works Purchasing Policy (Attachment B) and an updated Purchasing Policy (Attachment A), were approved by the City Manager. These policies administratively guide staff’s purchasing decisions and align with CMC 3.22 and 3.23, respectively.

Discussion
The concerns identified in the various audits and analysis have created an important guidepost and roadmap to improvements and best practices in our financial practices and citywide purchasing activities. In response, staff have and are addressing these items through changes in internal practices , development of standard operating procedures through policy review and development, and by adding a purchasing approval role in the financial system. To continue that effort, this report focuse s on proposed changes to the Cupertino Municipal Code (CMC) Chapter 3.22 and Chapter 3.23 that will provide further clarity to current practices, incorporate be st and common practices for a government entity and differentiate the purchase of goods and services and a public work construction project.

Developing improved administrative policies to guide procurement activities is an important step to ensure alignment with the CMC. The revised Purchasing Policy and new Public Works Purchasing Policy address many of the elements of risk identified with purchasing and contracting activities in the audits and analysis while incorporating clarity and government best practices for procurement. In addition, these policies provide important details in the procurement process to ensure fair and open competition . The proposed CMC edits will introduce improvements, clarity and best practices for the purchase of goods, services or public work contracts. The proposed amendments are included as Attachment C, summarized in Table 1 and discussed further in this report.

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Table 1. Summary of proposed edits to the CMC
Proposed changes to Chapter 3.22 Proposed changes to Chapter 3.23 Purchasing Manager defined Public Work project definition updated Introduction of Request for Proposal
procurement
Public Works Director included in
definition of Purchasing Officer
Informal and Formal Bidding Procedures
moved to Purchasing Policy
Bids are posted on City website or online
bid platform and accepted electronically
Clarification and addition of exemptions
to competitive procurement
Maintenance and Professional Services
are deleted from Exemptions
Public Works Director can extend project
timeline as needed or issue additional
work up to approved contract amount
plus contingency

Beginning with Chapter 3.22, there are several proposed edits to the CMC to highlight .

These include the identification of a Purchasing Manager, clarification that vendors may be solicited either through a low bid or qualifications-based procurement, migration of procurement procedures for informal and formal solicitations to the Purchasing Policy , clarification of existing exemptions , and introduction of new exemptions to the competitive procurement requirement. There are additional minor clean up items and re- organization of content to assist in the presentation of information. These proposed changes do not impact Council’s current authority to award contracts that exceed the formal threshold amount stated in Public Contract Code 22032 (b) , which is currently $200,000 but may be amended by the State from time to time.

The Purchasing Manager position is identified as the principal purchasing official that will lead, assist an d support the procurement process citywide. This position has responsibilities identified in Chapter 3.22 and administratively to perform oversight and ensure adherence to the purchasing policies throughout the purchasing process.

The proposed Ordinance also provides that vendors may be selected through an informal or formal qualifications-based procurement, using a Request for Proposal process which staff currently utilize as an exemption to the bid process. Using a low bid or qualification- based procurement method allows staff to determine the appropriate approach for soliciting a vendor, consultant or service provider. To adequately detail the requirements for a fair and competitive procurement process, staff recommends enacting the informal and formal procurement process for bidding or proposal procedures via the Purchasing Policy.

Allowable exemptions to the required procurement process are identified in the current Chapter 3.22. The proposed Ordinance introduces legal services as governed by Chapter

2.18 and exempt from a competitive process in accordance with Government Code § 242
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37103. Additional specific exemptions are defined which include those in accordance with Government Code § 37103.

The proposed amendments to CMC Chapter 3.23 introduce important definitions, clarifications, and improvements. The definition of a public work project is modified to align with the current Public Contract Code 22002 definition. The definition of Purchasing Officer is included in this chapter and specifically includes the Director of Public Works who would be responsible to oversee and manage public work projects.

The Notice Inviting Bids process is clarified to specifically include posting of bids electronically on the City’s website or another public bidding platform to encourage broad contractor outreach. Additionally, i f the lowest bids are equal in amount and from responsive and responsible contractor s, the Purchasing Officer or Purchasing Manager will select the low bidder through a blind selection process.

The performance of additional work simplifies the language and intention that the Director of Public Works has authority to complete the contracted project, including any necessary change orders, up to the total amount of contract award and approved contingency. The Director of Public Works retains authority to extend the contract date when necessary, and now without a time restriction.

Staff recommends that Council introduce Ordinance No. 24‐XXX and conduct a first reading of the Ordinance. If Council votes to conduct the first reading, the Ordinance will return to Council for the second reading at its March 5 meeting.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.

California Environmental Quality Act
Not applicable.
_____________________________________

Prepared by: Gregory Card, Purchasing Manager
Reviewed by: Kristina Alfaro, Director of Administrative Services Reviewed by: Christopher Jensen, City Attorney
Reviewed by: Matt Morley, Assistant City Manager
Approved for Submission by: Pamela Wu, City Manager

Attachments:

A – Administrative Purchasing Policy
B – Administrative Public Works Purchasing Policy
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C – Draft Ordinance (Redline)
D – Draft Ordinance (Clean)

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ORDINANCE NO. __________________

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO

AMENDING CITY CODE CHAPTERS 3.22 AND 3.23

The City Council of the City of Cupertino finds that:

WHEREAS, this Ordinance makes revisions to the Cupertino Municipal Code to introduce improvements, provide clarity and implement best practices for the purchase of goods, services or public work contracts for improved administration of the City purchasing processes.

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

SECTION 1. Adoption.

The Cupertino Municipal Code is hereby 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 applic ation 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 ordi nance 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 provisio ns.

SECTION 3: Effective Date.

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

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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 th e
ordinance.

INTRODUCED at a special meeting of the Cupertino City Council on February 21, 2024 and ENACTED at a regular meeting of the Cupertino City Council on March 5, 2024 by the following vote:

Members of the City Council

AYES:

NOES:

ABSENT:

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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Amendment to Chapter 3.22 and 3.23- Page 1
Attachment A – An Ordinance of the City Council of the City of Cupertino Amending City Code Chapters 3.22 And 3.23

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 Chapter 3.22 (Purchase of Supplies, Mat erials, Equipment and Services)

3.22.010 Purpose of cChapter.

3.22.020 Definitions.

3.22.030 Purchasing Officer.

3.22.040 Purchase orders, or check requests needed, ‐Purchasing Cards or Use of petty cash funds.

3.22.050 Availability of funds.

3.22.060 Purchasing requirements.

3.22.070 Exemptions.

3.22.010 Purpose of Chapter.

This cChapter is enacted to set forth policy to establish efficient procedures for the purchase of supplies, materials, equipment and sServices at the lowest possible cost commensurate with quality needed, and to clearly define authority for the purchasing function of the City.

3.22.020 Definitions.

For the purposes of this cChapter, the following words and phrases shall have the meanings ascribed to them by given in this section.

1. “Bid” means any proposal competitive price‐based bid submitted to the City in competitive bidding for City purchases and contracts for supplies, materials, equipment, and/or Sservices.
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2. “Lowest responsible bidder” means the lowest monetary bidder who has demonstrated the attribute of trustworthiness as well as quality, fitness, capacity and experience to satisfactorily perform the contract.

3. ”Proposal” means a competitive submittal that is evaluated based on vendor qualifications, project approach, costs and other requirements for purchases and contracts for Services.

34. “Purchases.” Purchases of supplies and equipment shall include leases or rentals, as well as transactions by which the City acquires ownership.

5. “Purchasing Manager” means the principal purchasing official responsible for developing policy and ensuring compliance in the procurement of goods and services in accordance with applicable law.

46. “Purchasing Officer” means the City Manager or any other official or officials designated in writing by the City Manager for administration of this cChapter.

57. “Services” means any and all services including, but not limited to, professional services, consulting, technology solutions and equipment and maintenance service contracts.

The term does not include services rendered by City officers or employees, or professional or other services which are by nature unique or for which the procedure for procurement is specifically provided by law.

68. “Supplies,”, “materials” and “equipment” means any and all articles, things or tangible personal property furnished to or to be used by the City.

3.22.030 Purchasing Officer.

A. The Purchasing Officer of the City is vested with the authority for the purchase of supplies, materials, equipment, and sServices. When the provisions and intent of this cChapter may be best served by so doing, the Purchasing Officer may authorize in writing any department, or the Purchasing Manager, to investigate, solicit bids or to negotiate the purchase or award of contracts for supplies, materials, equipment or sServices for that department, provided that such shall be done in conformity with the procedures prescribed by this cChapter or by duly adopted administrative rules and regulations pertaining thereto.

B. The Purchasing Officer shall have the responsibility and authority to:

21. Prepare and adopt policies, administrative rules, and regulations and procedures not in conflict with the provisions of this cChapter for the purpose of carrying out the requirements and intent of this purchasing system.

12. Purchase or contract for materials, supplies, equipment, or and sServices to be performed as may be required by any department of the City in accordance with 288
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procedures prescribed by this cChapter or by such administrative rules, policies and regulations procedures as the Purchasing Officer may adopt pursuant thereto.;

2. Prepare and adopt administrative rules and regulations not in conflict with the provisions of this chapter for the purpose of carrying out the requirements and intent of this purchasing system.

3.22.040 Purchase Orders or Check Requests Needed–Use of Petty Cash Funds.

A. Purchases of supplies, materials, equipment or sServices shall be made only by means of purchase orders, purchasing card or check requests processed and issued pursuant to this cChapter. The A purchase orders or check requests shall be valid only when signed by the City Manager, the Purchasing Officer or other persons as may be designated by the Purchasing Officer to act in his behalf designee.

B. Nothing herein shall preclude the use of authorized petty cash funds for purposes intended by their establishment.

3.22.050 Availability of Funds.

The Purchasing Officer shall not issue any purchase order, or approve a check request, or award any contract for the acquisition of supplies, materials, equipment or sServices, unless there exists an unencumbered appropriation in the funds as approved by City Council resolution adopting procedures for administration of the annual budget. The appropriate account and funds shall be encumbered immediately after the issuance of the purchase order, approval of a or check request or award of contract.

3.22.060 Purchasing Requirements.

A. Open Market Purchases. The Purchasing Officer may award contracts, or issue purchase orders or approve check requests for the acquisition of supplies, materials, equipment or sServices in the open market without observing the competitive bidding procedure contained in this Chapter when the dollar value as provided for by the administrative policy. A non‐competitive open market purchase will foreseeably equal, or be less than, the amount for public works contracts described in section 22032(a) of the Public Contracts Code.

B. Purchases Approved by the Purchasing Officer1Informal Competitive Bidding Procedures. In instances where the purchase of supplies, materials, equipment or sServices will foreseeably result in the issuance of a purchase order, approval of a check request or the award of a contract with a dollar value of greater than the amount for public works contracts described in section 22032(a) of the public contract code but that

1 *3.22.060 B was modified from previous 3.22.060 D
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equals, or is less than the amount for public works contracts described in section 22032(b) of the public contracts code, the Purchasing Officer may award contracts or issue purchase orders or check requests for the purchase of supplies, materials, equipment or services has the authority to take this action.

Such action shall be taken only after the informal competitive bidding or proposal procedure described in subsection E F below is followed unless the City Manager finds in writing that the use of the informal competitive bidding or proposal procedure is not practical, undesirable or impossible due to limitations on source of supply, necessary restrictions in specifications, necessary standardization, quality considerations, or if other valid reasons for waiving or exempting the informal competitive bidding or proposal process procedures appear apply. Upon making such a finding, the City Manager may direct the Purchasing Officer to may dispense with the informal competitive bidding or proposal procedure and make the purchase on the open market or through any other procedure which meets the City’s requirements.

BC. Purchases Approved by City Council.–Application of Formal Competitive Bidding Procedures. In instances where the acquisition of supplies, materials, equipment or sServices will foreseeably result in the issuance of a purchase order, approval of a check request, or the award of a contract with a dollar value in excess of the required dollar value amount for public works contracts described in section 22032(b) of the Public Contracts Code, such will be authorized only by action of the City Council has the authority to take this action.

Such action shall be taken after the formal competitive bidding or proposal procedures described in this sections D or E are followed, unless, pursuant to a written recommendation of the City Manager, the City Council finds that the use of the formal competitive bidding or proposal procedures are is not practical, undesirable or impossible due to limitations on source of supply, necessary restrictions in specifications, necessary standardization, quality considerations, or if other valid reasons for waiving or exempting the formal competitive bidding or proposal process procedures appear apply. Upon making such a finding, the Council may direct the Purchasing Officer to dispense with the formal competitive bidding or proposal procedure and make the purchase on the open market or through any other procedure which meets the City’s requirements.

CD. Formal Competitive Bidding Procedures2. The formal bidding procedures required for purchases described in Section 3.22.060 (C)B are as follows: shall be to the

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lowest responsive and responsible bidder pursuant to administrative policy implemented by the Purchasing Officer.

1.   Notice Inviting Bids.
a.   Notice inviting bids shall include:
i.   A distinct description of the supplies, materials, equipment or services to be purchased;
ii.   The location where bid blanks, specifications and requests for proposals may be secured;
iii.   The time and place for opening bids;
iv.   A statement that the City has the authority to reject any and all bids and may waive any minor technicality or variance found in a bid document. b.   The notice inviting bids shall be published at least fourteen calendar days before the date of opening of bids in a newspaper of general circulation printed or published in the City. Such notice may also be mailed to any vendor or provider which the Purchasing Officer has reason to believe may be in a position to provide the subject supplies, material, equipment or services to the City.

2. Opening of Bids. Bids shall be opened in public by the City Clerk at the time and place stated in the notice inviting bids. A tabulation of all bids received shall be open for public inspection during regular business hours for a period of not less than fifteen calendar days after the bid opening. Any bid which is received after the time specified in the notice shall be returned unopened.

3. Award of Contract. Contracts shall be awarded by the City Council to the lowest responsible bidder except as otherwise provided in this chapter.

4. Award to Next Lowest Bidder–Failure to Execute Contract. The City Council may, on refusal or failure of the successful bidder to execute the contract within ten days after the date the notice of award of contract is mailed, unless the City is responsible for the delay, award it to the next lowest responsible bidder.

5. Award of Contract to the Next Lowest Bidder–Lowest Bidder Irresponsible– Notice and Hearing.

A.   The City Council, in its sole discretion, may reject the lowest monetary bid for purchases of supplies, materials, equipment or services upon a specific finding that the lowest monetary bidder is not responsible. To determine responsibility, the City Council may consider, among other things, the bidder’
B.   If the City Council rejects the lowest bid upon its determination that the lowest bidder is not responsible, the City shall:
i.   Give notice of the City Councilʹs decision to the lowest monetary bidder, setting forth the reasons why the bidder is not considered the lowest responsible bidder;
ii.   Give the bidder the opportunity to ask for a pre‐award hearing before the City Council on the issue;
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iii. If the hearing is requested, agendize the matter before the City Council, giving written notice of such hearing to all bidders;
iv. After hearing, the City Council shall make a finding, supported by the evidence on the record as to the nonresponsibility of the lowest monetary bidder.

6.   Rejection of Bids–Identical Bids–Absence of Bids. The City Council, in its sole discretion, may:
a.   Reject any bids presented and re‐advertise for new bids; b.   Reject any bid that fails to meet the requirements of the formal bidding procedure in any respect;
c.   If two or more bids are the same and the lowest, the City Council may accept the one it chooses;
d.   If no bids are received, the City Council may direct the Purchasing Officer to purchase the supplies, materials, equipment or services without further adherence to the formal bidding procedure;
e.   Waive any minor irregularities or variances in any bid received.

D. Informal Competitive Bidding Procedures. In instances where the purchase of supplies, materials, equipment or services will forseeably result in the issuance of a purchase order, check request or the award of a contract with a dollar value of greater than the amount for public works contracts described in section 22032(a) of the public contract code but equals, or is less than the amount for public works contracts described in section 22032(b) of the public contracts code, the Purchasing Officer may award contracts or issue purchase orders or check requests for the purchase of supplies, materials, equipment or services.

Such action shall be taken only after the informal competitive bidding procedure described in subsection E below is followed unless the City Manager finds in writing that the use of the informal competitive bidding procedure is not practical due to limitations on source of supply, necessary restrictions in specifications, necessary standardization, quality considerations, or if other valid reasons for waiving the informal competitive bidding process procedure appear. Upon making such a finding, the City Manager may direct the Purchasing Officer to dispense with the informal competitive bidding procedure and make the purchase on the open market or through any other procedure which meets the City’s requirements.

E. Formal Competitive Request for Proposal Procedures. The formal proposal procedures required for the selection of the best qualified proposal shall be pursuant to administrative policy implemented by the Purchasing Officer.

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EF. Informal Competitive Bidding or Proposal Procedure for Purchases Described in Subparagraph D. Above. Purchases described in section B shall be pursuant to administrative policy implemented by the Purchasing Officer. i. The procedures described in subsections 3.22.060 C I a and C2‐C6 of this chapter are applicable except that the duties described thereunder which are performed by the City Council are performed under these informal procedures by the Purchasing Officer. Determinations of the Purchasing Officer are subject to appeal pursuant to Chapter 1.16 of the City’s ordinance code.
ii. Publication of notice inviting informal bids is not required.

3.22.070 Exemptions.

A. Notwithstanding any provision of this cChapter to the contrary, the Purchasing Officer, with the written concurrence of the City Manager, is authorized to issue a purchase order, approve a or check request, or award a contract, without adherence to the other provisions Section 3.22.060 of this cChapter under the following instances:

A1. Emergency Purchases. The immediate requirement of an item supplies, materials, equipment, or Services necessary for the continued operation of a department or for the preservation of life, health or property shall be deemed an emergency. A full report of the circumstances of an emergency purchase in excess of the amount described in subsection 3.22.060 (C)B shall be filed with the City Council at its next regular meeting after the purchase was made.

B2. Recurring or Essential Services. Purchases orders or check requests, including payment of claims against the City where reasonable advanced estimates of costs cannot be determined for essential services of a recurring nature. Included in, but not limited to, this authorization are such items as utility services, approved settlements or claims for liability under the City’s insurance program, renewal premium for authorized insurance policies, necessary bonds, all expenditures for the Cityʹs payroll and employee benefits and other matters involving unknown estimates of costs.

3. Legal Services. Purchase of legal advice, legal consultation, attorneys, assistants, or special counsel to address legal matters shall be in accordance with Chapter 2.18.

B. The following situations are exempt from the informal and formal competitive bid or proposal procedures described in this Chapter. Exemption determinations will be documented and approved by the Purchasing Officer.
1C. Purchases From Other Public Agencies. Purchases of supplies, materials, equipment or Sservices from any other public agency created under the laws of the State of California or the United States Government are exempt from the bidding requirements of this chapter.
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D. Professional Services. Professional services including, but not limited to, services of lawyers, architects, engineers, land surveyors, artists and accountants are exempt from the bidding requirements of this chapter.

2. Specialized Services Purchase. Specialized services and advice, in accordance with Government Code 37103, for financial, economic, accounting, or administrative matters are exempt from a competitive process.

3. Sole Source Purchase. Purchases from a single entity that possess the unique ability, capability, equipment, technology, patent or copyright to meet the City’s need based on standardization, compatibility or operational requirement.

4. Use of Another Public Agency Cooperative Competitive Solicitation. After another governmental or public agency has completed a competitive procurement process in a manner similar to the bidding or proposal procedures described in this Chapter, and is for the goods or Services desired by the City, the City may award a contract to the selected vendor(s) resulting from that procurement process.

2. Amendments to Chapter 3.23 (Public Works Contract and Bidding Procedures)

3.23.010 Purpose.

This cChapter is enacted to enhance competition, to prevent corruption and undue influence in the awarding of public works contracts, and to clarify the City’s competitive bidding requirements established pursuant to Part 3 of the California Public Contract Code, Sections 20100 et seq.

3.23.020 Definitions.

As used in this cChapter, the following terms, phrases, words and their derivations shall have the meanings given in this section:

1. “Bid” means any proposal monetary bid submitted to the City in competitive bidding for the construction, alteration, repair or improvement of any structure, building, road or other improvement of any kind.

3. “Public works contract” means an agreement for the erection, construction, alteration, repair or improvement of any public structure, building, road or other public improvement of any kind.

4. “Public works project” means any of the following:
a. Construction, reconstruction, erection, alteration, renovation, improvement, demolition, and repair work involving any publicly owned, leased, or operated facilityThe erection, improvement, painting or repair of public buildings and works; 294
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b. Painting or repainting of any publicly owned, leased, or operated facilityWork to protect against overflow of streams, bays, waterfronts or embankments; c. In the case of a publicly owned utility system, “public project” shall include only the construction, erection, improvement, or repair of dams, reservoirs, powerplants, and electrical transmission lines of 230,000 volts and higher. Street or sewer work except for maintenance or repair thereof;
d. Furnishing supplies or materials for any such project, including the maintenance or repair of streets or sewers.

5. “Public works project” does not include maintenance work. For purposes of this section, “maintenance work” includes all of the following:
a. Routine, recurring, and usual work for the preservation or protection of any publicly owned or publicly operated facility for its intended purposes. b. Minor repainting.
c. Resurfacing of streets and highways at less than one inch. d. Landscape maintenance, including mowing, watering, trimming, pruning, planting, replacement of plants, and servicing of irrigation and sprinkler systems. e. Work performed to keep, operate, and maintain publicly owned water, power, or waste disposal systems, including, but not limited to, dams, reservoirs, powerplants, and electrical transmission lines of 230,000 volts and higher.

6. For purposes of this Chapter, “facility” means any plant, building, structure, ground facility, utility system, subject to the limitation found in paragraph (c) of subdivision (4), real property, streets and highways, or other public work improvement.

7. “Purchasing Manager” means the principal purchasing official responsible for developing policy and ensuring compliance in the procurement of goods and services in accordance with applicable law.

8. “Purchasing Officer” means the City Manager, Director of Public Works or any other official or officials designated in writing by the City Manager for administration of this Chapter.

3.23.030 Competitive Bidding.

Except as otherwise provided for in this cChapter, public works projects with an estimated dollar value in excess of the required dollar value for competitive bidding established by section 22032(a) of the California Public Contracts Code, as may be amended, shall be contracted for pursuant to the procedures prescribed in this cChapter or by State Law.

3.23.040 Notice Inviting Bids.

The notice inviting bids shall be in the form and published as follows:

A. Notices inviting bids shall include:
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1. A distinct description of the public works project to be performed;

2. The location where bid blanks documents, plans and specifications may be secured;

3. The time and place for opening bids;

4. The type and amount of bidderʹs security required;

5. The class of license required for the public works to be performed; and

6. A statement that the City has the authority to reject any and all bids and may waive any minor technicality or variance from the bid specifications.

B. The notice inviting bids shall be:

1. Published in a newspaper of general circulation printed and published in the City at least the number of days specified in Section 22037 of the California Public Contract Code, as may be amended, before the opening of bids; and

2. Provided to all construction and trade journals specified in Section 22036 of the California Public Contract Code, or as may be amended, at least the number of days and by the methods set forth in Section 22037 of the California Public Contracts Code, as may be amended.; and

3. Posted on the City’s website or another public bidding platform.

3.23.050 Presentation of Bids–Security Required–Subcontractor Designated in Bid.

A. All bids shall be presented under sealed cover (identified as bids on the envelopeby the bid name and number), submitted to the City Clerk attention of the Purchasing Officer, or designee, via the process described in the notice inviting bids and accompanied by one of the following forms of bidder’s security:

1. Cash;

2. A cashier’s check made payable to the City;

3. A certified check made payable to the City;

4. A bidderʹs bond executed by an admitted surety insurer, made payable to the City.

B. The security shall be in an amount equal to at least ten percent of the amount of the bid, or such other sum as may be authorized by the California Public Contract Code.

A bid shall not be considered unless one of the forms of bidder’s security is enclosed with it.

C. Upon award of the contract to the lowest responsible bidder, the security of an unsuccessful bidder shall be returned no later than in a reasonable period of time, but in no event shall such security be held by the City beyond ninety days from the date the notice of award of contract is mailed awarded.

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D. All bidders on a public works project must designate in their bids the name, address, the portion of the work each subcontractor will perform, and other information as required by Section 4101(a)(1) of the California Public Contract Code, as may be amended, of each subcontractor:

1. Who will perform work exceeding one‐half of one percent of the prime contractor’s total bid as specified in Section 4104(a)(1), or

2. Who meet or exceed the thresholds for specific types of work as specified in Section 4101(a)(1) of the California Public Contracts Code, as may be amended. 3E. The prime contractor shall list only one subcontractor for each portion of work as is defined by the prime contractor in their bid as specified in Section 4104 (b).

E. A contractor submitting a bid as the prime contractor shall not also submit a bid as a subcontractor for a competing prime contractor.

3.23.060 Opening Bids.

Bids shall be opened on the date stated in the notice inviting bids. A tabulation of all bids received shall be posted on the City’s website on the first working day within after 48 hours of the bid opening and will remain posted for a period of not less than fifteen calendar days after the bid opening. Any bid which is submitted after the time specified in the notice shall not be considered.

3.23.070 Award of Contract.

Contracts shall be awarded by the City Council to the lowest responsible bidder except as otherwise provided in this cChapter.

3.23.080 Forfeiture of Security.

If the successful bidder fails to execute the contract within ten days after the date the notice of award of contract is mailed or provided, unless the City is responsible for the delay, the amount of the bidder’s security shall be forfeited to the City except as provided in Section 3.23.090.

3.23.090 Award of Contract to next Lowest Bidder–Failure to Execute Contract.

The City Council may, on refusal or failure to of the successful bidder to execute the contract within ten days after the date the notice of award of contract is mailed or provided, unless the City is responsible for the delay, award it to the next lowest responsible bidder. If the City Council awards the contract to the second lowest bidder, the amount of the lowest bidder’s security shall may be applied by the City to the difference between the low bid and the second lowest bid, and the surplus, if any, shall be returned to the lowest bidder if cash or a check is used, or to the bidder’s surety if a bond is used.
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3.23.100 Award of Contract to Next Lowest Bidder–Lowest Bidder Irresponsible– Notice and Hearing.

A. The City Council, in its sole discretion, may reject the lowest bid upon specific findings that the lowest bidder is not responsible. To determine responsibility, the City Council may consider, among other things, the bidder’s financial responsibility, type of license, type of equipment, number of years of experience in construction work, other projects bidder worked on in the last five years, whether bidder has failed to complete any contract, and bidder’s ability to be bonded and its quality, fitness, or capacity to satisfactorily perform the work.

B. If the City Council rejects the lowest bid upon its determination that the lowest bidder is not responsible, the City shall do the following:

1. Give notice of the City Council’s decision to the lowest bidder, setting forth the reasons why he/she the bidder is not considered determined the lowest “responsible” bidder;

2. In the notice, give bidder an opportunity to ask for a pre‐award hearing before the City Council on the issue;

3. If hearing is requested, agenda the matter pursuant to California Government Code hearing requirements;

4. After the hearing, the City Council shall make a finding, supported by the evidence on the record, as to the non‐responsibility of the lowest bidder.

3.23.110 Rejection of Bids–Identical Bids–Absence of Bids.

The City Council, in its sole discretion, may:

A. Reject any all bids presented and readvertise for new bids;

B. Reject any bid that fails to meet the bidding requirements in any respect;

C. If two or more bids are the same and the lowest, allow the City Council may accept the one it chooses Purchasing Officer or Purchasing Manager to select one through a blind selection process;

D. If no bids are received, the City Council may have the project done without further complying with this cChapter;

E. Waive minor irregularities in any bid received.

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3.23.120 Informal Bidding Procedure for Public Works Projects.

Except as otherwise required by this cChapter or under state or federal law, the bidding procedures of this cChapter may be dispensed with for public works projects with an estimated dollar value equal to or less than the required dollar value specified in Subdivision (b) of Section 22032 of the Public Contract Code, and the following informal bidding procedures substituted:

A. The City shall maintain a list of qualified contractors, identified according to categories of work. Minimum criteria for compilation of the contractor list shall be determined by the California Uniform Construction Cost Accounting Commission (“Commission”). All contractors on the list for the category of work being bid and/or all construction trade journals specified by the Commission shall be mailed or emailed a notice inviting informal bids, unless the product or service is proprietary.

B. All mailing of notices to contractors and construction trade journals shall be completed not less than the number of days specified in Section 22304(c) of the California Public Contract Code, or as may be amended, before the date of opening the bids.

C. The City Council hereby delegates the authority to award contracts pursuant to informal bidding to the City Manager or other person designated in writing by the City Manager Purchasing Officer.

3.23.130 Exempt from Bidding Requirements.

The following are exempt from competitive bidding requirements:

A. Professional Services. Includes, but is not restricted to, services of lawyers, architects, engineers, land surveyors, artists, and accountants; B. Maintenance. Includes the maintenance and repair of streets and sewers, but does not include the furnishing of materials for such maintenance; AC. Emergency Work. If there is a great public calamity, such as an extraordinary fire, flood, storm, epidemic or other disaster, or if it is necessary to do emergency work to prepare for national or local defense, the City Council may pass a resolution by a four‐fifths vote declaring that the public interest and necessity demand the immediate expenditure of public money to safeguard life, health or property in accordance with Public Contract Code Section 22050. Upon adoption of the resolution, the City may expend any sum required in the emergency without complying with this cChapter;

BD. Small Contracts. Any contract for public works projects with an estimated dollar value equal to or less than the required dollar value for competitive bidding established by section 22032(a) of the California Public Contracts Code; 299
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CE. Meaningless Bids. Where the nature of the subject of the contract is such that competitive proposals bids would not produce an advantage and when the advertisement for competitive bidding would be undesirable, impracticable or impossible;

DF. Performance of Project After Rejection of Bids. After rejection of bids presented, the City Council may pass a resolution by a four‐fifths vote declaring that the project can be performed more economically by day labor or the materials or supplies furnished at a lower price in the open market. Upon adoption of the resolution, the City is relieved from further compliance with formal bidding requirements.

3.23.140 Performance Bond of Successful Bidder.

The City ManagerPurchasing Officer has authority to require a performance bond before entering a contract, in such amount as the City Manager Purchasing Officer finds reasonably necessary to protect the best interests of the City or as may be required by law. If the City requires a performance bond, the form and amount of the bond shall be described in the notice inviting bids.

3.23.150 Deposit of Proceeds.

The cash or proceeds collected pursuant to this cChapter shall be deposited in the fund out of which the expenses of preparation and printing of the plans and specifications, estimates of cost and publication of notice are paid.

3.23.160 Additional Work by City Authority.

Notwithstanding the provisions of this cChapter, if the Director of Public Works determines that additional or extra work on any public works project is required to complete the project as originally intended, the Director of Public Works is authorized to approve contract change orders for additional or extra work on any public works contract without complying with the bidding requirements established in this chapter, provided that each individual contract change order does not exceed the required dollar value for bidding established by Section 22032 of the California Public Contract Code; and, further, that the aggregate total of all such contract change orders for the any one public works project does not exceed the contract amount plus contingency value of the project contingency established for the project at the time the contract is awarded.

Under this same authority, the Director of Public Works is authorized to approve extensions of time to public works contracts up to a maximum of sixty calendar days.

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3.23.170 Deletions of Work by City Authority.

The City reserves the right to delete up to twenty‐five percent (25%) of the work on a public works contract where such deletions would advance the project as originally contemplated.

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ORDINANCE NO. __________________

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO

AMENDING CITY CODE CHAPTERS 3.22 AND 3.23

The City Council of the City of Cupertino finds that:

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

SECTION 1. Adoption.

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

SECTION 2: Severability and Continuity.

SECTION 3: Effective Date.

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

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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 February 21, 2024 and ENACTED at a regular meeting of the Cupertino City Council on March 5, 2024 by the following vote:

Members of the City Council

AYES:

NOES:

ABSENT:

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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Attachment A – An Ordinance of the City Council of the City of Cupertino Amending City Code Chapters 3.22 And 3.23

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 Chapter 3.22 (Purchase of Supplies, Mat erials, Equipment and Services)

3.22.010 Purpose of Chapter.

3.22.020 Definitions.

3.22.030 Purchasing Officer.

3.22.040 Purchase orders, check requests, Purchasing Cards or Use of petty cash funds.

3.22.050 Availability of funds.

3.22.060 Purchasing requirements.

3.22.070 Exemptions.

3.22.010 Purpose of Chapter.

This Chapter is enacted to set forth policy to establish efficient procedures fo r the
purchase of supplies, materials, equipment and Services at the lowest possible cost commensurate with quality needed, and to clearly define authority for the purchasing function of the City.

3.22.020 Definitions.

For the purposes of this Chapter, the following words and phrases shall have the meanings given in this section.

1. “Bid” means any competitive price‐ba
sed bid submitted to the City for purchases
and contracts for supplies, materials, equipment, and/or Services.

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3. ”Proposal” means a competitive submittal that is evaluated based on vendor qualifications, project approach, costs and other requirements for purchases and contracts for Services.

4. “Purchases” Purchases of supplies and equipment shall include leases or rentals, as well as transactions by which the City acquires ownership.

5. “Purchasing Ma nager” means the principal purchasing official responsible for developing policy and ensuring compliance in the procurement of goods and services in accordance with applicable law.

6. “Purchasing Officer” means the City Manager or any other official or officials designated in writing by the City Manager for administration of this Chapter.

7. “Services” mea
ns any and all services including, but not limited to, professional services, consulting, technology solutions and equipment and maintenance service contracts.

8. “Supplies”, “materials” and “equipment” means any and all articles, things or tangible pe
rsonal property furnished to or to be used by the City.

3.22.030 Purchasing Officer.

A. The Purchasing Officer of the City is vested with the authority for the purchase of supplies, materials, equipment, and Services. When the provisions and intent of this Chapter may be best served by so doing, the Purchasing Officer may authorize in writing any department, or the Purchasing Manager, to investigate, solicit bids or to negotiate the purchase or award of contracts for supplies, materials, equipment or Services for that department, provided that such shall be done in conformity with the procedures prescribed by this Chapter or by duly adopted administrative rules and regulations pertaining thereto.

B. The Purchasing Officer shall have the responsibility and authority to:

1. Prepare and adopt policies, administrative rules, regulations and procedures not in conflict with the provisions of this Chapter for the purpose of carrying out the requirements and intent of this purchasing system.

2. Purchase or contract for materials, supplies, equipment, or Services to be performed as may be required by any department of the City in accordance with procedures prescribed by this Chapter or by such administrative rules, policies and procedures as the Purchasing Officer may adopt pursuant thereto.

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3.22.040 Purchase Orders or Check Requests Needed–Use of Petty Cash Funds.

A. Purchases of supplies, materials, equipment or Services shall be made only by means of purchase orders, purchasing card or check requests processed and issued pursuant to this Chapter. A purchase order or check request shall be valid only when signed by the Purchasing Officer or designee.

B. Nothing herein shall preclude the use of authorized petty cash funds for purposes intended by their establishment.

3.22.050 Availability of Funds.

The Purchasing Officer shall not issue any purchase order, approve a check request, or award any contract for the acquisition of supplies, materials, equipment or Services, unless there exists an unencumbered appropriation in the funds as approved by City Council resolution adopting procedures for administration of the annual budget. The appropriate account and funds shall be encumbered after the issuance of the purchase order, approval of a check request or award of contract.

3.22.060 Purchasing Requirements.

A. Open Market Purchases. The Purchasing Officer may award contracts, issue purchase orders or approve check requests for the acquisition of supplies, materials, equipment or Services in the open market without observing the competitive bidding procedure contained in this Chapter as provided for by the administrative policy. A non‐competitive open market purchase will foreseeably equal, or be less than, the amount for public works contracts described in section 22032(a) of the Public Contracts Code.

B. Purchases Approved by the Purchasing Officer. In instances where the purchase of supplies, materials, equipment or Services will foreseeably result in the issuance of a purchase order, approval of a check request or the award of a contract that equals, or is less than the amount for public works contracts described in section 22032(b) of the public contracts code, the Purchasing Officer has the authority to take this action.

Such action shall be taken only after the informal competitive bidding or proposal procedure described in section F below is followed unless the City Manager finds in writing that the use of the informal competitive bidding or proposal procedure is not practical, undesirable or impossible due to limitations on source of supply, necessary restrictions in specifications, necessary standardization, quality considerations, or if other valid reasons for waiving or exempting the informal competitive bidding or proposal procedures apply. Upon making such a finding, the Purchasing Officer may 306
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dispense with the informal competitive bidding or proposal procedure and make the purchase through any procedure which meets the City’s requirements.

C. Purchases Approved by City Council. In instances where the acquisition of supplies, materials, equipment or Services will foreseeably result in the issuance of a purchase order, approval of a check request or the award of a contract in excess of the amount for public works contracts described in section 22032(b) of the Public Contracts Code, the City Council has the authority to take this action.

Such action shall be taken after the formal competitive bidding or proposal procedures described in sections D or E are followed unless, pursuant to a recommendation of the City Manager, the City Council finds that the use of the formal competitive bidding or proposal procedures are not practical, undesirable or impossible due to limitations on source of supply, necessary restrictions in specifications, necessary standardization, quality considerations, or if other valid reasons for waiving or exempting the formal competitive bidding or proposal procedures apply. Upon making such a finding, the Council may direct the Purchasing Officer to dispense with the formal competitive bidding or proposal procedure and make the purchase through any procedure which meets the City’s requirements.

D. Formal Competitive Bidding Procedures. The formal bidding procedures required for purchases described in Section 3.22.060 (C) shall be to the lowest responsive and responsible bidder pursuant to administrative policy implemented by the Purchasing Officer.

F. Informal Competitive Bidding or Proposal Procedure. Purchases described in section B shall be pursuant to administrative policy implemented by the Purchasing Officer.

3.22.070 Exemptions.

A. Notwithstanding any provision of this Chapter to the contrary, the Purchasing Officer is authorized to issue a purchase order, approve a check request, or award a contract, without adherence to Section 3.22.060 of this Chapter under the following instances:

1. Emergency Purchases. The immediate requirement of supplies, materials, equipment, or Services necessary for the continued operation of a department or for the 307
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preservation of life, health or property shall be deemed an emergency. A full report of the circumstances of an emergency purchase in excess of the amount described in section 3.22.060 (C) shall be filed with the City Council at its next regular meeting after the purchase was made.

2. Recurring or Essential Services. Purchases where reasonable advanced estimates of costs cannot be determined for essential services of a recurring nature. Included in, but not limited to, this authorization are such items as utility services, approved settlements or claims for liability under the City’s insurance program, renewal premium for authorized insurance policies, necessary bonds, all expenditures for the Cityʹs payroll and employee benefits and other matters involving unknown estimates of costs.

3. Legal Services. Purchase of legal advice, legal consultation, attorneys, assistants, or special counsel to address legal matters shall be in accordance with Chapter 2.18.

1. Purchases From Other Public Agencies. Purchases of supplies, materials, equipment or Services from any other public agency created under the laws of the State of California or the United States Government.

3. Sole Source Purchase. Purchases from a single entity that possess the unique ability, capability, equipment, technolo gy, patent or copyright to meet the City’s need based on standardization, compatibility or operational requirement.

2. Amendments to Chapter 3.23 (Public Works Contract and Bidding Procedures)

3.23.010 Purpose.

This Chapter is enacted to enhance competition, to prevent corruption and undue influence in the awarding of public works contracts, and to clarify the City’s competitive bidding requirements established pursuant to Part 3 of the California Public Contract Code, Sections 20100 et seq.

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3.23.020 Definitions.

As used in this Chapter, the following terms, phrases, words and their derivations shall have the meanings given in this section:

1. “Bid” means any monetary bid submitted to the City in competitive bidding for the construction, alteration, repair or improvement of any structure, building, road or other improvement of any kind.

3. “Public works contract” means an agreement for the erection, construction, alteration, repair or improvement of any public structure, building, road or other public improvement of any kind.

4. “Public works project” means any of the following:
a. Construction, reconstruction, erection, alteration, renovation, improvement, demolition, and repair work involving any publicly owned, leased, or operated facility; b. Painting or repainting of any publicly owned, leased, or operated facility; c. In the case of a publicly owned utility system, “public project” shall include only the construction, erection, improvement, or repair of dams, reservoirs, powerplants, and electrical transmission lines of 230,000 volts and higher.

5. “Public works project” does not include maintenance work. For purposes of this section, “maintenance work” includes all of the following:
a. Routine, recurring, and usual work for the preservation or protection of any publicly owned or publicly operated facility for its intended purposes. b. Minor repainting.
c. Resurfaci
ng of streets and highways at less than one inch.
d. Landscape maintenance, including mowing, watering, trimming, pruning, planting, replacement of plants, and servicing of irrigation and sprinkler systems. e. Work performed to keep, operate, and maintain publicly owned water, power, or waste disposal systems, including, but not limited to, dams, reservoirs, powerplants, and electrical transmission lines of 230,000 volts and higher.

6. For purposes of this Chapter, “facility” means any plant, building, structure, ground facility, utility system, subject to the limitation fo und in paragraph (c) of
subdivision (4), real property, streets and hi ghways, or other public work improvement.

8. “Purchasing Officer” means the City Manager, Director of Public Works or any other official or officials designated in writing by the City Manager for administration of this Chapter.

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3.23.030 Competitive Bidding.

Except as otherwise provided for in this Chapter, public works projects with an estimated dollar value in excess of the required dollar value for competitive bidding established by section 22032(a) of the California Public Contracts Code, as may be amended, shall be contracted for pursuant to the procedures prescribed in this Chapter or by State Law.

3.23.040 Notice Inviting Bids.

The notice inviting bids shall be in the form and published as follows:

A. Notices inviting bids shall include:

1. A distinct description of the public works project to be performed;

2. The location where bid documents, plans and specifications may be secured;

3. The time and place for opening bids;

4. The type and amount of bidderʹs security required;

5. The class of license required for the public works to be performed; and

6. A statement that the City has the authority to reject any and all bids and may waive any minor technicality or variance from the bid specifications.

B. The notice inviting bids shall be:

3. Posted on the City’s website or another public bidding platform.

3.23.050 Presentation of Bids–Security Required–Subcontractor Designated in Bid.

A. All bids shall be presented under sealed cover (identified by the bid name and number), submitted to the attention of the Purchasing Officer, or designee, via the process described in the notice inviting bids and accompanied by one of the following forms of bidder’s security:

1. Cash;

2. A cashier’s check made payable to the City;

3. A certified check made payable to the City;

4. A bidderʹs bond executed by an admitted surety insurer, made payable to the City.

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B. The security shall be in an amount equal to at least ten percent of the amount of the bid, or such other sum as may be authorized by the California Public Contract Code.

A bid shall not be considered unless one of the forms of bidder’s security is enclosed with it.

C. Upon award of the contract to the lowest responsible bidder, the security of an unsuccessful bidder shall be returned no later than ninety days from the date the contract is awarded.

D. All bidders on a public works project must designate in their bids the name, address, the portion of the work each subcontractor will perform, and other information as required by Section 4101of the California Public Contract Code, as may be amended, of each subcontractor:

1. Who will perform work exceeding one‐half of one percent of the prime contractor’s total bid as specified in Section 4104(a)(1), or

2. Who meet or exceed the thresholds for specific types of work as specified in Section 4101(a)(1).

3. The prime contractor shall list only one subcontractor for each portion of work as is defined by the prime contractor in their bid as specified in Section 4104 (b).

E. A contractor submitting a bid as the prime contractor shall not also submit a bid as a subcontractor for a competing prime contractor.

3.23.060 Opening Bids.

Bids shall be opened on the date stated in the notice inviting bids. A tabulation of all bids received shall be posted on the City’s website on the first working day after 48 hours of the bid opening and will remain posted for a period of not less than fifteen calendar days after the bid opening. Any bid which is submitted after the time specified in the notice shall not be considered.

3.23.070 Award of Contract.

Contracts shall be awarded by the City Council to the lowest responsible bidder except as otherwise provided in this Chapter.

3.23.080 Forfeiture of Security.

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3.23.090 Award of Contract to next Lowest Bidder–Failure to Execute Contract.

The City Council may, on refusal or failure of the successful bidder to execute the contract within ten days after the date the notice of award of contract is mailed or provided, unless the City is responsible for the delay, award it to the next lowest responsible bidder. If the City Council awards the contract to the second lowest bidder, the amount of the lowest bidder’s security may be applied by the City to the difference between the low bid and the second lowest bid, and the surplus, if any, shall be returned to the lowest bidder if cash or a check is used, or to the bidder’s surety if a bond is used.

3.23.100 Award of Contract to Next Lowest Bidder–Lowest Bidder Irresponsible– Notice and Hearing.

A. The City Council, in its sole discretion, may reject the lowest bid upon specific findings that the lowest bidder is not responsible. To determine responsibility, the City Council may consider, among other things, the bidder’s financial responsibility, type of license, type of equipment, years of experience in construction work, other projects bidder worked on in the last five years, whether bidder has failed to complete any contract, bidder’s ability to be bonded and its quality, fitness, or capacity to satisfactorily perform the work.

B. If the City Council rejects the lowest bid upon its determination that the lowest bidder is not responsible, the City shall do the following:

1. Give notice of the City Council’s decision to the lowest bidder, setting forth the reasons why the bidder is not determined the lowest responsible bidder;

2. In the notice, give bidder an opportunity to ask for a pre‐award hearing before the City Council on the issue;

3. If hearing is requested, agenda the matter pursuant to California Government Code hearing requirements;

4. After the hearing, the City Council shall make a finding, supported by the evidence on the record, as to the non‐responsibility of the lowest bidder.

3.23.110 Rejection of Bids–Identical Bids–Absence of Bids.

The City Council, in its sole discretion, may:

A. Reject all bids presented and readvertise for new bids;

B. Reject any bid that fails to meet the bidding requirements in any respect;

C. If two or more bids are the same and the lowest, allow the Purchasing Officer or Purchasing Manager to select one through a blind selection process;

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D. If no bids are received, the City Council may have the project done without further complying with this Chapter;

E. Waive minor irregularities in any bid received.

3.23.120 Informal Bidding Procedure for Public Works Projects.

Except as otherwise required by this Chapter or under state or federal law, the bidding procedures of this Chapter may be dispensed with for public works projects with an estimated dollar value equal to or less than the dollar value specified in Subdivision (b) of Section 22032 of the Public Contract Code, and the following informal bidding procedures substituted:

B. All mailing of notices to contractors and construction trade journals shall be completed not less than the number of days specified in Section 22304 of the California Public Contract Code, or as may be amended, before the date of opening the bids.

C. The City Council hereby delegates the authority to award contracts pursuant to informal bidding to the Purchasing Officer.

3.23.130 Exempt from Bidding Requirements.

The following are exempt from competitive bidding requirements:

A. Emergency Work. If there is a great public calamity, such as an extraordinary fire, flood, storm, epidemic or other disaster, or if it is necessary to do emergency work to prepare for national or local defense, the City Council may pass a resolution by a four‐ fifths vote declaring that the public interest and necessity demand the immediate expenditure of public money to safeguard life, health or property in accordance with Public Contract Code Section 22050. Upon adoption of the resolution, the City may expend any sum required in the emergency without complying with this Chapter;

B. Small Contracts. Any contract for public works projects with an estimated dollar value equal to or less than the dollar value for competitive bidding established by section 22032(a) of the California Public Contracts Code;

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C. Meaningless Bids. Where the nature of the subject of the contract is such that competitive bids would not produce an advantage and when the advertisement for competitive bidding would be undesirable, impracticable or impossible;

D. Performance of Project After Rejection of Bids. After rejection of bids presented, the City Council may pass a resolution by a four‐fifths vote declaring that the project can be performed more economically by day labor or the materials or supplies furnished at a lower price in the open market. Upon adoption of the resolution, the City is relieved from further compliance with bidding requirements.

3.23.140 Performance Bond of Successful Bidder.

The Purchasing Officer has authority to require a performance bond before entering a contract, in such amount as the Purchasing Officer finds reasonably necessary to protect the best interests of the City or as may be required by law. If the City requires a performance bond, the form and amount of the bond shall be described in the notice inviting bids.

3.23.150 Deposit of Proceeds.

The cash or proceeds collected pursuant to this Chapter shall be deposited in the fund out of which the expenses of preparation and printing of the plans and specifications, estimates of cost and publication of notice are paid.

3.23.160 Additional Work by City Authority.

Notwithstanding the provisions of this Chapter, if the Director of Public Works determines that additional or extra work on any public works project is required to complete the project as originally intended, the Director of Public Works is authorized to approve contract change orders for additional or extra work on any public works contract provided that the aggregate total of all such contract change orders for the public works project does not exceed the contract amount plus contingency at the time the contract is awarded. Under this same authority, the Director of Public Works is authorized to approve extensions of time to public works contracts.

3.23.170 Deletions of Work by City Authority.

The City reserves the right to delete up to twenty‐five percent (25%) of the work on a public works contract where such deletions would advance the project as originally contemplated.

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CITY OF CUPERTINO
Agenda Item
23-12669 Agenda Date: 2/21/2024
Agenda #: 11.

Subject: Councilmember Reports
CITY OF CUPERTINO Printed on 2/14/2024Page 1 of 1
powered by Legistar™
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1 CITY COUNCIL REPORT
for the “Councilmember Reports” agenda item
under the “COUNCIL REPORTS AND COMMENTS” section
Meeting: Wednesday, February 21, 2024

Reporting Councilmember: Councilmember Liang Chao

Report Activity Dates: 10/03/23 to 2/12/24 (since the last report)

Event Date, Title, and Description:

(This list does not include internal meetings with staff only, such as prep sessions or meetings with the City Manager.)

2023-10-04 meeting with President of US -China Chamber of Commerce Silicon Valley, which consists of a group of small businesses run by Chinese Americans. - We discussed potential opportunities to host lunar new year festivals in Cupertino or surrounding cities.
2023-10-04 Field Screening “ $100 A Day” (click to watch) + panel discussion in Mountain View, hosted by County Supervisor Joe Simitian.
- The film tells the story of Rick Walker, a man convicted of a crime he didn’t commit, and for which he was imprisoned for more than a decade. AB 1302 was passed 20 years ago by the legislators to right these wrongs to provide compensation for false imprisonment. - What’s most inspiring from the film is how Rick Walker stayed positive against all odds and made positive contributions to the society, beyond helping others who are like him. - The Innocence Project is still actively working “to free the innocent, prevent wrongful convictions, and create fair, compassionate, and equitable systems of justice for everyone.” 2023-10-06 Cal Cities Mental Health Forum in Mountain View, hosted by Cal Cities and County Supervisor Joe Simitian.
- Resources shared:
- Newsom's Proposed Mental Health Service Act Reform and Bond - SB 326 (Eggman) and AB 531 (Irwin)
- NAMI Policy Platform
2023-10-07 CASPA Dinner Banquet
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2 - Chinese American Semiconductor Professional Association (CASPA) to elect new board members and President, present highlights of their activities and acknowledge volunteers. 2023-10-08 Tai Ji Men Qigong Academy Ribbon-cutting for a new center in West San Jose - Tai Ji Meng Qing Kong Academy has been located in De Anza Ave in Cupertino for many years, providing both physical exercise and mental health support for families. This new center includes an exhibition hall and more meeting rooms.
2023-10-14 Kids Fun Festival at Milpitas
- Kids Fun Festival has been offered in Memorial Park in Cupertino for many years. This year it is moved to Milpitas, in a much smaller location. There are performances, food, booths by scouts and nonprofits.
- The organizers expressed their desire to move back to Cupertino in 2024 if possible. 2023-10-16 Diwali Festival, hosted by the Cupertino Chamber of Commerce, at Memorial Park - Diwali offers performances and many booths and food. Always colorful and fun. 2023-10-16 Meeting residents at the Cupertino Sports Center - Residents expressed their desire to preserve CSC, rather than being developed into mixed use, a s being considered as one of the options in a future Council agenda. - It is great to hear how appreciative the users of CSC explain how CSC is providing something other cities do not offer or providing better services.
2023-10-22 California Acupuncture Day in Cupertino Community Hall, hosted by Assemblymember Evan Low
- The event is hosted to celebrate the historic resolution to declare July 12th, 2023 as California Acupuncture Day. The day July 12th was chosen because of its historic significance as the date acupuncture was legalized in California.
- Assembly Low has been working with AACMA (American Association of Chinese Medicine and Acupuncture) to allow more people to access Chinese medicine and acupuncture with more healthcare coverage.
2023-10 luncheon and meetings with the Hsinchu City student delegation - did not attend - I was not able to attend the meetings for Hsinchu City student delegation this year, although I have attended them almost every year since 2019. I am glad that the other Councilmembers were able to attend them this year.
2023-11-11 Memorial Day ceremony at Veterans’ Memorial in Memorial Park - As always, the event offers inspiring speeches and wonderful opportunities for us to pay our tribute to the Veterans and also others like First Responders for their services and sacrifices for our country and our communities.
2023-11-18 National API Elected Officials Summit, hosted by API Coalition - “The API Coalition and CLUSA are hosting an inaugural National API Elected Officials Summit in San Francisco on November 18-19, immediately following the pre-eminent economic forum, Asia-Pacific Economic Corporation (APEC) Leaders’ Summit and CEO Summit. The summit will bring together over 300 API elected officials (1200+ invited) to exchange experiences/ideas and build relationships. More than 200 government and business leaders from APEC member countries are also expected to attend.” (From their website) 2023-12-02 Interfaith Celebration: Light Over Darkness Festival. in San Bruno 317
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3 - “Different faith leaders will give a 3 min talk about “Light over Darkness” based on their scriptures. There will be an Indian dance performance followed by Indian dinner.” (From the invitation)
- There were speeches from various religions, such as Hinduism, Sikhs, Jewish, Muslim, Christian, Unity Church, etc. I spoke about Buddhism and Taiwanese folk religion a little. 2024-02-28 "The Chair at Columbia University" a large -scale Chinese immigrant historical drama, at De Anza College Visual Performing Art Center
- “This remarkable production, organized in collaboration with Maple Silicon Valley Drama (硅谷枫香剧社) and Chunhui Art Academy, tells the inspiring story of Ding Long, a humble Chinese laborer who, over a century ago, faced prejudice and discrimination in the United States. Against all odds, he dared to dream of establishing a "Sinology department" at Columbia University, contributing to mutual understanding between China and the United States.” (from the invitation)
- The play is made more interesting knowing that the amateur performers are engineers, and other professionals who use their spare time to put on this performance. - The historic event, depicted in this drama, could be verified from the Columbia University’s website: ““I send you here with a deposit check for $12,000 as a contribution to the fund for Chinese Learning in your university.” This letter, signed by “Dean Lung, a Chinese person”, was written to Columbia President Seth Low by the valet of University Trustee General Horace Walpole Carpentier in 1901. “ (http://ealac.columbia.edu/department/short-history/)

—----------------------------------
Council Comments: (In the past, for this agenda item, each Councilmember reports their activities and also makes any comments/announcements they feel are important for the community to know. Thus, I am continuing that tradition here.)

Cupertino Budget Discussions:
- Cupertino’s revenue from sales tax is expected to plunge by $30M from the 2021 level due to a CDTFA audit. (city site, news article)
- The Annual Actuals from 2012 to 2022 could be found from Cupertino’s OpenGov Transparency Portal (click on “ Annual Actuals”), where you can see how much of our annual revenue comes from sales tax, property tax etc.
- The City Council has started to look at potential revenue generation options ( increasing sales taxes/TOT tax etc, increasing fees for services) and cost-cutting options (cutting services, stopping hybrid commission meetings)
- A roadmap of what’s upcoming is in the Feb. 6 Staff Presentation for the Fee Study Agenda Item:
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4 -

Housing Element Update:
- The deadline to have a compliant HE is Jan. 31, 2023 and the deadline to complete all rezoning is Jan. 31, 2024. Cupertino has failed to meet both deadlines, but is expected to submit a compliant HE by May 2024 and finish rezoning properties in another 3 months. - The third draft is expected to be published for a 7-day commenting period around Feb. 20 and then to be submitted to HCD in May. All dates are subject t o change. - Cupertino settles the lawsuit with YIMBY Law (the judgment and the news article - use SCCL to access for free)
- With the settlement, the city agrees to a timeline for finalizing the City’s housing element; - “builder’s remedy” provisions of the Housing Accountability Act will apply until a compliant housing element is adopted, and requires the City to pay limited fees and costs to petitioners (totaling $15,000);
- The EIR process would be replaced by an Environment Assessment under this settlement.

Information from Selected City Newsletters:
- Monthly Development Activity Reports: https://www.cupertino.org/businesses/economic- development/development-activity-report
- Vallco SB-35 Project: Resubmitted plans on December 5, 2023. Please review www.cupertino.org/vallcosb35 for plans and modifications. - Westport: Westport BMR Building now accepting applications for residents. Townhomes currently for sale.
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5 School District related:
- FUHSD By-Trustee-Area Election in November 2024
- FUHSD is drawing boundaries of the 5 Trustee Areas. The FUHSD Board is expected to adopt the final map right after the 4th Public Hearing on April 24, 2024. Here are the upcoming community workshops and public hearing dates:
- Upcoming meetings:
- Thursday, Feb. 15 at 6:30pm Community Webinar on Trustee Areas (Zoom link:
https://fuhsd-org.zoom.us/j/97114517518)
- Sunday, Feb. 25 at 3pm Community Webinar on Trustee Areas (Zoom link:
https://fuhsd-org.zoom.us/j/92215579626)
- Oct. 17, 2023 (Presentation - includes proposed maps and revised timeline) - Tuesday, Feb. 27, 2024 (6:15 p.m.)
- Wednesday, March 20, 2024 (6 p.m.) - likely to finalize the maps - April 24, 2024 (6 p.m.) - likely final adoption of the resolution

(Last Activity Report in the Oct. 10, 2023 Council Meeting Agenda.)

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1 CITY COUNCIL ACTIVITY REPORT
Meeting:  February 21, 2024
Reporting Councilmember:  Vice Mayor J.R. Fruen
Report Activity Dates:  1/31/24 to 2/12/24
Event Date, Title, and Description:

Event 1. February
1, 2024 – Preparatory Session Re: Fee Study – I received a briefing from staff and the city’s consultant for the city’s fee study. The fee study is designed to examine the true and comprehensive cost (inclusive of overhead) for the provision of city services to the public.

The exercise was especially useful as orientation
to an otherwise unwieldy document that
allowed for a better and more focused council discussion at the February 6 council meeting.

Event 2. February 2, 2024 – State of the District Address – I attended the Cupertino Union School District’s annual “State of the District Address” made by CUSD Superintendent Stacy Yao. The event began with a site visit to an elementary school (Blue Hills) and a middle school (Kennedy) to see the work of the District in action. Attendees were then returned to the Quinlan Center for the principal address from the Superintendent, which covered everything from current performance metrics in the Dist
rict, to its budget, projected challenges and
opportunities. Based on current projections, the District expects to transition to basic aid funding in the coming year. Though enrollment continues to decline, the decline is less pronounced. Filling attainment gaps created during the pandemic is a key priority. All middle schools in the District are expected to win Distinguished School awards this year.

Event 3. February 6, 2024 – ERA Interview – As part of its regular annual work as the city’s auditor, Moss Adams interviewed me regarding the current functioning of the city and cit y council. I provided feedback and noted areas of potential ongoing risk and upcoming opportunities to contain said risk.

Event 4. February 8, 2024 – Valley Transportation Authority Policy Advisory Committee (VTA PAC) Meeting – I attended this meeting in my capacity as Cupertino’s representative on 321
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2 the Committee. We elected a new chair (Yvonne Martinez‐Beltran of Morgan Hill) and vice chair (Raj Chahal of Santa Clara). The Committee recommended that the Board adopt the Monterey Corridor Community‐Based Transportation Plan, and to adopt the VTA Congestion Management Plan Document. We also received an update on the VTA’s Tra nsit ‐Oriented Communities (TOC) program, designed to facilitate transit‐oriented development on VTA‐ owned lands, as well as a grant program for cities to engage in similar work. The full agenda is available here.

Event 5. February 8, 2024 – Cities Association of Santa Clara County Board of Directors Meeting & Cities Association of Santa Clara County Joint Powers Authority Board of Directors Meeting – I filled in for Mayor Mohan in my capacity as Vice Mayor and alternate representative to these two bodies. Pursuant to the votes of Santa Clara County cities, the existing unincorporate
d association (the Cities Association of Santa Clara County) voted to dissolve itself and transfer its assets to the newly formed Cities Association of Santa Clara County Joint Powers Authority. In addition to taking these actions, the newly formed JPA confirmed its calendar for the year, and elected an Executive Board consisting of the unincorporated association’s existing Executive Board: Neysa Fligor of Los Altos, Larry Klein of Sunnyvale, Margaret Abe‐Koga of Mountain View, Hung Wei of Cupertino, and Tina Walia of Saratoga. The Board of Directors took in
itial discussion on how to develop new by‐laws and
voted to de
legate initial review and drafting of new by‐laws to the Executive Committee. The agenda documents for the unincorporated association Board meeting are available here. The agenda documents for the newly formed JPA Board meeting are available here.

Event 6. February 12, 2024 – Weekly Meeting with the City Manager – I had my regular weekly meeting with the City Manager to discuss the most recent city council meeting, upcoming meeting agendas, and various city issues of interest.

Event 7. February 12, 2024 – Fremont Union High School District Community Trustee Area Districting Committe
e Information Session – I attended this informational session at Monta Vista High School in my capacity as a member of the CTAD Committee. We debuted a newly reconstructed informational presentation (available here) developed by the Committee for conducting meaningful outreach, and heard feedback from community members in attendance.

All told, approximately 25‐40 attendees joined the meeting at various points of the evening.

Most raised concerns regarding the timing of the District’s outreach and why the District had chosen to make this change to by‐trustee area elections from at‐large elections. The largest concern involved a fear that the move woul
d precipitate the closure of either Lynbrook High
School or Monta Vista High School—view that Superintendent Graham Clark and FUHSD Board Members Rosa Kim and Jeff Moe all refuted. As noted by the Superintendent and the Board Members, the District’s enrollment f igures are nowhere close to warranting a school closure and enrollment trends are beginning to stabilize. All three further responded to rumors 322
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3 in the community that the move to by‐trustee area elections would presage a reopening of Sunnyvale High School and the closure of a school in the south of the District. According to the District, the Sunnyvale High School campus is considerably smaller than the District’s operational campuses, would not be large enough to ho st the full range of programs currently offered at other campuses, and would require tens of millions of dollars of upgrades to be useable. Similarly, they noted, construction of a new, properly sized school campus in northern Sunnyvale would cost upwards of $500,000,000 and would require voter approval of a bond to finance. As a result, neither outcome is realistic or financially sound. All three reaffirmed that there are no plans to cl
ose either Lynbrook or Monta Vista (or any other high school, for that matter).

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1 CITY COUNCIL ACTIVITY REPORT
Meeting: February 21, 2024

Reporting Councilmember: Mayor Sheila Mohan

Report Activity Dates: 1/30/24 to 2/12/24

Event Date, Title, and Description:

1/30/24: This was the second day of the two-day Special City Council Meeting at which the council interviewed Commission and Committee applicants. Council deliberated and selected individuals to fill the vacant positions on various commissions and committees.

2/1/24:

Participated in an interview with Annalise Freimarck of the San Jose Spotlight – and updated her on significant issues concerning Cupertino.

2/2/24: Attended the CUSD State of the District event at the Quinlan Center where Superintendent Stacy Yao made a presentation on the state of the schools and upcoming initiatives for the next school year.

2/3/24: Attended a fund raiser for Patrick Ahrens along with many elected officials from our neighboring cities.

2/3/24: Attended the India Fest 2024 held at the University of Silicon Andhra in Milpitas and on behalf of the City presented the organizers with a Certificate of Recognition for the valuable services they provide to the community.

2/5/24: Met with City IT staff to ensure that city-provided laptop and other city provided devices were updated with latest cybersecurity software.

2/6/24: Discussed future work plan with Moss Adams representatives, the 324
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2 City’s Internal Auditors and emphasized the need to validate all the assumptions for the City’s upcoming budget preparation.

2/6/24: Attended a workshop for Girls Leadership in Los Altos and made brief remarks about leadership attributes and how Cupertino involves and includes young people in activities such as the Teen Commission.

2/7/24: Participated in a zoom call with Sujatha Venkatraman, Executive Director of West Valley Community Services to discuss initiatives pertaining to the unhoused population, including finding a humane way of providing housing in temporary shelters.

2/8/24 Along with Councilmember Moore and Councilmember Wei, I participated in the ribbon cutting and grand opening of Pacific Workplaces which provides flexible, move in ready, office space for professionals. This business which has been in Cupertino for almost 40 years just moved to its new expanded location. It has 2000 clients using its private offices. I made a brief speech congratulating Pacific Workplaces for its success and thanking them for continuing to make Cupertino its home.

2/8/24: As mayor I attended my first Cal Cities Selection Committee meeting at which we selected committee members for committees such as Association of Bay Area Governments (ABAG), Local Agency Formation Commission (LAFCO) and the Recycling Waste and Reduction Commission.

2/10/24: I was a celebrity storyteller at the Cupertino Library, and as part of the Silicon Valley Reads annual event, I read aloud “To Change a Planet” a children’s book about the causes of climate change. An enjoyable ‘show and tell’ experience for an audience of about 25 squirming toddlers.

2/12/24: The Holder’s Country Inn was the venue of my first ‘ Chai and Chat with the Mayor ‘ meeting. About 15 members of the community attended, asked questions, and reported on issues such as teenage violence, bird safe ordinance, and artificial turf.
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1 CITY COUNCIL ACTIVITY REPORT
Meeting: February 21, 2024

Reporting Councilmember: Councilmember Kitty Moore

Report Activity Dates: 1/8/24 to 2/12/24

Event Date, Title, and Description:

January 8, 2024. 1:1 with City Manager.

January 9, 2024. Housing Element update with City Attorney.

January 12, 2024. Council Procedures review.

January 12, 2024. Prep. Session for January 17, 2024 City Council meeting.

January 16, 2024. 1:1 with City Manager.

January 17, 2024. Staff meeting regarding Budget Unassigned Fund Balance.

January 17, 2024. City Council meeting.

January 19, 2024. CalCities Environmental Quality Policy Committee meeting. 4 th
year selected to serve on this CalCities committee. The committee has councilmembers from across the state discussing pending environmental legislation.
• Received the CalCities General Briefing
• Received the Cal Cities 2024 Advocacy Priorities:
o 1. Safeguard local revenues and bolster local economic development. o 2. Strengthen climate change resiliency and disaster preparedness. 326
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2 o 3. Improve public safety in California communities. o 4. Expand investments to prevent and reduce homelessness and increase the supply of affordable housing.
• Updated the Existing Policy and Guiding principles with minor additions. • Had a robust discussion on SB 54 (2022) implementation. • Received a presentation on the Reusable Foodware Ordinance adopted in Mill Valley which includes a 25 cent cup charge.
• Adopted the 2024 Work Plan
• Received the State Legislation and Budget Review regarding the deficit. • Received information on opportunities to engage with CalCities.

January 22, 2024. Weekly City Manager 1:1.

January 24, 2024-January 26, 2024. CalCities Mayor and Councilmember Academy, Monterey, CA. Attended this annual educational conference. The program may be accessed here: https://www.calcities.org/docs/default-source/advocacy/2024- mayors-and-council-members-academy-program.pdf?sfvrsn=3c3bb210_3 and the session materials may be accessed here:

• Resource Guide
• Harassment Prevention Training for Supervisors and Officials (AB 1661) • Financial Responsibilities and City Revenues
• Social Media Digital Communications And Civic Engagement • Your Legal Powers and Obligations
• Policy Role in Land Use Planning
• Understanding Public Service Ethics Laws and Principles: AB 1234 Training • Your Cal Cities and How to Use It
• Developing an Effective City Council and Manager Team - Key to Good Governance and City Success
• Effective Advocacy and Key City Issues

Financial Responsibilities and City Revenues was particularly beneficial, hosted by the following presenters:

• Michael Coleman, Fiscal Policy Advisor, League of California Cities, CaliforniaCityFinance.com
• Christine Turner, City Manager, City of Morgan Hill

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3 January 25, 2024. Attended the Santa Clara County Library District Joint Power’s Authority Board of Director’s (SCCLD JPA BOD) meeting representing Cupertino, held in the Campbell.
• Had pre-meeting regarding Agenda item questions
• Directors recognized Library Employee Excellence Award Recipients • Accepted various cash donations to libraries
• Received the county Audit Report and asked for updates on the IT plan implementation
• Accepted the 5-yr Financial Forecast, 10-yr Capital Maintenance Plan • Approved budget increase to the Storybook library improvement plans after a robust discussion on these exciting children’s area upgrades throughout the district and coming to Cupertino this year • Volunteered for and was accepted to the Finance Committee

January 26, 2024. Joint CalCities Legislative meeting with Santa Clara County Cities Association and the San Mateo County Council of Cities to hear from local Assembly and Senate members.

January 28, 2024. Met with local high school students interested in manufacturing programs.

January 29, 2024. 1:1 meeting with City Manager.

January 29, 2024. SCCLD JPA introductory/overview meeting with SCCLD leadership.

January 29, 2024. City Council meeting – Commission interviews.

January 30, 2024. City Council meeting – Commission interviews/voting. New app.

Streamlined the voting process.

January 31, 2024. Attended the Silicon Valley Reads kickoff event “A Greener Tomorrow Starts Today” at De Anza College. You may watch the event here:
https://www.youtube.com/watch?v=G63bxGdq0yw

February 1, 2024. Valley Water District Water Ambassador Recognition dinner and award night. I was accepted to the Water 101 program and completed it in 2023.

Volunteers from across the county were recognized for their work to improve the 328
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4 environment for clean creeks. The Water Ambassador program is still accepting applications for this excellent and informative program for people who care about clean water and want to know where our water comes from:
https://www.valleywater.org/application_for_water_101_academy If you have an idea needing a grant, check out their Grants page here:
https://www.valleywater.org/learning-center/grants-partnerships/mini-grants- program

February 2, 2024. Fee Study Session prep. Session.

February 3, 2024. Attended the 21
st Annual SCCLD Forum. This informative forum
reviewed the library district budget, programs, and projects with a special guest speaker, Author of The Playful Life – The Power of Play in Our Every Day, Jed Dearybury from South Carolina who led the group with a session on the importance of play.

February 4, 2024. Attended CLF Artificial Turf presentation regarding the environmental impacts of artificial turf.

February 5, 2024. 1:1 with City Manager.

February 5, 2024. Interview with Moss Adams.

February 6, 2024. City Council Meeting.

February 8, 2024. Attended ribbon cutting celebration at Pacific Workplaces. Newly remodeled, new location at Wolfe Rd. and Stevens Creek Blvd. with many office shared space offerings including private offices, shared open space, multiple conference rooms to suit various meeting size needs, phone service, mail service and more at different price points and service configurations. 38 years in Cupertino!

February 10, 2024. Attended the SVCA Lunar New Year Celebration and 10 Year Anniversary to ring in the year of the Dragon.

February 12, 2024. 1:1 with City Manager.

January 8, 2024-present. Begin Winter quarter Environmental Studies courses:

Environmental Management Tools: Environmental Management Systems & 329
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5 Environmental Performance Reporting and Environmental Resource Mgmt & Pollution Prevention: Air, Water & Land. Self-funded. I have been studying the quality management-related ISO 14001 sustainability planning standards, air pollution controls, and water law and clean-up standards post Cuyahoga River fire and Clean Water Act of 1972. This is the start of my third year in Environmental Studies.

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1 CITY COUNCIL ACTIVITY REPORT
Meeting: February 21, 2024

Reporting Councilmember: Councilmember Hung Wei

Report Activity Dates: 2/1/24 to 2/12/24

Event Date, Title, and Description:

Event 1. Thursday February 1, 2024 @ 11:00am, ZOOM with Ena Sakar, organizer of the 10th Year of Dilli Haat in collaboration with Enacte

Zoom meeting with Ena (Sakar), the organizer of Delli Haat which will be held on Saturday June 1 in Memorial Park, to brainstorm collaborative opportunities with local non‐profit organizations.

Event 2. Thursday February 1, 2024 @ 2:00pm, meeting with Sayareh and Setareh Farsio at Alan Enterprise, LLC

Met with S
ayareh and Setareh to listen and understand the project challenges.

Event 3. Friday February 2, 2024 @ 2:00pm, Cities Association of Santa Clara County E‐Board Meeting

Attended the E‐Board Meeting of the Cities Association of Santa Clara at Los Altos Community Center, reviewed JP
A transition progress and timeline, and set future
meeting dates.

Event 4. Saturday February 3, 2024 @ 6:00pm, 40
th Year Anniversary and Lunar
New Year Celebration of the Joint Alumni Association of Chinese Universities and Colleges in Northern California

Attended the Celebratory event and presented a Certificate of Appreciation to the 331
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City Council Councilmember Activity Report

2 Joint Alumni Association and its Keynote Speaker Charles Liang, CEO of Supermicro.

Event 5. Sunday February 4, 2024 @ 1:30pm, 2024 Lunar New Year Celebration @ Taipei Economic and Culture Office (TECO) in Milpitas

Attended the Annual Lunar New Year Celebration at TECO with live Calligraphy Writing, Folk Arts Demos and Performances, and New Year Goodies.

Event 6. Monday February 5, 2024 @ 9:00am, Prep Sessi
on with Staff on Fee Study

Attended a Prep Session on Fee Study with staff presentation followed by Q&A.

Event 7. Tuesday February 6, 2024 @ 10:00am, Risk Assessment Interview with Moss Adams

ZOOM meeting with Moss Adams and interviewed by a representative from Moss Adams for observations/concerns/and questions on ris
k factors related to city
operations, management, and the City Council.

Event 8. Tuesday February 6. 2024 @ 1:00pm, Signage meeting at Shane Company

Met with Dani Calkins of Shane Company to physical view the signage at Shane Company.

Event 9. Thursday February 8, 2024 @ 9:00am, Stevens Creek Corridor Steering Committee Tour

Joined the Steven Creek Corridor Tour starting at Diridon Station in San Jose, driving along Stevens Creek Blvd., stopping at strategic locations, an d ending at De
Anza College in Cupertino, to ga ther information and collect member feedback.

Event 10. Thursday February 8, 2024 @ 3:00pm, Grand Opening and Ribbon Cutting at Pacific Workplaces’ new location on Wolfe Road in Cupertino

Attended the Grand Opening and Ribbon Cutting with Mayor Mohan and Councilmember Kitty Moore. Pacific Workplaces offers a variety of services fo r
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3 working space to work as well as opportunities for networking.

Event 11. Thursday February 8, 2024 @ 7:00pm, Cities Association Board of Directors Meeting at Los Altos Community Center

Attended the Cities Association Board of Directors Meeting as a pubic to make comments and answer questions on the application to continue to serve on the Cities Asso
ciation’s E‐Board after the transition to JPA.

Event 12. Saturday February 10, 2024 @ 10:00am, Silicon Valley Korean School’s Lunar New Year Festival at Cupertino High School

Attended the SVKS Lunar New Year Festival and presented a Certificate of Appreciation to the Silicon Val
ley Korean School for the promotion of cultural
understanding. The Festival featured gourmet home‐made food, cultural performances, and games.

Event 13. Saturday February 10, 2024 @ Noon, community service project by Cupertino Change Agents at Collins Elementary School

Stopped by Collins Elementary School to speak with youths from Cupertino Change Agents to see the commu
nity service project and to encourage Cupertino
Change Agents to continue to cultivate leadership skills and explore service projects that make a difference in people’s lives.

Event 14. Monday February 12, 2024 @ 11:30am, Cal Cities Peninsular Division E‐ Board Meeting at Mia Hotel in Menlo Park

Attended Peninsular Division’s E‐Board in‐person mee
ting in Menlo Park, reviewed
upcoming events, assigned tasks to members, discussed focused topics.

Event 15. Monday February 12, 2024 @ 4:30pm, ZOOM with Cities Association Executive Director Shali Sirkay

ZOOM met with Cities Association ED Shali to go over Cities Association JPA Budget.

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CITY OF CUPERTINO
Agenda Item
23-12592 Agenda Date: 2/21/2024
Agenda #: 12.

Subject: Receive the Monthly Treasurer's Report for January 2024 Receive the Monthly Treasurer's Report for January 2024 CITY OF CUPERTINO Printed on 2/14/2024Page 1 of 1
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1 CITY COUNCIL STAFF REPORT
Meeting: February 21, 2024

Subject
Receive the Monthly Treasurer's Report for January 2024

Recommended Action
Receive the Monthly Treasurer's Report for January 2024

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 person s 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 re corded 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, Council- approved budget adjustm ents, 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 January 2024. The report is as of February 12, 2024.

Receipts, Disbursements, and Cash Balance
The City's General Fund ending cash and investment balance was $ 150.4 million, increasing by $8.7 million from the prior month. Receipts were $ 13.6 million, disbursements were $(5.0) million, and journal adjustments were $42,000 for the month.

The City's total ending cash and investment balance was $ 250.1 million, increasing by $10.1 million from the prior month. Receipts were $16.1 million, disbursements were $(6.5) million, and journal adjustments were $0.5 million for the month.

Journal adjustments included the following:
 Parks and Recreation transactions imported from Active Network into New World
 Quarterly LAIF interest deposit
 Correcting deposit for Zoning Map Amendment

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3 Fund Balance/Net Position
The City's General Fund ending fund balance was $ 144.2 million, increasing by $ 5.7 million from the prior month due to revenues of $ 11.5 million and expenditures of $ 5.8 million.

The City's total ending fund balance was $ 237.0 million, increasing by $5.6 million from the prior month due to revenues of $13.1 million and expenditures of $7.5 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 January 2024 B – Report of City‐wide Fund Balances/Net Position January 2024

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January 2024 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of December 31, 2023 Receipts Disbursements Journal Adjustments as of January 31, 2024 General Fund 100 General Fund 141,757,203 13,649,385 (5,015,267) 42,128 150,433,448 General Fund 130 Investment Fund 10,540 ‐ ‐ 218,885 229,425 Special Revenue Funds 210 Storm Drain Improvement 391,201 ‐ (1,050) ‐ 390,151 Special Revenue Funds 215 Storm Drain AB1600 1,944,338 728 ‐ ‐ 1,945,066 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 276,890 818,268 (73,481) ‐ 1,021,678 Special Revenue Funds 260 CDBG 282,718 1,324 (3,520) ‐ 280,522 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 4,945,579 ‐ (47,795) ‐ 4,897,784 Special Revenue Funds 270 Transportation Fund 13,696,066 1,382,959 (115,952) ‐ 14,963,073 Special Revenue Funds 271 Traffic Impact 789,492 ‐ ‐ ‐ 789,492 Special Revenue Funds 280 Park Dedication 19,012,453 ‐ (9,199) ‐ 19,003,254 Special Revenue Funds 281 Tree Fund 70,784 515 ‐ ‐ 71,299 Debt Service Funds 365 Public Facilities Corp 2,361,650 ‐ ‐ ‐ 2,361,650 Capital Project Funds 420 Capital Improvement Fund 25,705,725 74,431 (138,877) ‐ 25,641,278 Capital Project Funds 427 Stevens Creek Corridor Park 154,692 ‐ (1,247) ‐ 153,444 Capital Project Funds 429 Capital Reserve* 10,574,444 ‐ ‐ ‐ 10,574,444 Enterprise Funds 520 Resource Recovery 4,909,234 135,799 (129,929) ‐ 4,915,103 Enterprise Funds 560 Blackberry Farm 871,101 833 (45,999) 34,563 860,498 Enterprise Funds 570 Sports Center 1,132,052 ‐ (90,734) 180,181 1,221,499 Enterprise Funds 580 Recreation Program 3,160,811 29,470 (87,259) 68,097 3,171,119 Internal Service Funds 610 Innovation & Technology 3,774,548 240 (451,601) ‐ 3,323,187 Internal Service Funds 620 Workersʹ Compensation 3,603,061 ‐ (5,291) ‐ 3,597,770 Internal Service Funds 630 Vehicle/Equip Replacement 1,583,746 ‐ (189,983) ‐ 1,393,764 Internal Service Funds 641 Compensated Absence/LTD 837,957 ‐ 291 ‐ 838,248 Internal Service Funds 642 Retiree Medical (2,034,145) ‐ (119,867) ‐ (2,154,011) Total 240,034,437$ 16,093,951$ (6,526,759)$ 543,853$ 250,145,483$ * For reporting purposes, this fund rolls up/combines with Fund 420 Printed February 12, 2024
For more information on funds, please see cupertino.org/fund‐structure 338
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January 2024 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of December 31, 2023 Revenues Expenditures as of January 31, 2024 General Fund 100 General Fund 138,499,778 11,477,425 5,818,915 144,158,287 General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425 Special Revenue Funds 210 Storm Drain Improvement 1,502,326 ‐ ‐ 1,502,326 Special Revenue Funds 215 Storm Drain AB1600 1,901,647 728 ‐ 1,902,375 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 996,442 816,939 96,736 1,716,646 Special Revenue Funds 260 CDBG 1,226,480 301 7,313 1,219,468 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,206,368 ‐ 65,727 5,140,642 Special Revenue Funds 270 Transportation Fund 11,309,323 229,905 155,289 11,383,938 Special Revenue Funds 271 Traffic Impact 772,603 ‐ ‐ 772,603 Special Revenue Funds 280 Park Dedication 18,777,408 ‐ ‐ 18,777,408 Special Revenue Funds 281 Tree Fund 78,355 515 ‐ 78,870 Debt Service Funds 365 Public Facilities Corp 6,850 ‐ ‐ 6,850 Capital Project Funds 420 Capital Improvement Fund 21,066,140 ‐ 127,925 20,938,215 Capital Project Funds 427 Stevens Creek Corridor Park 156,899 ‐ ‐ 156,899 Capital Project Funds 429 Capital Reserve* 13,953,210 ‐ ‐ 13,953,210 Enterprise Funds 520 Resource Recovery 4,193,971 135,330 166,604 4,162,697 Enterprise Funds 560 Blackberry Farm 667,252 36,057 64,456 638,854 Enterprise Funds 570 Sports Center 1,564,758 208,198 111,172 1,661,783 Enterprise Funds 580 Recreation Program 2,480,675 141,699 92,727 2,529,647 Internal Service Funds 610 Innovation & Technology 2,451,239 ‐ 447,522 2,003,718 Internal Service Funds 620 Workersʹ Compensation 2,169,623 ‐ 6,604 2,163,019 Internal Service Funds 630 Vehicle/Equip Replacement 2,840,244 ‐ 212,097 2,628,147 Internal Service Funds 641 Compensated Absence/LTD 675,994 8,512 8,221 676,285 Internal Service Funds 642 Retiree Medical (1,480,737) ‐ 119,867 (1,600,604) Total 231,468,573$ 13,055,608$ 7,501,174$ 237,023,007$ * For reporting purposes, this fund rolls up/combines with Fund 420 Printed February 12, 2024
For more information on funds, please see cupertino.org/fund‐structure 339
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CITY OF CUPERTINO
Agenda Item
23-12593 Agenda Date: 2/21/2024
Agenda #: 13.

Subject: Receive the Monthly Treasurer's Investment Report for January 2024 Receive the Monthly Treasurer's Investment Report for January 2024 CITY OF CUPERTINO Printed on 2/14/2024Page 1 of 1
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CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending January 31, 2024
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 January 31, 2024
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SECTION |
Section 1 |
Economic Update
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Economic Update



Recent economic dat a 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 monetarypolicy and tighter financial conditions, we believe the economy will gradually soften and the Fed will loosen monetary policy in 2024.

As expected at the January 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, but discounted market expectations of a rate cut in March. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate.

US Treasury rates de clined minimally in the front-end of the yield curve in January. The 2-year Treasury yield declined 4 basis points to

4.21%, the 5-year Treasury yield dropped 1 basis point to 3.84%, and the 10-year Treasury yield decreased 3 basis points to 3.91%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -30 basis points at January month-endversus -37 basis points at December month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -69 basis points. The inversion between 3-month and 10-year Treasuries remained at -146 basis points in January from December. Interest rates peaked in the third quarter of 2023 prior to Fed Chair Powell’s dovish remarks late in the year, which resulted in a decline in yields across the curve. The Fed signaled a shift towards less restrictive monetary policy in 2024. 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
1,000MOM 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 353,000 jobs in January, vastly exceeding consensus expectations of 185,000, and upwardly revised 333,000 jobs in December. Leading sectors included professional and business services, health care, retail trade, and social assistance. The trajectory of job creation has increased, with the three-month moving average payrolls at 289,000 and the six-month moving average at 248,000.

The unemployment rate remained unchanged at 3.7% for the third month, and the labor participation rate was unchanged at 62.5%, remaining below the pre-pandemic level of 63.3%. The U-6 underemploymentrate, which includes those who are marginally attached to the labor force and employed part time for economic reasons rose to 7.2% from 7.1% last month. Average hourly earnings rose 4.5% year- over-year in January, increasing from an upwardly revised 4.3% gain last month. Employment remains strong by historical standards.

Source: US Department of Labor Source: US Department of Labor 4 345
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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 Cor e Deflator Y OY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) increased 0.3% month-over-monthand 3.4% year-over-year in December, increasing from 3.1% year-over- year in November. The Core CPI, which excludes volatile food and energy components, was up 0.3% month-over-monthand 3.9% year- over-year, down from November. Shelter costs remain elevated, contributing to more than half of the overall increase while motor-vehicle insurance costs jumped by over 20%, the most since 1976. The Personal Consumption Expenditures (PCE) Index headline inflation increased 0.2% month-over-month and rose 2.6% year-over-year in line with November. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 0.2% month-over-monthand continued its deceleration to 2.9% year-over-year in December from a 3.2% year- over-year in November. The trend is moderating, but inflation remains above the Fed's 2% target.

Source: US Department of Labor Source: US Department of Commerce 5 346
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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 January 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 assesses the progress to achieving its employment and inflation goals are moving into better balance, yet changes to monetary policy remain data dependent. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. However, Fed Chair Powell signaled that the federal funds rate is likely at or near its peak. The futures market is pricing in 5 rate cuts in 2024. 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 $1.3T to approximately $7.6T.

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
Jan-24
Oct-23
Jan-23
Yield (%)
At the end of January, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 40 basis points lower, year- over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowedto -30 basis points at January month-end versus -37 basis points at December month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries was unchanged at -146 basis points in January from December. The shape of the yield curve indicates that the probability of recession persists.
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Periodic Table of Asset Class Returns As of January 31, 2024 Index returns as of 1/31/2024. 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. 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD 2024 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%
Diversified
Commodities

4.5%
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

1.7%
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

0.6%
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

0.0%
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%
US Core Bonds
-0.2%
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%
International
Bonds
-0.4%
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%
US Mid Cap
Stocks
-1.4%
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%
International
Real Estate
-3.7%
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 Small Cap
Stocks
-3.8%
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%
US Real Estate
-4.1%
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%
Emerging Market
Stocks
-4.6%
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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.

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Compliance As of January 31, 2024
Category Standard Comment
Treasury Issues N o L im itation 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 Se curitie s
"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 Medi um 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/
Collate ralize d Mortgage Obligation
"AA" rati ng category or better by a NRSRO; 20% maxi mum; 5% max per i ssuer on Asset-Backed or Commerci al Mortgage securi ty; There i s no i ssuer l i mi tati on on any Mortgage securi ty where the i ssuer i s the U.S. Treasury or a Federal Agency/GSE .

Complies
Negoti abl e Certi fi cates of Deposi t
(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" long-term 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
Certi fi cates of Deposi t (CDs)/Ti me
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
Commerci al 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 City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 11 352
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Compliance As of January 31, 2024
Category Standard Comment
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 Maxi mum maturi ty 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. 12 353
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Portfolio Summary – City of Cupertino #10659 As of January 31, 2024 13 354
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Purchase Yield as of 01/31/24 = 2.24%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of January 31, 2024
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SECTION |
Section 3 |
Portfolio Holdings
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Issue Name Investment Type % Portfolio
Government of United States US Treasury 35.68%
Federal National Mortgage Association Agency 8.75%
Federal Home Loan Mortgage Corp Agency 3.77%
Federal Home Loan Mortgage Corp CMO 3.72%
Federal Home Loan Bank Agency 2.26%
Federal Farm Credit Bank Agency 1.87%
American Express ABS ABS 1.84%
Royal Bank of Canada Corporate 1.63%
Toyota Motor Corp Corporate 1.59%
JP Morgan Chase & Co Corporate 1.54%
Bank of America Corp Corporate 1.53%
John Deere ABS ABS 1.53%
International Finance Corp Supranational 1.52%
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%
Northwestern Mutual Glbl Corporate 1.26%
Paccar Financial Corporate 1.23%
Hyundai Auto Receivables ABS 1.20%
Honda ABS ABS 1.17%
GM Financial Securitized Term Auto Trust ABS 1.16%
Bank of Montreal Chicago Corporate 1.16%
Amazon.com Inc Corporate 1.13%
Toyota ABS ABS 1.12%
Metlife Inc Corporate 1.12%
Salesforce.com Inc Corporate 1.11%
Prudential Financial Inc Corporate 1.10%
JP Morgan ABS ABS 1.10%
Morgan Stanley Corporate 1.08%
Air Products & Chemicals Corporate 1.07%
United Health Group Inc Corporate 1.05%
New York Life Global Funding Corporate 1.05%
Berkshire Hathaway Corporate 1.00%
Guardian Life Global Funding Corporate 0.84%
US Bancorp Corporate 0.80%
Mercedes-Benz ABS 0.73%
Caterpillar Inc Corporate 0.70%
Issuers
City of Cupertino – Account #10659
As of January 31, 2024
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Issue Name Investment Type % Portfolio
MasterCard Inc Corporate 0.64%
Mass Mutual Insurance Corporate 0.59%
Charles Schwab Corp/The Corporate 0.59%
Bank of America Credit Card Trust ABS 0.56%
State of California Municipal Bonds 0.48%
Northern Trust Corp Corporate 0.43%
Toyota Lease Owner Trust ABS 0.36%
BMW ABS ABS 0.31%
GM Financial Automobile Leasing Trust ABS 0.24%
Wal-Mart Stores Corporate 0.21%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.14% Hyundai Auto Lease Securitization ABS 0.11%
BMW Vehicle Lease Trust ABS 0.05%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of January 31, 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
44891WAC3 Hyundai Auto Lease Trust 2022-A A3

1.160% Due 01/15/2025
170,049.66 01/11/2022

1.16%
170,045.91
170,049.32

99.55 5.25%
169,290.39

87.67 0.11%
(758.93)
Aaa / AAA
NR

0.96 0.11
89238LAC4 Toyota Lease Owner Trust 2022-A A3

1.960% Due 02/20/2025
565,790.14 02/23/2022

1.98%
565,701.08
565,775.35

99.40 5.59%
562,377.29
338.85

0.36%
(3,398.06)

NR / AAA
AAA

1.06 0.17
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3

1.900% Due 03/20/2025
366,626.08 02/15/2022

1.91%
366,622.92
366,625.76

99.52 5.47%
364,860.04
212.85

0.24%
(1,765.72)
Aaa / NR
AAA

1.13 0.13
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3

1.100% Due 03/25/2025
70,743.30 01/11/2022

1.11%
70,732.72
70,742.60

99.57 5.54%
70,441.93

12.97 0.05%
(300.67)

NR / AAA
AAA

1.15 0.10
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
38,943.76 02/17/2021

0.27%
38,943.05
38,943.73

99.04 5.83%
38,571.54

2.92 0.02%
(372.19)
Aaa / NR
AAA

1.22 0.17
89240BAC2 Toyota Auto Receivables Owners 2021-A A3

0.260% Due 05/15/2025
150,186.32 02/02/2021

0.27%
150,158.45
150,185.26

99.11 5.84%
148,850.56

17.35 0.10%
(1,334.70)
Aaa / NR
AAA

1.29 0.16
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
125,907.94 04/20/2021

0.38%
125,894.69
125,906.70

98.83 5.51%
124,429.66

21.26 0.08%
(1,477.04)

NR / AAA
AAA

1.62 0.23
43815GAC3 Honda Auto Receivables Trust 2021-4 A3

0.880% Due 01/21/2026
296,510.93 11/16/2021

0.89%
296,448.42
296,490.57

97.36 5.43%
288,684.82

72.48 0.19%
(7,805.75)
Aaa / NR
AAA

1.98 0.58
47789QAC4 John Deere Owner Trust 2021-B A3

0.520% Due 03/16/2026
323,465.50 07/13/2021

0.52%
323,436.65
323,456.67

97.46 5.42%
315,262.09

74.76 0.20%
(8,194.58)
Aaa / NR
AAA

2.12 0.52
89238JAC9 Toyota Auto Receivables Trust 2021-D A3

0.710% Due 04/15/2026
283,392.65 11/09/2021

0.71%
283,386.60
283,390.71

97.24 5.54%
275,573.28

89.43 0.18%
(7,817.43)

NR / AAA
AAA

2.21 0.57
43815BAC4 Honda Auto Receivables Trust 2022-1 A3

1.880% Due 05/15/2026
676,845.05 02/15/2022

1.89%
676,743.25
676,804.49

97.67 5.29%
661,090.12
565.54

0.43%
(15,714.37)
Aaa / AAA
NR

2.29 0.68
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3

0.740% Due 05/15/2026
847,644.95 Various

2.03%
826,212.70
840,384.68

97.48 5.63%
826,247.00
278.78

0.53%
(14,137.68)

NR / AAA
AAA

2.29 0.51
05602RAD3 BMW Vehicle Owner Trust 2022-A A3

3.210% Due 08/25/2026
484,681.67 05/10/2022

3.23%
484,656.46
484,670.33

98.44 5.51%
477,101.73
259.30

0.31%
(7,568.60)
Aaa / AAA
NR

2.57 0.69
362554AC1 GM Financial Securitized Term 2021-4 A3

0.680% Due 09/16/2026
236,278.03 10/13/2021

0.68%
236,272.00
236,276.04

96.77 5.75%
228,636.09

66.95 0.15%
(7,639.95)
Aaa / AAA
NR

2.63 0.64
47787JAC2 John Deere Owner Trust 2022-A A3

2.320% Due 09/16/2026
355,884.56 03/10/2022

2.34%
355,805.83
355,848.12

97.86 5.30%
348,283.58
366.96

0.23%
(7,564.54)
Aaa / NR
AAA

2.63 0.72
448977AD0 Hyundai Auto Receivables Trust 2022-A A3

2.220% Due 10/15/2026
922,024.14 03/09/2022

2.23%
921,988.64
922,009.19

97.83 5.39%
901,981.17
909.73

0.58%
(20,028.02)

NR / AAA
AAA

2.71 0.69
380146AC4 GM Financial Auto Receivables 2022-1 A3

1.260% Due 11/16/2026
231,389.97 01/11/2022

1.27%
231,369.85
231,382.17

97.25 5.41%
225,029.29
121.48

0.15%
(6,352.88)

NR / AAA
AAA

2.79 0.66
As of January 31, 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
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
389,961.39

98.21 5.34%
383,020.95
503.75

0.25%
(6,940.44)
Aaa / AAA
NR

3.05 0.80
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
654,964.32

98.57 5.16%
645,647.91
1,088.76

0.42%
(9,316.41)
Aaa / NR
AAA

3.05 1.02
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
1,537,259.91

96.98 5.05%
1,498,268.39
1,517.53

0.97%
(38,991.52)
Aaa / NR
AAA

3.12 1.08
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
1,374,868.77

98.18 4.90%
1,350,041.00
2,071.67

0.87%
(24,827.77)

NR / AAA
AAA

3.29 1.23
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
1,049,947.21

99.99 5.15%
1,049,914.95
2,375.33

0.68%
(32.26)
Aaa / NR
AAA

3.37 1.26
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
1,295,482.70
100.75

4.84%
1,309,685.00
2,981.33

0.85%
14,202.30

NR / AAA
AAA

4.21 1.96
438123AC5 Honda Auto Receivables OT 2023-4 A3

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

5.63%
806,992.67
806,864.45
102.06

4.80%
821,547.58
1,267.88

0.53%
14,683.13
Aaa / NR
AAA

4.39 2.18
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
1,120,529.91
102.85

4.11%
1,131,324.70
2,908.89

0.73%
10,794.79

NR / AAA
AAA

4.79 1.47
05522RDH8 Bank of America Credit Card Tr BACCT 2023-A2 A2

4.980% Due 11/15/2028
850,000.00 01/24/2024

4.28%
858,798.83
858,747.27
101.31

4.52%
861,151.15
1,881.33

0.56%
2,403.88
Aaa / NR
AAA

4.79 2.55
36268GAD7 GM Financial Securitized Term 2024-1 A3

4.850% Due 12/18/2028
950,000.00 01/23/2024

4.90%
950,074.22
950,073.93
100.36

4.74%
953,412.40
1,791.81

0.62%
3,338.47
Aaa / NR
AAA

4.88 2.27
161571HV9 Chase Issuance Trust 2024-A1 A

4.600% Due 01/16/2029
1,690,000.00 01/24/2024

4.66%
1,689,742.61
1,689,742.85
100.33

4.52%
1,695,511.09
215.94

1.10%
5,768.24

NR / AAA
AAA

4.96 2.71
TOTAL ABS 17,856,364.65 3.42%
17,841,865.44
17,867,384.40 5.02%
17,726,235.70
22,103.50

11.48%
(141,148.70)
Aaa / AAA
AAA

3.40 1.33
Agency
3130A1XJ2 FHLB Note

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

1.96%
1,564,890.20
1,504,772.38

99.17 5.16%
1,487,487.00
5,630.21

0.97%
(17,285.38)
Aaa / AA+
NR

0.37 0.36
3135G0V75 FNMA Note

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

1.96%
1,484,895.00
1,498,732.91

98.56 5.26%
1,478,371.50
2,114.58

0.96%
(20,361.41)
Aaa / AA+
AA+

0.42 0.41
3130A2UW4 FHLB Note

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

1.79%
2,103,380.00
2,012,752.47

98.72 5.01%
1,974,348.00
22,041.67

1.29%
(38,404.47)
Aaa / AA+
NR

0.62 0.59
3135G0W66 FNMA Note

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

1.73%
1,965,802.75
1,973,668.98

97.68 5.01%
1,929,164.20
9,449.83

1.25%
(44,504.78)
Aaa / AA+
AA+

0.71 0.68
As of January 31, 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
3135G0X24 FNMA Note

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

1.38%
1,309,953.95
1,297,899.23

97.14 4.80%
1,257,898.25
1,402.92

0.81%
(40,000.98)
Aaa / AA+
AA+

0.94 0.91
3137EAEP0 FHLMC Note

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

1.52%
2,363,178.95
2,364,623.82

96.83 4.68%
2,290,067.34
16,653.54

1.49%
(74,556.48)
Aaa / AA+
AA+

1.04 1.00
3135G03U5 FNMA Note

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

0.67%
1,856,168.40
1,859,063.11

95.32 4.60%
1,772,901.78
3,196.88

1.15%
(86,161.33)
Aaa / AA+
AA+

1.22 1.19
3135G04Z3 FNMA Note

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

0.50%
2,499,227.30
2,499,845.45

94.75 4.47%
2,368,800.00
1,527.78

1.53%
(131,045.45)
Aaa / AA+
AA+

1.38 1.34
3137EAEU9 FHLMC Note

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

0.48%
1,243,775.00
1,248,170.72

94.43 4.32%
1,180,340.00
130.21

0.76%
(67,830.72)
Aaa / AA+
AA+

1.47 1.44
3135G05X7 FNMA Note

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

0.48%
2,487,983.75
2,496,129.92

93.98 4.39%
2,349,562.51
4,062.51

1.52%
(146,567.41)
Aaa / AA+
AA+

1.57 1.53
3137EAEX3 FHLMC Note

0.375% Due 09/23/2025
2,500,000.00 Various

0.46%
2,489,362.80
2,496,427.71

93.69 4.40%
2,342,210.00
3,333.33

1.52%
(154,217.71)
Aaa / AA+
AA+

1.65 1.60
3135G06G3 FNMA Note

0.500% Due 11/07/2025
2,500,000.00 Various

0.56%
2,492,700.00
2,497,413.58

93.52 4.35%
2,337,992.50
2,916.67

1.51%
(159,421.08)
Aaa / AA+
AA+

1.77 1.72
3133EPC60 FFCB Note

4.625% Due 11/15/2027
2,800,000.00 11/09/2023

4.73%
2,789,612.00
2,790,166.60
102.30

3.96%
2,864,422.40
27,338.89

1.87%
74,255.80
Aaa / AA+
AA+

3.79 3.42
TOTAL Agency 26,545,000.00 1.44%
26,650,930.10
26,539,666.88 4.59%
25,633,565.48
99,799.02

16.65%
(906,101.40)
Aaa / AA+
AA+

1.45 1.38
CMO
3137BFE98 FHLMC K041 A2

3.171% Due 10/25/2024
1,283,264.51 07/01/2021

0.72%
1,380,411.65
1,303,236.38

98.44 5.36%
1,263,295.63
3,391.03

0.82%
(39,940.75)
Aaa / AAA
AAA

0.73 0.62
3137BLMZ8 FHLMC K049 A2

3.010% Due 07/25/2025
1,000,000.00 07/01/2021

0.87%
1,079,687.50
1,028,260.31

97.49 4.82%
974,933.33
2,508.33

0.63%
(53,326.98)

NR / NR
AAA

1.48 1.30
3137BLW95 FHLMC K050 A2

3.334% Due 08/25/2025
950,000.00 11/16/2021

1.17%
1,018,132.81
977,585.97

97.86 4.79%
929,658.60
2,639.42

0.60%
(47,927.37)

NR / NR
AAA

1.57 1.35
3137BM7C4 FHLMC K051 A2

3.308% Due 09/25/2025
440,000.00 03/15/2022

2.21%
453,079.69
445,985.80

97.64 4.83%
429,634.48
1,212.93

0.28%
(16,351.32)

NR / NR
AAA

1.65 1.43
3137BN6G4 FHLMC KO53

2.995% Due 12/25/2025
570,000.00 03/15/2022

2.29%
582,001.17
576,035.42

97.14 4.64%
553,724.81
1,422.63

0.36%
(22,310.61)

NR / NR
AAA

1.90 1.65
3137BSP72 FHLMC K058 A2

2.653% Due 08/25/2026
650,000.00 11/12/2021

1.35%
687,451.17
669,880.95

95.57 4.48%
621,234.90
1,437.04

0.40%
(48,646.05)

NR / NR
AAA

2.57 2.38
As of January 31, 2024
20 361
CC 02-21-2024
361 of 456
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
3137FBBX3 FHLMC K068 A2

3.244% Due 08/25/2027
1,000,000.00 09/28/2022

4.41%
950,664.06
964,264.32

96.24 4.38%
962,447.00
2,703.33

0.62%
(1,817.32)
Aaa / NR
NR

3.57 3.23
TOTAL CMO 5,893,264.51 1.75%
6,151,428.05
5,965,249.15 4.81%
5,734,928.75
15,314.71

3.72%
(230,320.40)
Aaa / AAA
AAA

1.85 1.64
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
1,502,074.78

99.00 5.44%
1,484,985.00
5,410.42

0.96%
(17,089.78)
A1 / A
AA-

0.36 0.36
06367TQW3 Bank of Montreal Note

0.625% Due 07/09/2024
600,000.00 02/09/2022

1.89%
582,216.00
596,783.10

97.93 5.46%
587,568.00
229.17

0.38%
(9,215.10)
A2 / A-
AA-

0.44 0.43
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
1,758,093.64

97.87 5.41%
1,722,557.76
488.88

1.11%
(35,535.88)
A2 / A+
NR

0.45 0.44
78013XZU5 Royal Bank of Canada Note

2.550% Due 07/16/2024
1,500,000.00 Various

1.99%
1,533,359.18
1,503,685.20

98.68 5.50%
1,480,206.00
1,593.76

0.96%
(23,479.20)
A1 / A
AA-

0.46 0.45
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
1,251,573.25

98.52 5.45%
1,231,448.75

83.33 0.80%
(20,124.50)
A3 / A
A

0.50 0.49
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
1,679,961.11

99.01 5.39%
1,658,362.23
155.87

1.07%
(21,598.88)
A2 / A
NR

0.50 0.49
69371RR40 Paccar Financial Corp Note

0.500% Due 08/09/2024
680,000.00 08/03/2021

0.52%
679,632.80
679,936.34

97.49 5.44%
662,940.84
1,624.44

0.43%
(16,995.50)
A1 / A+
NR

0.52 0.51
69371RQ25 Paccar Financial Corp Note

2.150% Due 08/15/2024
370,000.00 08/08/2019

2.20%
369,182.30
369,912.28

98.36 5.28%
363,913.50
3,668.14

0.24%
(5,998.78)
A1 / A+
NR

0.54 0.52
14913Q3B3 Caterpillar Finl Service Note

2.150% Due 11/08/2024
1,100,000.00 01/28/2020

1.92%
1,111,517.00
1,101,855.66

97.80 5.10%
1,075,775.80
5,452.64

0.70%
(26,079.86)
A2 / A
A+

0.77 0.75
74153WCQ0 Pricoa Global Funding Note

1.150% Due 12/06/2024
885,000.00 12/01/2021

1.19%
884,088.45
884,742.53

96.54 5.39%
854,343.60
1,554.90

0.55%
(30,398.93)
Aa3 / AA-
AA-

0.85 0.82
89114TZL9 Toronto-Dominion Bank Note

1.450% Due 01/10/2025
700,000.00 03/15/2022

2.79%
674,737.00
691,562.65

96.61 5.19%
676,249.00
592.08

0.44%
(15,313.65)
A1 / A
NR

0.95 0.91
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
1,214,484.53

96.71 5.04%
1,174,988.84
880.88

0.76%
(39,495.69)
A1 / A+
A+

0.95 0.92
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
1,679,423.89

96.56 5.20%
1,622,208.00
1,150.33

1.05%
(57,215.89)
Aaa / AA+
AAA

0.96 0.93
69371RR73 Paccar Financial Corp Note

2.850% Due 04/07/2025
885,000.00 03/31/2022

2.86%
884,769.90
884,909.51

97.88 4.71%
866,223.84
7,987.13

0.57%
(18,685.67)
A1 / A+
NR

1.18 1.14
As of January 31, 2024
21 362
CC 02-21-2024
362 of 456
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
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
1,049,844.74

98.21 4.92%
1,031,166.15
10,532.81

0.67%
(18,678.59)
A1 / A
AA-

1.20 1.15
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
1,369,921.35

98.06 4.99%
1,343,354.87
12,238.67

0.88%
(26,566.48)
A1 / A
AA-

1.23 1.18
06367WB85 Bank of Montreal Note

1.850% Due 05/01/2025
1,240,000.00 07/23/2021

0.85%
1,285,656.80
1,255,119.25

96.26 4.97%
1,193,626.48
5,735.00

0.78%
(61,492.77)
A2 / A-
AA-

1.25 1.21
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
1,370,195.84

98.34 5.88%
1,347,231.98
1,881.47

0.87%
(22,963.86)
A1 / A-
AA-

1.33 0.33
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
655,053.13

98.10 5.87%
642,559.59
669.96

0.42%
(12,493.54)
A1 / A-
AA-

1.39 0.39
66815L2J7 Northwestern Mutual Glbl Note

4.000% Due 07/01/2025
1,170,000.00 06/27/2022

4.01%
1,169,602.20
1,169,812.71

98.95 4.78%
1,157,677.56
3,900.00

0.75%
(12,135.15)
Aaa / AA+
AAA

1.42 1.36
74153WCM9 Pricoa Global Funding Note

0.800% Due 09/01/2025
904,000.00 04/06/2022

3.26%
832,972.72
870,945.44

93.85 4.88%
848,407.62
3,013.33

0.55%
(22,537.82)
Aa3 / AA-
AA-

1.59 1.53
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
1,012,068.80

98.48 4.84%
984,774.00
8,009.72

0.64%
(27,294.80)
A1 / A
AA-

1.80 1.70
40139LBC6 Guardian Life Glob Fun Note

0.875% Due 12/10/2025
1,400,000.00 Various

1.12%
1,385,860.00
1,393,722.84

92.83 4.96%
1,299,554.20
1,735.42

0.84%
(94,168.64)
Aa1 / AA+
NR

1.86 1.80
66815L2A6 Northwestern Mutual Glbl Note

0.800% Due 01/14/2026
850,000.00 12/06/2021

1.47%
827,449.50
839,266.68

92.64 4.79%
787,418.75
321.11

0.51%
(51,847.93)
Aaa / AA+
AAA

1.96 1.89
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
605,837.72

96.44 5.59%
578,647.80
5,642.00

0.38%
(27,189.92)
A1 / A-
AA-

2.04 0.99
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
405,672.02

96.16 5.34%
385,621.25
2,297.03

0.25%
(20,050.77)
A1 / A-
AA-

2.22 1.18
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
630,457.80

96.40 5.20%
626,623.40
3,674.02

0.41%
(3,834.40)
A1 / A-
A+

2.24 1.20
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
1,871,313.75

92.62 4.44%
1,736,630.63
4,114.58

1.13%
(134,683.12)
A1 / AA
AA-

2.28 2.21
As of January 31, 2024
22 363
CC 02-21-2024
363 of 456
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

1.38%
1,025,051.35
1,029,835.39

92.85 4.47%
961,027.52
2,512.74

0.62%
(68,807.87)
A2 / A+
A

2.29 2.21
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
1,384,710.32

92.57 4.45%
1,282,048.80
1,861.09

0.83%
(102,661.52)
A1 / A+
A+

2.38 2.30
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
700,449.02

94.62 5.39%
662,372.90
1,077.18

0.43%
(38,076.12)
A1 / A-
AA-

2.38 1.34
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
1,001,117.49

91.56 4.88%
915,616.00
500.00

0.59%
(85,501.49)
Aa3 / AA+
AA+

2.46 2.37
58989V2D5 Met Tower Global Funding Note

1.250% Due 09/14/2026
770,000.00 09/07/2021

1.27%
769,291.60
769,629.12

91.35 4.80%
703,367.28
3,662.85

0.46%
(66,261.84)
Aa3 / AA-
AA-

2.62 2.51
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
349,652.59

92.20 4.22%
322,698.60
1,367.92

0.21%
(26,953.99)
Aa2 / AA
AA

2.63 2.53
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
1,000,075.63
102.83

4.73%
1,028,259.01
14,705.01

0.67%
28,183.38
Aa3 / A+
AA-

2.75 2.42
59217GER6 Metlife Note

1.875% Due 01/11/2027
1,115,000.00 01/03/2022

1.90%
1,113,728.90
1,114,251.68

91.90 4.86%
1,024,712.88
1,161.46

0.66%
(89,538.80)
Aa3 / AA-
AA-

2.95 2.80
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
959,831.51

93.37 4.78%
896,364.48
9,669.33

0.59%
(63,467.03)
A2 / A-
A

3.09 2.89
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
1,614,808.76

94.58 4.17%
1,527,447.62
14,032.56

1.00%
(87,361.14)
Aa2 / AA
A+

3.12 2.94
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
1,125,520.00

96.64 5.17%
1,111,332.40
11,141.65

0.73%
(14,187.60)
A1 / A-
AA-

3.23 2.09
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
669,290.27

98.57 4.47%
660,439.10
6,030.00

0.43%
(8,851.17)
A2 / A+
A+

3.27 3.01
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
675,208.53

97.94 4.38%
661,073.40
5,272.50

0.43%
(14,135.13)
A2 / A+
A

3.29 3.04
As of January 31, 2024
23 364
CC 02-21-2024
364 of 456
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
944,248.42
102.80

4.11%
971,471.34
18,171.56

0.64%
27,222.92
Aa3 / A+
NR

4.11 3.57
TOTAL Corporate 43,705,000.00 2.17%
43,741,683.22
43,636,859.27 5.01%
42,153,296.77
185,802.94

27.39%
(1,483,562.50)
A1 / A+
AA-

1.67 1.46
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund 214,782.55 Various

4.90%
214,782.55
214,782.55

1.00 4.90%
214,782.55

0.00 0.14%

0.00 Aaa / AAA
NR

0.00 0.00
TOTAL Money Market Fund 214,782.55 4.90%
214,782.55
214,782.55 4.90%
214,782.55

0.00 0.14%

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
757,336.03

98.26 5.08%
741,871.31
6,040.00

0.48%
(15,464.72)
Aa2 / AA-
AA

0.67 0.64
TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
757,336.03 5.08%
741,871.31
6,040.00

0.48%
(15,464.72)
Aa2 / AA-
AA

0.67 0.64
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
2,489,827.79

94.19 4.53%
2,354,862.50
390.63

1.52%
(134,965.29)
Aaa / AAA
NR

1.46 1.42
459058JL8 Intl. Bank Recon & Development Note

0.500% Due 10/28/2025
2,400,000.00 Various

0.60%
2,388,859.25
2,395,879.39

93.49 4.42%
2,243,788.80
3,100.00

1.45%
(152,090.59)
Aaa / AAA
AAA

1.74 1.70
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
2,455,008.30

92.95 4.24%
2,286,491.28
6,038.96

1.48%
(168,517.02)
Aaa / AAA
AAA

2.22 2.15
TOTAL Supranational 7,360,000.00 0.74%
7,308,742.45
7,340,715.48 4.40%
6,885,142.58
9,529.59

4.46%
(455,572.90)
Aaa / AAA
AAA

1.80 1.75
US Treasury
912828XX3 US Treasury Note

2.000% Due 06/30/2024
2,000,000.00 Various

1.80%
2,018,574.22
2,001,578.14

98.70 5.18%
1,974,062.00
3,516.48

1.28%
(27,516.14)
Aaa / AA+
AA+

0.41 0.41
912797GB7 US Treasury Bill

5.119% Due 07/11/2024
1,000,000.00 07/27/2023

5.39%
950,378.99
977,108.93

97.71 5.39%
977,108.93

0.00 0.63%

0.00 P-1 / A-1+
F-1+

0.44 0.43
912797GK7 US Treasury Bill

5.119% Due 08/08/2024
1,000,000.00 08/30/2023

5.39%
951,232.07
973,127.88

97.31 5.39%
973,127.88

0.00 0.63%

0.00 P-1 / A-1+
F-1+

0.52 0.51
As of January 31, 2024
24 365
CC 02-21-2024
365 of 456
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
912828D56 US Treasury Note

2.375% Due 08/15/2024
1,700,000.00 09/18/2019

1.71%
1,753,191.41
1,705,817.81

98.56 5.10%
1,675,562.50
18,651.49

1.10%
(30,255.31)
Aaa / AA+
AA+

0.54 0.52
912797GL5 US Treasury Bill

5.162% Due 09/05/2024
1,000,000.00 09/25/2023

5.44%
950,526.04
968,881.60

96.89 5.44%
968,881.60

0.00 0.63%

0.00 P-1 / A-1+
F-1+

0.60 0.58
912828YY0 US Treasury Note

1.750% Due 12/31/2024
2,100,000.00 03/15/2022

1.97%
2,087,203.13
2,095,813.76

97.29 4.81%
2,043,153.00
3,230.77

1.32%
(52,660.76)
Aaa / AA+
AA+

0.92 0.89
912828ZC7 US Treasury Note

1.125% Due 02/28/2025
1,500,000.00 03/18/2020

0.81%
1,523,144.53
1,505,033.65

96.30 4.68%
1,444,453.50
7,139.42

0.94%
(60,580.15)
Aaa / AA+
AA+

1.08 1.05
91282CED9 US Treasury Note

1.750% Due 03/15/2025
3,100,000.00 Various

2.23%
3,057,617.20
3,083,960.93

96.87 4.65%
3,003,004.10
20,716.34

1.96%
(80,956.83)
Aaa / AA+
AA+

1.12 1.08
912828ZL7 US Treasury Note

0.375% Due 04/30/2025
2,500,000.00 03/21/2022

2.24%
2,360,839.85
2,444,335.94

94.97 4.57%
2,374,317.50
2,395.26

1.54%
(70,018.44)
Aaa / AA+
AA+

1.25 1.22
91282CAB7 US Treasury Note

0.250% Due 07/31/2025
1,500,000.00 03/12/2021

0.72%
1,469,765.63
1,489,676.07

94.01 4.42%
1,410,117.00

10.30 0.91%
(79,559.07)
Aaa / AA+
AA+

1.50 1.47
91282CAM3 US Treasury Note

0.250% Due 09/30/2025
2,400,000.00 Various

0.56%
2,366,140.63
2,387,699.39

93.51 4.34%
2,244,187.20
2,032.79

1.45%
(143,512.19)
Aaa / AA+
AA+

1.67 1.62
91282CAT8 US Treasury Note

0.250% Due 10/31/2025
2,450,000.00 Various

0.49%
2,422,492.19
2,439,940.30

93.23 4.31%
2,284,242.80
1,564.90

1.48%
(155,697.50)
Aaa / AA+
AA+

1.75 1.71
91282CAZ4 US Treasury Note

0.375% Due 11/30/2025
2,250,000.00 03/26/2021

0.77%
2,209,658.20
2,234,213.05

93.20 4.27%
2,097,069.75
1,452.36

1.36%
(137,143.30)
Aaa / AA+
AA+

1.83 1.79
91282CBH3 US Treasury Note

0.375% Due 01/31/2026
2,500,000.00 05/27/2021

0.75%
2,456,445.31
2,481,395.60

92.70 4.22%
2,317,577.50

25.76 1.50%
(163,818.10)
Aaa / AA+
AA+

2.00 1.95
91282CBW0 US Treasury Note

0.750% Due 04/30/2026
2,500,000.00 05/27/2021

0.80%
2,493,652.34
2,497,108.60

92.79 4.14%
2,319,825.00
4,790.52

1.50%
(177,283.60)
Aaa / AA+
AA+

2.25 2.18
91282CCZ2 US Treasury Note

0.875% Due 09/30/2026
1,400,000.00 10/18/2021

1.19%
1,379,054.68
1,388,733.34

92.13 4.02%
1,289,804.60
4,150.27

0.84%
(98,928.74)
Aaa / AA+
AA+

2.67 2.58
91282CDG3 US Treasury Note

1.125% Due 10/31/2026
1,400,000.00 11/15/2021

1.25%
1,391,468.75
1,395,269.85

92.49 4.04%
1,294,890.80
4,024.04

0.84%
(100,379.05)
Aaa / AA+
AA+

2.75 2.65
91282CJP7 US Treasury Note

4.375% Due 12/15/2026
2,500,000.00 12/28/2023

4.01%
2,525,097.66
2,524,309.01
100.95

4.02%
2,523,827.50
14,344.26

1.64%
(481.51)
Aaa / AA+
AA+

2.87 2.66
91282CEW7 US Treasury Note

3.250% Due 06/30/2027
3,250,000.00 Various

3.18%
3,260,312.50
3,256,851.99

97.77 3.96%
3,177,382.00
9,285.71

2.06%
(79,469.99)
Aaa / AA+
AA+

3.41 3.19
91282CFB2 US Treasury Note

2.750% Due 07/31/2027
400,000.00 08/22/2022

3.12%
393,218.75
395,200.85

96.09 3.96%
384,343.60

30.22 0.25%
(10,857.25)
Aaa / AA+
AA+

3.50 3.29
91282CFH9 US Treasury Note

3.125% Due 08/31/2027
4,500,000.00 Various

3.28%
4,468,902.34
4,477,622.71

97.25 3.95%
4,376,425.50
59,495.19

2.87%
(101,197.21)
Aaa / AA+
AA+

3.58 3.30
As of January 31, 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
91282CFM8 US Treasury Note

4.125% Due 09/30/2027
3,450,000.00 Various

4.31%
3,421,152.34
3,428,533.63
100.61

3.94%
3,471,024.30
48,215.16

2.28%
42,490.67
Aaa / AA+
AA+

3.67 3.33
91282CFZ9 US Treasury Note

3.875% Due 11/30/2027
850,000.00 12/05/2022

3.81%
852,656.25
852,040.35

99.76 3.94%
847,974.45
5,669.57

0.55%
(4,065.90)
Aaa / AA+
AA+

3.83 3.51
91282CGC9 US Treasury Note

3.875% Due 12/31/2027
2,750,000.00 Various

3.67%
2,775,107.42
2,769,954.74

99.80 3.93%
2,744,629.25
9,368.14

1.78%
(25,325.49)
Aaa / AA+
AA+

3.92 3.59
91282CGH8 US Treasury Note

3.500% Due 01/31/2028
3,000,000.00 02/07/2023

3.81%
2,957,929.69
2,966,214.16

98.45 3.92%
2,953,476.00
288.46

1.91%
(12,738.16)
Aaa / AA+
AA+

4.00 3.69
91282CGP0 US Treasury Note

4.000% Due 02/29/2028
3,700,000.00 Various

4.00%
3,699,113.28
3,699,385.45
100.29

3.92%
3,710,552.40
62,615.38

2.44%
11,166.95
Aaa / AA+
AA+

4.08 3.67
TOTAL US Treasury 56,700,000.00 2.54%
56,194,875.40
56,439,807.73 4.30%
54,881,020.66
283,012.79

35.68%
(1,558,787.07)
Aaa / AA+
AA+

2.42 2.26
TOTAL PORTFOLIO 159,029,411.71 2.24%
158,876,649.56
158,761,801.49 4.65%
153,970,843.80
621,602.55
100.00%
(4,790,957.69)
Aa1 / AA
AA+

2.10 1.73
TOTAL MARKET VALUE PLUS ACCRUALS 154,592,446.35
As of January 31, 2024
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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/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 01/25/2024 36268GAD7 950,000.00 GM Financial Securitized Term 2024-1 A3

4.85% Due: 12/18/2028
100.008 4.90% 950,074.22 1,023.89 951,098.11 0.00
Purchase 01/26/2024 05522RDH8 850,000.00 Bank of America Credit Card Tr BACCT 2023-A2 A2

4.98% Due: 11/15/2028
101.035 4.28% 858,798.83 1,293.42 860,092.25 0.00
Purchase 01/31/2024 161571HV9 1,690,000.00 Chase Issuance Trust 2024-A1 A

4.6% Due: 01/16/2029

99.985 4.66% 1,689,742.61 0.00 1,689,742.61 0.00
Subtotal 3,490,000.00 3,498,615.66 2,317.31 3,500,932.97 0.00 TOTAL ACQUISITIONS 3,490,000.00 3,498,615.66 2,317.31 3,500,932.97 0.00

DISPOSITIONS
Sale 01/29/2024
912828X70 1,700,000.00 US Treasury Note
2% Due: 04/30/2024

99.172 1.92% 1,685,921.88 8,406.59 1,694,328.47 -14,386.16 Subtotal 1,700,000.00 1,685,921.88 8,406.59 1,694,328.47 -14,386.16 TOTAL DISPOSITIONS 1,700,000.00 1,685,921.88 8,406.59 1,694,328.47 -14,386.16 December 31, 2023 through January 31, 2024
As of January 31, 2024
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Important Disclosures
2024 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 i s 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.

As of January 31, 2024
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Asset Class 10-Year Snapshot Disclosure As of January 31, 2024  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 Bl oomberg 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 c ontain 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. 30 371
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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 January 31, 2024
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CITY OF CUPERTINO
Agenda Item
23-12594 Agenda Date: 2/21/2024
Agenda #: 14.

Subject: Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2023 Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2023 CITY OF CUPERTINO Printed on 2/14/2024Page 1 of 1
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CITY COUNCIL STAFF REPORT
Meeting: February 21, 2024

Subject
Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2023

Recommended Action
Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2023

Reasons for Recommendation
Background
On May 1 6, 2023, the City Council approved the City Investment Policy. Per the City's Investment Policy, the Treasurer shall submit a quarterly investment report to the City Council approximately 45 days following the end of the quarter. In addition to the quarterly investment report s, monthly transaction reports are submitted to the City Council within 30 days of the end of the reporting period per California Government Code Section 53607. The quarterly investment report offers a more extensive discussion of the City's economy, cash flow, and investments.

The City's Municipal Code Section 2.24.050 Investment Authority states that the Treasurer shall make a monthly report of all investment transactions to the City Council. The City's Municipal Code Section 2.48.020(A)(3) states that the Director of Administrative Services also shall be appointed Treasurer and also shall act as ex officio Assessor and shall assess and collect all City taxes save and except for those collected by State and County officers for the City. Lastly, the City's Municipal Code Section 2.88.100 Duties –Powers– Responsibilities lists one of the powers and functions of the Audit Committee is "to review the quarterly Treasurer's Investment report."

Per the referenced code provisions, a Treasurer's Investment Report is made available to the City Council quarterly.

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2 Treasurer's Investment Report
The report provides an update on the City's investment portfolio for the month ending December 31, 2023. The report is as of January 17, 2024. This report has yet to undergo review by the Audit Committee due to the cancellation of its first meeting in the new year, which is attributed to the absence of a quorum and changes in committee membership.

The report is being presented to the City Council first to comply with reporting obligations and will subsequently be reviewed by the Audit Committee at its next scheduled meeting.

The attached statements include balances and transactions of the City's investments with the Local Agency Investment Fund (LAIF) and Chandler Asset Management. The Chandler investment rep ort provides information on the investment type, issuer, purchase date, maturity date, cost value, par value, and market value for each security, as well as the weighted average maturity and weighted average yield of all investments.

While not governed by the City's Investment Policy, statements for the Public Agency Retirement Services (PARS) Section 115 Trusts are also attached per a request from the Treasurer's Report sub-committee.

The City's General Ledger cash and investments balance was $239.4 million, a $4.1 million increase from the prior quarter.

Cash and Investments – General Ledger Balance
Fund Type Quarter Ending
September 30, 2023
Quarter Ending
December 31, 2023
General Fund 131,872,784 141,743,483
Special Revenue 42,942,560 41,761,918
Debt Service 2,684,450 2,361,650
Capital Projects 37,978,199 36,434,860
Enterprise 11,167,451 10,277,394
Internal Service 8,615,981 6,784,421
Total $235,261,426 $239,363,725

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3 The $239.4 million in cash and investments includes $48.5 million in cash, $21.7 million in cash equivalents, $151.9 million in investments, and $17.2 million restricted for funding pension costs.

The City pools cash for all funds except restricted funds. However, the City acc ounts for interest earnings, revenues, and expenditures separately for each fund to adequately meet the purpose and restrictions of each funding source. Pooling funds is a common and appropriate practice used in public agencies. By pooling funds, the City can benefit from economies of scale, diversification, liquidity, and ease of administration.

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4 Cash and Investments – General Ledger Balance

Quarter Ending
September 30,
2023
Quarter Ending
December 31,
2023
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 44,563,856 48,488,626 20% Workers' Compensation Checking (Wells Fargo) 43,934 26,746 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) - - 0%
Petty Cash and Change 3,586 3,586 0%
Cash Equivalents
Local Agency Investment Fund 21,553,792 21,748,511 9% Investments
Investments (Chandler) 151,856,206 151,856,206 63%
Restricted for Pension2 (PARS) 17,240,051 17,240,051 7% Total Cash and Investments3 $235,261,426 $239,363,725 100% 1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 377
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5 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits.

The table below shows the bank balances for the City's cash and investments. Bank and General Ledger balances differ due to timing. Bank balances do not include outstanding checks and deposits in transit. The General Ledger is updated quarterly with interest earnings and annually with the year-end investment market values.

Cash and Investments – Bank Balance

Quarter Ending
September 30,
2023
Quarter Ending
December 31,
2023
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 49,304,330 49,177,441 20% Workers' Compensation Checking (Wells Fargo) 45,984 23,013 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) - - 0%
Cash Equivalents
Local Agency Investment Fund 21,593,220 21,787,939 9% Investments
Investments (Chandler) 150,093,752 153,958,566 63%
Restricted for Pension2 (PARS) 18,500,105 20,389,010 8% Total Cash and Investments3 $239,537,391 $245,335,970 100% 1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits.

Local Agency Investment Fund (LAIF)
LAIF is an investment pool administered by the State of California Treasurer and governed by California Government Code. The City can withdraw funds from LAIF at any time. As a result, the City uses LAIF for short-term investment, liquidity, and yield.

The City's LAIF account had a balance of $ 21.8 million. The quarterly interest rate was

4.00%. The City did not make any deposits or withdrawals in the quarter ending December 2023.

Investment Portfolio
In FY 2018 -19, the City conducted a Request for Proposal (RFP) for investment management services and selected Chandler Asset Management. Under the City's Treasurer's direction, Chandler Asset Management manages the City's investment portfolio in accordanc e with the City's investment objectives. The City's investment objectives, in order of priority, are to provide:
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6  Safety to ensure the preservation of capital in the overall portfolio  Sufficient liquidity for cash needs
 A market rate of return consistent with the investment program

The performance objective is to earn a total rate of return through a market cycle equal to or above the return on the benchmark index. Chandler Asset Management invests in high- quality fixed-income securities consistent with the City's Investment Policy and California Government Code to achieve the objective.

The portfolio's market value was $154.0 million, compared to $150.1 million at the end of the previous quarter. The table below includes historical comparisons of the City's portfolio:

September
30, 2023
December
31, 2023
Market Value 150,093,752 153,958,566
Par Value 158,177,925 158,767,712
Book Value 157,776,718 158,476,712
Average Maturity 2.14 years 2.10 years
Average Modified Duration 1.83 1.86
Average Purchase Yield 2.03% 2.19%
Average Market Yield 5.36% 4.69%
Average Quality1 AA/Aa1 AA/Aa1
1 S&P and Moody's respectively

The portfolio's market value fluctuates depending on interest rates. When interest rates decrease after an investment is purchased, the market value of the investment increases.

In contrast, when interest rates increase after an investment is purchased, the market value of the investm ent decreases. At the time of purchase, the City intends to hold all investments until maturity, meaning that changes in market value will not impact the City's investment principal. If the market value decreases, the City will incur an unrealized loss. Ho wever, the loss will only be realized if the City sells its investments before their maturity. The market values for the portfolio were provided by Chandler Asset Management.

Section 115 Trust Investment Portfolio
The City established Section 115 Trusts t o reduce pension rate volatility and pre -fund Other Post-Employment Benefits (OPEB) costs. These trusts are a tax-exempt investment tool that local governments can use to set aside funds for pension and retiree health costs.

Contributions made to the trust can only be used to fund retirement plans.

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7 Investments in the Section 115 Trusts are governed by separate investment policies, which are distinct from the City's Investment Policy . On December 5, 202 3, Ci ty Council approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public Agency Retirement Services (PARS) administers the trust, while US Bank manages the investments in accordance with the approved investment policies.

Both Section 115 Trusts are invested in "balanced" portfolios. The investment objective is designed to provide a moderate amount of current income with moderate growth of capital. This type of investment strategy is generally recommended for investors with a long-term horizon. The strategic asset allocation ranges for this investment objective are:

Asset Class Range Target
Equities 50-70% 63%
Fixed Income 20-40% 29%
Real Estate 0-15% 5%
Commodities 0-10% 2%
Cash 0-10% 1%

The Section 115 Pension Trust had a balance of $ 20.4 million, an increase of $1.0 million from the prior quarter due to investment gains. The Section 115 OPEB Trust had a balance of $37.1 million, an increase of $1.9 million from the prior quarter due to investment gains.

The quarterly investment returns were 10.3% for both the Pension Trust and OPEB Trust.

Analysis
The City compares its portfolio to LAIF and one-year and two-year Treasury yields. Yield comparisons for the one-year Treasury, two-year Treasury, LAIF, and City average are presented below:

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8 In June, one -year and two -year Treasury yields increased. The yield curve remained inverted and the spread between the two -year and 10-year Treasury yield became more inverted. The one-year and two-year Treasury yields were 4.79% and 4.23%, respectively.

The one-year Treasury yield decreased by 67 basis points, and the two-year Treasury yield decreased by 80 basis points from September 30, 2023. The yield of the City's investment portfolio was 4.69%, lower than the one-year Treasury yield but higher than the two-year Treasury yield and LAIF.

Cash Flow History
Historical revenues, expenditures, and liquidity ratios are presented below:

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10 As the City's portfolio becomes more or less liquid over time, the ratio of cash and cash equivalents to revenues and expenditures will increase or decrease, respectively. The portfolio's investment structure is complete, so the City anticipates the ratio of cash and cash equivalents to revenues and expenditures to continue to flatten out moving forward.

While a formal liquidity level has not been established, significant and consistent fluctuations in the ratio may indicate that additional funds should be invested or , conversely, that investments should be liquidated. In recent years, sufficient liquidity levels for operating revenues and expenditures have approximated a ratio of 1.0. In March 2022, the City transferred $15.0 million from the operating account to the investment portfolio, which reduced the March 2022 liquidity ratios. Liquidity ratios have been higher in FY 2023 -24 due to increased cash and investment balances as the City anticipated an adverse decision from a California Department of Tax and Fee Administration (CDTFA) audit of a City taxpayer. On October 10, 2023, the City established a Sales Tax Repayment Reserve with an initial allocation of $56.5 million to set aside the disputed sales tax revenue.

As of December 31, 2023, the liquidity ratio was 3.9 and 2.4 for revenues and expenditures, respectively. The City will monitor inflows and outflows during FY 2023-24 and bring recommendations for the City's investment portfolio as necessary and applicable.

As of December 31, 2023, the City had $71.0 million in cash and cash equivalents in the bank and on hand. Based on the cash flow forecast, the City maintains the ability to meet its expenditure requirements for the next six months.

Cash Flow Forecast
Applying three-year historical trend data for each of the City 's revenue and expenditure line items to the FY 2023-24 Adopted Budget, the City estimated the following cash flow forecast for FY 2023-24:

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12 The purpose of this cash flow and liquidity forecast is to illustrate the timing of the City's revenues and expenditures throughout a fiscal year using historical trend data. The first quarter of the fiscal year experiences expenditures exceeding revenues since the City begins receiving its property tax distributions in November and April of the respective fiscal year. In January and April, the City receives additional property tax revenues due to the Vehicle License Fee (VLF) swap. In June, the City tends to experience higher activities, particularly expenditures, due to the year-end close and accrual process. From one fiscal year to the next, the City typically incurs one -time special project or capital expenditure costs. The timing of these costs is more difficult to pinpoint in a particular month.

From a cash flow analysis perspective, the Adopted and Amended Budgets are efficient planning tools for determining cash flow needs for a single fiscal year. If a budget is adopted at a position in which revenues and expenditures are balanced, then it is reasonable to conclude cash flow is unlikel y to be of concern. Beyond one fiscal year, a City prepares a long-term forward-looking forecast using historical a nd prospective assumptions. This forecast model is incorporated and presented to the City Council as part of the City's Adopted Budget.

Compliance
All of the City's investments comply with state law and the City's Investment Policy. In compliance with California Government Code 53646 (b)(3), the City maintains the ability to meet its expenditure requirements for the next six months.

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13 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 and City Treasurer

Approved for Submission by: __________________
Matt Morley
Assistant City Manager

Attachments:

A – Chandler Investment Report December 2023
B – Chandler Custodial Statement December 2023
C – PARS Pension and OPEB Account Statement December 2023 D – LAIF Account Statement December 2023
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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 dat a has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market.

As expected at the D ecember 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 f ell 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 dropped42 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. 3 390
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Employment
-400
-200
0 200
400
600
800
1,000MOM 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-monthmoving 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 underemploymentrate, 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.Employmentremains 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 4 391
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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 Cor e Deflator Y OY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) increased 0.1% month-over-monthand 3.1% year-over-year in November, edging down from 3.2% year- over-year in October. The Core CPI, which excludes volatile food and energy components,was up 0.3% month-over-monthand 4.0% year- over-year, unchanged from October as expected. Shelter was the largest contributorto 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-monthand 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-monthand decelerated to 3.2% year-over-year in Novemberfrom 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 5 392
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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 (%)
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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. 7 394
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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%
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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.

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
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Portfolio Summary – City of Cupertino #10659 As of December 31, 2023 11 398
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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
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SECTION |
Section 3 |
Portfolio Holdings
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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
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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
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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
16 403
CC 02-21-2024
403 of 456
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
17 404
CC 02-21-2024
404 of 456
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
18 405
CC 02-21-2024
405 of 456
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
AA-

0.45 0.44
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 / A-
AA-

0.52 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
AA-

0.54 0.52
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 / AA-
AA-

0.93 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
AA-

1.29 1.23
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
AA-

1.32 1.26
As of December 31, 2023
19 406
CC 02-21-2024
406 of 456
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 / A-
AA-

1.33 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 / A-
AA-

1.42 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 / A-
AA-

1.48 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 / AA-
AA-

1.67 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
AA-

1.88 1.78
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 / A-
AA-

2.12 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 / A-
AA-

2.31 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 / A-
A+

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
AA-

2.36 2.29
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
20 407
CC 02-21-2024
407 of 456
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 / A-
AA-

2.47 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 / AA-
AA-

2.71 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+
AA-

2.83 2.50
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 / AA-
AA-

3.03 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 / A-
A

3.17 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 / A-
AA-

3.31 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+
AA-

1.76 1.57
As of December 31, 2023
21 408
CC 02-21-2024
408 of 456
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 / AA-
AA

0.75 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 / AA-
AA

0.75 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
22 409
CC 02-21-2024
409 of 456
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
23 410
CC 02-21-2024
410 of 456
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
24 411
CC 02-21-2024
411 of 456
SECTION |
Section 4 |
Transactions
25 412
CC 02-21-2024
412 of 456
Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/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
26 413
CC 02-21-2024
413 of 456
Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/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. 29 416
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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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INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY• NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE• SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED

PCS - SAN FRANCISCO CA
510 N VALLEY MILLS DRIVE, SUITE 400
WACO, TX 76710-6075

CITY OF CUPERTINO -

CHANDLER ASSET MANAGEMENT

ACCOUNT NUMBER

MONTHLY STATEMENT
DECEMBER 1, 2023 THROUGH DECEMBER 31, 2023
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR/DOE SLANGER
TELEPHONE NUMBER:

ADMINISTRATOR: BELINDA CONWAY
TELEPHONE NUMBER: 254-265-6137
36423 SE
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Custody and trust services are provided by Principal Bank®, Member FDIC, and/or Principal Trust Company®. These services are provided under the trade name Principal® Custody Solutions. Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®, Des Moines, IA 50392.

ASSET VALUATION PRACTICES
VALUES REFLECTED FOR PUBLICLY TRADED ASSETS ARE OBTAINED FROM UNAFFILIATED SOURCES. IN SITUATIONS WHERE AN ASSET VALUE CANNOT BE

PROVIDED BY OUR UNAFFILIATED PRICING SOURCES, SUCH AS BUT NOT LIMITED TO NON-PUBLICLY TRADED ASSETS, THE CUSTOMER OR THEIR DESIGNATED REPRESENTATIVE MUST PROVIDE THE UPDATED VALUE. IF PRINCIPAL CUSTODY SOLUTIONS DOES NOT RECEIVE AN UPDATED VALUE, OR IS UNABLE TO USE THE VALUE PROVIDED, THE LAST REPORTED VALUE WILL CONTINUE TO BE REPORTED.

TRADE CONFIRMS

PURSUANT TO FEDERAL REGULATION, MONTHLY OR QUARTERLY ACCOUNT STATEMENTS THAT INCLUDE INVESTMENT TRANSACTION DETAILS MAY BE PROVIDED IN LIEU OF SEPARATE TRADE CONFIRMATIONS. SEPARATE TRADE CONFIRMS MAY BE OBTAINED AT NO ADDITIONAL COST UPON WRITTEN REQUEST TO THE ACCOUNT MANAGER.

UNCLAIMED PROPERTY DESIGNATED REPRESENTATIVE NOTIFICATION

YOUR PROPERTY MAY BE TRANSFERRED TO THE APPROPRIATE STATE IF NO ACTIVITY OCCURS IN THE ACCOUNT WITHIN THE TIME PERIOD SPECIFIED BY STATE LAW. IF YOUR STATE OF RESIDENCE ALLOWS, YOU MAY DESIGNATE A REPRESENTATIVE FOR THE PURPOSE OF RECEIVING NOTICE OF ACCOUNT INACTIVITY BY PROVIDING THE NAME AND MAILING OR EMAIL ADDRESS OF A REPRESENTATIVE. THE DESIGNATED REPRESENTATIVE DOES NOT HAVE ANY RIGHTS TO YOUR ACCOUNT. PLEASE REFER TO YOUR STATE'S UNCLAIMED PROPERTY WEBSITE FOR MORE INFORMATION AND INSTRUCTIONS ON HOW TO DESIGNATE A REPRESENTATIVE FOR NOTICE.
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TABLE OF CONTENTS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2023 THROUGH DECEMBER 31, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE
REPORT NAME NUMBER___________ ______
ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 20 STATEMENT OF TRANSACTIONS ...................................................................... 21 420
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PAGE 1

ASSET SUMMARY CITY OF CUPERTINO
AS OF DECEMBER 31, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

ASSET SUMMARY
% TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED

INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH 0.00 0.00 0.00
CASH EQUIVALENTS 3,123,862.86 3,185,335.76 2.08 61,472.90 168,466 5.29 3,090.01 BONDS AND NOTES 155,342,314.38 149,994,556.45 97.92 5,347,757.93- 3,270,762 2.18 786,651.51 ===================================================================================================================================== TOTAL INVESTMENTS 158,466,177.24 153,179,892.21 100.00 5,286,285.03- 3,439,229 2.25 789,741.52 TOTAL ACCRUALS 789,741.52 789,741.52
===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 159,255,918.76 153,969,633.73 5,286,285.03- 3,439,229 2.25 789,741.52 421
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PAGE 2

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 31, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ PRINCIPAL CASH 4,183.74 4,183.74 0.00
INCOME CASH 4,183.74- 4,183.74- 0.00
CASH EQUIVALENTS______________________________________________________________________________________________________________________________________ 221,366.34 ALLSPRING 100% TREASURY 221,366.34 221,366.34 0.14 0.00 2,968.11 MONEY MARKET FUND - #008 1.0000 1.0000
50,359.42 PRINCIPAL PUBLIC DEPOSIT SWEEP 50,359.42 50,359.42 0.03 0.00 121.90 PROGRAM 1.0000 1.0000
1,000,000 UNITED STATES TREASURY BILLS 950,378.99 974,870.00 0.64 24,491.01 0.00 DTD 07/13/2023 DUE 07/11/2024 95.0379 97.4870
CUSIP 912797GB7
1,000,000 UNITED STATES TREASURY BILLS 951,232.07 971,230.00 0.63 19,997.93 0.00 DTD 08/10/2023 DUE 08/08/2024 95.1232 97.1230
CUSIP 912797GK7
1,000,000 UNITED STATES TREASURY BILLS 950,526.04 967,510.00 0.63 16,983.96 0.00 DTD 09/07/2023 DUE 09/05/2024 95.0526 96.7510
CUSIP 912797GL5
====================================================================================================================================== TOTAL CASH EQUIVALENTS 3,123,862.86 3,185,335.76 2.08 61,472.90 3,090.01 BOND & NOTES______________________________________________________________________________________________________________________________________ 1,675,000 AIR PRODUCTS & CHEMICALS 1,771,212.00 1,653,392.50 1.08 117,819.50- 23,536.08 DTD 07/31/14 3.350 07/31/2024 105.7440 98.7100
MOODY'S RATING A2
CUSIP 009158AV8
1,875,000 AMAZON.COM INC 1,866,900.00 1,732,050.00 1.13 134,850.00- 2,552.08 DTD 05/12/21 1.000 05/12/2026 99.5680 92.3760
MOODY'S RATING A1
CUSIP 023135BX3
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PAGE 3

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,346,867.50 0.88 27,828.35- 2,071.67 ASSET BCKD SEC SER 2022-2 CL A 99.9779 97.9540
DTD 05/24/2022 3.390% 05/17/2027

NON CALLABLE
CUSIP 02582JJT8
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,494,509.40 0.98 29,850.37- 1,517.53 ASSET BCKD SEC SER 2022-1 CL A 98.6641 96.7320
DTD 03/18/2022 2.210% 03/15/2027

NON CALLABLE

MOODY'S RATING AAA
CUSIP 02589BAA8
1,150,000 BANK OF AMERICA CORP 1,114,222.54 1,106,817.50 0.72 7,405.04- 7,730.94 MED TERM NOTE 96.8889 96.2450
DTD 04/23/19 04/23/2027
MOODY'S RATING A1
CUSIP 06051GHT9
600,000 BANK OF AMERICA CORP 620,988.00 576,552.00 0.38 44,436.00- 4,634.50 MED TERM NOTE 103.4980 96.0920
DTD 02/13/20 02/13/2026
MOODY'S RATING A1
CUSIP 06051GHY8
700,000 BANK OF AMERICA CORP 701,274.00 658,791.00 0.43 42,483.00- 307.77 MED TERM NOTE 100.1820 94.1130
DTD 06/19/20 06/19/2026
MOODY'S RATING A1
CUSIP 06051GJD2
600,000 BANK OF MONTREAL 582,216.00 585,336.00 0.38 3,120.00 1,791.67 MED TERM NOTE 97.0360 97.5560
DTD 07/09/21 0.625 07/09/2024
MOODY'S RATING A2
CUSIP 06367TQW3
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,240,000 BANK OF MONTREAL 1,285,656.80 1,188,862.40 0.78 96,794.40- 3,823.33 MED TERM NOTE 103.6820 95.8760
DTD 04/27/20 1.850 05/01/2025
MOODY'S RATING A2
CUSIP 06367WB85
1,000,000 BANK OF NEW YORK MELLON 1,024,910.00 982,410.00 0.64 42,500.00- 4,718.06 MED TERM NOTE 102.4910 98.2410
DTD 11/18/13 3.950 11/18/2025
MOODY'S RATING A1
CUSIP 06406HCQ0
1,370,000 BANK OF NY MELLON CORP 1,369,808.20 1,338,188.60 0.87 31,619.60- 8,414.08 DTD 04/26/2022 3.350% 04/25/2025 99.9860 97.6780

CALLABLE
MOODY'S RATING A1
CUSIP 06406RBC0
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,527,467.00 1.00 87,226.15- 10,937.14 DTD 03/15/2022 2.300% 03/15/2027 99.9810 94.5800

CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
117,001.4 BMW VEHICLE LEASE TRUST 116,983.91 116,338.00 0.08 645.91- 21.45 SER 2022-1 CL A3 *0 DAY DELAY* 99.9851 99.4330
DTD 01/19/22 1.100 03/25/2025
CUSIP 05601XAC3
517,431.97 BMW VEHICLE OWNER TRUST 517,405.06 510,125.83 0.33 7,279.23- 276.83 ASSET BCKD SEC SER 2022-A CL A3 99.9948 98.5880
DTD 05/18/2022 3.210% 08/25/2026

CALLABLE

MOODY'S RATING AAA
CUSIP 05602RAD3
755,000 CALIFORNIA ST 772,342.35 740,534.20 0.48 31,808.15- 4,530.00 TXBL-REF 102.2970 98.0840
DTD 10/24/19 2.400 10/01/2024
MOODY'S RATING AA2
CUSIP 13063DRK6
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,100,000 CATERPILLAR FINL SERVICE 1,111,517.00 1,072,599.00 0.70 38,918.00- 3,481.81 MED TERM NOTE 101.0470 97.5090
DTD 11/08/19 2.150 11/08/2024
MOODY'S RATING A2
CUSIP 14913Q3B3
960,000 CHARLES SCHWAB CORP 959,729.90 893,644.80 0.58 66,085.10- 7,709.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 93.0880

CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,500,000 FED HOME LN BK 1,564,890.20 1,483,935.00 0.97 80,955.20- 2,036.46 DTD 05/08/14 2.875 06/14/2024 104.3260 98.9290

MOODY'S RATING AAA
CUSIP 3130A1XJ2
2,000,000 FED HOME LN BK 2,103,380.00 1,971,920.00 1.29 131,460.00- 17,250.00 DTD 08/15/14 2.875 09/13/2024 105.1690 98.5960

MOODY'S RATING AAA
CUSIP 3130A2UW4
1,286,114.81 FED HOME LN MTG CORP 1,383,477.73 1,264,340.89 0.83 119,136.84- 3,398.56 SER KO41 CL A2 *24 DAY DELAY* 107.5703 98.3070
DTD 12/01/14 3.171 10/25/2024
CUSIP 3137BFE98
2,365,000 FED HOME LN MTG CORP 2,363,178.95 2,283,194.65 1.49 79,984.30- 13,697.29 DTD 02/14/20 1.500 02/12/2025 99.9230 96.5410

MOODY'S RATING AAA
CUSIP 3137EAEP0
1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,174,662.50 0.77 69,112.50- 2,083.33 SER USD 99.5020 93.9730
DTD 07/23/20 0.375 07/21/2025

MOODY'S RATING AAA
CUSIP 3137EAEU9
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,500,000 FED HOME LN MTG CORP 2,489,362.80 2,333,325.00 1.52 156,037.80- 2,552.08 DTD 09/25/20 0.375 09/23/2025 99.5745 93.3330

MOODY'S RATING AAA
CUSIP 3137EAEX3
1,500,000 FED NATL MTG ASSN 1,484,895.00 1,474,980.00 0.96 9,915.00- 13,052.08 DTD 07/08/19 1.750 07/02/2024 98.9930 98.3320

MOODY'S RATING AAA
CUSIP 3135G0V75
1,975,000 FED NATL MTG ASSN 1,965,802.75 1,924,677.00 1.26 41,125.75- 6,775.35 DTD 10/18/19 1.625 10/15/2024 99.5343 97.4520

MOODY'S RATING AAA
CUSIP 3135G0W66
1,295,000 FED NATL MTG ASSN 1,309,953.95 1,254,867.95 0.82 55,086.00- 10,171.15 DTD 01/10/20 1.625 01/07/2025 101.1548 96.9010

MOODY'S RATING AAA
CUSIP 3135G0X24
1,860,000 FED NATL MTG ASSN 1,856,168.40 1,768,450.80 1.15 87,717.60- 2,228.13 DTD 04/24/20 0.625 04/22/2025 99.7940 95.0780

MOODY'S RATING AAA
CUSIP 3135G03U5
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,359,100.00 1.54 140,127.30- 486.11 DTD 06/19/20 0.500 06/17/2025 99.9691 94.3640

MOODY'S RATING AAA
CUSIP 3135G04Z3
2,500,000 FED NATL MTG ASSN 2,487,983.75 2,337,300.00 1.53 150,683.75- 3,281.25 DTD 08/27/20 0.375 08/25/2025 99.5194 93.4920

MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,328,625.00 1.52 164,075.00- 1,875.00 DTD 11/12/20 0.500 11/07/2025 99.7080 93.1450

MOODY'S RATING AAA
CUSIP 3135G06G3
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,862,776.00 1.87 73,164.00 16,547.22 DTD 11/15/2023 4.625% 11/15/2027 99.6290 102.2420

NON CALLABLE

MOODY'S RATING AAA
CUSIP 3133EPC60
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,079,687.50 972,420.00 0.63 107,267.50- 2,508.33 SER K049 CL A2 *24 DAY DELAY* 107.9688 97.2420
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
950,000 FHLMC MULTIFAMILY STRUCTURED P 1,018,132.81 928,720.00 0.61 89,412.81- 2,639.42 SER K050 CL A2 *24 DAY DELAY* 107.1719 97.7600
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
440,000 FHLMC MULTIFAMILY STRUCTURED P 453,079.69 429,180.40 0.28 23,899.29- 1,212.93 SER K051 CL A2 *24 DAY DELAY* 102.9727 97.5410
DTD 12/01/15 3.308 09/25/2025
CUSIP 3137BM7C4
570,000 FHLMC MULTIFAMILY STRUCTURED P 582,001.17 552,050.70 0.36 29,950.47- 1,422.63 SER K053 CL A2 *24 DAY DELAY* 102.1055 96.8510
DTD 03/01/16 2.995 12/25/2025
CUSIP 3137BN6G4
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 620,210.50 0.40 67,240.67- 1,437.04 SER K058 CL A2 *24 DAY DELAY* 105.7617 95.4170
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 961,470.00 0.63 10,805.94 2,703.33 SER K068 CL A2 *24 DAY DELAY* 95.0664 96.1470
DTD 10/01/17 3.244 08/25/2027

MOODY'S RATING AAA
CUSIP 3137FBBX3
427
CC 02-21-2024
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PAGE 8

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 468,695.25 GM FINANCIAL AUTOMOBILE LEASIN 468,691.21 465,733.10 0.30 2,958.11- 264.94 SER 2022-1 CL A3 *0 DAY DELAY* 99.9992 99.3680
DTD 02/23/22 1.850 03/20/2025

MOODY'S RATING AAA
CUSIP 36265MAC9
252,152.27 GM FINANCIAL SECURITIZED TERM 252,145.84 243,700.13 0.16 8,445.71- 71.44 SER 2021-4 CL A3 *0 DAY DELAY* 99.9975 96.6480
DTD 10/21/21 0.680 09/16/2026

MOODY'S RATING AAA
CUSIP 362554AC1
390,000 GM FINANCIAL SECURITIZED TERM 389,918.49 382,426.20 0.25 7,492.29- 503.75 ASSET BCKD SEC SER 2022-2 CL A3 99.9791 98.0580
DTD 04/13/2022 3.100% 02/16/2027

CALLABLE

MOODY'S RATING AAA
CUSIP 362585AC5
246,016.07 GM FINANCIAL SECURITIZED TERM 245,994.68 238,810.26 0.16 7,184.42- 129.16 SER 2022-1 CL A3 *0 DAY DELAY* 99.9913 97.0710
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,295,336.00 0.85 90,524.00- 714.58 144A PRIV PLCMT 0.875 12/10/2025 98.9900 92.5240
MOODY'S RATING AA1
CUSIP 40139LBC6
805,000 HONDA AUTO RECEIVABLES OWNER 806,992.67 821,824.50 0.54 14,831.83 1,267.88 ASSET BCKD SEC SER 2023-4 CL A3 100.2476 102.0900
DTD 11/08/2023 5.670% 06/21/2028

NON CALLABLE

MOODY'S RATING AAA
CUSIP 438123AC5
49,061.52 HONDA AUTO RECEIVABLES OWNER T 49,060.62 48,465.91 0.03 594.71- 3.68 SER 2021-1 CL A3 *0 DAY DELAY* 99.9982 98.7860
DTD 02/24/21 0.270 04/21/2025

MOODY'S RATING AAA
CUSIP 43813GAC5
428
CC 02-21-2024
428 of 456
PAGE 9

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 11,635.7 HONDA AUTO RECEIVABLES OWNER T 11,633.99 11,603.93 0.01 30.06- 1.55 SER 2020-3 CL A3 *0 DAY DELAY* 99.9853 99.7270
DTD 09/29/20 0.370 10/18/2024
CUSIP 43813KAC6
722,168.7 HONDA AUTO RECEIVABLES OWNER T 722,060.08 702,901.24 0.46 19,158.84- 603.41 SER 2022-1 CL A3 *0 DAY DELAY* 99.9850 97.3320
DTD 02/23/22 1.000 05/15/2026

MOODY'S RATING AAA
CUSIP 43815BAC4
320,414.02 HONDA AUTO RECEIVABLES OWNER T 320,346.47 310,913.74 0.20 9,432.73- 78.32 SER 2021-4 CL A3 *0 DAY DELAY* 99.9789 97.0350
DTD 11/24/21 0.880 01/21/2026

MOODY'S RATING AAA
CUSIP 43815GAC3
225,391.76 HYUNDAI AUTO LEASE SECURITIZAT 225,386.79 223,928.97 0.15 1,457.82- 116.20 SER 2022-A CL A3 *0 DAY DELAY* 99.9978 99.3510
144A PRIV PLCMT 1.160 01/15/2025

MOODY'S RATING AAA
CUSIP 44891WAC3
980,803.64 HYUNDAI AUTO RECEIVABLES TRUST 980,765.88 958,490.36 0.63 22,275.52- 967.73 ASSET BCKD SEC SER 2022-A CL A3 99.9962 97.7250
DTD 03/16/2022 2.220% 10/15/2026

CALLABLE
CUSIP 448977AD0
148,939.13 HYUNDAI AUTO RECEIVABLES TRUST 148,923.46 146,831.64 0.10 2,091.82- 25.15 SER 2021-A CL A3 *0 DAY DELAY* 99.9895 98.5850
DTD 04/28/21 0.380 09/15/2025
CUSIP 44933LAC7
918,383.73 HYUNDAI AUTO RECEIVABLES TRUST 895,162.89 893,449.61 0.58 1,713.28- 302.05 SER 2021-C CL A3 *0 DAY DELAY* 97.4716 97.2850
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
429
CC 02-21-2024
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PAGE 10

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,280,690.60 1.49 168,042.60- 4,245.21 DTD 04/20/21 0.875 04/20/2026 99.5420 92.7110

MOODY'S RATING AAA
CUSIP 4581X0DV7
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,236,656.00 1.46 152,203.25- 2,100.00 DTD 10/28/20 0.500 10/28/2025 99.5358 93.1940

MOODY'S RATING AAA
CUSIP 459058JL8
2,500,000 INTL FINANCE CORP 2,471,150.00 2,346,975.00 1.53 124,175.00- 4,296.88 DTD 07/16/20 0.375 07/16/2025 98.8460 93.8790

MOODY'S RATING AAA
CUSIP 45950KCT5
380,268.74 JOHN DEERE OWNER TRUST 380,184.62 371,773.54 0.24 8,411.08- 392.10 ASSET BCKD SEC SER 2022-A CL A3 99.9779 97.7660
DTD 03/16/2022 2.320% 09/16/2026

NON CALLABLE

MOODY'S RATING AAA
CUSIP 47787JAC2
353,397.32 JOHN DEERE OWNER TRUST 353,365.80 343,827.32 0.22 9,538.48- 76.57 SER 2021-B CL A3 *0 DAY DELAY* 99.9911 97.2920
DTD 07/21/21 0.520 03/16/2026

MOODY'S RATING AAA
CUSIP 47789QAC4
655,000 JOHN DEERE OWNER TRUST 654,937.45 644,408.65 0.42 10,528.80- 1,088.76 ASSET BCKD SEC SER 2022-B CL A3 99.9905 98.3830
DTD 07/20/2022 3.740% 02/16/2027

NON CALLABLE

MOODY'S RATING AAA
CUSIP 47800AAC4
1,050,000 JOHN DEERE OWNER TRUST 1,049,918.52 1,049,916.00 0.69 2.52- 2,375.33 ASSET BCKD SEC SER 2022-C CL A3 99.9923 99.9920
DTD 10/19/2022 5.090% 06/15/2027

CALLABLE

MOODY'S RATING AAA
CUSIP 47800BAC2
430
CC 02-21-2024
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PAGE 11

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 655,000 JPMORGAN CHASE & 655,406.85 639,686.10 0.42 15,720.75- 141.04 SER F2F 100.0621 97.6620
DTD 06/23/21 06/23/2025
MOODY'S RATING A1
CUSIP 46647PCK0
401,000 JPMORGAN CHASE & CO 415,969.33 384,097.85 0.25 31,871.48- 1,600.96 DTD 04/22/20 04/22/2026 103.7330 95.7850
MOODY'S RATING A1
CUSIP 46647PBK1
1,370,000 JPMORGAN CHASE & CO 1,371,773.90 1,340,668.30 0.88 31,105.60- 940.73 DTD 06/01/21 06/01/2025 100.1295 97.8590
MOODY'S RATING A1
CUSIP 46647PCH7
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 912,890.00 0.60 89,340.00- 5,500.00 144A PRIV PLCMT 1.200 07/16/2026 100.2230 91.2890
MOODY'S RATING AA3
CUSIP 57629WDE7
945,000 MASTERCARD INC 944,083.35 974,039.85 0.64 29,956.50 14,332.50 DTD 03/09/2023 4.875% 03/09/2028 99.9030 103.0730

CALLABLE
MOODY'S RATING AA3
CUSIP 57636QAW4
1,100,000 MERCEDES-BENZ AUTO RECEIVABLES TRUST 1,123,289.06 1,131,075.00 0.74 7,785.94 2,908.89 ASSET BCKD SEC SER 2023-2 CL A3 102.1172 102.8250
DTD 10/25/2023 5.950% 11/15/2028

CALLABLE
CUSIP 58769FAC9
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,018,151.10 0.66 95,577.80- 9,872.40 144A PRIV PLCMT 1.875 01/11/2027 99.8860 91.3140
MOODY'S RATING AA3
CUSIP 59217GER6
431
CC 02-21-2024
431 of 456
PAGE 12

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 770,000 MET TOWER GLOBAL FUNDING 769,291.60 700,392.00 0.46 68,899.60- 2,860.76 144A PRIV PLCMT 1.250 09/14/2026 99.9080 90.9600
MOODY'S RATING AA3
CUSIP 58989V2D5
650,000 MORGAN STANLEY 615,699.50 624,429.00 0.41 8,729.50 2,488.85 DTD 04/28/20 04/28/2026 94.7230 96.0660
MOODY'S RATING A1
CUSIP 6174468Q5
1,000,000 MORGAN STANLEY BK 1,000,082.50 1,028,230.00 0.67 28,147.50 9,803.33 DTD 11/01/2023 5.882% 10/30/2026 100.0083 102.8230

CALLABLE
MOODY'S RATING AA3
CUSIP 61690U7W4
1,680,000 NEW YORK LIFE GLOBAL FDG 1,678,185.60 1,617,907.20 1.06 60,278.40- 11,300.33 144A PRIV PLCMT 1.450 01/14/2025 99.8920 96.3040

MOODY'S RATING AAA
CUSIP 64952WEK5
670,000 NORTHERN TRUST CORP 668,914.60 660,934.90 0.43 7,979.70- 3,796.67 DTD 05/10/2022 4.000% 05/10/2027 99.8380 98.6470

CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
850,000 NORTHWESTERN MUTUAL GLBL 827,449.50 785,884.50 0.51 41,565.00- 3,154.44 144A PRIV PLCMT 0.800 01/14/2026 97.3470 92.4570

MOODY'S RATING AAA
CUSIP 66815L2A6
1,170,000 NORTHWESTERN MUTUAL GLBL 1,169,602.20 1,159,306.20 0.76 10,296.00- 23,400.00 DTD 07/01/2022 4.000% 07/01/2025 99.9660 99.0860

NON CALLABLE
144A PRIVATE PLACEMENT

MOODY'S RATING AAA
CUSIP 66815L2J7
432
CC 02-21-2024
432 of 456
PAGE 13

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 370,000 PACCAR FINANCIAL CORP 369,182.30 362,600.00 0.24 6,582.30- 3,005.22 MED TERM NOTE 99.7790 98.0000
DTD 08/15/19 2.150 08/15/2024
MOODY'S RATING A1
CUSIP 69371RQ25
680,000 PACCAR FINANCIAL CORP 679,632.80 660,021.60 0.43 19,611.20- 1,341.11 MED TERM NOTE 99.9460 97.0620
DTD 08/09/21 0.500 08/09/2024
MOODY'S RATING A1
CUSIP 69371RR40
885,000 PACCAR FINANCIAL CORP 884,769.90 864,822.00 0.56 19,947.90- 5,885.25 MEDIUM TERM NOTE 99.9740 97.7200
DTD 04/07/2022 2.850% 04/07/2025

NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RR73
904,000 PRICOA GLOBAL FUNDING 1 832,972.72 843,856.88 0.55 10,884.16 2,410.67 144A PRIV PLCMT 0.800 09/01/2025 92.1430 93.3470
MOODY'S RATING AA3
CUSIP 74153WCM9
885,000 PRICOA GLOBAL FUNDING 1 884,088.45 850,670.85 0.56 33,417.60- 706.77 144A PRIV PLCMT 1.150 12/06/2024 99.8970 96.1210
MOODY'S RATING AA3
CUSIP 74153WCQ0
1,500,000 ROYAL BANK OF CANADA 1,533,359.18 1,477,050.00 0.96 56,309.18- 17,531.25 DTD 07/16/19 2.550 07/16/2024 102.2240 98.4700
MOODY'S RATING A1
CUSIP 78013XZU5
1,050,000 ROYAL BANK OF CANADA 1,049,611.50 1,028,632.50 0.67 20,979.00- 7,579.69 MEDIUM TERM NOTE 99.9630 97.9650

CONVERTIBLE
DTD 04/14/2022 3.375% 04/14/2025

NON CALLABLE
MOODY'S RATING A1
CUSIP 78016EZ59
433
CC 02-21-2024
433 of 456
PAGE 14

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,760,000 SALESFORCE.COM INC 1,748,937.40 1,715,630.40 1.12 33,307.00- 5,072.22 DTD 07/12/21 0.625 07/15/2024 99.3715 97.4790
MOODY'S RATING A2
CUSIP 79466LAG9
1,500,000 TORONTO-DOMINION BANK 1,527,255.00 1,481,220.00 0.97 46,035.00- 2,097.92 MED TERM NOTE 101.8170 98.7480
DTD 06/12/19 2.650 06/12/2024
MOODY'S RATING A1
CUSIP 89114QCA4
700,000 TORONTO-DOMINION BANK 674,737.00 674,576.00 0.44 161.00- 4,821.25 MED TERM NOTE SER FXD 96.3910 96.3680
DTD 01/12/22 1.450 01/10/2025
MOODY'S RATING A1
CUSIP 89114TZL9
1,300,000 TOYOTA AUTO RECEIVABLES OWNER 1,294,718.75 1,309,191.00 0.85 14,472.25 2,981.33 ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.7070
DTD 08/15/2023 5.160% 04/17/2028

CALLABLE
CUSIP 89231FAD2
304,187.35 TOYOTA AUTO RECEIVABLES OWNER 304,180.86 295,156.03 0.19 9,024.83- 95.99 SER 2021-D CL A3 *0 DAY DELAY* 99.9979 97.0310
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
187,097.99 TOYOTA AUTO RECEIVABLES OWNER 187,063.27 185,026.82 0.12 2,036.45- 21.62 SER 2021-A CL A3 *0 DAY DELAY* 99.9815 98.8930
DTD 02/08/21 0.260 05/15/2025

MOODY'S RATING AAA
CUSIP 89240BAC2
697,356.13 TOYOTA LEASE OWNER TRUST 697,246.36 692,181.75 0.45 5,064.61- 417.64 ASSET BCKD SEC SER 2022-A CL A3 99.9843 99.2580
DTD 02/28/2022 1.960% 02/20/2025

CALLABLE
144A PRIVATE PLACEMENT
CUSIP 89238LAC4
434
CC 02-21-2024
434 of 456
PAGE 15

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,278,909.00 0.83 105,481.60- 562.66 MED TERM NOTE 99.9560 92.3400
DTD 06/18/21 1.125 06/18/2026
MOODY'S RATING A1
CUSIP 89236TJK2
1,215,000 TOYOTA MOTOR CREDIT CORP 1,213,371.90 1,172,511.45 0.77 40,860.45- 8,221.50 DTD 01/13/22 1.450 01/13/2025 99.8660 96.5030
MOODY'S RATING A1
CUSIP 89236TJT3
3,100,000 UNITED STATES TREASURY NOTES 3,057,617.20 2,995,499.00 1.96 62,118.20- 16,096.15 DTD 03/15/2022 1.750% 03/15/2025 98.6328 96.6290

MOODY'S RATING AAA
CUSIP 91282CED9
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,175,997.50 2.07 84,315.00- 53,102.68 DTD 06/30/2022 3.250% 06/30/2027 100.3173 97.7230

MOODY'S RATING AAA
CUSIP 91282CEW7
400,000 UNITED STATES TREASURY NOTES 393,218.75 383,968.00 0.25 9,250.75- 4,603.26 DTD 07/31/2022 2.750% 07/31/2027 98.3047 95.9920

MOODY'S RATING AAA
CUSIP 91282CFB2
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,373,460.00 2.86 95,442.34- 47,518.89 DTD 08/31/2022 3.125% 08/31/2027 99.3090 97.1880

MOODY'S RATING AAA
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,471,838.50 2.27 50,686.16 36,161.37 DTD 09/30/2022 4.125% 09/30/2027 99.1639 100.6330

MOODY'S RATING AAA
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 848,206.50 0.55 4,449.75- 2,879.78 DTD 11/30/2022 3.875% 11/30/2027 100.3125 99.7890

MOODY'S RATING AAA
CUSIP 91282CFZ9
435
CC 02-21-2024
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PAGE 16

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,745,490.00 1.79 29,617.42- 53,574.00 DTD 12/31/2022 3.875% 12/31/2027 100.9130 99.8360

MOODY'S RATING AAA
CUSIP 91282CGC9
3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,952,660.00 1.93 5,269.69- 43,940.22 DTD 01/31/2023 3.500% 01/31/2028 98.5977 98.4220

MOODY'S RATING AAA
CUSIP 91282CGH8
3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,712,136.00 2.42 13,022.72 50,010.99 DTD 02/28/2023 4.000% 02/29/2028 99.9760 100.3280

MOODY'S RATING AAA
CUSIP 91282CGP0
2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,524,425.00 1.65 672.66- 5,080.26 DTD 12/15/2023 4.375% 12/15/2026 101.0039 100.9770

MOODY'S RATING AAA
CUSIP 91282CJP7
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 958,120.20 0.63 66,931.15- 1,520.88 DTD 05/19/21 1.150 05/15/2026 99.0388 92.5720
MOODY'S RATING A2
CUSIP 91324PEC2
675,000 UNITEDHEALTH GROUP INC 675,316.70 661,007.25 0.43 14,309.45- 3,191.25 DTD 05/20/2022 3.700% 05/15/2027 100.0469 97.9270

CALLABLE
MOODY'S RATING A2
CUSIP 91324PEG3
1,250,000 US BANCORP 1,268,262.50 1,228,387.50 0.80 39,875.00- 12,583.33 DTD 07/29/19 2.400 07/30/2024 101.4610 98.2710
MOODY'S RATING A3
CUSIP 91159HHX1
1,500,000 US TREASURY NOTE 1,469,765.63 1,404,780.00 0.92 64,985.63- 1,569.29 DTD 07/31/20 0.250 07/31/2025 97.9844 93.6520

MOODY'S RATING AAA
CUSIP 91282CAB7
436
CC 02-21-2024
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PAGE 17

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,400,000 US TREASURY NOTE 2,366,140.63 2,235,000.00 1.46 131,140.63- 1,524.59 DTD 09/30/20 0.250 09/30/2025 98.5892 93.1250

MOODY'S RATING AAA
CUSIP 91282CAM3
2,450,000 US TREASURY NOTE 2,422,492.19 2,275,731.50 1.49 146,760.69- 1,043.27 DTD 10/31/20 0.250 10/31/2025 98.8772 92.8870

MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,089,417.50 1.36 120,240.70- 737.70 DTD 11/30/20 0.375 11/30/2025 98.2070 92.8630

MOODY'S RATING AAA
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,309,775.00 1.51 146,670.31- 3,923.23 DTD 02/01/21 0.375 01/31/2026 98.2578 92.3910

MOODY'S RATING AAA
CUSIP 91282CBH3
2,500,000 US TREASURY NOTE 2,493,652.34 2,312,900.00 1.51 180,752.34- 3,193.68 DTD 04/30/21 0.750 04/30/2026 99.7461 92.5160

MOODY'S RATING AAA
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,285,872.00 0.84 93,182.68- 3,112.70 DTD 09/30/21 0.875 09/30/2026 98.5039 91.8480

MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,291,878.00 0.84 99,590.75- 2,682.69 DTD 11/01/21 1.125 10/31/2026 99.3906 92.2770
CUSIP 91282CDG3
1,700,000 US TREASURY NOTE 1,753,191.41 1,672,239.00 1.09 80,952.41- 15,250.34 DTD 08/15/14 2.375 08/15/2024 103.1289 98.3670

MOODY'S RATING AAA
CUSIP 912828D56
437
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PAGE 18

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,000,000 US TREASURY NOTE 2,018,574.22 1,968,820.00 1.29 49,754.22- 20,109.89 DTD 06/30/17 2.000 06/30/2024 100.9287 98.4410

MOODY'S RATING AAA
CUSIP 912828XX3
1,700,000 US TREASURY NOTE 1,705,976.56 1,682,201.00 1.10 23,775.56- 5,791.21 DTD 05/01/17 2.000 04/30/2024 100.3516 98.9530

MOODY'S RATING AAA
CUSIP 912828X70
2,100,000 US TREASURY NOTE 2,087,203.13 2,038,029.00 1.33 49,174.13- 18,475.96 DTD 12/31/19 1.750 12/31/2024 99.3906 97.0490
CUSIP 912828YY0
1,500,000 US TREASURY NOTE 1,523,144.53 1,440,765.00 0.94 82,379.53- 5,777.85 DTD 03/02/20 1.125 02/28/2025 101.5430 96.0510

MOODY'S RATING AAA
CUSIP 912828ZC7
2,500,000 US TREASURY NOTE 2,360,839.85 2,365,825.00 1.54 4,985.15 1,596.84 DTD 04/30/20 0.375 04/30/2025 94.4336 94.6330

MOODY'S RATING AAA
CUSIP 912828ZL7
570,000 VERIZON MASTER TRUST 569,974.92 569,441.40 0.37 533.52- 647.90 ASSET BCKD SEC SER 2022-5 CL A1A 99.9956 99.9020
DTD 08/11/2022 VAR CPN 07/20/2027

CALLABLE
CUSIP 92348KAV5
350,000 WALMART INC 349,338.50 321,583.50 0.21 27,755.00- 1,061.67 DTD 09/17/21 1.050 09/17/2026 99.8110 91.8810
MOODY'S RATING AA2
CUSIP 931142ER0
====================================================================================================================================== TOTAL BOND & NOTES 155,342,314.38 149,994,556.45 97.92 5,347,757.93- 786,651.51 438
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PAGE 19

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ====================================================================================================================================== TOTAL INVESTMENTS 158,466,177.24 153,179,892.21 100.00 5,286,285.03- 789,741.52 TOTAL ACCRUALS 789,741.52 789,741.52
====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 159,255,918.76 153,969,633.73 439
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PAGE 20

CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2023 THROUGH DECEMBER 31, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

CASH SUMMARY

DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 0.00

RECEIPTS
NET INTEREST COLLECTED 0.00 175,688.00
TRANSFER RECEIPTS 179,871.74 0.00
SALES 3,119,402.51 0.00
CASH MANAGEMENT SALES 2,809,306.97 0.00
TOTAL CASH RECEIPTS 6,108,581.22 175,688.00

DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 9,233.26- 0.00
TRANSFER DISBURSEMENTS 0.00 179,871.74-
PURCHASES 3,648,386.72- 0.00
CASH MANAGEMENT PURCHASES 2,446,777.50- 0.00
TOTAL CASH DISBURSEMENTS 6,104,397.48- 179,871.74-
======================================================================================================================================== ENDING BALANCE 4,183.74 4,183.74-
________________________________________________________________________________________________________________________________________ 440
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PAGE 21

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2023 THROUGH DECEMBER 31, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

CASH EQUIVALENTS
12/01/23 INTEREST RECEIVED 4,819.39
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 11/1/23 TO 11/30/23
12/01/23 INTEREST RECEIVED 117.69

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 11/1/23 TO 11/30/23
12/28/23 1,500,000- MATURED 1,460,358.13 1,460,358.13-
U.S. TREASURY BILLS 12/28/23
CUSIP 912796ZN2
AT $100.0000 ON TRADE DATE 12/28/2023
12/28/23 INTEREST RECEIVED 39,641.87
U.S. TREASURY BILLS 12/28/23
CUSIP 912796ZN2
INTEREST ON 1,500,000.000 UNITS
1,500,000 PAR VALUE AT 100 %
12/31/23 2,446,659.81 CASH SWEEP PURCHASES FOR STMT PERIOD 2,446,659.81- 2,446,659.81 AS 100% TREAS MM FD-SVC CL #008
15 TRANSACTIONS
12/31/23 117.69 CASH SWEEP PURCHASES FOR STMT PERIOD 117.69- 117.69

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
12/31/23 2,809,306.97- CASH SWEEP SALES FOR STMT PERIOD 2,809,306.97 2,809,306.97- AS 100% TREAS MM FD-SVC CL #008
4 TRANSACTIONS
441
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PAGE 22

STATEMENT OF TRANSACTIONS

REALIZED

BONDS & NOTES
12/15/23 INTEREST RECEIVED 2,845.38
AMERICAN EXPRES ABS 2.210% 3/15/27
CUSIP 02589BAA8
$0.00184/PV ON 1,545,000.00 PV
DUE 12/15/23
12/15/23 INTEREST RECEIVED 3,884.38
AMERICAN EXPRESS ABS 3.390% 5/17/27
CUSIP 02582JJT8
$0.00283/PV ON 1,375,000.00 PV
DUE 12/15/23
12/26/23 8,282.92- PAID DOWN 8,282.92 8,282.06- 0.86
BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
TO SETTLE ON 12/26/2023
12/26/23 INTEREST RECEIVED 2.28
BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
$0.00001/PV ON 8,282.92 PV
DUE 12/25/23
12/26/23 INTEREST RECEIVED 146.28
BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
$0.00033/PV ON 159,574.39 PV
DUE 12/25/23
12/26/23 42,572.99- PAID DOWN 42,572.99 42,566.63- 6.36 BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
TO SETTLE ON 12/26/2023
442
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PAGE 23

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/26/23 INTEREST RECEIVED 1,417.75
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
$0.00268/PV ON 530,000.00 PV
DUE 12/25/23
12/27/23 12,568.03- PAID DOWN 12,568.03 12,567.38- 0.65 BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
TO SETTLE ON 12/27/2023
12/14/23 INTEREST RECEIVED 21,562.50
FED HOME LN BK 2.875% 6/14/24
CUSIP 3130A1XJ2
INTEREST ON 1,500,000.000 UNITS
12/04/23 INTEREST RECEIVED 1,068.75
FED HOME LN MTG CORP 0.250% 12/04/23
CUSIP 3137EAFA2
INTEREST ON 855,000.000 UNITS
12/04/23 855,000- MATURED 855,000.00 854,153.55- 846.45 FED HOME LN MTG CORP 0.250% 12/04/23
CUSIP 3137EAFA2
AT $100.0000 ON TRADE DATE 12/04/2023
12/26/23 INTEREST RECEIVED 3,406.47
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
$0.00262/PV ON 1,289,110.65 PV
DUE 12/25/23
12/26/23 2,995.84- PAID DOWN 2,995.84 3,222.63- 226.79- FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
TO SETTLE ON 12/26/2023
443
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PAGE 24

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/18/23 INTEREST RECEIVED 6,250.00
FED NATL MTG ASSN 0.500% 6/17/25
CUSIP 3135G04Z3
INTEREST ON 2,500,000.000 UNITS
12/26/23 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 12/25/23
12/26/23 INTEREST RECEIVED 1,422.62
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
$0.00250/PV ON 570,000.00 PV
DUE 12/25/23
12/26/23 INTEREST RECEIVED 2,508.33
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
$0.00251/PV ON 1,000,000.00 PV
DUE 12/25/23
12/26/23 INTEREST RECEIVED 2,703.33
FHLMC MULTIFAMILY ST 3.244% 8/25/27
CUSIP 3137FBBX3
$0.00270/PV ON 1,000,000.00 PV
DUE 12/25/23
12/26/23 INTEREST RECEIVED 1,212.93
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
$0.00276/PV ON 440,000.00 PV
DUE 12/25/23
444
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PAGE 25

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/18/23 INTEREST RECEIVED 1,007.50
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00258/PV ON 390,000.00 PV
DUE 12/16/23
12/19/23 0.01 SHARE ADJUSTMENT
GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
12/20/23 INTEREST RECEIVED 32.40
GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
$0.00003/PV ON 99,705.05 PV
DUE 12/20/23
12/20/23 99,705.05- PAID DOWN 99,705.05 99,703.69- 1.36 GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
AT $484.6460 ON TRADE DATE 12/20/2023
12/20/23 INTEREST RECEIVED 915.49
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
$0.00097/PV ON 578,202.99 PV
DUE 12/20/23
12/20/23 109,507.74- PAID DOWN 109,507.74 109,506.80- 0.94 GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
AT $441.2624 ON TRADE DATE 12/20/2023
12/18/23 INTEREST RECEIVED 151.86
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00043/PV ON 267,989.87 PV
DUE 12/16/23
445
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PAGE 26

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/18/23 15,837.6- PAID DOWN 15,837.60 15,837.20- 0.40
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
TO SETTLE ON 12/18/2023
12/18/23 INTEREST RECEIVED 274.13
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00093/PV ON 261,079.43 PV
DUE 12/16/23
12/18/23 15,063.36- PAID DOWN 15,063.36 15,062.05- 1.31 GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
TO SETTLE ON 12/18/2023
12/21/23 INTEREST RECEIVED 5,451.86
HONDA AUTO RECE ABS 5.670% 6/21/28
CUSIP 438123AC5
$0.00677/PV ON 805,000.00 PV
DUE 12/21/23
12/21/23 INTEREST RECEIVED 13.39
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
$0.00005/PV ON 59,522.37 PV
DUE 12/21/23
12/21/23 10,460.85- PAID DOWN 10,460.85 10,460.66- 0.19 HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
12/18/23 INTEREST RECEIVED 9.17
HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
$0.00002/PV ON 29,741.01 PV
DUE 12/18/23
446
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PAGE 27

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/18/23 18,105.31- PAID DOWN 18,105.31 18,102.65- 2.66 HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
12/21/23 INTEREST RECEIVED 252.29
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00055/PV ON 344,032.15 PV
DUE 12/21/23
12/21/23 23,618.13- PAID DOWN 23,618.13 23,613.15- 4.98 HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
12/15/23 INTEREST RECEIVED 1,159.33
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00157/PV ON 740,000.00 PV
DUE 12/15/23
12/15/23 17,831.3- PAID DOWN 17,831.30 17,828.62- 2.68
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
AT $456.3283 ON TRADE DATE 12/15/2023
12/15/23 INTEREST RECEIVED 274.19
HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
$0.00051/PV ON 283,648.76 PV
DUE 12/15/23
12/15/23 58,257- PAID DOWN 58,257.00 58,255.71- 1.29
HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
AT $139.6729 ON TRADE DATE 12/15/2023
447
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PAGE 28

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/23 INTEREST RECEIVED 1,868.50
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
$0.00185/PV ON 1,010,000.00 PV
DUE 12/15/23
12/15/23 29,196.36- PAID DOWN 29,196.36 29,195.24- 1.12 HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
AT $278.6966 ON TRADE DATE 12/15/2023
12/15/23 INTEREST RECEIVED 54.68
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
$0.00011/PV ON 172,686.39 PV
DUE 12/15/23
12/15/23 23,747.26- PAID DOWN 23,747.26 23,744.76- 2.50 HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
12/15/23 INTEREST RECEIVED 609.71
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00046/PV ON 988,717.31 PV
DUE 12/15/23
12/15/23 70,333.58- PAID DOWN 70,333.58 68,555.23- 1,778.35 HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
AT $153.8684 ON TRADE DATE 12/15/2023
12/15/23 INTEREST RECEIVED 4,453.75
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00424/PV ON 1,050,000.00 PV
DUE 12/15/23
448
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PAGE 29

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/23 INTEREST RECEIVED 777.76
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00173/PV ON 402,289.78 PV
DUE 12/15/23
12/15/23 22,021.04- PAID DOWN 22,021.04 22,016.17- 4.87 JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
AT $369.5069 ON TRADE DATE 12/15/2023
12/15/23 INTEREST RECEIVED 2,041.42
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00312/PV ON 655,000.00 PV
DUE 12/15/23
12/15/23 INTEREST RECEIVED 162.10
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00028/PV ON 374,083.57 PV
DUE 12/15/23
12/15/23 20,686.25- PAID DOWN 20,686.25 20,684.40- 1.85 JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
12/04/23 1,100,000 PURCHASED 1,123,289.06- 1,123,289.06 MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
AT $102.1172 ON TRADE DATE 11/29/2023
TO SETTLE ON 12/04/2023

MITSUBISHI UFJ SECURITIES (USA
12/04/23 ACCRUED INTEREST ON PURCHASE 3,454.31-
MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
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PAGE 30

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/23 INTEREST RECEIVED 5,454.17
MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
$0.00496/PV ON 1,100,000.00 PV
DUE 12/15/23
12/11/23 INTEREST RECEIVED 6,125.00
P/P GUARDIAN LIFE GL 0.875% 12/10/25
CUSIP 40139LBC6
INTEREST ON 1,400,000.000 UNITS
12/06/23 INTEREST RECEIVED 5,088.75
P/P PRICOA GLOBAL FU 1.150% 12/06/24
CUSIP 74153WCQ0
INTEREST ON 885,000.000 UNITS
12/12/23 INTEREST RECEIVED 19,875.00
TORONTO-DOMINION BAN 2.650% 6/12/24
CUSIP 89114QCA4
INTEREST ON 1,500,000.000 UNITS
12/15/23 INTEREST RECEIVED 5,590.00
TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
$0.00430/PV ON 1,300,000.00 PV
DUE 12/15/23
12/15/23 INTEREST RECEIVED 48.68
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
$0.00004/PV ON 224,693.89 PV
DUE 12/15/23
12/15/23 37,595.9- PAID DOWN 37,595.90 37,588.92- 6.98
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
AT $216.4312 ON TRADE DATE 12/15/2023
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PAGE 31

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/23 INTEREST RECEIVED 2.25
TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
$0.00000/PV ON 7,717.40 PV
DUE 12/15/23
12/15/23 7,717.4- PAID DOWN 7,717.40 7,715.96- 1.44
TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
12/15/23 INTEREST RECEIVED 192.87
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00045/PV ON 325,983.42 PV
DUE 12/15/23
12/15/23 21,796.07- PAID DOWN 21,796.07 21,795.61- 0.46 TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
AT $373.3208 ON TRADE DATE 12/15/2023
12/20/23 INTEREST RECEIVED 1,361.38
TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
$0.00118/PV ON 833,500.53 PV
DUE 12/20/23
12/20/23 136,144.4- PAID DOWN 136,144.40 136,122.97- 21.43 TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
AT $354.9294 ON TRADE DATE 12/20/2023
12/18/23 INTEREST RECEIVED 7,790.63
TOYOTA MOTOR CREDIT 1.125% 6/18/26
CUSIP 89236TJK2
INTEREST ON 1,385,000.000 UNITS
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PAGE 32

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/29/23 2,500,000 PURCHASED 2,525,097.66- 2,525,097.66 U.S. TREASURY NOTES 4.375% 12/15/26
CUSIP 91282CJP7
AT $101.0039 ON TRADE DATE 12/28/2023
TO SETTLE ON 12/29/2023

NOMURA SECURITIES INTERNATIONA
12/29/23 ACCRUED INTEREST ON PURCHASE 4,183.74-
U.S. TREASURY NOTES 4.375% 12/15/26
CUSIP 91282CJP7
12/20/23 INTEREST RECEIVED 1,767.00
VERIZON MAST ABS V-M 3.720% 7/20/27
CUSIP 92348KAV5
$0.00310/PV ON 570,000.00 PV
DUE 12/20/23
12/19/23 INTEREST RECEIVED 4,616.50
VR BANK OF AMERICA 1.319% 6/19/26
CUSIP 06051GJD2
INTEREST ON 700,000.000 UNITS
12/26/23 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 12/25/23
12/01/23 INTEREST RECEIVED 5,644.40
VR JPMORGAN CHASE & 0.824% 6/01/25
CUSIP 46647PCH7
INTEREST ON 1,370,000.000 UNITS
12/26/23 INTEREST RECEIVED 3,173.48
VR JPMORGAN CHASE & 0.969% 6/23/25
CUSIP 46647PCK0
INTEREST ON 655,000.000 UNITS
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PAGE 33

STATEMENT OF TRANSACTIONS

REALIZED

TRANSFER RECEIPTS
12/01/23 ADDITION TO ACCOUNT 10,581.48

TRANSFER FROM INCOME
12/06/23 ADDITION TO ACCOUNT 2,703.19

TRANSFER FROM INCOME
12/11/23 ADDITION TO ACCOUNT 6,125.00

TRANSFER FROM INCOME
12/12/23 ADDITION TO ACCOUNT 19,875.00

TRANSFER FROM INCOME
12/14/23 ADDITION TO ACCOUNT 21,562.50

TRANSFER FROM INCOME
12/15/23 ADDITION TO ACCOUNT 29,419.17

TRANSFER FROM INCOME
12/18/23 ADDITION TO ACCOUNT 14,323.93

TRANSFER FROM INCOME
12/19/23 ADDITION TO ACCOUNT 5,775.86

TRANSFER FROM INCOME
12/20/23 ADDITION TO ACCOUNT 4,076.27

TRANSFER FROM INCOME
12/21/23 ADDITION TO ACCOUNT 5,717.54

TRANSFER FROM INCOME
12/26/23 ADDITION TO ACCOUNT 20,069.93

TRANSFER FROM INCOME
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INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY• NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE• SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PAGE 34

STATEMENT OF TRANSACTIONS

REALIZED

TRANSFER FROM INCOME

INVESTMENT MANAGEMENT EXPENSES
12/06/23 INVESTMENT MGMT FEE 9,233.26-

PAID TO CHANDLER ASSET MANAGEMENT INC
INV 2311CUPERTIN PRD
11/1/23-11/30/23

TRANSFER DISBURSEMENTS
12/01/23 TRANSFER TO PRINCIPAL 10,581.48-
12/06/23 TRANSFER TO PRINCIPAL 2,703.19-
12/11/23 TRANSFER TO PRINCIPAL 6,125.00-
12/12/23 TRANSFER TO PRINCIPAL 19,875.00-
12/14/23 TRANSFER TO PRINCIPAL 21,562.50-
12/15/23 TRANSFER TO PRINCIPAL 29,419.17-
12/18/23 TRANSFER TO PRINCIPAL 14,323.93-
12/19/23 TRANSFER TO PRINCIPAL 5,775.86-
12/20/23 TRANSFER TO PRINCIPAL 4,076.27-
12/21/23 TRANSFER TO PRINCIPAL 5,717.54-
12/26/23 TRANSFER TO PRINCIPAL 20,069.93-
12/28/23 TRANSFER TO PRINCIPAL 39,641.87-
================================================================================================================= ENDING BALANCE 0.00 158,466,177.24
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
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CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 12/1/2023 to 12/31/2023

Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.

Cupertino, CA 95014
Account Summary
Source 12/1/2023 Contributions Earnings Expenses Distributions Transfers 12/31/2023 OPEB 1001 $35,165,170.39 $0.00 $1,916,805.62 $10,099.55 $0.00 $0.00 $37,071,876.46 PENSION 1002 $19,340,293.30 $0.00 $1,054,271.62 $5,554.59 $0.00 $0.00 $20,389,010.33 Totals $54,505,463.69 $0.00 $2,971,077.24 $15,654.14 $0.00 $0.00 $57,460,886.79 Investment Selection
Source
OPEB

PENSION
Investment Objective
Source
OPEB

PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OPEB 5.45% 10.30% 17.61% 2.26% 7.92% 5.64% 6/21/2010
PENSION 5.45% 10.30% 17.61% 2.21% - - 3/26/2019
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.

Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.

Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.

Income production and longer term growth of capital.

Account Report for the Period
Balance as of
City of Cupertino - OPEB
Balance as of
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.

Income production and longer term growth of capital.

City of Cupertino - PEN
Plan's Inception Date
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1/10/24, 1 35 PM LAIF Regular Monthly Statement
https //laifms treasurer ca gov/RegularStatement aspx 1/1 Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
January 10, 2024
LAIF Home
PMIA Average Monthly
Yields

CITY OF CUPERTINO

FINANCE MANAGER
10300 TORRE A VENUE
CUPERTINO, CA 95014
Account Number:

December 2023 Statement
Tran Type Definitions
Account Summary
Total Deposit: 0.00 Beginning Balance: 21,787,939.00
Total Withdrawal: 0.00 Ending Balance: 21,787,939.00
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Cupertino City CouncilFebruary 21, 2024

Cupertino City Council
February 21, 2024